FlexShares Trust

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).

Dear Shareholder:

We are pleased to mark another year of successful FlexShares operations. Included herein are portfolio and performance summaries on our family of exchange traded funds (ETFs), as well as an investment commentary covering the twelve months ended October 31, 2013. We appreciate the favorable reception FlexShares ETFs have garnered in the marketplace and will make every effort to earn your support as we broaden our footprint in the years ahead.

By carefully observing the evolving financial landscape, FlexShares strives to develop ETF products that directly address real investor needs. Whether through index design, market analytics, research or portfolio management, every FlexShares branded ETF is developed from thoughtful consideration of market trends and a wealth of investment expertise. Our ETFs seek to address four basic investor objectives: capital appreciation, income generation, risk management and liquidity management. In the past twelve months FlexShares has launched seven new index-based ETFs:

FlexShares Quality Dividend Index Fund (Ticker: QDF, Investment Objective: Income Generation)

FlexShares Quality Dividend Defensive Index Fund (Ticker: QDEF, Investment Objective: Income Generation)

FlexShares Quality Dividend Dynamic Index Fund (Ticker: QDYN, Investment Objective: Income Generation)

FlexShares International Quality Dividend Index Fund (Ticker: IQDF, Investment Objective: Income Generation)

FlexShares International Quality Dividend Defensive Index Fund (Ticker: IQDE, Investment Objective: Income Generation)

FlexShares International Quality Dividend Dynamic Index Fund (Ticker: IQDY, Investment Objective: Income Generation)

FlexShares STOXX Global Broad Infrastructure Index Fund (Ticker: NFRA, Investment Objective: Risk Management)

In late 2013 we added another Fund to the FlexShares product offerings:

The FlexShares Global Quality Real Estate Index Fund (Ticker: GQRE; Investor Objective: Risk Management) tracks a securities index designed to measure the performance of companies that exhibit certain quality, valuation and momentum characteristics within a universe of publicly-traded equity securities of U.S. and non-U.S. real estate investment trusts (REITs) and real estate companies. (This annual report does not include GQRE because it did not commence operations during the trust’s fiscal year.)

Financial Market Highlights

Divergent asset class returns indicate some evolution of investor views about the state of the recovery and likely direction of monetary policy. During the 12-months ended October 31, 2013, developed market equities generated strong double digit returns while gold, natural resources and bonds all posted losses. Real estate, infrastructure and high yield securities produced middling results. These widely varied outcomes suggest a majority of investors expect stronger growth and higher interest rates in the quarters ahead.

Twelve month asset flows reflect the economic uncertainties that exist just below the media headlines. Central bankers’ guarded growth outlooks, communicated via policy actions, continued to be more important to investors than fundamental data about the real economy. Investors fled long-term bonds, equities and commodities following the Federal Reserve’s announcement in the spring about potentially tapering future bond purchases. Likewise, flows quickly surged back into risk assets when the Fed tabled these thoughts.

The multi-year focus on aggressive monetary stimulus has dampened investor awareness of the potential good and bad impacts of fiscal and structural reforms. The political brinksmanship surrounding the 2012 year-end fiscal cliff and sequester, as well as 2013’s debt ceiling and government shutdown, suggests that many U.S. elected officials are not feeling pressure from their constituents to keep the U.S. expansion on track. This situation will likely continue until

the Fed’s monetary exit is well underway, or until voters express dissatisfaction at the polling booth.

The narrative driving the global financial markets’ performance over the past five years generally remained in place for the twelve months ended October 31, 2013: economic growth was subpar; unemployment declined as job growth continued to disappoint; earnings outlooks were lowered but markets were unaffected; inflation was decidedly scarce. Amid a plodding U.S. recovery, the housing sector was a relative standout, benefiting from a strong refinancing rally that generated limited spillover benefits. Economic activity in Europe was stagnant, shifting from recession to very tepid growth. In aggregate, downside worries continued to outstrip upside concerns which kept global central banks’ aggressive policy rates and market interventions fully in force.

Investment Themes

The year had definite periods of drama. These were driven not by changing fundamentals but by political brinksmanship and ineffective policy communications which impacted markets and asset flows. A key period occurred in the late spring when the Federal Reserve surprised investors by stating it might start to pare back on its bond purchases later in 2013. Its announcement sent long-term interest rates sharply higher, upended an equity rally and depressed many emerging stock markets. Asset outflows quickly accelerated from equities and riskier bonds as investors deduced that the period of maximum monetary support was now in the rear view mirror. Caught off-guard by the market reaction to messaging, the Fed in September again surprised investors when it elected to maintain its buying activity. The Fed cited concerns about weak economic data and renewed brinksmanship in Washington. The decision by the Fed to “stay the course” quickly drove investors back into equities and other risk assets, although with a more discerning eye. Most stock indices subsequently rallied to new yearly highs even as less forgiving rate markets retraced only about half the May/June selloff.

The behavior of investors and financial markets following the Federal Reserve deliberations, as well as the display of indecisiveness, suggest the post crisis period has entered a new and uncertain phase. A consensus seems to be forming

among policy makers and investors that the strategy of monetary-centric stimulus in place for the past five years is now producing diminishing economic benefits and, potentially, increased economic risks. Investors expected that by this point in the recovery both the global economy and monetary policies would have successfully bridged back to a more fundamentally driven market. In September investors showed they were ready for the Fed to start the process of policy normalization but the central bank deferred, concerned that the U.S. economy was not strong enough to handle even a modest pullback in support.

Five years after the financial crisis it is clear that any moves by the U.S. to exit easy money policies, or to aggressively address fiscal issues, remain fraught with timing, communication and implementation risks that may have an adverse impact on the potential global recovery. For investors this means the timeline for returning to a more normalized economic environment remains extended. We also believe that any “normalized” environment is less likely to resemble the economy and markets from before the crisis.

Please review our entire Annual Report to learn more about FlexShares ETFs, and visit our website at www.flexshares.com for additional information regarding portfolio characteristics, pricing and performance.

We look forward to being of service to you and appreciate your interest in FlexShares – Based on Understanding, Built on Experience.

Sincerely,

Shundrawn A. Thomas

President

FlexShares Trust

The views in this letter were as of October 31, 2013 and may not necessarily reflect the same views on the date this letter is first published or any time thereafter. These views are intended to help shareholders in understanding the Funds’ investment methodology and do not constitute investment advice.

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an

effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of its management, and other information.

An investment in the Funds’ is subject to numerous risks, including possible loss of principal. Fund returns may not match the return of the respective indexes. Some of the risks include, but are not limited to, the following: asset class; commodity; concentration; counterparty; credit; currency; derivatives; emerging markets; equity securities; fluctuation of yield; foreign securities; geographic; income; industry concentration; inflation-protected securities; interest rate/ maturity; issuer; management; market; market trading; mid cap stock; natural resources; new funds; non-diversification; passive investment; privatization; small cap stock; tracking error; and value investing. A full description of risks is in each Fund’s prospectus.

Foreside Fund Services, LLC, distributor.

All data as of 10/31/13. Total returns based on market price do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, these returns would be lower. Total returns based on market price and net asset value (NAV) assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. NAV is a fund’s net asset value per share, which is calculated by dividing the total value of all the securities in the fund’s portfolio plus cash, interest and receivables less any liabilities by the number of fund shares outstanding. Market price is determined by the midpoint of the bid/ask spread at 4:00 p.m. Eastern Time from the primary listing exchange. Market price returns may vary from net asset value returns.

Performance quoted represents past performance and does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption or sale of Fund shares. Unlike the Index, the Fund’s total returns are reduced by operating expenses, such as transaction costs and management fees. An investor cannot invest directly in an index.

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.50% and the net expense ratio is 0.48%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the performance of the Morningstar^® Global Upstream Natural Resources Index^SM (the “Underlying Index”). The Underlying Index reflects the performance of a selection of equity securities that are traded in or are issued by companies domiciled in global developed or emerging market countries, including the U.S., as determined by Morningstar, Inc., the “Index Provider,” pursuant to its index methodology. The companies included in the Underlying Index have significant business operations in the ownership, management and/or production of natural resources in five sectors (energy, agriculture, precious or industrial metals, timber and water resources), as determined by the Index Provider. On October 31, 2013, there were 120 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

As a result of moderating global growth, demand for raw commodities and natural resources weakened for the second straight year. Sluggish but improving U.S. growth, an exit from recessions in the Eurozone, modest signs of improvement in Japan and slowing growth in emerging markets combined with supply metrics to produce weak spot price performance for most natural resources and commodities. Similarly, easing global currency fears led to decreased demand for precious metals, with gold and silver spot prices significantly lower. Despite increased production from the lower 48 states and Canada, North American and Brent crude oil prices were higher for the year, while milder U.S. weather held down demand and prices for natural gas. Global agriculture sector supplies rebounded from the 2012 droughts in both North and South America. Planted acreage and yields also increased. Together, these trends drove down major grain prices. Precious metals producers’ equities performed poorly due to lower gold and silver prices. Overall metal demand was weaker, highlighted by gold and silver, however metals linked to the auto industry (iron ore/steel, palladium, platinum and aluminum) fared

better as U.S. auto sales and production recovered to near pre-financial crisis levels and global auto demand continues higher.

For the 12-month reporting period ended October 31, 2013, the total return based on net asset value (NAV) for the Fund was (0.33)%, and the total return for the Underlying Index was (0.15)%. The performance of the Underlying Index and Fund during the fiscal year was negative relative to the international market as measured by the MSCI All Country World Index (24.10% total return). Natural resource companies’ equity prices reflected the weak performance in underlying commodities. The Underlying Index’s balanced approach between the five major natural resource sectors was a benefit for the period. Positive performance in the energy, timber and water sectors offset poor performance within the metals sector. Overall, the Underlying Index’s and Fund’s performance reflected the benign global economic growth and inflationary environments. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return was -21 basis points (bps) for the 12-month period, which is reflective of the Fund’s management fee (-48 bps), comparatively favorable tax treatments of foreign dividends under foreign-tax law (+41 bps) and stock sampling/futures (-14 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.22% and the net expense ratio is 0.20%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the performance of the iBoxx 3-Year Target Duration TIPS Index (the “Underlying Index”). The Underlying Index reflects the performance of a selection of inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” with a targeted average modified adjusted duration of approximately three years. The Underlying Index includes publicly issued TIPS having maturity dates of at least one year but not more than ten years, measured from the most recent rebalancing date. As of October 31, 2013, there were seven issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses replication to manage the Fund, but may use representative sampling in certain circumstances. This means the Fund may not hold all of the issues that are included in the Underlying Index.

Throughout the 12 months ended October 31, 2013, the Treasury market rate structure was influenced by concerns over the government’s fiscal issues and the Federal Reserve’s future plans regarding its accommodative monetary policy actions. Negotiations over the 2012 year-end “fiscal cliff”, as well as the late 2013 standoff over the debt ceiling and 2014 U.S. budget, helped drive investor demand for high quality, short duration securities. The performance of TIPS securities was specifically influenced by Chairman Bernanke’s statements in May and June regarding a possible 2013 curtailment in the Fed’s $85 billion monthly purchases of U.S. Treasuries and mortgage back securities (MBS). This caused interest rates, especially longer dated maturities, to rise in the second quarter of 2013 thereby steepening the yield curve.

Ultimately, a September tapering of monetary policy via the Fed’s asset purchase program did not occur. However, real interest rates remained elevated versus pre-May levels as investors continued to position portfolios for an eventual move by the Federal Reserve to taper its asset purchases. Over the fiscal year, 5-year real yields* on TIPS (the yields investors are currently demanding for holding TIPS, plus a premium/discount for future inflation/deflation) increased to -0.64% from

Inflationary pressures eased with the annual Consumer Price Index (CPI) falling to 1.2% from 2.0% during the fiscal year. A still sluggish labor market kept wage inflation in check while commodity prices, in general, were lower. Well-anchored inflation expectations were reflected in declining TIPS inflation breakeven rates.

For the 12-month reporting period ended October 31, 2013, the total return based on net asset value (NAV) for the Fund was (1.41)%, and the total return for the Underlying Index was (1.23)%. Higher interest rates, combined with lower actual inflation and expected inflation, resulted in negative total return performance in both the Underlying Index and the Fund during the period. Modest yet positive net inflation accruals (the change in the CPI) offset some, but not all of the negative factors impacting the Fund’s performance results. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the 12-month period was -17 basis points (bps), reflective of the Fund’s management fee (-20 bps), intra-day trading and returns (-4.5 bps), pricing differences** (+9 bps) and other factors (-0.5 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.22% and the net expense ratio is 0.20%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the performance of the iBoxx 5-Year Target Duration TIPS Index (the “Underlying Index”). The Underlying Index reflects the performance of a selection of inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS,” with a targeted average modified adjusted duration of approximately five years. The Underlying Index includes publicly issued TIPS having maturity dates of at least three years but not more than twenty years, measured from the most recent rebalancing date. As of October 31, 2013, there were eleven issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses replication to manage the Fund, but may use representative sampling in certain circumstances. This means the Fund may not hold all of the issues that are included in the Underlying Index.

The performance of TIPS securities was specifically influenced by Chairman Bernanke’s statements in May and June regarding a possible 2013 curtailment in the Fed’s $85 billion monthly Fed purchases of U.S. Treasuries and mortgage backed securities (MBS). This caused interest rates, especially longer dated maturities, to rise in the second quarter of 2013, steepening the yield curve.

Ultimately, a September tapering of monetary policy via the Fed’s asset purchase program did not occur. However, real interest rates remained elevated versus pre-May levels as investors continued to position portfolios for an eventual move by the Federal Reserve to taper asset purchases. Over the fiscal year, 10-year real yields* on TIPS (the yields investors are currently demanding for hold-

ing TIPS, plus a premium/discount for future inflation/deflation) increased 120 bps from -0.81% to +0.39%, while 5-year real yields* rose to -0.64% from -1.45%.

Inflationary pressures eased with the annual Consumer Price Index (CPI) falling to 1.2% from 2.0% during the fiscal year as a still sluggish labor market kept wage inflation in check while commodity prices, in general, were weaker over the past 12 months. Well-anchored inflation expectations were reflected in declining TIPS inflation breakeven rates.

For the 12-month reporting period ended October 31, 2013, the total return based on net asset value (NAV) for the Fund was (3.17)%, and the total return for the Underlying Index was (2.84)%. Higher interest rates, combined with lower actual inflation and expected inflation resulted in negative total return performance in both the Underlying Index and the Fund during the period. Modest, yet still positive net inflation accruals (the change in the CPI) offset some, but not all of the negative factors impacting the Fund’s performance results. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the 12-month period was -31 basis points (bps), reflective of the Fund’s management fee (-20 bps), intra-day trading and returns (-8 bps) and pricing differences** (-3 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.29% and the net expense ratio is 0.27%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Morningstar^® U.S. Market Factor Tilt Index^SM (the “Underlying Index”). The Underlying Index reflects the performance of a selection of U.S. equity securities that is designed to provide broad exposure to the overall U.S. equities market, with increased exposure (or a “tilt”) to small-capitalization stocks and value stocks. As of October 31, 2013, there were 2,611 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a representative sampling methodology to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

During the 12 months ended October 31, 2013, prices on domestic risk assets generally traded higher. In Q4 of 2012 investors chose to look past the U.S. fiscal cliff standoff and instead focused on improving economic data as the Federal Reserve’s accommodative monetary policy appeared to gain traction. The U.S. economy continued to exhibit signs of firming growth in Q1 of 2013 and into Q2, as both housing and employment data were stronger than expected. However, by the middle of 2013 investors began to speculate that the Fed’s policy of continued quantitative easing would slow, causing price volatility to return to the market. Tepid economic data and clarifying statements from the Fed quelled speculation for the time being and the investor focus shifted back to the slow, but positive growth of the U.S. economy. Driven by this optimism and increased appetite for risk, small cap stocks outperformed large cap stocks over the course of the 12 months ended October 31, 2013. While in general growth stocks outperformed value stocks, the majority of that outperformance came from the small cap universe as value exposure was neutral in large caps.

For the 12-month reporting period ended October 31, 2013, the total return based on net asset value (NAV) for the Fund was 31.88%, and the total return for the Underlying Index was 32.15%. Overall, the increased exposure to small-cap stocks outweighed the negative impact of value exposure, and the Fund outperformed the

market as measured by the Russell 3000 Index, which returned 28.98% during the period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the 12-month period was -27 basis points, which is reflective of the Fund’s management fee charged during the year.

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.43% and the net expense ratio is 0.42%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Morningstar^® Developed Markets ex-U.S. Market Factor Tilt Index^SM (the “Underlying Index”). The Underlying Index reflects the performance of a selection of equity securities that is designed to provide broad exposure to the global developed equities markets, excluding the U.S., with increased exposure (or a “tilt”) to small-capitalization stocks and value stocks. As of October 31, 2013, there were 2,978 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

During the 12 months ended October 31, 2013, prices on developed international markets generally trended higher. Fears of a possible Eurozone breakup receded in Q4 of 2012, removing investors’ concern about tail risk. Japanese equity markets responded positively to the election of a new prime minister who had advocated accommodative monetary policy similar to the U.S. Federal Reserve’s quantitative easing program during his election campaign. While economic and fundamental data remained weak for the first half of 2013 in most European developed markets, investors reacted favorably to attractive valuations and strong monetary easing by the European Central Bank and the Bank of England. Investors were rewarded for the faith in the aggressive monetary policies in Q3 of 2013 as developed markets showed signs of growth and Europe officially emerged from the global recession. Overall, Japan and European markets led the aggregate market higher while the rest of developed Asian markets and Canada lagged with more modest gains. Driven by this increased appetite for risk, small cap stocks outperformed large cap stocks over the course of the 12 months ended October 31, 2013. Value exposure was also a positive driver of performance over the 12 months as value stocks in developed markets significantly outperformed growth stocks.

For the 12-month reporting period ended October 31, 2013, the total return based on

net asset value (NAV) for the Fund was 25.93%, and the total return for the Underlying Index was 26.27%. Overall, the performance of the Underlying Index and Fund were positively impacted by increased exposure to small-cap stocks and increased value exposure contributed to the Fund’s outperformance against the international market as measured by MSCI World ex-USA IMI Index, which returned 25.55% during the period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the 12-month period was -34 basis points, which is reflective of the Fund’s management fee (-42 bps), comparatively favorable tax treatments of foreign dividends under foreign-tax law (+12 bps) and stock sampling/futures (-4 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.67% and the net expense ratio is 0.65%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Morningstar^® Emerging Markets Factor Tilt Index^SM (the “Underlying Index”). The Underlying Index reflects the performance of a selection of equity securities that is designed to provide broad exposure to the global emerging equities markets, with increased exposure (or a “tilt”) to small-capitalization stocks and value stocks. As of October 31, 2013, there were 2,188 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

During the 12 months ended October 31, 2013 emerging markets experienced significant volatility, but generally ended positive for the time period. In Q4 of 2012 various emerging market central banks cut rates in an attempt to spur economic growth. Additionally, China introduced new leadership, bringing clarity to the political situation in the world’s largest emerging economy. However, the positive sentiment was short-lived as renewed concerns over a slowdown in China’s economy as well as the country’s “shadow banking” system led markets lower throughout the first half of 2013. In Q2 strife in Brazil compounded the uncertainty surrounding emerging markets. The situation began to rebound in Q3 as Europe officially emerged from the global recession and Eastern European nations reaped some of the benefits. At the end of the 12 month period ended October 31, 2013, both emerging Asian and European markets were positive with only emerging Latin American economies finishing the time period in negative territory.

For the 12-month reporting period ended October 31, 2013, the total return based on net asset value (NAV) for the Fund was 6.80%, and the total return for the Underlying Index was 7.52%. Despite the increased volatility in emerging markets, the increased exposure to small-cap stocks was a positive driver of performance for the Underlying Index and Fund, as small-cap stocks outperformed large-cap stocks in emerging

markets. Exposure to value stocks was also a positive driver of performance over the 12 months as value stocks in emerging economies outperformed growth stocks. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the 12-month period was -72 basis points, which is reflective of the Fund’s management fee (-65 bps) and stock sampling/futures (-7 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.38% and the net expense ratio is 0.37%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Northern Trust Quality Dividend Index^SM (the “Underlying Index”). The Underlying Index is designed to provide exposure to a high-quality, income-oriented portfolio of U.S. equity securities, with an emphasis on long-term capital growth and targeted overall volatility similar to that of the Northern Trust 1250 Index^SM*Companies included in the Underlying Index are a subset of the Northern Trust 1250 Index^SM, and are selected based on expected dividend payments and fundamental factors such as profitability, management expertise and cash flow, as determined by Northern Trust Investments, Inc. (“NTI”) in its capacity as the index provider (the “Index Provider”) pursuant to its index methodology. The Underlying Index begins with the Northern Trust 1250 Index^SM, and then follows a rules-based methodology to calculate optimal weights for securities in the Underlying Index based upon a targeted overall beta similar to the Northern Trust 1250 Index^SM, dividend yield, quality factors and lower total risk. As of October 31, 2013, there were 214 issues in the Underlying Index. NTI uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

During the 10-months ended October 31, 2013**, prices on domestic risk assets generally traded higher. The U.S. economy continued to exhibit signs of firming growth in Q1 of 2013 and into Q2 as both housing and employment data were stronger than expected. However, by the middle of 2013 investors began to focus on and speculate that the Fed’s policy of continued bond-buying would slow, causing price volatility to return to the market, particularly to those sectors sensitive to changes in interest rates. Exposure to higher yielding securities had a negative impact as non-dividend paying U.S. equities outperformed the top yielding domestic equities

Since inception through October 31, 2013, the total return based on net asset value (NAV) for the Fund was 30.67%, and the

total return for the Underlying Index was 31.12%. The quality focus of the Fund’s Underlying Index was a positive driver of performance during the first 10 months of 2013. The companies considered to be the highest quality outperformed those domestic equities deemed to be lower quality. Overall, the Underlying Index’s focus on quality stocks led to the Fund’s strong performance versus the market as measured by the Dow Jones US Select Dividend Total Return Index, which returned 26.00% during the period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return was -45 basis points (bps) for the reporting period, which is reflective of the Fund’s management fee (-33 bps) and stock sampling/futures (-13 bps).

Beta is a statistical measure of the volatility, or sensitivity, of rates of return on a portfolio or security compared to a market index. The beta for an ETF measures the expected change in return of the ETF relative to the return of a designated index. For example, the beta of the Standard & Poor’s (S&P) 500 Index is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the S&P 500 Index in rising markets and 10% worse in falling markets.

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.38% and the net expense ratio is 0.37%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Northern Trust Quality Dividend Dynamic Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to a high-quality, income-oriented portfolio of U.S. equity securities, with an emphasis on long-term capital growth and targeted overall volatility that is greater than that of the Northern Trust 1250 Index^SM Companies included in the Underlying Index are a subset of the Northern Trust 1250 Index^SM, and are selected based on expected dividend payments and fundamental factors such as profitability, management expertise and cash flow, as determined by Northern Trust Investments, Inc. (“NTI”) in its capacity as the index provider (the “Index Provider”) pursuant to its index methodology. The Underlying Index begins with the Northern Trust 1250 Index^SM, and then follows a rules-based methodology to calculate optimal weights for securities in the Underlying Index based upon a targeted overall beta generally between 1.0 and 1.5 times that of the Northern Trust 1250 Index^SM, dividend yield, quality factors and lower total risk. As of October 31, 2013, there were 221 issues in the Underlying Index. NTI uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

During the 10-months ended October 31, 2013*, prices on domestic risk assets generally traded higher. The U.S. economy continued to exhibit signs of firming growth in Q1 of 2013 and into Q2 as both housing and employment data were stronger than expected. However, by the middle of 2013 investors began to focus on and speculate that the Fed’s policy of continued bond-buying would slow causing volatility to return to the market, particularly to those sectors sensitive to changes in interest rates. Exposure to higher yielding securities had a negative impact as non-dividend paying U.S. equities outperformed the top yielding domestic equities.

Since inception through October 31, 2013, the total return based on net asset value (NAV) for the Fund was 30.69%, and the

total return for the Underlying Index was 30.99%. The quality focus of the Fund’s Underlying Index was a positive driver of performance for the first 10 months of 2013 as the companies considered to be the highest quality outperformed those deemed to be lower quality. The Underlying Index’s higher beta target relative to the Northern Trust 1250 Index^SM did not have a meaningful impact on performance. Overall, the Underlying Index’s focus on quality stocks contributed to the Fund’s strong performance versus the market as measured by the Dow Jones US Select Dividend Total Return Index, which returned 26.00% during the period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the reporting period was -30 basis points, which is reflective of the Fund’s management fee (-33 bps) and stock sampling/futures (+3 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.38% and the net expense ratio is 0.37%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Northern Trust Quality Dividend Defensive Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to a high-quality, income-oriented portfolio of U.S. equity securities, with an emphasis on long-term capital growth and targeted overall volatility that is lower than that of the Northern Trust 1250 Index^SM Companies included in the Underlying Index are a subset of the Northern Trust 1250 Index^SM, and are selected based on expected dividend payments and fundamental factors such as profitability, management expertise and cash flow, as determined by Northern Trust Investments, Inc. (“NTI”) in its capacity as the index provider (the “Index Provider”) pursuant to its index methodology. The Underlying Index begins with the Parent Index Northern Trust 1250 Index^SM, and then follows a rules-based methodology to calculate optimal weights for securities in the Underlying Index based upon a targeted overall beta generally between 0.5 and 1.0 times that of the Northern Trust 1250 Index^SM, dividend yield, quality factors and lower total risk. As of October 31, 2013, there were 190 issues in the Underlying Index. NTI uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

Since inception through October 31, 2013, the total return based on net asset value

(NAV) for the Fund was 27.54%, and the total return for the Underlying Index was 27.85%. The quality focus of the Fund’s Underlying Index was a positive driver of performance for the first 10 months of 2013 as companies considered to be the highest quality outperformed those deemed to be lower quality. The lower beta target of the Underlying Index relative to the Northern Trust 1250 Index^SM had a negative impact on Fund performance as domestic risk assets generally traded higher for the 10-month period. Overall, the Underlying Index’s focus on quality stocks led to the Fund’s slightly outperforming the market as measured by the Dow Jones US Select Dividend Total Return Index, which returned 26.00% during the period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the reporting period was -31 basis points, which is reflective of the Fund’s management fee (-33 bps) and stock sampling/futures (+2 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.48% and the net expense ratio is 0.47%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Northern Trust International Quality Dividend Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to a high-quality, income-oriented portfolio of international equity securities issued by non-U.S.-based companies, with an emphasis on long-term capital growth and targeted overall volatility similar to that of the Northern Trust International Large Cap Index^SM*, Companies included in the Underlying Index are a subset of the Northern Trust International Large Cap Index^SM, and are selected based on expected dividend payments and fundamental factors such as profitability, management expertise and cash flow, as determined by Northern Trust Investments, Inc. (“NTI”) in its capacity as the index provider (the “Index Provider”) pursuant to its index methodology. The Underlying Index begins with the Northern Trust International Large Cap Index^SM, and then follows a rules-based methodology to calculate optimal weights for securities in the Underlying Index based upon a targeted overall beta similar to the Northern Trust International Large Cap Index^SM, dividend yield, quality factors and lower total risk. As of October 31, 2013, there were 216 issues in the Underlying Index. NTI uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

During the 6 months ended October 31, 2013**, prices on international risk assets were volatile but upward trending. International markets were negative in Q2 as concerns surrounding an economic slowdown in China, austerity issues in the Eurozone and political strife in Brazil weighed on investor sentiment. However, international markets improved in Q3 as developed markets showed signs of growth and Europe officially emerged from recession.

Since inception through October 31, 2013, the total return based on net asset value (NAV) for the Fund was 9.22%, and the total net return for the Underlying Index was 9.49%. Exposure to higher yielding securities

had a negative impact on the Fund during this time period as non-dividend payers outperformed high yielding equities in the international marketplace. Quality exposure was also a negative driver of performance in the risk rally as lower quality companies outperformed companies considered higher quality. Overall, the Fund underperformed the market as measured by the Dow Jones Global Select Dividend Total Return Index, which returned 11.63% during this period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the period was -27 basis points, which is reflective of the Fund’s management fee (-26 bps), comparatively favorable tax treatments of foreign dividends under foreign-tax law (+13 bps) and stock sampling/futures (-14 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.48% and the net expense ratio is 0.47%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Northern Trust International Quality Dividend Dynamic Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to a high-quality, income-oriented portfolio of international equity securities issued by non-U.S.-based companies, with an emphasis on long-term capital growth and targeted overall volatility that is greater than that of the Northern Trust International Large Cap Index^SM Companies included in the Underlying Index are a subset of the Northern Trust International Large Cap Index^SM and are selected based on expected dividend payments and fundamental factors such as profitability, management expertise and cash flow, as determined by Northern Trust Investments, Inc. (“NTI”) in its capacity as the index provider (the “Index Provider”) pursuant to its index methodology. The Underlying Index begins with the Northern Trust International Large Cap Index^SM, and then follows a rules-based methodology to calculate optimal weights for securities in the Underlying Index based upon a targeted overall beta generally between 1.0 and 1.5 times that of the Northern Trust International Large Cap Index^SM, dividend yield, quality factors and lower total risk. As of October 31, 2013, there were 220 issues in the Underlying Index. NTI uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

During the 6 months ended October 31, 2013*, prices on international risk assets were volatile but upward trending. International markets were negative in Q2 as concerns surrounding an economic slowdown in China, austerity issues in the Eurozone and political strife in Brazil weighed on investor sentiment. However, international markets improved in Q3 as developed markets showed signs of growth and Europe officially emerged from recession.

Since inception through October 31, 2013, the total return based on net asset value (NAV) for the Fund was 11.59%, and the total net return for the Underlying Index was

11.70%. Exposure to higher yielding securities had a negative impact on the Fund during this time period as non-dividend payers outperformed high yielding equities in the international marketplace. Quality exposure was also a negative driver of performance in the risk rally as lower quality companies outperformed companies considered higher quality. However, the higher beta target of the Underlying Index relative to the Northern Trust International Large Cap Index^SM had a positive impact on performance of the Fund and led to almost matching the performance of the market as measured by the Dow Jones Global Select Dividend Total Return Index, which returned 11.63% for the reporting period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the reporting period was -10 basis points (bps), which is reflective of the Fund’s management fee (-26 bps), comparatively favorable tax treatments of foreign dividends under foreign-tax law (+5 bps) and stock sampling/futures (+11 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.48% and the net expense ratio is 0.47%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Northern Trust International Quality Dividend Defensive Index (the “Underlying Index”). The Underlying Index is designed to provide exposure to a high-quality, income-oriented portfolio of international equity securities issued by non-U.S.-based companies, with an emphasis on long-term capital growth and targeted overall volatility that is lower than that of the Northern Trust International Large Cap Index^SM Companies included in the Underlying Index are a subset of the Northern Trust International Large Cap Index^SM , and are selected based on expected dividend payments and fundamental factors such as profitability, management expertise and cash flow, as determined by Northern Trust Investments, Inc. (“NTI”) in its capacity as the index provider (the “Index Provider”) pursuant to its index methodology. The Underlying Index begins with the Northern Trust International Large Cap Index^SM, and then follows a rules-based methodology to calculate optimal weights for securities in the Underlying Index based upon a targeted overall beta generally between 0.5 and 1.0 times that of the Northern Trust International Large Cap Index^SM, dividend yield, quality factors and lower total risk. As of October 31, 2013, there were 213 issues in the Underlying Index. NTI uses a representative sampling strategy to manage the Fund. This means the Fund may not hold all of the issues that are included in the Underlying Index.

Since inception through October 31, 2013, the total return based on net asset value (NAV) for the Fund was 8.20%, and the total net return for the Underlying Index was

8.21%. Exposure to higher yielding securities had a negative impact on the Fund during this time period as non-dividend payers outperformed high yielding equities in the international marketplace. Quality exposure was also a negative driver of performance in the risk rally as lower quality companies outperformed companies considered higher quality. In addition, the lower beta target of the Underlying Index relative to the Northern Trust International Large Cap Index^SM had a negative impact on the Fund’s performance. This further contributed to underperformance relative to the market as measured by the Dow Jones Global Select Dividend Total Return Index, which returned 11.63% during the period. The difference between the Fund’s total return based on NAV and the Underlying Index’s total return for the reporting period was 1 basis point (bps), which is reflective of the Fund’s management fee (-26 bps), comparatively favorable tax treatments of foreign dividends under foreign-tax law (+10 bps) and stock sampling/futures (+16 bps).

Performance reflects contractual reimbursements in effect until March 1, 2014. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.27% and the net expense ratio is 0.25%. The gross expense ratio disclosed is as reported in the Fund’s prospectus, which may differ from the gross expense ratio presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

FlexShares ETFs’ performance data current to the most recent month-end is available at www.flexshares.com.

The Fund seeks maximum current income consistent with the preservation of capital and liquidity. The Fund attempts to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a non-diversified portfolio of fixed-income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. Such issuers include U.S. and non-U.S. governments and their agencies, instrumentalities or sponsored enterprises, U.S. state and local governments and U.S. and non-U.S. private-sector entities, such as corporations and banks. The average portfolio duration of the Fund will vary based on The Northern Trust Company Investment Policy Committee’s forecast for interest rates and will normally not exceed one year. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed two years.

U.S. regulatory, fiscal and monetary policy developments significantly impacted the short duration Treasury and credit fixed income markets during the fiscal year. Congressional budget negotiations going into year-end 2012 resulted in the yield curve steepening as 2-year and shorter interest rates fell while longer rates were modestly higher. This environment generally held until May 2013 when Federal Reserve Chairman Ben Bernanke’s comments regarding the potential for changes to the Fed’s bond buying programs caused interest rates beyond two years to substantially increase. Treasury yields remained at elevated levels until the Fed’s September meeting when the Federal Open Market Committee elected to maintain the current $85 billion in monthly Treasury and Agency mortgage backed securities (MBS) asset purchases.

In response to the continuation of accommodative monetary policy, U.S. Treasury yields (2-years and longer) rallied and led to increased demand for shorter duration securities. Investors took advantage of lower yields to shorten duration exposures in anticipation that the Fed had merely postponed an inevitable tapering of asset purchases. As investors continued to balance the search for yield with an eye towards higher

future interest rates, corporate credit spreads on both fixed and floating rate securities with maturities less than 3-years rallied through June 2013. Credit spreads widened during the second quarter’s period of monetary policy uncertainty, yet rallied back to near twelve month lows when the Fed maintained all its current programs. The Federal debt ceiling debate in September and October caused some minor disruptions in the Treasury bill market.

For the 12-month reporting period ended October 31, 2013, the total return based on net asset value (NAV) for the Fund was 0.84%, and the total return for the Barclays Capital 1-3 Month US Treasury Bill Index was 0.06%. The Fund’s performance during the year was highlighted by a series of favorable duration and credit positioning decisions. Anticipating a falling interest rate environment going into calendar year-end 2012, the Fund was positioned at the long end of its duration target of one year, with increased holdings in corporate credit and spread issues. Moving into 2013, the Fund’s duration was shortened in advance of the late spring correction in rates and spreads. The Fund outperformed the Barclays Capital 1-3 Month US Treasury Bill Index by 78 basis points during the period, primarily due to favorable sector and security selection decisions offset by the Fund’s management fee.


	Shares		Value
COMMON STOCKS – 99.6%
Beverages – 0.1%
Tibet 5100 Water Resources Holdings Ltd.		3,947,000	$	1,532,361
Chemicals – 20.9%
Agrium, Inc.		512,946		43,776,376
CF Industries Holdings, Inc.		203,904		43,961,702
Incitec Pivot Ltd.		4,814,046		12,126,037
Israel Chemicals Ltd.		1,412,991		11,716,203
K+S AG (Registered)		575,073		14,690,243
Monsanto Co.		1,577,070		165,403,102
The Mosaic Co.		849,069		38,929,814
Phosagro OAO (GDR)		305,424		3,167,247
Potash Corp. of Saskatchewan, Inc.		2,724,030		84,632,087
The Scotts Miracle-Gro Co., Class A		136,998		8,044,523
Sociedad Quimica y Minera de Chile S.A. (ADR)		320,193		8,840,529
Syngenta AG		283,554		114,761,792
Taiwan Fertilizer Co. Ltd.		2,007,000		4,781,906
Yara International ASA		530,469		22,921,362
				577,752,923
Containers & Packaging – 0.4%
MeadWestvaco Corp.		313,821		10,936,662
Food Products – 8.2%
Archer-Daniels-Midland Co.		2,091,609		85,546,808
Bunge Ltd.		457,191		37,549,097
Charoen Pokphand Foods PCL		10,195,200		7,959,626
Charoen Pokphand Indonesia Tbk PT		22,302,000		7,715,928
Felda Global Ventures Holdings Bhd		3,808,300		5,418,792
GrainCorp Ltd., Class A		729,594		8,525,570
IOI Corp. Bhd		9,558,005		16,477,491
Kuala Lumpur Kepong Bhd		1,593,072		11,661,981
Nutreco N.V.		210,359		10,328,278
PPB Group Bhd		1,614,300		7,520,150
Suedzucker AG		207,090		6,680,917
Tongaat Hulett Ltd.		372,762		4,712,847


	Shares		Value
Food Products – (continued)
Wilmar International Ltd.		5,757,126	$	16,059,706
				226,157,191
Household Durables – 0.1%
Sumitomo Forestry Co. Ltd.		318,600		3,698,761
Machinery – 0.3%
Kurita Water Industries Ltd.		355,510		7,754,473
Metals & Mining – 24.3%
Agnico Eagle Mines Ltd.		243,743		7,236,212
Alcoa, Inc.		1,398,654		12,965,523
Anglo American PLC		1,890,891		45,112,896
AngloGold Ashanti Ltd.		544,806		8,314,615
Antofagasta PLC		477,900		6,564,640
Barrick Gold Corp.		1,572,291		30,575,885
BHP Billiton Ltd.		3,714,876		132,480,409
Cia de Minas Buenaventura SAA (ADR)		263,736		3,824,172
Eldorado Gold Corp.		1,064,124		7,173,411
First Quantum Minerals Ltd.		673,839		12,780,875
Franco-Nevada Corp.		187,974		8,455,540
Freeport-McMoRan Copper & Gold, Inc.		1,516,536		55,747,863
Glencore Xstrata PLC		12,944,718		70,709,745
Gold Fields Ltd.		1,006,776		4,739,308
Goldcorp, Inc.		1,319,004		33,593,274
Grupo Mexico SAB de CV		4,681,808		14,842,188
Impala Platinum Holdings Ltd.		665,874		8,119,197
Industrias Penoles SAB de CV		167,668		4,923,919
KGHM Polska Miedz S.A.		149,742		6,061,611
Kinross Gold Corp.		1,561,140		7,934,067
MMC Norilsk Nickel OJSC (ADR)		544,127		8,238,083
Newcrest Mining Ltd.		1,131,030		11,031,597
Newmont Mining Corp.		821,988		22,407,393
Randgold Resources Ltd.		143,370		10,687,694
Rio Tinto PLC		1,658,313		84,136,878
Sibanye Gold Ltd.		971,730		1,377,156
Silver Wheaton Corp.		519,318		11,782,197
Sumitomo Metal Mining Co. Ltd.		633,031		8,762,166


	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Teck Resources Ltd., Class B		692,955	$	18,539,046
Yamana Gold, Inc.		1,161,297		11,514,418
				670,631,978
Multi-Utilities – 1.1%
Suez Environnement Co.		791,721		13,836,411
Veolia Environnement S.A.		945,991		16,230,263
				30,066,674
Oil, Gas & Consumable Fuels – 34.1%
Anadarko Petroleum Corp.		224,613		21,403,373
Apache Corp.		208,683		18,531,050
BG Group PLC		1,811,241		37,058,083
BP PLC		9,542,070		73,999,308
Canadian Natural Resources Ltd.		544,806		17,286,887
Cenovus Energy, Inc.		396,657		11,783,511
Chevron Corp.		984,474		118,097,501
China Petroleum & Chemical Corp., Class H		9,683,400		7,906,040
CNOOC Ltd.		7,357,112		15,106,987
ConocoPhillips		594,189		43,554,054
Cosan Ltd., Class A		506,241		7,978,358
Cosan S.A. Industria e Comercio		338,990		6,848,868
Devon Energy Corp.		207,090		13,092,230
Encana Corp.		393,179		7,042,800
Eni SpA		1,151,739		29,201,968
EOG Resources, Inc.		129,033		23,019,487
Exxon Mobil Corp.		1,593,000		142,764,660
Gazprom OAO (ADR)		2,815,220		26,350,459
Hess Corp.		146,556		11,900,347
Lukoil OAO (ADR)		253,287		16,615,627
Marathon Oil Corp.		345,681		12,188,712
Noble Energy, Inc.		164,079		12,294,440
Occidental Petroleum Corp.		414,180		39,794,414
PetroChina Co. Ltd., Class H		10,044,018		11,503,973
Petroleo Brasileiro S.A., Class A (ADR)		1,083,240		19,671,638
Royal Dutch Shell PLC, Class A		1,803,276		60,222,417
Sasol Ltd.		286,740		14,698,810
Statoil ASA		501,795		11,895,775


	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Suncor Energy, Inc.		798,093	$	28,997,213
Total S.A.		1,032,264		63,523,222
Tullow Oil PLC		508,167		7,694,769
Woodside Petroleum Ltd.		321,786		11,829,045
				943,856,026
Paper & Forest Products – 3.4%
Canfor Corp.*		157,707		3,268,014
Deltic Timber Corp.		19,116		1,221,130
Duratex S.A.		578,309		3,633,696
Empresas CMPC S.A.		2,126,655		6,330,122
International Paper Co.		777,384		34,679,100
Louisiana-Pacific Corp.*		242,136		4,118,733
Mondi PLC		748,710		13,400,055
Stora Enso Oyj, Class R		978,102		9,108,648
UPM-Kymmene Oyj		880,929		14,024,165
West Fraser Timber Co. Ltd.		49,383		4,525,611
				94,309,274
Real Estate Investment Trusts (REITs) – 2.0%
Plum Creek Timber Co., Inc.		312,228		14,175,151
Rayonier, Inc.		226,206		10,636,206
Weyerhaeuser Co.		1,021,113		31,041,835
				55,853,192
Trading Companies & Distributors – 0.4%
Noble Group Ltd.		14,337,031		11,905,625
Water Utilities – 4.3%
Aguas Andinas S.A., Class A		6,740,009		4,567,936
American Water Works Co., Inc.		522,504		22,399,746
Aqua America, Inc.		532,062		13,397,321
Cia de Saneamento Basico do Estado de Sao Paulo		2,418		25,818
Cia de Saneamento de Minas Gerais-COPASA		173,072		2,816,356
Cia Saneamento Basico do Estado de Sao Paolo (ADR)		1,077,948		11,437,028
Hyflux Ltd.		3,186,000		2,979,611
Inversiones Aguas Metropolitanas S.A.		1,300,095		2,412,286
Manila Water Co., Inc.		1,593,000		921,662
Pennon Group PLC		1,256,877		13,751,423


	Shares		Value
COMMON STOCKS – (continued)
Water Utilities – 4.3%
Severn Trent PLC		731,187	$	21,814,644
United Utilities Group PLC		1,973,727		22,339,623
				118,863,454
Total Common Stocks (Cost $2,807,682,056)				2,753,318,594

Total Investment Securities (Cost $2,807,682,056) – 99.6%				2,753,318,594
Other assets less liabilities – 0.4%				11,216,731
NET ASSETS – 100.0%			$	2,764,535,325

*	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 October 31, 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	$	158,860,931
Aggregate gross unrealized depreciation		(213,801,742	)
Net unrealized depreciation	$	(54,940,811	)
Federal income tax cost of investments	$	2,808,259,405

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open long futures contracts as of October 31, 2013:

Cash collateral in the amount of $2,827,165 was pledged to cover margin requirements for open futures contracts as of October 31, 2013.

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of October 31, 2013:

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund invested, as a percentage of net assets, companies domiciled in the following countries as of October 31, 2013:


	Shares		Value
COMMON STOCKS – 100.0%
Air Freight & Logistics – 3.1%
Deutsche Post AG (Registered)		3,122	$	105,791
Oesterreichische Post AG		106		4,988
POS Malaysia Bhd		1,800		3,257
PostNL N.V.*		1,408		7,392
Singapore Post Ltd.		6,000		6,337
				127,765
Commercial Services & Supplies – 2.6%
Clean Harbors, Inc.		96		5,928
Daiseki Co. Ltd.		200		3,924
Progressive Waste Solutions Ltd.		372		9,991
Republic Services, Inc.		500		16,735
Shanks Group PLC		1,332		2,258
Stericycle, Inc.		158		18,360
Transpacific Industries Group Ltd.*		3,354		3,637
Waste Connections, Inc.		214		9,146
Waste Management, Inc.		854		37,183
				107,162
Construction & Engineering – 0.0%^†
Interchina Holdings Co.*		10,000		709
Diversified Financial Services – 0.1%
Metro Pacific Investments Corp.		42,000		4,743
Diversified Telecommunication Services – 15.5%
AT&T, Inc.		5,036		182,303
BCE, Inc.		738		32,107
BT Group PLC		7,606		46,069
CenturyLink, Inc.		578		19,571
Chunghwa Telecom Co. Ltd. (ADR)		460		14,646
Deutsche Telekom AG (Registered)		2,836		44,724
Nippon Telegraph & Telephone Corp.		800		41,505
Telefonica S.A.		3,738		65,987
Telstra Corp. Ltd.		11,792		57,842
Verizon Communications, Inc.		2,754		139,105
				643,859
Electric Utilities – 11.3%
American Electric Power Co., Inc.		762		35,692
CLP Holdings Ltd.		2,000		16,097


	Shares		Value
Electric Utilities – (continued)
Duke Energy Corp.		1,100	$	78,903
Enel SpA		10,208		45,103
Exelon Corp.		1,156		32,992
FirstEnergy Corp.		650		24,615
Iberdrola S.A.		8,926		56,160
NextEra Energy, Inc.		662		56,105
PPL Corp.		998		30,569
The Southern Co.		1,460		59,729
SSE PLC		1,544		35,125
				471,090
Gas Utilities – 1.2%
APA Group		1,410		8,091
Enagas S.A.		326		8,727
ONEOK, Inc.		322		18,193
Snam SpA		3,334		17,206
				52,217
Health Care Providers & Services – 3.6%
Bangkok Dusit Medical Services PCL		2,200		9,472
Community Health Systems, Inc.		174		7,592
HCA Holdings, Inc.		498		23,476
Health Management Associates, Inc., Class A*		476		6,102
HealthSouth Corp.		176		6,179
IHH Healthcare Bhd*		8,200		10,732
Life Healthcare Group Holdings Ltd.		2,824		11,572
LifePoint Hospitals, Inc.		92		4,751
Mediclinic International Ltd.		1,614		12,203
Netcare Ltd.		4,038		10,057
Ramsay Health Care Ltd.		416		15,285
Rhoen Klinikum AG		328		9,170
Tenet Healthcare Corp.*		192		9,060
Universal Health Services, Inc., Class B		168		13,534
				149,185
Industrial Conglomerates – 0.2%
Beijing Enterprises Holdings Ltd.		1,000		8,210
Internet Software & Services – 0.2%
Equinix, Inc.		46		7,428


	Shares		Value
COMMON STOCKS – (continued)
Internet Software & Services – (continued)
Telecity Group PLC		196	$	2,401
				9,829
Media – 4.6%
Comcast Corp., Class A		2,076		98,776
DIRECTV*		450		28,121
DISH Network Corp., Class A		204		9,833
SES S.A.		294		8,569
Shaw Communications, Inc., Class B		390		9,327
Sirius XM Radio, Inc.		1,666		6,281
Time Warner Cable, Inc.		268		32,200
				193,107
Multi-Utilities – 10.9%
Centrica PLC		7,640		43,378
Consolidated Edison, Inc.		478		27,829
Dominion Resources, Inc.		922		58,778
E.ON SE		2,970		54,327
GDF Suez		2,276		56,748
National Grid PLC		6,348		80,009
PG&E Corp.		712		29,797
RWE AG		766		28,315
Sempra Energy		364		33,175
Suez Environnement Co.		950		16,603
Veolia Environnement S.A.		1,410		24,191
				453,150
Oil, Gas & Consumable Fuels – 6.7%
AltaGas Ltd.		196		7,255
Enbridge, Inc.		1,398		60,593
Inter Pipeline Ltd.		444		11,159
Keyera Corp.		124		7,336
Kinder Morgan, Inc.		1,136		40,112
Pembina Pipeline Corp.		496		16,271
Spectra Energy Corp.		1,050		37,349
TransCanada Corp.		1,212		54,612
Veresen, Inc.		350		4,330
The Williams Cos., Inc.		1,068		38,138
				277,155
Real Estate Investment Trusts (REITs) – 1.2%
American Tower Corp.		368		29,201
Corrections Corp. of America		196		7,252
Digital Realty Trust, Inc.		118		5,624
DuPont Fabros Technology, Inc.		68		1,690


	Shares		Value
Real Estate Investment Trusts (REITs) – (continued)
The Geo Group, Inc.		146	$	5,149
				48,916
Road & Rail – 20.4%
Asciano Ltd.		3,164		17,437
Aurizon Holdings Ltd.		6,314		28,640
Canadian National Railway Co.		1,246		136,865
Canadian Pacific Railway Ltd.		570		81,462
Central Japan Railway Co.		600		77,668
CSX Corp.		1,960		51,078
East Japan Railway Co.		1,300		112,761
Hankyu Hanshin Holdings, Inc.		4,000		22,424
Kansas City Southern		198		24,061
Kintetsu Corp.		6,000		22,077
Norfolk Southern Corp.		584		50,236
Odakyu Electric Railway Co. Ltd.		2,000		19,284
Tobu Railway Co. Ltd.		4,000		20,711
Tokyu Corp.		4,000		27,194
Union Pacific Corp.		860		130,204
West Japan Railway Co.		600		26,878
				848,980
Transportation Infrastructure – 6.2%
Abertis Infraestructuras S.A.		1,178		25,304
Aeroports de Paris		108		11,555
Atlantia SpA		1,036		22,746
Auckland International Airport Ltd.		3,592		10,198
CCR S.A.		3,200		26,814
China Merchants Holdings International Co. Ltd.		4,000		14,188
COSCO Pacific Ltd.		8,000		11,660
Flughafen Zuerich AG (Registered)		14		7,777
Fraport AG Frankfurt Airport Services Worldwide		114		8,845
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,000		5,222
Grupo Aeroportuario del Sureste SAB de CV, Class B		800		9,597
Hamburger Hafen und Logistik AG		82		2,062
International Container Terminal Services, Inc.		5,940		14,297
Jasa Marga Persero Tbk PT		8,000		3,726


	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – (continued)
Jiangsu Expressway Co. Ltd., Class H		4,000	$	5,035
Koninklijke Vopak N.V.		96		5,918
OHL Mexico SAB de CV*		4,800		12,381
Sydney Airport		5,180		20,553
Transurban Group		4,870		32,743
Westshore Terminals Investment Corp.		210		6,913
				257,534
Water Utilities – 3.0%
American Water Works Co., Inc.		340		14,576
Aqua America, Inc.		336		8,460
Beijing Enterprises Water Group Ltd.		12,000		5,340
California Water Service Group		130		2,834
Cia de Saneamento Basico do Estado de Sao Paulo		1,200		12,813
Cia de Saneamento de Minas Gerais-COPASA		200		3,255
Guangdong Investment Ltd.		12,000		10,324
Manila Water Co., Inc.		4,600		2,661
Pennon Group PLC		1,234		13,501
Severn Trent PLC		776		23,152
Thai Tap Water Supply PCL		6,800		2,250
United Utilities Group PLC		2,258		25,557
				124,723
Wireless Telecommunication Services – 9.2%
America Movil SAB de CV		34,000		36,618
China Mobile Ltd.		4,500		47,246
Crown Castle International Corp.		352		26,759
MTN Group Ltd.		1,286		25,647
SBA Communications Corp., Class A		120		10,496
Softbank Corp.		1,000		74,406
Vodafone Group PLC		45,224		163,115
				384,287
Total Common Stocks (Cost $4,003,981)				4,162,621

Total Investment Securities (Cost $4,003,981) – 100.0%				4,162,621
Liabilities in excess of other assets – 0.0%^†				(89	)
NET ASSETS – 100.0%			$	4,162,532

*	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 October 31, 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	$	175,452
Aggregate gross unrealized depreciation		(17,679	)
Net unrealized appreciation	$	157,773
Federal income tax cost of investments	$	4,004,848

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund invested, as a percentage of net assets, companies domiciled in the following countries as of October 31, 2013:


	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.7%
U.S. Treasury Inflation Index Notes
1.63%, due 01/15/15	$	71,105,637	$	73,393,345
0.50%, due 04/15/15		316,957,502		323,743,429
1.88%, due 07/15/15		404,574,175		426,400,819
2.00%, due 01/15/16		396,509,891		423,932,198
0.13%, due 04/15/16		560,850,537		576,521,745
2.50%, due 07/15/16		70,267,662		77,550,754
2.38%, due 01/15/17		60,724,623		67,437,444
				1,968,979,734
Total U.S. Treasury Obligations (Cost $1,975,029,457)				1,968,979,734

Total Investment Securities (Cost $1,975,029,457) – 99.7%				1,968,979,734
Other assets less liabilities – 0.3%				6,038,505
NET ASSETS – 100.0%			$	1,975,018,239

As of October 31, 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	$	—
Aggregate gross unrealized depreciation		(6,234,027	)
Net unrealized depreciation	$	(6,234,027	)
Federal income tax cost of investments	$	1,975,213,761

Percentages shown are based on Net Assets.


	Principal Amount		Value
U.S. TREASURY OBLIGATIONS – 99.6%
U.S. Treasury Inflation Index Notes
2.38%, due 01/15/17	$	11,003,518	$	12,219,905
0.13%, due 04/15/17		25,102,027		25,975,974
2.63%, due 07/15/17		40,858,556		46,452,580
1.63%, due 01/15/18		47,397,029		52,277,037
0.13%, due 04/15/18		89,000,612		92,129,613
1.38%, due 07/15/18		41,994,550		46,302,957
2.13%, due 01/15/19		41,725,313		47,575,333
1.88%, due 07/15/19		9,137,410		10,401,609
1.38%, due 01/15/20		11,291,173		12,442,050
1.25%, due 07/15/20		19,041,712		20,937,792
0.63%, due 07/15/21		20,442,296		21,385,428
				388,100,278
Total U.S. Treasury Obligations (Cost $387,771,004)				388,100,278

Total Investment Securities (Cost $387,771,004) – 99.6%				388,100,278
Other assets less liabilities – 0.4%				1,382,881
NET ASSETS – 100.0%			$	389,483,159

As of October 31, 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	$	524,721
Aggregate gross unrealized depreciation		(539,435	)
Net unrealized depreciation	$	(14,714	)
Federal income tax cost of investments	$	388,114,992

Percentages shown are based on Net Assets.


	Shares		Value
COMMON STOCKS – 98.8%
Aerospace & Defense – 2.6%
AAR Corp.		8,073	$	236,377
Aerovironment, Inc.*		1,404		38,062
Alliant Techsystems, Inc.		5,616		611,414
American Science & Engineering, Inc.		702		46,178
Astronics Corp.*		702		34,440
Astronics Corp., Class B*		1		39
B/E Aerospace, Inc.*		1,287		104,453
The Boeing Co.		9,828		1,282,554
Cubic Corp.		3,744		196,560
Curtiss-Wright Corp.		8,541		425,171
DigitalGlobe, Inc.*		5,733		182,424
Ducommun, Inc.*		1,521		37,812
Engility Holdings, Inc.*		2,925		90,587
Esterline Technologies Corp.*		5,733		459,557
Exelis, Inc.		34,515		569,152
GenCorp, Inc.*		3,510		58,968
General Dynamics Corp.		3,744		324,343
HEICO Corp.		3,948		211,534
Hexcel Corp.*		7,254		306,917
Honeywell International, Inc.		11,232		974,151
Huntington Ingalls Industries, Inc.		5,499		393,453
The KEYW Holding Corp.*		1,170		13,455
Kratos Defense & Security Solutions, Inc.*		8,775		74,412
L-3 Communications Holdings, Inc.		1,170		117,526
LMI Aerospace, Inc.*		1,755		27,553
Lockheed Martin Corp.		2,925		390,020
Moog, Inc., Class A*		7,956		475,212
National Presto Industries, Inc.		702		49,526
Northrop Grumman Corp.		2,808		301,888
Orbital Sciences Corp.*		4,329		99,870
Precision Castparts Corp.		2,106		533,766
Raytheon Co.		3,627		298,756
Rockwell Collins, Inc.		2,106		147,062
Spirit Aerosystems Holdings, Inc., Class A*		18,720		499,637
Taser International, Inc.*		4,680		83,164
Teledyne Technologies, Inc.*		2,808		249,407
Textron, Inc.		3,276		94,316


	Shares		Value
Aerospace & Defense – (continued)
TransDigm Group, Inc.		702	$	102,078
Triumph Group, Inc.		585		41,915
United Technologies Corp.		11,934		1,267,988
				11,451,697
Air Freight & Logistics – 0.6%
Air Transport Services Group, Inc.*		9,945		72,002
Atlas Air Worldwide Holdings, Inc.*		4,680		173,300
C.H. Robinson Worldwide, Inc.		2,223		132,802
Echo Global Logistics, Inc.*		1,053		19,386
Expeditors International of Washington, Inc.		2,691		121,875
FedEx Corp.		4,212		551,772
Forward Air Corp.		2,340		94,723
Hub Group, Inc., Class A*		2,691		98,840
Pacer International, Inc.*		3,276		26,143
Park-Ohio Holdings Corp.*		1,521		62,985
United Parcel Service, Inc., Class B		10,179		999,985
UTi Worldwide, Inc.		6,552		99,590
XPO Logistics, Inc.*		2,106		42,499
				2,495,902
Airlines – 0.5%
Alaska Air Group, Inc.		2,340		165,344
Allegiant Travel Co.		1,053		109,796
Delta Air Lines, Inc.		9,243		243,830
Hawaiian Holdings, Inc.*		8,892		73,359
JetBlue Airways Corp.*		40,248		285,358
Republic Airways Holdings, Inc.*		7,956		93,722
SkyWest, Inc.		9,243		139,015
Southwest Airlines Co.		10,062		173,268
Spirit Airlines, Inc.*		5,616		242,330
United Continental Holdings, Inc.*		3,627		123,137
US Airways Group, Inc.*		35,451		778,859
				2,428,018
Auto Components – 0.9%
Allison Transmission Holdings, Inc.		702		17,094
American Axle & Manufacturing Holdings, Inc.*		12,051		224,269


	Shares		Value
COMMON STOCKS – (continued)
Auto Components – (continued)
Autoliv, Inc.		1,053	$	93,959
BorgWarner, Inc.		1,404		144,795
Cooper Tire & Rubber Co.		10,764		279,972
Dana Holding Corp.		26,559		520,556
Delphi Automotive PLC		3,042		174,002
Dorman Products, Inc.		1,872		90,998
Drew Industries, Inc.		1,404		70,565
Federal-Mogul Corp.*		6,084		124,661
Fuel Systems Solutions, Inc.*		1,170		21,013
Gentex Corp.		3,510		103,334
Gentherm, Inc.*		2,457		57,371
The Goodyear Tire & Rubber Co.		3,510		73,640
Johnson Controls, Inc.		8,541		394,167
Lear Corp.		1,170		90,546
Modine Manufacturing Co.*		6,669		88,831
Spartan Motors, Inc.		2,457		16,683
Standard Motor Products, Inc.		3,042		109,999
Stoneridge, Inc.*		4,680		59,717
Superior Industries International, Inc.		4,212		78,975
Tenneco, Inc.*		10,764		571,246
TRW Automotive Holdings Corp.*		1,170		87,879
Visteon Corp.*		9,243		712,543
				4,206,815
Automobiles – 0.5%
Ford Motor Co.		45,630		780,729
General Motors Co.*		10,530		389,083
Harley-Davidson, Inc.		3,393		217,288
Tesla Motors, Inc.*		1,170		187,130
Thor Industries, Inc.		7,956		461,528
Winnebago Industries, Inc.*		2,223		65,934
				2,101,692
Beverages – 1.1%
Beam, Inc.		2,223		149,608
The Boston Beer Co., Inc., Class A*		702		161,172
Brown-Forman Corp., Class B		2,223		162,235
Coca-Cola Bottling Co. Consolidated		351		22,225
The Coca-Cola Co.		52,416		2,074,101


	Shares		Value
Beverages – (continued)
Coca-Cola Enterprises, Inc.		4,095	$	170,884
Constellation Brands, Inc., Class A*		1,989		129,882
Dr Pepper Snapple Group, Inc.		2,574		121,879
Molson Coors Brewing Co., Class B		1,989		107,406
Monster Beverage Corp.*		1,989		113,830
National Beverage Corp.		702		12,854
PepsiCo, Inc.		21,528		1,810,290
				5,036,366
Biotechnology – 2.5%
ACADIA Pharmaceuticals, Inc.*		5,616		127,652
Achillion Pharmaceuticals, Inc.*		7,722		19,382
Acorda Therapeutics, Inc.*		2,925		89,534
Aegerion Pharmaceuticals, Inc.*		1,872		155,039
Alexion Pharmaceuticals, Inc.*		2,808		345,244
Alnylam Pharmaceuticals, Inc.*		3,861		222,432
AMAG Pharmaceuticals, Inc.*		1,521		41,037
Amgen, Inc.		10,764		1,248,624
Amicus Therapeutics, Inc.*		1,404		2,977
Anacor Pharmaceuticals, Inc.*		3,042		39,576
Arena Pharmaceuticals, Inc.*		18,252		80,126
Ariad Pharmaceuticals, Inc.*		3,276		7,207
Arqule, Inc.*		351		790
Array BioPharma, Inc.*		8,892		44,638
AVEO Pharmaceuticals, Inc.*		3,159		6,539
Biogen Idec, Inc.*		3,393		828,537
BioMarin Pharmaceutical, Inc.*		1,989		124,949
Biotime, Inc.*		3,393		12,317
Celgene Corp.*		5,733		851,293
Celldex Therapeutics, Inc.*		6,201		142,065
Cepheid, Inc.*		5,148		209,627
ChemoCentryx, Inc.*		2,106		10,425
Chimerix, Inc.*		585		8,863
Cubist Pharmaceuticals, Inc.*		5,148		319,176
Curis, Inc.*		5,616		22,408
Cytokinetics, Inc.*		1,232		7,404
Cytori Therapeutics, Inc.*		3,627		7,472
Dendreon Corp.*		13,104		33,677
Dyax Corp.*		9,711		79,824
Dynavax Technologies Corp.*		11,583		14,247
Emergent Biosolutions, Inc.*		1,755		34,275


	Shares		Value
COMMON STOCKS – (continued)
Biotechnology – (continued)
Enzon Pharmaceuticals, Inc.		6,201	$	9,177
Exact Sciences Corp.*		4,914		54,152
Exelixis, Inc.*		12,519		61,719
Galena Biopharma, Inc.*		2,223		4,957
Genomic Health, Inc.*		1,287		38,507
Geron Corp.*		8,775		34,661
Gilead Sciences, Inc.*		21,411		1,519,967
GTx, Inc.*		234		400
Halozyme Therapeutics, Inc.*		6,318		73,605
Idenix Pharmaceuticals, Inc.*		7,488		24,636
ImmunoGen, Inc.*		6,435		105,920
Immunomedics, Inc.*		4,914		18,624
Incyte Corp. Ltd.*		10,764		419,796
Infinity Pharmaceuticals, Inc.*		3,393		45,975
Insmed, Inc.*		2,340		33,322
Intercept Pharmaceuticals, Inc.*		468		25,384
InterMune, Inc.*		6,786		95,615
Ironwood Pharmaceuticals, Inc.*		7,839		75,333
Isis Pharmaceuticals, Inc.*		9,126		303,622
KaloBios Pharmaceuticals, Inc.*		1,521		6,099
Keryx Biopharmaceuticals, Inc.*		6,435		66,602
KYTHERA Biopharmaceuticals, Inc.*		702		31,386
Lexicon Pharmaceuticals, Inc.*		21,762		52,229
Ligand Pharmaceuticals, Inc., Class B*		1,989		102,951
MannKind Corp.*		12,402		60,646
Medivation, Inc.*		1,053		63,033
Merrimack Pharmaceuticals, Inc.*		7,371		19,754
Momenta Pharmaceuticals, Inc.*		3,042		49,858
Myriad Genetics, Inc.*		6,201		151,180
Nanosphere, Inc.*		819		1,597
Neurocrine Biosciences, Inc.*		4,797		45,284
NewLink Genetics Corp.*		1,755		29,396
Novavax, Inc.*		11,934		36,995
NPS Pharmaceuticals, Inc.*		7,137		205,403
OncoGenex Pharmaceutical, Inc.*		936		6,580
Opko Health, Inc.*		14,833		148,629
Orexigen Therapeutics, Inc.*		6,435		31,403
Osiris Therapeutics, Inc.*		1,755		23,359
PDL BioPharma, Inc.		23,751		192,146


	Shares		Value
Biotechnology – (continued)
Peregrine Pharmaceuticals, Inc.*		6,903	$	8,905
Pharmacyclics, Inc.*		1,287		152,690
Pluristem Therapeutics, Inc.*		1,872		6,140
Progenics Pharmaceuticals, Inc.*		3,627		13,202
Protalix BioTherapeutics, Inc.*		1,521		6,677
Puma Biotechnology, Inc.*		1,404		53,787
Raptor Pharmaceutical Corp.*		4,095		58,886
Regeneron Pharmaceuticals, Inc.*		1,053		302,843
Repligen Corp.*		1,521		16,640
Rigel Pharmaceuticals, Inc.*		4,680		14,461
Sangamo Biosciences, Inc.*		4,563		42,755
Sarepta Therapeutics, Inc.*		2,574		100,232
Seattle Genetics, Inc.*		3,159		122,032
SIGA Technologies, Inc.*		2,925		10,033
Spectrum Pharmaceuticals, Inc.		8,190		70,352
Sunesis Pharmaceuticals, Inc.*		3,276		16,413
Synageva BioPharma Corp.*		1,404		71,323
Synergy Pharmaceuticals, Inc.*		6,786		27,415
Synta Pharmaceuticals Corp.*		4,095		18,591
Targacept, Inc.*		2,457		11,671
Theravance, Inc.*		1,521		55,729
Threshold Pharmaceuticals, Inc.*		3,042		13,202
United Therapeutics Corp.*		2,223		196,780
Vertex Pharmaceuticals, Inc.*		3,276		233,710
Vical, Inc.*		4,914		6,143
XOMA Corp.*		7,371		33,243
				11,071,113
Building Products – 0.4%
A.O. Smith Corp.		4,212		217,550
AAON, Inc.		2,270		61,313
American Woodmark Corp.*		1,404		47,624
Apogee Enterprises, Inc.		2,106		65,876
Armstrong World Industries, Inc.*		585		31,257
Builders FirstSource, Inc.		1,872		13,871
Fortune Brands Home & Security, Inc.		2,106		90,726
Gibraltar Industries, Inc.*		1,287		20,605
Griffon Corp.		4,914		61,572
Insteel Industries, Inc.		585		9,705
Lennox International, Inc.		3,744		292,257
Masco Corp.		5,148		108,777
NCI Building Systems, Inc.*		702		10,130


	Shares		Value
COMMON STOCKS – (continued)
Building Products – (continued)
Nortek, Inc.*		936	$	65,679
Owens Corning*		1,170		42,038
Patrick Industries, Inc.*		1,638		51,237
PGT, Inc.*		1,170		12,226
Quanex Building Products Corp.		2,691		47,846
Simpson Manufacturing Co., Inc.		2,925		103,691
Trex Co., Inc.*		1,053		73,942
Universal Forest Products, Inc.		1,404		74,300
USG Corp.*		6,669		182,130
				1,684,352
Capital Markets – 2.2%
Affiliated Managers Group, Inc.*		702		138,603
Ameriprise Financial, Inc.		2,574		258,790
Arlington Asset Investment Corp., Class A		2,808		69,273
Artisan Partners Asset Management, Inc.		585		35,024
The Bank of New York Mellon Corp.		17,199		546,928
BGC Partners, Inc., Class A		21,762		115,774
BlackRock Kelso Capital Corp.		14,391		135,131
BlackRock, Inc.		1,755		527,922
Calamos Asset Management, Inc., Class A		4,680		45,958
Capital Southwest Corp.		936		30,766
The Charles Schwab Corp.		17,316		392,207
Cohen & Steers, Inc.		1,287		49,369
Cowen Group, Inc., Class A*		16,146		64,100
Diamond Hill Investment Group, Inc.		234		25,803
ETRADE Financial Corp.		23,166		391,737
Eaton Vance Corp.		1,404		58,701
Evercore Partners, Inc., Class A		2,223		112,195
FBR & Co.*		351		9,301
Federated Investors, Inc., Class B		17,082		463,264
Fidus Investment Corp.		1,989		40,397
Financial Engines, Inc.		3,510		196,104
Franklin Resources, Inc.		5,850		315,081
FXCM, Inc., Class A		4,446		72,870
GAMCO Investors, Inc., Class A		351		25,100
GFI Group, Inc.		12,285		42,629


	Shares		Value
Capital Markets – (continued)
Gladstone Capital Corp.		5,499	$	48,501
Gladstone Investment Corp.		4,329		30,606
The Goldman Sachs Group, Inc.		4,914		790,466
Golub Capital BDC, Inc.		7,371		129,730
Greenhill & Co., Inc.		1,989		102,036
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		936		11,466
Hercules Technology Growth Capital, Inc.		10,647		164,390
HFF, Inc., Class A		2,223		54,575
ICG Group, Inc.*		2,691		43,890
INTL. FCStone, Inc.*		2,808		57,452
Invesco Ltd.		5,733		193,489
Investment Technology Group, Inc.*		5,382		86,220
Janus Capital Group, Inc.		28,197		278,304
KCAP Financial, Inc.		3,276		27,617
KCG Holdings, Inc., Class A*		18,018		157,477
Legg Mason, Inc.		1,638		63,014
LPL Financial Holdings, Inc.		1,053		42,899
Manning & Napier, Inc.		2,340		38,844
MCG Capital Corp.		11,817		55,658
Medallion Financial Corp.		3,276		49,730
Morgan Stanley		15,561		447,067
MVC Capital, Inc.		3,159		43,689
New Mountain Finance Corp.		7,137		101,203
Northern Trust Corp.^‡		3,510		198,034
Oppenheimer Holdings, Inc., Class A		1,989		39,442
PennantPark Investment Corp.		12,636		142,281
Piper Jaffray Cos.*		2,691		96,580
Raymond James Financial, Inc.		1,404		64,093
Safeguard Scientifics, Inc.*		2,106		36,750
SEI Investments Co.		2,106		69,898
State Street Corp.		6,084		426,306
Stifel Financial Corp.*		10,881		445,578
SWS Group, Inc.*		2,574		14,492
T Rowe Price Group, Inc.		3,510		271,709
TD Ameritrade Holding Corp.		3,159		86,114
TICC Capital Corp.		9,711		97,110
Triangle Capital Corp.		4,914		146,241
Virtus Investment Partners, Inc.*		468		95,247


	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Waddell & Reed Financial, Inc., Class A		1,170	$	72,247
Walter Investment Management Corp.*		6,903		260,726
Westwood Holdings Group, Inc.		468		24,958
WisdomTree Investments, Inc.*		7,605		105,709
				9,874,865
Chemicals – 2.4%
A Schulman, Inc.		5,499		182,127
Advanced Emissions Solutions, Inc.*		585		22,096
Air Products & Chemicals, Inc.		2,925		318,854
Airgas, Inc.		936		102,090
Albemarle Corp.		819		54,210
American Pacific Corp.*		351		15,978
American Vanguard Corp.		2,223		58,020
Ashland, Inc.		819		75,799
Axiall Corp.		1,404		54,602
Balchem Corp.		2,223		127,289
Cabot Corp.		11,115		518,070
Calgon Carbon Corp.*		4,329		86,364
Celanese Corp.		1,521		85,191
CF Industries Holdings, Inc.		702		151,351
Chemtura Corp.*		17,901		438,575
Cytec Industries, Inc.		1,170		97,215
The Dow Chemical Co.		14,391		568,013
E.I. du Pont de Nemours & Co.		12,753		780,484
Eastman Chemical Co.		2,223		175,150
Ecolab, Inc.		4,212		446,472
Ferro Corp.*		10,062		129,096
Flotek Industries, Inc.*		3,744		80,047
FMC Corp.		1,872		136,207
FutureFuel Corp.		3,393		59,072
Hawkins, Inc.		702		25,279
HB Fuller Co.		3,276		156,822
Huntsman Corp.		2,223		51,618
Innophos Holdings, Inc.		3,744		187,649
Innospec, Inc.		2,691		123,948
International Flavors & Fragrances, Inc.		819		67,690
Intrepid Potash, Inc.		2,925		43,436
KMG Chemicals, Inc.		468		9,351


	Shares		Value
Chemicals – (continued)
Koppers Holdings, Inc.		3,510	$	156,230
Kraton Performance Polymers, Inc.*		6,435		136,872
Kronos Worldwide, Inc.		1,287		19,961
Landec Corp.*		2,340		27,401
LSB Industries, Inc.*		3,276		120,295
Minerals Technologies, Inc.		2,340		132,514
Monsanto Co.		7,488		785,341
The Mosaic Co.		5,148		236,036
NewMarket Corp.		117		36,429
Olin Corp.		13,104		294,971
OM Group, Inc.*		3,159		107,406
Omnova Solutions, Inc.*		7,839		68,199
PolyOne Corp.		7,956		241,067
PPG Industries, Inc.		2,223		405,875
Praxair, Inc.		4,212		525,279
Quaker Chemical Corp.		1,872		142,104
Rockwood Holdings, Inc.		1,053		66,602
RPM International, Inc.		1,521		58,893
The Scotts Miracle-Gro Co., Class A		3,042		178,626
Sensient Technologies Corp.		9,594		500,135
The Sherwin-Williams Co.		1,170		219,960
Sigma-Aldrich Corp.		1,287		111,235
Stepan Co.		3,393		199,746
Taminco Corp.*		1,053		21,028
Tredegar Corp.		2,574		75,212
Tronox Ltd., Class A		5,148		118,867
The Valspar Corp.		936		65,492
W.R. Grace & Co.*		936		85,794
Westlake Chemical Corp.		351		37,704
Zep, Inc.		1,755		34,907
Zoltek Cos., Inc.*		2,223		37,124
				10,675,470
Commercial Banks – 5.3%
1st Source Corp.		2,340		73,429
Ameris Bancorp.*		3,159		57,810
Arrow Financial Corp.		1,907		49,220
Associated Banc-Corp		31,590		513,653
Bancfirst Corp.		1,287		71,519
Bancorp Inc./DE*		2,457		39,730
BancorpSouth, Inc.		6,435		142,213


	Shares		Value
COMMON STOCKS – (continued)
Commercial Banks – (continued)
Bank of Hawaii Corp.		3,627	$	210,293
Bank of Marin Bancorp		585		24,892
Bank of the Ozarks, Inc.		2,457		121,572
BankUnited, Inc.		12,051		370,809
Banner Corp.		2,457		94,005
BB&T Corp.		8,658		294,112
BBCN Bancorp, Inc.		14,976		222,094
BOK Financial Corp.		234		14,328
Boston Private Financial Holdings, Inc.		5,733		65,299
Bryn Mawr Bank Corp.		2,340		65,192
Camden National Corp.		1,521		61,372
Capital Bank Financial Corp., Class A*		3,744		83,192
CapitalSource, Inc.		20,358		266,283
Cardinal Financial Corp.		5,499		90,733
Cathay General Bancorp		5,733		141,204
Central Pacific Financial Corp.		2,574		47,413
Chemical Financial Corp.		5,265		154,212
CIT Group, Inc.*		2,808		135,233
City Holding Co.		2,808		127,764
City National Corp./CA		1,404		101,242
CoBiz Financial, Inc.		5,499		59,664
Columbia Banking Systems, Inc.		9,009		231,441
Comerica, Inc.		2,106		91,190
Commerce Bancshares, Inc./MO		819		37,682
Community Bank System, Inc.		7,020		254,896
Community Trust Bancorp, Inc.		2,457		104,644
Cullen/Frost Bankers, Inc.		702		49,695
CVB Financial Corp.		17,433		253,476
Eagle Bancorp, Inc.*		1,638		43,325
East West Bancorp, Inc.		2,106		70,951
Fifth Third Bancorp		10,179		193,706
First BanCorp*		7,722		42,857
First Bancorp/NC		1,404		21,032
First Busey Corp.		10,764		55,650
First Citizens BancShares, Inc./NC, Class A		819		173,407
First Commonwealth Financial Corp.		8,892		77,271
First Community Bancshares, Inc./VA		2,808		46,866


	Shares		Value
Commercial Banks – (continued)
First Connecticut Bancorp, Inc./CT		1,170	$	17,176
First Financial Bancorp		11,700		181,584
First Financial Bankshares, Inc.		2,106		129,540
First Financial Corp./IN		1,989		68,700
First Financial Holdings, Inc.		1,835		109,972
First Horizon National Corp.		43,875		467,269
First Interstate Bancsystem, Inc.		3,159		79,322
First Merchants Corp.		5,265		98,982
First Midwest Bancorp, Inc./IL		6,318		105,068
First Niagara Financial Group, Inc.		5,148		56,782
The First of Long Island Corp.		1,170		46,039
First Republic Bank/CA		1,053		53,777
FirstMerit Corp.		30,654		688,489
Flushing Financial Corp.		5,616		112,825
FNB Corp./PA		27,612		345,426
Fulton Financial Corp.		36,972		451,428
Glacier Bancorp, Inc.		5,265		145,472
Great Southern Bancorp, Inc.		1,755		49,280
Hancock Holding Co.		15,561		510,090
Hanmi Financial Corp.		2,457		42,948
Heartland Financial USA, Inc.		2,691		71,285
Home BancShares, Inc./AR		3,744		126,847
HomeTrust Bancshares, Inc.*		1,053		17,006
Hudson Valley Holding Corp.		1,287		23,797
Huntington Bancshares, Inc./HO		9,360		82,368
Iberiabank Corp.		5,382		314,470
Independent Bank Corp./MA		3,978		142,731
International Bancshares Corp.		10,998		251,304
Investors Bancorp, Inc.		3,393		80,448
KeyCorp		9,243		115,815
Lakeland Bancorp, Inc.		6,435		73,359
Lakeland Financial Corp.		2,808		99,937
M&T Bank Corp.		1,521		171,158
MainSource Financial Group, Inc.		3,159		51,239
MB Financial, Inc.		9,477		281,467
Metro Bancorp, Inc.*		351		7,490
National Bank Holdings Corp., Class A		3,861		81,081
National Penn Bancshares, Inc.		21,411		222,032
NBT Bancorp, Inc.		8,307		202,442
OFG Bancorp		6,786		100,501
Old National Bancorp/IN		18,837		273,890


	Shares		Value
COMMON STOCKS – (continued)
Commercial Banks – (continued)
OmniAmerican Bancorp, Inc.*		702	$	15,388
Pacific Continental Corp.		702		9,674
Pacific Premier Bancorp, Inc.*		585		8,137
PacWest Bancorp		7,020		267,111
Park National Corp.		2,340		185,375
Park Sterling Corp.		5,148		33,513
Pinnacle Financial Partners, Inc.*		2,457		76,167
The PNC Financial Services Group, Inc.		6,435		473,166
Popular, Inc.*		19,071		481,543
PrivateBancorp, Inc.		5,148		125,405
Prosperity Bancshares, Inc.		10,179		635,679
Regions Financial Corp.		17,316		166,753
Renasant Corp.		3,744		107,378
Republic Bancorp, Inc./KY, Class A		2,340		53,867
S&T Bancorp, Inc.		4,914		120,491
Sandy Spring Bancorp, Inc.		4,329		106,017
Seacoast Banking Corp. of Florida*		3,861		8,803
Signature Bank/NY*		1,287		131,042
Simmons First National Corp., Class A		1,170		38,306
Southside Bancshares, Inc.		3,159		86,241
Southwest Bancorp, Inc./OK*		1,287		20,605
State Bank Financial Corp.		2,574		43,912
StellarOne Corp.		1,638		38,133
Sterling Bancorp./NY		5,499		81,110
Sterling Financial Corp./WA		5,148		149,086
Suffolk Bancorp*		936		18,299
SunTrust Banks, Inc.		6,903		232,217
Susquehanna Bancshares, Inc.		35,100		413,653
SVB Financial Group*		1,521		145,681
SY Bancorp, Inc.		2,223		66,712
Synovus Financial Corp.		79,911		259,711
Taylor Capital Group, Inc.*		2,808		64,584
TCF Financial Corp.		31,590		479,536
Texas Capital Bancshares, Inc.*		3,393		176,606
Tompkins Financial Corp.		2,340		115,409
TowneBank/VA		6,084		88,583
Trico Bancshares		2,106		53,261
Trustmark Corp.		13,104		355,905


	Shares		Value
Commercial Banks – (continued)
U.S. Bancorp/MN		22,230	$	830,513
UMB Financial Corp.		2,808		165,447
Umpqua Holdings Corp.		20,241		331,345
Union First Market Bankshares Corp.		3,978		95,949
United Bankshares, Inc./WV		8,541		252,643
United Community Banks, Inc./GA*		3,510		54,721
Univest Corp of Pennsylvania		3,159		63,085
Valley National Bancorp		37,206		362,759
ViewPoint Financial Group, Inc.		3,042		66,346
Virginia Commerce Bancorp, Inc.*		1,170		18,755
Washington Trust Bancorp, Inc.		2,340		76,963
Webster Financial Corp.		17,199		479,680
Wells Fargo & Co.		56,511		2,412,455
WesBanco, Inc.		4,797		141,032
Westamerica Bancorp.		2,223		114,440
Western Alliance Bancorp*		5,967		126,202
Wilshire Bancorp, Inc.		11,583		98,108
Wintrust Financial Corp.		3,393		147,629
Zions Bancorp.		2,340		66,386
				23,834,924
Commercial Services & Supplies – 1.5%
ABM Industries, Inc.		9,126		251,056
ACCO Brands Corp.*		22,698		132,783
The ADT Corp.		2,457		106,560
ARC Document Solutions, Inc.*		4,446		27,743
The Brink’s Co.		9,126		286,556
Casella Waste Systems, Inc., Class A*		2,574		15,212
Cintas Corp.		1,638		88,075
Clean Harbors, Inc.*		702		43,349
Consolidated Graphics, Inc.*		1,638		104,980
Copart, Inc.*		1,404		45,251
Courier Corp.		2,223		37,769
Covanta Holding Corp.		10,530		180,800
Deluxe Corp.		9,360		440,762
EnerNOC, Inc.*		2,340		38,914
Ennis, Inc.		4,563		80,993
G&K Services, Inc., Class A		1,404		87,610
Healthcare Services Group, Inc.		5,265		144,208


	Shares		Value
COMMON STOCKS – (continued)
Commercial Services & Supplies – (continued)
Heritage-Crystal Clean, Inc.*		585	$	10,337
Herman Miller, Inc.		6,201		188,138
HNI Corp.		2,925		113,636
InnerWorkings, Inc.*		3,042		29,112
Interface, Inc.		4,212		85,293
Intersections, Inc.		1,287		11,030
Iron Mountain, Inc.		2,574		68,314
KAR Auction Services, Inc.		5,031		149,521
Kimball International, Inc., Class B		6,318		73,921
Knoll, Inc.		3,510		57,634
McGrath RentCorp		1,755		62,601
Mine Safety Appliances Co.		2,340		112,694
Mobile Mini, Inc.*		2,808		101,425
Multi-Color Corp.		2,340		81,502
Performant Financial Corp.*		2,106		20,997
Pitney Bowes, Inc.		36,972		788,983
Quad/Graphics, Inc.		4,446		155,254
R.R. Donnelley & Sons Co.		34,398		638,771
Republic Services, Inc.		2,808		93,984
Rollins, Inc.		1,053		29,105
Standard Parking Corp.*		1,170		30,970
Steelcase, Inc., Class A		12,636		207,104
Stericycle, Inc.*		1,170		135,954
Swisher Hygiene, Inc.*		20,592		12,434
Team, Inc.*		1,404		52,355
Tetra Tech, Inc.*		4,563		119,231
Tyco International Ltd.		6,669		243,752
UniFirst Corp.		1,404		144,359
United Stationers, Inc.		7,254		322,368
US Ecology, Inc.		1,287		45,753
Viad Corp.		1,521		40,611
Waste Connections, Inc.		1,638		70,008
Waste Management, Inc.		5,733		249,615
				6,659,387
Communications Equipment – 1.7%
ADTRAN, Inc.		3,861		90,656
Anaren, Inc.*		1,404		35,072
ARRIS Group, Inc.*		8,658		154,632
Aruba Networks, Inc.*		8,658		162,424
Aviat Networks, Inc.*		4,095		8,436
Black Box Corp.		3,042		76,172


	Shares		Value
Communications Equipment – (continued)
Brocade Communications Systems, Inc.*		82,836	$	664,345
CalAmp Corp.*		1,755		41,295
Calix, Inc.*		2,925		29,747
Ciena Corp.*		7,839		182,414
Cisco Systems, Inc.		60,957		1,371,532
Comtech Telecommunications Corp.		1,521		45,660
Digi International, Inc.*		1,872		18,870
EchoStar Corp., Class A*		2,223		106,615
Emulex Corp.*		15,912		119,817
Extreme Networks, Inc.*		15,093		80,898
F5 Networks, Inc.*		1,170		95,367
Finisar Corp.*		7,722		177,683
Globecomm Systems, Inc.*		1,638		22,981
Harmonic, Inc.*		15,912		116,317
Harris Corp.		1,404		86,992
Infinera Corp.*		8,892		90,787
InterDigital, Inc.		3,276		126,945
Ixia*		4,329		61,385
JDS Uniphase Corp.*		18,486		241,982
Juniper Networks, Inc.*		6,903		128,672
KVH Industries, Inc.*		585		8,038
Motorola Solutions, Inc.		3,627		226,760
NETGEAR, Inc.*		6,201		178,341
Numerex Corp., Class A*		1,170		13,818
Oplink Communications, Inc.*		1,521		27,758
Palo Alto Networks, Inc.*		585		24,664
Parkervision, Inc.*		7,722		21,158
Plantronics, Inc.		3,159		135,647
Polycom, Inc.*		13,221		137,498
Procera Networks, Inc.*		1,287		18,211
QUALCOMM, Inc.		24,804		1,723,134
Riverbed Technology, Inc.*		12,285		182,064
Ruckus Wireless, Inc.*		3,861		55,985
ShoreTel, Inc.*		10,647		84,644
Sonus Networks, Inc.*		22,698		68,094
Symmetricom, Inc.*		5,967		42,783
Tellabs, Inc.		61,893		151,019
Tessco Technologies, Inc.		819		29,017
Ubiquiti Networks, Inc.		1,053		40,625
ViaSat, Inc.*		3,159		208,873
				7,715,827


	Shares		Value
COMMON STOCKS – (continued)
Computers & Peripherals – 2.0%
3D Systems Corp.*		2,457	$	152,924
Apple, Inc.		10,296		5,378,116
Avid Technology, Inc.*		4,914		36,609
Cray, Inc.*		3,042		68,019
Datalink Corp.*		3,276		33,645
Diebold, Inc.		10,764		322,489
Electronics For Imaging, Inc.*		3,393		116,414
EMC Corp.		30,186		726,577
Fusion-io, Inc.*		7,137		76,723
Hewlett-Packard Co.		21,177		516,083
Imation Corp.*		9,711		45,156
Immersion Corp.*		2,106		26,788
Lexmark International, Inc., Class A		11,466		407,616
NCR Corp.*		1,755		64,145
NetApp, Inc.		5,031		195,253
QLogic Corp.*		7,137		88,142
Quantum Corp.*		31,824		39,462
SanDisk Corp.		3,510		243,945
Seagate Technology PLC		3,627		176,562
Silicon Graphics International Corp.*		2,574		32,870
Super Micro Computer, Inc.*		2,691		37,459
Synaptics, Inc.*		2,457		114,251
Western Digital Corp.		2,340		162,934
				9,062,182
Construction & Engineering – 0.5%
AECOM Technology Corp.*		17,901		568,894
Aegion Corp.*		6,669		136,714
Ameresco, Inc., Class A*		1,404		14,686
Argan, Inc.		1,755		39,049
Comfort Systems USA, Inc.		2,808		52,313
Dycom Industries, Inc.*		2,457		72,850
EMCOR Group, Inc.		5,499		203,793
Fluor Corp.		2,457		182,359
Furmanite Corp.*		2,691		30,274
Granite Construction, Inc.		2,574		83,269
Great Lakes Dredge & Dock Corp.		3,276		26,601
Jacobs Engineering Group, Inc.*		1,755		106,739
KBR, Inc.		1,521		52,535


	Shares		Value
Construction & Engineering – (continued)
Layne Christensen Co.*		1,404	$	27,153
MasTec, Inc.*		5,031		160,841
MYR Group, Inc.*		1,521		40,230
Northwest Pipe Co.*		1,170		42,155
Orion Marine Group, Inc.*		2,925		36,563
Pike Electric Corp.		1,638		17,707
Primoris Services Corp.		3,510		91,400
Quanta Services, Inc.*		2,925		88,364
Sterling Construction Co., Inc.*		2,106		20,218
Tutor Perini Corp.*		6,318		144,998
URS Corp.		819		44,406
				2,284,111
Construction Materials – 0.1%
Eagle Materials, Inc.		1,872		140,419
Headwaters, Inc.*		5,616		49,028
Martin Marietta Materials, Inc.		585		57,382
Texas Industries, Inc.*		1,404		75,395
Vulcan Materials Co.		1,638		87,715
				409,939
Consumer Finance – 0.8%
American Express Co.		12,987		1,062,337
Capital One Financial Corp.		6,552		449,926
Cash America International, Inc.		5,031		198,473
Credit Acceptance Corp.*		1,755		207,616
DFC Global Corp.*		4,914		59,459
Discover Financial Services		5,967		309,568
Encore Capital Group, Inc.*		3,978		194,325
Ezcorp, Inc., Class A*		10,179		160,116
First Cash Financial Services, Inc.*		2,106		127,392
Green Dot Corp., Class A*		3,510		75,325
Nelnet, Inc., Class A		3,276		139,656
Portfolio Recovery Associates, Inc.*		5,265		313,004
Regional Management Corp.*		351		11,235
SLM Corp.		5,616		142,478
World Acceptance Corp.*		2,223		231,459
				3,682,369
Containers & Packaging – 0.3%
AEP Industries, Inc.*		351		20,856
Aptargroup, Inc.		819		52,547


	Shares		Value
COMMON STOCKS – (continued)
Containers & Packaging – (continued)
Avery Dennison Corp.		1,287	$	60,643
Ball Corp.		1,521		74,362
Bemis Co., Inc.		819		32,678
Berry Plastics Group, Inc.*		6,318		126,865
Crown Holdings, Inc.*		1,638		71,417
Graphic Packaging Holding Co.*		17,667		148,403
Greif, Inc., Class A		5,850		312,917
MeadWestvaco Corp.		1,872		65,239
Myers Industries, Inc.		6,084		108,417
Owens-Illinois, Inc.*		1,755		55,791
Packaging Corp of America		1,170		72,868
Rock Tenn Co., Class A		819		87,641
Sealed Air Corp.		1,872		56,497
Silgan Holdings, Inc.		468		21,093
Sonoco Products Co.		1,170		47,549
				1,415,783
Distributors – 0.2%
Core-Mark Holding Co., Inc.		1,989		140,682
Genuine Parts Co.		2,106		166,016
LKQ Corp.*		4,212		139,122
Pool Corp.		3,510		190,874
VOXX International Corp.*		4,212		65,328
				702,022
Diversified Consumer Services – 0.8%
American Public Education, Inc.*		1,287		51,519
Apollo Group, Inc., Class A*		17,784		474,655
Ascent Capital Group, Inc., Class A*		1,287		108,648
Bridgepoint Education, Inc.*		3,159		61,916
Bright Horizons Family Solutions, Inc.*		1,287		47,941
Capella Education Co.*		1,638		99,787
Career Education Corp.*		10,881		59,628
Carriage Services, Inc.		1,989		39,959
Corinthian Colleges, Inc.*		14,508		31,047
DeVry, Inc.		10,413		373,827
Education Management Corp.*		5,382		82,345
Grand Canyon Education, Inc.*		3,861		182,509
H&R Block, Inc.		2,691		76,532
Hillenbrand, Inc.		10,062		283,950


	Shares		Value
Diversified Consumer Services – (continued)
ITT Educational Services, Inc.*		3,276	$	131,433
K12, Inc.*		2,574		47,053
LifeLock, Inc.*		4,329		69,654
Matthews International Corp., Class A		3,510		142,506
Outerwall, Inc.*		5,382		349,722
Regis Corp.		819		11,875
Service Corp. International		7,254		130,645
Sotheby’s		5,148		267,181
Steiner Leisure Ltd.*		2,106		117,978
Stewart Enterprises, Inc., Class A		8,775		115,918
Strayer Education, Inc.		1,989		78,625
Universal Technical Institute, Inc.		468		6,220
Weight Watchers International, Inc.		5,148		165,302
				3,608,375
Diversified Financial Services – 1.9%
Bank of America Corp.		151,866		2,120,049
CBOE Holdings, Inc.		3,978		192,933
Citigroup, Inc.		34,866		1,700,764
CME Group, Inc.		4,563		338,620
ING US, Inc.		468		14,517
Interactive Brokers Group, Inc., Class A		8,307		171,373
IntercontinentalExchange, Inc.*		1,053		202,945
JPMorgan Chase & Co.		43,524		2,243,227
Leucadia National Corp.		3,159		89,532
MarketAxess Holdings, Inc.		3,276		213,694
Marlin Business Services Corp.		585		16,128
McGraw Hill Financial, Inc.		3,744		260,882
Moody’s Corp.		2,925		206,681
MSCI, Inc.*		1,638		66,781
The NASDAQ OMX Group, Inc.		1,170		41,453
NewStar Financial, Inc.*		2,340		40,739
NYSE Euronext		2,925		128,759
PHH Corp.*		10,062		241,991
PICO Holdings, Inc.*		1,638		38,460
				8,329,528
Diversified Telecommunication Services – 1.3%
8x8, Inc.*		4,680		53,633
AT&T, Inc.		61,074		2,210,879
Atlantic Tele-Network, Inc.		1,872		103,746


	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Cbeyond, Inc.*		6,084	$	39,181
CenturyLink, Inc.		4,212		142,618
Cincinnati Bell, Inc.*		16,263		46,512
Cogent Communications Group, Inc.		3,393		119,196
Consolidated Communications Holdings, Inc.		2,574		47,954
Fairpoint Communications, Inc.*		4,446		41,526
Frontier Communications Corp.		15,093		66,560
General Communication, Inc., Class A*		2,925		27,817
Hawaiian Telcom Holdco, Inc.*		819		21,769
IDT Corp., Class B		2,925		64,028
inContact, Inc.*		4,095		31,081
Intelsat S.A.*		3,744		76,340
Iridium Communications, Inc.*		10,179		61,379
Level 3 Communications, Inc.*		2,223		67,913
Lumos Networks Corp.		2,691		59,229
ORBCOMM, Inc.*		2,574		15,521
Premiere Global Services, Inc.*		3,042		27,408
PTGi Holding, Inc.		585		2,059
Towerstream Corp.*		4,563		10,951
tw telecom inc*		2,106		66,381
Verizon Communications, Inc.		40,248		2,032,927
Vonage Holdings Corp.*		31,824		118,704
Windstream Holdings, Inc.		6,201		53,019
				5,608,331
Electric Utilities – 1.5%
ALLETE, Inc.		3,744		189,184
American Electric Power Co., Inc.		5,850		274,014
Cleco Corp.		4,329		200,606
Duke Energy Corp.		10,179		730,140
Edison International		4,095		200,778
El Paso Electric Co.		7,371		259,238
The Empire District Electric Co.		4,212		94,728
Entergy Corp.		2,223		143,873
Exelon Corp.		9,945		283,830
FirstEnergy Corp.		4,680		177,232
Great Plains Energy, Inc.		1,521		35,652
Hawaiian Electric Industries, Inc.		7,722		205,174
IDACORP, Inc.		8,775		452,790


	Shares		Value
Electric Utilities – (continued)
ITC Holdings Corp.		585	$	58,845
MGE Energy, Inc.		1,638		92,236
NextEra Energy, Inc.		5,733		485,872
Northeast Utilities		3,861		165,598
NV Energy, Inc.		2,574		61,107
OGE Energy Corp.		2,808		103,615
Otter Tail Corp.		2,574		76,782
Pepco Holdings, Inc.		2,457		47,371
Pinnacle West Capital Corp.		1,170		65,555
PNM Resources, Inc.		13,221		316,246
Portland General Electric Co.		14,157		406,306
PPL Corp.		7,488		229,357
The Southern Co.		12,987		531,298
UIL Holdings Corp.		4,797		184,780
Unitil Corp.		1,053		31,822
UNS Energy Corp.		4,095		202,621
Westar Energy, Inc.		1,287		40,682
Xcel Energy, Inc.		7,605		219,480
				6,566,812
Electrical Equipment – 0.9%
Acuity Brands, Inc.		1,872		188,155
American Superconductor Corp.*		6,318		13,773
AMETEK, Inc.		3,276		156,691
AZZ, Inc.		1,872		84,053
The Babcock & Wilcox Co.		1,638		52,760
Brady Corp., Class A		3,510		102,457
Capstone Turbine Corp.*		18,837		23,923
Coleman Cable, Inc.		1,287		31,660
Eaton Corp. PLC		5,382		379,754
Emerson Electric Co.		10,530		705,194
Encore Wire Corp.		1,404		69,540
EnerSys, Inc.		8,541		566,695
Enphase Energy, Inc.*		1,755		13,250
Franklin Electric Co., Inc.		2,808		106,283
FuelCell Energy, Inc.*		8,307		11,131
Generac Holdings, Inc.		5,031		248,280
General Cable Corp.		8,190		269,697
Global Power Equipment Group, Inc.		585		11,911
GrafTech International Ltd.*		9,477		84,345
Hubbell, Inc., Class B		702		75,493
II-VI, Inc.*		4,446		75,849


	Shares		Value
COMMON STOCKS – (continued)
Electrical Equipment – (continued)
Polypore International, Inc.*		4,095	$	185,094
Powell Industries, Inc.*		702		44,107
PowerSecure International, Inc.*		702		12,692
Preformed Line Products Co.		468		39,321
Regal-Beloit Corp.		351		25,739
Rockwell Automation, Inc.		1,989		219,606
Roper Industries, Inc.		1,404		178,041
Sensata Technologies Holding N.V.*		1,755		66,041
SolarCity Corp.*		2,457		130,909
Thermon Group Holdings, Inc.*		2,457		57,764
Vicor Corp.*		1,404		12,369
				4,242,577
Electronic Equipment, Instruments & Components – 1.6%
Aeroflex Holding Corp.*		1,404		10,881
Amphenol Corp., Class A		2,223		178,485
Anixter International, Inc.*		4,680		400,093
Arrow Electronics, Inc.*		1,287		61,802
Audience, Inc.*		936		10,689
Avnet, Inc.		2,340		92,898
AVX Corp.		8,541		113,168
Badger Meter, Inc.		1,053		54,766
Belden, Inc.		3,510		236,083
Benchmark Electronics, Inc.*		10,530		239,347
Checkpoint Systems, Inc.*		3,393		57,749
Cognex Corp.		6,084		190,125
Coherent, Inc.		1,872		123,908
Corning, Inc.		16,380		279,934
CTS Corp.		6,084		113,284
Daktronics, Inc.		2,808		33,584
Dolby Laboratories, Inc., Class A		468		16,726
DTS, Inc.*		1,404		28,080
Electro Rent Corp.		3,393		61,549
Electro Scientific Industries, Inc.		2,691		32,238
Fabrinet*		2,925		48,964
FARO Technologies, Inc.*		1,170		55,575
FEI Co.		3,159		281,404
Flextronics International Ltd.*		6,552		51,695
FLIR Systems, Inc.		2,925		83,304
Ingram Micro, Inc., Class A*		28,314		656,035
Insight Enterprises, Inc.*		7,722		162,702


	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
InvenSense, Inc.*		9,594	$	162,043
IPG Photonics Corp.		351		23,261
Itron, Inc.*		7,137		304,536
Jabil Circuit, Inc.		2,106		43,931
Kemet Corp.*		9,243		52,408
Littelfuse, Inc.		1,521		129,331
Maxwell Technologies, Inc.*		2,340		17,550
Measurement Specialties, Inc.*		1,053		58,684
Mercury Systems, Inc.*		2,691		24,811
Mesa Laboratories, Inc.		117		8,147
Methode Electronics, Inc.		2,691		68,836
Molex, Inc.		1,521		58,711
MTS Systems Corp.		1,170		76,424
Multi-Fineline Electronix, Inc.*		468		6,276
National Instruments Corp.		1,287		37,387
Neonode, Inc.*		1,755		9,495
Newport Corp.*		2,925		46,420
OSI Systems, Inc.*		1,521		110,790
Park Electrochemical Corp.		1,287		36,100
PC Connection, Inc.		2,808		56,132
Plexus Corp.*		5,850		223,938
RealD, Inc.*		4,446		30,766
Rofin-Sinar Technologies, Inc.*		1,989		52,211
Rogers Corp.*		1,170		71,323
Sanmina Corp.*		14,742		214,643
ScanSource, Inc.*		5,382		206,992
SYNNEX Corp.*		4,797		294,056
Tech Data Corp.*		7,020		365,461
Trimble Navigation Ltd.*		3,978		113,651
TTM Technologies, Inc.*		10,413		91,114
Uni-Pixel, Inc.*		819		13,473
Universal Display Corp.*		3,393		108,237
Vishay Intertechnology, Inc.*		12,636		155,044
Vishay Precision Group, Inc.*		936		15,350
Zygo Corp.*		3,627		56,001
				7,018,601
Energy Equipment & Services – 2.1%
Atwood Oceanics, Inc.*		585		31,081
Baker Hughes, Inc.		6,318		367,013
Basic Energy Services, Inc.*		3,978		58,357
Bristow Group, Inc.		2,574		207,130
C&J Energy Services, Inc.*		8,658		199,480


	Shares		Value
COMMON STOCKS – (continued)
Energy Equipment & Services – (continued)
Cal Dive International, Inc.*		8,658	$	17,056
Cameron International Corp.*		3,159		173,303
CARBO Ceramics, Inc.		1,521		190,642
Core Laboratories N.V.		702		131,428
Dawson Geophysical Co.*		1,287		37,632
Diamond Offshore Drilling, Inc.		468		28,983
Dresser-Rand Group, Inc.*		1,170		71,101
Dril-Quip, Inc.*		468		54,953
Era Group, Inc.*		1,170		36,972
Exterran Holdings, Inc.*		5,499		156,996
FMC Technologies, Inc.*		3,510		177,430
Forum Energy Technologies, Inc.*		3,393		99,279
Geospace Technologies Corp.*		936		91,185
Gulf Island Fabrication, Inc.		1,170		29,507
Gulfmark Offshore, Inc., Class A		1,989		99,012
Halliburton Co.		12,051		639,065
Helix Energy Solutions Group, Inc.*		9,828		232,530
Helmerich & Payne, Inc.		1,287		99,807
Hercules Offshore, Inc.*		11,232		76,378
Hornbeck Offshore Services, Inc.*		2,340		129,332
ION Geophysical Corp.*		23,166		107,490
Key Energy Services, Inc.*		21,294		166,519
Matrix Service Co.*		3,042		63,243
McDermott International, Inc.*		43,407		306,887
Mitcham Industries, Inc.*		2,691		44,778
Nabors Industries Ltd.		2,808		49,084
National Oilwell Varco, Inc.		6,201		503,397
Natural Gas Services Group, Inc.*		936		26,199
Newpark Resources, Inc.*		15,210		193,928
Noble Corp.		2,691		101,451
Nuverra Environmental Solutions, Inc.*		14,391		35,114
Oceaneering International, Inc.		1,404		120,576
Oil States International, Inc.*		702		76,258
Pacific Drilling S.A.*		6,903		78,487
Parker Drilling Co.*		21,528		155,002
Patterson-UTI Energy, Inc.		25,857		627,291
PHI, Inc.*		2,340		93,179
Pioneer Energy Services Corp.*		4,914		41,278
RigNet, Inc.*		585		21,563


	Shares		Value
Energy Equipment & Services – (continued)
Rowan Cos., PLC, Class A*		1,638	$	59,099
RPC, Inc.		11,115		203,849
Schlumberger Ltd.		19,188		1,798,299
SEACOR Holdings, Inc.		1,287		125,869
Seadrill Partners LLC		585		19,305
Superior Energy Services, Inc.*		2,106		56,504
Tesco Corp.*		5,382		92,463
TETRA Technologies, Inc.*		14,274		185,134
TGC Industries, Inc.		2,457		18,108
Tidewater, Inc.		4,797		288,875
Unit Corp.*		7,722		396,988
Willbros Group, Inc.*		4,914		47,961
				9,539,830
Food & Staples Retailing – 1.7%
The Andersons, Inc.		3,276		243,014
Casey’s General Stores, Inc.		2,925		213,174
The Chefs’ Warehouse, Inc*		936		22,427
Costco Wholesale Corp.		6,201		731,718
CVS Caremark Corp.		17,784		1,107,232
Fairway Group Holdings Corp.*		702		17,150
The Fresh Market, Inc.*		3,159		160,825
Harris Teeter Supermarkets, Inc.		4,329		213,506
Ingles Markets, Inc., Class A		2,340		60,395
The Kroger Co.		5,499		235,577
Nash Finch Co.		2,340		65,660
Natural Grocers by Vitamin Cottage, Inc.*		585		23,342
The Pantry, Inc.*		1,755		23,500
PriceSmart, Inc.		1,287		146,448
Rite Aid Corp.*		68,094		362,941
Roundy’s, Inc.		4,329		40,260
Safeway, Inc.		2,808		97,999
Spartan Stores, Inc.		4,095		96,355
SUPERVALU, Inc.*		34,515		242,641
Susser Holdings Corp.*		1,287		70,579
Sysco Corp.		8,307		268,648
United Natural Foods, Inc.*		3,861		275,868
Village Super Market, Inc., Class A		1,053		38,603
Walgreen Co.		10,062		596,073
Wal-Mart Stores, Inc.		22,932		1,760,031
Weis Markets, Inc.		1,872		95,790


	Shares		Value
COMMON STOCKS – (continued)
Food & Staples Retailing – (continued)
Whole Foods Market, Inc.		5,265	$	332,379
				7,542,135
Food Products – 1.5%
Amira Nature Foods Ltd.*		1,638		23,325
Annie’s, Inc.*		1,170		55,283
Archer-Daniels-Midland Co.		7,488		306,259
B&G Foods, Inc.		4,095		138,616
Boulder Brands, Inc.*		4,329		70,952
Bunge Ltd.		1,638		134,529
Calavo Growers, Inc.		1,170		34,737
Cal-Maine Foods, Inc.		2,808		142,450
Campbell Soup Co.		2,106		89,652
Chiquita Brands International, Inc.*		8,073		83,556
ConAgra Foods, Inc.		6,318		200,976
Darling International, Inc.*		12,051		280,427
Dean Foods Co.*		2,457		47,912
Diamond Foods, Inc.*		2,340		57,119
Dole Food Co., Inc.*		85		1,152
Flowers Foods, Inc.		1,872		47,437
Fresh Del Monte Produce, Inc.		7,020		186,662
General Mills, Inc.		8,775		442,436
Green Mountain Coffee Roasters, Inc.*		1,755		110,232
The Hain Celestial Group, Inc.*		3,744		311,613
The Hershey Co.		2,106		208,999
Hillshire Brands Co.		1,521		49,934
Hormel Foods Corp.		1,989		86,442
Ingredion, Inc.		819		53,857
J&J Snack Foods Corp.		1,053		90,105
The JM Smucker Co.		1,638		182,162
John B Sanfilippo & Son, Inc.		819		20,131
Kellogg Co.		3,627		229,408
Kraft Foods Group, Inc.		8,424		458,097
Lancaster Colony Corp.		1,521		126,228
Limoneira Co.		468		12,327
McCormick & Co., Inc.		1,989		137,539
Mead Johnson Nutrition Co.		2,808		229,301
Mondelez International, Inc., Class A		25,272		850,150
Omega Protein Corp.*		3,393		31,758


	Shares		Value
Food Products – (continued)
Pilgrim’s Pride Corp.*		10,998	$	155,842
Pinnacle Foods, Inc.		2,223		60,221
Post Holdings, Inc.*		2,457		105,528
Sanderson Farms, Inc.		1,989		125,725
Seneca Foods Corp., Class A*		936		27,444
Snyders-Lance, Inc.		3,978		119,300
Tootsie Roll Industries, Inc.		1,755		56,160
TreeHouse Foods, Inc.*		2,808		205,714
Tyson Foods, Inc., Class A		3,393		93,884
WhiteWave Foods Co., Class A*		13,806		276,258
				6,757,839
Gas Utilities – 0.4%
AGL Resources, Inc.		1,521		72,795
Atmos Energy Corp.		936		41,437
Chesapeake Utilities Corp.		1,521		82,758
The Laclede Group, Inc.		5,265		247,824
National Fuel Gas Co.		1,053		75,342
New Jersey Resources Corp.		2,925		134,638
Northwest Natural Gas Co.		2,457		106,707
ONEOK, Inc.		2,808		158,652
Piedmont Natural Gas Co., Inc.		5,616		191,730
Questar Corp.		1,521		35,987
South Jersey Industries, Inc.		2,223		132,380
Southwest Gas Corp.		4,212		228,543
UGI Corp.		1,170		48,403
WGL Holdings, Inc.		4,446		200,114
				1,757,310
Health Care Equipment & Supplies – 2.3%
Abaxis, Inc.		1,638		58,526
Abbott Laboratories		21,762		795,401
ABIOMED, Inc.*		2,457		58,919
Accuray, Inc.*		4,563		30,800
Alere, Inc.*		13,806		465,676
Align Technology, Inc.*		5,382		307,097
Analogic Corp.		936		86,327
AngioDynamics, Inc.*		2,457		38,624
Anika Therapeutics, Inc.*		819		24,464
Antares Pharma, Inc.*		10,530		42,120
ArthroCare Corp.*		1,989		74,468
AtriCure, Inc.*		936		12,964
Baxter International, Inc.		7,605		500,941


	Shares		Value
COMMON STOCKS – (continued)
Health Care Equipment & Supplies – (continued)
Becton Dickinson and Co.		2,925	$	307,505
Biolase, Inc.*		3,174		5,935
Boston Scientific Corp.*		21,528		251,662
C.R. Bard, Inc.		1,053		143,440
Cantel Medical Corp.		2,106		73,921
Cardiovascular Systems, Inc.*		1,287		39,060
CareFusion Corp.*		2,925		113,402
Cerus Corp.*		4,563		28,793
CONMED Corp.		5,148		186,718
The Cooper Cos., Inc.		702		90,705
Covidien PLC		6,786		435,050
CryoLife, Inc.		2,340		21,037
Cutera, Inc.*		819		8,231
Cyberonics, Inc.*		1,755		101,369
DENTSPLY International, Inc.		1,989		93,682
Derma Sciences, Inc.*		819		9,476
DexCom, Inc.*		5,382		154,625
Edwards Lifesciences Corp.*		1,755		114,408
Endologix, Inc.*		4,914		88,796
Exactech, Inc.*		819		18,591
GenMark Diagnostics, Inc.*		2,808		33,977
Globus Medical, Inc., Class A*		4,446		85,363
Greatbatch, Inc.*		4,095		156,101
Haemonetics Corp.*		3,978		161,348
HeartWare International, Inc.*		1,287		93,385
Hill-Rom Holdings, Inc.		6,084		251,208
Hologic, Inc.*		3,744		83,828
ICU Medical, Inc.*		936		57,845
IDEXX Laboratories, Inc.*		819		88,337
Insulet Corp.*		4,095		159,787
Integra LifeSciences Holdings Corp.*		3,861		176,757
Intuitive Surgical, Inc.*		585		217,327
Invacare Corp.		2,457		52,752
MAKO Surgical Corp.*		3,510		104,633
Masimo Corp.		3,978		101,916
Medtronic, Inc.		14,157		812,612
Meridian Bioscience, Inc.		2,925		72,306
Merit Medical Systems, Inc.*		3,042		48,642
Natus Medical, Inc.*		2,106		41,551
Navidea Biopharmaceuticals, Inc.*		10,413		20,826


	Shares		Value
Health Care Equipment & Supplies – (continued)
Neogen Corp.*		2,632	$	121,651
NuVasive, Inc.*		3,159		100,393
NxStage Medical, Inc.*		4,446		58,998
OraSure Technologies, Inc.*		3,744		24,411
Orthofix International N.V.*		1,404		28,768
PhotoMedex, Inc.*		1,638		20,704
Quidel Corp.*		2,106		52,018
ResMed, Inc.		2,223		115,018
Rochester Medical Corp.*		819		16,364
RTI Surgical, Inc.*		4,914		13,710
Sirona Dental Systems, Inc.*		819		59,173
Solta Medical, Inc.*		3,744		6,926
Spectranetics Corp.*		3,159		65,991
St. Jude Medical, Inc.		3,861		221,583
Staar Surgical Co.*		2,223		29,433
STERIS Corp.		4,329		195,627
Stryker Corp.		4,212		311,098
SurModics, Inc.*		1,170		27,589
Symmetry Medical, Inc.*		2,457		19,902
TearLab Corp.*		1,872		19,525
Teleflex, Inc.		1,989		183,346
Thoratec Corp.*		4,329		186,970
Tornier N.V.*		2,808		60,400
Unilife Corp.*		6,669		20,207
Varian Medical Systems, Inc.*		1,638		118,886
Vascular Solutions, Inc.*		1,638		32,138
Volcano Corp.*		4,563		87,473
West Pharmaceutical Services, Inc.		4,914		237,592
Wright Medical Group, Inc.*		3,627		98,546
Zimmer Holdings, Inc.		2,457		214,914
				10,352,588
Health Care Providers & Services – 2.3%
Acadia Healthcare Co., Inc.*		2,340		101,462
Accretive Health, Inc.*		4,095		33,825
Aetna, Inc.		4,680		293,436
Air Methods Corp.		2,808		122,766
Almost Family, Inc.		1,638		31,499
Amedisys, Inc.*		6,084		99,048
AmerisourceBergen Corp.		2,808		183,447
AMN Healthcare Services, Inc.*		2,925		36,270
Amsurg Corp.*		3,276		140,508
Bio-Reference Labs, Inc.*		1,755		56,880


	Shares		Value
COMMON STOCKS – (continued)
Health Care Providers & Services – (continued)
BioScrip, Inc.*		3,978	$	27,886
Brookdale Senior Living, Inc.*		2,808		76,041
Capital Senior Living Corp.*		1,521		33,736
Cardinal Health, Inc.		4,914		288,255
Centene Corp.*		4,095		229,975
Chemed Corp.		1,521		103,154
Cigna Corp.		3,510		270,200
Community Health Systems, Inc.		2,106		91,885
Corvel Corp.*		702		29,203
Cross Country Healthcare, Inc.*		2,223		13,205
DaVita HealthCare Partners, Inc.*		2,340		131,531
Emeritus Corp.*		3,042		58,285
The Ensign Group, Inc.		3,276		139,492
ExamWorks Group, Inc.*		3,861		99,807
Express Scripts Holding Co.*		9,945		621,761
Five Star Quality Care, Inc.*		6,786		34,405
Gentiva Health Services, Inc.*		5,499		62,964
Hanger, Inc.*		2,691		98,760
HCA Holdings, Inc.		2,574		121,338
Health Management Associates, Inc., Class A*		48,321		619,475
Health Net, Inc.*		5,967		181,397
HealthSouth Corp.		7,371		258,796
Healthways, Inc.*		3,978		38,308
Henry Schein, Inc.*		1,287		144,697
Humana, Inc.		1,755		161,723
IPC The Hospitalist Co., Inc.*		1,404		76,925
Kindred Healthcare, Inc.		9,477		131,541
Laboratory Corp of America Holdings*		1,170		118,053
Landauer, Inc.		702		33,977
LHC Group, Inc.*		2,574		53,024
LifePoint Hospitals, Inc.*		8,892		459,183
Magellan Health Services, Inc.*		5,148		302,188
McKesson Corp.		3,510		548,753
MEDNAX, Inc.*		702		76,532
Molina Healthcare, Inc.*		3,159		99,951
MWI Veterinary Supply, Inc.*		936		148,487
National Healthcare Corp.		1,521		73,586
National Research Corp., Class B*		585		16,374
Omnicare, Inc.		1,287		70,978


	Shares		Value
Health Care Providers & Services – (continued)
Owens & Minor, Inc.		11,349	$	424,680
Patterson Cos., Inc.		1,404		59,684
PharMerica Corp.*		5,265		77,711
The Providence Service Corp.*		1,989		59,451
Quest Diagnostics, Inc.		1,872		112,152
Select Medical Holdings Corp.		12,519		106,161
Skilled Healthcare Group, Inc., Class A*		3,744		15,949
Team Health Holdings, Inc.*		5,148		223,629
Tenet Healthcare Corp.*		2,340		110,425
Triple-S Management Corp., Class B*		2,808		50,010
U.S. Physical Therapy, Inc.		819		26,142
UnitedHealth Group, Inc.		12,051		822,601
Universal American Corp.		6,669		49,484
Universal Health Services, Inc., Class B		936		75,404
VCA Antech, Inc.*		6,669		189,733
WellCare Health Plans, Inc.*		8,190		546,109
WellPoint, Inc.		3,510		297,648
				10,491,945
Health Care Technology – 0.3%
Allscripts Healthcare Solutions, Inc.*		12,402		171,520
athenahealth, Inc.*		1,053		140,586
Cerner Corp.*		3,978		222,887
Computer Programs & Systems, Inc.		819		46,716
Greenway Medical Technologies*		936		19,048
HealthStream, Inc.*		1,521		54,330
HMS Holdings Corp.*		7,371		155,749
MedAssets, Inc.*		4,329		99,697
Medidata Solutions, Inc.*		1,872		206,500
Merge Healthcare, Inc.*		4,329		10,996
Omnicell, Inc.*		2,457		56,683
Quality Systems, Inc.		3,393		77,428
Vocera Communications, Inc.*		1,638		27,567
				1,289,707
Hotels, Restaurants & Leisure – 2.2%
AFC Enterprises, Inc.*		1,755		78,238
Bally Technologies, Inc.*		3,276		239,607


	Shares		Value
COMMON STOCKS – (continued)
Hotels, Restaurants & Leisure – (continued)
Biglari Holdings, Inc.*		139	$	60,607
BJ’s Restaurants, Inc.*		2,223		60,154
Bloomin’ Brands, Inc.*		3,276		81,998
Bob Evans Farms, Inc.		4,446		253,822
Boyd Gaming Corp.*		7,839		82,780
Bravo Brio Restaurant Group, Inc.*		585		8,734
Brinker International, Inc.		5,616		249,463
Buffalo Wild Wings, Inc.*		1,404		200,182
Caesars Entertainment Corp.*		3,159		55,030
Carnival Corp.		6,084		210,811
CEC Entertainment, Inc.		2,925		135,574
The Cheesecake Factory, Inc.		3,978		187,960
Chipotle Mexican Grill, Inc.*		468		246,622
Choice Hotels International, Inc.		2,223		103,570
Churchill Downs, Inc.		936		80,412
Chuy’s Holdings, Inc.*		1,287		48,391
Cracker Barrel Old Country Store, Inc.		4,329		475,627
Darden Restaurants, Inc.		1,287		66,319
Del Frisco’s Restaurant Group, Inc.*		1,053		19,059
Denny’s Corp.*		12,987		82,467
DineEquity, Inc.		1,053		86,420
Domino’s Pizza, Inc.		4,212		282,457
Dunkin’ Brands Group, Inc.		2,106		100,414
Einstein Noah Restaurant Group, Inc.		936		16,698
Fiesta Restaurant Group, Inc.*		1,404		59,516
Hyatt Hotels Corp., Class A*		585		27,846
Ignite Restaurant Group, Inc.*		936		15,032
International Game Technology		3,978		74,786
International Speedway Corp., Class A		1,989		65,060
Interval Leisure Group, Inc.		2,925		70,990
Isle of Capri Casinos, Inc.*		1,755		14,233
Jack in the Box, Inc.*		2,925		118,989
Jamba, Inc.*		1,053		12,025
Krispy Kreme Doughnuts, Inc.*		4,797		116,375
Las Vegas Sands Corp.		5,382		377,924
Life Time Fitness, Inc.*		2,925		132,853
The Marcus Corp.		2,808		40,323


	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Marriott International, Inc., Class A		3,393	$	152,956
Marriott Vacations Worldwide Corp.*		2,340		117,187
McDonald’s Corp.		14,040		1,355,141
MGM Resorts International*		4,095		77,969
Morgans Hotel Group Co.*		2,223		15,917
Multimedia Games Holding Co., Inc.*		2,106		68,466
Norwegian Cruise Line Holdings Ltd.*		468		14,985
Orient-Express Hotels Ltd., Class A*		6,786		90,322
Panera Bread Co., Class A*		351		55,430
Papa John’s International, Inc.		1,404		106,241
Penn National Gaming, Inc.*		936		54,765
Pinnacle Entertainment, Inc.*		4,563		106,774
Red Robin Gourmet Burgers, Inc.*		1,053		80,218
Royal Caribbean Cruises Ltd.		1,521		63,943
Ruby Tuesday, Inc.*		5,031		29,834
Ruth’s Hospitality Group, Inc.		2,574		31,377
Scientific Games Corp., Class A*		4,446		81,273
SeaWorld Entertainment, Inc.		351		10,541
SHFL Entertainment, Inc.*		4,212		97,634
Six Flags Entertainment Corp.		2,457		92,408
Sonic Corp.*		4,446		85,808
Starbucks Corp.		10,530		853,457
Starwood Hotels & Resorts Worldwide, Inc.		2,808		206,725
Texas Roadhouse, Inc.		4,563		125,117
Town Sports International Holdings, Inc.		3,978		51,396
Vail Resorts, Inc.		2,691		189,581
The Wendy’s Co.		22,815		198,262
Wyndham Worldwide Corp.		1,755		116,532
Wynn Resorts Ltd.		1,053		175,061
Yum! Brands, Inc.		6,318		427,223
				9,771,911
Household Durables – 0.6%
Bassett Furniture Industries, Inc.		936		13,104
Beazer Homes USA, Inc.*		1,872		34,014
Blyth, Inc.		819		11,310
Cavco Industries, Inc.*		468		27,411
CSS Industries, Inc.		1,638		42,408


	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
DR Horton, Inc.		3,978	$	75,383
Ethan Allen Interiors, Inc.		1,989		52,987
Garmin Ltd.		1,287		60,167
Harman International Industries, Inc.		819		66,355
Helen of Troy Ltd.*		5,850		273,312
Hovnanian Enterprises, Inc., Class A*		8,424		42,626
iRobot Corp.*		2,106		71,330
Jarden Corp.*		1,170		64,771
KB Home		5,850		99,275
La-Z-Boy, Inc.		3,861		89,112
Leggett & Platt, Inc.		1,521		45,235
Lennar Corp., Class A		2,223		79,028
Libbey, Inc.*		3,510		74,939
M/I Homes, Inc.*		1,404		28,740
MDC Holdings, Inc.		2,457		71,720
Meritage Homes Corp.*		2,457		111,523
Mohawk Industries, Inc.*		819		108,452
NACCO Industries, Inc., Class A		936		53,324
Newell Rubbermaid, Inc.		3,159		93,601
NVR, Inc.*		117		107,327
PulteGroup, Inc.		4,563		80,537
The Ryland Group, Inc.		3,276		131,695
Standard Pacific Corp.*		12,870		102,059
Tempur Sealy International, Inc.*		4,563		174,991
Toll Brothers, Inc.*		2,106		69,245
Tupperware Brands Corp.		819		73,423
Universal Electronics, Inc.*		2,808		109,259
Whirlpool Corp.		819		119,582
Zagg, Inc.*		3,510		16,637
				2,674,882
Household Products – 1.2%
Central Garden and Pet Co., Class A*		8,658		63,723
Church & Dwight Co., Inc.		1,989		129,583
The Clorox Co.		1,638		147,731
Colgate-Palmolive Co.		12,519		810,355
Energizer Holdings, Inc.		585		57,394
Harbinger Group, Inc.*		5,850		63,707
Kimberly-Clark Corp.		5,265		568,620


	Shares		Value
Household Products – (continued)
The Procter & Gamble Co.		39,195	$	3,164,996
Spectrum Brands Holdings, Inc.		2,340		154,253
WD-40 Co.		1,053		76,332
				5,236,694
Independent Power Producers & Energy Traders – 0.1%
The AES Corp.		6,669		93,966
Calpine Corp.*		5,148		103,835
Dynegy, Inc.*		5,850		113,666
Genie Energy Ltd., Class B*		2,457		25,381
NRG Energy, Inc.		4,680		133,520
Ormat Technologies, Inc.		1,287		33,552
				503,920
Industrial Conglomerates – 1.1%
3M Co.		8,892		1,119,058
Carlisle Cos., Inc.		936		68,028
Danaher Corp.		8,541		615,721
General Electric Co.		119,457		3,122,606
Raven Industries, Inc.		2,808		93,675
				5,019,088
Insurance – 4.4%
ACE Ltd.		3,978		379,660
Aflac, Inc.		5,148		334,517
Alleghany Corp.*		234		94,868
Allied World Assurance Co. Holdings AG		468		50,680
The Allstate Corp.		5,499		291,777
American Equity Investment Life Holding Co.		10,647		221,883
American Financial Group, Inc.		936		52,659
American International Group, Inc.		21,294		1,099,835
American National Insurance Co.		1,287		130,077
AMERISAFE, Inc.		1,521		58,559
Amtrust Financial Services, Inc.		5,010		192,184
Aon PLC		4,680		370,141
Arch Capital Group Ltd.*		1,872		108,501
Argo Group International Holdings Ltd.		4,914		206,290
Arthur J Gallagher & Co.		1,521		72,171
Aspen Insurance Holdings Ltd.		12,285		479,238
Assurant, Inc.		1,053		61,579


	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Assured Guaranty Ltd.		6,318	$	129,519
Axis Capital Holdings Ltd.		1,170		55,481
Baldwin & Lyons, Inc., Class B		1,287		35,174
Berkshire Hathaway, Inc., Class B*		25,623		2,948,695
Brown & Brown, Inc.		1,638		52,301
The Chubb Corp.		3,510		323,201
Cincinnati Financial Corp.		1,755		87,750
Citizens, Inc.*		2,925		24,570
CNA Financial Corp.		234		9,498
CNO Financial Group, Inc.		40,716		634,355
eHealth, Inc.*		1,521		64,825
Employers Holdings, Inc.		2,691		80,918
Endurance Specialty Holdings Ltd.		8,073		446,356
Enstar Group Ltd.*		1,521		206,750
Erie Indemnity Co., Class A		351		25,209
Everest Re Group Ltd.		585		89,938
FBL Financial Group, Inc., Class A		2,457		109,926
Fidelity National Financial, Inc., Class A		1,989		55,990
First American Financial Corp.		18,252		471,997
Genworth Financial, Inc., Class A*		4,446		64,600
Greenlight Capital Re Ltd., Class A*		5,148		158,507
The Hanover Insurance Group, Inc.		7,605		445,197
Hartford Financial Services Group, Inc.		4,680		157,716
HCC Insurance Holdings, Inc.		1,170		53,411
HCI Group, Inc.		1,755		77,115
Hilltop Holdings, Inc.*		11,466		198,820
Horace Mann Educators Corp.		7,020		194,454
Infinity Property & Casualty Corp.		2,106		144,429
Kemper Corp.		9,243		342,176
Lincoln National Corp.		3,042		138,137
Loews Corp.		5,031		243,048
Maiden Holdings Ltd.		10,998		120,428
Markel Corp.*		234		123,943
Marsh & McLennan Cos., Inc.		8,307		380,461
MBIA, Inc.*		27,144		308,627


	Shares		Value
Insurance – (continued)
Meadowbrook Insurance Group, Inc.		7,020	$	46,613
Mercury General Corp.		3,393		157,978
MetLife, Inc.		13,338		631,021
Montpelier Re Holdings Ltd.		9,126		251,969
National Interstate Corp.		1,404		36,687
National Western Life Insurance Co., Class A		468		97,344
The Navigators Group, Inc.*		702		39,480
Old Republic International Corp.		15,678		263,234
OneBeacon Insurance Group Ltd., Class A		3,744		59,754
PartnerRe Ltd.		585		58,623
The Phoenix Cos, Inc.*		936		36,102
Platinum Underwriters Holdings Ltd.		5,148		320,154
Primerica, Inc.		9,594		412,062
Principal Financial Group, Inc.		3,276		155,479
ProAssurance Corp.		1,989		90,141
The Progressive Corp.		7,137		185,348
Protective Life Corp.		13,806		636,180
Prudential Financial, Inc.		5,382		438,041
Reinsurance Group of America, Inc.		702		49,968
RenaissanceRe Holdings Ltd.		468		43,856
RLI Corp.		1,170		110,542
Safety Insurance Group, Inc.		2,223		121,576
Selective Insurance Group, Inc.		9,126		239,740
StanCorp Financial Group, Inc.		7,722		454,826
State Auto Financial Corp.		2,808		53,352
Stewart Information Services Corp.		3,510		109,933
Symetra Financial Corp.		17,550		328,712
Torchmark Corp.		1,170		85,246
Tower Group International Ltd.		10,765		39,076
The Travelers Cos., Inc.		4,212		363,496
United Fire Group, Inc.		3,744		118,685
Universal Insurance Holdings, Inc.		5,031		39,443
Unum Group		3,042		96,553
Validus Holdings Ltd.		1,170		46,192
W.R. Berkley Corp.		1,170		51,375
White Mountains Insurance Group Ltd.		117		68,336
Willis Group Holdings PLC		2,340		105,464


	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
XL Group PLC		3,042	$	92,994
				19,743,716
Internet & Catalog Retail – 0.9%
1-800-Flowers.com, Inc., Class A*		1,521		8,259
Amazon.com, Inc.*		5,265		1,916,618
Blue Nile, Inc.*		1,053		43,247
Expedia, Inc.		1,521		89,556
Groupon, Inc.*		4,563		41,660
HomeAway, Inc.*		4,329		128,355
HSN, Inc.		1,053		55,177
Liberty Interactive Corp., Class A*		7,254		195,568
Netflix, Inc.*		819		264,111
Nutrisystem, Inc.		3,393		63,788
Orbitz Worldwide, Inc.*		1,872		17,297
Overstock.com, Inc.*		1,053		24,672
PetMed Express, Inc.		1,170		17,363
priceline.com, Inc.*		702		739,789
Shutterfly, Inc.*		2,691		132,236
TripAdvisor, Inc.*		1,755		145,156
ValueVision Media, Inc., Class A*		5,265		28,115
Vitacost.com, Inc.*		1,287		10,180
				3,921,147
Internet Software & Services – 2.6%
The Active Network, Inc.*		4,212		60,821
Akamai Technologies, Inc.*		2,574		115,161
Angie’s List, Inc.*		3,276		46,159
AOL, Inc.*		2,106		76,321
Bankrate, Inc.*		3,159		53,198
Bazaarvoice, Inc.*		3,276		30,729
Blucora, Inc.*		7,371		174,177
Brightcove, Inc.*		1,989		30,372
Carbonite, Inc.*		1,287		17,040
comScore, Inc.*		2,340		62,525
Constant Contact, Inc.*		2,106		54,567
Cornerstone OnDemand, Inc.*		3,276		155,184
CoStar Group, Inc.*		2,223		393,449
Dealertrack Technologies, Inc.*		3,042		113,467
Demand Media, Inc.*		2,808		13,422
Demandware, Inc.*		1,521		75,213
Dice Holdings, Inc.*		3,744		27,631


	Shares		Value
Internet Software & Services – (continued)
Digital River, Inc.*		2,223	$	39,658
E2open, Inc.*		468		10,530
EarthLink, Inc.		10,764		54,466
eBay, Inc.*		16,731		881,891
Envestnet, Inc.*		1,638		59,459
Equinix, Inc.*		702		113,359
Facebook, Inc., Class A*		23,400		1,176,084
Global Eagle Entertainment, Inc.*		3,159		32,159
Google, Inc., Class A*		3,978		4,099,647
IAC/InterActiveCorp		936		49,973
Internap Network Services Corp.*		3,861		28,070
IntraLinks Holdings, Inc.*		5,148		53,488
j2 Global, Inc.		5,148		283,037
Limelight Networks, Inc.*		5,967		11,457
LinkedIn Corp., Class A*		1,287		287,863
Liquidity Services, Inc.*		2,223		58,043
LivePerson, Inc.*		3,510		32,783
LogMeIn, Inc.*		1,638		52,907
Millennial Media, Inc.*		3,042		21,385
Monster Worldwide, Inc.*		16,848		72,783
Move, Inc.*		2,808		47,652
NIC, Inc.		4,680		115,222
OpenTable, Inc.*		1,755		121,937
Pandora Media, Inc.*		10,647		267,559
Perficient, Inc.*		5,967		107,943
QuinStreet, Inc.*		4,446		39,525
Rackspace Hosting, Inc.*		1,521		77,921
RealNetworks, Inc.*		6,084		46,664
Responsys, Inc.*		1,872		30,589
SciQuest, Inc.*		1,287		28,108
Shutterstock, Inc.*		234		16,567
SPS Commerce, Inc.*		1,053		71,762
Stamps.com, Inc.*		1,053		47,848
support.com, Inc.*		4,446		19,829
Travelzoo, Inc.*		585		12,595
Trulia, Inc.*		2,457		98,206
United Online, Inc.		15,561		134,447
Unwired Planet, Inc.*		7,605		12,320
ValueClick, Inc.*		5,616		107,883
VeriSign, Inc.*		2,223		120,664
VistaPrint N.V.*		2,340		126,477
Vocus, Inc.*		1,404		12,145
Web.com Group, Inc.*		7,605		204,955


	Shares		Value
COMMON STOCKS – (continued)
Internet Software & Services – (continued)
WebMD Health Corp.*		3,510	$	123,622
XO Group, Inc.*		2,223		30,855
Xoom Corp.*		585		17,404
Yahoo!, Inc.*		13,923		458,484
Yelp, Inc.*		2,574		174,389
Zillow, Inc., Class A*		1,638		130,434
Zix Corp.*		4,212		17,185
				11,739,669
IT Services – 3.0%
Accenture PLC, Class A		8,775		644,962
Acxiom Corp.*		5,967		198,283
Alliance Data Systems Corp.*		585		138,680
Amdocs Ltd.		2,106		80,976
Automatic Data Processing, Inc.		7,137		535,061
Blackhawk Network Holdings, Inc.*		936		21,397
Booz Allen Hamilton Holding Corp.		6,552		129,730
Broadridge Financial Solutions, Inc.		1,755		61,706
CACI International, Inc., Class A*		4,212		303,180
Cardtronics, Inc.*		3,393		133,175
Cass Information Systems, Inc.		585		33,538
CIBER, Inc.*		4,563		14,830
Cognizant Technology Solutions Corp., Class A*		4,329		376,320
Computer Sciences Corp.		1,638		80,688
Computer Task Group, Inc.		702		12,025
Convergys Corp.		9,477		187,076
CoreLogic, Inc.*		7,020		233,555
CSG Systems International, Inc.		5,850		162,981
DST Systems, Inc.		3,159		267,788
EPAM Systems, Inc.*		1,404		52,608
Euronet Worldwide, Inc.*		3,744		162,490
ExlService Holdings, Inc.*		2,106		60,884
Fidelity National Information Services, Inc.		3,393		165,409
Fiserv, Inc.*		1,989		208,308
FleetCor Technologies, Inc.*		1,287		148,455
Forrester Research, Inc.		702		27,245
Gartner, Inc.*		1,170		68,972


	Shares		Value
IT Services – (continued)
Genpact Ltd.*		1,872	$	37,122
Global Cash Access Holdings, Inc.*		14,157		117,503
Global Payments, Inc.		819		48,714
Heartland Payment Systems, Inc.		2,691		108,851
Higher One Holdings, Inc.*		2,457		19,533
iGATE Corp.*		6,435		204,890
International Business Machines Corp.		14,508		2,599,979
Jack Henry & Associates, Inc.		1,170		63,894
Leidos Holdings, Inc.		847		39,885
Lender Processing Services, Inc.		15,561		537,166
Lionbridge Technologies, Inc.*		9,243		40,299
ManTech International Corp., Class A		3,861		107,876
MasterCard, Inc., Class A		1,521		1,090,709
MAXIMUS, Inc.		5,148		249,421
ModusLink Global Solutions, Inc.*		8,541		35,189
MoneyGram International, Inc.*		1,872		39,518
NeuStar, Inc., Class A*		4,797		220,278
Paychex, Inc.		4,563		192,832
PRGX Global, Inc.*		3,510		25,202
Sapient Corp.*		8,307		131,334
ServiceSource International, Inc.*		4,446		48,106
Sykes Enterprises, Inc.*		7,488		140,175
Syntel, Inc.		1,053		90,390
TeleTech Holdings, Inc.*		4,797		126,977
Teradata Corp.*		2,223		97,968
Total System Services, Inc.		2,457		73,292
Unisys Corp.*		8,424		221,972
Vantiv, Inc., Class A*		1,521		41,828
VeriFone Systems, Inc.*		20,007		453,359
Virtusa Corp.*		1,287		40,000
Visa, Inc., Class A		7,254		1,426,644
The Western Union Co.		6,669		113,506
WEX, Inc.*		1,521		141,985
				13,436,719
Leisure Equipment & Products – 0.2%
Arctic Cat, Inc.		819		42,915
Black Diamond, Inc.*		1,521		22,678
Brunswick Corp.		7,371		332,653
Callaway Golf Co.		4,797		40,439


	Shares		Value
COMMON STOCKS – (continued)
Leisure Equipment & Products – (continued)
Hasbro, Inc.		1,521	$	78,560
JAKKS Pacific, Inc.		1,638		10,549
LeapFrog Enterprises, Inc.*		5,031		43,065
Mattel, Inc.		4,797		212,843
Nautilus, Inc.*		1,521		12,107
Polaris Industries, Inc.		936		122,569
Smith & Wesson Holding Corp.*		4,329		46,667
Sturm Ruger & Co., Inc.		1,404		91,836
				1,056,881
Life Sciences Tools & Services – 0.6%
Affymetrix, Inc.*		5,967		42,187
Agilent Technologies, Inc.		4,914		249,435
Albany Molecular Research, Inc.*		1,053		13,794
Bio-Rad Laboratories, Inc., Class A*		234		28,904
Bruker Corp.*		8,190		167,485
Cambrex Corp.*		3,744		62,974
Charles River Laboratories International, Inc.*		3,744		184,242
Covance, Inc.*		819		73,104
Fluidigm Corp.*		1,755		55,282
Furiex Pharmaceuticals, Inc.*		585		22,874
Illumina, Inc.*		1,755		164,110
Life Technologies Corp.*		2,223		167,414
Luminex Corp.*		2,808		54,756
Mettler-Toledo International, Inc.*		468		115,811
NeoGenomics, Inc.*		3,627		13,202
PAREXEL International Corp.*		4,212		192,531
PerkinElmer, Inc.		1,638		62,310
Sequenom, Inc.*		9,360		17,971
Techne Corp.		2,574		224,942
Thermo Fisher Scientific, Inc.		4,914		480,491
Waters Corp.*		1,287		129,884
				2,523,703
Machinery – 2.8%
Accuride Corp.*		6,669		30,010
Actuant Corp., Class A		5,733		215,331
AGCO Corp.		1,053		61,474
Alamo Group, Inc.		1,404		66,255


	Shares		Value
Machinery – (continued)
Albany International Corp., Class A		3,276	$	120,590
Altra Holdings, Inc.		1,521		46,193
American Railcar Industries, Inc.		1,755		71,885
Astec Industries, Inc.		1,170		39,558
Barnes Group, Inc.		8,541		303,547
Blount International, Inc.*		1,053		12,826
Briggs & Stratton Corp.		7,605		139,476
Caterpillar, Inc.		7,137		594,940
Chart Industries, Inc.*		2,340		251,480
CIRCOR International, Inc.		2,106		155,360
CLARCOR, Inc.		3,510		205,265
Colfax Corp.*		2,691		150,588
Columbus McKinnon Corp.*		3,393		88,252
Commercial Vehicle Group, Inc.*		2,925		23,020
Crane Co.		7,839		497,777
Cummins, Inc.		2,223		282,365
Deere & Co.		3,978		325,560
Donaldson Co., Inc.		1,521		60,247
Douglas Dynamics, Inc.		1,404		21,299
Dover Corp.		1,989		182,570
Dynamic Materials Corp.		936		20,686
Energy Recovery, Inc.*		2,925		17,082
EnPro Industries, Inc.*		1,521		90,758
ESCO Technologies, Inc.		1,989		71,763
The ExOne Co.*		702		36,034
Federal Signal Corp.*		4,563		62,467
Flow International Corp.*		2,223		8,870
Flowserve Corp.		5,616		390,144
FreightCar America, Inc.		702		15,612
The Gorman-Rupp Co.		1,287		52,432
Graco, Inc.		819		63,276
Graham Corp.		702		25,841
The Greenbrier Cos., Inc.*		3,978		105,576
Hardinge, Inc.		1,404		20,765
Harsco Corp.		14,157		394,697
Hyster-Yale Materials Handling, Inc.		1,872		146,840
IDEX Corp.		1,170		80,906
Illinois Tool Works, Inc.		5,616		442,485
Ingersoll-Rand PLC		4,563		308,139
ITT Corp.		7,839		311,443
John Bean Technologies Corp.		4,563		124,022


	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
Joy Global, Inc.		936	$	53,118
Kadant, Inc.		2,340		83,772
Kennametal, Inc.		1,170		53,820
L.B. Foster Co., Class A		1,053		49,228
Lincoln Electric Holdings, Inc.		1,872		129,617
Lindsay Corp.		936		71,145
Lydall, Inc.*		3,393		61,820
The Manitowoc Co., Inc.		9,477		184,422
Meritor, Inc.*		12,402		85,202
The Middleby Corp.*		1,404		319,621
Miller Industries, Inc.		1,287		24,118
Mueller Industries, Inc.		2,223		134,025
Mueller Water Products, Inc., Class A		11,349		97,261
Navistar International Corp.*		12,636		456,918
NN, Inc.		2,808		45,153
Nordson Corp.		819		59,042
Oshkosh Corp.*		4,095		194,881
PACCAR, Inc.		5,148		286,229
Pall Corp.		1,638		131,892
Parker Hannifin Corp.		1,989		232,156
Pentair Ltd.		2,574		172,690
Proto Labs, Inc.*		1,521		127,551
RBC Bearings, Inc.*		1,638		112,678
Rexnord Corp.*		2,925		68,796
Snap-on, Inc.		819		85,233
SPX Corp.		585		53,065
Standex International Corp.		1,287		79,163
Stanley Black & Decker, Inc.		1,755		138,803
Sun Hydraulics Corp.		1,521		60,353
Tennant Co.		1,287		78,108
Terex Corp.*		19,773		691,066
Timken Co.		819		43,251
Titan International, Inc.		9,945		144,203
The Toro Co.		4,446		262,047
Trimas Corp.*		3,042		115,170
Trinity Industries, Inc.		3,978		201,406
Twin Disc, Inc.		1,053		27,241
Valmont Industries, Inc.		468		65,754
Wabash National Corp.*		11,700		136,422
WABCO Holdings, Inc.*		936		80,196
Wabtec Corp.		1,404		91,527


	Shares		Value
Machinery – (continued)
Watts Water Technologies, Inc., Class A		2,223	$	128,445
Woodward, Inc.		4,212		168,859
Xylem, Inc.		2,340		80,730
				12,701,903
Marine – 0.0%^†
Kirby Corp.*		819		72,473
Matson, Inc.		3,744		101,425
				173,898
Media – 3.0%
AMC Networks, Inc., Class A*		702		49,203
Belo Corp., Class A		15,678		215,259
Cablevision Systems Corp., Class A		2,574		40,026
Carmike Cinemas, Inc.*		3,744		85,700
CBS Corp., Class B		8,541		505,115
Charter Communications, Inc., Class A*		1,053		141,355
Cinemark Holdings, Inc.		3,978		130,518
Clear Channel Outdoor Holdings, Inc., Class A*		3,276		27,846
Comcast Corp., Class A		37,323		1,775,828
Cumulus Media, Inc., Class A*		12,285		73,464
Digital Generation, Inc.*		1,755		22,201
DIRECTV*		6,318		394,812
Discovery Communications, Inc., Class A*		3,042		270,495
DISH Network Corp., Class A		2,574		124,067
DreamWorks Animation SKG, Inc., Class A*		5,382		184,280
E.W. Scripps Co., Class A*		2,340		46,379
Entercom Communications Corp., Class A*		3,627		31,809
Entravision Communications Corp., Class A		3,042		20,503
Gannett Co., Inc.		2,223		61,510
Gray Television, Inc.*		1,989		16,807
Harte-Hanks, Inc.		7,137		56,882
The Interpublic Group of Cos., Inc.		6,552		110,074
John Wiley & Sons, Inc., Class A		8,775		441,295
Journal Communications, Inc., Class A*		7,254		60,571


	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
Lamar Advertising Co., Class A*		1,170	$	53,481
Liberty Global PLC, Class A*		5,265		412,618
Liberty Media Corp., Class A*		1,287		196,795
Lions Gate Entertainment Corp.*		4,095		141,605
Live Nation Entertainment, Inc.*		26,091		507,209
Loral Space & Communications, Inc.		819		58,452
The Madison Square Garden Co., Class A*		1,989		120,374
Martha Stewart Living Omnimedia, Inc., Class A*		5,967		15,276
The McClatchy Co., Class A*		3,861		10,888
Media General, Inc., Class A*		1,404		20,470
Meredith Corp.		6,435		330,115
Morningstar, Inc.		351		28,182
National CineMedia, Inc.		3,978		69,695
The New York Times Co., Class A		11,700		161,811
Nexstar Broadcasting Group, Inc., Class A		1,755		77,904
Omnicom Group, Inc.		3,276		223,128
ReachLocal, Inc.*		585		7,190
Regal Entertainment Group, Class A		9,126		173,485
Rentrak Corp.*		585		21,932
Scholastic Corp.		4,563		130,912
Scripps Networks Interactive, Inc., Class A		1,287		103,604
Sinclair Broadcast Group, Inc., Class A		6,201		198,804
Sirius XM Radio, Inc.		49,491		186,581
Starz, Class A*		8,073		243,401
Time Warner Cable, Inc.		4,095		492,014
Time Warner, Inc.		12,519		860,556
Twenty-First Century Fox, Inc.		27,729		945,004
Valassis Communications, Inc.		6,552		179,263
Viacom, Inc., Class B		6,786		565,206
The Walt Disney Co.		23,985		1,645,131
The Washington Post Co., Class B		351		225,805
World Wrestling Entertainment, Inc., Class A		3,159		40,909
				13,333,799


	Shares		Value
Metals & Mining – 1.3%
A.M. Castle & Co.*		1,872	$	26,788
AK Steel Holding Corp.*		18,252		80,309
Alcoa, Inc.		11,934		110,628
Allegheny Technologies, Inc.		1,170		38,727
Allied Nevada Gold Corp.*		15,210		62,057
AMCOL International Corp.		4,680		150,134
Carpenter Technology Corp.		9,828		583,095
Century Aluminum Co.*		4,329		37,576
Cliffs Natural Resources, Inc.		1,989		51,078
Coeur Mining, Inc.*		16,614		202,857
Commercial Metals Co.		20,709		380,217
Compass Minerals International, Inc.		2,340		174,260
Freeport-McMoRan Copper & Gold, Inc.		12,636		464,499
General Moly, Inc.*		4,797		7,867
Globe Specialty Metals, Inc.		4,680		82,087
Gold Resource Corp.		3,744		19,431
Haynes International, Inc.		936		50,450
Hecla Mining Co.		54,522		170,109
Horsehead Holding Corp.*		3,159		45,837
Kaiser Aluminum Corp.		3,510		236,749
Materion Corp.		3,861		115,096
McEwen Mining, Inc.*		38,025		81,373
Molycorp, Inc.*		25,974		131,688
Newmont Mining Corp.		4,563		124,387
Noranda Aluminum Holding Corp.		7,839		21,322
Nucor Corp.		5,148		266,512
Olympic Steel, Inc.		1,872		51,237
Paramount Gold and Silver Corp.*		10,764		13,024
Reliance Steel & Aluminum Co.		819		60,025
Royal Gold, Inc.		819		39,345
RTI International Metals, Inc.*		2,223		75,360
Schnitzer Steel Industries, Inc., Class A		5,148		149,498
Steel Dynamics, Inc.		2,340		42,050
Stillwater Mining Co.*		9,126		99,565
SunCoke Energy, Inc.*		5,967		119,340
United States Steel Corp.		26,676		663,966
Universal Stainless & Alloy Products, Inc.*		468		15,126


	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
US Silica Holdings, Inc.		2,457	$	85,553
Walter Energy, Inc.		11,349		180,336
Worthington Industries, Inc.		9,126		369,968
				5,679,526
Multiline Retail – 0.5%
Big Lots, Inc.*		10,647		387,125
The Bon-Ton Stores, Inc.		1,170		13,396
Dillard’s, Inc., Class A		234		19,183
Dollar General Corp.*		4,680		270,410
Dollar Tree, Inc.*		3,276		191,318
Family Dollar Stores, Inc.		1,404		96,708
Fred’s, Inc., Class A		5,967		96,665
Gordmans Stores, Inc.		1,404		13,900
J.C. Penney Co., Inc.*		1,872		14,040
Kohl’s Corp.		2,457		139,558
Macy’s, Inc.		4,797		221,190
Nordstrom, Inc.		1,872		113,200
Saks, Inc.*		8,307		132,829
Sears Holdings Corp.*		702		40,772
Target Corp.		8,190		530,630
Tuesday Morning Corp.*		6,084		86,089
				2,367,013
Multi-Utilities – 0.8%
Alliant Energy Corp.		936		48,878
Ameren Corp.		2,340		84,661
Avista Corp.		10,998		305,634
Black Hills Corp.		5,733		290,778
CenterPoint Energy, Inc.		4,680		115,128
CMS Energy Corp.		2,223		61,044
Consolidated Edison, Inc.		3,861		224,787
Dominion Resources, Inc.		7,956		507,195
DTE Energy Co.		1,638		113,251
Integrys Energy Group, Inc.		819		48,059
MDU Resources Group, Inc.		2,574		76,654
NiSource, Inc.		3,978		125,386
NorthWestern Corp.		6,318		289,617
PG&E Corp.		5,616		235,030
Public Service Enterprise Group, Inc.		5,148		172,458
SCANA Corp.		1,989		92,747


	Shares		Value
Multi-Utilities – (continued)
Sempra Energy		3,042	$	277,248
TECO Energy, Inc.		819		14,062
Vectren Corp.		8,892		310,509
Wisconsin Energy Corp.		2,808		118,245
				3,511,371
Office Electronics – 0.1%
Xerox Corp.		14,040		139,558
Zebra Technologies Corp., Class A*		3,978		192,177
				331,735
Oil, Gas & Consumable Fuels – 6.0%
Abraxas Petroleum Corp.*		8,307		24,007
Alon USA Energy, Inc.		4,797		57,948
Alpha Natural Resources, Inc.*		34,398		240,786
Amyris, Inc.*		3,627		9,140
Anadarko Petroleum Corp.		7,137		680,085
Apache Corp.		4,563		405,194
Approach Resources, Inc.*		2,574		72,458
Arch Coal, Inc.		30,069		127,493
Berry Petroleum Co., Class A		4,095		195,536
Bill Barrett Corp.*		3,276		90,647
Bonanza Creek Energy, Inc.*		1,755		88,698
BPZ Resources, Inc.*		7,722		15,521
Cabot Oil & Gas Corp.		5,850		206,622
Carrizo Oil & Gas, Inc.*		7,020		307,757
Cheniere Energy, Inc.*		4,212		167,638
Chesapeake Energy Corp.		6,786		189,737
Chesapeake Granite Wash Trust		4,797		58,811
Chevron Corp.		22,581		2,708,817
Cimarex Energy Co.		936		98,608
Clayton Williams Energy, Inc.*		819		63,743
Clean Energy Fuels Corp.*		5,148		58,636
Cloud Peak Energy, Inc.*		10,881		169,852
Cobalt International Energy, Inc.*		3,861		89,614
Comstock Resources, Inc.		3,276		56,052
Concho Resources, Inc.*		1,404		155,297
ConocoPhillips		13,923		1,020,556
CONSOL Energy, Inc.		3,276		119,574
Contango Oil & Gas Co.		2,457		105,283
Continental Resources, Inc.*		819		93,284
Crosstex Energy, Inc.		3,978		122,085


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
CVR Energy, Inc.		819	$	32,531
Delek US Holdings, Inc.		7,254		185,340
Denbury Resources, Inc.*		3,510		66,655
Devon Energy Corp.		5,499		347,647
Diamondback Energy, Inc.*		2,808		145,033
Emerald Oil, Inc.*		4,212		36,644
Energen Corp.		1,053		82,471
Energy XXI Bermuda Ltd.		14,040		408,002
EOG Resources, Inc.		3,978		709,675
EPL Oil & Gas, Inc.*		6,201		197,688
EQT Corp.		2,340		200,327
Evolution Petroleum Corp.*		1,521		18,343
EXCO Resources, Inc.		10,881		58,866
Exxon Mobil Corp.		51,012		4,571,695
Forest Oil Corp.*		21,996		104,261
FX Energy, Inc.*		3,861		13,436
GasLog Ltd.		1,053		15,669
Goodrich Petroleum Corp.*		2,340		54,733
Gran Tierra Energy, Inc.*		49,842		378,301
Green Plains Renewable Energy, Inc.		3,276		52,842
Gulfport Energy Corp.*		2,223		130,468
Halcon Resources Corp.*		21,411		110,909
Hess Corp.		3,393		275,512
HollyFrontier Corp.		2,574		118,558
Kinder Morgan, Inc.		9,126		322,239
KiOR, Inc., Class A*		2,925		6,815
Kodiak Oil & Gas Corp.*		49,023		635,828
Laredo Petroleum Holdings, Inc.*		4,563		144,967
Magnum Hunter Resources Corp.*		30,303		216,060
Marathon Oil Corp.		8,190		288,779
Marathon Petroleum Corp.		3,159		226,374
Matador Resources Co.*		4,446		81,851
Midstates Petroleum Co., Inc.*		3,042		17,157
Miller Energy Resources, Inc.*		2,574		17,400
Murphy Oil Corp.		2,106		127,034
Newfield Exploration Co.*		1,404		42,752
Noble Energy, Inc.		5,616		420,807
Nordic American Tankers Ltd.		13,104		106,929
Northern Oil and Gas, Inc.*		10,998		180,697


	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Oasis Petroleum, Inc.*		1,053	$	56,072
Occidental Petroleum Corp.		9,360		899,309
Pacific Coast Oil Trust		2,925		43,875
PBF Energy, Inc.		7,371		194,078
PDC Energy, Inc.*		2,691		182,477
Peabody Energy Corp.		4,329		84,329
Penn Virginia Corp.*		9,360		79,654
PetroQuest Energy, Inc.*		4,329		20,433
Phillips 66		6,435		414,607
Pioneer Natural Resources Co.		1,872		383,348
QEP Resources, Inc.		2,457		81,228
Quicksilver Resources, Inc.*		23,751		50,827
Range Resources Corp.		2,223		168,303
Renewable Energy Group, Inc.*		1,755		19,147
Rentech, Inc.		16,146		27,610
Resolute Energy Corp.*		4,212		39,509
REX American Resources Corp.*		819		23,620
Rex Energy Corp.*		4,212		90,558
Rosetta Resources, Inc.*		11,232		673,246
Sanchez Energy Corp.*		5,616		160,112
SandRidge Energy, Inc.*		68,445		433,941
SemGroup Corp., Class A		3,042		183,706
Ship Finance International Ltd.		8,775		145,226
SM Energy Co.		702		62,204
Solazyme, Inc.*		3,042		31,819
Southwestern Energy Co.*		4,797		178,544
Spectra Energy Corp.		9,009		320,450
Stone Energy Corp.*		9,009		314,054
Swift Energy Co.*		3,627		49,762
Synergy Resources Corp.*		3,510		36,364
Targa Resources Corp.		1,989		154,267
Teekay Corp.		3,276		142,277
Tesoro Corp.		1,521		74,362
Triangle Petroleum Corp.*		10,764		113,776
Ultra Petroleum Corp.*		2,106		38,666
Vaalco Energy, Inc.*		12,285		64,742
Valero Energy Corp.		6,201		255,295
W&T Offshore, Inc.		6,435		122,844
Warren Resources, Inc.*		13,572		42,480
Western Refining, Inc.		9,594		309,598
Whiting Petroleum Corp.*		1,521		101,740
The Williams Cos., Inc.		9,477		338,424


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
World Fuel Services Corp.		13,689	$	522,235
WPX Energy, Inc.*		2,223		49,217
				26,729,109
Paper & Forest Products – 0.5%
Boise Cascade Co.*		1,755		44,946
Clearwater Paper Corp.*		3,861		201,621
Deltic Timber Corp.		585		37,370
Domtar Corp.		6,084		515,376
International Paper Co.		4,914		219,213
KapStone Paper and Packaging Corp.		3,744		194,538
Louisiana-Pacific Corp.*		10,647		181,105
Mercer International, Inc.*		7,020		56,160
Neenah Paper, Inc.		2,691		110,708
PH Glatfelter Co.		7,254		190,055
Resolute Forest Products, Inc.*		17,082		273,141
Schweitzer-Mauduit International, Inc.		5,382		333,038
Wausau Paper Corp.		3,744		43,805
				2,401,076
Personal Products – 0.2%
Avon Products, Inc.		5,265		92,138
Coty, Inc., Class A		1,053		16,195
Elizabeth Arden, Inc.*		1,989		71,982
The Estee Lauder Cos., Inc., Class A		3,627		257,372
The Female Health Co.		1,521		14,480
Herbalife Ltd.		1,053		68,255
Inter Parfums, Inc.		2,106		74,047
Lifevantage Corp.*		10,647		23,317
Medifast, Inc.*		1,404		32,727
Nature’s Sunshine Products, Inc.		1,170		22,101
Nu Skin Enterprises, Inc., Class A		819		95,766
Prestige Brands Holdings, Inc.*		3,744		116,925
Revlon, Inc., Class A*		1,872		44,460
Star Scientific, Inc.*		9,828		17,789
USANA Health Sciences, Inc.*		1,053		71,846
				1,019,400


	Shares		Value
Pharmaceuticals – 3.5%
AbbVie, Inc.		22,581	$	1,094,049
AcelRx Pharmaceuticals, Inc.*		1,287		8,649
Actavis PLC*		2,299		355,379
Akorn, Inc.*		5,499		112,400
Allergan, Inc.		4,329		392,251
Auxilium Pharmaceuticals, Inc.*		3,393		58,394
AVANIR Pharmaceuticals, Inc., Class A*		11,817		47,859
BioDelivery Sciences International, Inc.*		5,850		30,712
Bristol-Myers Squibb Co.		23,166		1,216,678
Cadence Pharmaceuticals, Inc.*		4,329		21,342
Corcept Therapeutics, Inc.*		6,669		11,271
Depomed, Inc.*		3,978		28,642
Durect Corp.*		7,254		10,881
Eli Lilly & Co.		14,157		705,302
Endo Health Solutions, Inc.*		1,170		51,164
Endocyte, Inc.*		1,989		20,745
Forest Laboratories, Inc.*		3,276		154,070
Hi-Tech Pharmacal Co., Inc.		936		40,332
Horizon Pharma, Inc.*		7,722		32,355
Hospira, Inc.*		2,340		94,817
Impax Laboratories, Inc.*		5,616		113,780
Jazz Pharmaceuticals PLC*		1,053		95,549
Johnson & Johnson		39,429		3,651,520
Lannett Co., Inc.*		1,053		24,861
The Medicines Co.*		5,031		170,652
Merck & Co., Inc.		42,003		1,893,915
Mylan, Inc.*		5,148		194,955
Nektar Therapeutics*		9,360		89,014
Pacira Pharmaceuticals, Inc.*		2,340		118,193
Pain Therapeutics, Inc.*		2,808		10,277
Perrigo Co.		1,404		193,598
Pfizer, Inc.		93,951		2,882,417
Pozen, Inc.*		1,404		8,824
Questcor Pharmaceuticals, Inc.		10,413		639,046
Repros Therapeutics, Inc.*		1,521		27,439
Sagent Pharmaceuticals, Inc.*		1,638		35,528
Salix Pharmaceuticals Ltd.*		2,340		167,895
Santarus, Inc.*		4,095		95,536
Sciclone Pharmaceuticals, Inc.*		9,126		43,166
Sucampo Pharmaceuticals, Inc., Class A*		234		1,451


	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
Supernus Pharmaceuticals, Inc.*		702	$	4,963
Taro Pharmaceutical Industries Ltd.*		2,691		210,840
ViroPharma, Inc.*		5,148		199,845
Vivus, Inc.*		8,190		76,904
XenoPort, Inc.*		2,574		13,462
Zoetis, Inc.		7,020		222,253
Zogenix, Inc.*		4,095		11,998
				15,685,173
Professional Services – 0.7%
Acacia Research Corp.		3,978		60,028
The Advisory Board Co.*		2,808		192,629
Barrett Business Services, Inc.		351		29,228
CBIZ, Inc.*		7,722		63,012
CDI Corp.		2,457		39,435
The Corporate Executive Board Co.		2,574		187,645
CRA International, Inc.*		1,872		35,662
The Dun & Bradstreet Corp.		585		63,642
Equifax, Inc.		1,638		105,929
Exponent, Inc.		1,053		79,617
FTI Consulting, Inc.*		7,371		299,115
GP Strategies Corp.*		1,521		42,618
Heidrick & Struggles International, Inc.		1,170		21,668
Huron Consulting Group, Inc.*		1,638		95,938
ICF International, Inc.*		3,510		121,516
IHS, Inc., Class A*		936		102,071
Insperity, Inc.		1,755		67,866
Kelly Services, Inc., Class A		5,382		112,269
Kforce, Inc.		2,925		57,593
Korn/Ferry International*		6,201		147,584
Manpowergroup, Inc.		1,053		82,239
Mistras Group, Inc.*		1,170		21,481
Navigant Consulting, Inc.*		8,424		146,156
Nielsen Holdings N.V.		3,042		119,976
Odyssey Marine Exploration, Inc.*		5,382		11,679
On Assignment, Inc.*		3,276		110,696
Pendrell Corp.*		8,775		19,568
Resources Connection, Inc.		3,276		41,802


	Shares		Value
Professional Services – (continued)
Robert Half International, Inc.		2,106	$	81,144
RPX Corp.*		4,329		77,316
Towers Watson & Co., Class A		585		67,164
TrueBlue, Inc.*		2,925		72,247
Verisk Analytics, Inc., Class A*		1,755		120,253
WageWorks, Inc.*		1,989		101,857
				2,998,643
Real Estate Investment Trusts (REITs) – 4.3%
Acadia Realty Trust		4,095		109,214
AG Mortgage Investment Trust, Inc.		4,680		76,471
Agree Realty Corp.		1,287		40,631
Alexander’s, Inc.		234		75,292
Alexandria Real Estate Equities, Inc.		702		46,178
American Assets Trust, Inc.		2,223		74,004
American Campus Communities, Inc.		1,053		36,392
American Capital Agency Corp.		4,446		96,567
American Capital Mortgage Investment Corp.		12,168		232,530
American Tower Corp.		5,382		427,062
Annaly Capital Management, Inc.		10,179		120,010
Anworth Mortgage Asset Corp.		14,625		71,809
Apartment Investment & Management Co., Class A		1,755		49,105
Apollo Commercial Real Estate Finance, Inc.		6,435		103,668
Apollo Residential Mortgage, Inc.		7,254		109,245
Arbor Realty Trust, Inc.		3,276		21,785
Ares Commercial Real Estate Corp.		5,967		74,170
ARMOUR Residential REIT, Inc.		40,131		165,340
Ashford Hospitality Trust, Inc.		10,179		132,938
Associated Estates Realty Corp.		3,159		48,459
AvalonBay Communities, Inc.		1,638		204,832
Aviv REIT, Inc.		1,287		32,690
BioMed Realty Trust, Inc.		3,042		60,597
Boston Properties, Inc.		2,223		230,080
Brandywine Realty Trust		13,338		189,800
BRE Properties, Inc.		1,053		57,504
Camden Property Trust		1,053		67,603
Campus Crest Communities, Inc.		3,978		39,820


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Investment Trusts (REITs) – (continued)
CapLease, Inc.		9,790	$	83,215
Capstead Mortgage Corp.		17,433		206,232
CBL & Associates Properties, Inc.		2,808		55,626
Cedar Realty Trust, Inc.		4,914		28,059
Chatham Lodging Trust		936		17,653
Chesapeake Lodging Trust		3,978		93,761
Chimera Investment Corp.		11,349		34,387
Colony Financial, Inc.		13,221		267,461
CommonWealth REIT		9,360		228,103
CoreSite Realty Corp.		2,106		68,319
Corporate Office Properties Trust		5,616		138,154
Corrections Corp. of America		2,457		90,909
Cousins Properties, Inc.		14,157		160,399
CubeSmart		10,179		185,970
CyrusOne, Inc.		1,755		34,205
CYS Investments, Inc.		23,166		196,679
DCT Industrial Trust, Inc.		27,612		213,993
DDR Corp.		3,159		53,545
DiamondRock Hospitality Co.		15,444		175,907
Digital Realty Trust, Inc.		1,404		66,915
Douglas Emmett, Inc.		1,755		43,752
Duke Realty Corp.		4,329		71,731
DuPont Fabros Technology, Inc.		4,563		113,390
EastGroup Properties, Inc.		2,808		178,757
Education Realty Trust, Inc.		5,616		51,330
EPR Properties		3,978		204,350
Equity Lifestyle Properties, Inc.		936		35,559
Equity One, Inc.		4,446		107,193
Equity Residential		4,563		238,919
Essex Property Trust, Inc.		585		94,185
Excel Trust, Inc.		5,031		60,774
Extra Space Storage, Inc.		3,510		161,425
Federal Realty Investment Trust		936		96,970
FelCor Lodging Trust, Inc.		8,541		57,395
First Industrial Realty Trust, Inc.		7,137		128,966
First Potomac Realty Trust		4,095		50,327
Franklin Street Properties Corp.		5,382		71,042
General Growth Properties, Inc.		10,296		218,584
The Geo Group, Inc.		5,031		177,443
Getty Realty Corp.		3,042		58,346
Gladstone Commercial Corp.		702		13,268


	Shares		Value
Real Estate Investment Trusts (REITs) – (continued)
Glimcher Realty Trust		10,413	$	106,733
Government Properties Income Trust		3,744		91,541
Hatteras Financial Corp.		12,987		236,363
HCP, Inc.		5,967		247,630
Health Care REIT, Inc.		3,861		250,386
Healthcare Realty Trust, Inc.		6,435		154,504
Healthcare Trust of America, Inc., Class A		14,976		174,021
Hersha Hospitality Trust		13,689		77,617
Highwoods Properties, Inc.		4,563		176,132
Home Properties, Inc.		819		49,394
Hospitality Properties Trust		1,521		44,687
Host Hotels & Resorts, Inc.		9,945		184,480
Hudson Pacific Properties, Inc.		3,276		67,780
Inland Real Estate Corp.		7,020		75,044
Invesco Mortgage Capital, Inc.		18,603		287,416
Investors Real Estate Trust		6,669		57,487
iStar Financial, Inc.		6,318		79,796
JAVELIN Mortgage Investment Corp.		2,340		27,776
Kilroy Realty Corp.		1,170		62,197
Kimco Realty Corp.		5,733		123,145
Kite Realty Group Trust		8,073		51,667
LaSalle Hotel Properties		7,371		228,870
Lexington Realty Trust		17,199		201,228
Liberty Property Trust		1,638		60,917
LTC Properties, Inc.		2,457		96,929
The Macerich Co.		1,755		103,914
Mack-Cali Realty Corp.		6,903		141,926
Medical Properties Trust, Inc.		12,753		166,299
MFA Financial, Inc.		7,137		52,885
Mid-America Apartment Communities, Inc.		5,039		334,590
Monmouth Real Estate Investment Corp., Class A		6,669		61,488
National Health Investors, Inc.		1,755		109,723
National Retail Properties, Inc.		2,457		84,521
New York Mortgage Trust, Inc.		13,104		84,128
NorthStar Realty Finance Corp.		41,418		386,430
Omega Healthcare Investors, Inc.		3,159		105,005
One Liberty Properties, Inc.		819		17,314
Parkway Properties, Inc.		3,042		55,091


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Investment Trusts (REITs) – (continued)
Pebblebrook Hotel Trust		4,680	$	141,336
Pennsylvania Real Estate Investment Trust		6,084		110,303
PennyMac Mortgage Investment Trust		13,455		310,407
Piedmont Office Realty Trust, Inc., Class A		1,989		36,757
Plum Creek Timber Co., Inc.		1,989		90,301
Post Properties, Inc.		4,797		219,415
Potlatch Corp.		2,925		119,428
Prologis, Inc.		7,137		285,123
PS Business Parks, Inc.		1,404		114,412
Public Storage		1,989		332,103
RAIT Financial Trust		13,806		104,235
Ramco-Gershenson Properties Trust		3,861		62,780
Rayonier, Inc.		1,521		71,517
Realty Income Corp.		2,574		107,213
Redwood Trust, Inc.		14,859		260,330
Regency Centers Corp.		1,287		66,486
Resource Capital Corp.		21,177		130,239
Retail Opportunity Investments Corp.		4,563		67,532
Retail Properties of America, Inc., Class A		2,223		31,811
RLJ Lodging Trust		9,828		248,255
Rouse Properties, Inc.		2,106		42,583
Ryman Hospitality Properties, Inc.		3,510		129,554
Sabra Health Care REIT, Inc.		2,223		59,799
Saul Centers, Inc.		936		43,992
Select Income REIT		5,148		141,827
Senior Housing Properties Trust		2,106		51,892
Simon Property Group, Inc.		4,095		632,882
SL Green Realty Corp.		1,170		110,647
Sovran Self Storage, Inc.		2,223		170,037
Spirit Realty Capital, Inc.		24,921		260,674
STAG Industrial, Inc.		4,446		92,966
Starwood Property Trust, Inc.		5,967		153,292
Strategic Hotels & Resorts, Inc.		13,572		118,076
Summit Hotel Properties, Inc.		5,733		52,686
Sun Communities, Inc.		2,340		104,294
Sunstone Hotel Investors, Inc.		13,806		182,929


	Shares		Value
Real Estate Investment Trusts (REITs) – (continued)
Tanger Factory Outlet Centers		1,989	$	69,317
Taubman Centers, Inc.		585		38,487
Terreno Realty Corp.		2,223		39,525
Two Harbors Investment Corp.		7,839		73,138
UDR, Inc.		3,393		84,180
UMH Properties, Inc.		3,276		32,957
Universal Health Realty Income Trust		936		41,109
Urstadt Biddle Properties, Inc., Class A		3,393		66,978
Ventas, Inc.		3,978		259,525
Vornado Realty Trust		2,457		218,820
Washington Real Estate Investment Trust		3,510		91,997
Weingarten Realty Investors		1,287		40,836
Western Asset Mortgage Capital Corp.		3,978		64,086
Weyerhaeuser Co.		8,073		245,419
Whitestone REIT		1,287		17,748
Winthrop Realty Trust		1,638		19,279
WP Carey, Inc.		819		54,554
ZAIS Financial Corp.		1,404		24,430
				19,284,546
Real Estate Management & Development – 0.2%
Alexander & Baldwin, Inc.*		3,276		121,212
Altisource Portfolio Solutions S.A.*		1,404		220,821
CBRE Group, Inc., Class A*		3,393		78,819
Forest City Enterprises, Inc., Class A*		5,733		116,151
Forestar Group, Inc.*		2,574		57,477
The Howard Hughes Corp.*		819		95,864
Jones Lang LaSalle, Inc.		468		44,554
Kennedy-Wilson Holdings, Inc.		3,861		77,374
Realogy Holdings Corp.*		1,755		72,201
The St. Joe Co.*		6,435		120,142
Tejon Ranch Co.*		1,053		38,982
				1,043,597
Road & Rail – 1.2%
AMERCO		1,287		259,884
Arkansas Best Corp.		2,808		76,855
Avis Budget Group, Inc.*		20,007		626,819


	Shares		Value
COMMON STOCKS – (continued)
Road & Rail – (continued)
Celadon Group, Inc.		3,510	$	65,075
Con-way, Inc.		9,945		409,734
CSX Corp.		14,274		371,980
Genesee & Wyoming, Inc., Class A*		1,404		140,175
Heartland Express, Inc.		2,457		35,283
Hertz Global Holdings, Inc.*		3,861		88,649
J.B. Hunt Transport Services, Inc.		1,170		87,785
Kansas City Southern		1,404		170,614
Knight Transportation, Inc.		4,212		71,478
Landstar System, Inc.		3,393		187,599
Marten Transport Ltd.		4,095		72,236
Norfolk Southern Corp.		4,212		362,316
Old Dominion Freight Line, Inc.*		2,457		115,233
Quality Distribution, Inc.*		3,744		38,488
Roadrunner Transportation Systems, Inc.*		1,287		34,106
Ryder System, Inc.		9,009		593,062
Saia, Inc.*		2,223		72,314
Swift Transportation Co.*		19,539		425,755
Union Pacific Corp.		6,435		974,259
Werner Enterprises, Inc.		3,510		81,292
				5,360,991
Semiconductors & Semiconductor Equipment – 2.3%
Advanced Energy Industries, Inc.*		3,627		75,732
Advanced Micro Devices, Inc.*		52,650		175,851
Altera Corp.		4,797		161,179
Amkor Technology, Inc.*		25,623		136,058
ANADIGICS, Inc.*		7,605		15,362
Analog Devices, Inc.		4,212		207,652
Applied Materials, Inc.		16,263		290,295
Applied Micro Circuits Corp.*		4,914		57,297
Atmel Corp.*		33,345		242,752
ATMI, Inc.*		2,223		60,777
Avago Technologies Ltd.		2,691		122,252
Broadcom Corp., Class A		7,839		209,458
Brooks Automation, Inc.		4,914		47,371
Cabot Microelectronics Corp.*		1,755		71,762
Cavium, Inc.*		4,212		169,786
Ceva, Inc.*		1,755		25,149
Cirrus Logic, Inc.*		11,700		262,431


	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Cohu, Inc.		2,223	$	21,252
Cree, Inc.*		1,521		92,401
Cypress Semiconductor Corp.*		10,062		93,375
Diodes, Inc.*		2,808		68,010
Entegris, Inc.*		11,583		119,884
Entropic Communications, Inc.*		8,775		37,557
Exar Corp.*		2,808		32,376
Fairchild Semiconductor International, Inc.*		9,828		124,521
First Solar, Inc.*		1,521		76,461
FormFactor, Inc.*		5,031		26,262
Freescale Semiconductor Ltd.*		2,808		43,356
GT Advanced Technologies, Inc.*		20,475		153,562
Hittite Microwave Corp.*		2,574		164,453
Inphi Corp.*		1,521		22,420
Integrated Device Technology, Inc.*		10,647		113,284
Integrated Silicon Solution, Inc.*		4,797		51,712
Intel Corp.		56,394		1,377,705
Intermolecular, Inc.*		1,287		7,465
International Rectifier Corp.*		5,148		134,054
Intersil Corp., Class A		9,945		110,986
IXYS Corp.		1,872		21,771
KLA-Tencor Corp.		1,872		122,803
Kopin Corp.*		4,914		18,034
Kulicke & Soffa Industries, Inc.*		14,157		182,625
Lam Research Corp.*		2,340		126,898
Lattice Semiconductor Corp.*		7,137		36,613
Linear Technology Corp.		2,925		120,334
LSI Corp.		7,605		64,490
LTX-Credence Corp.*		4,095		25,102
M/A-COM Technology Solutions Holdings, Inc.*		1,053		18,185
Magnachip Semiconductor Corp.*		4,212		78,722
Marvell Technology Group Ltd.		4,797		57,564
Maxim Integrated Products, Inc.		3,978		118,147
MaxLinear, Inc., Class A*		1,287		11,145
Micrel, Inc.		5,382		49,514
Microchip Technology, Inc.		2,457		105,553
Micron Technology, Inc.*		11,583		204,787
Microsemi Corp.*		17,082		429,271
MKS Instruments, Inc.		3,744		110,972


	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
Monolithic Power Systems, Inc.		2,457	$	78,231
Nanometrics, Inc.*		1,872		34,782
NVE Corp.*		702		37,466
NVIDIA Corp.		7,839		118,996
OmniVision Technologies, Inc.*		9,828		137,690
ON Semiconductor Corp.*		7,137		50,387
PDF Solutions, Inc.*		1,989		45,687
Peregrine Semiconductor Corp.*		2,574		20,952
Pericom Semiconductor Corp.*		1,872		15,126
Photronics, Inc.*		7,839		65,848
PLX Technology, Inc.*		2,340		14,134
PMC – Sierra, Inc.*		17,082		100,271
Power Integrations, Inc.		2,223		127,689
Rambus, Inc.*		8,073		70,558
RF Micro Devices, Inc.*		20,826		109,337
Rubicon Technology, Inc.*		1,755		15,093
Rudolph Technologies, Inc.*		2,691		28,525
Semtech Corp.*		5,382		167,434
Sigma Designs, Inc.*		1,638		8,911
Silicon Image, Inc.*		5,967		31,327
Silicon Laboratories, Inc.*		3,276		131,761
Skyworks Solutions, Inc.*		2,457		63,341
Spansion, Inc., Class A*		9,243		110,639
SunEdison, Inc.*		19,656		182,801
SunPower Corp.*		3,510		105,967
Supertex, Inc.		819		20,893
Teradyne, Inc.*		2,106		36,834
Tessera Technologies, Inc.		5,265		100,140
Texas Instruments, Inc.		16,263		684,347
TriQuint Semiconductor, Inc.*		14,508		115,048
Ultra Clean Holdings, Inc.*		5,148		47,928
Ultratech, Inc.*		2,223		52,885
Veeco Instruments, Inc.*		3,042		88,857
Xilinx, Inc.		3,744		170,052
				10,294,727
Software – 3.1%
Accelrys, Inc.*		3,276		30,631
ACI Worldwide, Inc.*		3,159		174,124
Activision Blizzard, Inc.		5,616		93,450
Actuate Corp.*		3,510		28,115
Adobe Systems, Inc.*		7,020		380,484


	Shares		Value
Software – (continued)
Advent Software, Inc.		2,925	$	98,134
American Software, Inc., Class A		2,574		22,522
ANSYS, Inc.*		1,287		112,548
Aspen Technology, Inc.*		7,020		268,375
Autodesk, Inc.*		3,159		126,076
Blackbaud, Inc.		3,159		113,724
Bottomline Technologies de, Inc.*		3,042		95,580
BroadSoft, Inc.*		2,106		68,908
CA, Inc.		4,095		130,057
Cadence Design Systems, Inc.*		3,861		50,077
Callidus Software, Inc.*		2,457		25,430
Check Point Software Technologies Ltd.*		2,457		142,555
Citrix Systems, Inc.*		2,808		159,438
CommVault Systems, Inc.*		1,521		118,760
Compuware Corp.		16,029		171,190
Comverse, Inc.*		4,563		144,100
Concur Technologies, Inc.*		702		73,429
Digimarc Corp.		468		9,856
Ebix, Inc.		6,084		69,236
Electronic Arts, Inc.*		4,212		110,565
Ellie Mae, Inc.*		1,989		57,482
Epiq Systems, Inc.		5,382		80,515
ePlus, Inc.		702		38,161
FactSet Research Systems, Inc.		468		50,984
Fair Isaac Corp.		2,808		160,842
Fortinet, Inc.*		10,530		211,758
Glu Mobile, Inc.*		4,329		14,719
Guidance Software, Inc.*		1,053		9,203
Guidewire Software, Inc.*		4,446		225,501
Imperva, Inc.*		1,521		58,315
Infoblox, Inc.*		3,510		156,020
Informatica Corp.*		1,404		54,194
Interactive Intelligence Group, Inc.*		1,053		64,707
Intuit, Inc.		4,329		309,134
Jive Software, Inc.*		3,042		33,127
Manhattan Associates, Inc.*		1,521		162,002
Mentor Graphics Corp.		6,786		149,835
MICROS Systems, Inc.*		1,170		63,473
Microsoft Corp.		87,399		3,089,555
MicroStrategy, Inc., Class A*		819		99,910
Model N, Inc.*		585		5,259


	Shares		Value
COMMON STOCKS – (continued)
Software – (continued)
Monotype Imaging Holdings, Inc.		2,574	$	72,638
Net 1 UEPS Technologies, Inc.*		7,488		88,957
Netscout Systems, Inc.*		3,276		92,776
NetSuite, Inc.*		819		82,621
Nuance Communications, Inc.*		3,510		54,616
Oracle Corp.		50,427		1,689,305
Pegasystems, Inc.		1,287		48,983
Progress Software Corp.*		4,563		118,455
Proofpoint, Inc.*		1,170		37,019
PROS Holdings, Inc.*		1,755		62,039
PTC, Inc.*		9,126		252,973
Qlik Technologies, Inc.*		6,669		168,992
Qualys, Inc.*		819		17,035
Rally Software Development Corp.*		936		25,113
RealPage, Inc.*		3,861		94,710
Red Hat, Inc.*		2,808		121,502
Rosetta Stone, Inc.*		936		14,208
Rovi Corp.*		16,146		270,607
Salesforce.com, Inc.*		7,488		399,560
Seachange International, Inc.*		2,106		29,884
ServiceNow, Inc.*		1,404		76,672
Silver Spring Networks, Inc.*		585		12,776
SolarWinds, Inc.*		819		29,640
Solera Holdings, Inc.		702		39,466
Splunk, Inc.*		1,053		66,034
SS&C Technologies Holdings, Inc.*		4,329		170,130
Symantec Corp.		9,477		215,507
Synchronoss Technologies, Inc.*		2,223		76,960
Synopsys, Inc.*		2,106		76,764
Take-Two Interactive Software, Inc.*		7,488		134,110
Tangoe, Inc.*		2,340		44,694
Telenav, Inc.*		351		2,545
TIBCO Software, Inc.*		2,106		51,723
TiVo, Inc.*		10,062		133,724
Tyler Technologies, Inc.*		2,340		226,301
The Ultimate Software Group, Inc.*		2,340		361,483
VASCO Data Security International, Inc.*		1,755		13,180


	Shares		Value
Software – (continued)
Verint Systems, Inc.*		3,978	$	145,277
VirnetX Holding Corp.*		2,340		50,872
VMware, Inc., Class A*		1,170		95,098
Vringo, Inc.*		3,978		11,218
Workday, Inc., Class A*		468		35,039
Zynga, Inc., Class A*		50,661		181,873
				13,905,139
Specialty Retail – 3.0%
Aaron’s, Inc.		5,967		169,284
Abercrombie & Fitch Co., Class A		468		17,541
Advance Auto Parts, Inc.		1,053		104,436
Aeropostale, Inc.*		5,733		53,260
American Eagle Outfitters, Inc.		2,340		36,247
America’s Car-Mart, Inc.*		1,053		48,164
ANN, Inc.*		8,892		314,421
Asbury Automotive Group, Inc.*		5,382		258,605
Ascena Retail Group, Inc.*		2,925		57,886
AutoNation, Inc.*		585		28,214
AutoZone, Inc.*		468		203,435
Barnes & Noble, Inc.*		7,254		102,499
bebe stores, inc.		2,691		16,227
Bed Bath & Beyond, Inc.*		3,159		244,254
Best Buy Co., Inc.		3,276		140,213
Big 5 Sporting Goods Corp.		2,808		53,099
Body Central Corp.*		936		5,242
Brown Shoe Co., Inc.		7,137		160,154
The Buckle, Inc.		1,989		97,342
Cabela’s, Inc.*		1,287		76,345
CarMax, Inc.*		3,159		148,441
The Cato Corp., Class A		4,914		147,273
Chico’s FAS, Inc.		4,329		74,242
The Children’s Place Retail Stores, Inc.*		1,638		89,418
Christopher & Banks Corp.*		2,457		14,177
Citi Trends, Inc.*		2,340		34,351
Conn’s, Inc.*		1,989		120,215
Destination Maternity Corp.		2,340		73,102
Destination XL Group, Inc.*		7,605		52,855
Dick’s Sporting Goods, Inc.		1,287		68,481
DSW, Inc., Class A		2,808		246,177


	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – (continued)
Express, Inc.*		16,146	$	374,749
The Finish Line, Inc., Class A		9,243		231,445
Five Below, Inc.*		3,276		158,100
Foot Locker, Inc.		1,521		52,779
Francesca’s Holdings Corp.*		3,627		65,250
GameStop Corp., Class A		1,521		83,381
The Gap, Inc.		4,212		155,802
Genesco, Inc.*		4,095		278,910
GNC Holdings, Inc., Class A		1,404		82,583
Group 1 Automotive, Inc.		3,744		239,616
Guess?, Inc.		10,647		332,719
Haverty Furniture Cos, Inc.		1,404		39,045
hhgregg, Inc.*		2,925		45,367
Hibbett Sports, Inc.*		2,106		122,843
The Home Depot, Inc.		19,890		1,549,232
Jos A Bank Clothiers, Inc.*		2,223		106,659
Kirkland’s, Inc.*		2,340		41,535
L Brands, Inc.		3,510		219,761
Lithia Motors, Inc., Class A		3,978		250,017
Lowe’s Cos., Inc.		15,210		757,154
Lumber Liquidators Holdings, Inc.*		1,989		227,124
MarineMax, Inc.*		1,755		25,851
Mattress Firm Holding Corp.*		1,287		38,687
The Men’s Wearhouse, Inc.		8,541		361,284
Monro Muffler Brake, Inc.		2,106		96,876
New York & Co., Inc.*		1,755		8,986
Office Depot, Inc.*		23,049		128,844
OfficeMax, Inc.		15,210		227,846
O’Reilly Automotive, Inc.*		1,638		202,801
Pacific Sunwear of California, Inc.*		3,042		8,183
Penske Automotive Group, Inc.		7,722		305,946
The Pep Boys-Manny Moe & Jack*		3,393		43,905
PetSmart, Inc.		1,521		110,668
Pier 1 Imports, Inc.		7,722		161,235
RadioShack Corp.*		18,135		50,959
Rent-A-Center, Inc.		9,828		336,511
Restoration Hardware Holdings, Inc.*		2,223		155,032
Ross Stores, Inc.		3,159		244,349
Sally Beauty Holdings, Inc.*		2,340		61,589


	Shares		Value
Specialty Retail – (continued)
Sears Hometown and Outlet Stores, Inc.*		2,223	$	61,933
Select Comfort Corp.*		3,627		66,447
Shoe Carnival, Inc.		2,223		57,776
Signet Jewelers Ltd.		819		61,146
Sonic Automotive, Inc., Class A		6,084		135,551
Stage Stores, Inc.		2,223		45,905
Staples, Inc.		6,903		111,276
Stein Mart, Inc.		4,914		72,580
Tiffany & Co.		1,638		129,680
Tile Shop Holdings, Inc.*		1,872		41,802
Tilly’s, Inc., Class A*		1,170		17,035
TJX Cos., Inc.		10,062		611,669
Tractor Supply Co.		1,872		133,567
Ulta Salon Cosmetics & Fragrance, Inc.*		936		120,604
Urban Outfitters, Inc.*		1,170		44,320
Vitamin Shoppe, Inc.*		2,574		120,746
West Marine, Inc.*		1,287		15,714
The Wet Seal, Inc., Class A*		8,541		28,271
Williams-Sonoma, Inc.		1,170		61,355
Winmark Corp.		117		8,566
Zumiez, Inc.*		1,521		45,082
				13,230,248
Textiles, Apparel & Luxury Goods – 1.0%
American Apparel, Inc.*		8,073		10,818
Carter’s, Inc.		1,170		80,905
Coach, Inc.		4,095		207,535
Columbia Sportswear Co.		819		54,767
Crocs, Inc.*		16,380		199,508
Deckers Outdoor Corp.*		3,042		209,381
Fifth & Pacific Cos., Inc.*		9,477		251,046
Fossil Group, Inc.*		702		89,112
G-III Apparel Group Ltd.*		3,042		172,542
Hanesbrands, Inc.		1,053		71,730
Iconix Brand Group, Inc.*		7,839		282,909
The Jones Group, Inc.		13,806		214,545
Lululemon Athletica, Inc.*		1,404		96,946
Michael Kors Holdings Ltd.*		2,574		198,069
Movado Group, Inc.		1,287		60,013
NIKE, Inc., Class B		10,296		780,025
Oxford Industries, Inc.		936		67,177


	Shares		Value
COMMON STOCKS – (continued)
Textiles, Apparel & Luxury Goods – (continued)
Perry Ellis International, Inc.		2,457	$	46,708
PVH Corp.		1,053		131,172
Quiksilver, Inc.*		9,711		80,796
Ralph Lauren Corp.		819		135,659
Skechers U.S.A., Inc., Class A*		4,212		122,738
Steven Madden Ltd.*		4,385		160,842
Tumi Holdings, Inc.*		3,276		69,943
Under Armour, Inc., Class A*		936		75,956
Unifi, Inc.*		585		14,268
Vera Bradley, Inc.*		1,755		38,873
VF Corp.		1,170		251,550
Wolverine World Wide, Inc.		3,627		209,423
				4,384,956
Thrifts & Mortgage Finance – 0.7%
Astoria Financial Corp.		13,572		179,286
Bank Mutual Corp.		2,223		14,138
Beneficial Mutual Bancorp, Inc.*		2,691		26,237
Berkshire Hills Bancorp, Inc.		4,563		115,763
BofI Holding, Inc.*		1,170		70,691
Brookline Bancorp, Inc.		12,870		114,157
Capitol Federal Financial, Inc.		11,232		142,309
Dime Community Bancshares, Inc.		5,148		84,221
EverBank Financial Corp.		15,678		237,051
Federal Agricultural Mortgage Corp., Class C		1,872		66,812
First Defiance Financial Corp.		1,404		36,251
Flagstar Bancorp, Inc.*		3,627		58,794
HomeStreet, Inc.		2,223		42,281
Hudson City Bancorp, Inc.		5,148		46,229
MGIC Investment Corp.*		26,325		214,286
Nationstar Mortgage Holdings, Inc.*		585		30,022
New York Community Bancorp, Inc.		4,680		75,863
Northfield Bancorp, Inc.		2,808		36,307
Northwest Bancshares, Inc.		6,786		94,936
OceanFirst Financial Corp.		2,574		45,277
Ocwen Financial Corp.*		2,925		164,473
Oritani Financial Corp.		3,276		53,137
People’s United Financial, Inc.		4,446		64,156
Provident Financial Holdings, Inc.		702		10,642


	Shares		Value
Thrifts & Mortgage Finance – (continued)
Provident Financial Services, Inc.		9,477	$	177,599
Provident New York Bancorp		2,808		32,910
Radian Group, Inc.		15,210		221,610
Rockville Financial, Inc.		936		12,308
Security National Financial Corp., Class A*		2,223		13,049
Territorial Bancorp, Inc.		234		5,104
TFS Financial Corp.*		1,287		15,624
Tree.com, Inc.		351		10,358
TrustCo Bank Corp. NY		16,380		110,074
United Financial Bancorp, Inc.		2,457		38,526
Walker & Dunlop, Inc.*		3,744		48,597
Washington Federal, Inc.		19,305		439,768
Westfield Financial, Inc.		1,404		10,123
WSFS Financial Corp.		1,287		90,103
				3,249,072
Tobacco – 0.9%
Alliance One International, Inc.*		15,561		46,216
Altria Group, Inc.		28,080		1,045,418
Lorillard, Inc.		5,265		268,568
Philip Morris International, Inc.		22,581		2,012,419
Reynolds American, Inc.		4,446		228,391
Universal Corp.		4,212		223,362
Vector Group Ltd.		8,106		131,074
				3,955,448
Trading Companies & Distributors – 0.7%
Aceto Corp.		4,446		70,914
Air Lease Corp.		5,499		161,671
Aircastle Ltd.		7,371		139,091
Applied Industrial Technologies, Inc.		3,042		143,917
Beacon Roofing Supply, Inc.*		3,393		117,771
CAI International, Inc.*		3,276		71,712
DXP Enterprises, Inc.*		702		64,514
Edgen Group, Inc.*		7,722		92,432
Fastenal Co.		3,627		180,625
GATX Corp.		3,042		156,815
H&E Equipment Services, Inc.*		1,989		49,785
Houston Wire & Cable Co.		3,042		42,192
Kaman Corp.		5,499		204,453
MRC Global, Inc.*		18,954		529,764


	Shares		Value
COMMON STOCKS – (continued)
Trading Companies & Distributors – (continued)
MSC Industrial Direct Co., Inc., Class A		585	$	44,676
Rush Enterprises, Inc., Class A*		6,084		174,124
TAL International Group, Inc.*		5,967		288,266
Textainer Group Holdings Ltd.		2,808		106,423
Titan Machinery, Inc.*		1,638		28,894
United Rentals, Inc.*		1,404		90,684
W.W. Grainger, Inc.		819		220,286
Watsco, Inc.		2,340		222,979
WESCO International, Inc.*		819		69,992
				3,271,980
Transportation Infrastructure – 0.0%^†
Aegean Marine Petroleum Network, Inc.		5,616		55,149
Wesco Aircraft Holdings, Inc.*		2,691		49,299
				104,448
Water Utilities – 0.1%
American States Water Co.		2,808		79,972
American Water Works Co., Inc.		2,457		105,332
Aqua America, Inc.		1,989		50,083
California Water Service Group		3,744		81,619
Connecticut Water Service, Inc.		936		29,999
Middlesex Water Co.		1,170		24,254
SJW Corp.		936		26,423
York Water Co.		1,755		36,346
				434,028
Wireless Telecommunication Services – 0.3%
Boingo Wireless, Inc.*		1,287		8,726
Crown Castle International Corp.*		4,212		320,196
Leap Wireless International, Inc.*		9,711		156,347
NII Holdings, Inc.*		32,292		111,084
NTELOS Holdings Corp.		2,223		42,326
SBA Communications Corp., Class A*		1,638		143,276
Shenandoah Telecommunications Co.		3,042		84,355
Sprint Corp.*		21,879		147,246
Telephone & Data Systems, Inc.		8,775		273,604


	Shares		Value
Wireless Telecommunication Services – (continued)
T-Mobile US, Inc.*		1,861	$	51,606
USA Mobility, Inc.		3,978		59,352
				1,398,118
Total Common Stocks (Cost $361,979,298)				442,376,686
	No. of Rights
RIGHTS – 0.0%^†
Caesars Entertainment Corp., expiring 11/02/13 at 8.64 USD* ^		3,105		—
Total Rights (Cost $–)				—
	No. of Warrants
WARRANTS – 0.0%^†
Magnum Hunter Resources Corp., expiring 04/15/16 at 8.50 USD* ^		2,849		—
Tejon Ranch Co., expiring 08/31/16 at 40.00 USD*		142		760
Total Warrants (Cost $–)				760
	Principal Amount		Value
U.S. Government & Agency Security – 0.0%^†
U.S. Treasury Bill 0.00%, due 04/10/14(a) (b)	$	275,000		274,933
Total U.S. Government & Agency Security (Cost $274,932)				274,933
Total Investment Securities (Cost $362,254,230) – 98.8%				442,652,379
Other assets less liabilities –1.2%				5,240,848
NET ASSETS – 100.0%			$	447,893,227

*	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.

^	Security fair valued in accordance with procedures adopted by the Board of Trustees. At October 31, 2013, the value of these securities amounted to $0.00 or 0.00% of net assets.

^†	Amount represents less than 0.05%.

^(a)

Zero coupon security. Rate disclosed is yield as of October 31, 2013.

^(b)

Security pledged as collateral to cover margin requirements for open futures contracts.

Percentages shown are based on Net Assets.

Abbreviation:

REIT – Real Estate Investment Trust

As of October 31, 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	$	84,669,001
Aggregate gross unrealized depreciation		(4,312,107	)
Net unrealized appreciation	$	80,356,894
Federal income tax cost of investments	$	362,295,485

Investment in a company which was affiliated for the year ended October 31, 2013, was as follows:

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open long futures contracts as of October 31, 2013:


	Shares		Value
COMMON STOCKS –99.4%
Aerospace & Defense – 0.9%
BAE Systems PLC		48,451	$	353,945
Bombardier, Inc., Class A		800		3,659
Bombardier, Inc., Class B		19,657		89,346
CAE, Inc.		1,384		15,859
Chemring Group PLC		30,077		105,100
Cobham PLC		21,550		99,781
Elbit Systems Ltd.		412		22,068
European Aeronautic Defence and Space Co. N.V.		8,922		613,872
Finmeccanica SpA*		5,354		39,342
Kongsberg Gruppen AS		2,303		48,013
MacDonald Dettwiler & Associates Ltd.		250		19,070
Meggitt PLC		11,405		104,901
MTU Aero Engines AG		677		67,731
QinetiQ Group PLC		35,367		112,448
Rolls-Royce Holdings PLC*		27,651		510,877
Rolls-Royce Holdings PLC (Preference)*^		2,377,986		3,821
Saab AB, Class B		233		4,681
Safran S.A.		3,250		207,995
Singapore Technologies Engineering Ltd.		27,000		91,861
Thales S.A.		1,878		115,402
Ultra Electronics Holdings PLC		3,003		93,308
Zodiac Aerospace		502		80,531
				2,803,611
Air Freight & Logistics – 0.4%
Bollore S.A.		30		16,389
CWT Ltd.		53,000		59,395
Deutsche Post AG (Registered)		13,275		449,830
Freightways Ltd.		5,961		21,563
Goodpack Ltd.		11,000		16,983
Mainfreight Ltd.		6,603		63,401
Oesterreichische Post AG		116		5,459
Panalpina Welttransport Holding AG		164		24,612
PostNL N.V.*		64,452		338,398
The Shibusawa Warehouse Co. Ltd.		2,000		8,501


	Shares		Value
Air Freight & Logistics – (continued)
Singapore Post Ltd.		5,000	$	5,281
TNT Express N.V.		2,492		23,038
Toll Holdings Ltd.		4,946		27,024
Yamato Holdings Co. Ltd.		5,100		109,475
Yusen Logistics Co. Ltd.		2,100		23,716
				1,193,065
Airlines – 0.2%
Air Berlin PLC*		3,525		8,147
Air France-KLM*		4,281		44,872
Air New Zealand Ltd.		2,717		3,621
ANA Holdings, Inc.		35,000		73,132
Cathay Pacific Airways Ltd.		13,000		25,789
Deutsche Lufthansa AG*		2,937		56,958
easyJet PLC		2,212		46,519
Finnair Oyj		10,395		39,711
International Consolidated Airlines Group S.A.*		10,341		57,800
Japan Airlines Co. Ltd.		1,100		64,244
Norwegian Air Shuttle AS*		532		21,905
Qantas Airways Ltd.*		1,868		2,202
SAS AB*		15,830		47,703
Singapore Airlines Ltd.		7,000		58,862
Skymark Airlines, Inc.		2,900		9,932
Tiger Airways Holdings Ltd.*		16,800		7,043
Virgin Australia Holdings Ltd.*		138,569		54,455
				622,895
Auto Components – 1.6%
Aisin Seiki Co. Ltd.		2,500		101,289
Akebono Brake Industry Co. Ltd.		5,500		26,404
Brembo SpA		5,280		139,902
Bridgestone Corp.		10,000		341,963
Cie Generale des Etablissements Michelin		2,760		288,996
Continental AG		1,503		275,747
Daido Metal Co. Ltd.		4,000		41,953
Denso Corp.		7,500		359,673
Eagle Industry Co. Ltd.		1,000		16,043
ElringKlinger AG		2,209		94,208
Exedy Corp.		2,000		59,342
Faurecia*		7,678		224,840

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


	Shares		Value
COMMON STOCKS –(continued)
Auto Components – (continued)
Futaba Industrial Co. Ltd.*		5,700	$	21,206
GKN PLC		24,853		146,898
G-Tekt Corp.		1,400		41,311
HI-LEX Corp.		3,900		84,114
Keihin Corp.		3,400		55,413
Kinugawa Rubber Industrial Co. Ltd.		9,000		49,628
Koito Manufacturing Co. Ltd.		1,000		18,194
KYB Co. Ltd.		8,000		46,152
Leoni AG		4,901		333,212
Linamar Corp.		6,875		231,133
Magna International, Inc.		3,128		264,883
Martinrea International, Inc.		12,128		128,508
Musashi Seimitsu Industry Co. Ltd.		2,900		68,340
NGK Spark Plug Co. Ltd.		3,000		68,342
NHK Spring Co. Ltd.		400		4,171
Nifco, Inc.		200		5,321
Nippon Seiki Co. Ltd.		5,000		81,541
Nissin Kogyo Co. Ltd.		2,200		41,058
NOK Corp.		800		12,329
Nokian Renkaat Oyj		1,328		67,288
Pirelli & C. SpA		6,530		92,149
Plastic Omnium S.A.		3,324		95,350
Press Kogyo Co. Ltd.		14,000		61,360
Riken Corp.		15,000		65,590
Sanden Corp.		13,000		52,604
Showa Corp.		4,100		56,709
Stanley Electric Co. Ltd.		1,600		37,150
Sumitomo Rubber Industries Ltd.		1,600		22,212
Tachi-S Co. Ltd.		3,900		62,171
Topre Corp.		5,600		78,426
Toyo Tire & Rubber Co. Ltd.		8,000		46,642
Toyoda Gosei Co. Ltd.		200		4,986
Toyota Industries Corp.		2,500		109,953
TPR Co. Ltd.		3,700		70,108
TS Tech Co. Ltd.		300		11,222
Unipres Corp.		5,900		118,890
Valeo S.A.		1,026		102,033
Xinyi Glass Holdings Ltd.		10,000		9,906
The Yokohama Rubber Co. Ltd.		1,000		9,765
Yorozu Corp.		1,200		23,667
				4,870,295


	Shares		Value
Automobiles – 2.6%
Bayerische Motoren Werke AG		4,777	$	542,536
Bayerische Motoren Werke AG (Preference)		1,203		100,713
Daihatsu Motor Co. Ltd.		4,200		81,423
Daimler AG		14,119		1,160,132
FFP*		1,031		59,752
Fiat SpA*		12,577		99,000
Fuji Heavy Industries Ltd.		9,200		250,466
Honda Motor Co. Ltd.		25,000		997,605
Isuzu Motors Ltd.		15,000		92,957
Mazda Motor Corp.*		33,000		147,997
Mitsubishi Motors Corp.*		5,800		64,911
Nissan Motor Co. Ltd.		37,600		376,345
Peugeot S.A.*		2,813		37,118
Piaggio & C SpA		4,425		12,790
Porsche Automobil Holding SE (Preference)		2,325		218,066
Renault S.A.		2,753		241,442
Suzuki Motor Corp.		5,700		142,979
Toyota Motor Corp.		41,500		2,690,246
Volkswagen AG		426		104,536
Volkswagen AG (Preference)		2,175		553,534
Yamaha Motor Co. Ltd.		3,600		54,967
				8,029,515
Beverages – 1.6%
Anheuser-Busch InBev N.V.		11,687		1,217,057
Asahi Group Holdings Ltd.		5,200		140,455
Britvic PLC		12,126		121,760
C&C Group PLC		5,331		31,287
Carlsberg A/S, Class B		1,576		157,564
Coca-Cola Amatil Ltd.		8,800		107,498
Coca-Cola East Japan Co. Ltd.		2,606		46,218
Coca-Cola West Co. Ltd.		200		4,059
Corby Distilleries Ltd., Class A		638		12,511
Cott Corp.		8,102		66,348
Damm S.A.		3,415		22,749
Davide Campari-Milano SpA		2,464		21,506
Diageo PLC		38,287		1,222,241
Heineken Holding N.V.		1,500		95,631
Heineken N.V.		3,200		221,435
Ito En Ltd.		200		4,493
Kirin Holdings Co. Ltd.		14,000		204,342

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


	Shares		Value
COMMON STOCKS – (continued)
Beverages – (continued)
Molson Coors Canada, Inc., Class B		620	$	33,234
Pernod-Ricard S.A.		3,252		391,267
Remy Cointreau S.A.		137		13,537
Royal UNIBREW A/S		424		54,485
SABMiller PLC		13,978		730,753
Sapporo Holdings Ltd.		2,000		8,888
Takara Holdings, Inc.		1,000		9,143
Treasury Wine Estates Ltd.		10,860		48,334
				4,986,795
Biotechnology – 0.5%
3-D Matrix Ltd.*		200		6,778
Abcam PLC		7,151		57,961
Actelion Ltd. (Registered)*		1,955		151,663
Active Biotech AB*		2,024		22,520
Algeta ASA*		597		23,739
Basilea Pharmaceutica*		531		58,052
CK Life Sciences International Holdings, Inc.		48,000		4,458
CSL Ltd.		7,578		498,731
Elan Corp. PLC*		4,422		73,343
Genmab A/S*		2,058		89,466
Genus PLC		2,753		58,383
Grifols S.A.		2,253		92,517
Grifols S.A., Class B		2,614		78,538
Japan Tissue Engineering Co. Ltd.*		2		10,641
Mesoblast Ltd.*		9,717		60,730
NicOx S.A.*		2,113		7,124
Novozymes A/S, Class B		3,827		150,115
OncoTherapy Science, Inc.*		2,300		7,033
QLT, Inc.		600		2,610
Sosei Group Corp.*		300		12,843
Swedish Orphan Biovitrum AB*		6,063		58,090
Takara Bio, Inc.		200		4,466
ThromboGenics N.V.*		1,426		39,432
Zeltia S.A.*		4,904		17,001
				1,586,234
Building Products – 0.7%
Asahi Glass Co. Ltd.		21,000		129,498
Assa Abloy AB, Class B		4,876		242,404
Belimo Holding AG		21		54,265


	Shares		Value
Building Products –(continued)
Central Glass Co. Ltd.		25,000	$	86,892
Cie de St-Gobain		6,282		330,897
Daikin Industries Ltd.		3,100		177,892
Geberit AG*		577		172,867
GWA Group Ltd.		7,794		22,880
Hills Holdings Ltd.		22,708		39,351
James Halstead PLC		912		4,381
Kingspan Group PLC		2,446		40,968
Lindab International AB*		2,940		28,691
LIXIL Group Corp.		3,300		77,295
Nibe Industrier AB, Class B		3,352		64,387
Nichias Corp.		13,000		87,983
Nichiha Corp.		1,600		22,946
Nippon Sheet Glass Co. Ltd.*		154,000		199,348
Nitto Boseki Co. Ltd.		9,000		41,739
Noritz Corp.		3,200		74,268
Rockwool International A/S, Class B		82		12,951
Sankyo Tateyama, Inc.		2,400		50,735
Sanwa Holdings Corp.		3,000		19,203
Sekisui Jushi Corp.		5,000		72,724
Takara Standard Co. Ltd.		3,000		24,157
Takasago Thermal Engineering Co. Ltd.		400		3,343
TOTO Ltd.		3,000		42,320
Uponor Oyi		3,947		78,075
Wienerberger AG		3,084		53,708
				2,256,168
Capital Markets – 2.2%
3i Group PLC		19,853		119,003
Aberdeen Asset Management PLC		10,801		76,856
ABG Sundal Collier Holding ASA		12,905		10,133
AGF Management Ltd., Class B		2,200		29,049
Alaris Royalty Corp.		880		30,024
Allied Properties HK Ltd.		160,000		26,415
ARA Asset Management Ltd.		15,200		22,487
Ashmore Group PLC		9,027		58,664
Avanza Bank Holding AB		174		5,606
Azimut Holding SpA		1,299		33,042
Banca Generali SpA		2,432		63,712
BinckBank N.V.		9,650		93,146
Boursorama*		2,694		27,066
Brederode S.A.		1,735		64,582

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


	Shares		Value
COMMON STOCKS – (continued)
Capital Markets – (continued)
Canaccord Genuity Group, Inc.		11,326	$	71,897
CI Financial Corp.		2,177		72,396
Close Brothers Group PLC		4,162		84,586
Credit Suisse Group AG*		23,582		735,155
Daiwa Securities Group, Inc.		25,000		227,296
Deutsche Bank AG		15,232		737,823
Dundee Corp., Class A*		2,420		46,388
EFG International AG*		1,165		17,175
F&C Asset Management PLC		60,334		98,387
GAM Holding AG*		3,729		70,005
Gimv N.V.		1,502		76,165
GMP Capital, Inc.		8,554		50,938
Hargreaves Lansdown PLC		5,605		107,159
Henderson Group PLC		5,642		19,434
ICAP PLC		13,510		83,608
Ichigo Group Holdings Co. Ltd.		5,200		21,466
Ichiyoshi Securities Co. Ltd.		2,700		38,198
IGM Financial, Inc.		1,825		87,921
Intermediate Capital Group PLC		11,365		87,552
Investec PLC		3,291		23,084
IOOF Holdings Ltd.		6,410		54,569
Jafco Co. Ltd.		300		14,983
Julius Baer Group Ltd.*		2,902		142,897
Jupiter Fund Management PLC		13,502		86,487
kabu.com Securities Co. Ltd.		2,000		10,519
Macquarie Group Ltd.		4,285		206,739
Magellan Financial Group Ltd.		2,303		24,316
Man Group PLC		11,656		16,667
Marusan Securities Co. Ltd.		1,200		9,797
Matsui Securities Co. Ltd.		1,300		13,847
Mediobanca SpA		10,971		100,304
MLP AG		523		3,266
Monex Group, Inc.		3,500		12,700
Nomura Holdings, Inc.		50,400		371,412
Okasan Securities Group, Inc.		4,000		34,410
Paris Orleans S.A.*		3,277		80,993
Partners Group Holding AG		302		78,406
Perpetual Ltd.		1,925		83,852
Ratos AB, Class B		406		3,523
SBI Holdings, Inc.		2,500		30,119
Schroders PLC		1,174		48,644


	Shares		Value
Capital Markets – (continued)
Sprott, Inc.		1,700	$	4,304
Sun Hung Kai & Co. Ltd.		160,000		90,184
SVG Capital PLC*		38,466		246,827
Tetragon Financial Group Ltd.		16,858		166,726
Tokai Tokyo Financial Holdings, Inc.		2,200		18,343
Tullett Prebon PLC		34,001		173,711
UBS AG*		55,562		1,077,432
Union Financiere de France BQE S.A.		2,150		51,590
UOB-Kay Hian Holdings Ltd.		35,000		46,842
Uranium Participation Corp.*		11,392		53,309
Value Partners Group Ltd.		6,000		3,645
Verwaltungs- und Privat-Bank AG		536		52,147
Vontobel Holding AG		2,175		87,307
				6,917,235
Chemicals – 3.6%
Achilles Corp.		11,000		18,275
ADEKA Corp.		12,700		148,993
Agrium, Inc.		2,525		215,491
Air Liquide S.A.		4,653		634,473
Air Water, Inc.		1,000		14,270
Akzo Nobel N.V.		3,550		258,493
Alent PLC		17,435		97,086
Arkema S.A.		950		107,997
Asahi Kasei Corp.		16,000		121,496
AZ Electronic Materials S.A.		13,544		62,559
BASF SE		13,982		1,456,624
C Uyemura & Co. Ltd.		700		29,717
Canexus Corp.		3,680		25,619
Chemtrade Logistics Income Fund		3,456		56,471
Chr Hansen Holding A/S		2,277		84,460
Chugoku Marine Paints Ltd.		15,000		85,618
Clariant AG*		2,513		44,402
Croda International PLC		1,952		76,395
Daicel Corp.		6,000		50,515
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		15,000		62,379
Daiso Co. Ltd.		19,000		57,711
Denki Kagaku Kogyo KK		2,000		8,358
DIC Corp.		2,000		5,769
DuluxGroup Ltd.		17,926		87,421
Earth Chemical Co. Ltd.		400		14,881

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


	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Elementis PLC		21,851	$	90,959
EMS-Chemie Holding AG		53		19,358
Essentra PLC		6,723		84,627
Evonik Industries AG*		1,731		65,892
Frutarom Industries Ltd.		1,635		29,377
Fuchs Petrolub SE		27		1,839
Fuchs Petrolub SE (Preference)		880		71,303
Fujimi, Inc.		100		1,343
Fujimori Kogyo Co. Ltd.		800		23,704
Givaudan S.A.*		125		177,793
H&R AG*		1,125		13,641
Hexpol AB		1,480		111,382
Hitachi Chemical Co. Ltd.		1,700		26,043
Incitec Pivot Ltd.		36,455		91,826
Ishihara Sangyo Kaisha Ltd.*		59,000		54,724
Israel Chemicals Ltd.		7,328		60,762
The Israel Corp. Ltd.*		6		3,033
Johnson Matthey PLC		2,951		142,422
JSP Corp.		1,100		17,479
JSR Corp.		2,800		53,140
K+S AG (Registered)		3,582		91,502
Kaneka Corp.		1,000		6,330
Kansai Paint Co. Ltd.		3,000		40,118
Kemira Oyj		222		3,570
Koninklijke DSM N.V.		2,463		186,810
Koninklijke Ten Cate N.V.		4,326		131,680
Kuraray Co. Ltd.		5,200		60,952
Kureha Corp.		17,000		65,498
Lanxess AG		1,710		120,515
Linde AG		2,752		523,601
LyondellBasell Industries N.V., Class A		6,390		476,694
Methanex Corp.		1,896		109,940
Mitsubishi Chemical Holdings Corp.		25,500		119,040
Mitsubishi Gas Chemical Co. Inc.		8,000		65,233
Mitsui Chemicals, Inc.		11,000		29,151
Nihon Nohyaku Co. Ltd.		3,000		35,899
Nippon Kayaku Co. Ltd.		1,000		13,974
Nippon Paint Co. Ltd.		3,000		50,331
Nippon Shokubai Co. Ltd.		1,000		12,262
Nippon Soda Co. Ltd.		25,000		152,635


	Shares		Value
Chemicals – (continued)
The Nippon Synthetic Chemical Industry Co. Ltd.		3,000	$	28,927
Nissan Chemical Industries Ltd.		3,800		59,531
Nitto Denko Corp.		2,500		130,721
NOF Corp.		25,000		173,530
Nufarm Ltd.		24,519		113,537
Nuplex Industries Ltd.		27,401		79,384
Okamoto Industries, Inc.		10,000		31,903
Orica Ltd.		6,050		120,711
Potash Corp. of Saskatchewan, Inc.		12,950		402,340
Sakai Chemical Industry Co. Ltd.		9,000		29,813
Sanyo Chemical Industries Ltd.		15,000		103,201
Sateri Holdings Ltd.		12,000		2,322
Shin-Etsu Chemical Co. Ltd.		6,500		366,375
Shin-Etsu Polymer Co. Ltd.		3,800		13,363
Showa Denko KK		30,000		40,669
Sika AG		36		113,739
Solvay S.A.		751		117,720
Sumitomo Bakelite Co. Ltd.		16,000		57,568
Sumitomo Chemical Co. Ltd.		25,000		91,224
Symrise AG		1,452		61,628
Syngenta AG		1,425		576,735
T Hasegawa Co. Ltd.		1,600		22,636
Taiyo Holdings Co. Ltd.		200		6,030
Taiyo Nippon Sanso Corp.		1,000		6,839
Takasago International Corp.		4,000		22,261
Teijin Ltd.		11,000		24,666
Tenma Corp.		3,100		40,128
Tessenderlo Chemie N.V.		786		19,704
Tikkurila Oyj		2,026		52,581
Toagosei Co. Ltd.		29,000		131,240
Tokai Carbon Co. Ltd.		11,000		37,784
Tokuyama Corp.		16,000		61,645
Tokyo Ohka Kogyo Co. Ltd.		2,900		63,906
Toray Industries, Inc.		25,000		155,947
Tosoh Corp.		2,000		7,624
Toyo Ink SC Holdings Co. Ltd.		8,000		40,689
Toyobo Co. Ltd.		2,000		3,832
Ube Industries Ltd.		15,000		31,037
Umicore S.A.		1,451		69,309
Victrex PLC		3,952		104,763
Wacker Chemie AG		136		12,811
Yara International ASA		2,112		91,259

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


	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
Yule Catto & Co. PLC		41,501	$	162,355
Zeon Corp.		1,000		11,895
				11,157,737
Commercial Banks – 11.6%
The 77 Bank Ltd.		1,000		4,943
The Aichi Bank Ltd.		100		4,546
The Akita Bank Ltd.		25,000		62,685
Alpha Bank AE*		182,137		163,921
The Aomori Bank Ltd.		15,000		39,140
Aozora Bank Ltd.		43,000		124,911
Australia & New Zealand Banking Group Ltd.		41,557		1,331,685
The Awa Bank Ltd.		6,000		31,312
Banca Carige SpA*		182,507		146,638
Banca Monte dei Paschi di Siena SpA*		82,417		26,107
Banca Piccolo Credito Valtellinese Scarl*		81,956		147,073
Banca Popolare dell’Emilia Romagna SC*		3,264		31,439
Banca Popolare di Milano Scarl*		5,794		3,890
Banca Popolare di Sondrio SCARL		20,377		117,403
Banco Bilbao Vizcaya Argentaria S.A.		81,018		950,432
Banco BPI S.A.*		9,348		14,869
Banco Comercial Portugues S.A., Class R*		203,535		30,493
Banco de Sabadell S.A.		61,338		157,605
Banco Espirito Santo S.A.*		34,748		45,964
Banco Popolare SC*		26,097		52,012
Banco Popular Espanol S.A.*		24,713		140,840
Banco Santander S.A.*^		3,712		32,999
Banco Santander S.A.		165,433		1,470,661
Bank Coop AG		1,054		55,461
Bank Hapoalim BM		11,895		63,917
Bank Leumi Le-Israel BM*		25,226		96,484
Bank of East Asia Ltd.		20,545		88,905
Bank of Greece		2,951		64,190
The Bank of Iwate Ltd.		2,600		118,061
The Bank of Kyoto Ltd.		5,000		43,930
Bank of Montreal		9,956		693,297


	Shares		Value
Commercial Banks – (continued)
The Bank of Nagoya Ltd.		2,000	$	6,849
Bank of Nova Scotia		18,203		1,106,476
The Bank of Okinawa Ltd.		400		15,472
Bank of Queensland Ltd.		1,340		15,328
The Bank of Saga Ltd.		13,000		27,958
Bank of the Ryukyus Ltd.		300		3,281
The Bank of Yokohama Ltd.		28,000		154,113
Bankinter S.A.		2,538		15,517
Banque Cantonale Vaudoise		8		4,461
Barclays PLC		232,608		985,094
Bendigo and Adelaide Bank Ltd.		7,652		78,982
Berner Kantonalbank AG		22		5,493
BNP Paribas S.A.		15,350		1,138,158
CaixaBank		21,104		109,857
Canadian Imperial Bank of Commerce		6,027		512,629
Canadian Western Bank		1,676		53,743
The Chiba Bank Ltd.		8,000		56,916
The Chiba Kogyo Bank Ltd.*		3,000		22,811
The Chugoku Bank Ltd.		1,000		14,382
Comdirect Bank AG		411		4,681
Commerzbank AG*		14,813		190,689
Commonwealth Bank of Australia		24,402		1,758,017
Corbion N.V.		4,156		96,645
Credit Agricole S.A.*		14,901		180,235
Credito Emiliano SpA		11,377		86,383
Dah Sing Banking Group Ltd.		22,000		41,486
Dah Sing Financial Holdings Ltd.		22,800		141,893
The Daishi Bank Ltd.		8,000		27,887
Danske Bank A/S*		10,303		240,943
DBS Group Holdings Ltd.		26,000		350,901
Deutsche Postbank AG		611		29,962
DNB ASA		14,802		262,555
The Ehime Bank Ltd.		26,000		62,542
The Eighteenth Bank Ltd.		25,000		57,588
Erste Group Bank AG		3,403		120,170
Espirito Santo Financial Group S.A.*		19,011		134,913
FIBI Holdings Ltd.*		1,280		31,455
The Fukui Bank Ltd.		39,000		85,068
Fukuoka Financial Group, Inc.		10,000		45,052
The Governor & Co. of the Bank of Ireland*		327,650		120,269
The Gunma Bank Ltd.		2,000		11,538

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


	Shares		Value
COMMON STOCKS – (continued)
Commercial Banks – (continued)
The Hachijuni Bank Ltd.		10,000	$	61,564
Hang Seng Bank Ltd.		12,500		207,983
The Higashi-Nippon Bank Ltd.		29,000		64,142
The Higo Bank Ltd.		8,000		45,418
The Hiroshima Bank Ltd.		2,000		8,480
The Hokkoku Bank Ltd.		9,000		33,208
The Hokuetsu Bank Ltd.		25,000		51,728
Hokuhoku Financial Group, Inc.		27,000		55,591
HSBC Holdings PLC		279,338		3,061,159
The Hyakugo Bank Ltd.		10,000		40,669
The Hyakujushi Bank Ltd.		10,000		36,388
Intesa Sanpaolo SpA		175,782		436,395
Israel Discount Bank Ltd., Class A*		3,293		6,606
The Iyo Bank Ltd.		6,000		62,501
The Joyo Bank Ltd.		14,000		72,490
The Juroku Bank Ltd.		9,000		35,226
Jyske Bank A/S*		1,272		71,897
The Kagoshima Bank Ltd.		7,000		47,019
Kansai Urban Banking Corp.		18,000		21,466
KBC Groep N.V.		4,000		218,336
The Keiyo Bank Ltd.		5,000		25,431
Laurentian Bank of Canada		4,578		204,350
Liechtensteinische Landesbank AG		1,143		45,377
Lloyds Banking Group PLC*		631,976		787,187
The Michinoku Bank Ltd.		8,000		16,634
The Mie Bank Ltd.		10,000		20,385
The Minato Bank Ltd.		29,000		50,545
Mitsubishi UFJ Financial Group, Inc.		187,500		1,184,895
The Miyazaki Bank Ltd.		20,000		58,098
Mizrahi Tefahot Bank Ltd.		4,192		49,316
Mizuho Financial Group, Inc.		330,600		690,786
The Musashino Bank Ltd.		300		10,519
The Nanto Bank Ltd.		1,000		3,965
National Australia Bank Ltd.		35,606		1,190,551
National Bank of Canada		2,503		217,166
National Bank of Greece S.A.*		5,827		32,876
Natixis		17,874		96,518
The Nishi-Nippon City Bank Ltd.		2,000		5,402
Nordea Bank AB		47,925		614,703
North Pacific Bank Ltd.		6,000		26,175
Oberbank AG		299		19,512


	Shares		Value
Commercial Banks – (continued)
The Ogaki Kyoritsu Bank Ltd.		15,000	$	42,198
The Oita Bank Ltd.		31,000		113,750
Oversea-Chinese Banking Corp. Ltd.		34,000		285,081
Permanent TSB Group Holdings PLC*		604,336		33,192
Piraeus Bank S.A.*		115,127		239,468
Raiffeisen Bank International AG		308		11,335
Resona Holdings, Inc.		22,900		119,040
Ringkjoebing Landbobank A/S		244		49,278
Royal Bank of Canada		21,602		1,450,422
Royal Bank of Scotland Group PLC*		28,150		166,250
The San-In Godo Bank Ltd.		3,000		21,741
Senshu Ikeda Holdings, Inc.		9,000		44,307
Seven Bank Ltd.		6,400		22,636
The Shiga Bank Ltd.		1,000		5,463
The Shikoku Bank Ltd.		2,000		4,627
The Shimizu Bank Ltd.		800		22,448
Shinsei Bank Ltd.		20,000		46,682
The Shizuoka Bank Ltd.		10,000		112,425
Skandinaviska Enskilda Banken AB, Class A		21,151		256,582
Societe Generale S.A.		10,387		590,546
Spar Nord Bank A/S*		15,102		134,882
SpareBank 1 SMN		18,100		152,919
SpareBank 1 SR Bank ASA		2,585		23,252
Standard Chartered PLC		35,053		844,461
Sumitomo Mitsui Financial Group, Inc.		18,800		903,496
Sumitomo Mitsui Trust Holdings, Inc.		47,000		230,904
Suruga Bank Ltd.		5,000		79,197
Svenska Handelsbanken AB, Class A		7,376		334,659
Swedbank AB, Class A		14,896		389,029
Sydbank A/S*		10,452		309,202
The Tochigi Bank Ltd.		6,000		22,933
The Toho Bank Ltd.		4,000		12,557
The Tokyo Tomin Bank Ltd.		2,500		26,730
TOMONY Holdings, Inc.		2,500		9,428
The Toronto-Dominion Bank		13,410		1,229,834
The Towa Bank Ltd.		16,000		14,677

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


	Shares		Value
COMMON STOCKS – (continued)
Commercial Banks – (continued)
The Tsukuba Bank Ltd.		5,400	$	18,879
UniCredit SpA		64,202		483,546
Unione di Banche Italiane SCPA		13,600		94,295
United Overseas Bank Ltd.		20,000		336,034
Valiant Holding		1,100		103,009
Westpac Banking Corp.		46,936		1,524,055
Wing Hang Bank Ltd.		2,511		35,723
The Yachiyo Bank Ltd.		2,300		62,640
The Yamagata Bank Ltd.		5,000		20,793
Yamaguchi Financial Group, Inc.		1,000		9,408
The Yamanashi Chuo Bank Ltd.		27,000		113,933
Zuger Kantonalbank AG		4		20,964
				35,931,772
Commercial Services & Supplies – 1.3%
Aeon Delight Co. Ltd.		1,900		36,950
Aggreko PLC		4,175		107,992
Babcock International Group PLC		4,928		100,946
Berendsen PLC		9,731		151,726
Bilfinger SE		703		78,150
Black Diamond Group Ltd.		1,100		28,807
Brambles Ltd.		25,902		228,109
Cabcharge Australia Ltd.		23,716		90,505
Dai Nippon Printing Co. Ltd.		8,000		83,824
Daiseki Co. Ltd.		1,300		25,507
De La Rue PLC		4,777		65,581
Derichebourg S.A.*		17,506		61,402
Downer EDI Ltd.		890		4,155
Duskin Co. Ltd.		200		4,067
Edenred		2,878		97,914
G4S PLC		17,677		74,266
Gategroup Holding AG*		636		16,716
Homeserve PLC		47,881		180,314
Horizon North Logistics, Inc.		11,937		97,295
Intrum Justitia AB		4,477		119,344
Kaba Holding AG, Class B*		153		65,598
Kokuyo Co. Ltd.		5,600		42,866
Lassila & Tikanoja Oyj*		1,342		28,188
Loomis AB, Class B		2,980		71,610
Matsuda Sangyo Co. Ltd.		800		11,204
Mineral Resources Ltd.		21,109		226,477
Mitie Group PLC		63,408		320,589


	Shares		Value
Commercial Services & Supplies – (continued)
Mitsubishi Pencil Co. Ltd.		200	$	5,221
Moshi Moshi Hotline, Inc.		2,400		30,138
Newalta Corp.		1,634		25,461
Nissha Printing Co. Ltd.*		700		11,401
Okamura Corp.		8,000		57,894
Oyo Corp.		1,100		18,118
Park24 Co. Ltd.		700		13,670
PayPoint PLC		4,015		67,150
Pilot Corp.		400		15,187
Progressive Waste Solutions Ltd.		824		22,132
Prosegur Cia de Seguridad S.A.		502		2,989
Regus PLC		25,957		85,532
Rentokil Initial PLC		46,809		78,587
Ritchie Bros Auctioneers, Inc.		166		3,281
RPS Group PLC		17,425		81,186
Salmat Ltd.		3,131		6,315
Sato Holdings Corp.		1,100		22,289
Seche Environnement S.A.		94		3,764
Secom Co. Ltd.		3,000		180,410
Securitas AB, Class B		7,680		87,825
Serco Group PLC		7,497		67,089
Shanks Group PLC		56,763		96,211
Societe BIC S.A.		209		26,155
Sohgo Security Services Co. Ltd.		1,000		20,181
Tomra Systems ASA		799		7,355
Toppan Forms Co. Ltd.		3,300		30,777
Toppan Printing Co. Ltd.		12,000		94,669
Transcontinental, Inc., Class A		9,952		158,892
Transfield Services Ltd.		75,376		95,289
Transpacific Industries Group Ltd.*		36,022		39,057
				3,874,327
Communications Equipment – 0.6%
AAC Technologies Holdings, Inc.		8,000		35,341
Aastra Technologies Ltd.		1,300		35,353
Alcatel-Lucent*		46,104		176,565
Axis Communications AB		2,369		81,932
Blackberry Ltd.*		5,612		44,289
Denki Kogyo Co. Ltd.		2,000		13,230
EVS Broadcast Equipment S.A.		982		64,482
Hitachi Kokusai Electric, Inc.		1,000		13,434
Japan Radio Co. Ltd.*		5,000		18,856
Nokia Oyj*		60,184		455,738

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


	Shares		Value
COMMON STOCKS – (continued)
Communications Equipment – (continued)
Pace PLC		39,006	$	190,884
Sierra Wireless, Inc.*		900		16,294
Spirent Communications PLC		33,451		59,600
Telefonaktiebolaget LM Ericsson, Class A		1,434		16,210
Telefonaktiebolaget LM Ericsson, Class B		44,651		533,724
TKH Group N.V.		1,241		39,758
VTech Holdings Ltd.		2,500		35,889
Wi-Lan, Inc.		1,838		5,781
				1,837,360
Computers & Peripherals – 0.2%
Bull*		18,663		82,460
Eizo Corp.		1,300		31,960
Gemalto N.V.		1,306		146,639
Japan Digital Laboratory Co. Ltd.		1,800		21,484
Logitech International S.A.		7,498		76,922
Melco Holdings, Inc.		1,100		15,069
NEC Corp.		46,000		103,149
Seiko Epson Corp.		900		14,641
Wacom Co. Ltd.		1,300		9,620
Wincor Nixdorf AG		1,503		99,735
				601,679
Construction & Engineering – 1.9%
Abengoa S.A., Class B		47,439		115,250
ACS Actividades de Construccion y Servicios S.A.		1,747		57,417
Aecon Group, Inc.		8,625		119,510
Arcadis N.V.		2,478		77,904
Ausdrill Ltd.		35,606		51,587
Ausenco Ltd.		8,995		14,054
Balfour Beatty PLC		8,637		39,644
Bird Construction, Inc.		5,407		67,869
Boart Longyear Ltd.		65,114		26,514
Bouygues S.A.		2,453		96,010
Cardno Ltd.		25,800		172,974
Carillion PLC		72,266		352,952
Chiyoda Corp.		1,000		12,659
Chudenko Corp.		5,100		84,056
Cie d’Entreprises CFE		978		77,422


	Shares		Value
Construction & Engineering – (continued)
Clough Ltd.*		12,582	$	17,336
Colas S.A.		20		3,317
COMSYS Holdings Corp.		300		4,159
Eiffage S.A.		82		4,874
Elecnor S.A.		3,963		58,133
Ellaktor S.A.*		6,332		27,633
Ferrovial S.A.		5,676		108,379
FLSmidth & Co. A/S		1,485		74,301
Fomento de Construcciones y Contratas SA*		8,407		194,070
Galliford Try PLC		5,962		109,770
Genivar, Inc.		1,072		30,674
Hibiya Engineering Ltd.		2,500		30,400
Hochtief AG		461		41,872
Impregilo SpA		3,756		24,000
Interserve PLC		19,701		194,341
JGC Corp.		3,000		114,514
Kajima Corp.		18,000		76,139
Kandenko Co. Ltd.		7,000		44,236
Keller Group PLC		4,708		79,496
Kier Group PLC		3,350		97,362
Kinden Corp.		2,000		21,935
Koninklijke BAM Groep N.V.		35,576		190,512
Koninklijke Boskalis Westminster N.V.		750		36,166
Kyowa Exeo Corp.		3,900		46,270
Kyudenko Corp.		1,000		6,024
Leighton Holdings Ltd.		1,172		19,877
Lemminkainen Oyj		2,602		52,283
Maeda Corp.		8,000		57,405
Mirait Holdings Corp.		7,600		67,471
Monadelphous Group Ltd.		5,343		91,983
Morgan Sindall Group PLC		8,081		102,825
NCC AB, Class B		218		6,724
Nippo Corp.		2,000		37,448
Nippon Densetsu Kogyo Co. Ltd.		3,000		37,519
Nishimatsu Construction Co. Ltd.		42,000		147,691
NRW Holdings Ltd.		32,638		43,269
Obayashi Corp.		6,000		38,345
Okumura Corp.		14,000		66,354
Outotec Oyj		920		9,118
Peab AB		32,111		189,310
Penta-Ocean Construction Co. Ltd.		8,500		25,645

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


	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – (continued)
Royal Imtech N.V.*		58,306	$	172,009
Sacyr Vallehermoso S.A.*		19,404		104,807
Sanki Engineering Co. Ltd.		6,000		37,427
Shikun & Binui Ltd.		34,250		82,239
Shimizu Corp.		10,000		51,167
SHO-BOND Holdings Co. Ltd.		600		28,040
Skanska AB, Class B		6,002		115,847
SNC-Lavalin Group, Inc.		2,500		105,025
SOCAM Development Ltd.		20,000		23,810
Sumitomo Mitsui Construction Co. Ltd.*		43,200		56,361
Sweco AB, Class B		1,854		23,494
Taihei Dengyo Kaisha Ltd.		5,000		35,216
Taikisha Ltd.		600		13,950
Taisei Corp.		12,000		61,400
Toda Corp.		26,000		94,873
Totetsu Kogyo Co. Ltd.		1,200		26,982
Toyo Engineering Corp.		3,000		12,751
Trevi Finanziaria Industriale SpA		574		5,291
UGL Ltd.		25,781		179,926
United Engineers Ltd.		56,000		83,525
Veidekke ASA		17,157		139,904
Vinci S.A.		7,484		480,694
YIT Oyi		554		7,200
Yokogawa Bridge Holdings Corp.		1,000		14,219
Yurtec Corp.		1,000		3,251
				5,954,410
Construction Materials – 0.6%
Adelaide Brighton Ltd.		8,560		31,208
Boral Ltd.		4,399		20,578
Brickworks Ltd.		2,458		33,238
Buzzi Unicem SpA		811		14,080
Cementir Holding SpA		10,424		48,041
Ciments Francais S.A.		1,386		99,471
Cimpor Cimentos de Portugal SGPS S.A.		521		1,912
CRH PLC		11,127		270,776
Fletcher Building Ltd.		9,752		80,642
HeidelbergCement AG		2,075		163,785
Holcim Ltd.*		3,808		284,270
Imerys S.A.		632		50,839


	Shares		Value
Construction Materials – (continued)
Italcementi SpA		3,175	$	17,413
Italmobiliare SpA*		4,949		102,856
James Hardie Industries PLC		7,078		73,259
Lafarge S.A.		2,702		187,268
Marshalls PLC		1,746		4,881
RHI AG		3,097		114,375
Sumitomo Osaka Cement Co. Ltd.		3,000		12,078
Taiheiyo Cement Corp.		19,000		80,369
Titan Cement Co. S.A.*		479		13,089
				1,704,428
Consumer Finance – 0.1%
Acom Co. Ltd.*		3,300		12,882
AEON Financial Service Co. Ltd.		500		15,314
Aiful Corp.*		10,300		49,448
Credit Saison Co. Ltd.		2,000		54,551
FlexiGroup Ltd.		3,498		15,568
Hitachi Capital Corp.		600		16,072
Hong Leong Finance Ltd.		2,000		4,241
International Personal Finance PLC		14,154		131,322
J Trust Co. Ltd.		800		13,813
Jaccs Co. Ltd.		2,000		9,520
Orient Corp.*		4,000		9,989
Provident Financial PLC		2,378		60,364
				393,084
Containers & Packaging – 0.4%
Amcor Ltd.		19,501		200,177
BillerudKorsnas AB		19,231		226,158
Cascades, Inc.		13,900		77,840
CCL Industries, Inc., Class B		696		47,786
DS Smith PLC		18,380		89,356
FP Corp.		300		23,178
Fuji Seal International, Inc.		1,900		57,168
Huhtamaki Oyj		318		7,661
Intertape Polymer Group, Inc.		3,250		46,747
Rengo Co. Ltd.		2,000		10,682
Rexam PLC		10,976		91,609
RPC Group PLC		25,286		207,185
Smurfit Kappa Group PLC		3,580		87,119
Toyo Seikan Group Holdings Ltd.		1,800		37,281
Winpak Ltd.		1,210		26,524
				1,236,471

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


	Shares		Value
COMMON STOCKS – (continued)
Distributors – 0.2%
Breville Group Ltd.		3,137	$	23,913
D’ieteren S.A./N.V.		182		8,598
Doshisha Co. Ltd.		5,000		72,521
Headlam Group PLC		9,424		60,032
Inchcape PLC		10,352		105,777
Jardine Cycle & Carriage Ltd.		1,000		29,548
Pacific Brands Ltd.		162,215		108,295
Paltac Corp.		6,400		86,107
Smiths News PLC		26,977		91,017
Uni-Select Inc.		4,177		96,930
				682,738
Diversified Consumer Services – 0.1%
Benesse Holdings, Inc.		1,300		48,497
Dignity PLC		1,432		32,048
EnerCare, Inc.		1,424		13,614
Invocare Ltd.		7,453		77,351
Navitas Ltd.		2,131		11,704
				183,214
Diversified Financial Services – 1.3%
Ackermans & van Haaren N.V.		96		10,414
ASX Ltd.		2,003		69,591
Banque Nationale de Belgique		26		102,047
Bolsas y Mercados Espanoles S.A.		2,403		90,051
Century Tokyo Leasing Corp.		600		18,958
Challenger Ltd.		5,749		32,664
Deutsche Boerse AG		2,677		201,804
Element Financial Corp.*		10,684		136,361
Eurazeo S.A.		77		5,834
Exor SpA		1,379		54,724
Fimalac		68		4,227
First Pacific Co. Ltd.		18,000		20,477
Fuyo General Lease Co. Ltd.		500		20,717
Goldin Financial Holdings Ltd.*		80,000		23,836
Grenkeleasing AG		331		32,841
Groupe Bruxelles Lambert S.A.		1,562		139,665
HAL Trust		1,051		146,456
Hellenic Exchanges S.A. Holding Clearing Settlement and Registry		3,510		37,029
Henex		877		74,780


	Shares		Value
Diversified Financial Services – (continued)
Hong Kong Exchanges and Clearing Ltd.		18,086	$	291,595
IBJ Leasing Co. Ltd.		1,600		44,897
IG Group Holdings PLC		2,763		27,233
Industrivarden AB, Class A		1,574		30,405
Industrivarden AB, Class C		296		5,283
ING Groep N.V.*		57,475		733,162
Investment AB Kinnevik, Class B		3,277		120,931
Investment AB Oresund*		2,408		47,724
Investor AB, Class A		877		27,525
Investor AB, Class B		5,492		176,700
Japan Exchange Group Inc.		4,000		92,427
Japan Securities Finance Co. Ltd.		5,400		39,409
KBC Ancora*		1,377		44,910
London Stock Exchange Group PLC		1,194		31,498
Lundbergforetagen AB, Class B		678		28,394
Marfin Investment Group Holdings S.A.*		86,575		55,318
Mitsubishi UFJ Lease & Finance Co. Ltd.		11,000		62,114
Onex Corp.		1,976		104,385
ORIX Corp.		17,800		305,889
Pacific Century Regional Developments Ltd.*		49,000		8,099
Pargesa Holding S.A.		70		5,585
Pohjola Bank PLC, Class A		1,646		30,030
Public Financial Holdings Ltd.		10,000		5,224
Ricoh Leasing Co. Ltd.		2,100		59,997
Singapore Exchange Ltd.		18,000		106,518
SNS REAAL N.V.*^		2,857		—
Sofina S.A.		46		4,880
TMX Group Ltd.		425		19,378
Washington H Soul Pattinson & Co. Ltd.		3,833		54,663
Wendel S.A.		730		102,022
Wuestenrot & Wuerttembergische AG		1,177		27,202
				3,915,873
Diversified Telecommunication Services – 2.3%
BCE, Inc.		3,828		166,540
Belgacom S.A.		2,252		61,737
Bell Aliant, Inc.		118		2,988

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


	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Bezeq The Israeli Telecommunication Corp. Ltd.		23,097	$	40,305
BT Group PLC		113,553		687,777
Cable & Wireless Communications PLC		374,352		281,411
Chorus Ltd.		74,444		163,296
Colt Group S.A.*		14,363		28,452
Deutsche Telekom AG		44,607		703,461
Elisa Oyj		1,554		38,936
Hellenic Telecommunications Organization S.A.*		4,754		60,042
HKT Trust / HKT Ltd.		11,000		10,201
Hutchison Telecommunications Hong Kong Holdings Ltd.		26,000		11,402
iiNET Ltd.		4,441		27,335
Iliad S.A.		205		46,933
Inmarsat PLC		8,776		101,587
Jazztel PLC*		9,026		99,149
Koninklijke KPN N.V.*		49,363		157,975
M2 Telecommunications Group Ltd.		4,945		29,688
Manitoba Telecom Services, Inc.		700		19,781
Nippon Telegraph & Telephone Corp.		6,700		347,600
Orange S.A.		28,129		386,620
PCCW Ltd.		31,000		13,995
Portugal Telecom SGPS S.A.		4,044		18,280
Singapore Telecommunications Ltd.		126,000		383,988
Swisscom AG		403		206,095
TalkTalk Telecom Group PLC		5,820		24,947
TDC A/S		10,980		99,268
Telecom Corp. of New Zealand Ltd.		18,212		35,426
Telecom Italia SpA		148,301		144,659
Telecom Italia SpA (Retirement Savings Plan)		82,225		64,332
Telefonica Deutschland Holding AG		4,331		34,203
Telefonica S.A.		60,106		1,061,058
Telekom Austria AG		3,410		28,126
Telenor ASA		11,028		265,143
TeliaSonera AB		33,202		275,527


	Shares		Value
Diversified Telecommunication Services – (continued)
Telstra Corp. Ltd.		64,452	$	316,150
TELUS Corp.		2,404		83,956
TPG Telecom Ltd.		7,176		31,666
Vivendi S.A.		19,625		498,786
Ziggo N.V.		2,497		107,289
				7,166,110
Electric Utilities – 1.1%
Acciona S.A.		52		3,304
Alpiq Holding AG*		89		11,794
BKW AG		2,180		75,832
Centralschweizerische Kraftwerke AG		42		13,450
Cheung Kong Infrastructure Holdings Ltd.		7,000		48,710
Chubu Electric Power Co. Inc.		10,000		147,997
The Chugoku Electric Power Co. Inc.		5,100		78,078
CLP Holdings Ltd.		26,500		213,284
Contact Energy Ltd.		4,950		21,511
EDP – Energias de Portugal S.A.		22,227		81,950
Electricite de France S.A.		4,377		153,762
Elia System Operator S.A./N.V.		468		21,441
Emera Inc.		2,500		73,692
Endesa S.A.*		208		6,040
Enel SpA		90,082		398,016
Energiedienst Holding AG*		660		22,594
Fortis, Inc.		2,625		81,631
Fortum Oyj		6,026		134,354
Hokkaido Electric Power Co. Inc.*		3,500		45,021
Hokuriku Electric Power Co.		1,100		15,652
Iberdrola S.A.		70,230		441,871
The Kansai Electric Power Co. Inc.*		10,300		130,180
Kyushu Electric Power Co. Inc.*		5,900		82,928
The Okinawa Electric Power Co. Inc.		1,300		45,184
Power Assets Holdings Ltd.		22,500		187,475
Public Power Corp. S.A.		1,519		22,633
Red Electrica Corp. S.A.		1,352		84,385
Romande Energie Holding S.A.		7		8,774
Shikoku Electric Power Co. Inc.*		2,200		39,197
SP AusNet		32,218		38,136

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


	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – (continued)
Spark Infrastructure Group		8,516	$	13,669
SSE PLC		14,328		325,954
Terna Rete Elettrica Nazionale SpA		19,676		97,636
Tohoku Electric Power Co. Inc.*		7,500		90,587
Tokyo Electric Power Co. Inc.*		23,900		127,405
TrustPower Ltd.		2,903		16,580
Verbund AG		973		22,878
				3,423,585
Electrical Equipment – 1.3%
ABB Ltd.*		34,178		874,501
Alstom S.A.		3,535		131,680
Areva S.A.*		411		9,767
Cosel Co. Ltd.		700		8,762
Daihen Corp.		12,000		51,126
Endo Lighting Corp.		200		4,611
Fuji Electric Co. Ltd.		2,000		8,949
Fujikura Ltd.		4,000		18,224
Furukawa Electric Co. Ltd.		5,000		11,569
Futaba Corp.		400		5,537
Gamesa Corp. Tecnologica S.A.*		14,869		144,331
GS Yuasa Corp.		6,000		36,021
Huber & Suhner AG		90		4,930
Idec Corp.		7,500		67,348
Legrand S.A.		3,677		209,103
Mabuchi Motor Co. Ltd.		1,000		53,104
Mersen		2,361		86,600
Mitsubishi Electric Corp.		28,000		306,798
Nexans S.A.		2,477		110,790
Nidec Corp.		1,800		174,845
Nippon Signal Co. Ltd.		4,800		36,498
Nissin Electric Co. Ltd.		5,000		31,750
Nitto Kogyo Corp.		4,600		72,720
Nordex SE*		1,750		30,810
Ormat Industries*		985		6,673
Phoenix Mecano AG		156		93,543
Prysmian SpA		2,450		59,954
Schneider Electric S.A.		7,775		655,875
SGL Carbon SE		568		22,231
Sinfonia Technology Co. Ltd.		3,000		5,321
Sumitomo Electric Industries Ltd.		12,900		193,020


	Shares		Value
Electrical Equipment – (continued)
SWCC Showa Holdings Co. Ltd.*		9,000	$	10,274
Tatsuta Electric Wire and Cable Co. Ltd.		5,000		35,266
Ushio, Inc.		400		5,031
Vacon PLC		308		22,946
Vestas Wind Systems A/S*		10,676		287,028
Zumtobel AG		6,029		107,906
				3,995,442
Electronic Equipment, Instruments & Components – 1.4%
Alps Electric Co. Ltd.*		1,200		10,494
Amano Corp.		3,200		31,279
Anritsu Corp.		1,000		13,077
Azbil Corp.		300		7,235
Barco N.V.		1,650		125,192
Canon Electronics, Inc.		2,400		44,888
Celestica Inc.*		26,176		287,400
Citizen Holdings Co. Ltd.		3,800		26,996
Dai-ichi Seiko Co. Ltd.		200		3,066
Daiwabo Holdings Co. Ltd.		23,000		44,073
Digital China Holdings Ltd.		109,000		143,120
Domino Printing Sciences PLC		8,808		97,854
Elec & Eltek International Co. Ltd.		4,000		7,840
Electrocomponents PLC		20,675		99,085
Enplas Corp.		100		6,574
Evertz Technologies Ltd.		300		4,804
FIH Mobile Ltd.*		23,000		12,964
FUJIFILM Holdings Corp.		7,500		182,932
Halma PLC		2,281		20,101
Hamamatsu Photonics KK		700		26,185
Hexagon AB, Class B		4,757		143,054
Hirose Electric Co. Ltd.		300		45,683
Hitachi High-Technologies Corp.		200		4,591
Hitachi Ltd.		75,000		523,647
Horiba Ltd.		300		10,947
Hosiden Corp.		3,500		19,121
Hoya Corp.		7,600		182,273
Ibiden Co. Ltd.		700		12,101
Ingenico		162		12,214
Japan Aviation Electronics Industry Ltd.		7,000		70,278
Jenoptik AG		2,892		50,660
Kaga Electronics Co. Ltd.		400		4,024

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


	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Kapsch TrafficCom AG		121	$	6,542
Keyence Corp.		700		299,664
Koa Corp.		900		8,458
Kudelski S.A.		2,440		33,816
Kyocera Corp.		5,000		258,893
Laird PLC		37,130		149,133
Maruwa Co. Ltd.		200		7,257
Mitsumi Electric Co. Ltd.*		15,500		104,113
Murata Manufacturing Co. Ltd.		3,100		248,670
Nichicon Corp.		2,100		21,897
Nippon Ceramic Co. Ltd.		400		5,838
Nippon Electric Glass Co. Ltd.		2,000		10,274
Oki Electric Industry Co. Ltd.*		28,000		63,928
Omron Corp.		2,800		106,737
Oxford Instruments PLC		2,701		56,413
Premier Farnell PLC		13,110		47,580
Renishaw PLC		1,617		42,138
Ryosan Co. Ltd.		3,300		63,908
Shimadzu Corp.		3,000		29,324
Spectris PLC		1,617		60,063
Star Micronics Co. Ltd.		5,200		55,970
Taiyo Yuden Co. Ltd.		800		10,209
TDK Corp.		1,300		55,122
Topcon Corp.		1,400		21,019
Toyo Corp.		700		7,813
Truly International Holdings		166,000		105,342
Venture Corp. Ltd.		1,000		6,272
Yaskawa Electric Corp.		5,000		64,519
Yokogawa Electric Corp.		2,200		28,703
				4,253,367
Energy Equipment & Services – 1.2%
Aker Solutions ASA		1,277		17,670
AMEC PLC		3,625		68,548
Archer Ltd.*		32,794		30,050
Bonheur ASA		689		15,812
Bourbon S.A.		6,505		186,024
BW Offshore Ltd.		41,795		57,411
Calfrac Well Services Ltd.		2,772		86,388
Canadian Energy Services & Technology Corp.		2,507		45,123
Canyon Services Group, Inc.		4,976		54,539


	Shares		Value
Energy Equipment & Services – (continued)
CGG*		1,842	$	40,581
DOF ASA*		7,141		33,617
Enerflex Ltd.		2,040		28,893
Ensign Energy Services, Inc.		1,654		28,263
Ezion Holdings Ltd.		12,000		21,671
Ezra Holdings Ltd.*		102,000		110,195
Farstad Shipping ASA		3,378		76,957
Fred Olsen Energy ASA		56		2,360
Fugro N.V.		871		54,570
Ganger Rolf ASA		908		20,457
Hunting PLC		17,829		255,505
Japan Drilling Co. Ltd.		100		6,941
John Wood Group PLC		4,150		54,139
Kvaerner ASA		17,851		29,113
Lamprell PLC*		15,249		40,178
Miclyn Express Offshore Ltd.		7,837		15,585
Modec, Inc.		600		18,169
Mullen Group Ltd.		2,280		61,086
Pason Systems, Inc.		3,053		63,440
Petrofac Ltd.		3,552		83,488
Petroleum Geo-Services ASA		5,578		67,712
Precision Drilling Corp.		4,858		51,382
Prosafe SE		1,020		8,755
Saipem SpA		3,903		91,584
Savanna Energy Services Corp.		10,331		77,667
SBM Offshore N.V.*		1,577		33,081
Schoeller-Bleckmann Oilfield Equipment AG		202		23,343
Seadrill Ltd.		5,353		247,951
Secure Energy Services, Inc.		7,638		108,324
ShawCor Ltd.		274		11,516
Shinko Plantech Co. Ltd.		3,900		31,483
Siem Offshore, Inc.*		20,434		33,325
Solstad Offshore ASA		1,705		33,826
Subsea 7 S.A.		4,858		102,832
Technip S.A.		1,500		157,328
Tecnicas Reunidas S.A.		62		3,199
Tenaris S.A.		7,076		166,230
TGS Nopec Geophysical Co. ASA		2,102		57,889
Transocean Ltd.		5,500		258,885
Trican Well Service Ltd.		1,676		23,544
Trinidad Drilling Ltd.		18,727		181,371

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


	Shares		Value
COMMON STOCKS – (continued)
Energy Equipment & Services – (continued)
Weatherford International Ltd.*		12,600	$	207,144
WorleyParsons Ltd.		3,395		70,921
				3,656,065
Food & Staples Retailing – 2.0%
Aeon Co. Ltd.		7,700		104,932
Ain Pharmaciez, Inc.		100		4,342
Alimentation Couche Tard, Inc., Class B		2,455		166,248
Arcs Co. Ltd.		7,500		140,658
Axfood AB		88		4,563
Booker Group PLC		22,978		55,412
Carrefour S.A.		8,803		322,888
Casino Guichard Perrachon S.A.		775		87,355
Cawachi Ltd.		4,900		92,147
Cocokara fine, Inc.		1,900		54,051
Colruyt S.A.		1,650		92,408
Cosmos Pharmaceutical Corp.		100		12,190
Create SD Holdings Co. Ltd.		700		25,507
Dairy Farm International Holdings Ltd.		4,500		50,985
Delhaize Group S.A.		1,201		76,846
Distribuidora Internacional de Alimentacion S.A.		12,954		118,575
Empire Co. Ltd., Class A		890		65,526
FamilyMart Co. Ltd.		700		31,358
George Weston Ltd.		1,078		87,803
Heiwado Co. Ltd.		5,000		77,923
ICA Gruppen AB*		3,100		93,847
Inageya Co. Ltd.		800		8,276
Itochu-Shokuhin Co. Ltd.		300		9,938
Izumiya Co. Ltd.		1,000		4,729
J Sainsbury PLC		11,906		75,461
The Jean Coutu Group PJC, Inc., Class A		254		4,489
Jeronimo Martins SGPS S.A.		4,927		91,163
Kasumi Co. Ltd.		3,500		21,619
Kato Sangyo Co. Ltd.		2,900		59,502
Kesko Oyj, Class B		112		3,727
Koninklijke Ahold N.V.		15,900		303,057
Lawson, Inc.		1,100		88,238
Life Corp.		1,900		31,644


	Shares		Value
Food & Staples Retailing – (continued)
Loblaw Cos. Ltd.		1,275	$	58,306
Metcash Ltd.		21,658		68,705
Metro AG		1,800		84,511
Metro, Inc.		1,152		72,057
Ministop Co. Ltd.		1,300		20,313
The North West Co. Inc.		2,927		72,779
Okuwa Co. Ltd.		4,000		36,204
Olam International Ltd.		11,000		13,657
Rallye S.A.		4,002		170,648
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd.		375		20,353
San-A Co. Ltd.		2,400		68,470
Seven & I Holdings Co. Ltd.		10,700		394,802
Shoppers Drug Mart Corp.		3,100		181,092
Shufersal Ltd.		3,578		14,488
Sligro Food Group N.V.		578		21,668
Sugi Holdings Co. Ltd.		200		8,368
Sundrug Co. Ltd.		200		9,958
Tesco PLC		125,929		736,841
Tsuruha Holdings, Inc.		100		9,082
UNY Group Holdings Co. Ltd.		3,900		24,606
Valor Co. Ltd.		8,200		118,265
Welcia Holdings Co. Ltd.		800		48,435
Wesfarmers Ltd.		17,326		705,604
WM Morrison Supermarkets PLC		36,503		165,146
Woolworths Ltd.		19,458		643,059
Yaoko Co. Ltd.		800		29,844
Yokohama Reito Co. Ltd.		2,100		16,610
				6,281,278
Food Products – 3.1%
A2 Corp. Ltd.*		42,362		23,844
AarhusKarlshamn AB		442		26,195
Adecoagro S.A.*		3,400		27,200
Ajinomoto Co. Inc.		11,000		153,939
Ariake Japan Co. Ltd.		800		19,358
Aryzta AG*		1,478		110,660
Associated British Foods PLC		6,227		226,797
Austevoll Seafood ASA		13,900		86,470
Australian Agricultural Co. Ltd.*		12,274		13,076
Barry Callebaut AG*		25		26,172
Bonduelle S.C.A.		1,156		28,917
Bongrain S.A.		386		28,285

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


	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Calbee Inc.		400	$	10,494
Campofrio Food Group S.A.*		1,557		12,489
Cermaq ASA		596		10,572
China Fishery Group Ltd.		60,000		19,108
Dairy Crest Group PLC		4,130		35,631
Danone S.A.		8,526		633,106
Dydo Drinco, Inc.		100		4,235
East Asiatic Co. Ltd. A/S*		645		11,051
Ebro Foods S.A.		246		5,565
Emmi AG*		85		24,499
Ezaki Glico Co. Ltd.		1,000		11,110
Fuji Oil Co. Ltd.		1,600		29,143
Fujicco Co. Ltd.		2,000		24,890
Fujiya Co. Ltd.		6,000		11,864
Glanbia PLC		1,155		16,205
GMG Global Ltd.		80,000		6,514
Goodman Fielder Ltd.		102,251		73,588
GrainCorp Ltd., Class A		2,486		29,050
Greencore Group PLC		58,002		167,828
Hokuto Corp.		600		11,522
House Foods Group, Inc.		2,400		38,014
Indofood Agri Resources Ltd.		77,000		56,492
Itoham Foods, Inc.		9,000		37,978
J-Oil Mills, Inc.		14,000		44,236
Kagome Co. Ltd.		500		8,684
Kameda Seika Co. Ltd.		200		5,912
Kerry Group PLC, Class A		2,152		137,988
Kewpie Corp.		1,000		15,055
KEY Coffee, Inc.		1,500		23,805
Kikkoman Corp.		4,000		72,816
Koninklijke Wessanen N.V.		5,748		21,568
KWS Saat AG		39		13,952
Leroy Seafood Group ASA		1,715		53,344
Lindt & Spruengli AG		10		88,466
Maple Leaf Foods Inc.		300		4,416
Marine Harvest ASA		16,169		18,975
Marudai Food Co. Ltd.		9,000		28,346
Maruha Nichiro Holdings, Inc.		32,000		61,319
Megmilk Snow Brand Co. Ltd.		6,900		98,109
MEIJI Holdings Co. Ltd.		900		50,270
Mitsui Sugar Co. Ltd.		5,000		17,939


	Shares		Value
Food Products – (continued)
Morinaga & Co. Ltd.		5,000	$	10,651
Morinaga Milk Industry Co. Ltd.		26,000		81,093
Nagatanien Co. Ltd.		3,000		27,276
Nestle S.A. (Registered)		48,076		3,477,420
New Britain Palm Oil Ltd.		4,923		31,439
Nichirei Corp.		1,000		5,157
Nippon Beet Sugar Manufacturing Co. Ltd.		10,000		18,856
Nippon Flour Mills Co. Ltd.		14,000		67,496
Nippon Meat Packers, Inc.		1,000		14,616
Nippon Suisan Kaisha Ltd.*		35,200		71,756
The Nisshin Oillio Group Ltd.		7,000		23,545
Nisshin Seifun Group, Inc.		2,200		23,837
Nissin Foods Holdings Co. Ltd.		700		29,966
Nutreco N.V.		1,663		81,651
Origin Enterprises PLC		5,489		53,430
Orkla ASA		12,075		97,956
Pacific Andes Resources Development Ltd.		132,000		13,622
Petra Foods Ltd.		5,000		14,311
Premier Foods PLC*		33,234		80,358
Prima Meat Packers Ltd.		19,000		40,281
Raisio PLC, Class V		5,066		29,546
Riken Vitamin Co. Ltd.		800		19,978
Sakata Seed Corp.		400		5,459
Salmar ASA*		5,901		72,178
Sanford Ltd.		8,893		33,641
Saputo, Inc.		2,025		100,177
Showa Sangyo Co. Ltd.		13,000		40,149
Sipef S.A.		200		15,199
Suedzucker AG		1,706		55,037
SunOpta, Inc.*		3,508		37,743
Super Group Ltd.		6,000		20,365
Tate & Lyle PLC		6,206		78,917
Toyo Suisan Kaisha Ltd.		1,000		31,801
Unilever N.V.		24,257		961,951
Unilever PLC		19,750		801,191
United International Enterprises		150		28,735
Vilmorin & Cie S.A.		35		4,138
Viscofan S.A.		1,129		60,006
Vitasoy International Holdings Ltd.		32,000		41,274
Wilmar International Ltd.		30,000		83,686
Yakult Honsha Co. Ltd.		1,200		60,850

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


	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Yamazaki Baking Co. Ltd.		1,000	$	10,172
Yeo Hiap Seng Ltd.		13,000		26,779
				9,700,750
Gas Utilities – 0.4%
APA Group		7,893		45,294
Enagas S.A.		2,325		62,237
Envestra Ltd.		43,794		46,655
Gas Natural SDG S.A.		4,803		113,420
Hong Kong & China Gas Co. Ltd.		78,600		183,700
Osaka Gas Co. Ltd.		26,000		109,449
Rubis S.C.A.		1,303		81,539
Saibu Gas Co. Ltd.		15,000		37,305
Shizuoka Gas Co. Ltd.		5,000		33,126
Snam SpA		29,187		150,624
Superior Plus Corp.		21,733		231,741
Toho Gas Co. Ltd.		3,000		15,625
Tokyo Gas Co. Ltd.		33,000		178,942
Valener, Inc.		500		7,436
				1,297,093
Health Care Equipment & Supplies – 0.7%
Ansell Ltd.		1,947		35,934
Asahi Intecc Co. Ltd.		700		47,019
BioMerieux		53		5,329
Biosensors International Group Ltd.		11,000		8,336
Carl Zeiss Meditec AG		288		9,119
Cochlear Ltd.		785		43,784
Coloplast A/S, Class B		2,178		142,203
DiaSorin SpA		471		22,322
Draegerwerk AG & Co. KGaA		116		11,512
Draegerwerk AG & Co. KGaA (Preference)		179		21,050
Elekta AB, Class B		4,701		69,450
Essilor International S.A.		3,001		322,717
Fisher & Paykel Healthcare Corp. Ltd.		2,745		8,362
Fukuda Denshi Co. Ltd.		2,800		120,293
Getinge AB, Class B		3,178		100,923
Given Imaging Ltd.*		1,000		20,220
GN Store Nord A/S		2,532		57,828
Hogy Medical Co. Ltd.		700		40,740


	Shares		Value
Health Care Equipment & Supplies – (continued)
Nagaileben Co. Ltd.		500	$	8,261
Nakanishi, Inc.		300		42,748
Nihon Kohden Corp.		100		4,113
Nikkiso Co. Ltd.		2,000		24,768
Nipro Corp.		800		7,306
Nobel Biocare Holding AG*		5,577		92,380
Olympus Corp.*		3,600		115,218
Ossur HF		18,543		32,954
Sartorius AG		302		31,901
Sartorius Stedim Biotech		198		29,812
Smith & Nephew PLC		14,253		182,504
Sonova Holding AG*		678		88,423
Sorin SpA*		6,750		18,629
Straumann Holding AG		395		78,777
Sysmex Corp.		1,100		72,541
Terumo Corp.		2,500		120,783
William Demant Holding A/S*		324		32,097
Ypsomed Holding AG (Registered)*		295		18,895
				2,089,251
Health Care Providers & Services – 0.6%
Alfresa Holdings Corp.		300		16,390
Amplifon SpA		544		2,906
Arseus N.V.		1,000		30,888
As One Corp.		900		19,888
BML, Inc.		200		6,829
Catamaran Corp.*		2,827		132,614
Celesio AG		1,150		35,857
Ebos Group Ltd.		5,057		40,604
Extendicare, Inc.		14,584		93,558
Fresenius Medical Care AG & Co. KGaA		3,806		252,297
Fresenius SE & Co. KGaA		1,977		257,297
Medipal Holdings Corp.		1,300		17,544
Message Co. Ltd.		200		5,647
Metlifecare Ltd.		2,740		9,254
Miraca Holdings, Inc.		600		27,000
Nichii Gakkan Co.		8,900		89,263
Oriola-KD Oyj*		6,067		19,795
Oriola-KD Oyj, Class B		16,302		52,969
Orpea		206		11,132
Primary Health Care Ltd.		2,306		10,787

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


	Shares		Value
COMMON STOCKS – (continued)
Health Care Providers & Services – (continued)
Raffles Medical Group Ltd.		7,023	$	18,062
Ramsay Health Care Ltd.		1,752		64,371
Rhoen Klinikum AG		2,609		72,943
Ryman Healthcare Ltd.		1,245		7,781
Ship Healthcare Holdings, Inc.		200		8,195
Sigma Pharmaceuticals Ltd.		84,809		45,777
Sonic Healthcare Ltd.		7,102		108,545
Suzuken Co. Ltd.		1,800		64,948
Toho Holdings Co. Ltd.		300		5,791
UDG Healthcare PLC		35,926		180,082
Vital KSK Holdings, Inc.		5,700		39,971
				1,748,985
Health Care Technology – 0.0%^†
CompuGroup Medical AG		1,428		37,264
M3, Inc.		8		21,894
				59,158
Hotels, Restaurants & Leisure – 1.7%
Accor S.A.		2,053		92,147
Accordia Golf Co. Ltd.		5,400		59,223
Ainsworth Game Technology Ltd.		3,266		13,484
Aristocrat Leisure Ltd.		922		4,409
Atom Corp.		1,200		6,054
Autogrill SpA*		270		2,430
Betfair Group PLC		3,123		50,425
Betsson AB*		2,256		71,120
Bwin.Party Digital Entertainment PLC		33,886		66,854
Cafe de Coral Holdings Ltd.		6,000		20,585
Carnival PLC		2,426		86,683
Club Mediterranee S.A.*		878		20,733
Coco’s Japan Co. Ltd.		1,600		25,669
Colowide Co. Ltd.		1,000		10,070
Compass Group PLC		26,500		381,897
Crown Ltd.		5,627		89,892
Domino’s Pizza Enterprises Ltd.		3,078		45,411
Domino’s Pizza Group PLC		6,344		59,727
Doutor Nichires Holdings Co. Ltd.		2,700		49,068
Echo Entertainment Group Ltd.		7,053		17,699
Enterprise Inns PLC*		86,155		209,701
Euro Disney S.C.A.*		374		2,446


	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Flight Centre Ltd.		659	$	32,394
Fuji Kyuko Co. Ltd.		1,000		8,266
Fujita Kanko, Inc.		2,000		8,766
Galaxy Entertainment Group Ltd.*		28,000		208,924
Genting Hong Kong Ltd.*		72,000		33,060
Genting Singapore PLC		116,000		142,621
Great Canadian Gaming Corp.*		504		6,196
Greene King PLC		2,663		35,297
Gtech SpA		116		3,531
GuocoLeisure Ltd.*		13,000		8,647
Harbour Centre Development Ltd.		30,000		55,333
HIS Co. Ltd.		400		21,568
Hongkong & Shanghai Hotels		26,000		40,913
Hotel Properties Ltd.		3,000		7,595
Ichibanya Co. Ltd.		500		21,404
Imperial Hotel Ltd.		600		14,708
InterContinental Hotels Group PLC		3,475		101,442
Intralot S.A.-Integrated Lottery Systems & Services		11,523		30,548
JD Wetherspoon PLC		6,579		74,517
Kappa Create Holdings Co. Ltd.		950		17,730
Kentucky Fried Chicken Japan Ltd.		1,000		21,415
Kingston Financial Group Ltd.		28,000		3,178
Kisoji Co. Ltd.		1,100		20,338
Kuoni Reisen Holding AG*		226		95,836
Ladbrokes PLC		7,031		21,587
Marston’s PLC		84,677		206,784
McDonald’s Holdings Co. Japan Ltd.		800		22,147
Melco Crown Entertainment Ltd.*		8,100		91,572
Melco International Development Ltd.		21,000		65,955
Melia Hotels International S.A.		336		3,819
Millennium & Copthorne Hotels PLC		524		4,794
Miramar Hotel & Investment		53,000		67,950
Mitchells & Butlers PLC*		32,675		210,508
MOS Food Services, Inc.		1,100		21,347
NagaCorp Ltd.		58,000		53,563
NH Hoteles S.A.*		2,053		10,746
Ohsho Food Service Corp.		2,800		91,897
OPAP S.A.		2,241		27,877
Oriental Land Co. Ltd.		800		128,183

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


	Shares		Value
COMMON STOCKS – (continued)
Hotels, Restaurants & Leisure – (continued)
OUE Ltd.		21,000	$	40,972
Paddy Power PLC		647		52,776
PGM Holdings K K		400		3,889
Plenus Co. Ltd.		1,000		22,689
Rank Group PLC		1,756		4,048
Regal Hotels International Holdings Ltd.^		52,000		28,371
Resorttrust, Inc.		300		11,406
The Restaurant Group PLC		10,327		95,566
Rezidor Hotel Group AB*		2,683		15,299
Round One Corp.		700		3,710
Royal Holdings Co. Ltd.		1,600		25,685
Saizeriya Co. Ltd.		500		6,182
Sands China Ltd.		34,400		244,477
Shangri-La Asia Ltd.		12,000		21,978
SJM Holdings Ltd.		28,000		90,468
SKYCITY Entertainment Group Ltd.		1,876		6,041
Sodexo		1,153		112,061
St Marc Holdings Co. Ltd.		600		30,884
Starbucks Coffee Japan Ltd.		900		10,549
Tabcorp Holdings Ltd.		3,750		12,784
Tatts Group Ltd.		19,853		59,031
Thomas Cook Group PLC*		87,059		201,551
Tim Hortons, Inc.		2,275		135,778
Tokyo Dome Corp.		4,000		27,398
Tokyotokeiba Co. Ltd.		2,000		8,113
Toridoll.corp		3,400		32,021
TUI AG*		1,864		24,781
TUI Travel PLC		3,691		22,830
Unibet Group PLC		1,859		74,693
WATAMI Co. Ltd.		1,400		21,547
Whitbread PLC		2,302		126,966
William Hill PLC		10,461		67,378
Wynn Macau Ltd.		27,600		105,907
Yomiuri Land Co. Ltd.		1,000		7,441
Yoshinoya Holdings Co. Ltd.		1,400		16,082
Zensho Holdings Co. Ltd.		3,600		41,133
				5,241,168
Household Durables – 1.2%
Alpine Electronics, Inc.		2,400		28,988
Bang & Olufsen A/S*		222		2,145


	Shares		Value
Household Durables – (continued)
Barratt Developments PLC		10,792	$	58,101
Bellway PLC		3,537		85,465
Berkeley Group Holdings PLC		2,144		80,602
Bovis Homes Group PLC		6,977		87,993
Brookfield Residential Properties, Inc.*		700		15,456
Casio Computer Co. Ltd.		2,400		22,921
Chofu Seisakusho Co. Ltd.		200		4,638
Clarion Co. Ltd.*		22,000		29,375
Corona Corp.		2,900		32,810
Crest Nicholson Holdings PLC*		40,189		249,877
Dorel Industries, Inc., Class B		3,878		144,061
Ekornes ASA		3,933		64,142
Electrolux AB		3,002		74,226
Fleetwood Corp. Ltd.		5,982		19,090
Forbo Holding AG*		52		40,886
Foster Electric Co. Ltd.		2,700		52,728
France Bed Holdings Co. Ltd.		16,000		33,106
Fujitsu General Ltd.		4,000		48,476
Funai Electric Co. Ltd.		900		9,559
GUD Holdings Ltd.		2,533		14,224
Haseko Corp.*		1,700		12,545
Hunter Douglas N.V.		110		4,785
Husqvarna AB, Class B		2,585		15,228
Indesit Co. SpA		4,592		47,570
JM AB		12,275		350,928
JVC Kenwood Corp.		32,600		63,798
Man Wah Holdings Ltd.		24,800		42,735
Metall Zug AG, Class B		8		19,241
Misawa Homes Co. Ltd.		4,600		82,426
Mitsui Home Co. Ltd.		1,000		5,045
Nexity S.A.		4,503		176,921
Nobia AB		7,206		62,917
Panasonic Corp.		32,700		328,300
Persimmon PLC*		3,439		69,892
Pioneer Corp.*		47,300		86,780
Redrow PLC		7,585		32,293
Rinnai Corp.		400		30,986
Sangetsu Co. Ltd.		1,200		31,838
SEB S.A.		46		4,138
Sekisui Chemical Co. Ltd.		9,000		104,301
Sekisui House Ltd.		10,000		143,003
Sharp Corp.*		23,000		67,750

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


	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
Sony Corp.		15,000	$	286,974
Sumitomo Forestry Co. Ltd.		500		5,805
Takamatsu Construction Group Co. Ltd.		2,600		48,656
Taylor Wimpey PLC		61,576		109,019
Techtronic Industries Co.		18,000		45,272
Token Corp.		670		35,579
TomTom N.V.*		5,274		40,876
				3,554,470
Household Products – 0.5%
Henkel AG & Co. KGaA		1,800		166,623
Henkel AG & Co. KGaA (Preference)		2,550		276,298
Lion Corp.		1,000		6,004
Pigeon Corp.		800		41,178
PZ Cussons PLC		3,525		22,296
Reckitt Benckiser Group PLC		9,404		732,458
ST Corp.		1,800		18,365
Svenska Cellulosa AB S.C.A., Class A		468		13,235
Svenska Cellulosa AB S.C.A., Class B		9,153		260,260
Unicharm Corp.		1,800		115,401
				1,652,118
Independent Power Producers & Energy Traders – 0.2%
ALBIOMA		3,682		90,152
Algonquin Power & Utilities Corp.		6,486		41,857
APR Energy PLC		3,286		61,240
Atlantic Power Corp.		18,941		85,365
Capital Power Corp.		3,803		78,770
Drax Group PLC		6,576		67,193
EDP Renovaveis S.A.		9,427		52,020
Electric Power Development Co. Ltd.		2,100		66,996
Enel Green Power SpA		11,345		27,639
Energy World Corp. Ltd.*		17,127		7,055
Innergex Renewable Energy, Inc.		7,554		66,207
KSK Power Ventur PLC*		2,099		6,745
Northland Power, Inc.		180		2,851
TransAlta Corp.		2,853		38,383
				692,473


	Shares		Value
Industrial Conglomerates – 1.4%
CIR-Compagnie Industriali Riunite SpA*		40,226	$	67,101
Clal Industries Ltd.*		1,000		4,473
Cofide SpA*		55,317		43,656
CSR Ltd.		45,552		107,839
Daetwyler Holding AG		117		14,923
Hong Leong Asia Ltd.		28,000		32,846
Hopewell Holdings Ltd.		3,500		11,782
Hutchison Whampoa Ltd.		30,000		373,788
Indus Holding AG		3,103		111,791
Jardine Matheson Holdings Ltd.		2,800		152,572
Jardine Strategic Holdings Ltd.		3,500		118,615
Katakura Industries Co. Ltd.		1,200		14,213
Keihan Electric Railway Co. Ltd.		10,000		41,178
Keppel Corp. Ltd.		25,000		218,688
Koninklijke Philips N.V.		13,828		490,282
Koor Industries Ltd.*		1,851		38,265
Nisshinbo Holdings, Inc.		2,000		17,613
NWS Holdings Ltd.		15,090		23,551
Rheinmetall AG		5,825		361,783
Schouw & Co.		2,658		99,561
Sembcorp Industries Ltd.		10,000		42,891
Shun Tak Holdings Ltd.		56,000		32,431
Siemens AG (Registered)		12,245		1,567,822
Smiths Group PLC		5,227		120,507
Sonae		18,183		26,327
Straits Trading Co. Ltd.		7,000		20,655
TOKAI Holdings Corp.		20,700		73,424
Toshiba Corp.		55,000		233,208
				4,461,785
Insurance – 4.4%
Admiral Group PLC		3,557		73,091
Aegon N.V.		27,352		218,053
Ageas		3,250		138,494
AIA Group Ltd.		185,000		938,953
Allianz SE (Registered)		6,750		1,136,984
Amlin PLC		2,767		18,942
AMP Ltd.		47,534		213,358
April		1,650		35,173
Assicurazioni Generali SpA		18,053		422,631
Aviva PLC		39,331		283,783
AXA S.A.		26,828		671,097

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


	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Baloise Holding AG (Registered)		851	$	99,239
Beazley PLC		76,776		282,221
Catlin Group Ltd.		1,982		16,304
Clal Insurance Enterprises Holdings Ltd.		2,567		50,535
CNP Assurances		812		14,351
The Dai-ichi Life Insurance Co. Ltd.		12,600		179,284
Delta Lloyd N.V.		4,331		92,206
Direct Line Insurance Group PLC		11,458		41,419
E-L Financial Corp. Ltd.		8		5,318
esure Group PLC		19,234		69,992
Euler Hermes S.A.		112		14,806
Fairfax Financial Holdings Ltd.		246		107,331
Fondiaria-Sai SpA*		59,162		150,678
Gjensidige Forsikring ASA		989		18,474
Great-West Lifeco, Inc.		3,902		120,669
Grupo Catalana Occidente S.A.		2,120		71,909
Hannover Rueck SE		702		56,394
Harel Insurance Investments & Financial Services Ltd.		4,300		25,330
Helvetia Holding AG		23		10,877
Hiscox Ltd.		8,133		86,435
Industrial Alliance Insurance & Financial Services, Inc.		1,450		65,016
Insurance Australia Group Ltd.		25,760		150,751
Intact Financial Corp.		2,351		146,604
Jardine Lloyd Thompson Group PLC		258		4,149
Lancashire Holdings Ltd.		26,285		342,903
Legal & General Group PLC		85,452		296,952
LIFENET INSURANCE CO*		5,500		29,936
Manulife Financial Corp.		27,577		488,418
Mapfre S.A.		6,907		27,832
Mediolanum SpA		2,092		18,231
Menorah Mivtachim Holdings Ltd.		4,176		48,285
Milano Assicurazioni SpA*		106,059		90,766
MS&AD Insurance Group Holdings		8,200		211,039
Muenchener Rueckversicherungs AG (Registered)		2,626		549,430
NIB Holdings Ltd.		22,426		50,967
NKSJ Holdings, Inc.		5,700		146,872


	Shares		Value
Insurance – (continued)
Old Mutual PLC		64,305	$	210,344
Phoenix Group Holdings		22,002		275,011
The Phoenix Holdings Ltd.		7,846		30,968
Power Corp of Canada		5,826		171,621
Power Financial Corp.		3,002		98,766
Prudential PLC		37,226		764,935
QBE Insurance Group Ltd.		18,703		262,120
Resolution Ltd.		17,901		102,787
RSA Insurance Group PLC		70,013		144,428
Sampo Oyj, Class A		6,928		328,616
Schweizerische National-Versicherungs-Gesellschaft AG, Class V		1,877		92,964
SCOR SE		2,626		92,946
Societa Cattolica di Assicurazioni SCRL		6,928		175,657
Sony Financial Holdings, Inc.		1,400		26,071
St James’s Place PLC		1,985		21,558
Standard Life PLC		40,453		228,771
Storebrand ASA*		680		4,395
Sun Life Financial, Inc.		9,027		304,002
Suncorp Group Ltd.		20,226		256,267
Swiss Life Holding AG*		428		85,217
Swiss Re AG*		5,277		464,444
T&D Holdings, Inc.		7,600		91,020
Tokio Marine Holdings, Inc.		10,200		333,208
Topdanmark A/S*		575		15,679
Tower Ltd.		33,375		51,108
Tryg A/S		70		6,405
Unipol Gruppo Finanziario SpA		13,898		73,877
Unipol Gruppo Finanziario SpA (Preference)		17,878		80,450
Vienna Insurance Group AG Wiener Versicherung Gruppe		108		5,730
Zurich Insurance Group AG*		2,225		616,479
				13,748,326
Internet & Catalog Retail – 0.4%
ASKUL Corp.		1,400		44,807
ASOS PLC*		1,282		116,783
Belluna Co. Ltd.		9,900		52,472
Home Retail Group PLC		120,425		385,015
N Brown Group PLC		5,442		45,858

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


	Shares		Value
COMMON STOCKS – (continued)
Internet & Catalog Retail – (continued)
Nissen Holdings Co. Ltd.		4,300	$	13,893
Ocado Group PLC*		19,513		136,057
Rakuten, Inc.		10,500		136,775
Senshukai Co. Ltd.		2,500		21,634
Start Today Co. Ltd.		600		16,726
Takkt AG		2,900		57,640
Trade Me Group Ltd.		19,956		74,334
Wotif.com Holdings Ltd.		4,629		19,462
Yoox SpA*		2,027		73,026
				1,194,482
Internet Software & Services – 0.1%
Blumont Group Ltd.*		53,000		4,999
carsales.com Ltd.		3,812		37,903
Dena Co. Ltd.		1,500		32,703
F@N Communications, Inc.		400		9,292
GMO internet, Inc.		1,500		17,032
Gree, Inc.		200		1,722
Gurunavi, Inc.		900		19,402
Internet Initiative Japan, Inc.		200		5,612
Kakaku.com, Inc.		1,600		30,888
Moneysupermarket.com Group PLC		16,412		40,448
Opera Software ASA		2,978		36,050
Telecity Group PLC		1,380		16,905
United Internet AG		870		34,418
Yahoo Japan Corp.		20,000		93,161
				380,535
IT Services – 0.7%
Alten S.A.		3,450		156,515
Altran Technologies S.A.*		3,508		31,190
Amadeus IT Holding S.A., Class A		4,850		180,334
Atea ASA		11,177		124,027
AtoS		704		60,182
Cap Gemini S.A.		2,714		178,765
CGI Group, Inc., Class A*		3,202		107,404
Computacenter PLC		12,905		123,051
Computershare Ltd.		7,553		76,816
Davis & Henderson Corp.		5,251		135,196
Digital Garage, Inc.		1,200		31,605
Fujitsu Ltd.*		26,000		111,569


	Shares		Value
IT Services – (continued)
GFI Informatique S.A.		5,032	$	29,074
Groupe Steria S.C.A.		3,079		57,096
Indra Sistemas S.A.		7,151		118,314
Iress Ltd.		9,137		85,485
IT Holdings Corp.		500		7,191
Itochu Techno-Solutions Corp.		100		3,919
NEC Fielding Ltd.		1,500		16,986
NEC Networks & System Integration Corp.		3,000		75,497
NET One Systems Co. Ltd.		12,100		84,482
Nihon Unisys Ltd.		8,000		71,267
Nomura Research Institute Ltd.		1,000		33,534
NS Solutions Corp.		1,500		34,201
NTT Data Corp.		1,800		59,627
Obic Co. Ltd.		900		28,254
Ordina N.V.*		4,122		7,229
Otsuka Corp.		100		12,975
SCSK Corp.		400		10,123
Sopra Group S.A.		572		50,095
Tieto Oyj		219		4,823
TKC Corp.		1,800		29,924
Transcosmos, Inc.		3,700		64,074
Wirecard AG		1,068		38,992
Xchanging PLC		3,750		7,651
				2,247,467
Leisure Equipment & Products – 0.2%
Amer Sports Oyj		1,390		28,610
Beneteau S.A.*		2,110		38,697
Fields Corp.		2,200		39,062
Mars Engineering Corp.		600		11,479
Mizuno Corp.		4,000		22,546
Namco Bandai Holdings, Inc.		2,400		45,255
Nikon Corp.		5,500		101,468
Sankyo Co. Ltd.		900		42,748
Sega Sammy Holdings, Inc.		2,500		64,086
Shimano, Inc.		1,000		87,657
Tamron Co. Ltd.		200		4,273
Tomy Co. Ltd.		3,700		19,083
Trigano S.A.*		1,751		37,231
Yamaha Corp.		1,900		28,274
				570,469

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


	Shares		Value
COMMON STOCKS – (continued)
Life Sciences Tools & Services – 0.2%
Chiome Bioscience, Inc.*		200	$	6,758
EPS Corp.		4		4,154
Eurofins Scientific		46		12,629
Evotec AG*		2,572		15,119
Gerresheimer AG		1,476		97,963
Lonza Group AG*		808		72,364
Nordion Inc.*		14,156		117,147
QIAGEN N.V.*		4,904		112,939
Tecan Group AG*		443		46,475
				485,548
Machinery – 3.3%
Aalberts Industries N.V.		2,702		80,961
Aida Engineering Ltd.		9,300		89,768
Alfa Laval AB		5,301		121,240
Amada Co. Ltd.		4,000		34,329
Andritz AG		952		58,720
Asahi Diamond Industrial Co. Ltd.		400		3,877
Atlas Copco AB, Class A		11,247		312,501
Atlas Copco AB, Class B		6,000		149,558
ATS Automation Tooling Systems, Inc.*		5,484		75,830
Bando Chemical Industries Ltd.		7,000		27,255
Bobst Group AG*		255		9,011
Bodycote PLC		8,026		84,846
Bradken Ltd.		26,153		154,537
Bucher Industries AG		24		6,672
Burckhardt Compression Holding AG		80		32,113
Cargotec Oyj, Class B		613		22,451
Chugai Ro Co. Ltd.		12,000		31,434
CKD Corp.		6,200		57,444
Construcciones y Auxiliar de Ferrocarriles S.A.		281		146,256
Cosco Corp. Singapore Ltd.		53,000		33,543
Daifuku Co. Ltd.		4,500		57,701
Danieli & C Officine Meccaniche SpA		3,143		96,867
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		5,565		115,376
Deutz AG*		13,000		123,891
DMG Mori Seiki AG		9,415		310,585


	Shares		Value
Machinery – (continued)
DMG Mori Seiki Co. Ltd.		2,000	$	32,331
Duerr AG		1,376		120,845
Duro Felguera S.A.		6,856		44,926
Ebara Corp.		2,000		10,723
Faiveley Transport S.A.		935		73,103
FANUC Corp.		2,800		448,639
Fenner PLC		11,384		73,158
Fuji Machine Manufacturing Co. Ltd.		6,600		59,468
Fujitec Co. Ltd.		3,000		36,846
Furukawa Co. Ltd.		18,000		37,427
GEA Group AG		2,277		99,213
Georg Fischer AG*		578		399,567
Glory Ltd.		200		4,956
Heidelberger Druckmaschinen AG*		31,761		85,365
Hino Motors Ltd.		5,000		70,278
Hitachi Construction Machinery Co. Ltd.		1,100		23,175
Hitachi Koki Co. Ltd.		600		4,385
Hitachi Zosen Corp.		1,500		11,910
Hoshizaki Electric Co. Ltd.		100		3,664
IHI Corp.		31,000		130,812
IMI PLC		4,602		112,308
Invensys PLC		7,655		61,862
Iseki & Co. Ltd.		2,000		6,483
The Japan Steel Works Ltd.		3,000		16,726
JTEKT Corp.		2,600		33,206
Kawasaki Heavy Industries Ltd.		25,000		97,340
Kitz Corp.		4,700		20,216
Komatsu Ltd.		15,000		327,184
Komori Corp.		4,800		75,295
Kone Oyj, Class B		2,276		200,970
Konecranes Oyj		90		3,039
Krones AG		347		30,456
KSB AG		17		11,158
KSB AG (Preference)		128		80,065
Kubota Corp.		15,000		221,384
KUKA AG		1,951		89,014
Kurita Water Industries Ltd.		2,800		61,074
Makino Milling Machine Co. Ltd.		12,000		78,402
Makita Corp.		1,500		75,680
MAN SE		727		87,717

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


	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
MAN SE (Preference)		183	$	21,871
Max Co. Ltd.		1,000		11,253
Meidensha Corp.		7,000		26,114
Melrose Industries PLC		24,625		126,679
Metka S.A.		3,461		65,167
Metso Oyj		1,853		73,055
Meyer Burger Technology AG*		2,478		29,143
Minebea Co. Ltd.		1,000		5,524
Mitsubishi Heavy Industries Ltd.		47,000		297,972
Mitsuboshi Belting Co. Ltd.		12,000		61,890
Mitsui Engineering & Shipbuilding Co. Ltd.		7,000		13,699
Miura Co. Ltd.		1,100		28,848
Morgan Advanced Materials PLC		12,833		62,677
Nabtesco Corp.		1,100		26,808
Nachi-Fujikoshi Corp.		9,000		44,032
NGK Insulators Ltd.		3,000		50,270
Nippon Sharyo Ltd.		5,000		26,297
Nippon Thompson Co. Ltd.		9,000		48,986
Nitta Corp.		1,600		33,725
Nitto Kohki Co. Ltd.		1,500		28,392
NKT Holding A/S		3,334		162,013
Noritake Co. Ltd.		1,000		2,721
NSK Ltd.		7,000		74,345
NTN Corp.*		9,000		43,023
OC Oerlikon Corp. AG (Registered)*		302		4,235
Oiles Corp.		2,300		51,364
OKUMA Corp.		2,000		16,818
Organo Corp.		3,000		14,555
OSG Corp.		1,500		24,233
Palfinger AG		794		29,361
Pfeiffer Vacuum Technology AG		452		52,791
Rational AG		54		16,591
Rieter Holding AG*		156		32,783
Rotork PLC		1,036		47,653
Ryobi Ltd.		19,000		83,855
Sandvik AB		12,776		173,149
Scania AB, Class A		2,427		46,507
Scania AB, Class B		4,978		100,005
Schindler Holding AG		1,261		179,386
SembCorp Marine Ltd.		7,000		25,396


	Shares		Value
Machinery – (continued)
Semperit AG Holding		1,165	$	57,255
Senior PLC		19,126		91,508
Shima Seiki Manufacturing Ltd.		900		18,439
Shinmaywa Industries Ltd.		1,000		7,838
Singamas Container Holdings Ltd.		162,000		37,820
Sintokogio Ltd.		2,500		18,780
SKF AB, Class B		6,528		173,211
SMC CORP NPV		900		208,970
Spirax-Sarco Engineering PLC		400		18,752
Sulzer AG		509		79,873
Sumitomo Heavy Industries Ltd.		4,000		17,654
Tadano Ltd.		1,000		13,719
Terex Material Handling & Port Solutions AG		234		19,501
THK Co. Ltd.		2,500		54,378
Torishima Pump Manufacturing Co. Ltd.		600		5,333
Toshiba Machine Co. Ltd.		3,000		15,503
Trelleborg AB, Class B		2,906		55,012
Tsubakimoto Chain Co.		9,000		59,627
Tsugami Corp.		1,000		5,025
Vallourec S.A.		1,425		84,902
Vard Holdings Ltd.*		71,000		50,373
Vesuvius PLC		38,626		301,222
Volvo AB, Class A		6,626		85,346
Volvo AB, Class B		24,357		313,353
Vossloh AG		205		21,175
Wacker Neuson SE		4,376		67,464
Wartsila Oyj Abp		2,627		116,678
The Weir Group PLC		3,426		124,120
Westport Innovations Inc.*		592		13,863
Yangzijiang Shipbuilding Holdings Ltd.		19,000		18,076
Zardoya Otis S.A.		4,074		71,060
				10,186,152
Marine – 0.4%
AP Moeller – Maersk A/S, Class A		7		63,336
AP Moeller – Maersk A/S, Class B		22		213,133
Cie Maritime Belge S.A.		1,312		35,031
D/S Norden A/S		1,588		69,989
Dfds A/S		449		32,695

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


	Shares		Value
COMMON STOCKS – (continued)
Marine – (continued)
Golden Ocean Group Ltd.		15,271	$	23,005
Iino Kaiun Kaisha Ltd.		4,300		28,225
Irish Continental Group PLC		1,034		36,289
Kawasaki Kisen Kaisha Ltd.		11,000		25,115
Kuehne + Nagel International AG		678		85,878
Mermaid Marine Australia Ltd.		6,477		23,000
Mitsui OSK Lines Ltd.		21,000		88,615
Neptune Orient Lines Ltd.*		11,000		9,401
Nippon Yusen KK		28,000		85,333
NS United Kaiun Kaisha Ltd.*		11,000		33,187
Orient Overseas International Ltd.		1,000		5,166
Pacific Basin Shipping Ltd.		81,000		57,984
SITC International Holdings Co. Ltd.		151,000		63,882
Stolt-Nielsen Ltd.		1,829		51,816
Wilh Wilhelmsen Holding ASA, Class A		3,047		93,238
Wilh Wilhelmsen Holding ASA, Class B		2,234		67,796
				1,192,114
Media – 2.1%
Aimia, Inc.		4,679		82,691
Alma Media Oyj		8,472		36,281
Amalgamated Holdings Ltd.		8,073		61,999
APN News & Media Ltd.*		34,463		15,175
Arnoldo Mondadori Editore SpA*		1,942		4,161
Asatsu-DK, Inc.		1,100		30,194
Atresmedia Corp. de Medios de Comunicaion S.A.		3,386		56,850
Avex Group Holdings, Inc.		1,600		40,542
Axel Springer AG		507		30,614
British Sky Broadcasting Group PLC		16,325		245,885
Cineplex, Inc.		714		28,756
Cogeco Cable, Inc.		2,362		111,662
Cogeco, Inc.		410		18,557
Constantin Medien AG*		9,138		20,498
COOKPAD, Inc.		300		9,601
Corus Entertainment, Inc., Class B		202		4,707
CTS Eventim AG		1,348		65,882
CyberAgent, Inc.		1,100		29,992


	Shares		Value
Media – (continued)
Daiichikosho Co. Ltd.		300	$	8,577
Daily Mail & General Trust PLC, Class A		5,630		73,628
Dentsu, Inc.		2,500		94,154
Euromoney Institutional Investor PLC		3,355		57,944
Eutelsat Communications S.A.		1,953		61,983
Fairfax Media Ltd.		363,555		208,282
Fuji Media Holdings, Inc.		1,200		23,887
GFK SE		861		50,391
Gruppo Editoriale L’Espresso SpA*		19,423		38,869
Hakuhodo DY Holdings, Inc.		1,900		14,679
Havas S.A.		7,824		65,267
Highlight Communications AG		717		3,688
Imax Corp.*		2,048		59,564
Informa PLC		8,677		77,997
IPSOS		5,910		249,596
ITV PLC		52,625		161,401
JCDecaux S.A.		530		21,321
Kabel Deutschland Holding AG		276		34,746
Kadokawa Corp.		900		32,795
Lagardere S.C.A.		1,901		69,236
Mediaset Espana Comunicacion S.A.*		430		5,261
Mediaset SpA*		7,287		36,575
Metropole Television S.A.		1,801		41,563
Modern Times Group AB, Class B		604		33,023
Nippon Television Holdings, Inc.		1,500		27,459
NRJ Group*		658		6,351
Pearson PLC		12,051		252,469
Perform Group PLC*		4,301		38,696
ProSiebenSat.1 Media AG		2,921		139,306
Publicis Groupe S.A.		2,711		226,407
PubliGroupe AG		46		4,572
Quebecor, Inc., Class B		196		4,845
RCS MediaGroup SpA*		20,743		45,741
REA Group Ltd.		407		15,994
Reed Elsevier N.V.		10,851		218,845
Reed Elsevier PLC		17,202		241,545
Rightmove PLC		2,083		88,750
RTL Group S.A.		22		2,393
Sanoma Oyj		1,100		9,571
Schibsted ASA		1,722		105,386

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


	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
SES S.A.		4,801	$	139,938
Seven West Media Ltd.		21,141		50,449
Shaw Communications, Inc., Class B		6,125		146,481
Singapore Press Holdings Ltd.		27,000		92,514
Sky Deutschland AG*		4,529		44,763
Sky Network Television Ltd.		7,095		36,412
SKY Perfect JSAT Holdings, Inc.		6,800		39,299
Societe d’Edition de Canal +		8,575		70,879
Societe Television Francaise 1		18,354		354,322
Solocal Group*		13,116		30,670
Southern Cross Media Group Ltd.		70,578		126,316
Stroeer Media AG*		987		17,108
Tamedia AG		141		16,801
Technicolor S.A.*		43,627		236,650
Telegraaf Media Groep N.V.		2,289		29,905
Television Broadcasts Ltd.		2,700		15,793
Ten Network Holdings Ltd.*		52,210		13,843
Thomson Reuters Corp.		5,602		210,468
Toei Co. Ltd.		9,000		54,123
Toho Co. Ltd.		900		19,273
Torstar Corp., Class B		8,626		46,321
UBM PLC		6,283		68,994
Village Roadshow Ltd.		8,033		53,476
Wolters Kluwer N.V.		4,175		113,405
WPP PLC		18,503		393,882
Zenrin Co. Ltd.		200		2,106
ZON OPTIMUS SGPS S.A.		11,886		81,862
				6,352,857
Metals & Mining – 4.9%
Acerinox S.A.		371		4,900
African Barrick Gold PLC*		12,296		38,028
African Minerals Ltd.*		40,728		122,034
Agnico Eagle Mines Ltd.		2,714		80,573
Aichi Steel Corp.		19,000		97,217
Alacer Gold Corp.		31,994		88,663
Alamos Gold, Inc.		1,655		26,360
Alumina Ltd.*		7,824		7,631
AMAG Austria Metall AG(a)		2,064		59,810
AMG Advanced Metallurgical Group N.V.*		7,393		82,889


	Shares		Value
Metals & Mining – (continued)
Anglo American PLC		20,900	$	498,632
Antofagasta PLC		5,925		81,388
APERAM		8,556		146,794
Aquarius Platinum Ltd.*		82,823		54,508
ArcelorMittal		13,783		218,016
Argonaut Gold, Inc.*		7,800		43,381
Arrium Ltd.		203,103		266,375
Asahi Holdings, Inc.		2,400		39,605
Asanko Gold, Inc.*		1,481		3,479
Atlas Iron Ltd.		146,603		143,685
Augusta Resource Corp.*		4,800		9,160
AuRico Gold, Inc.		7,614		31,614
Aurubis AG		72		4,548
B2Gold Corp.*		25,739		63,678
Banro Corp.*		21,556		17,776
Barrick Gold Corp.		15,375		298,993
Beadell Resources Ltd.*		28,665		25,244
BHP Billiton Ltd.		46,987		1,675,657
BHP Billiton PLC		30,979		960,826
BlueScope Steel Ltd.*		5,703		26,948
Boliden AB		1,920		27,386
Canam Group, Inc.*		1,800		19,504
Capstone Mining Corp.*		14,014		37,224
Centamin PLC*		159,377		128,540
Centerra Gold, Inc.		25,460		101,806
China Gold International Resources Corp. Ltd.*		5,290		14,203
Colossus Minerals, Inc.*		584		286
Continental Gold Ltd.*		3,730		14,128
Cudeco Ltd.*		2,694		5,128
Daido Steel Co. Ltd.		5,000		28,641
Detour Gold Corp.*		8,119		66,332
Dominion Diamond Corp.*		1,740		23,493
Dowa Holdings Co. Ltd.		4,000		37,672
Dundee Precious Metals, Inc.*		21,043		89,794
Eldorado Gold Corp.		11,725		79,040
Endeavour Mining Corp.*		37,299		22,175
Endeavour Silver Corp.*		900		3,737
Evolution Mining Ltd.		70,901		56,397
Evraz PLC*		2,482		4,705
Ferrexpo PLC		36,350		106,054
First Majestic Silver Corp.*		6,103		69,056
First Quantum Minerals Ltd.		10,151		192,537
Fortescue Metals Group Ltd.		22,750		112,240

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


	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Fortuna Silver Mines, Inc.*		17,633	$	69,832
Franco-Nevada Corp.		2,985		134,273
Fresnillo PLC		2,303		36,093
Gabriel Resources Ltd.*		2,500		2,134
Gindalbie Metals Ltd.*		104,439		12,857
Glencore Xstrata PLC		143,552		784,144
Godo Steel Ltd.		7,000		12,843
Goldcorp, Inc.		13,293		338,555
G-Resources Group Ltd.*		3,698,400		110,670
Guyana Goldfields, Inc.*		1,900		4,445
Highland Gold Mining Ltd.		21,765		24,390
Hitachi Metals Ltd.		3,040		40,901
Hochschild Mining PLC		6,967		18,525
Honbridge Holdings Ltd.*		266,000		32,594
HudBay Minerals, Inc.		12,276		100,058
IAMGOLD Corp.		2,191		11,198
Iluka Resources Ltd.		9,025		88,026
Imperial Metals Corp.*		3,680		46,545
Independence Group NL		8,856		33,209
International Minerals Corp.		786		2,133
Ivanhoe Mines Ltd.*		10,665		26,692
JFE Holdings, Inc.		7,500		169,860
Katanga Mining Ltd.*		69,000		36,391
Kazakhmys PLC		3,477		14,630
Kenmare Resources PLC*		139,851		45,723
Kingsgate Consolidated Ltd.		19,274		26,191
Kinross Gold Corp.		17,702		89,966
Kirkland Lake Gold, Inc.*		4,763		16,625
Kobe Steel Ltd.*		34,000		59,953
Kyoei Steel Ltd.		1,500		30,960
Labrador Iron Ore Royalty Corp.		932		28,286
LionGold Corp. Ltd.*		31,000		4,999
Lonmin PLC*		7,271		37,685
Lundin Mining Corp.*		7,758		34,964
Lynas Corp. Ltd.*		89,793		29,335
MAG Silver Corp.*		244		1,334
Major Drilling Group International, Inc.		12,676		99,915
Maruichi Steel Tube Ltd.		1,000		24,422
Medusa Mining Ltd.*^		28,629		54,220
Midas Holdings Ltd.		10,000		4,031
Mineral Deposits Ltd.*		562		1,660
Mitsubishi Materials Corp.		26,000		101,498
Mitsubishi Steel Manufacturing Co. Ltd.		23,000		65,406


	Shares		Value
Metals & Mining – (continued)
Mitsui Mining & Smelting Co. Ltd.		2,000	$	5,096
Mongolian Mining Corp.*		134,000		21,950
Mount Gibson Iron Ltd.		102,753		86,599
Mytilineos Holdings S.A.*		10,578		85,853
Neturen Co. Ltd.		3,600		31,703
Nevsun Resources Ltd.		28,829		105,049
New Gold, Inc.*		5,890		34,566
New World Resources PLC, Class A*		13,363		19,376
Newcrest Mining Ltd.		11,952		116,575
Nippon Coke & Engineering Co. Ltd.		23,000		29,069
Nippon Denko Co. Ltd.		9,000		26,144
Nippon Light Metal Holdings Co. Ltd.		42,700		60,932
Nippon Steel & Sumitomo Metal Corp.		112,205		369,404
Nittetsu Mining Co. Ltd.		9,000		51,554
Norsk Hydro ASA		15,603		69,781
Novagold Resources, Inc.*		4,500		9,709
NV Bekaert S.A.		1,169		49,116
Nyrstar N.V.*		13,765		56,702
OceanaGold Corp.*		34,753		57,986
OSAKA Titanium Technologies Co. Ltd.		200		4,373
Osisko Mining Corp.*		12,983		63,368
Outokumpu Oyj*		2,896		1,614
OZ Minerals Ltd.		10,242		35,109
Pacific Metals Co. Ltd.		5,000		18,296
Pan American Silver Corp.		2,363		25,106
PanAust Ltd.		16,416		31,401
Perseus Mining Ltd.*		79,890		32,909
Petra Diamonds Ltd.*		16,906		30,421
Petropavlovsk PLC		26,226		33,708
Polymetal International PLC		2,393		23,048
Polyus Gold International Ltd.		13,384		41,554
Premier Gold Mines Ltd.*		4,194		9,290
Pretium Resources, Inc.*		2,701		8,832
Primero Mining Corp.*		500		2,848
Randgold Resources Ltd.		1,715		127,847
Rautaruukki Oyj		6,038		52,412
Regis Resources Ltd.		21,596		71,372
Resolute Mining Ltd.*		76,659		46,822
Rio Alto Mining Ltd.*		7,167		11,821

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


	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Rio Tinto Ltd.		6,650	$	402,959
Rio Tinto PLC		20,201		1,024,927
Romarco Minerals, Inc.*		8,974		3,227
Rubicon Minerals Corp.*		2,843		3,926
Salzgitter AG		835		36,865
Sandfire Resources NL*		2,338		14,457
Sandstorm Gold Ltd.*		8,310		44,783
Sanyo Special Steel Co. Ltd.		6,000		32,290
Schmolz + Bickenbach AG*		72,796		92,447
Seabridge Gold, Inc.*		190		1,811
SEMAFO, Inc.		36,887		100,101
Sherritt International Corp.		45,627		156,195
Silver Lake Resources Ltd.*		54,830		39,979
Silver Standard Resources, Inc.*		3,612		20,331
Silver Wheaton Corp.		6,664		151,192
Silvercorp Metals, Inc.		30,644		95,501
Sims Metal Management Ltd.*		3,554		33,520
SSAB AB, Class A		451		2,977
St Barbara Ltd.*		70,174		31,897
Sumitomo Metal Mining Co. Ltd.		10,000		138,416
Sundance Resources Ltd.*		21,665		2,154
Tahoe Resources, Inc.*		754		14,475
Talvivaara Mining Co. PLC*		65,647		6,507
Tanzanian Royalty Exploration Corp.*		596		1,400
Taseko Mines Ltd.*		44,021		108,063
Teck Resources Ltd., Class B		8,402		224,784
Teranga Gold Corp.*		18,789		10,630
Thompson Creek Metals Co. Inc.*		5,770		18,591
ThyssenKrupp AG*		6,818		174,490
Toho Titanium Co. Ltd.		1,100		8,734
Toho Zinc Co. Ltd.		19,000		57,130
Tokyo Steel Manufacturing Co. Ltd.*		5,700		30,501
Topy Industries Ltd.		29,000		63,551
Torex Gold Resources, Inc.*		29,463		32,773
Toyo Kohan Co. Ltd.		12,000		54,551
Tubos Reunidos S.A.		4,517		11,299
Turquoise Hill Resources Ltd.*		3,838		18,512
UACJ Corp.		30,000		98,461
Vedanta Resources PLC		1,197		20,443


	Shares		Value
Metals & Mining – (continued)
Viohalco Hellenic Copper and Aluminum Industry S.A.*		1,200	$	11,909
Voestalpine AG		1,967		93,020
Western Areas Ltd.		7,243		19,205
Yamana Gold, Inc.		11,728		116,285
Yamato Kogyo Co. Ltd.		200		7,410
Yodogawa Steel Works Ltd.		11,000		49,781
Zimplats Holdings Ltd.*		2,200		15,208
				15,023,644
Multiline Retail – 0.5%
Canadian Tire Corp. Ltd., Class A		1,027		95,309
The Daiei Inc.*		18,250		63,245
David Jones Ltd.		24,575		63,298
Debenhams PLC		192,060		314,426
Dollarama, Inc.		1,358		116,703
Don Quijote Co. Ltd.		1,000		66,456
Fuji Co. Ltd.		800		14,417
H2O Retailing Corp.		1,000		8,491
Harvey Norman Holdings Ltd.		5,395		16,655
Isetan Mitsukoshi Holdings Ltd.		5,000		75,579
Izumi Co. Ltd.		100		3,246
J Front Retailing Co. Ltd.		5,000		38,834
Lifestyle International Holdings Ltd.		4,000		8,719
Marks & Spencer Group PLC		21,400		173,110
Marui Group Co. Ltd.		800		7,641
Matsuya Co. Ltd.*		600		7,320
Mothercare PLC*		1,247		7,673
Myer Holdings Ltd.		29,601		70,077
Next PLC		2,026		177,233
Parkson Retail Asia Ltd.		24,000		20,510
Ryohin Keikaku Co. Ltd.		100		9,979
Sears Canada, Inc.		800		11,123
Seria Co. Ltd.		1,200		40,118
Stockmann Oyi Abp, Class A		3,828		64,011
Stockmann Oyi Abp, Class B		4,970		79,594
Takashimaya Co. Ltd.		2,000		19,040
The Warehouse Group Ltd.		5,317		16,196
Wing On Co. International Ltd.		18,000		51,773
				1,640,776

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


	Shares		Value
COMMON STOCKS – (continued)
Multi-Utilities – 1.1%
A2A SpA		65,745	$	74,230
ACEA SpA		8,252		86,047
AGL Energy Ltd.		9,052		134,063
Atco Ltd., Class I		416		19,303
Canadian Utilities Ltd., Class A		1,012		37,177
Centrica PLC		81,882		464,903
DUET Group		13,093		26,657
E.ON SE		27,451		502,136
GDF Suez		19,701		491,209
Hera SpA		2,854		5,770
Iren SpA		62,236		93,240
Just Energy Group, Inc.		22,661		160,801
National Grid PLC		58,356		735,506
REN—Redes Energeticas Nacionais SGPS S.A.		22,120		66,610
RWE AG		7,501		277,273
RWE AG (Preference)		1,032		35,285
Suez Environnement Co.		4,093		71,531
Telecom Plus PLC		3,129		77,567
Veolia Environnement S.A.		5,183		88,924
				3,448,232
Office Electronics – 0.3%
Brother Industries Ltd.		5,300		60,017
Canon, Inc.		17,600		554,317
Konica Minolta, Inc.		4,500		37,244
Neopost S.A.		1,024		77,625
Ricoh Co. Ltd.		11,000		115,819
Riso Kagaku Corp.		900		20,053
				865,075
Oil, Gas & Consumable Fuels – 6.7%
Advantage Oil & Gas Ltd.*		15,576		63,329
Afren PLC*		9,620		24,373
Alliance Oil Co. Ltd.*^		15,450		137,643
AltaGas Ltd.		2,181		80,727
Angle Energy, Inc.*		14,302		51,429
Aquila Resources Ltd.*		2,895		6,196
ARC Resources Ltd.		4,885		129,661
Athabasca Oil Corp.*		6,258		39,006
Aurora Oil & Gas Ltd.*		65,159		200,533
Avner Oil Exploration LP*		32,412		29,288


	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
AWE Ltd.*		19,364	$	22,921
Bankers Petroleum Ltd.*		44,135		169,286
Baytex Energy Corp.		1,092		45,571
Beach Energy Ltd.		87,721		118,786
Bellatrix Exploration Ltd.*		5,830		43,661
BG Group PLC		50,776		1,038,880
Birchcliff Energy Ltd.*		2,682		19,160
BlackPearl Resources, Inc.*		6,413		11,930
Bonavista Energy Corp.		1,946		22,448
Bonterra Energy Corp.		1,756		98,673
BowLeven PLC*		6,058		5,499
BP PLC		278,381		2,158,861
Brightoil Petroleum Holdings Ltd.*		352,000		60,384
Bumi PLC*		3,583		11,182
Buru Energy Ltd.*		5,822		9,179
Cairn Energy PLC*		15,785		71,719
Caltex Australia Ltd.		948		16,635
Cameco Corp.		5,375		102,001
Canadian Natural Resources Ltd.		17,660		560,358
Canadian Oil Sands Ltd.		7,156		139,435
Cenovus Energy, Inc.		12,282		364,862
China Aviation Oil Singapore Corp. Ltd.		26,000		19,495
Coalspur Mines Ltd.*		2,592		466
Coastal Energy Co.*		1,134		20,161
Cosmo Oil Co. Ltd.*		2,000		3,527
Crescent Point Energy Corp.		6,141		238,432
Crew Energy, Inc.*		3,983		23,145
Delek Group Ltd.		19		6,587
Denison Mines Corp.*		1,978		2,181
Det Norske Oljeselskap ASA*		745		10,622
DNO International ASA*		5,536		15,702
Dragon Oil PLC		6,626		62,701
Enbridge Income Fund Holdings Inc.		3,429		76,777
Enbridge, Inc.		11,327		490,943
Encana Corp.		9,485		169,900
Energy Resources of Australia Ltd.*		1,430		1,733
Enerplus Corp.		2,214		38,193
Eni SpA		36,960		937,109
EnQuest PLC*		99,577		213,574
ERG SpA		434		5,310
Esso SA Francaise		52		3,351

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


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Etablissements Maurel et Prom		2,719	$	43,951
Exmar N.V.		2,989		43,236
Freehold Royalties Ltd.		3,605		82,032
Fuji Oil Co. Ltd.		800		2,870
Galp Energia SGPS S.A.		2,060		34,951
Genel Energy PLC*		1,199		18,300
Gibson Energy, Inc.		1,256		30,844
Gulf Keystone Petroleum Ltd.*		39,560		110,589
Heritage Oil PLC*		7,164		21,350
Hoegh LNG Holdings Ltd.*		387		2,980
Husky Energy, Inc.		6,109		173,631
Idemitsu Kosan Co. Ltd.		100		8,368
Imperial Oil Ltd.		3,772		164,683
Inpex Corp.		14,100		162,974
Isramco Negev 2 LP*		199,620		39,196
Ithaca Energy, Inc.*		41,675		97,509
Itochu Enex Co. Ltd.		3,600		19,631
Japan Petroleum Exploration Co.		200		8,134
JX Holdings, Inc.		37,600		185,873
Kanto Natural Gas Development Ltd.		4,000		28,213
Karoon Gas Australia Ltd.*		10,916		45,793
Keyera Corp.		1,075		63,602
Legacy Oil + Gas, Inc.*		8,798		59,562
Lightstream Resources Ltd.		5,208		33,460
Linc Energy Ltd.*		5,177		7,059
Lundin Petroleum AB*		3,850		79,605
MEG Energy Corp.*		1,852		59,262
Mitsuuroko Holdings Co. Ltd.		7,300		35,194
Mongolia Energy Corp. Ltd.*		56,000		1,950
Motor Oil Hellas Corinth Refineries S.A.		397		4,739
Neste Oil Oyj		1,751		34,779
New Hope Corp. Ltd.		2,558		9,156
Newocean Energy Holdings Ltd.		154,000		93,754
Niko Resources Ltd.*		7,972		25,609
Nippon Gas Co. Ltd.		3,400		38,017
NuVista Energy Ltd.*		8,513		54,285
Oil Search Ltd.		20,683		166,675
OMV AG		2,593		123,893
Ophir Energy PLC*		7,509		40,040
Origin Energy Ltd.		17,152		237,622


	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Pacific Rubiales Energy Corp.		5,701	$	117,918
Paladin Energy Ltd.*		18,665		7,423
Paramount Resources Ltd., Class A*		80		2,772
Parex Resources, Inc.*		17,252		99,755
Parkland Fuel Corp.		3,475		63,679
Paz Oil Co. Ltd.*		140		21,813
Pembina Pipeline Corp.		4,353		142,797
Pengrowth Energy Corp.		5,614		36,068
Penn West Petroleum Ltd.		7,601		84,840
Petrominerales Ltd.		13,241		152,236
Peyto Exploration & Development Corp.		2,972		89,543
Premier Oil PLC		7,526		41,945
Repsol S.A.		12,436		334,415
Roc Oil Co. Ltd.*		84,453		38,787
Rockhopper Exploration PLC*		10,997		25,574
Royal Dutch Shell PLC, Class A		57,689		1,924,566
Royal Dutch Shell PLC, Class B		37,709		1,308,296
San-Ai Oil Co. Ltd.		10,000		43,217
Santos Ltd.		12,380		177,842
Saras SpA*		2,042		2,529
Senex Energy Ltd.*		44,702		35,134
Showa Shell Sekiyu KK		2,400		25,783
Sinanen Co. Ltd.		9,000		35,134
Soco International PLC*		31,835		203,613
SouthGobi Resources Ltd.*		6,808		7,964
Statoil ASA		15,510		367,687
Suncor Energy, Inc.		23,161		841,512
Sunshine Oilsands Ltd.*		62,891		13,952
Surge Energy, Inc.		20,020		133,614
Talisman Energy, Inc.		13,204		164,599
TonenGeneral Sekiyu KK		5,000		46,478
Total Gabon		57		36,653
Total S.A.		32,251		1,984,655
Tourmaline Oil Corp.*		1,901		73,699
TransCanada Corp.		10,927		492,362
TransGlobe Energy Corp.*		10,160		91,970
Trilogy Energy Corp.		106		3,109
Tullow Oil PLC		13,876		210,113
Veresen, Inc.		1,131		13,990
Vermilion Energy, Inc.		1,252		68,804
Whitecap Resources, Inc.		5,500		63,868

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


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Whitehaven Coal Ltd.*		9,223	$	14,149
Woodside Petroleum Ltd.		9,827		361,246
				20,692,999
Paper & Forest Products – 0.3%
Ahlstrom Oyj		885		10,997
Ainsworth Lumber Co. Ltd.*		17,680		66,797
Canfor Corp.*		300		6,217
Canfor Pulp Products, Inc.		900		9,338
Daiken Corp.		2,000		5,443
Daio Paper Corp.		14,000		103,455
Ence Energia y Celulosa S.A.		17,944		72,209
Hokuetsu Kishu Paper Co. Ltd.		17,500		81,516
Holmen AB, Class B		194		6,455
Metsa Board Oyj		6,595		25,642
Mitsubishi Paper Mills Ltd.*		9,000		8,164
Mondi PLC		6,380		114,186
Nippon Paper Industries Co. Ltd.		1,000		15,931
Norbord Inc.		514		14,589
Oji Holdings Corp.		8,000		36,530
Semapa-Sociedade de Investimento e Gestao		9,078		89,217
Stella-Jones, Inc.		1,028		28,134
Stora Enso Oyj, Class R		9,028		84,074
UPM-Kymmene Oyj		7,151		113,842
West Fraser Timber Co. Ltd.		927		84,953
				977,689
Personal Products – 0.4%
Aderans Co. Ltd.		500		6,110
Atrium Innovations, Inc.*		3,200		58,271
Beiersdorf AG		1,425		136,211
Dr Ci:Labo Co. Ltd.		4		13,230
Fancl Corp.		2,500		29,737
Kao Corp.		7,500		249,592
Kobayashi Pharmaceutical Co. Ltd.		100		5,596
Kose Corp.		200		5,849
L’Oreal S.A.		3,683		631,638
Mandom Corp.		800		27,439
Milbon Co. Ltd.		200		8,327
Oriflame Cosmetics S.A.		2,704		85,662
Shiseido Co. Ltd.		5,000		85,363
				1,343,025


	Shares		Value
Pharmaceuticals – 5.8%
Acrux Ltd.		6,628	$	16,821
ALK-Abello A/S		286		27,212
Almirall S.A.		1,079		16,151
Astellas Pharma, Inc.		6,900		383,998
AstraZeneca PLC		19,311		1,026,619
Bayer AG (Registered)		12,151		1,512,175
BTG PLC*		13,978		94,230
Chugai Pharmaceutical Co. Ltd.		3,000		70,452
Daiichi Sankyo Co. Ltd.		11,200		207,538
Dainippon Sumitomo Pharma Co. Ltd.		1,000		13,414
Eisai Co. Ltd.		3,800		149,118
Faes Farma S.A.		13,863		50,038
Financiere de Tubize S.A.		179		10,408
Fuso Pharmaceutical Industries Ltd.		2,000		6,360
Galenica AG		70		62,034
GlaxoSmithKline PLC		75,655		1,997,630
H Lundbeck A/S		500		10,763
Haw Par Corp. Ltd.		20,200		121,003
Hikma Pharmaceuticals PLC		2,711		52,309
Hisamitsu Pharmaceutical Co. Inc.		900		48,619
Ipsen S.A.		715		31,412
Kaken Pharmaceutical Co. Ltd.		1,000		15,636
KYORIN Holdings, Inc.		1,000		21,292
Kyowa Hakko Kirin Co. Ltd.		3,000		33,116
Meda AB, Class A		3,598		40,478
Merck KGaA		1,000		166,675
Mitsubishi Tanabe Pharma Corp.		4,600		64,890
Nichi-iko Pharmaceutical Co. Ltd.		800		19,953
Nippon Shinyaku Co. Ltd.		3,000		51,677
Novartis AG (Registered)		36,169		2,813,877
Novo Nordisk A/S, Class B		6,203		1,033,409
Ono Pharmaceutical Co. Ltd.		1,400		105,596
Orion Oyj, Class B		611		16,439
Otsuka Holdings Co. Ltd.		5,100		145,031
Paladin Labs, Inc.*		500		30,565
Recordati SpA		2,678		35,206
Roche Holding AG		10,855		3,010,516
Rohto Pharmaceutical Co. Ltd.		1,000		14,545
Sanofi		17,601		1,879,349
Santen Pharmaceutical Co. Ltd.		900		45,454
Sawai Pharmaceutical Co. Ltd.		200		14,596
Seikagaku Corp.		1,800		23,337

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


	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
Shionogi & Co. Ltd.		6,100	$	134,671
Shire PLC		8,328		368,077
Stada Arzneimittel AG		1,334		76,905
Stallergenes S.A.		250		18,832
Taisho Pharmaceutical Holdings Co. Ltd.		400		28,091
Takeda Pharmaceutical Co. Ltd.		11,400		542,055
Teva Pharmaceutical Industries Ltd.		14,228		533,679
Torii Pharmaceutical Co. Ltd.		700		18,130
Towa Pharmaceutical Co. Ltd.		300		14,998
Tsumura & Co.		900		28,254
UCB S.A.		1,726		113,617
The United Laboratories International Holdings Ltd.*		18,000		7,592
Valeant Pharmaceuticals International, Inc.*		5,078		536,359
Virbac S.A.		176		35,448
ZERIA Pharmaceutical Co. Ltd.		1,100		26,101
				17,972,750
Professional Services – 0.8%
Adecco S.A. (Registered)*		1,703		125,908
AF AB, Class B		2,243		71,057
ALS Ltd.		4,560		43,311
Bertrandt AG		104		13,624
Brunel International N.V.		716		42,187
Bureau Veritas S.A.		3,108		93,971
Capita PLC		9,653		152,914
DKSH Holding AG*		322		26,971
Experian PLC		15,651		319,340
Hays PLC		71,250		142,516
Intertek Group PLC		2,153		115,254
McMillan Shakespeare Ltd.		3,505		42,882
Meitec Corp.		2,400		63,920
Michael Page International PLC		14,927		116,215
Nihon M&A Center, Inc.		400		30,945
Randstad Holding N.V.		1,776		109,750
SAI Global Ltd.		14,655		57,037
Seek Ltd.		5,649		69,488
SGS S.A.		76		178,429
Stantec, Inc.		1,078		64,048
Sthree PLC		9,133		52,750


	Shares		Value
Professional Services – (continued)
Teleperformance S.A.		1,528	$	81,140
Temp Holdings Co. Ltd.		1,900		55,290
USG People N.V.		9,601		127,406
WS Atkins PLC		15,026		297,897
				2,494,250
Real Estate Investment Trusts (REITs) – 1.9%
Abacus Property Group		25,649		56,592
Activia Properties, Inc.		3		26,144
Advance Residence Investment Corp.		20		45,296
Allied Properties Real Estate Investment Trust		122		3,925
Altarea		458		78,143
ANF Immobilier		366		10,992
Artis Real Estate Investment Trust		659		9,112
Ascendas Real Estate Investment Trust		24,000		45,858
Ascott Residence Trust		18,000		19,011
Australand Property Group		11,558		40,824
Befimmo		1,292		92,795
Beni Stabili SpA		24,897		17,127
Big Yellow Group PLC		2,896		21,742
Boardwalk Real Estate Investment Trust		307		17,460
British Land Co. PLC		12,330		123,217
Brookfield Canada Office Properties		200		4,906
BWP Trust		20,265		44,137
Cache Logistics Trust		25,000		24,086
Calloway Real Estate Investment Trust		780		18,774
Cambridge Industrial Trust		28,000		15,802
Canadian Apartment Properties REIT		444		9,167
Canadian Real Estate Investment Trust		100		4,073
CapitaCommercial Trust		16,000		19,027
CapitaMall Trust		27,000		43,971
CapitaRetail China Trust		9,000		10,122
CDL Hospitality Trusts		4,000		5,369
CFS Retail Property Trust Group		41,930		82,191
Champion REIT		51,000		22,760
Charter Hall Group		4,649		17,037

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


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Investment Trusts (REITs) – (continued)
Charter Hall Retail REIT		17,078	$	65,335
Chartwell Retirement Residences		346		3,557
Cofinimmo		162		19,592
Cominar Real Estate Investment Trust, Class U		1,600		29,136
Commonwealth Property Office Fund		52,607		59,530
Corio N.V.		575		25,120
Crombie Real Estate Investment Trust		1,400		17,788
Cromwell Property Group		79,605		75,005
Daiwa House REIT Investment Corp.		5		38,324
Daiwa Office Investment Corp.		2		8,888
Daiwahouse Residential Investment Corp.		2		8,297
Derwent London PLC		2,297		92,407
Dexus Property Group		67,002		68,841
Dundee International Real Estate Investment Trust		5,589		48,609
Dundee Real Estate Investment Trust, Class A		507		14,055
Eurocommercial Properties N.V.		2,051		87,331
Far East Hospitality Trust		32,000		23,090
Federation Centres Ltd.		30,658		71,998
Fonciere des Murs		7,152		186,684
Fonciere Des Regions		50		4,294
Fortune Real Estate Investment Trust		21,000		16,956
Frasers Centrepoint Trust		10,000		14,955
Frasers Commercial Trust		51,000		53,041
Frontier Real Estate Investment Corp.		4		40,077
Fukuoka REIT Co.		5		41,331
Gecina S.A.		121		16,211
Global One Real Estate Investment Corp.		6		35,409
Goodman Group		25,853		123,876
Goodman Property Trust		52,532		44,788
GPT Group		24,651		86,137
Granite Real Estate Investment Trust		132		4,585
Great Portland Estates PLC		8,202		75,506
H&R Real Estate Investment Trust		1,437		29,764


	Shares		Value
Real Estate Investment Trusts (REITs) – (continued)
Hammerson PLC		7,700	$	65,442
Hankyu Reit, Inc.		5		28,845
Heiwa Real Estate REIT, Inc.		47		37,510
ICADE		687		63,389
Immobiliare Grande Distribuzione		4,358		5,211
Industrial & Infrastructure Fund Investment Corp.		1		9,275
InnVest Real Estate Investment Trust		1,100		4,293
Intu Properties PLC		13,851		76,595
Investa Office Fund		1,366		4,023
Japan Excellent, Inc.		1		6,197
Japan Hotel REIT Investment Corp.		140		65,997
Japan Logistics Fund, Inc.		1		10,397
Japan Prime Realty Investment Corp.		8		26,664
Japan Real Estate Investment Corp.		10		114,667
Japan Rental Housing Investments, Inc.		37		27,078
Japan Retail Fund Investment Corp.		38		77,193
Kenedix Realty Investment Corp.		3		13,470
Keppel REIT		3,160		3,083
Kiwi Income Property Trust		2,741		2,484
Klepierre		2,277		102,402
Land Securities Group PLC		13,579		215,651
The Link REIT		36,801		185,594
Lippo Malls Indonesia Retail Trust		39,000		14,149
Londonmetric Property PLC		13,999		29,013
Mapletree Commercial Trust		4,000		4,063
Mapletree Industrial Trust		5,070		5,661
Mapletree Logistics Trust		5,067		4,473
Mercialys S.A.		257		5,547
MID Reit, Inc.		7		16,168
Mirvac Group		49,003		80,742
Morguard Real Estate Investment Trust		5,625		91,696
Mori Hills REIT Investment Corp.		1		7,023
Mori Trust Sogo Reit, Inc.		1		8,908
Nieuwe Steen Investments N.V.		8,975		67,718
Nippon Accommodations Fund, Inc.		1		7,186
Nippon Building Fund, Inc.		11		136,449
Nomura Real Estate Office Fund, Inc.		5		24,743

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


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Investment Trusts (REITs) – (continued)
Nomura Real Estate Residential Fund, Inc.		7	$	40,312
Northern Property Real Estate Investment Trust		1,152		30,931
Orix JREIT, Inc.		25		31,266
Parkway Life Real Estate Investment Trust		29,000		56,815
Premier Investment Corp.		9		36,877
Regal Real Estate Investment Trust		56,000		16,613
RioCan Real Estate Investment Trust		3,805		92,858
Segro PLC		17,008		89,298
Sekisui House SI Investment Co.		8		40,404
Shaftesbury PLC		6,453		61,582
Societe Immobiliere de Location pour l’Industrie et le Commerce		62		7,080
Starhill Global REIT		29,000		18,938
Stockland		30,325		115,152
Suntec Real Estate Investment Trust		21,000		29,036
Tokyu REIT, Inc.		8		49,414
Top REIT, Inc.		8		37,305
Unibail-Rodamco SE		1,357		356,054
United Urban Investment Corp.		31		47,427
Vastned Retail N.V.		2,561		118,569
Warehouses De Pauw S.C.A.		196		14,573
Wereldhave N.V.		1,003		78,174
Westfield Group		31,501		322,759
Westfield Retail Trust		44,835		131,191
Workspace Group PLC		7,149		56,210
Yuexiu Real Estate Investment Trust		78,000		39,236
				6,027,250
Real Estate Management & Development – 2.5%
Aeon Mall Co. Ltd.		2,190		62,256
Africa Israel Investments Ltd.*		6,676		11,265
Airport City Ltd.*		2,815		24,453
Allreal Holding AG*		426		58,663
Alony Hetz Properties & Investments Ltd.		10,071		68,253
Amot Investments Ltd.		8,298		23,862
Argosy Property Ltd.		33,123		25,224
Ascendas India Trust		16,000		8,256
Associated International Hotels Ltd.		4,000		11,557


	Shares		Value
Real Estate Management & Development – (continued)
Atrium European Real Estate Ltd.		1,234	$	7,392
Atrium Ljungberg AB, Class B		1,034		14,117
Azrieli Group		639		20,591
Brookfield Asset Management, Inc., Class A		9,078		359,342
Brookfield Office Properties, Inc.		5,158		96,349
Bukit Sembawang Estates Ltd.		1,000		4,958
CA Immobilien Anlagen AG*		5,031		76,741
Capital & Counties Properties PLC		3,782		21,072
CapitaLand Ltd.		50,000		125,771
CapitaMalls Asia Ltd.		10,000		16,286
Castellum AB		1,191		18,295
Cheung Kong Holdings Ltd.		20,000		312,651
Chinese Estates Holdings Ltd.		7,000		19,051
City Developments Ltd.		5,000		41,521
Citycon Oyj		13,467		48,151
CLS Holdings PLC*		280		5,412
Conwert Immobilien Invest SE*		3,153		39,307
Countrywide PLC		11,935		106,995
Daejan Holdings PLC		137		9,130
Daibiru Corp.		400		5,080
Daikyo, Inc.		2,000		6,197
Daito Trust Construction Co. Ltd.		1,100		112,231
Daiwa House Industry Co. Ltd.		8,000		159,902
Deutsche Euroshop AG		475		21,149
Deutsche Wohnen AG		3,053		57,527
Dolphin Capital Investors Ltd.*		10,829		6,894
Emperor International Holdings		54,000		15,671
Fabege AB		6,977		80,433
Far East Orchard Ltd.		26,000		41,085
Fastighets AB Balder, Class B*		7,006		61,983
First Capital Realty, Inc.		1,846		32,075
FirstService Corp.		1,004		41,725
FKP Property Group		22,681		39,841
Fragrance Group Ltd.		54,000		8,925
GAGFAH S.A.*		641		9,124
Gazit-Globe Ltd.		475		6,518
Global Logistic Properties Ltd.		65,000		161,930
Goldcrest Co. Ltd.		1,000		26,694
Grainger PLC		10,741		33,564
Great Eagle Holdings Ltd.		8,000		28,479
GSW Immobilien AG		2,092		97,225
Hang Lung Group Ltd.		10,000		52,882

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


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
Hang Lung Properties Ltd.		29,000	$	95,569
Heiwa Real Estate Co. Ltd.		900		16,219
Henderson Land Development Co. Ltd.		19,752		117,064
HKR International Ltd.		152,000		74,304
Ho Bee Investment Ltd.		8,000		13,287
Hongkong Land Holdings Ltd.		18,000		110,880
Hufvudstaden AB, Class A		283		3,711
Hulic Co. Ltd.		2,800		44,407
Hysan Development Co. Ltd.		6,000		28,053
IMMOFINANZ AG*		7,182		31,489
IVG Immobilien AG*		3,867		373
Jerusalem Economy Ltd.		3,682		33,073
Jerusalem Oil Exploration*		1,593		59,028
K Wah International Holdings Ltd.		154,579		84,736
Kabuki-Za Co. Ltd.		1,000		49,893
Kenedix, Inc.*		2,300		11,862
Keppel Land Ltd.		9,000		26,920
Kerry Properties Ltd.		11,500		49,838
Killam Properties, Inc.		3,335		35,210
Klovern AB		17,086		76,043
Kowloon Development Co. Ltd.		48,000		59,311
Kungsleden AB		20,526		150,986
LEG Immobilien AG*		934		53,330
Lend Lease Group		7,078		76,409
Leopalace21 Corp.*		7,900		54,674
Melisron Ltd.		1,917		50,927
Midland Holdings Ltd.		110,000		44,834
Mitsubishi Estate Co. Ltd.		18,000		513,159
Mitsui Fudosan Co. Ltd.		12,000		395,678
Mobimo Holding AG*		375		78,681
Morguard Corp.		845		94,924
New World Development Co. Ltd.		77,236		106,992
Nitsba Holdings 1995 Ltd.*		3,979		55,968
Nomura Real Estate Holdings, Inc.		900		22,741
Norstar Holdings, Inc.		2,107		58,346
Norwegian Property ASA		13,388		17,152
NTT Urban Development Corp.		800		10,168
Peet Ltd.*		5,644		7,482
Polytec Asset Holdings Ltd.		95,000		12,131
Precinct Properties New Zealand Ltd.		22,735		18,725


	Shares		Value
Real Estate Management & Development – (continued)
PSP Swiss Property AG*		373	$	32,129
Raysum Co. Ltd.*		6		9,791
Relo Holdings, Inc.		900		41,647
Savills PLC		5,186		54,157
Sedlmayr Grund und Immobilien KGaA		42		80,767
Sinarmas Land Ltd.		32,000		14,190
Sino Land Co. Ltd.		60,165		84,431
Songbird Estates PLC*		12,519		32,181
Sponda Oyi		980		5,089
ST Modwen Properties PLC		11,199		63,387
Sumitomo Realty & Development Co. Ltd.		5,000		235,705
Sun Hung Kai Properties Ltd.		22,000		288,299
Swire Pacific Ltd.		12,500		28,182
Swire Pacific Ltd., Class A		12,500		144,379
Swire Properties Ltd.		25,800		69,882
Swiss Prime Site AG (Registered)*		752		57,134
TAG Immobilien AG		6,952		84,116
Takara Leben Co. Ltd.		5,800		22,819
TOC Co. Ltd.		2,600		21,042
Tokyo Tatemono Co. Ltd.		6,000		56,080
UK Commercial Property Trust		32,696		39,660
Unite Group PLC		3,471		22,083
UOL Group Ltd.		2,000		10,626
Wallenstam AB, Class B		1,505		20,943
Wharf Holdings Ltd.		25,000		210,562
Wheelock & Co. Ltd.		8,000		40,861
Wihlborgs Fastigheter AB		4,047		70,045
Wing Tai Holdings Ltd.		77,000		137,195
Wing Tai Properties Ltd.		16,000		9,637
Yanlord Land Group Ltd.		41,000		40,823
Ying Li International Real Estate Ltd.*		24,000		7,933
				7,624,407
Road & Rail – 1.5%
Asciano Ltd.		15,075		83,082
Aurizon Holdings Ltd.		29,252		132,684
Brockman Mining Ltd.*		140,000		7,404
Canadian National Railway Co.		6,500		713,981
Canadian Pacific Railway Ltd.		2,600		371,582
Central Japan Railway Co.		2,600		336,561

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


	Shares		Value
COMMON STOCKS – (continued)
Road & Rail – (continued)
ComfortDelGro Corp. Ltd.		36,000	$	55,871
DSV A/S		3,227		94,523
East Japan Railway Co.		5,000		433,697
Firstgroup PLC		192,038		356,350
Go-Ahead Group PLC		6,002		162,192
Hankyu Hanshin Holdings, Inc.		27,000		151,361
Kanagawa Chuo Kotsu Co. Ltd.		6,000		31,067
Keikyu Corp.		7,000		65,855
Keio Corp.		6,000		41,525
Keisei Electric Railway Co. Ltd.		3,000		30,914
Kintetsu Corp.		29,000		106,707
Maruzen Showa Unyu Co. Ltd.		2,000		7,339
MTR Corp. Ltd.		30,000		116,277
Nagoya Railroad Co. Ltd.		8,000		23,239
Nankai Electric Railway Co. Ltd.		2,000		7,481
National Express Group PLC		66,251		278,444
Nippon Express Co. Ltd.		16,000		80,236
Nippon Konpo Unyu Soko Co. Ltd.		7,700		134,050
Nishi-Nippon Railroad Co. Ltd.		1,000		3,832
Odakyu Electric Railway Co. Ltd.		8,000		77,138
Sankyu, Inc.		2,000		7,155
Seino Holdings Co. Ltd.		2,000		19,713
Senko Co. Ltd.		10,000		53,919
Sixt SE		2,372		71,573
Sixt SE (Preference)		2,978		71,336
SMRT Corp. Ltd.		17,000		17,818
Sotetsu Holdings, Inc.		1,000		3,720
Stagecoach Group PLC		834		4,716
Tobu Railway Co. Ltd.		20,000		103,557
Tokyu Corp.		13,000		88,380
TransForce, Inc.		2,300		50,925
Transport International Holdings Ltd.		4,000		9,008
West Japan Railway Co.		2,500		111,992
				4,517,204
Semiconductors & Semiconductor Equipment – 0.7%
Advantest Corp.		1,000		11,925
Aixtron SE*		3,926		56,763
AMS AG		601		65,771
ARM Holdings PLC		21,356		338,131
ASM International N.V.		2,794		92,359


	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
ASM Pacific Technology Ltd.		2,400	$	23,139
ASML Holding N.V.		5,219		496,099
CSR PLC		7,061		62,336
Dainippon Screen Manufacturing Co. Ltd.*		1,000		5,728
Dialog Semiconductor PLC*		2,702		52,125
Disco Corp.		100		6,309
EZchip Semiconductor Ltd.*		1,400		36,260
Imagination Technologies Group PLC*		9,937		44,366
Infineon Technologies AG		16,677		161,631
Kontron AG		3,452		23,681
Megachips Corp.		3,300		54,086
Melexis N.V.		996		32,457
Micronas Semiconductor Holding AG*		997		8,191
Mimasu Semiconductor Industry Co. Ltd.		500		4,378
Mitsui High-Tec, Inc.		5,700		40,320
Nordic Semiconductor ASA*		868		3,678
Nuflare Technology, Inc.		100		13,352
REC Silicon ASA*		258,941		129,302
Rohm Co. Ltd.		1,800		73,662
Sanken Electric Co. Ltd.		7,000		38,600
Shinko Electric Industries Co. Ltd.		1,800		15,962
Silex Systems Ltd.*		720		1,636
SMA Solar Technology AG		1,238		50,627
SOITEC*		1,236		2,806
STATS ChipPAC Ltd.*		74,000		20,285
STMicroelectronics N.V.		8,703		67,394
Sumco Corp.		600		5,443
Tokyo Electron Ltd.		2,500		136,836
Tokyo Seimitsu Co. Ltd.		800		15,240
Ulvac, Inc.*		5,800		59,176
Wolfson Microelectronics PLC*		714		1,612
				2,251,666
Software – 0.9%
Allot Communications Ltd.*		800		10,784
Aveva Group PLC		579		24,056
Capcom Co. Ltd.		7,700		143,860
COLOPL, Inc.*		600		15,833
Computer Modelling Group Ltd.		800		20,544

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


	Shares		Value
COMMON STOCKS – (continued)
Software – (continued)
Constellation Software, Inc.		180	$	32,784
Dassault Systemes S.A.		982		119,498
DTS Corp.		1,100		18,847
Dwango Co. Ltd.		600		10,916
Exact Holding N.V.		922		24,449
Fidessa Group PLC		2,827		91,973
Fuji Soft, Inc.		2,300		45,761
GungHo Online Entertainment, Inc.*		67		42,067
Konami Corp.		900		21,713
Micro Focus* ^		8,003		7,715
Micro Focus International PLC		7,387		97,144
Nexon Co. Ltd.		300		3,504
NICE Systems Ltd.		643		25,397
Nintendo Co. Ltd.		1,500		168,484
NSD Co. Ltd.		4,400		53,862
OBIC Business Consultants Ltd.		1,000		34,502
Open Text Corp.		1,377		101,171
Oracle Corp. Japan		200		7,910
Playtech PLC		4,162		49,247
The Sage Group PLC		19,250		104,255
SAP AG		14,087		1,108,093
Silverlake Axis Ltd.		47,000		27,283
SimCorp A/S		2,690		88,257
Software AG		367		13,641
Square Enix Holdings Co. Ltd.		1,800		28,988
Tecmo Koei Holdings Co. Ltd.		1,200		13,626
Temenos Group AG*		4,451		113,788
Trend Micro, Inc.		1,200		44,522
UBISOFT Entertainment*		13,003		167,583
Xero Ltd.*		600		13,906
				2,895,963
Specialty Retail – 1.6%
ABC-Mart, Inc.		400		20,018
Adastria Holdings Co. Ltd.		310		14,503
Alpen Co. Ltd.		1,400		29,139
AOKI Holdings, Inc.		100		3,328
Aoyama Trading Co. Ltd.		500		12,725
ARB Corp. Ltd.		1,725		19,030
Asahi Co. Ltd.		600		10,189
AT-Group Co. Ltd.		4,000		73,204


	Shares		Value
Specialty Retail – (continued)
Autobacs Seven Co. Ltd.		1,400	$	20,406
Automotive Holdings Group Ltd.		31,786		109,262
Bic Camera, Inc.		102		50,215
BMTC Group, Inc., Class A		244		3,133
Carpetright PLC*		268		2,680
Carphone Warehouse Group PLC		14,900		62,419
Chiyoda Co. Ltd.		200		4,391
Chow Sang Sang Holdings International Ltd.		7,000		22,707
Chow Tai Fook Jewellery Group Ltd.		16,000		26,539
Clas Ohlson AB, Class B		3,763		59,314
Darty PLC		21,068		27,924
Delek Automotive Systems Ltd.		1,942		21,549
Delticom AG		112		5,918
Dixons Retail PLC*		200,601		157,727
Dufry AG*		530		85,861
Dunelm Group PLC		394		5,602
EDION Corp.		14,500		72,566
Emperor Watch & Jewellery Ltd.		460,000		36,786
Esprit Holdings Ltd.		30,800		56,570
Fast Retailing Co. Ltd.		800		267,863
Fielmann AG		70		7,842
Folli Follie S.A.*		230		6,848
Geo Holdings Corp.		4,100		38,279
Giordano International Ltd.		102,000		95,645
Gulliver International Co. Ltd.		3,100		18,453
Halfords Group PLC		10,429		70,958
Hennes & Mauritz AB, Class B		14,925		645,799
Honeys Co. Ltd.		5,160		56,644
Howden Joinery Group PLC		19,466		100,921
Inditex S.A.		3,277		539,065
IT Ltd.		50,000		15,220
JB Hi-Fi Ltd.		16,013		330,564
Jin Co. Ltd.		200		7,930
Joshin Denki Co. Ltd.		6,000		48,925
JUMBO S.A.*		4,537		61,064
Kathmandu Holdings Ltd.		24,221		77,990
Keiyo Co. Ltd.		2,800		13,185
Kingfisher PLC		34,501		209,246
Kohnan Shoji Co. Ltd.		2,800		29,453
K’s Holdings Corp.		200		5,863
Leon’s Furniture Ltd.		900		11,418

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


	Shares		Value
COMMON STOCKS – (continued)
Specialty Retail – (continued)
L’Occitane International S.A.		1,000	$	2,267
Luk Fook Holdings International Ltd.		53,000		189,358
Mekonomen AB		674		22,289
Nafco Co. Ltd.		2,100		30,031
Nishimatsuya Chain Co. Ltd.		2,400		17,809
Nitori Holdings Co. Ltd.		350		32,856
OSIM International Ltd.		10,000		17,011
Pal Co. Ltd.		600		16,769
Paris Miki Holdings, Inc.		6,600		30,878
Praktiker AG*		2,466		84
Premier Investments Ltd.		1,404		10,583
Reitmans Canada Ltd., Class A		9,916		65,134
RONA, Inc.		4,675		54,781
SA SA International Holdings Ltd.		26,000		28,371
Sanrio Co. Ltd.		500		27,418
Shimamura Co. Ltd.		500		56,212
Sports Direct International PLC*		3,304		37,157
Super Retail Group Ltd.		315		3,991
SuperGroup PLC*		681		12,823
T-Gaia Corp.		3,400		34,274
Trinity Ltd.		114,000		42,641
Tsutsumi Jewelry Co. Ltd.		500		12,190
United Arrows Ltd.		200		8,603
USS Co. Ltd.		1,600		23,419
Valora Holding AG		559		138,214
WH Smith PLC		6,551		94,829
Xebio Co. Ltd.		3,100		66,954
Yamada Denki Co. Ltd.		18,700		52,416
				4,802,242
Textiles, Apparel & Luxury Goods – 1.3%
Adidas AG		3,051		348,750
Asics Corp.		2,300		40,486
Bijou Brigitte AG		254		26,831
Brunello Cucinelli SpA		187		5,847
Burberry Group PLC		6,503		160,373
Christian Dior S.A.		751		142,938
Cie Financiere Richemont S.A.		7,801		801,594
Geox SpA		2,499		6,856
Gerry Weber International AG		1,179		49,007
Gildan Activewear, Inc.		2,239		107,908


	Shares		Value
Textiles, Apparel & Luxury Goods – (continued)
Gunze Ltd.		2,000	$	5,341
Hermes International		227		77,429
Hugo Boss AG		192		25,069
IC Companys A/S		941		25,556
The Japan Wool Textile Co. Ltd.		6,000		47,274
Kering		1,075		244,576
Kurabo Industries Ltd.		9,000		15,687
Li & Fung Ltd.		106,000		149,846
Luxottica Group SpA		2,377		129,261
LVMH Moet Hennessy Louis Vuitton S.A.		3,903		752,409
Mulberry Group PLC		152		2,445
Onward Holdings Co. Ltd.		1,000		8,276
Pacific Textiles Holdings Ltd.		83,000		113,906
Pandora A/S		930		44,396
Puma SE		10		2,983
Safilo Group SpA*		632		12,974
Samsonite International S.A.		15,300		41,836
Sanyo Shokai Ltd.		24,000		66,293
Seiko Holdings Corp.		4,000		17,980
Seiren Co. Ltd.		500		3,185
Stella International Holdings Ltd.		1,500		3,695
The Swatch Group AG		977		347,837
Texwinca Holdings Ltd.		64,000		65,461
Tod’s SpA		29		4,838
TSI Holdings Co Ltd.		2,100		14,833
Unitika Ltd.*		42,000		25,685
Wacoal Holdings Corp.		3,000		32,229
Yue Yuen Industrial Holdings Ltd.		6,000		16,484
				3,988,374
Thrifts & Mortgage Finance – 0.1%
Aareal Bank AG*		7,327		282,147
First National Financial Corp.		2,172		45,383
Home Capital Group, Inc.		70		5,555
Paragon Group of Cos. PLC		17,752		96,684
				429,769
Tobacco – 0.9%
British American Tobacco PLC		28,077		1,549,928
Imperial Tobacco Group PLC		14,601		546,336
Japan Tobacco, Inc.		16,000		578,942
Swedish Match AB		2,750		90,859
				2,766,065

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


	Shares		Value
COMMON STOCKS – (continued)
Trading Companies & Distributors – 1.4%
Ashtead Group PLC		4,862	$	51,164
BayWa AG		1,203		61,437
Brenntag AG		752		127,588
Bunzl PLC		4,725		104,531
Chaoyue Group Ltd.*		185,000		9,187
Cramo Oyj		5,785		115,847
Emeco Holdings Ltd.		131,704		43,027
Finning International, Inc.		2,751		63,417
Grafton Group PLC		11,696		111,805
Hanwa Co. Ltd.		26,000		120,844
Inaba Denki Sangyo Co. Ltd.		3,600		108,503
Inabata & Co. Ltd.		11,700		114,364
Indutrade AB		760		29,773
ITOCHU Corp.		22,600		271,357
Iwatani Corp.		38,000		174,681
Japan Pulp & Paper Co. Ltd.		9,000		29,080
Kamei Corp.		1,000		7,441
Kanamoto Co. Ltd.		1,000		26,980
Kanematsu Corp.		80,000		108,450
Kloeckner & Co. SE*		5,434		76,941
Kuroda Electric Co. Ltd.		2,800		39,185
Marubeni Corp.		28,000		218,897
MISUMI Group, Inc.		700		20,470
Mitsubishi Corp.		21,500		434,339
Mitsui & Co. Ltd.		27,800		396,698
MonotaRO Co. Ltd.		400		9,381
Nichiden Corp.		300		7,082
Nishio Rent All Co. Ltd.		1,100		29,711
Noble Group Ltd.		105,000		87,193
Okaya & Co. Ltd.		2,500		29,508
Ramirent Oyj		2,223		26,776
Reece Australia Ltd.		839		22,246
Rexel S.A.		3,700		92,806
Richelieu Hardware Ltd.		424		18,698
Russel Metals, Inc.		1,819		50,235
Seven Group Holdings Ltd.		1,044		8,255
SIG PLC		22,138		73,268
Sojitz Corp.		14,900		28,855
Solar A/S, Class B		1,198		68,348
Sumitomo Corp.		15,200		197,533
Tat Hong Holdings Ltd.		20,000		15,076


	Shares		Value
Trading Companies & Distributors – (continued)
Toromont Industries Ltd.		857	$	18,983
Toyota Tsusho Corp.		3,400		94,227
Travis Perkins PLC		2,876		85,758
Trusco Nakayama Corp.		4,100		87,257
Wajax Corp.		3,810		136,164
Wakita & Co. Ltd.		2,000		26,032
Wolseley PLC		4,151		224,145
Yamazen Corp.		6,900		43,745
Yuasa Trading Co. Ltd.		35,000		70,635
				4,417,923
Transportation Infrastructure – 0.5%
Abertis Infraestructuras S.A.		6,130		131,673
Aeroports de Paris		753		80,565
Ansaldo STS SpA		8,325		88,619
Atlantia SpA		4,451		97,726
Auckland International Airport Ltd.		9,106		25,853
Autostrada Torino-Milano SpA		5,225		78,990
BBA Aviation PLC		24,887		135,264
China Resources and Transportation Group Ltd.*		800,000		46,433
Flughafen Wien AG		855		66,139
Flughafen Zuerich AG		16		8,887
Fraport AG Frankfurt Airport Services Worldwide		267		20,716
Gemina SpA*		6,809		16,570
Groupe Eurotunnel S.A.		7,503		72,851
Hamburger Hafen und Logistik AG		727		18,285
Hutchison Port Holdings Trust, Class U		76,000		55,480
Japan Airport Terminal Co. Ltd.		500		12,093
Kamigumi Co. Ltd.		1,000		8,694
Kobenhavns Lufthavne		50		25,309
Koninklijke Vopak N.V.		1,367		84,271
Mitsubishi Logistics Corp.		1,000		13,852
Mitsui-Soko Co. Ltd.		2,000		10,009
Nissin Corp.		4,000		11,742
Port of Tauranga Ltd.		3,261		37,250
Qube Holdings Ltd.		17,123		35,186
SATS Ltd.		19,000		52,082
SIA Engineering Co. Ltd.		5,000		20,357
Societa Iniziative Autostradali e Servizi SpA		10,126		106,276

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


	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – (continued)
The Sumitomo Warehouse Co. Ltd.		9,000	$	52,655
Sydney Airport		15,483		61,432
Transurban Group		21,327		143,389
Westshore Terminals Investment Corp.		134		4,411
				1,623,059
Water Utilities – 0.1%
The Athens Water Supply & Sewage Co. S.A.		4,959		56,024
Hyflux Ltd.		15,000		14,028
Pennon Group PLC		6,756		73,917
Severn Trent PLC		3,403		101,527
Sound Global Ltd.*		72,000		40,634
United Utilities Group PLC		9,651		109,235
				395,365
Wireless Telecommunication Services – 1.7%
Cellcom Israel Ltd.*		7,495		87,832
Freenet AG*		1,294		33,750
KDDI Corp.		8,000		432,984
Mobistar S.A.		5,352		93,206
NTT DOCOMO, Inc.		23,400		372,072
Okinawa Cellular Telephone Co.		600		14,781
Rogers Communications, Inc., Class B		5,942		269,622
SmarTone Telecommunications Holdings Ltd.		6,000		7,909
Softbank Corp.		13,441		1,000,095
Sonaecom – SGPS S.A.		19,602		63,744
StarHub Ltd.		9,000		32,289
Tele2 AB, Class B		6,757		81,656
Vodafone Group PLC		741,355		2,673,932
				5,163,872
Total Common Stocks (Cost $282,267,388)				307,731,553


	No. of Rights		Value
RIGHTS – 0.0%^†
CapitaRetail China Trust, expiring 11/13/13 at 1.30 SGD* ^		540	$	41
FKP Property Group, expiring 05/07/15 at 1.30 AUD* ^		12,600		—
Hera SpA, expiring 11/19/13 at 1.25 EUR*		2,854		52
New World Development Co. Ltd.* ^		890		—
Total Rights (Cost $4,255)				93
Total Investment Securities (Cost $282,271,643) – 99.4%				307,731,646
Other assets less liabilities – 0.6%				2,013,046
NET ASSETS – 100.0%			$	309,744,692

*	Non-income producing security.

^	Security fair valued in accordance with procedures adopted by the Board of Trustees. At October 31, 2013, the value of these securities amounted to $264,810 or 0.09% 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 October 31, 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	$	28,151,500
Aggregate gross unrealized depreciation		(3,638,708	)
Net unrealized appreciation	$	24,512,792
Federal income tax cost of investments	$	283,218,854

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

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open long futures contracts as of October 31, 2013:

Cash collateral in the amount of $238,713 was pledged to cover margin requirements for open futures contracts as of October 31, 2013.

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of October 31, 2013:

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

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund invested, as a percentage of net asset, companies domiciled in the following countries as of October 31, 2013:


	Shares		Value
COMMON STOCKS – 98.6%
Aerospace & Defense – 0.2%
Aselsan Elektronik Sanayi Ve Ticaret A/S		1,645	$	7,795
AviChina Industry & Technology Co. Ltd., Class H		60,000		28,479
Embraer S.A.		15,000		110,306
Korea Aerospace Industries Ltd.		930		24,549
S&T Dynamics Co. Ltd.		5,110		68,406
				239,535
Air Freight & Logistics – 0.2%
Blue Dart Express Ltd.		250		11,143
Hanjin Transportation Co. Ltd.		1,690		29,235
Hyundai Glovis Co. Ltd.		397		88,139
Kerry TJ Logistics Co. Ltd.		39,000		54,758
POS Malaysia Bhd		30,300		54,828
Sinotrans Ltd., Class H		391,000		96,325
				334,428
Airlines – 0.5%
Aeroflot – Russian Airlines OJSC		11,886		21,260
Air China Ltd., Class H		60,000		40,939
AirAsia Bhd		41,900		35,585
Asiana Airlines, Inc.*		26,870		127,669
Cebu Air, Inc.		10,450		12,757
China Airlines Ltd.*		33,000		11,962
China Eastern Airlines Corp. Ltd., Class H*		436,000		150,712
China Southern Airlines Co. Ltd., Class H		100,000		36,889
Eva Airways Corp.*		26,000		14,469
Garuda Indonesia Persero Tbk PT*		117,000		5,086
Gol Linhas Aereas Inteligentes S.A. (Preference)*		9,100		46,373
Grupo Aeromexico SAB de CV*		34,300		47,495
Korean Air Lines Co. Ltd.*		1,038		33,320
Latam Airlines Group S.A.		7,196		119,254
Malaysian Airline System Bhd*		408,800		44,047
Thai Airways International PCL		20,500		13,370
Turk Hava Yollari		17,424		68,393
				829,580


	Shares		Value
Auto Components – 1.2%
Amtek Auto Ltd.		22,325	$	23,576
Apollo Tyres Ltd.		36,920		40,912
Autometal S.A.		2,700		21,373
Bharat Forge Ltd.		6,574		32,022
Bosch Ltd.		377		53,956
Cheng Shin Rubber Industry Co. Ltd.		50,400		134,494
Dae Won Kang Up Co. Ltd.		6,000		42,479
Depo Auto Parts Ind Co. Ltd.		6,000		21,035
Exide Industries Ltd.		9,856		20,015
Gajah Tunggal Tbk PT		409,500		83,553
Global & Yuasa Battery Co. Ltd.		1,450		68,074
Halla Visteon Climate Control Corp.		980		36,678
Hanil E-Wha Co. Ltd.		5,190		107,641
Hyundai Mobis		1,912		539,848
Hyundai Wia Corp.		433		74,701
Kenda Rubber Industrial Co. Ltd.		9,360		18,383
Kumho Tire Co., Inc.*		1,110		12,976
Mahle-Metal Leve S.A. Industria e Comercio		1,700		21,402
Mando Corp.		346		46,644
Minth Group Ltd.		20,000		41,893
Motherson Sumi Systems Ltd.		4,917		21,591
MRF Ltd.		277		70,996
Nan Kang Rubber Tire Co. Ltd.*		4,000		5,140
Nexen Tire Corp.		650		9,743
SL Corp.		2,620		36,555
Sri Trang Agro-Industry PCL		151,400		65,667
Sungwoo Hitech Co. Ltd.		6,603		102,399
Thai Stanley Electric PCL		800		5,912
Tianneng Power International Ltd.		140,000		52,908
Tong Yang Industry Co. Ltd.		23,400		36,399
Tupy S.A.		2,300		19,438
Xingda International Holdings Ltd.		191,000		116,033
				1,984,436
Automobiles – 2.2%
Astra International Tbk PT		564,500		333,016
Bajaj Auto Ltd.		2,791		96,730
Brilliance China Automotive Holdings Ltd.		68,000		118,931
Byd Co. Ltd., Class H*		12,500		61,911


	Shares		Value
COMMON STOCKS – (continued)
Automobiles – (continued)
China Motor Corp.		4,000	$	3,826
Chongqing Changan Automobile Co. Ltd., Class B		71,200		131,324
Dongfeng Motor Group Co. Ltd., Class H		68,000		96,127
DRB-Hicom Bhd		7,300		5,876
Ford Otomotiv Sanayi A/S		1,437		20,268
Geely Automobile Holdings Ltd.		110,000		55,475
Great Wall Motor Co. Ltd., Class H		30,000		176,253
Guangzhou Automobile Group Co. Ltd., Class H		64,000		75,944
Hero MotoCorp Ltd.		1,405		47,517
Hyundai Motor Co.		4,285		1,022,017
Hyundai Motor Co. (Preference)		1,823		203,080
Jiangling Motors Corp. Ltd., Class B		19,600		55,212
Kia Motors Corp.		7,500		436,248
Mahindra & Mahindra Ltd.		1,396		20,168
Mahindra & Mahindra Ltd. (GDR)		9,087		120,494
Oriental Holdings Bhd		3,900		10,926
Sanyang Industry Co. Ltd.		14,000		24,541
Ssangyong Motor Co.		2,570		20,255
TAN Chong Motor Holdings Bhd		16,500		32,942
Tata Motors Ltd.		13,644		54,103
Tata Motors Ltd. (ADR)		4,742		148,520
Tofas Turk Otomobil Fabrikasi A/S		3,085		20,518
UMW Holdings Bhd		12,300		49,893
Yulon Motor Co. Ltd.		16,000		28,265
				3,470,380
Beverages – 1.7%
Anadolu Efes Biracilik Ve Malt Sanayii A/S		6,725		86,077
Arca Continental SAB de CV		9,400		56,006
Carlsberg Brewery Malaysia Bhd		4,600		18,659
Cia Cervecerias Unidas S.A.		4,204		56,409
Cia de Bebidas das Americas		3,800		142,627
Cia de Bebidas das Americas (Preference)		21,200		796,853
Coca-Cola Embonor S.A. (Preference), Class B		18,285		46,248
Coca-Cola Femsa SAB de CV		13,800		168,816
Coca-Cola Icecek A/S		1,988		57,128


	Shares		Value
Beverages – (continued)
Distell Group Ltd.		563	$	7,568
Embotelladora Andina S.A. (Preference), Class A		9,844		41,722
Embotelladora Andina S.A. (Preference), Class B		9,245		52,166
Fomento Economico Mexicano SAB de CV		54,400		510,762
Fraser & Neave Holdings Bhd		6,300		37,174
Guangdong Land Holdings Ltd.		66,000		17,621
Guinness Anchor Bhd		3,500		19,188
Hey Song Corp.^		19,500		29,823
Hite Jinro Co. Ltd.		590		14,489
Lotte Chilsung Beverage Co. Ltd.		30		44,544
LT Group, Inc.		91,800		35,309
Muhak Co. Ltd.*		1,410		25,522
Organizacion Cultiba SAB de CV		8,700		18,070
Thai Beverage PCL		184,000		80,848
Tibet 5100 Water Resources Holdings Ltd.		88,000		34,165
Top Frontier Investment Holdings, Inc.* ^		1,425		251
Tsingtao Brewery Co. Ltd., Class H		8,000		65,523
United Breweries Ltd.		1,576		23,727
United Spirits Ltd.		2,614		109,492
Vina Concha y Toro S.A.		41,498		76,188
Yantai Changyu Pioneer Wine Co. Ltd., Class B		18,500		58,938
				2,731,913
Biotechnology – 0.2%
Biocon Ltd.		5,764		32,457
CTC BIO, Inc.*		1,031		20,897
Green Cross Corp.		127		15,684
Medigen Biotechnology Corp.*		2,099		14,789
Medipost Co. Ltd.*		628		45,823
Medy-Tox, Inc.		366		60,382
PharmaEngine, Inc.*		2,065		18,556
Seegene, Inc.*		456		24,847
TaiMed Biologics, Inc.*		5,951		17,106
Taiwan Liposome Co. Ltd.*		2,340		33,532
ViroMed Co. Ltd.*		889		35,325
				319,398


	Shares		Value
COMMON STOCKS – (continued)
Building Products – 0.2%
China Lesso Group Holdings Ltd.		14,000	$	8,957
Dynasty Ceramic PCL		4,200		7,219
KCC Corp.		123		49,339
LG Hausys Ltd.		428		51,848
Sintex Industries Ltd.		35,071		18,804
Sung Kwang Bend Co. Ltd.		3,997		109,463
Taiwan Glass Industry Corp.		15,000		15,189
Trakya Cam Sanayi A/S		17,387		21,644
				282,463
Capital Markets – 0.9%
Administradora de Fondos de Pensiones Habitat S.A.		4,879		7,623
Brait SE*		6,996		34,192
Capital Securities Corp.		29,000		9,920
CETIP S.A. – Mercados Organizados		5,800		64,799
China Bills Finance Corp.		46,000		18,162
China Everbright Ltd.		16,000		23,691
Citadel Capital SAE*		40,421		20,421
CITIC Securities Co. Ltd., Class H		31,000		64,934
Coronation Fund Managers Ltd.		5,830		47,721
Daewoo Securities Co. Ltd.		4,500		42,041
Daishin Securities Co. Ltd.		8,700		72,585
Daishin Securities Co. Ltd. (Preference)		4,660		26,271
Egyptian Financial Group-Hermes Holding*		49,515		57,866
Egyptian Kuwaiti Holding Co. SAE		15,281		14,211
Guotai Junan International Holdings Ltd.		28,000		11,990
Haitong Securities Co. Ltd., Class H		25,200		38,224
Hanwha Investment & Securities Co. Ltd.*		14,270		48,228
HMC Investment Securities Co. Ltd.		4,510		45,281
Hyundai Securities Co. Ltd.		1,340		8,502
India Infoline Ltd.*		34,168		31,191
Investec Ltd.		3,774		26,864
Jih Sun Financial Holdings Co. Ltd.		62,082		17,835
KIWOOM Securities Co. Ltd.		188		9,854
Korea Investment Holdings Co. Ltd.		740		28,847


	Shares		Value
Capital Markets – (continued)
Macquarie Korea Infrastructure Fund		5,100	$	31,732
Masterlink Securities Corp.		121,000		39,950
Meritz Securities Co. Ltd.		38,100		60,342
Mirae Asset Securities Co. Ltd.		470		15,862
NH Investment & Securities Co. Ltd.		7,490		33,893
OSK Holdings Bhd		131,400		68,291
President Securities Corp.		43,000		24,223
Samsung Securities Co. Ltd.		1,400		62,098
Shinyoung Securities Co. Ltd.		860		33,889
SK Securities Co. Ltd.*		15,060		11,401
TONGYANG Securities, Inc.		21,500		48,746
Waterland Financial Holdings Co. Ltd.		12,360		4,249
Woori Investment & Securities Co. Ltd.		2,690		28,403
Yuanta Financial Holding Co. Ltd.		226,000		123,079
				1,357,411
Chemicals – 3.8%
Acron JSC		2,820		84,711
Aeci Ltd.		3,382		41,322
African Oxygen Ltd.		11,238		24,182
Akzo Nobel India Ltd.		798		10,945
Alexandria Mineral Oils Co.		958		8,781
Alpek S.A. de CV		14,100		30,707
Asia Plastic Recycling Holding Ltd.		6,840		20,395
Asia Polymer Corp.		16,000		14,023
Asian Paints Ltd.		8,687		76,254
Barito Pacific Tbk PT*		810,000		34,491
Batu Kawan Bhd		4,500		27,922
Bayer CropScience Ltd.		562		16,454
Berger Paints India Ltd.		6,060		22,710
Boryszew S.A.*		59,640		10,080
Braskem S.A. (Preference), Class A*		2,400		21,460
Capro Corp.		4,450		32,596
Castrol India Ltd.		2,653		13,221
Cheil Industries, Inc.		1,292		109,621
China BlueChemical Ltd., Class H		452,000		290,332
China Lumena New Materials Corp.		628,000		133,651
China Man-Made Fiber Corp.*		73,000		31,059
China Petrochemical Development Corp.		38,700		19,429


	Shares		Value
COMMON STOCKS – (continued)
Chemicals – (continued)
China Steel Chemical Corp.		5,000	$	29,953
China Synthetic Rubber Corp.		105,000		101,678
Ciech S.A.*		1,667		16,200
Coromandel International Ltd.		3,799		13,751
Dongyue Group		242,000		114,241
E.I.D. Parry India Ltd.*		6,789		15,969
Eternal Chemical Co. Ltd.		20,000		18,278
Everlight Chemical Industrial Corp.		26,250		24,258
Foosung Co. Ltd.*		2,860		10,812
Formosa Chemicals & Fibre Corp.		90,980		262,911
Formosa Plastics Corp.		110,440		299,975
Formosan Rubber Group, Inc.		106,000		100,482
Fufeng Group Ltd.		249,400		105,833
Godrej Industries Ltd.		3,375		16,272
Grand Pacific Petrochemical		203,000		156,847
Grupa Azoty S.A.		1,225		32,448
Gubre Fabrikalari TAS*		5,923		49,798
Gujarat Fluorochemicals Ltd.		4,478		18,322
Hanwha Chemical Corp.		2,420		53,157
Hanwha Corp.		1,290		48,827
Ho Tung Chemical Corp.		53,550		26,156
Huabao International Holdings Ltd.		517,000		226,724
Huchems Fine Chemical Corp.		2,110		47,541
Hyosung Corp.		690		46,575
Kansai Nerolac Paints Ltd.		1,363		25,554
Kolon Industries, Inc.		367		20,517
Korea Petrochemical Ind Co. Ltd.*		234		16,435
Kumho Petro chemical Co. Ltd.		262		25,687
LCY Chemical Corp.		13,000		17,168
LG Chem Ltd.		1,265		357,169
LG Chem Ltd. (Preference)		179		22,697
Lotte Chemical Corp.		544		111,544
Mexichem SAB de CV		28,400		119,047
Namhae Chemical Corp.		3,200		21,871
Nan Ya Plastics Corp.		130,010		296,488
Nizhnekamskneftekhim OAO		97,329		76,884
Nizhnekamskneftekhim OAO (Preference)		35,832		22,412
OCI Co. Ltd.		450		81,452
OCI Materials Co. Ltd.		1,291		40,407
Omnia Holdings Ltd.		3,768		78,045


	Shares		Value
Chemicals – (continued)
Oriental Union Chemical Corp.		18,000	$	19,177
Petkim Petrokimya Holding A/S*		8,463		13,381
Petronas Chemicals Group Bhd		72,800		164,031
Phosagro OAO (GDR)		2,766		28,683
Pidilite Industries Ltd.		3,715		17,446
PTT Global Chemical PCL		52,300		131,905
Samsung Fine Chemicals Co. Ltd.		405		18,327
San Fang Chemical Industry Co. Ltd.		11,330		10,837
Shinkong Synthetic Fibers Corp.		171,000		59,077
Sidi Kerir Petrochemicals Co.		5,418		13,025
Sinofert Holdings Ltd.		108,000		17,552
Sinopec Shanghai Petrochemical Co. Ltd., Class H		326,000		86,198
SK Chemicals Co. Ltd.		3,629		177,558
SKC Co. Ltd.		300		9,107
Sociedad Quimica y Minera de Chile S.A. (Preference), Class B		2,776		78,183
Solar Applied Materials Technology Co.		76,000		64,800
Soulbrain Co. Ltd.		2,054		102,627
Supreme Industries Ltd.		1,939		12,307
Synthos S.A.		8,925		15,142
Taekwang Industrial Co. Ltd.		18		22,230
Taiwan Fertilizer Co. Ltd.		21,000		50,035
Taiwan Prosperity Chemical Corp.		25,000		25,613
Thai Plastic & Chemical PCL		16,900		16,696
TSRC Corp.		11,000		20,331
Unipetrol A/S*		7,964		71,403
UPC Technology Corp.		188,095		90,912
UPL Ltd.		54,481		145,832
Uralkali OJSC		16,757		89,056
Uralkali OJSC (GDR)		3,864		103,207
USI Corp.		16,000		11,736
Vinythai PCL		52,000		19,547
Yingde Gases Group Co. Ltd.		22,500		23,101
Yip’s Chemical Holdings Ltd.		28,000		23,547
				5,997,340
Commercial Banks – 13.9%
Affin Holdings Bhd		11,700		15,795
Agricultural Bank of China Ltd., Class H		584,000		280,963
Akbank TAS		14,292		56,243


	Shares		Value
COMMON STOCKS – (continued)
Commercial Banks – (continued)
Akbank TAS (ADR)		18,738	$	147,468
Albaraka Turk Katilim Bankasi A/S*		76,113		68,004
Alior Bank S.A.*		1,017		25,782
Allahabad Bank		20,978		31,319
Alliance Financial Group Bhd		25,700		42,269
Andhra Bank		29,311		27,830
Asya Katilim Bankasi A/S*		123,685		126,029
Attijariwafa Bank		840		33,836
Axis Bank Ltd.		1,938		38,558
Axis Bank Ltd. (GDR)		6,094		126,511
Banco Bradesco S.A. (Preference)		60,250		874,748
Banco de Bogota S.A.		608		21,560
Banco de Chile		423,125		64,527
Banco de Credito e Inversiones		703		41,123
Banco do Brasil S.A.		15,800		211,415
Banco do Estado do Rio Grande do Sul S.A. (Preference)		3,100		22,518
Banco Industrial e Comercial S.A. (Preference)		15,700		52,961
Banco Santander Brasil S.A.		21,700		149,817
Banco Santander Chile		1,917,874		117,919
Bancolombia S.A.		6,697		92,483
Bancolombia S.A. (Preference)		10,383		145,582
Bangkok Bank PCL		14,000		92,659
Bank BPH S.A.*		89		1,750
Bank Bukopin Tbk PT		840,000		48,436
Bank Central Asia Tbk PT		349,000		323,535
Bank Danamon Indonesia Tbk PT		93,500		35,666
Bank Gospodarki Zywnosciowej S.A.*		1,922		44,115
Bank Handlowy w Warszawie S.A.		761		29,383
Bank Mandiri Persero Tbk PT		273,500		208,658
Bank Millennium S.A.*		9,106		22,670
Bank Negara Indonesia Persero Tbk PT		231,500		98,576
Bank of Ayudhya PCL		66,800		82,092
Bank of Baroda		2,734		28,601
Bank of China Ltd., Class H		2,116,000		990,717
Bank of Communications Co. Ltd., Class H		256,000		187,219


	Shares		Value
Commercial Banks – (continued)
Bank of India		4,806	$	16,415
Bank of the Philippine Islands		17,370		40,199
Bank Pan Indonesia Tbk PT*		119,500		7,633
Bank Pekao S.A.		3,830		240,246
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		328,000		26,479
Bank Rakyat Indonesia Persero Tbk PT		316,500		221,810
Bank St. Petersburg OJSC		37,518		55,486
Bank Tabungan Negara Persero Tbk PT		94,500		8,132
Bank Tabungan Pensiunan Nasional Tbk PT*		78,000		30,273
Bank Zachodni WBK S.A.		821		100,063
Banque Centrale Populaire		2,087		49,361
Banregio Grupo Financiero SAB de CV		10,900		60,616
Barclays Africa Group Ltd.		8,629		133,667
BDO Unibank, Inc.		36,350		68,141
BIMB Holdings Bhd		20,700		31,553
BMCE Bank		2,526		63,114
BOC Hong Kong Holdings Ltd.		104,000		339,376
BRE Bank S.A.		400		66,303
BS Financial Group, Inc.		5,110		82,136
Canara Bank		3,605		15,149
Capitec Bank Holdings Ltd.		558		11,935
Chang Hwa Commercial Bank		127,670		76,482
China Banking Corp.		20,871		29,947
China Citic Bank Corp. Ltd., Class H		194,000		108,848
China Construction Bank Corp., Class H		2,032,000		1,577,784
China Development Financial Holding Corp.		339,000		101,194
China Merchants Bank Co. Ltd., Class H		139,399		276,890
China Minsheng Banking Corp. Ltd., Class H		139,000		159,384
Chongqing Rural Commercial Bank, Class H		93,000		46,902
CIMB Group Holdings Bhd		135,548		320,877
Commercial International Bank Egypt SAE		18,212		112,763
Corp. Bank		6,816		31,654


	Shares		Value
COMMON STOCKS – (continued)
Commercial Banks – (continued)
Corpbanca S.A.		3,113,135	$	35,023
Credicorp Ltd.		1,900		259,540
Credit Immobilier et Hotelier		1,637		56,389
CTBC Financial Holding Co. Ltd.		352,449		238,729
DGB Financial Group, Inc.		3,310		53,047
E.Sun Financial Holding Co. Ltd.		124,900		83,537
East West Banking Corp.*		17,000		10,032
Entie Commercial Bank		8,000		4,112
Faisal Islamic Bank of Egypt		6,763		48,017
Far Eastern International Bank		22,035		9,150
Federal Bank Ltd.		14,430		19,278
First Financial Holding Co. Ltd.		191,735		118,776
Getin Holding S.A.		34,632		49,188
Getin Noble Bank S.A.*		43,566		38,514
Grupo Aval Acciones y Valores		3,897		2,742
Grupo Aval Acciones y Valores (Preference)		35,132		24,444
Grupo Financiero Banorte SAB de CV, Class O		64,400		412,580
Grupo Financiero Inbursa SAB de CV, Class O		49,600		128,243
Grupo Financiero Santander Mexico SAB de CV, Class B		43,700		122,770
Hana Financial Group, Inc.		7,910		304,991
HDFC Bank Ltd.		5,896		65,316
HDFC Bank Ltd. (ADR)		12,776		463,130
Hong Leong Bank Bhd		12,200		55,209
Hong Leong Financial Group Bhd		2,700		12,937
Hua Nan Financial Holdings Co. Ltd.		151,850		89,933
ICICI Bank Ltd.		3,257		59,408
ICICI Bank Ltd. (ADR)		4,291		160,140
IDBI Bank Ltd.		14,473		15,956
Indian Bank		20,011		27,336
Indian Overseas Bank*		44,022		36,533
IndusInd Bank Ltd.		7,764		56,295
Industrial & Commercial Bank of China Ltd., Class H		2,079,000		1,456,068
Industrial Bank of Korea		6,080		70,214
Industrial Bank of Taiwan		112,320		24,697
ING Bank Slaski S.A.*		726		26,663
Itau Unibanco Holding S.A.		70,550		1,097,906


	Shares		Value
Commercial Banks – (continued)
Itausa – Investimentos Itau S.A.		9,534	$	44,511
Itausa – Investimentos Itau S.A. (Preference)		82,532		358,213
Jammu & Kashmir Bank Ltd.		4,793		101,698
Karur Vysya Bank Ltd.*		9,421		52,750
Kasikornbank PCL		18,800		114,763
KB Financial Group, Inc.		11,010		435,937
Kiatnakin Bank PCL		12,000		16,096
King’s Town Bank		26,000		23,098
Komercni Banka A/S		436		108,488
Krung Thai Bank PCL		115,500		75,330
Malayan Banking Bhd		117,995		364,954
Mega Financial Holding Co. Ltd.		215,000		185,878
Metropolitan Bank & Trust		2,160		4,449
Nedbank Group Ltd.		5,167		112,579
OTP Bank PLC		6,930		144,312
Philippine National Bank*		8,890		19,823
Powszechna Kasa Oszczednosci Bank Polski S.A.		25,296		335,849
Public Bank Bhd		51,400		298,084
RHB Capital Bhd		13,939		34,852
Rizal Commercial Banking Corp.		9,930		10,801
Sberbank of Russia		219,137		701,568
Sberbank of Russia (ADR)		20,732		264,748
Sberbank of Russia (Preference)		29,280		75,711
Security Bank Corp.		690		2,220
Sekerbank TAS*		79,983		75,878
Shinhan Financial Group Co. Ltd.		12,060		526,968
The Siam Commercial Bank PCL		48,800		257,915
SinoPac Financial Holdings Co. Ltd.		193,025		95,266
Sociedad Matriz Banco de Chile, Class B		143,311		53,182
Standard Bank Group Ltd.		32,717		416,978
State Bank of Bikaner & Jaipur		2,045		10,812
State Bank of India		1,882		55,024
State Bank of India (GDR)		957		56,080
Syndicate Bank*		27,202		36,008
Ta Chong Bank Ltd.*		64,965		22,776
Taichung Commercial Bank		31,102		11,539
Taishin Financial Holding Co. Ltd.		200,987		101,590
Taiwan Business Bank*		44,680		13,718
Taiwan Cooperative Financial Holding Co Ltd.		140,860		79,109


	Shares		Value
COMMON STOCKS – (continued)
Commercial Banks – (continued)
Thanachart Capital PCL		28,100	$	31,147
Tisco Financial Group PCL		18,920		26,746
TMB Bank PCL		689,100		60,663
Turkiye Garanti Bankasi A/S		10,923		44,081
Turkiye Garanti Bankasi A/S (ADR)		52,477		212,532
Turkiye Halk Bankasi A/S		17,363		140,752
Turkiye Is Bankasi, Class C		40,836		112,326
Turkiye Sinai Kalkinma Bankasi A/S		11,061		10,826
Turkiye Vakiflar Bankasi Tao, Class D		21,098		50,832
UCO Bank		38,806		45,623
Union Bank of India		7,817		15,715
Union Bank Of Philippines		3,830		11,080
Union Bank Of Taiwan*		25,109		9,187
VTB Bank OJSC		41,837,398		57,819
VTB Bank OJSC (GDR)		32,047		89,059
Woori Finance Holdings Co. Ltd.		9,650		114,626
Yapi ve Kredi Bankasi A/S		20,342		47,275
				22,036,836
Commercial Services & Supplies – 0.2%
Blue Label Telecoms Ltd.		98,077		92,534
China Everbright International Ltd.		61,000		60,819
Cleanaway Co. Ltd.		1,000		6,263
Ipek Dogal Enerji Kaynaklari ve Uretim A/S*		11,307		28,831
KEPCO Plant Service & Engineering Co. Ltd.		223		11,310
Multiplus S.A.		1,300		16,225
S-1 Corp.		454		27,092
Taiwan Secom Co. Ltd.		11,000		26,658
Taiwan Sogo Shin Kong SEC		24,000		29,858
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A.		3,300		51,296
				350,886


	Shares		Value
Communications Equipment – 0.5%
Accton Technology Corp.		96,000	$	52,445
Alpha Networks, Inc.		22,000		14,303
BYD Electronic International Co. Ltd.*		68,500		32,072
China Wireless Technologies Ltd.		108,000		40,397
Comba Telecom Systems Holdings Ltd.*		45,500		15,024
Compal Communications, Inc.		15,000		25,732
CyberTAN Technology, Inc.		16,000		18,271
D-Link Corp.		28,000		16,964
Gemtek Technology Corp.		63,000		61,328
HTC Corp.		19,000		93,450
Netas Telekomunikasyon A/S		907		3,387
Senao International Co. Ltd.		1,000		3,193
TCL Communication Technology Holdings Ltd.*		47,000		42,738
Unizyx Holding Corp.*		30,000		15,623
Wistron NeWeb Corp.		66,707		160,526
Zinwell Corp.		42,000		45,174
ZTE Corp., Class H*		49,000		106,810
				747,437
Computers & Peripherals – 1.1%
Acer, Inc.*		62,000		40,518
Advantech Co. Ltd.		7,000		44,912
ASROCK, Inc.		4,000		13,452
Asustek Computer, Inc.		20,000		153,168
Catcher Technology Co. Ltd.		16,000		93,126
Chicony Electronics Co. Ltd.		16,090		40,034
Clevo Co.		13,322		28,340
CMC Magnetics Corp.*		605,000		102,139
Compal Electronics, Inc.		110,000		86,114
Elitegroup Computer Systems Co. Ltd.		31,000		13,348
Foxconn Technology Co. Ltd.		20,700		51,998
Getac Technology Corp.		80,000		44,112
Gigabyte Technology Co. Ltd.		129,000		144,019
IEI Integration Corp.*		18,000		24,813
Inventec Corp.		68,000		60,872
Lenovo Group Ltd.		166,000		177,711
Lite-On Technology Corp.		54,244		94,901
Micro-Star International Co. Ltd.		154,000		103,525
Pegatron Corp.		45,000		62,646


	Shares		Value
COMMON STOCKS – (continued)
Computers & Peripherals – (continued)
Primax Electronics Ltd.		46,000	$	42,274
Qisda Corp.*		92,000		21,356
Quanta Computer, Inc.		75,000		177,930
Ritek Corp.*		205,000		33,214
Simplo Technology Co. Ltd.		7,000		34,429
TPV Technology Ltd.		182,000		38,498
Wistron Corp.		65,650		61,674
				1,789,123
Construction & Engineering – 2.2%
Aveng Ltd.*		96,711		285,141
BES Engineering Corp.		157,000		48,095
Besalco S.A.		26,166		36,807
Budimex S.A.		876		37,012
CH Karnchang PCL		17,500		12,482
China Communications Construction Co. Ltd., Class H		126,000		102,873
China Railway Construction Corp. Ltd., Class H		71,000		77,840
China Railway Group Ltd., Class H		135,000		76,267
China State Construction International Holdings Ltd.		48,000		80,856
Chung Hsin Electric & Machinery Manufacturing Corp.		28,000		21,825
Continental Holdings Corp.		57,000		20,759
Cosco International Holdings Ltd.		130,000		56,171
CTCI Corp.		12,000		20,994
Daelim Industrial Co. Ltd.		872		80,891
Daewoo Engineering & Construction Co. Ltd.*		910		7,369
Dialog Group Bhd		41,000		35,731
Doosan Heavy Industries & Construction Co. Ltd.		1,272		51,983
Empresas ICA SAB de CV*		20,400		38,872
Engineers India Ltd.		15,634		45,105
Gamuda Bhd		55,800		86,117
GMR Infrastructure Ltd.		30,202		10,836
Grana y Montero SAA		13,717		59,585
Group Five Ltd.		24,392		109,704
GS Engineering & Construction Corp.		929		31,353
HKC Holdings Ltd.		135,000		4,701


	Shares		Value
Construction & Engineering – (continued)
Hyundai Development Co-Engineering & Construction		1,650	$	36,710
Hyundai Engineering & Construction Co. Ltd.		2,044		117,351
IJM Corp. Bhd		39,100		71,867
Impulsora del Desarrollo y El Empleo en America Latina SAB de CV*		33,800		67,916
Inovisi Infracom Tbk PT*		75,833		5,180
Interchina Holdings Co.*		335,000		23,765
IRB Infrastructure Developers Ltd.		26,321		34,178
Italian-Thai Development PCL*		51,343		9,650
Jaypee Infratech Ltd.		43,792		12,791
KEPCO Engineering & Construction Co., Inc.		146		7,749
Lanco Infratech Ltd.*		134,249		13,326
Larsen & Toubro Ltd.		1,913		30,302
Larsen & Toubro Ltd. (GDR)		6,664		102,292
Malaysia Marine and Heavy Engineering Holdings Bhd		4,800		5,902
Malaysian Resources Corp. Bhd		161,400		73,142
Metallurgical Corp. of China Ltd., Class H*		786,000		161,193
Mostotrest		29,974		126,514
Mudajaya Group Bhd		57,300		50,481
Murray & Roberts Holdings Ltd.*		110,860		339,488
Pembangunan Perumahan Persero Tbk PT		108,000		12,551
Promotora y Operadora de Infraestructura SAB de CV*		6,600		67,212
Raubex Group Ltd.		25,955		61,739
Rich Development Co. Ltd.		50,467		21,644
Salfacorp S.A.		21,787		24,896
Samsung Engineering Co. Ltd.		840		59,154
Sino Thai Engineering & Construction PCL		22,471		16,749
Surya Semesta Internusa Tbk PT		306,000		21,717
Taeyoung Engineering & Construction Co. Ltd.		6,160		33,217
Tekfen Holding A/S		1,046		2,531
Toyo-Thai Corp. PCL		17,500		21,647
United Integrated Services Co. Ltd.		35,000		38,658
Voltas Ltd.		19,996		29,007
Waskita Karya Persero Tbk PT		257,500		13,706


	Shares		Value
COMMON STOCKS – (continued)
Construction & Engineering – (continued)
WCT Holdings Bhd		60,405	$	46,899
Wijaya Karya Persero Tbk PT		122,000		20,780
Wilson Bayly Holmes-Ovcon Ltd.		12,155		213,798
				3,435,071
Construction Materials – 1.6%
ACC Ltd.		1,496		27,626
Adana Cimento Sanayii TAS, Class A		4,775		9,827
Akcansa Cimento A/S		3,896		21,805
Ambuja Cements Ltd.		18,586		56,963
Anhui Conch Cement Co. Ltd., Class H		32,000		111,646
Asia Cement China Holdings Corp.		105,000		57,423
Asia Cement Corp.		62,020		84,123
BBMG Corp., Class H		261,000		187,173
Cementos Argos S.A.		11,648		61,568
Cementos Pacasmayo SAA		21,812		52,053
Cemex SAB de CV*		297,544		317,704
Chia Hsin Cement Corp.*		31,000		15,827
China National Building Material Co. Ltd., Class H		74,000		72,348
China Resources Cement Holdings Ltd.		40,170		26,890
China Shanshui Cement Group Ltd.		46,000		16,376
Ciments du Maroc*		66		5,980
Cimsa Cimento Sanayi VE Tica		3,966		25,780
Corp. Moctezuma SAB de CV		5,000		15,612
CSG Holding Co. Ltd., Class B		66,500		54,294
Goldsun Development & Construction Co. Ltd.		84,000		34,739
Grupo Argos S.A.		7,951		92,299
Grupo Argos S.A. (Preference)		4,304		50,009
Grupo Cementos de Chihuahua SAB de CV		6,700		20,202
Hanil Cement Co. Ltd.		980		77,236
Holcim Indonesia Tbk PT		21,500		4,911
Holcim Maroc S.A.		117		22,975
Holcim Philippines, Inc.		10,100		3,268
Huaxin Cement Co. Ltd., Class B		36,500		54,093
The India Cements Ltd.		34,842		28,149


	Shares		Value
Construction Materials – (continued)
Indocement Tunggal Prakarsa Tbk PT		39,500	$	73,236
Konya Cimento Sanayii A/S		54		7,888
Lafarge Malaysia Bhd		9,800		30,963
Magnesita Refratarios S.A.		15,000		42,031
Mardin Cimento Sanayii ve Ticaret A/S		8,926		20,386
Misr Beni Suef Cement Co.		2,637		18,383
Nuh Cimento Sanayi A/S		5,596		31,600
PPC Ltd.		16,925		53,707
The Ramco Cements Ltd.		4,924		14,314
Semen Indonesia Persero Tbk PT		77,500		98,658
Shree Cement Ltd.		241		17,394
The Siam Cement PCL		3,400		46,753
Siam City Cement PCL		3,000		38,361
Ssangyong Cement Industrial Co. Ltd.*		4,600		25,629
Suez Cement Co.		16,343		58,009
Taiwan Cement Corp.		91,000		132,414
TCC International Holdings Ltd.		252,000		93,610
TPI Polene PCL		40,600		16,827
Ultratech Cement Ltd.		1,101		35,237
Union Andina de Cementos SAA		24,039		31,370
Universal Cement Corp.		24,000		22,056
West China Cement Ltd.		622,000		93,063
				2,610,788
Consumer Finance – 0.2%
Aeon Thana Sinsap Thailand PCL		6,200		18,027
Bajaj Finance Ltd.		916		20,168
Compartamos SAB de CV		44,400		86,824
Mahindra & Mahindra Financial Services Ltd.		5,911		27,167
Muthoot Finance Ltd.		9,629		16,632
Samsung Card Co. Ltd.		1,510		55,944
Shriram Transport Finance Co. Ltd.		2,924		29,088
Sundaram Finance Ltd.		4,448		38,360
Taiwan Acceptance Corp.		11,000		27,632
				319,842
Containers & Packaging – 0.3%
AMVIG Holdings Ltd.		122,000		57,278
Anadolu Cam Sanayii A/S		27,491		33,531


	Shares		Value
COMMON STOCKS – (continued)
Containers & Packaging – (continued)
Cheng Loong Corp.		257,000	$	121,592
CPMC Holdings Ltd.		33,000		26,390
Great China Metal Industry		9,000		10,676
Greatview Aseptic Packaging Co. Ltd.		31,000		19,512
Klabin S.A. (Preference)		15,500		82,960
Lock & Lock Co. Ltd.		1,830		47,702
Nampak Ltd.		16,656		55,267
Taiwan Hon Chuan Enterprise Co. Ltd.		9,000		18,993
				473,901
Distributors – 0.1%
Dah Chong Hong Holdings Ltd.		23,000		19,520
Dogus Otomotiv Servis ve Ticaret A/S		2,752		13,261
Imperial Holdings Ltd.		4,691		100,004
Silver base Group Holdings Ltd.*		184,000		30,615
Test-Rite International Co. Ltd.		23,000		17,888
				181,288
Diversified Consumer Services – 0.2%
Abril Educacao S.A.		1,400		20,087
Anhanguera Educacional Participacoes S.A.		9,800		59,064
Estacio Participacoes S.A.		9,100		70,807
Kroton Educacional S.A.		6,000		89,325
Lung Yen Life Service Corp.		5,000		15,147
MegaStudy Co. Ltd.		993		69,367
				323,797
Diversified Financial Services – 1.9%
African Bank Investments Ltd.		17,390		29,547
AMMB Holdings Bhd		51,400		120,374
Ayala Corp.		5,430		75,776
BM&FBovespa S.A.		49,000		278,350
Bolsa Mexicana de Valores SAB de CV		21,700		51,916
Bursa Malaysia Bhd		36,800		93,762
Chailease Holding Co. Ltd.*		22,000		53,466
Corp. Financiera Colombiana S.A.*		3,515		73,175
Corporativo GBM SAB de CV*		74,100		51,873


	Shares		Value
Diversified Financial Services – (continued)
CRISIL Ltd.		739	$	13,461
Far East Horizon Ltd.		60,000		43,880
FirstRand Ltd.		87,665		315,421
Fubon Financial Holding Co. Ltd.		194,000		283,939
Grupo BTG Pactual		5,400		72,790
Grupo de Inversiones Suramericana S.A.		7,361		146,052
Grupo de Inversiones Suramericana S.A. (Preference)		2,864		56,977
Grupo Security S.A.		356,446		123,921
GT Capital Holdings, Inc.		2,710		53,686
Haci Omer Sabanci Holding A/S		27,515		130,928
Hankook Tire Worldwide Co. Ltd.		3,420		84,311
IDFC Ltd.		31,981		55,032
IFCI Ltd.		111,345		43,755
Inmuebles Carso SAB de CV*		21,400		21,401
Intercorp Financial Services, Inc.		845		28,265
Invercap S.A.		8,476		36,255
Inversiones La Construccion S.A.		998		14,990
JSE Ltd.		7,716		67,709
Kotak Mahindra Bank Ltd.		8,730		106,889
Metro Pacific Investments Corp.		384,600		43,436
Power Finance Corp. Ltd.		7,248		15,851
PSG Group Ltd.		1,633		13,465
Reliance Capital Ltd.		2,523		15,194
Remgro Ltd.		11,976		244,655
RMB Holdings Ltd.		24,662		124,056
Rural Electrification Corp. Ltd.		7,793		24,633
Warsaw Stock Exchange		2,646		38,355
				3,047,546
Diversified Telecommunication Services – 1.5%
Asia Pacific Telecom Co. Ltd.		46,899		28,574
Asia Satellite Telecommunications Holdings Ltd.		4,000		15,529
Axtel SAB de CV*		60,000		18,878
China Communications Services Corp. Ltd., Class H		66,000		40,436
China Telecom Corp. Ltd., Class H		376,000		196,413
China Unicom Hong Kong Ltd.		128,000		202,078
Chunghwa Telecom Co. Ltd.		107,000		344,533
CITIC Telecom International Holdings Ltd.		123,625		38,747


	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – (continued)
Jasmine International PCL		77,600	$	21,067
KT Corp.		510		16,852
LG Uplus Corp.*		6,380		73,078
Magyar Telekom Telecommunications PLC		7,627		10,506
Maroc Telecom S.A.		1,987		23,862
Netia S.A.*		25,072		41,559
Oi S.A.		4,400		7,956
Oi S.A. (Preference)		25,100		42,448
Rostelecom OJSC		17,610		64,434
Rostelecom OJSC (ADR)		2,503		54,515
Rostelecom OJSC (Preference)		3,656		8,335
SK Broadband Co. Ltd.*		2,669		11,411
Tata Communications Ltd.		5,003		21,480
Telecom Egypt Co.		12,996		25,565
Telefonica Brasil S.A.		500		9,926
Telefonica Brasil S.A. (Preference)		8,500		188,744
Telefonica Czech Republic A/S		3,187		52,105
Telekom Malaysia Bhd		28,000		46,496
Telekomunikacja Polska S.A.		20,767		67,360
Telekomunikasi Indonesia Persero Tbk PT		1,393,000		290,401
Telkom S.A. SOC Ltd.*		62,822		164,817
Thaicom PCL		24,200		30,906
Time dotCom Bhd*		42,200		54,162
True Corp. PCL*		159,600		45,380
Turk Telekomunikasyon A/S		14,543		50,369
XL Axiata Tbk PT		56,000		22,231
				2,331,153
Electric Utilities – 1.5%
Celsia S.A. ESP		9,615		30,931
Centrais Eletricas Brasileiras S.A.		4,900		15,648
Centrais Eletricas Brasileiras S.A. (Preference)		5,100		27,320
Centrais Eletricas de Santa Catarina S.A. (Preference)*		3,500		28,021
CESC Ltd.		13,382		81,091
CEZ A/S		4,934		142,339
Cia de Transmissao de Energia Eletrica Paulista (Preference)*		500		7,241
Cia Energetica de Minas Gerais		1,577		14,065


	Shares		Value
Electric Utilities – (continued)
Cia Energetica de Minas Gerais (Preference)		14,431	$	129,359
Cia Energetica do Ceara (Preference)		1,300		23,090
Cia General de Electricidad S.A.		7,478		42,502
Cia Paranaense de Energia		200		2,050
Cia Paranaense de Energia (Preference)		3,100		43,558
CPFL Energia S.A.		9,200		79,199
E.CL S.A.		7,263		11,336
EDP – Energias do Brasil S.A.		9,200		52,965
Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A. (Preference)		22,400		100,749
Empresa de Distribucion Electrica de Lima Norte S.A.		8,973		15,688
Enea S.A.		3,561		16,782
Enel OGK-5 OJSC*		1,065,321		41,669
Energisa S.A.		900		4,756
Enersis S.A.		546,726		183,655
Equatorial Energia S.A.		4,629		48,302
Federal Grid Co. Unified Energy System JSC*		730,462		2,238
First Philippine Holdings Corp.		50,160		80,678
Inter Rao UES OJSC*		50,918,011		14,868
Interconexion Electrica SA ESP		11,221		55,571
Interregional Distribution Grid Co. Centre JSC		2,991,343		21,804
Interregional Distribution Network Co. Center and Privolzhya OJSC		1,253,186		2,733
Isagen S.A. ESP		19,321		30,873
Korea Electric Power Corp.*		6,900		184,412
Light S.A.		700		6,215
Luz del Sur SAA		4,420		15,376
Manila Electric Co.		4,510		31,730
Moscow United Electric Grid Co. JSC		360,794		14,220
Mosenergo OAO		1,775,144		50,780
PGE S.A.		20,822		121,814
Power Grid Corp. of India Ltd.		36,485		60,140
Reliance Infrastructure Ltd.		2,860		20,095
RusHydro JSC		1,897,111		33,317
RusHydro JSC (ADR)		29,268		49,287


	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – (continued)
Russian Grids OAO*		1,372,431	$	36,950
Tata Power Co. Ltd.		26,411		35,305
Tauron Polska Energia S.A.		36,335		59,401
Tenaga Nasional Bhd		75,600		225,922
TGK-1 OAO		210,251,531		42,261
Torrent Power Ltd.		25,135		34,438
Transmissora Alianca de Energia Eletrica S.A.		4,500		44,021
Volga Territorial Generating Co.*		186,049		10,087
				2,426,852
Electrical Equipment – 0.8%
ABB India Ltd.		1,456		14,909
AcBel Polytech, Inc.		31,000		31,338
Amara Raja Batteries Ltd.		2,733		13,957
Bharat Heavy Electricals Ltd.		15,091		34,649
China Electric Manufacturing Corp.		32,000		15,249
China High Speed Transmission Equipment Group Co. Ltd.*		245,000		131,458
Crompton Greaves Ltd.		12,473		21,433
Dongfang Electric Corp. Ltd., Class H		103,400		166,442
Dynapack International Technology Corp.		7,000		19,966
ElSwedy Electric Co.		22,368		86,994
Harbin Electric Co. Ltd., Class H		190,000		119,347
LS Corp.		751		56,144
LS Industrial Systems Co. Ltd.		691		43,320
Shanghai Electric Group Co. Ltd., Class H		728,000		257,282
Shihlin Electric & Engineering Corp.		26,000		32,877
Silitech Technology Corp.		7,070		9,132
Suzlon Energy Ltd.*		148,250		23,158
Taihan Electric Wire Co. Ltd.*		10,413		20,124
Teco Electric and Machinery Co. Ltd.		48,000		51,219


	Shares		Value
Electrical Equipment – (continued)
Walsin Lihwa Corp.*		76,000	$	23,566
Zhuzhou CSR Times Electric Co. Ltd., Class H		39,000		139,842
				1,312,406
Electronic Equipment, Instruments & Components – 2.9%
3S Korea Co. Ltd.*		2,265		12,128
Acme Electronics Corp.*		5,000		6,433
Anxin-China Holdings Ltd.		528,000		170,937
AU Optronics Corp.*		241,000		79,815
Aurora Corp.		10,000		20,899
AV Tech Corp.		6,000		18,115
CalComp Electronics Thailand PCL		358,300		35,686
Cando Corp.*		36,974		10,660
Career Technology MFG. Co. Ltd.		22,000		20,967
Cheng Uei Precision Industry Co. Ltd.		6,000		12,580
Chimei Materials Technology Corp.		39,000		39,956
Chin-Poon Industrial Co. Ltd.		91,000		151,773
Chroma ATE, Inc.		13,000		27,700
Chunghwa Picture Tubes Ltd.*		1,005,000		55,074
Compeq Manufacturing Co.		76,000		38,415
Coretronic Corp.		167,000		146,653
Daeduck Electronics Co.		9,060		79,860
DataTec Ltd.		15,761		90,182
Delta Electronics Thailand PCL		13,800		21,171
Delta Electronics, Inc.		49,000		254,344
E Ink Holdings, Inc.*		19,000		10,703
Elite Material Co. Ltd.		78,000		64,514
Erajaya Swasembada Tbk PT		85,000		10,255
Everlight Electronics Co. Ltd.		35,000		66,237
FLEXium Interconnect, Inc.		14,695		45,816
G Tech Optoelectronics Corp.		10,000		17,495
Hana Microelectronics PCL		30,500		22,342
HannStar Display Corp.*		65,000		21,792
HannsTouch Solution, Inc.*		36,000		11,690
Hi Sun Technology China Ltd.*		174,000		47,803
Hollysys Automation Technologies Ltd.*		3,300		55,341
Holy Stone Enterprise Co. Ltd.^		46,200		58,296
Hon Hai Precision Industry Co. Ltd.		306,000		775,949
Iljin Materials Co. Ltd.*		570		6,556


	Shares		Value
COMMON STOCKS – (continued)
Electronic Equipment, Instruments & Components – (continued)
Innolux Corp.*		184,000	$	72,962
Interflex Co. Ltd.*		782		23,370
ITEQ Corp.		70,000		77,911
Jahwa Electronics Co. Ltd.		570		11,338
Ju Teng International Holdings Ltd.		206,000		149,856
Kingboard Chemical Holdings Ltd.		18,900		49,730
Kingboard Laminates Holdings Ltd.		226,000		92,988
Korea Circuit Co. Ltd.*		2,390		30,417
Largan Precision Co. Ltd.		3,000		102,112
LG Display Co. Ltd.*		6,340		149,124
LG Innotek Co. Ltd.*		168		13,573
Lotes Co. Ltd.		9,000		22,117
MIN AIK Technology Co. Ltd.		11,000		55,413
Nan Ya Printed Circuit Board Corp.*		3,000		4,044
Pan-International Industrial		20,200		16,158
Partron Co. Ltd.		1,141		18,447
Redington India Ltd.		51,094		51,090
Samart Corp. PCL		31,500		20,443
Samsung Electro-Mechanics Co. Ltd.		1,624		124,776
Samsung SDI Co. Ltd.		902		150,511
SFA Engineering Corp.		254		10,823
Sunny Optical Technology Group Co. Ltd.		31,000		30,028
Synnex Technology International Corp.		36,000		57,530
Taiflex Scientific Co. Ltd.		9,000		18,687
Taiwan PCB Techvest Co. Ltd.		62,662		71,877
Test Research, Inc.		44,280		60,287
Tong Hsing Electronic Industries Ltd.		4,000		21,171
TPK Holding Co. Ltd.		6,000		42,172
Tripod Technology Corp.		7,000		13,843
TXC Corp.		16,000		19,769
Unimicron Technology Corp.		31,000		24,532
Vivotek, Inc.		3,000		17,410
Wah Lee Industrial Corp.		50,000		79,988
Wasion Group Holdings Ltd.		102,000		63,939
Wintek Corp.*		33,000		12,299
WPG Holdings Ltd.		43,000		52,397
WT Microelectronics Co. Ltd.		64,000		76,462
Yageo Corp.*		414,800		141,046


	Shares		Value
Electronic Equipment, Instruments & Components – (continued)
Young Fast Optoelectronics Co. Ltd.		7,000	$	7,672
Zhen Ding Technology Holding Ltd.		3,150		7,398
				4,573,847
Energy Equipment & Services – 0.2%
Anton Oilfield Services Group		24,000		15,168
Bumi Armada Bhd		20,500		25,726
China Oilfield Services Ltd., Class H		42,000		117,554
Maridive & Oil Services SAE*		10,086		11,095
OSX Brasil S.A.*		13,900		2,813
Sapurakencana Petroleum Bhd*		102,400		129,803
TMK OAO		4,733		13,495
TMK OAO (GDR)		1,530		19,767
Wah Seong Corp. Bhd		27,447		14,787
				350,208
Food – 0.0%^†
RCL Foods Ltd.*		10,215		17,458
Food & Staples Retailing – 2.0%
Almacenes Exito S.A.		6,181		103,671
Big C Supercenter PCL		8,400		52,626
BIM Birlesik Magazalar A/S		6,126		128,839
Bizim Toptan Satis Magazalari A/S		2,184		26,310
Brasil Pharma S.A.*		7,800		29,118
Cencosud S.A.		31,575		128,884
China Resources Enterprise Ltd.		32,000		113,297
Cia Brasileira de Distribuicao Grupo Pao de Acucar (Preference)		3,202		160,003
Clicks Group Ltd.		8,465		52,919
Controladora Comercial Mexicana SAB de CV		33,300		137,025
Corporativo Fragua SAB de CV		3,060		53,671
CP ALL PCL		141,600		178,564
DIXY Group OJSC*		4,208		55,700
Dongsuh Co., Inc.		664		17,402
E-Mart Co. Ltd.		660		158,039
Emperia Holding S.A.		1,463		32,429
Eurocash S.A.		1,620		24,931
Grupo Comercial Chedraui S.A. de CV		9,800		30,759
GSretail Co. Ltd.		360		9,944
Magnit OJSC		1,453		391,698
Massmart Holdings Ltd.		3,731		60,036


	Shares		Value
COMMON STOCKS – (continued)
Food & Staples Retailing – (continued)
Migros Ticaret A/S*		852	$	7,612
Organizacion Soriana SAB de CV, Class B*		4,100		13,285
Pick’nPay Stores Ltd.		9,812		46,523
Pick’n Pay Holdings Ltd.		16,881		34,587
President Chain Store Corp.		15,000		109,260
Puregold Price Club, Inc.		21,000		21,918
Raia Drogasil S.A.		6,200		45,677
Shoprite Holdings Ltd.		12,727		233,794
The Spar Group Ltd.		7,173		92,122
Sumber Alfaria Trijaya Tbk PT		379,500		18,180
Sun Art Retail Group Ltd.		60,000		98,284
Taiwan TEA Corp.*		169,000		138,918
Wal-Mart de Mexico SAB de CV		144,200		376,273
Wumart Stores, Inc., Class H		40,000		66,761
				3,249,059
Food Products – 3.2%
Alicorp SAA		12,777		39,842
Asian Citrus Holdings Ltd.		212,255		81,842
AVI Ltd.		8,170		48,177
Binggrae Co. Ltd.		199		16,791
BIOSEV S.A.*		5,300		23,909
Biostime International Holdings Ltd.		4,000		30,311
BRF S.A.		18,200		430,576
Britannia Industries Ltd.		1,892		28,926
Charoen Pokphand Foods PCL		105,300		82,210
Charoen Pokphand Indonesia Tbk PT		227,000		78,536
Cherkizovo Group OJSC*		5,000		82,577
China Agri-Industries Holdings Ltd.		59,705		28,031
China Foods Ltd.*		74,000		33,597
China Huiyuan Juice Group Ltd.*		44,000		29,454
China Mengniu Dairy Co. Ltd.		35,000		153,939
China Modern Dairy Holdings Ltd.*		66,000		30,731
China Ocean Resources Co. Ltd.*		8,440		34,333
China Yurun Food Group Ltd.*		325,000		215,464
CJ CheilJedang Corp.		246		59,717
Daesang Corp.		610		19,955
Dongwon F&B Co. Ltd.		294		30,072
Dongwon Industries Co. Ltd.		58		15,529
Dutch Lady Milk Industries Bhd		2,000		29,472


	Shares		Value
Food Products – (continued)
Empresas Aquachile S.A.*		23,539	$	11,678
Felda Global Ventures Holdings Bhd		30,300		43,114
Genting Plantations Bhd		4,200		14,481
GlaxoSmithKline Consumer Healthcare Ltd.		250		18,978
Global Bio-Chem Technology Group Co. Ltd.*		394,000		30,491
Great Wall Enterprise Co. Ltd.		103,000		92,730
Gruma SAB de CV, Class B*		4,900		33,706
Grupo Bimbo SAB de CV		48,300		162,855
Grupo Herdez SAB de CV		7,000		24,437
Grupo Nutresa S.A.		4,822		68,886
Hap Seng Plantations Holdings Bhd		22,200		18,643
IJM Plantations Bhd		16,500		16,942
Illovo Sugar Ltd.		14,046		44,150
Indofood CBP Sukses Makmur Tbk PT		24,000		23,846
Indofood Sukses Makmur Tbk PT		139,000		82,000
Industrias Bachoco SAB de CV		2,800		9,648
IOI Corp. Bhd		91,100		157,052
Japfa Comfeed Indonesia Tbk PT		146,000		18,133
JBS S.A.		9,900		35,845
Juhayna Food Industries		8,202		15,122
Kernel Holding S.A.*		1,000		13,485
Khon Kaen Sugar Industry PCL		117,800		47,688
Kuala Lumpur Kepong Bhd		13,600		99,558
Kulim Malaysia Bhd		10,300		11,098
Lien Hwa Industrial Corp.		47,000		30,395
Lotte Confectionery Co. Ltd.		17		29,152
Lotte Food Co. Ltd.		40		24,700
M Dias Branco S.A.		1,000		47,258
Maeil Dairy Industry Co. Ltd.		546		22,571
Marfrig Alimentos S.A.*		7,800		15,962
Mayora Indah Tbk PT		13,416		34,871
MSM Malaysia Holdings Bhd		11,800		18,622
Namchow Chemical Industrial Ltd.		11,000		18,552
Namyang Dairy Products Co. Ltd.		44		35,963
Nestle India Ltd.		693		63,114
Nestle Malaysia Bhd		1,200		25,859
Nippon Indosari Corpindo Tbk PT		27,000		14,850
NongShim Co. Ltd.		52		12,599
Oceana Group Ltd.		2,906		24,397
Orion Corp.		93		90,742


	Shares		Value
COMMON STOCKS – (continued)
Food Products – (continued)
Ottogi Corp.		40	$	12,915
People’s Food Holdings Ltd.		55,000		52,767
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		690,000		97,937
Pioneer Foods Ltd.		4,758		40,421
PPB Group Bhd		14,100		65,684
PT Astra Agro Lestari, Tbk		9,000		14,850
QL Resources Bhd		25,400		31,875
Ruchi Soya Industries Ltd.*		22,103		12,534
Salim Ivomas Pratama Tbk PT		826,000		58,621
Samyang Holdings Corp.		728		60,738
San Miguel Pure Foods Co., Inc.		1,880		10,573
Sao Martinho S.A.		3,400		48,324
Sarawak Oil Palms Bhd		9,200		16,910
Shenguan Holdings Group Ltd.		34,000		15,173
Shree Renuka Sugars Ltd.		66,616		24,335
Silla Co. Ltd.		1,830		50,462
SLC Agricola S.A.		3,400		31,961
Standard Foods Corp.		5,750		17,614
Tata Global Beverages Ltd.		6,111		16,308
Tenfu Cayman Holdings Co. Ltd.		59,000		29,298
Tereos Internacional S.A.		63,400		84,691
Thai Union Frozen Products PCL		14,100		25,482
Thai Vegetable Oil PCL		25,600		14,969
Tiger Brands Ltd.		4,267		125,458
Tingyi Cayman Islands Holding Corp.		56,000		158,183
Tongaat Hulett Ltd.		4,804		60,737
TSH Resources Bhd		20,700		16,531
Ulker Biskuvi Sanayi A/S		1,236		9,492
Ultrajaya Milk Industry & Trading Co. Tbk PT*		102,000		44,564
Uni-President China Holdings Ltd.		35,000		34,986
Uni-President Enterprises Corp.		122,640		233,763
United Plantations Bhd		2,500		21,153
Universal Robina Corp.		21,840		64,443
Want Want China Holdings Ltd.		164,000		252,143
Wei Chuan Foods Corp.		14,000		26,542
				5,110,601


	Shares		Value
Gas Utilities – 0.7%
Aygaz A/S		2,804	$	12,864
China Gas Holdings Ltd.		76,000		84,694
China Oil & Gas Group Ltd.		280,000		44,782
China Resources Gas Group Ltd.		26,000		67,238
Cia de Gas de Sao Paulo (Preference)		300		8,022
E1 Corp.		371		26,616
Empresa de Energia de Bogota S.A.*		19,594		16,484
ENN Energy Holdings Ltd.		20,000		118,534
GAIL India Ltd.		12,406		71,382
Gas Malaysia Bhd		24,800		32,380
Gasco S.A.		1,133		12,060
Great Taipei Gas Co. Ltd.		31,000		23,425
Gujarat Gas Co. Ltd.*		3,673		17,282
Gujarat State Petronet Ltd.		32,325		29,403
Indraprastha Gas Ltd.		3,059		13,960
Infraestructura Energetica Nova SAB de CV		6,400		25,345
Korea District Heating Corp.		143		13,373
Korea Gas Corp.		691		41,626
Perusahaan Gas Negara Persero Tbk PT		316,500		143,194
Petronas Gas Bhd		15,800		122,773
Promigas S.A.		20,826		56,197
Promigas S.A.* ^		644		2,007
Samchully Co. Ltd.		520		64,219
Towngas China Co. Ltd.		20,000		19,708
Zhongyu Gas Holdings Ltd.*		58,000		13,466
				1,081,034
Health Care Equipment & Supplies – 0.1%
Chabio & Diostech Co. Ltd.*		4,925		47,822
Golden Meditech Holdings Ltd.		117,833		14,134
Hartalega Holdings Bhd		4,700		10,769
Microport Scientific Corp.		22,000		14,926
Pihsiang Machinery Manufacturing Co. Ltd.*		16,000		17,318
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,000		33,804
St Shine Optical Co. Ltd.		1,000		29,442
Top Glove Corp. Bhd		10,500		19,000
				187,215


	Shares		Value
COMMON STOCKS – (continued)
Health Care Providers & Services – 0.6%
Apollo Hospitals Enterprise Ltd.		1,569	$	23,204
Bangkok Chain Hospital PCL		88,000		17,953
Bangkok Dusit Medical Services PCL		11,500		49,510
Banmedica S.A.		9,029		16,577
Bumrungrad Hospital PCL		12,200		34,101
CHC Healthcare Group		3,000		8,547
Cruz Blanca Salud S.A.		31,253		21,358
Diagnosticos da America S.A.		5,400		27,931
Fleury S.A.		4,500		35,116
Fortis Healthcare Ltd.*		9,651		15,422
IHH Healthcare Bhd*		70,600		92,402
KPJ Healthcare Bhd		24,600		47,554
Life Healthcare Group Holdings Ltd.		31,053		127,247
Mediclinic International Ltd.		11,292		85,377
Netcare Ltd.		31,562		78,609
Odontoprev S.A.		7,900		32,903
Qualicorp S.A.*		6,200		58,505
Selcuk Ecza Deposu Ticaret ve Sanayi A/S		40,458		40,412
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		21,100		43,490
Sinopharm Group Co. Ltd., Class H		25,600		69,340
				925,558
Hotels, Restaurants & Leisure – 0.9%
Ajisen China Holdings Ltd.		39,000		40,946
Alsea SAB de CV		11,300		35,275
The Ambassador Hotel		24,000		23,894
AmRest Holdings SE*		899		31,994
Berjaya Sports Toto Bhd		22,266		28,719
Bloomberry Resorts Corp.*		77,200		18,259
Central Plaza Hotel PCL		33,600		42,371
China Travel International Investment Hong Kong Ltd.		268,000		51,851
Cox & Kings Ltd.		10,650		15,909
Famous Brands Ltd.		4,158		41,536
Formosa International Hotels Corp.		1,100		13,235
Genting Bhd		59,400		197,275
Genting Malaysia Bhd		79,200		108,426
Gourmet Master Co. Ltd.		2,000		13,343
Grand Korea Leisure Co. Ltd.		590		21,525
Hana Tour Service, Inc.		730		47,554


	Shares		Value
Hotels, Restaurants & Leisure – (continued)
Hotel Shilla Co. Ltd.		939	$	60,638
Indian Hotels Co. Ltd.		25,121		20,091
International Meal Co. Holdings S.A.*		4,000		39,850
Jollibee Foods Corp.		11,170		45,859
Jubilant Foodworks Ltd.*		1,840		35,626
Kangwon Land, Inc.		2,700		74,198
Magnum Bhd		12,300		12,902
MGM China Holdings Ltd.		28,000		96,427
Minor International PCL		40,600		36,198
Orbis S.A.		1,130		15,499
Paradise Co. Ltd.		908		23,283
REXLot Holdings Ltd.		1,875,000		164,451
Sun International Ltd.		10,208		104,013
Tsogo Sun Holdings Ltd.		1,488		4,194
Wowprime Corp.*		1,100		18,234
				1,483,575
Household Durables – 1.3%
AmTRAN Technology Co. Ltd.		188,000		120,302
Arcelik A/S		6,145		39,327
Brookfield Incorporacoes S.A.*		66,000		41,856
Consorcio ARA SAB de CV*		177,300		69,560
Corp. GEO SAB de CV* ^		93,100		11,889
Coway Co. Ltd.		1,500		85,694
Cyrela Brazil Realty SA Empreendimentos e Participacoes		7,400		55,749
Desarrolladora Homex SAB de CV*		44,500		11,074
Direcional Engenharia S.A.		21,800		127,465
Even Construtora e Incorporadora S.A.		43,200		162,242
Ez Tec Empreendimentos e Participacoes S.A.		700		10,374
Gafisa S.A.*		104,300		142,141
Haier Electronics Group Co. Ltd.		26,000		55,467
Hanssem Co. Ltd.		800		32,430
Helbor Empreendimentos S.A.		11,510		46,230
LG Electronics, Inc.		2,959		189,688
LG Electronics, Inc. (Preference)		80		1,950
MRV Engenharia e Participacoes S.A.		8,800		38,274


	Shares		Value
COMMON STOCKS – (continued)
Household Durables – (continued)
PDG Realty SA Empreendimentos e Participacoes*		111,300	$	101,621
PIK Group*		52,530		103,190
PIK Group (GDR)*		13,669		27,557
Rossi Residencial S.A.*		60,100		74,606
Sanyo Electric Taiwan Co. Ltd.		5,950		7,817
Skyworth Digital Holdings Ltd.		51,812		25,127
Steinhoff International Holdings Ltd.*		32,049		124,314
Tatung Co. Ltd.*		486,000		134,819
TCL Multimedia Technology Holdings Ltd.		102,000		41,968
Tecnisa S.A.*		27,500		115,029
Welling Holding Ltd.		256,000		53,821
				2,051,581
Household Products – 0.4%
Hindustan Unilever Ltd.		15,592		154,728
Kimberly-Clark de Mexico SAB de CV, Class A		41,400		126,341
LG Household & Health Care Ltd.		249		129,342
LG Household & Health Care Ltd. (Preference)		64		12,731
NVC Lighting Holdings Ltd.		305,000		74,351
Unilever Indonesia Tbk PT		39,500		105,123
Vinda International Holdings Ltd.		37,000		52,495
				655,111
Independent Power Producers & Energy Traders – 1.0%
Aboitiz Power Corp.		74,000		58,227
Adani Power Ltd.*		22,716		12,087
AES Gener S.A.		92,209		55,380
AES Tiete S.A.		1,300		11,571
AES Tiete S.A. (Preference)		4,400		43,340
Akenerji Elektrik Uretim A/S*		46,194		31,070
China Datang Corp. Renewable Power Co. Ltd., Class H		73,000		14,783
China Longyuan Power Group Corp., Class H		76,000		87,341
China Power International Development Ltd.		86,000		33,721
China Power New Energy Development Co. Ltd.*		440,000		22,417


	Shares		Value
Independent Power Producers & Energy Traders – (continued)
China Resources Power Holdings Co. Ltd.		54,000	$	141,390
Cia Energetica de Sao Paulo (Preference)		6,300		66,390
Colbun S.A.		259,235		64,302
Datang International Power Generation Co. Ltd., Class H		120,000		54,946
E.ON Russia JSC		249,000		19,320
Edegel SAA		22,666		20,754
Electricity Generating PCL		7,900		32,488
Empresa Nacional de Electricidad S.A.		94,412		144,384
Energy Development Corp.		188,400		25,289
Eneva S.A.*		3,400		6,882
First Gen Corp.		49,900		18,570
Glow Energy PCL		12,300		28,749
Huadian Power International Corp. Ltd., Class H		314,000		145,801
Huaneng Power International, Inc., Class H		94,000		98,207
Huaneng Renewables Corp. Ltd., Class H		196,000		75,588
JSW Energy Ltd.		20,740		15,710
Minera Valparaiso S.A.		374		11,468
NHPC Ltd.		43,444		12,795
NTPC Ltd.		33,502		81,281
PTC India Ltd.		29,471		26,855
Ratchaburi Electricity Generating Holding PCL		25,700		41,698
Reliance Power Ltd.*		14,713		17,513
Taiwan Cogeneration Corp.		53,000		32,832
Tractebel Energia S.A.		5,000		85,682
				1,638,831
Industrial Conglomerates – 1.8%
Aboitiz Equity Ventures, Inc.		55,820		65,690
Aditya Birla Nuvo Ltd.		952		19,020
Akfen Holding A/S		7,689		16,750
Alarko Holding A/S		15,603		46,365
Alfa SAB de CV, Class A		74,200		204,233
Alliance Global Group, Inc.		71,000		43,297
Allied Electronics Corp. Ltd.		6,251		15,294
Allied Electronics Corp. Ltd. (Preference)		23,175		53,343


	Shares		Value
COMMON STOCKS – (continued)
Industrial Conglomerates – (continued)
Antarchile S.A.		3,343	$	51,248
Beijing Enterprises Holdings Ltd.		15,000		123,145
Berjaya Corp. Bhd		682,600		116,811
Berli Jucker PCL		6,800		10,869
Bidvest Group Ltd.		7,778		208,110
Boustead Holdings Bhd		24,700		40,938
Cia Electro Metalurgica S.A.		1,000		26,367
Citic Pacific Ltd.		38,000		54,110
CJ Corp.		318		33,276
DMCI Holdings, Inc.		19,270		23,101
Dogan Sirketler Grubu Holding A/S*		10,842		4,898
Doosan Corp.		127		17,001
Enka Insaat ve Sanayi A/S		9,548		27,989
Far Eastern New Century Corp.		87,160		100,126
Grupo Carso SAB de CV		15,400		83,153
Grupo KUO SAB De CV*		22,200		43,292
HAP Seng Consolidated Bhd		174,400		135,406
Hosken Consolidated Investments Ltd.		2,125		31,327
Jaiprakash Associates Ltd.		24,950		19,345
JG Summit Holdings, Inc.		75,800		76,572
KAP Industrial Holdings Ltd.		143,252		54,263
KOC Holding A/S		18,889		92,916
LG Corp.		2,702		159,713
MAX India Ltd.		7,902		24,302
MMC Corp. Bhd		19,700		16,731
Quinenco S.A.		4,676		12,156
Reunert Ltd.		3,887		27,388
Samsung Techwin Co. Ltd.		1,142		62,335
San Miguel Corp.		14,250		25,064
Shanghai Industrial Holdings Ltd.		14,000		46,317
Siemens Ltd.		2,046		19,381
Sigdo Koppers S.A.		10,813		18,057
Sime Darby Bhd		79,200		239,190
SK Holdings Co. Ltd.		692		125,581
SM Investments Corp.		7,410		146,794
Tianjin Development Hldgs Ltd.*		56,000		37,198
Turkiye Sise ve Cam Fabrikalari A/S		7,968		11,758
Yazicilar Holding A/S, Class A		823		9,171
				2,819,391


	Shares		Value
Insurance – 2.7%
Anadolu Hayat Emeklilik A/S		2,566	$	6,324
Bajaj Finserv Ltd.		1,415		14,692
Bangkok Insurance PCL		700		8,321
Bangkok Life Assurance PCL		3,400		6,882
BB Seguridade Participacoes S.A.		19,600		215,716
Brasil Insurance Participacoes e Administracao S.A.		3,300		30,279
Cathay Financial Holding Co. Ltd.		211,440		318,821
China Life Insurance Co. Ltd.		68,420		67,070
China Life Insurance Co. Ltd., Class H		209,000		555,317
China Pacific Insurance Group Co. Ltd., Class H		79,600		287,474
China Taiping Insurance Holdings Co. Ltd.*		17,000		26,531
Discovery Ltd.		7,057		59,952
Dongbu Insurance Co. Ltd.		1,250		55,916
Hanwha Life Insurance Co. Ltd.		5,470		36,613
Hyundai Marine & Fire Insurance Co. Ltd.		1,820		52,073
Korean Reinsurance Co.		1,290		14,472
Liberty Holdings Ltd.		2,146		26,596
LIG Insurance Co. Ltd.		1,290		32,106
Long Bon International Co. Ltd.		23,000		18,515
LPI Capital Bhd		9,400		49,151
Mercuries Life Insurance Co. Ltd.*		99,980		70,103
Meritz Fire & Marine Insurance Co. Ltd.		1,700		23,959
MMI Holdings Ltd.		28,755		70,842
New China Life Insurance Co. Ltd., Class H*		15,800		44,528
Panin Financial Tbk PT*		3,294,000		58,443
People’s Insurance Co. Group of China Ltd., Class H		185,000		87,333
PICC Property & Casualty Co. Ltd., Class H		91,940		140,880
Ping An Insurance Group Co. of China Ltd., Class H		51,000		401,590
Porto Seguro S.A.		2,900		36,717
Powszechny Zaklad Ubezpieczen S.A.		1,489		226,873
RMI Holdings		16,804		47,496
Samsung Fire & Marine Insurance Co. Ltd.		985		230,290


	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Samsung Fire & Marine Insurance Co. Ltd. (Preference)		15	$	1,732
Samsung Life Insurance Co. Ltd.		1,609		158,511
Sanlam Ltd.		49,405		266,048
Santam Ltd.		665		12,639
Shin Kong Financial Holding Co. Ltd.		193,916		67,324
Sinar Mas Multiartha Tbk PT		80,000		26,968
Sul America S.A.		36,139		266,571
Taiwan Life Insurance Co. Ltd.*		78,897		70,090
Thai Reinsurance PCL*		224,100		28,368
Tongyang Life Insurance		9,500		100,754
Yapi Kredi Sigorta A/S*		3,614		34,104
				4,354,984
Internet & Catalog Retail – 0.1%
B2W Cia Digital*		5,900		44,449
CJ O Shopping Co. Ltd.		51		17,020
GS Home Shopping, Inc.		85		19,600
Hyundai Home Shopping Network Corp.		131		20,748
Interpark Corp.		1,875		17,853
OfficeMate PCL		18,800		19,932
				139,602
Internet Software & Services – 1.4%
Ahnlab, Inc.		466		23,855
Daou Technology, Inc.		3,700		50,752
Daum Communications Corp.		515		42,967
Naver Corp.		789		444,057
PChome Online, Inc.		4,000		23,281
SINA Corp.*		1,800		150,408
SK Communications Co. Ltd.*		1,014		5,085
Sohu.com, Inc.*		800		53,568
Tencent Holdings Ltd.		27,500		1,501,087
				2,295,060
IT Services – 1.2%
Cielo S.A.		9,640		294,834
CMC Ltd.		2		44
HCL Technologies Ltd.		5,880		104,803
Infosys Ltd.		8,106		436,580
Infosys Ltd. (ADR)		5,445		288,912


	Shares		Value
IT Services – (continued)
Mphasis Ltd.		1,983	$	13,662
Posco ICT Co. Ltd.		4,037		31,169
SK C&C Co. Ltd.		603		65,089
Sonda S.A.		8,306		21,576
Systex Corp.*		12,000		22,751
Tata Consultancy Services Ltd.		14,522		499,084
Tech Mahindra Ltd.		2,403		60,649
Travelsky Technology Ltd., Class H		33,000		28,220
Wipro Ltd.		14,495		112,672
				1,980,045
Leisure Equipment & Products – 0.2%
Ability Enterprise Co. Ltd.		30,000		22,618
Asia Optical Co., Inc.*		54,000		53,486
Genius Electronic Optical Co. Ltd.		3,178		12,926
Giant Manufacturing Co. Ltd.		7,000		52,537
Johnson Health Tech Co. Ltd.		6,030		17,220
Merida Industry Co. Ltd.		6,000		45,542
Topkey Corp.		10,192		60,709
Young Optics, Inc.		6,000		12,580
				277,618
Life Sciences Tools & Services – 0.0%^†
Divi’s Laboratories Ltd.		817		12,929
Machinery – 1.4%
Airtac International Group		4,280		31,030
Ashok Leyland Ltd.		238,879		66,857
China International Marine Containers Group Co. Ltd., Class H		8,000		14,962
China National Materials Co. Ltd., Class H		250,000		54,495
CIMC Enric Holdings Ltd.		14,000		19,719
CSBC Corp. Taiwan		55,000		35,101
CSR Corp. Ltd., Class H		181,000		150,813
Cummins India Ltd.		2,089		13,427
Daewoo Shipbuilding & Marine Engineering Co. Ltd.		2,450		77,259
Doosan Engine Co. Ltd.*		7,610		67,724
Doosan Infracore Co. Ltd.*		3,030		43,418
Eicher Motors Ltd.		227		14,619
Famur S.A.*		13,030		22,657
Haitian International Holdings Ltd.		16,000		38,550


	Shares		Value
COMMON STOCKS – (continued)
Machinery – (continued)
Hanjin Heavy Industries & Construction Co. Ltd.*		12,044	$	139,657
Hiwin Technologies Corp.		5,090		40,194
Hyundai Elevator Co. Ltd.*		355		20,147
Hyundai Heavy Industries Co. Ltd.		1,156		276,263
Hyundai Mipo Dockyard		322		51,302
Iochpe-Maxion S.A.		4,900		60,364
Jain Irrigation Systems Ltd.		58,516		63,701
King Slide Works Co. Ltd.		3,000		26,549
Kopex S.A.		5,747		20,621
Lonking Holdings Ltd.*		426,000		86,815
Marcopolo S.A.		4,100		10,327
Marcopolo S.A. (Preference)		6,000		15,598
Otokar Otomotiv Ve Savunma Sanayi A/S		706		22,946
Pipavav Defence & Offshore Engineering Co. Ltd.*		18,118		15,168
Posco Plantec Co. Ltd.*		260		2,267
Randon Participacoes S.A. (Preference)		9,400		53,694
Rechi Precision Co. Ltd.		11,330		11,299
Samsung Heavy Industries Co. Ltd.		4,290		157,526
Sany Heavy Equipment International Holdings Co. Ltd.		86,000		24,847
Shanghai Zhenhua Heavy Industries Co. Ltd., Class B		95,000		38,855
Shin Zu Shing Co. Ltd.		32,000		70,471
Sinotruk Hong Kong Ltd.		11,000		5,760
SKF India Ltd.		1,668		16,380
STX Offshore & Shipbuilding Co. Ltd.* ^		11,840		34,602
Taewoong Co. Ltd.*		286		8,534
Thermax Ltd.		2,214		22,971
TK Corp.*		799		16,232
Turk Traktor ve Ziraat Makineleri A/S		125		4,141
United Tractors Tbk PT		45,000		69,860
WEG S.A.		6,000		78,530
Weichai Power Co. Ltd., Class H		12,000		48,059
Yungtay Engineering Co. Ltd.		6,000		17,665
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		27,200		25,084
				2,207,060


	Shares		Value
Marine – 0.6%
China COSCO Holdings Co. Ltd., Class H*		257,500	$	122,223
China Shipping Container Lines Co. Ltd., Class H*		324,000		80,237
China Shipping Development Co. Ltd., Class H*		116,000		65,683
Chinese Maritime Transport Ltd.		8,000		10,320
Cia Sud Americana de Vapores S.A.*		795,096		36,959
Evergreen Marine Corp. Taiwan Ltd.*		23,000		13,543
First Steamship Co. Ltd.		29,034		20,061
Grindrod Ltd.		32,766		79,086
Hanjin Shipping Co. Ltd.*		23,040		168,334
Hyundai Merchant Marine Co. Ltd.*		1,498		19,418
Malaysian Bulk Carriers Bhd		25,400		14,247
MISC Bhd*		28,200		45,666
Precious Shipping PCL		15,700		9,685
Shih Wei Navigation Co. Ltd.		6,484		4,657
Sincere Navigation Corp.		13,000		12,124
Sinotrans Shipping Ltd.		162,500		53,447
STX Pan Ocean Co. Ltd.*		25,090		26,728
Taiwan Navigation Co. Ltd.		26,000		24,160
Thoresen Thai Agencies PCL*		22,780		12,954
Trada Maritime Tbk PT*		179,500		24,204
Trencor Ltd.		11,779		84,115
U-Ming Marine Transport Corp.		7,000		11,520
Wan Hai Lines Ltd.		13,000		7,013
Wisdom Marine Lines Co. Ltd.		40,750		48,962
Yang Ming Marine Transport Corp.*		5,000		2,221
				997,567
Media – 1.5%
Astro Malaysia Holdings Bhd		47,100		43,286
BEC World PCL		30,300		56,706
Caxton and CTP Publishers and Printers Ltd.		27,858		52,623
Central European Media Enterprises Ltd., Class A*		2,679		8,225
Cheil Worldwide, Inc.*		2,430		59,905
CJ CGV Co. Ltd.		398		18,742
CJ E&M Corp.*		570		19,721


	Shares		Value
COMMON STOCKS – (continued)
Media – (continued)
CJ Hellovision Co. Ltd.*		670	$	10,927
Cyfrowy Polsat S.A.*		3,780		27,519
Daekyo Co. Ltd.		2,380		15,055
DB Corp. Ltd.		2,698		11,799
Dish TV India Ltd.*		17,517		15,249
Dogan Yayin Holding A/S*		39,184		13,571
Elang Mahkota Teknologi Tbk PT		52,000		24,334
Global Mediacom Tbk PT		141,000		23,891
Grupo Televisa SAB		68,200		418,143
Hyundai Hy Communications & Networks Co. Ltd.		3,530		15,840
KT Skylife Co. Ltd.		520		13,775
Major Cineplex Group PCL		20,200		12,396
MCOT PCL		4,100		4,577
Media Nusantara Citra Tbk PT		82,500		18,297
Media Prima Bhd		69,300		57,978
MNC Investama Tbk PT		526,500		16,347
Naspers Ltd., Class N		10,911		1,023,980
Phoenix Satellite Television Holdings Ltd.		20,000		7,042
SBS Media Holdings Co. Ltd.		3,440		14,983
SM Entertainment Co.*		985		37,283
Smiles S.A.		2,700		35,691
Star Publications Malaysia Bhd		20,000		15,782
Sun TV Network Ltd.		2,095		14,323
Surya Citra Media Tbk PT		123,549		25,756
TV Azteca SAB de CV		99,600		49,573
TV18 Broadcast Ltd.*		39,466		14,931
TVN S.A.		9,014		45,556
VGI Global Media PCL		16,200		6,506
VODone Ltd.*		224,000		19,358
YG Entertainment, Inc.		458		22,063
Zee Entertainment Enterprises Ltd.		6,593		28,542
				2,320,275
Metals & Mining – 5.3%
African Rainbow Minerals Ltd.		3,101		59,590
Alrosa AO		17,347		19,578
Aluminum Corp. of China Ltd., Class H*		114,000		42,641
Aneka Tambang Persero Tbk PT		224,500		31,865
Angang Steel Co. Ltd., Class H*		92,000		55,772


	Shares		Value
Metals & Mining – (continued)
Anglo American Platinum Ltd.*		1,830	$	74,281
AngloGold Ashanti Ltd.		10,770		164,367
ArcelorMittal South Africa Ltd.*		44,340		175,313
Assore Ltd.		1,010		41,387
Atlas Consolidated Mining & Development		64,800		18,566
Bhushan Steel Ltd.		2,001		15,649
Borneo Lumbung Energi & Metal Tbk PT*		1,138,000		22,210
Bradespar S.A.		700		6,816
Bradespar S.A. (Preference)		6,200		74,344
Bumi Resources Minerals Tbk PT*		672,500		14,020
CAP S.A.		2,281		47,398
Chiho-Tiande Group Ltd.		48,000		18,264
China Hongqiao Group Ltd.		12,500		7,900
China Metal Products		23,260		34,558
China Metal Recycling Holdings Ltd.* ^		51,000		—
China Molybdenum Co. Ltd., Class H		44,000		17,820
China Nonferrous Mining Corp. Ltd.*		213,000		70,880
China Precious Metal Resources Holdings Co. Ltd.*		732,000		118,018
China Steel Corp.		334,550		290,943
China Vanadium Titano – Magnetite Mining Co. Ltd.*		244,000		38,080
China Zhongwang Holdings Ltd.*		26,800		8,711
Chun Yuan Steel		126,000		48,248
Chung Hung Steel Corp.*		90,000		25,793
Cia de Minas Buenaventura SAA (ADR)		5,300		76,850
Cia Minera Milpo SAA		125,141		93,382
Cia Siderurgica Nacional S.A.		19,700		108,010
Dongkuk Steel Mill Co. Ltd.		9,990		139,855
Eregli Demir ve Celik Fabrikalari TAS		39,151		54,435
Ezz Steel*		5,211		9,623
Feng Hsin Iron & Steel Co.		14,000		25,542
Fosun International Ltd.		35,500		34,112
G J Steel PCL*		591,100		1,329
Gerdau S.A.		2,000		13,358
Gerdau S.A. (Preference)		23,600		187,560


	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Gloria Material Technology Corp.		39,900	$	27,365
Gold Fields Ltd.		21,302		100,277
Grupa Kety S.A.		769		47,488
Grupo Mexico SAB de CV		102,800		325,895
Grupo Simec SAB de CV*		4,800		17,938
Gujarat Mineral Development Corp. Ltd.		15,713		26,438
Harmony Gold Mining Co. Ltd.		11,194		38,799
Hindalco Industries Ltd.		29,480		55,190
Hindustan Zinc Ltd.		6,592		14,331
Hunan Nonferrous Metal Corp. Ltd., Class H		134,000		37,160
Hyundai Hysco Co. Ltd.		1,040		41,276
Hyundai Steel Co.		1,508		124,393
Impala Platinum Holdings Ltd.		15,007		182,985
Industrias CH SAB de CV*		4,300		21,270
Industrias Penoles SAB de CV		3,695		108,511
Inner Mongolia Eerduosi Resourses Co. Ltd., Class B		114,300		100,813
Izmir Demir Celik Sanayi A/S*		4,467		6,188
Jastrzebska Spolka Weglowa S.A.		888		19,236
Jiangxi Copper Co. Ltd., Class H		31,000		59,577
Jindal Saw Ltd.		23,214		18,113
Jindal Steel & Power Ltd.		10,849		42,342
JSW Steel Ltd.		2,022		28,344
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A*		6,887		6,706
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		18,241		11,537
KGHM Polska Miedz S.A.		3,904		158,035
KISWIRE Ltd.		520		18,114
Korea Zinc Co. Ltd.		241		70,431
Koza Altin Isletmeleri A/S		761		13,522
Koza Anadolu Metal Madencilik Isletmeleri A/S*		45,454		99,475
Krakatau Steel Persero Tbk PT*		141,000		7,005
Kumba Iron Ore Ltd.		2,284		95,928
Lepanto Consolidated Mining Co.*		571,000		5,682
Maanshan Iron & Steel, Class H*		196,000		50,055
Magnitogorsk Iron & Steel Works (GDR)		8,406		27,269
Managem		65		10,564


	Shares		Value
Metals & Mining – (continued)
Mechel*		800	$	2,598
Mechel (ADR)*		3,380		10,681
Metalurgica Gerdau S.A.		400		3,328
Metalurgica Gerdau S.A. (Preference)		6,900		71,068
Minera Frisco SAB de CV*		18,400		47,220
Minsur S.A.		186,381		94,064
MMC Norilsk Nickel OJSC		813		123,022
MMC Norilsk Nickel OJSC (ADR)		7,127		107,903
MMG Ltd.*		28,000		6,248
MMX Mineracao e Metalicos S.A.*		10,023		3,832
MOIL Ltd.		9,107		34,736
Molibdenos y Metales S.A.		633		10,132
National Aluminium Co. Ltd.		20,134		11,958
Nickel Asia Corp.		69,475		26,111
NMDC Ltd.		24,700		55,786
North Mining Shares Co. Ltd., Class C*		570,000		25,364
Northam Platinum Ltd.*		23,844		98,183
Novolipetsk Steel OJSC		22,400		38,363
Palabora Mining Co. Ltd.*		4,442		51,375
Paranapanema S.A.*		13,500		29,084
Philex Mining Corp.*		55,700		11,279
Polyus Gold OJSC*		224		5,941
Poongsan Corp.		5,230		145,449
POSCO		1,837		548,113
POSCO Chemtech Co. Ltd.		267		32,848
Raspadskaya OAO*		10,798		10,320
Royal Bafokeng Platinum Ltd.*		4,773		29,157
Sahaviriya Steel Industries PCL*		1,055,300		12,545
Seah Besteel Corp.		3,010		78,744
SeAH Steel Corp.		512		43,586
Sesa Sterlite Ltd.		32,563		107,033
Severstal OAO		756		6,608
Severstal OAO (GDR)		4,939		43,117
Shougang Concord International Enterprises Co. Ltd.*		966,000		47,970
Shougang Fushan Resources Group Ltd.		64,000		21,545
Sociedad Minera Cerro Verde SAA*		451		11,631
Sociedad Minera el Brocal SAA		3,146		12,135


	Shares		Value
COMMON STOCKS – (continued)
Metals & Mining – (continued)
Societe Metallurgique D’imiter		29	$	13,022
Southern Copper Corp.		4,600		128,570
Steel Authority of India Ltd.		21,842		21,929
STP & I PCL		17,800		11,609
TA Chen Stainless Pipe		64,900		31,147
Tata Steel Ltd.		8,732		47,585
Timah Persero Tbk PT		160,500		23,066
Ton Yi Industrial Corp.		19,000		21,018
Tung Ho Steel Enterprise Corp.		25,000		22,422
United Co. RUSAL PLC*		50,200		15,345
Usinas Siderurgicas de Minas Gerais S.A.*		1,800		9,254
Usinas Siderurgicas de Minas Gerais S.A. (Preference)*		9,800		52,364
Vale Indonesia Tbk PT		68,500		15,040
Vale S.A.		36,700		590,112
Vale S.A. (Preference)		55,400		818,286
Volcan Cia Minera SAA		56,303		30,995
VSMPO-AVISMA Corp.		42		7,722
Welspun Corp. Ltd.		22,685		15,688
Winsway Coking Coal Holding Ltd.*		339,000		25,360
Yieh Phui Enterprise Co. Ltd.*		54,000		17,094
Yieh United Steel Corp.*		154,093		41,592
Young Poong Corp.		20		26,585
Zhaojin Mining Industry Co. Ltd., Class H		33,500		27,135
Zijin Mining Group Co. Ltd., Class H		114,000		26,320
				8,363,657
Multiline Retail – 0.9%
Aeon Co. M Bhd		3,800		19,244
El Puerto de Liverpool SAB de CV		6,300		68,291
Empresas La Polar S.A.*		231,041		47,381
Far Eastern Department Stores Ltd.		20,600		22,157
Golden Eagle Retail Group Ltd.		18,000		27,024
Grupo Famsa SAB de CV, Class A*		16,200		30,557
Grupo Sanborns SA de CV		12,500		26,011
Hyundai Department Store Co. Ltd.		396		63,091
Hyundai Greenfood Co. Ltd.		930		14,817
Intime Retail Group Co. Ltd.		18,500		22,024
Lojas Americanas S.A.		1,800		11,334


	Shares		Value
Multiline Retail – (continued)
Lojas Americanas S.A. (Preference)		12,600	$	93,961
Lojas Renner S.A.		3,100		94,115
Lotte Shopping Co. Ltd.		306		116,111
Magazine Luiza S.A.*		7,100		30,337
Maoye International Holdings Ltd.		380,000		73,519
Marisa Lojas S.A.		1,400		11,775
Matahari Department Store Tbk PT*		37,000		40,373
Matahari Putra Prima Tbk PT		188,000		40,027
Mercuries & Associates Ltd.		20,520		15,436
Mitra Adiperkasa Tbk PT		29,500		14,132
New World Department Store China Ltd.		29,000		16,795
Parkson Holdings Bhd		11,900		14,179
Parkson Retail Group Ltd.		32,500		11,150
Poya Co. Ltd.		3,000		15,776
Ramayana Lestari Sentosa Tbk PT		311,000		33,935
Ripley Corp. S.A.		10,082		8,861
Robinson Department Store PCL		4,200		7,118
SACI Falabella		19,702		196,212
Shinsegae Co. Ltd.		210		52,958
Springland International Holdings Ltd.		79,000		43,306
Taiwan FamilyMart Co. Ltd.		2,000		10,892
Woolworths Holdings Ltd.		21,150		159,595
				1,452,494
Multi-Utilities – 0.1%
YTL Corp. Bhd		120,400		62,956
YTL Power International Bhd		53,200		32,033
Zespol Elektrocieplowni Wroclawskich Kogeneracja S.A.*		2,044		43,513
				138,502
Office Electronics – 0.0%^†
Kinpo Electronics		128,000		57,074
Sindoh Co. Ltd.		327		21,579
				78,653
Oil, Gas & Consumable Fuels – 8.5%
Adaro Energy Tbk PT		328,000		29,679
Afriquia Gaz		70		14,603
AK Transneft OAO (Preference)		36		92,201
The Bangchak Petroleum PCL		10,400		11,110
Banpu PCL		27,000		25,157


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Bashneft OAO		984	$	59,332
Bashneft OAO (Preference)		742		34,104
Bharat Petroleum Corp. Ltd.		5,137		30,055
Bumi Resources Tbk PT*		289,000		11,665
Cairn India Ltd.		14,970		77,024
China Coal Energy Co. Ltd., Class H		111,000		68,149
China Petroleum & Chemical Corp., Class H		711,200		580,661
China Shenhua Energy Co. Ltd., Class H		96,000		292,221
CNOOC Ltd.		460,000		944,557
Coal India Ltd.		16,574		77,658
Cosan Ltd., Class A		4,400		69,344
Cosan S.A. Industria e Comercio		3,000		60,611
Ecopetrol S.A.		135,607		322,875
Empresas COPEC S.A.		12,937		189,507
Energi Mega Persada Tbk PT*		2,020,000		14,336
Energy Earth PCL		30,300		6,717
Essar Ports Ltd.		4,420		4,452
Esso Thailand PCL		48,000		10,795
Exxaro Resources Ltd.		2,940		45,251
Formosa Petrochemical Corp.		29,000		78,177
Garda Tujuh Buana Tbk PT*		173,000		15,194
Gazprom Neft OAO		1,428		6,453
Gazprom Neft OAO (ADR)		1,859		41,976
Gazprom OAO		163,528		766,399
Gazprom OAO (ADR)		73,857		691,302
The Great Eastern Shipping Co. Ltd.		14,623		66,316
Grupa Lotos S.A.*		1,462		17,914
GS Holdings		1,476		81,401
Hankook Shell Oil Co. Ltd.		15		7,438
Harum Energy Tbk PT		174,500		48,763
Hidili Industry International Development Ltd.*		113,000		18,802
Hindustan Petroleum Corp. Ltd.		4,382		14,357
HRT Participacoes em Petroleo S.A.*		16,500		4,898
Indian Oil Corp. Ltd.		10,687		35,136
Indika Energy Tbk PT		415,500		28,751
Indo Tambangraya Megah Tbk PT		12,500		33,156
Inner Mongolia Yitai Coal Co. Ltd., Class B		37,400		73,304
IRPC PCL		293,800		33,793


	Shares		Value
Oil, Gas & Consumable Fuels – (continued)
Kunlun Energy Co. Ltd.		92,000	$	150,465
Lubelski Wegiel Bogdanka S.A.		785		29,085
Lukoil OAO		7,145		468,093
Lukoil OAO (ADR)		5,205		341,448
Medco Energi Internasional Tbk PT		322,500		70,093
MIE Holdings Corp.		242,000		51,815
MOL Hungarian Oil & Gas PLC		1,218		83,611
NovaTek OAO		18,451		236,278
Oil & Natural Gas Corp. Ltd.		24,458		116,887
Oil India Ltd.		3,776		29,115
PetroChina Co. Ltd., Class H		580,000		664,306
Petroleo Brasileiro S.A.		82,000		720,660
Petroleo Brasileiro S.A. (Preference)		118,600		1,089,796
Petron Corp.		23,300		6,686
Petronas Dagangan Bhd		6,200		60,123
Petronet LNG Ltd.		6,905		13,961
Philex Petroleum Corp.*		22,300		4,521
Polski Koncern Naftowy Orlen S.A.		8,619		121,856
Polskie Gornictwo Naftowe i Gazownictwo S.A.		53,158		97,961
PTT Exploration & Production PCL		37,590		203,499
PTT PCL		22,800		232,212
QGEP Participacoes S.A.		9,800		47,824
Reliance Industries Ltd.		11,569		172,194
Reliance Industries Ltd. (GDR)(a)		12,944		386,637
RN Holding OAO*		10,610		21,226
RN Holding OAO (Preference)*		4,841		7,960
Rosneft OAO		17,990		142,390
Rosneft OAO (GDR)		16,544		130,615
SAMIR*		614		23,012
Sasol Ltd.		16,431		842,283
Semirara Mining Corp.		4,150		26,508
Shell Refining Co. Federation of Malaya Bhd		27,000		60,921
Siamgas & Petrochemicals PCL		64,400		28,553
Sinopec Kantons Holdings Ltd.		26,000		23,709
SK Gas Ltd.		753		53,170
SK Innovation Co. Ltd.		1,681		236,124
S-Oil Corp.		1,323		96,660
Sugih Energy Tbk PT*		1,180,500		48,173
Surgutneftegas OAO		105,788		92,925
Surgutneftegas OAO (ADR)		12,190		107,760
Surgutneftegas OAO (Preference)		105,604		78,488


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Surgutneftegas OAO (Preference) (ADR)		12,172	$	89,464
Tambang Batubara Bukit Asam Persero Tbk PT		27,500		29,641
Tatneft OAO		19,588		134,615
Tatneft OAO (ADR)		3,003		123,453
Thai Oil PCL		21,500		43,518
Tupras Turkiye Petrol Rafinerileri A/S		3,808		86,587
Turcas Petrol A/S		4,033		6,356
Ultrapar Participacoes S.A.		9,000		241,662
Yanchang Petroleum International Ltd.*		1,060,000		46,485
Yanzhou Coal Mining Co. Ltd., Class H		60,000		62,221
				13,419,199
Paper & Forest Products – 0.5%
Duratex S.A.		9,850		61,891
Empresas CMPC S.A.		32,375		96,366
Fibria Celulose S.A.*		7,200		94,074
Hansol Paper Co.		8,410		97,519
Indah Kiat Pulp & Paper Corp. Tbk PT*		620,000		84,702
Jaya Tiasa Holdings Bhd		17,600		11,880
Lee & Man Paper Manufacturing Ltd.		59,000		42,311
Masisa S.A.		428,742		31,821
Mondi Ltd.		3,020		54,134
Nine Dragons Paper Holdings Ltd.		44,000		36,321
Sappi Ltd.*		18,963		56,024
Shandong Chenming Paper Holdings Ltd., Class B		47,300		23,549
Shandong Chenming Paper Holdings Ltd., Class H		22,500		9,200
Shihlin Paper Corp.*		8,000		12,743
Suzano Papel e Celulose S.A. (Preference)		15,100		61,667
Ta Ann Holdings Bhd		11,100		13,156
YFY, Inc.		31,000		16,460
				803,818


	Shares		Value
Personal Products – 0.5%
Able C&C Co. Ltd.		658	$	19,354
Amorepacific Corp.		90		73,816
Amorepacific Corp. (Preference)		24		7,715
AMOREPACIFIC Group		57		20,124
Colgate-Palmolive India Ltd.		786		15,847
Cosmax, Inc.		734		36,051
Dabur India Ltd.		10,097		29,352
Emami Ltd.		1,351		10,941
Gillette India Ltd.		307		10,461
Godrej Consumer Products Ltd.		3,395		48,145
Grape King Bio Ltd.		8,000		38,666
Hengan International Group Co. Ltd.		20,000		244,936
Hypermarcas S.A.		9,400		82,655
Jinchuan Group International Resources Co. Ltd.*		63,000		9,426
Marico Ltd.		4,975		17,158
Microbio Co. Ltd.		23,365		27,596
Natura Cosmeticos S.A.		4,400		88,659
Procter & Gamble Hygiene & Health Care Ltd.		250		11,234
Real Nutriceutical Group Ltd.		181,000		46,925
				839,061
Pharmaceuticals – 1.3%
Adcock Ingram Holdings Ltd.		14,155		102,001
Aspen Pharmacare Holdings Ltd.		8,179		228,453
Aurobindo Pharma Ltd.		8,192		28,886
Bukwang Pharmaceutical Co. Ltd.		1,072		14,603
Cadila Healthcare Ltd.		1,230		13,235
Celltrion, Inc.		1,767		76,710
CFR Pharmaceuticals S.A.		13,016		3,305
China Medical System Holdings Ltd.		21,000		18,879
China Shineway Pharmaceutical Group Ltd.		9,000		13,930
Chong Kun Dang Pharm Corp.^		806		60,559
Cipla Ltd.		9,459		63,599
CSPC Pharmaceutical Group Ltd.		92,000		57,314
Daewoong Pharmaceutical Co. Ltd.		452		35,623
Dong-A Socio Holdings Co. Ltd.		176		25,054
Dr Reddy’s Laboratories Ltd.		408		16,308
Dr Reddy’s Laboratories Ltd. (ADR)		2,656		105,310
Egyptian International Pharmaceutical Industrial Co.		832		5,187


	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – (continued)
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S		9,354	$	11,879
Genomma Lab Internacional SAB de CV, Class B*		21,000		56,170
GlaxoSmithKline Pharmaceuticals Ltd.		480		18,990
Glenmark Pharmaceuticals Ltd.		2,467		22,625
Green Cross Holdings Corp.		1,140		14,186
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		20,000		72,488
Hanmi Pharm Co. Ltd.*		101		12,283
Hua Han Bio-Pharmaceutical Holdings Ltd., Class H		104,000		24,011
Ilyang Pharmaceutical Co. Ltd.		610		16,246
Ipca Laboratories Ltd.		1,924		21,394
Kalbe Farma Tbk PT		528,500		60,949
Komipharm International Co. Ltd.*		1,365		9,227
LG Life Sciences Ltd.*		938		41,561
Lijun International Pharmaceutical Holding Ltd.		108,000		29,253
Lupin Ltd.		3,852		55,654
Pfizer Ltd.		604		10,642
Pharmstandard OJSC*		249		13,010
Pharmstandard OJSC (GDR)*		330		4,386
Piramal Enterprises Ltd.		1,655		15,136
Ranbaxy Laboratories Ltd.*		1,012		6,440
Ranbaxy Laboratories Ltd. (GDR)*		6,590		41,879
Richter Gedeon Nyrt		4,006		76,409
Sanofi India Ltd.		985		40,267
ScinoPharm Taiwan Ltd.		5,200		17,345
Shandong Luoxin Pharmacy Stock Co. Ltd., Class H		38,000		38,426
Sihuan Pharmaceutical Holdings Group Ltd.		48,000		35,785
Sino Biopharmaceutical		88,000		62,087
Strides Arcolab Ltd.		762		10,809
Sun Pharmaceutical Industries Ltd.		17,702		175,364
Tempo Scan Pacific Tbk PT		21,000		7,265
Tong Ren Tang Technologies Co. Ltd.*		6,000		18,186


	Shares		Value
Pharmaceuticals – (continued)
Torrent Pharmaceuticals Ltd.*		2,532	$	18,602
TTY Biopharm Co. Ltd.		3,267		12,732
Wockhardt Ltd.		1,246		9,013
Yuhan Corp.		223		39,313
YungShin Global Holding Corp.		13,000		25,354
				2,014,322
Real Estate Investment Trusts (REITs) – 0.5%
Akmerkez Gayrimenkul Yatirim Ortakligi A/S		1,462		11,668
Capital Property Fund		37,431		40,029
CapitaMalls Malaysia Trust		50,700		24,261
Cathay No. 1 REIT		39,000		26,469
Cathay No. 2 REIT		60,000		34,616
Emira Property Fund		31,927		47,705
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S		11,564		16,543
Fibra Uno Administracion S.A. de CV		39,800		124,244
Fountainhead Property Trust		99,102		76,366
Fubon No. 1 REIT		55,000		31,769
Fubon No. 2 REIT		53,000		24,660
Hui Xian Real Estate Investment Trust		39,193		24,952
Hyprop Investments Ltd.		2,794		20,776
IGB Real Estate Investment Trust		33,800		12,854
Is Gayrimenkul Yatirim Ortakligi A/S		18,957		13,702
KLCC Property Holdings Bhd		9,500		19,418
Pavilion Real Estate Investment Trust		22,500		9,626
SA Corporate Real Estate Fund Nominees Pty Ltd.		105,225		42,172
Shin Kong No.1 REIT		73,000		35,233
Sinpas Gayrimenkul Yatirim Ortakligi A/S		44,233		24,423
Sunway Real Estate Investment Trust		39,400		16,606
Sycom Property Fund		10,995		29,121
Torunlar Gayrimenkul Yatirim Ortakligi A/S		5,945		11,399
Vukile Property Fund Ltd.		35,732		62,104
				780,716
Real Estate Management & Development – 3.8%
Acucap Properties Ltd.		15,510		72,779
Agile Property Holdings Ltd.		30,000		36,179


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
Agung Podomoro Land Tbk PT		295,500	$	7,340
Alam Sutera Realty Tbk PT		328,500		17,776
Aliansce Shopping Centers S.A.		4,100		39,961
Alliances Developpement Immobilier S.A.		1,110		64,489
Amata Corp. PCL		25,200		13,845
AP Thailand PCL		104,900		18,368
Ayala Land, Inc.		147,100		100,257
Bangkokland PCL		71,000		3,924
Belle Corp.*		196,100		23,645
BR Malls Participacoes S.A.		12,000		117,121
BR Properties S.A.		6,400		54,692
Bumi Serpong Damai PT		139,000		19,360
C C Land Holdings Ltd.		300,000		80,871
Cathay Real Estate Development Co. Ltd.		23,000		16,049
Central China Real Estate Ltd.		181,000		59,065
Central Pattana PCL		48,000		74,024
China Merchants Property Development Co. Ltd., Class B		12,900		38,668
China Overseas Grand Oceans Group Ltd.		14,000		16,685
China Overseas Land & Investment Ltd.		112,000		346,702
China Properties Group Ltd.*		203,000		52,367
China Resources Land Ltd.		60,000		173,738
China SCE Property Holdings Ltd.		258,800		59,417
China South City Holdings Ltd.		488,000		151,693
China Vanke Co. Ltd., Class B		31,300		53,007
Chong Hong Construction Co.		6,000		19,687
Cie Generale Immobiliere		297		25,541
CIFI Holdings Group Co. Ltd.		500,000		97,381
Ciputra Development Tbk PT		305,000		27,869
Ciputra Property Tbk PT		257,500		18,046
Ciputra Surya Tbk PT		78,000		15,742
Country Garden Holdings Co. Ltd.		155,000		105,958
Cyrela Commercial Properties SA Empreendimentos e Participacoes		1,600		14,515
DLF Ltd.		10,227		25,237
Douja Promotion Groupe Addoha S.A.		1,857		13,244
Echo Investment S.A.*		26,013		59,013


	Shares		Value
Real Estate Management & Development – (continued)
Evergrande Real Estate Group Ltd.		182,000	$	76,762
Fantasia Holdings Group Co. Ltd.		501,000		85,944
Farglory Land Development Co. Ltd.		7,000		12,842
Filinvest Land, Inc.		836,000		31,149
Franshion Properties China Ltd.		66,000		22,899
Future Land Development Holdings Ltd.		486,000		55,163
Gemdale Properties and Investment Corp. Ltd.*		300,000		32,116
Globe Trade Centre S.A.*		21,094		54,709
Glorious Property Holdings Ltd.*^		573,000		91,644
Godrej Properties Ltd.		2,599		15,489
Goldin Properties Holdings Ltd.*		18,000		8,312
Grand Canal Land PCL*		254,100		24,492
Greentown China Holdings Ltd.		18,000		34,964
Growthpoint Properties Ltd.		51,951		132,402
Guangzhou R&F Properties Co. Ltd., Class H		32,000		56,133
Hemaraj Land and Development PCL		249,700		27,918
Highwealth Construction Corp.		7,000		15,106
Hopson Development Holdings Ltd.*		16,000		19,667
Housing Development & Infrastructure Ltd.*		45,474		31,485
Huaku Development Co. Ltd.		10,000		28,013
Huang Hsiang Construction Co.		4,000		8,060
Hung Poo Real Estate Development Corp.		74,000		77,200
Hung Sheng Construction Co. Ltd.		122,000		104,229
IGB Corp. Bhd		98,000		82,610
Iguatemi Empresa de Shopping Centers S.A.		1,100		12,740
IJM Land Bhd		21,600		19,166
Indiabulls Real Estate Ltd.		15,000		15,292
JHSF Participacoes S.A.		6,000		15,058
Kaisa Group Holdings Ltd.*		66,000		20,090
Kingdom Construction Co.		33,000		40,661
King’s Town Construction Co. Ltd.*		65,000		62,833
KrisAssets Holdings Bhd^		17,100		—
KWG Property Holding Ltd.		18,000		11,655
Land and Houses PCL		78,900		27,884
Lippo Karawaci Tbk PT*		601,500		60,297


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Management & Development – (continued)
Longfor Properties Co. Ltd.		33,000	$	53,801
LPS Brasil Consultoria de Imoveis S.A.		6,600		46,576
LSR Group (GDR)		5,482		22,504
Mah Sing Group Bhd		46,399		32,937
Medinet Nasr Housing*		2,721		10,725
Megaworld Corp.		189,000		16,796
Mingfa Group International Co. Ltd.*		36,000		9,751
Minmetals Land Ltd.		300,000		42,951
Multiplan Empreendimentos Imobiliarios S.A.		3,000		70,960
Natural Park PCL*		6,762,000		13,035
New World China Land Ltd.		68,000		37,363
Pakuwon Jati Tbk PT		229,500		6,311
Palm Hills Developments SAE*		25,781		9,319
Parque Arauco S.A.		14,271		27,566
Poly Property Group Co. Ltd.		90,000		55,140
Powerlong Real Estate Holdings Ltd.		336,000		69,774
Prestige Estates Projects Ltd.		5,580		12,989
Prince Housing & Development Corp.		33,000		21,285
Pruksa Real Estate PCL		8,300		5,947
Quality Houses PCL		115,500		11,281
Radium Life Tech Co. Ltd.		141,366		124,142
Redefine Properties Ltd.		81,708		84,113
Renhe Commercial Holdings Co. Ltd.*		916,000		51,394
Resilient Property Income Fund Ltd.		5,294		29,101
Robinsons Land Corp.		31,900		16,758
Ruentex Development Co. Ltd.		17,820		37,303
Sansiri PCL		229,000		16,481
Sao Carlos Empreendimentos e Participacoes S.A.		1,100		19,468
SC Asset Corp. PCL		349,500		42,221
Sentul City Tbk PT*		2,597,500		49,542
Shanghai Industrial Urban Development Group Ltd.*		76,000		18,821
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		44,000		71,192


	Shares		Value
Real Estate Management & Development – (continued)
Shenzhen Investment Ltd.		91,796	$	36,704
Shimao Property Holdings Ltd.		33,500		84,344
Shining Building Business Co. Ltd.*		29,700		23,150
Shui On Land Ltd.		120,666		42,022
Silver Grant International		218,000		30,367
Sinolink Worldwide Holdings Ltd.*		364,000		35,681
Sino-Ocean Land Holdings Ltd.		93,267		59,186
Sinyi Realty Co.		7,560		13,818
SM Development Corp.^		81,500		12,845
SM Prime Holdings, Inc.		217,700		96,632
Sobha Developers Ltd.		2,976		15,148
Soho China Ltd.		75,000		65,684
Sonae Sierra Brasil S.A.		2,600		26,312
SP Setia Bhd		14,300		13,912
Summarecon Agung Tbk PT		313,000		29,155
Sunac China Holdings Ltd.		40,000		27,757
Sunty Development Co. Ltd.*		22,000		18,795
Sunway Bhd		71,233		62,981
Supalai PCL		18,400		10,464
Talaat Moustafa Group*		12,909		10,363
Tian An China Investment		84,000		69,340
Ticon Industrial Connection PCL		35,400		20,245
Tomson Group Ltd.		22,000		6,810
Top Spring International Holdings Ltd.		72,000		29,624
UEM Sunrise Bhd		32,000		23,730
Unitech Ltd.*		93,088		26,432
Univentures PCL		96,000		23,904
UOA Development Bhd		99,400		70,245
Vista Land & Lifescapes, Inc.		157,400		20,108
YeaShin International Development Co. Ltd.		48,511		37,977
Yuexiu Property Co. Ltd.		80,000		22,288
Yuzhou Properties Co. Ltd.		224,200		54,944
Zall Development Group Ltd.		152,000		61,756
Zhuguang Holdings Group Co. Ltd.*		308,000		91,768
				5,961,277
Road & Rail – 0.2%
ALL – America Latina Logistica S.A.		13,700		49,418
BTS Group Holdings PCL		148,700		42,042
CJ Korea Express Co. Ltd.*		262		22,798


	Shares		Value
COMMON STOCKS – (continued)
Road & Rail – (continued)
Container Corp. Of India		1,186	$	14,608
Evergreen International Storage & Transport Corp.		41,000		27,841
Guangshen Railway Co. Ltd., Class H		130,000		69,250
JSL S.A.		1,600		11,011
Localiza Rent a Car S.A.		3,920		64,353
Tegma Gestao Logistica		2,000		20,015
TransContainer OAO		79		8,124
				329,460
Semiconductors & Semiconductor Equipment – 6.5%
A-DATA Technology Co. Ltd.		18,000		53,057
Advanced Semiconductor Engineering, Inc.		164,000		161,044
ALI Corp.		14,000		15,201
Ardentec Corp.		101,890		68,321
Chipbond Technology Corp.		11,000		22,240
Dongbu HiTek Co. Ltd.*		2,680		15,285
Duksan Hi-Metal Co. Ltd.*		767		15,148
Elan Microelectronics Corp.		11,000		16,661
Elite Semiconductor Memory Technology, Inc.*		22,000		28,979
Epistar Corp.*		18,000		31,308
Faraday Technology Corp.		21,000		23,945
Forhouse Corp.		52,000		19,912
Formosa Epitaxy, Inc.*		16,000		9,748
GCL-Poly Energy Holdings Ltd.*		248,000		76,130
GemVax & Kael Co. Ltd.*		1,561		28,328
Genesis Photonics, Inc.*		14,000		8,244
Giga Solar Materials Corp.		1,150		12,056
Gintech Energy Corp.*		32,000		34,473
Global Mixed Mode Technology, Inc.		5,000		13,309
Global Unichip Corp.*		7,000		17,417
Greatek Electronics, Inc.*		69,000		59,771
Hanergy Solar Group Ltd.*		356,000		60,611
Hermes Microvision, Inc.		1,000		32,710
Holtek Semiconductor, Inc.		19,000		29,199
Iljin Display Co. Ltd.		4,070		57,554
Inotera Memories, Inc.*		47,000		30,315
King Yuan Electronics Co. Ltd.		40,000		27,843


	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
Kinsus Interconnect Technology Corp.		7,000	$	25,017
Lextar Electronics Corp.		15,000		12,815
Macronix International*		66,000		15,433
MediaTek, Inc.		35,000		478,905
Melfas, Inc.		877		8,846
Motech Industries, Inc.*		31,000		57,823
MStar Semiconductor, Inc.		6,000		61,982
Nanya Technology Corp.*		37,000		5,126
Neo Solar Power Corp.*		48,914		52,195
Novatek Microelectronics Corp.		16,000		63,446
OptoTech Corp.		36,000		14,888
Parade Technologies Ltd.		2,400		17,972
Phison Electronics Corp.		4,000		28,864
Pixart Imaging, Inc.		8,000		15,194
Powertech Technology, Inc.		13,000		23,452
Radiant Opto-Electronics Corp.		11,330		42,421
Realtek Semiconductor Corp.		14,070		32,757
Regent Manner International Holdings Ltd.		115,000		19,728
Richtek Technology Corp.		3,000		13,530
Samsung Electronics Co. Ltd.		3,010		4,157,106
Samsung Electronics Co. Ltd. (Preference)		583		562,802
Semiconductor Manufacturing International Corp.*		620,000		46,382
Seoul Semiconductor Co. Ltd.		949		39,543
Sigurd Microelectronics Corp.		36,000		34,922
Silicon Integrated Systems Corp.*		38,000		11,809
Siliconware Precision Industries Co.		88,000		106,932
Sino-American Silicon Products, Inc.*		17,000		23,608
SK Hynix, Inc.*		14,740		443,972
Sonix Technology Co. Ltd.		17,000		23,145
Taiwan Semiconductor Manufacturing Co. Ltd.		676,000		2,519,512
Taiwan Surface Mounting Technology Co. Ltd.		47,000		66,950
Transcend Information, Inc.*		3,000		9,476
United Microelectronics Corp.		340,000		144,080
Unity Opto Technology Co. Ltd.*		15,000		11,743
Vanguard International Semiconductor Corp.		12,000		12,989


	Shares		Value
COMMON STOCKS – (continued)
Semiconductors & Semiconductor Equipment – (continued)
Via Technologies, Inc.*		14,000	$	11,484
Visual Photonics Epitaxy Co. Ltd.		13,000		13,142
Win Semiconductors Corp.		22,000		19,432
Winbond Electronics Corp.*		83,000		21,047
Wonik IPS Co. Ltd.*		3,248		26,884
				10,266,163
Software – 0.4%
Actoz Soft Co. Ltd.*		355		11,312
AsiaInfo-Linkage, Inc.*		4,300		49,880
Asseco Poland S.A.		1,542		25,214
Com2uSCorp*		318		6,745
Cyberlink Corp.		4,240		12,354
Gamevil, Inc.*		380		18,163
Golfzon Co. Ltd.		672		13,050
International Games System Co. Ltd.		4,000		7,842
Kingdee International Software Group Co. Ltd.*		122,000		39,339
Kingsoft Corp. Ltd.		51,000		126,693
NCSoft Corp.		480		92,991
Neowiz Games Corp.*		3,800		61,975
NetDragon Websoft, Inc.		13,000		29,947
Oracle Financial Services Software Ltd.*		453		23,629
Totvs S.A.		3,300		56,372
WeMade Entertainment Co. Ltd.*		612		27,290
				602,796
Specialty Retail – 1.0%
Ace Hardware Indonesia Tbk PT		234,000		12,663
Baoxin Auto Group Ltd.		5,500		5,668
Belle International Holdings Ltd.		125,000		176,382
China Yongda Automobiles Services Holdings Ltd.		16,500		15,600
China ZhengTong Auto Services Holdings Ltd.*		225,000		156,712
Cia Hering		3,500		51,240
The Foschini Group Ltd.		5,523		63,816
GOME Electrical Appliances Holding Ltd.		295,000		45,659
Grupo Elektra SAB DE CV		1,250		42,322
Hengdeli Holdings Ltd.		130,800		31,042


	Shares		Value
Specialty Retail – (continued)
Home Product Center PCL		76,612	$	28,553
Hotai Motor Co. Ltd.		7,000		83,391
JD Group Ltd.		30,247		93,412
Kolao Holdings		715		20,929
Lewis Group Ltd.		20,962		146,926
Lotte Himart Co. Ltd.		231		18,184
M Video OJSC		13,596		116,081
Mr Price Group Ltd.		6,455		102,043
National Petroleum Co. Ltd.		27,000		25,870
Pou Sheng International Holdings Ltd.*		322,000		17,028
Seobu T&D*		453		9,011
Shinsegae International Co. Ltd.		150		12,755
Siam Global House PCL		30,800		18,901
Super Group Ltd.*		27,975		68,781
Truworths International Ltd.		12,099		116,087
Tsann Kuen Enterprise Co. Ltd.		33,000		46,389
Zhongsheng Group Holdings Ltd.		17,500		28,034
				1,553,479
Textiles, Apparel & Luxury Goods – 1.3%
361 Degrees International Ltd.		186,000		53,259
Aksa Akrilik Kimya Sanayii		23,477		97,337
Alpargatas S.A. (Preference)		1,540		10,736
Altinyildiz Mensucat ve Konfeksiyon Fabrikalari A/S*		415		10,363
Anta Sports Products Ltd.		17,000		24,383
Arezzo Industria e Comercio S.A.		1,800		27,121
Billion Industrial Holdings Ltd.		34,500		18,778
Bosideng International Holdings Ltd.		78,000		18,008
C.banner International Holdings Ltd.		74,000		27,393
CCC S.A.		1,867		78,884
China Dongxiang Group Co.		178,000		27,780
China Lilang Ltd.		123,000		79,482
China Outfitters Holdings Ltd.		280,000		46,227
Daphne International Holdings Ltd.		16,000		8,337
Eclat Textile Co. Ltd.		5,060		55,716
Feng TAY Enterprise Co. Ltd.		16,640		43,668
Fila Korea Ltd.		2,543		172,131
Formosa Taffeta Co. Ltd.		12,000		14,929
Forus S.A.		3,750		20,581
Gitanjali Gems Ltd.*		11,461		12,048
Grendene S.A.		1,800		16,435


	Shares		Value
COMMON STOCKS – (continued)
Textiles, Apparel & Luxury Goods – (continued)
Guararapes Confeccoes S.A.		200	$	9,081
Handsome Co. Ltd.		910		26,080
Hansae Co. Ltd.		640		10,227
Indorama Ventures PCL		69,100		55,502
Lealea Enterprise Co. Ltd.		183,000		67,271
LG Fashion Corp.		5,210		159,628
Li Ning Co. Ltd.*		106,500		97,529
Li Peng Enterprise Co. Ltd.*		91,803		45,621
LPP S.A.		22		64,353
Makalot Industrial Co. Ltd.		11,000		66,458
Nien Hsing Textile Co. Ltd.		17,546		19,051
Peak Sport Products Co. Ltd.		210,000		48,213
Ports Design Ltd.		91,500		68,214
Pou Chen Corp.		65,000		79,205
Rajesh Exports Ltd.		13,912		21,732
Restoque Comercio e Confeccoes de Roupas S.A.		4,800		14,378
Ruentex Industries Ltd.		12,000		30,960
Shinkong Textile Co. Ltd.		15,000		20,116
Tainan Spinning Co. Ltd.		46,675		35,190
Texhong Textile Group Ltd.		20,000		35,083
Titan Industries Ltd.		5,577		24,248
Woongjin Chemical Co. Ltd.*		4,322		38,708
XTEP International Holdings		199,000		98,049
Youngone Corp.		360		12,184
Youngone Holdings Co. Ltd.		1,415		86,041
				2,096,718
Thrifts & Mortgage Finance – 0.4%
Housing Development Finance Corp.		41,802		581,609
LIC Housing Finance Ltd.		8,105		29,615
Malaysia Building Society		30,600		27,152
				638,376
Tobacco – 0.5%
British American Tobacco Malaysia Bhd		3,000		60,370
Eastern Tobacco*		425		6,347
Gudang Garam Tbk PT		15,000		49,102
ITC Ltd.		63,996		348,851
JT International Bhd		4,700		9,801


	Shares		Value
Tobacco – (continued)
KT&G Corp.		2,940	$	214,801
Philip Morris CR A/S		44		25,027
Souza Cruz S.A.		11,100		120,967
				835,266
Trading Companies & Distributors – 0.4%
Adani Enterprises Ltd.		6,485		21,912
AKR Corporindo Tbk PT		54,500		23,449
Barloworld Ltd.		5,467		49,176
CITIC Resources Holdings Ltd.*		674,000		94,758
Daewoo International Corp.		1,200		44,289
Hyundai Corp.		2,480		77,621
iMarketKorea, Inc.		1,120		26,660
Invicta Holdings Ltd.		2,284		22,805
LG International Corp.		570		16,013
Mills Estruturas e Servicos de Engenharia S.A.		2,000		27,976
Samsung C&T Corp.		3,581		212,682
SK Networks Co. Ltd.		3,140		19,715
				637,056
Transportation Infrastructure – 1.1%
Adani Ports and Special Economic Zone Ltd.		11,020		26,091
Airports of Thailand PCL		9,900		67,431
Anhui Expressway Co., Class H		128,000		71,817
Arteris S.A.		2,800		25,061
Bangkok Expressway PCL		8,400		9,783
Beijing Capital International Airport Co. Ltd., Class H		148,000		104,418
Bintulu Port Holdings Bhd		10,600		24,858
CCR S.A.		23,000		192,723
China Merchants Holdings International Co. Ltd.		30,533		108,300
COSCO Pacific Ltd.		47,868		69,767
EcoRodovias Infraestrutura e Logistica S.A.		3,100		21,193
Grupo Aeroportuario del Centro Norte Sab de CV*		15,600		53,367
Grupo Aeroportuario del Pacifico SAB de CV, Class B		13,000		67,884
Grupo Aeroportuario del Sureste SAB de CV, Class B		5,000		59,984


	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – (continued)
Hopewell Highway Infrastructure Ltd.		23,500	$	11,579
IL&FS Transportation Networks Ltd.		7,509		13,074
International Container Terminal Services, Inc.		20,030		48,209
Jasa Marga Persero Tbk PT		37,500		17,465
Jiangsu Expressway Co. Ltd., Class H		86,000		108,262
Lingkaran Trans Kota Holdings Bhd		21,100		30,424
LLX Logistica S.A.*		21,500		11,411
Malaysia Airports Holdings Bhd		9,641		25,695
NCB Holdings Bhd		21,300		24,503
Novorossiysk Commercial Sea Port PJSC (GDR)		3,728		30,719
OHL Mexico SAB de CV*		11,400		29,405
Road King Infrastructure Ltd.		48,000		48,353
Santos Brasil Participacoes S.A.		1,400		13,677
Shenzhen Expressway Co. Ltd., Class H		164,000		68,959
Shenzhen International Holdings Ltd.		245,000		30,020
Taiwan High Speed Rail Corp.*		52,447		9,818
TAV Havalimanlari Holding A/S		3,786		27,555
Tianjin Port Development Holdings Ltd.		428,000		74,525
Yuexiu Transport Infrastructure Ltd.		60,000		31,575
Zhejiang Expressway Co. Ltd., Class H		120,000		110,511
				1,668,416
Water Utilities – 0.2%
Aguas Andinas S.A., Class A		64,290		43,572
Beijing Enterprises Water Group Ltd.		82,000		36,489
Cia de Saneamento Basico do Estado de Sao Paulo		9,000		96,098
Cia de Saneamento de Minas Gerais-COPASA		1,900		30,918
Eastern Water Resources Development and Management PCL		14,000		5,713
Guangdong Investment Ltd.		60,000		51,618
Inversiones Aguas Metropolitanas S.A.		7,326		13,593


	Shares		Value
Water Utilities – (continued)
Manila Water Co., Inc.		26,600	$	15,390
Thai Tap Water Supply PCL		42,200		13,965
				307,356
Wireless Telecommunication Services – 3.9%
Advanced Info Service PCL		33,000		270,361
Almendral S.A.		188,156		21,682
America Movil SAB de CV		1,064,900		1,146,780
Axiata Group Bhd		75,100		163,501
Bharti Airtel Ltd.		18,098		108,108
Bharti Infratel Ltd.		6,022		16,154
China Mobile Ltd.		147,000		1,543,367
DiGi.Com Bhd		85,300		135,159
ENTEL Chile S.A.		3,632		55,920
Far EasTone Telecommunications Co. Ltd.		40,000		91,901
Global Telecom Holding*		71,737		49,260
Globe Telecom, Inc.		735		29,597
Idea Cellular Ltd.		19,054		53,561
Indosat Tbk PT		17,000		6,636
Maxis Bhd		63,300		144,231
MegaFon OAO		2,617		94,295
Mobile Telesystems OJSC		26,881		284,799
MTN Group Ltd.		46,705		931,439
Orascom Telecom Media And Technology Holding SAE		630,154		62,208
Philippine Long Distance Telephone Co.		1,090		72,397
Reliance Communications Ltd.		12,180		29,115
Sarana Menara Nusantara Tbk PT*		190,000		45,088
Shin Corp. PCL		24,700		66,859
Sistema JSFC		48,564		54,101
Sistema JSFC (GDR)		2,108		56,494
SK Telecom Co. Ltd.		366		78,324
Taiwan Mobile Co. Ltd.		45,000		153,934
Tim Participacoes S.A.		24,800		127,382
Tower Bersama Infrastructure Tbk PT		12,000		6,068
Turkcell Iletisim Hizmetleri A/S*		21,812		135,760
Vodacom Group Ltd.		9,998		114,914
				6,149,395
Total Common Stocks (Cost $154,111,772)				156,598,599


	No. of Rights		Value
RIGHTS – 0.0%^†
Hyundai Merchant Marine Co. Ltd., expiring 11/08/13 at 10,400.00 KRW* ^		117	$	370
LLX Logistica S.A., expiring 11/12/13 at 1.20 BRL*		33,560		302
Mega Financial Holdings, expiring 12/06/13 at 21.50 TWD* ^		16,002		2,124
Palm Hills Developments SAE, expiring 12/05/13 at 2.03 EGP* ^		7,377		493
Polimex-Mostostal S.A., expiring 11/29/12 at 0.52 PLN* ^		4,668		—
Quinenco S.A., expiring 11/05/13 at 1,100.00 CLP*		1,106		432
Salfacorp S.A., expiring 11/08/13 at 645.30 CLP* ^		1,861		—
Sociedad Minera el Brocal SAA, expiring 11/20/13 at 9.27 PEN* ^		640		115
Total Rights (Cost $6,096)				3,836
WARRANTS – 0.0%^†
Bangkokland PCL, expiring 07/02/18 at 2.00 THB*		130,505		1,593
Energy Earth Public Co., expiring 10/18/13 at 1.47 THB* ^		10,099		—
Equity Warrant, expiring 11/30/13 at 0.00 THB* ^		31,066		—
Total Warrants (Cost $–)				1,593
Total Investment Securities (Cost $154,117,868) – 98.6%				156,604,028
Other assets less liabilities – 1.4%				2,155,308
NET ASSETS – 100.0%			$	158,759,336

*	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 October 31, 2013, the value of these securities amounted to $305,018 or 0.19% of net assets.

^†	Amount represents less than 0.05%.

Percentages shown are based on Net Assets.

Abbreviations:

ADR – American Depositary Receipt

BRL – Brazilian Real

CLP – Chilean Peso

EGP – Egyptian Pound

GDR – Global Depositary Receipt

HKD – Hong Kong Dollar

INR – Indian Rupee

KRW – Korean Won

PEN – Peruvian Nuevo Sol

PLN – Polish Zloty

REIT – Real Estate Investment Trust

THB – Thai Baht

TWD – Taiwanese Dollar

USD – US Dollar

As of October 31, 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	$	10,793,311
Aggregate gross unrealized depreciation		(8,787,412	)
Net unrealized appreciation	$	2,005,899
Federal income tax cost of investments	$	154,598,129

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open long futures contracts as of October 31, 2013:

Cash collateral in the amount of $211,408 was pledged to cover margin requirements for open futures contracts as of October 31, 2013.

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of October 31, 2013:

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund invested, as a percentage of net assets, companies domiciled in the following countries as of October 31, 2013:


	Shares		Value
COMMON STOCKS – 99.9%
Aerospace & Defense – 5.1%
The Boeing Co.		50,072	$	6,534,396
Exelis, Inc.		43,560		718,304
Lockheed Martin Corp.		19,712		2,628,398
Northrop Grumman Corp.		19,976		2,147,620
Raytheon Co.		27,368		2,254,302
				14,283,020
Air Freight & Logistics – 0.8%
United Parcel Service, Inc., Class B		23,232		2,282,312
Auto Components – 0.1%
Autoliv, Inc.		3,608		321,942
Automobiles – 0.1%
Ford Motor Co.		13,344		228,316
Beverages – 1.2%
The Coca-Cola Co.		30,536		1,208,309
Dr Pepper Snapple Group, Inc.		30,888		1,462,547
PepsiCo, Inc.		9,240		776,992
				3,447,848
Capital Markets – 1.2%
Ameriprise Financial, Inc.		16,368		1,645,638
Federated Investors, Inc., Class B		25,256		684,943
Invesco Ltd.		8,096		273,240
Waddell & Reed Financial, Inc., Class A		14,872		918,346
				3,522,167
Chemicals – 3.4%
The Dow Chemical Co.		38,632		1,524,805
E.I. du Pont de Nemours & Co.		69,520		4,254,624
Huntsman Corp.		16,720		388,238
LyondellBasell Industries N.V., Class A		21,824		1,628,070
Olin Corp.		54,560		1,228,146
The Scotts Miracle-Gro Co., Class A		11,352		666,590
				9,690,473
Commercial Banks – 4.8%
Bank of Hawaii Corp.		12,936		750,029
BankUnited, Inc.		7,568		232,867
BB&T Corp.		30,360		1,031,329
Cullen/Frost Bankers, Inc.		8,800		622,952


	Shares		Value
Commercial Banks – (continued)
FirstMerit Corp.		9,120	$	204,835
FNB Corp./PA		24,200		302,742
Trustmark Corp.		6,952		188,816
Umpqua Holdings Corp.		5,280		86,434
Valley National Bancorp		26,664		259,974
Wells Fargo & Co.		232,408		9,921,498
				13,601,476
Commercial Services & Supplies – 1.5%
Deluxe Corp.		28,160		1,326,054
Pitney Bowes, Inc.		33,616		717,365
R.R. Donnelley & Sons Co.		95,128		1,766,527
Waste Management, Inc.		9,592		417,636
				4,227,582
Communications Equipment – 1.4%
Cisco Systems, Inc.		130,240		2,930,400
Harris Corp.		13,288		823,324
Motorola Solutions, Inc.		3,432		214,569
				3,968,293
Computers & Peripherals – 1.8%
Apple, Inc.		244		127,453
Diebold, Inc.		7,392		221,464
Hewlett-Packard Co.		38,016		926,450
Lexmark International, Inc., Class A		39,776		1,414,037
Seagate Technology PLC		37,048		1,803,497
Western Digital Corp.		9,423		656,124
				5,149,025
Consumer Finance – 0.6%
SLM Corp.		70,312		1,783,815
Containers & Packaging – 2.1%
Avery Dennison Corp.		27,544		1,297,873
Greif, Inc., Class A		24,200		1,294,458
Packaging Corp of America		27,896		1,737,363
Sonoco Products Co.		37,576		1,527,089
				5,856,783
Distributors – 0.2%
Genuine Parts Co.		8,800		693,704
Diversified Consumer Services – 0.2%
H&R Block, Inc.		21,648		615,669


	Shares		Value
COMMON STOCKS – (continued)
Diversified Financial Services – 3.1%
Bank of America Corp.		64,680	$	902,933
Citigroup, Inc.		16,016		781,261
JPMorgan Chase & Co.		128,832		6,640,001
McGraw Hill Financial, Inc.		2,496		173,921
NYSE Euronext		8,360		368,007
				8,866,123
Diversified Telecommunication Services – 5.1%
AT&T, Inc.		125,224		4,533,109
CenturyLink, Inc.		50,688		1,716,295
Frontier Communications Corp.		72,688		320,554
Verizon Communications, Inc.		150,480		7,600,745
Windstream Holdings, Inc.		30,536		261,083
				14,431,786
Electric Utilities – 3.0%
American Electric Power Co., Inc.		11,616		544,094
Entergy Corp.		7,656		495,496
Hawaiian Electric Industries, Inc.		55,792		1,482,393
Pinnacle West Capital Corp.		26,224		1,469,331
Portland General Electric Co.		20,064		575,837
PPL Corp.		25,432		778,982
The Southern Co.		37,312		1,526,434
UIL Holdings Corp.		34,496		1,328,786
Westar Energy, Inc.		10,648		336,583
				8,537,936
Electrical Equipment – 0.6%
Emerson Electric Co.		23,232		1,555,847
Rockwell Automation, Inc.		1,496		165,173
				1,721,020
Electronic Equipment, Instruments & Components – 0.2%
AVX Corp.		12,496		165,572
Molex, Inc.		10,560		407,616
				573,188
Energy Equipment & Services – 1.6%
Diamond Offshore Drilling, Inc.		4,224		261,592
Helmerich & Payne, Inc.		20,152		1,562,788
RPC, Inc.		101,910		1,869,029


	Shares		Value
Energy Equipment & Services – (continued)
Schlumberger Ltd.		7,304	$	684,531
				4,377,940
Food & Staples Retailing – 1.5%
Safeway, Inc.		53,064		1,851,934
Sysco Corp.		52,184		1,687,630
Wal-Mart Stores, Inc.		9,064		695,662
				4,235,226
Food Products – 0.0%^†
B&G Foods, Inc.		3,492		118,204
Gas Utilities – 0.5%
AGL Resources, Inc.		28,160		1,347,738
Health Care Equipment & Supplies – 0.8%
Medtronic, Inc.		30,448		1,747,715
St. Jude Medical, Inc.		9,152		525,233
				2,272,948
Health Care Providers & Services – 1.1%
Cardinal Health, Inc.		30,448		1,786,080
Owens & Minor, Inc.		37,048		1,386,336
				3,172,416
Hotels, Restaurants & Leisure – 2.5%
Brinker International, Inc.		27,456		1,219,595
Cracker Barrel Old Country Store, Inc.		13,464		1,479,290
Las Vegas Sands Corp.		11,000		772,420
McDonald’s Corp.		24,200		2,335,784
Six Flags Entertainment Corp.		8,624		324,349
Wynn Resorts Ltd.		5,016		833,910
				6,965,348
Household Durables – 0.7%
Garmin Ltd.		8,536		399,058
Leggett & Platt, Inc.		8,096		240,775
Tupperware Brands Corp.		14,784		1,325,386
				1,965,219
Household Products – 1.0%
The Clorox Co.		16,280		1,468,293
Kimberly-Clark Corp.		12,496		1,349,568
				2,817,861
Industrial Conglomerates – 2.0%
General Electric Co.		213,928		5,592,078
Insurance – 2.7%
Aflac, Inc.		32,648		2,121,467


	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
American National Insurance Co.		3,087	$	312,003
Arthur J Gallagher & Co.		3,872		183,727
Cincinnati Financial Corp.		4,576		228,800
Erie Indemnity Co., Class A		3,520		252,807
Fidelity National Financial, Inc., Class A		18,128		510,303
The Hanover Insurance Group, Inc.		2,418		141,550
Mercury General Corp.		6,688		311,393
Old Republic International Corp.		10,824		181,735
PartnerRe Ltd.		16,016		1,604,963
Principal Financial Group, Inc.		31,768		1,507,709
Validus Holdings Ltd.		3,608		142,444
				7,498,901
Internet Software & Services – 0.1%
IAC/InterActiveCorp		4,664		249,011
IT Services – 4.6%
Accenture PLC, Class A		47,256		3,473,316
Automatic Data Processing, Inc.		15,229		1,141,718
Booz Allen Hamilton Holding Corp.		80,784		1,599,523
Broadridge Financial Solutions, Inc.		55,264		1,943,082
International Business Machines Corp.		9,592		1,718,982
Leidos Holdings, Inc.		18,304		861,936
Paychex, Inc.		12,061		509,698
Visa, Inc., Class A		528		103,842
The Western Union Co.		94,688		1,611,590
				12,963,687
Leisure Equipment & Products – 0.2%
Hasbro, Inc.		7,490		386,859
Mattel, Inc.		6,676		296,214
				683,073
Media – 1.6%
Cablevision Systems Corp., Class A		8,930		138,861
Comcast Corp., Class A		10,912		519,193
Gannett Co., Inc.		49,632		1,373,317
Meredith Corp.		25,960		1,331,748
Omnicom Group, Inc.		7,128		485,488


	Shares		Value
Media – (continued)
Regal Entertainment Group, Class A		17,250	$	327,923
Time Warner Cable, Inc.		240		28,836
The Walt Disney Co.		4,400		301,796
				4,507,162
Metals & Mining – 0.7%
Commercial Metals Co.		81,664		1,499,351
Nucor Corp.		10,032		519,357
				2,018,708
Multiline Retail – 0.9%
Kohl’s Corp.		27,192		1,544,506
Nordstrom, Inc.		16,632		1,005,737
				2,550,243
Multi-Utilities – 2.9%
Ameren Corp.		480		17,366
CenterPoint Energy, Inc.		54,736		1,346,506
Consolidated Edison, Inc.		34,936		2,033,974
DTE Energy Co.		15,312		1,058,672
Integrys Energy Group, Inc.		2,464		144,587
Public Service Enterprise Group, Inc.		22,704		760,584
TECO Energy, Inc.		87,648		1,504,916
Vectren Corp.		36,256		1,266,060
				8,132,665
Office Electronics – 0.6%
Xerox Corp.		159,810		1,588,511
Oil, Gas & Consumable Fuels – 10.4%
Chevron Corp.		41,800		5,014,328
ConocoPhillips		86,504		6,340,743
CVR Energy, Inc.		28,864		1,146,478
Exxon Mobil Corp.		145,640		13,052,256
Golar LNG Ltd.		32,736		1,215,488
Kinder Morgan, Inc.		19,624		692,923
Marathon Petroleum Corp.		10,032		718,893
Occidental Petroleum Corp.		5,808		558,033
Spectra Energy Corp.		20,856		741,848
				29,480,990
Paper & Forest Products – 0.6%
Domtar Corp.		19,536		1,654,895
Personal Products – 0.1%
Herbalife Ltd.		3,384		219,351


	Shares		Value
COMMON STOCKS – (continued)
Pharmaceuticals – 7.4%
Actavis PLC*		1,193	$	184,414
Bristol-Myers Squibb Co.		2,968		155,879
Eli Lilly & Co.		30,800		1,534,456
Johnson & Johnson		56,848		5,264,693
Merck & Co., Inc.		74,888		3,376,700
Pfizer, Inc.		331,760		10,178,397
Questcor Pharmaceuticals, Inc.		2,496		153,180
				20,847,719
Real Estate Investment Trusts (REITs) – 5.0%
BioMed Realty Trust, Inc.		24,376		485,570
Brandywine Realty Trust		19,976		284,258
CBL & Associates Properties, Inc.		16,896		334,710
Chambers Street Properties		36,520		340,732
Corrections Corp. of America		38,192		1,413,104
Digital Realty Trust, Inc.		6,688		318,750
EPR Properties		25,784		1,324,524
The Geo Group, Inc.		39,512		1,393,588
HCP, Inc.		10,032		416,328
Healthcare Trust of America, Inc., Class A		30,272		351,761
Highwoods Properties, Inc.		3,256		125,682
Home Properties, Inc.		6,688		403,353
Hospitality Properties Trust		8,712		255,958
LaSalle Hotel Properties		49,016		1,521,947
Lexington Realty Trust		10,750		125,775
Liberty Property Trust		7,304		271,636
The Macerich Co.		15,576		922,255
Mack-Cali Realty Corp.		18,744		385,377
Medical Properties Trust, Inc.		21,736		283,437
MFA Financial, Inc.		52,360		387,988
National Retail Properties, Inc.		9,944		342,074
Newcastle Investment Corp.		4,752		27,276
Omega Healthcare Investors, Inc.		8,976		298,362
Piedmont Office Realty Trust, Inc., Class A		27,368		505,761
Plum Creek Timber Co., Inc.		23,408		1,062,723
Senior Housing Properties Trust		17,336		427,159
				14,010,088


	Shares		Value
Road & Rail – 0.4%
Landstar System, Inc.		21,648	$	1,196,918
Semiconductors & Semiconductor Equipment – 2.3%
Applied Materials, Inc.		29,920		534,072
KLA-Tencor Corp.		6,864		450,279
Linear Technology Corp.		35,464		1,458,989
Marvell Technology Group Ltd.		16,632		199,584
Maxim Integrated Products, Inc.		13,640		405,108
Microchip Technology, Inc.		768		32,993
Texas Instruments, Inc.		83,512		3,514,185
				6,595,210
Software – 2.8%
CA, Inc.		53,504		1,699,287
Microsoft Corp.		160,864		5,686,542
Oracle Corp.		18,744		627,924
				8,013,753
Specialty Retail – 3.4%
American Eagle Outfitters, Inc.		91,872		1,423,097
Best Buy Co., Inc.		52,184		2,233,475
GameStop Corp., Class A		31,152		1,707,753
Guess?, Inc.		38,896		1,215,500
The Home Depot, Inc.		5,016		390,696
Rent-A-Center, Inc.		31,064		1,063,631
Staples, Inc.		98,912		1,594,462
				9,628,614
Textiles, Apparel & Luxury Goods – 0.2%
Coach, Inc.		8,624		437,064
Thrifts & Mortgage Finance – 0.3%
New York Community Bancorp, Inc.		36,613		593,497
People’s United Financial, Inc.		22,968		331,428
				924,925
Tobacco – 4.5%
Altria Group, Inc.		164,120		6,110,188
Lorillard, Inc.		37,136		1,894,307
Philip Morris International, Inc.		36,696		3,270,347


	Shares		Value
COMMON STOCKS – (continued)
Tobacco – (continued)
Reynolds American, Inc.		28,864	$	1,482,744
				12,757,586
Total Common Stocks (Cost $265,639,270)				282,626,530

Total Investment Securities (Cost $265,639,270) – 99.9%				282,626,530
Other assets less liabilities – 0.1%				303,599
NET ASSETS – 100.0%			$	282,930,129

*	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 October 31, 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	$	17,613,984
Aggregate gross unrealized depreciation		(960,922	)
Net unrealized appreciation	$	16,653,062
Federal income tax cost of investments	$	265,973,468

FlexShares^® Quality Dividend Index Fund had the following open long futures contracts as of October 31, 2013:

Cash collateral in the amount of $66,001 was pledged to cover margin requirements for open futures contracts as of October 31, 2013.


	Shares		Value
COMMON STOCKS – 99.9%
Aerospace & Defense – 2.4%
Exelis, Inc.		2,604	$	42,940
General Dynamics Corp.		428		37,078
Lockheed Martin Corp.		748		99,738
Northrop Grumman Corp.		716		76,977
Raytheon Co.		616		50,740
				307,473
Air Freight & Logistics – 0.2%
United Parcel Service, Inc., Class B		251		24,658
Auto Components – 1.0%
Autoliv, Inc.		136		12,135
Cooper Tire & Rubber Co.		1,124		29,235
Dana Holding Corp.		3,428		67,189
Johnson Controls, Inc.		400		18,460
				127,019
Automobiles – 0.3%
Ford Motor Co.		2,586		44,247
Beverages – 0.7%
The Coca-Cola Co.		1,112		44,002
Dr Pepper Snapple Group, Inc.		680		32,198
PepsiCo, Inc.		164		13,791
				89,991
Capital Markets – 2.0%
Ameriprise Financial, Inc.		968		97,323
BlackRock, Inc.		164		49,333
Federated Investors, Inc., Class B		1,188		32,218
Invesco Ltd.		1,124		37,935
Waddell & Reed Financial, Inc., Class A		736		45,448
				262,257
Chemicals – 3.8%
The Dow Chemical Co.		1,728		68,204
E.I. du Pont de Nemours & Co.		3,228		197,554
Huntsman Corp.		2,636		61,208
LyondellBasell Industries N.V., Class A		1,392		103,843
Olin Corp.		1,580		35,566
Rockwood Holdings, Inc.		140		8,855
RPM International, Inc.		220		8,518
				483,748
Commercial Banks – 4.7%
Bank of Hawaii Corp.		764		44,297


	Shares		Value
Commercial Banks – (continued)
Fifth Third Bancorp		3,208	$	61,048
FirstMerit Corp.		582		13,072
FNB Corp./PA		496		6,205
Valley National Bancorp		568		5,538
Webster Financial Corp.		1,208		33,691
Wells Fargo & Co.		10,228		436,633
				600,484
Commercial Services & Supplies – 1.6%
Deluxe Corp.		1,880		88,529
KAR Auction Services, Inc.		258		7,668
Pitney Bowes, Inc.		1,608		34,315
R.R. Donnelley & Sons Co.		3,132		58,161
Waste Management, Inc.		312		13,584
				202,257
Communications Equipment – 2.1%
Cisco Systems, Inc.		6,236		140,310
Harris Corp.		676		41,885
Motorola Solutions, Inc.		1,300		81,276
				263,471
Computers & Peripherals – 2.3%
Diebold, Inc.		100		2,996
Hewlett-Packard Co.		2,788		67,944
Lexmark International, Inc., Class A		1,644		58,444
Seagate Technology PLC		1,876		91,324
Western Digital Corp.		1,000		69,630
				290,338
Consumer Finance – 0.7%
SLM Corp.		3,280		83,214
Containers & Packaging – 1.3%
Avery Dennison Corp.		424		19,979
Greif, Inc., Class A		604		32,308
MeadWestvaco Corp.		392		13,661
Packaging Corp of America		1,432		89,185
Sonoco Products Co.		194		7,884
				163,017
Diversified Financial Services – 4.1%
Bank of America Corp.		1,456		20,326
Citigroup, Inc.		236		11,512
JPMorgan Chase & Co.		9,120		470,045
NYSE Euronext		528		23,242
				525,125


	Shares		Value
COMMON STOCKS – (continued)
Diversified Telecommunication Services – 5.4%
AT&T, Inc.		6,176	$	223,571
CenturyLink, Inc.		2,412		81,671
Frontier Communications Corp.		5,276		23,267
Verizon Communications, Inc.		6,832		345,084
Windstream Holdings, Inc.		2,284		19,528
				693,121
Electric Utilities – 3.0%
American Electric Power Co., Inc.		832		38,971
Entergy Corp.		484		31,325
Exelon Corp.		300		8,562
Hawaiian Electric Industries, Inc.		2,228		59,198
Pinnacle West Capital Corp.		1,140		63,874
PPL Corp.		1,584		48,518
The Southern Co.		952		38,946
UIL Holdings Corp.		1,796		69,182
Westar Energy, Inc.		1,020		32,242
				390,818
Electrical Equipment – 2.0%
Emerson Electric Co.		2,556		171,175
Rockwell Automation, Inc.		716		79,054
				250,229
Electronic Equipment, Instruments & Components – 0.6%
AVX Corp.		488		6,466
Jabil Circuit, Inc.		1,452		30,289
Molex, Inc.		448		17,293
TE Connectivity Ltd.		496		25,539
				79,587
Energy Equipment & Services – 1.5%
Diamond Offshore Drilling, Inc.		140		8,670
Helmerich & Payne, Inc.		920		71,346
RPC, Inc.		4,704		86,271
Schlumberger Ltd.		280		26,242
				192,529
Food & Staples Retailing – 1.3%
Safeway, Inc.		2,512		87,669
Sysco Corp.		1,916		61,963
Wal-Mart Stores, Inc.		248		19,034
				168,666


	Shares		Value
Food Products – 0.1%
B&G Foods, Inc.		240	$	8,124
Gas Utilities – 0.6%
AGL Resources, Inc.		1,616		77,342
Health Care Equipment & Supplies – 0.6%
Medtronic, Inc.		1,440		82,656
Health Care Providers & Services – 1.0%
Cardinal Health, Inc.		884		51,855
HealthSouth Corp.		400		14,044
Owens & Minor, Inc.		1,592		59,573
Select Medical Holdings Corp.		698		5,919
				131,391
Hotels, Restaurants & Leisure – 0.8%
Las Vegas Sands Corp.		504		35,391
Six Flags Entertainment Corp.		196		7,371
Starwood Hotels & Resorts Worldwide, Inc.		156		11,485
Wyndham Worldwide Corp.		144		9,562
Wynn Resorts Ltd.		256		42,560
				106,369
Household Durables – 1.5%
Garmin Ltd.		292		13,651
Leggett & Platt, Inc.		220		6,543
Newell Rubbermaid, Inc.		2,328		68,979
Tupperware Brands Corp.		780		69,927
Whirlpool Corp.		212		30,954
				190,054
Industrial Conglomerates – 2.2%
General Electric Co.		10,688		279,384
Insurance – 3.4%
Aflac, Inc.		1,652		107,347
American National Insurance Co.		76		7,681
Assured Guaranty Ltd.		320		6,560
CNA Financial Corp.		1,060		43,026
Hartford Financial Services Group, Inc.		292		9,840
Lincoln National Corp.		996		45,228
Mercury General Corp.		148		6,891
Old Republic International Corp.		800		13,432
Principal Financial Group, Inc.		1,096		52,016
Protective Life Corp.		1,324		61,010
Prudential Financial, Inc.		130		10,581


	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
XL Group PLC		2,524	$	77,159
				440,771
Internet & Catalog Retail – 0.2%
HSN, Inc.		472		24,733
IT Services – 2.4%
Broadridge Financial Solutions, Inc.		2,488		87,478
International Business Machines Corp.		532		95,340
Leidos Holdings, Inc.		854		40,215
Paychex, Inc.		260		10,988
Visa, Inc., Class A		20		3,933
The Western Union Co.		4,340		73,867
				311,821
Leisure Equipment & Products – 0.2%
Hasbro, Inc.		264		13,636
Mattel, Inc.		382		16,949
				30,585
Machinery – 0.7%
Caterpillar, Inc.		672		56,018
Deere & Co.		324		26,516
Harsco Corp.		274		7,639
				90,173
Media – 1.5%
Comcast Corp., Class A		432		20,554
Gannett Co., Inc.		2,876		79,579
Meredith Corp.		1,416		72,641
Regal Entertainment Group, Class A		464		8,821
The Walt Disney Co.		100		6,859
				188,454
Metals & Mining – 0.9%
Commercial Metals Co.		3,676		67,491
Nucor Corp.		222		11,493
Steel Dynamics, Inc.		1,820		32,706
				111,690
Multiline Retail – 0.6%
Macy’s, Inc.		1,512		69,718
Nordstrom, Inc.		196		11,852
				81,570
Multi-Utilities – 3.2%
Ameren Corp.		466		16,860


	Shares		Value
Multi-Utilities – (continued)
Avista Corp.		554	$	15,396
CenterPoint Energy, Inc.		2,796		68,782
Consolidated Edison, Inc.		952		55,425
DTE Energy Co.		556		38,442
Integrys Energy Group, Inc.		712		41,780
Public Service Enterprise Group, Inc.		1,376		46,096
TECO Energy, Inc.		4,084		70,122
Vectren Corp.		1,668		58,246
				411,149
Office Electronics – 0.6%
Xerox Corp.		7,404		73,596
Oil, Gas & Consumable Fuels – 9.5%
Chevron Corp.		1,500		179,940
ConocoPhillips		3,996		292,907
CVR Energy, Inc.		1,456		57,832
Exxon Mobil Corp.		2,468		221,182
Golar LNG Ltd.		1,628		60,448
Kinder Morgan, Inc.		816		28,813
Marathon Petroleum Corp.		1,044		74,813
Occidental Petroleum Corp.		1,040		99,923
Phillips 66		2,096		135,045
Spectra Energy Corp.		1,108		39,412
Teekay Corp.		432		18,762
The Williams Cos., Inc.		250		8,927
				1,218,004
Paper & Forest Products – 1.2%
Domtar Corp.		916		77,594
International Paper Co.		1,780		79,406
				157,000
Personal Products – 0.3%
Herbalife Ltd.		580		37,596
Pharmaceuticals – 7.6%
Actavis PLC*		194		29,989
Bristol-Myers Squibb Co.		192		10,084
Eli Lilly & Co.		1,556		77,520
Johnson & Johnson		2,204		204,112
Merck & Co., Inc.		3,536		159,438
Pfizer, Inc.		15,956		489,530
				970,673
Real Estate Investment Trusts (REITs) – 4.7%
BioMed Realty Trust, Inc.		616		12,271


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Investment Trusts (REITs) – (continued)
Brandywine Realty Trust		592	$	8,424
CBL & Associates Properties, Inc.		1,004		19,889
Chambers Street Properties		1,776		16,570
Corrections Corp. of America		1,628		60,236
Digital Realty Trust, Inc.		336		16,014
Duke Realty Corp.		252		4,176
EPR Properties		1,436		73,767
The Geo Group, Inc.		1,912		67,436
HCP, Inc.		372		15,438
Highwoods Properties, Inc.		664		25,630
Home Properties, Inc.		140		8,443
Hospitality Properties Trust		1,252		36,784
Kimco Realty Corp.		712		15,294
LaSalle Hotel Properties		2,120		65,826
Lexington Realty Trust		718		8,400
Liberty Property Trust		360		13,388
The Macerich Co.		652		38,605
Mack-Cali Realty Corp.		916		18,833
Medical Properties Trust, Inc.		892		11,632
MFA Financial, Inc.		2,640		19,562
National Retail Properties, Inc.		392		13,485
Newcastle Investment Corp.		1,278		7,336
Omega Healthcare Investors, Inc.		252		8,376
Senior Housing Properties Trust		276		6,801
Vornado Realty Trust		60		5,344
Weingarten Realty Investors		216		6,854
				604,814
Road & Rail – 0.5%
Landstar System, Inc.		1,136		62,809
Semiconductors & Semiconductor Equipment – 2.6%
Applied Materials, Inc.		1,748		31,202
KLA-Tencor Corp.		160		10,496
Linear Technology Corp.		1,688		69,444
LSI Corp.		440		3,731
Marvell Technology Group Ltd.		2,684		32,208
Maxim Integrated Products, Inc.		420		12,474
Microchip Technology, Inc.		226		9,709


	Shares		Value
Semiconductors & Semiconductor Equipment – (continued)
NVIDIA Corp.		1,016	$	15,423
Texas Instruments, Inc.		3,676		154,686
				339,373
Software – 2.8%
CA, Inc.		1,340		42,558
Microsoft Corp.		7,600		268,660
Oracle Corp.		1,420		47,570
				358,788
Specialty Retail – 3.3%
American Eagle Outfitters, Inc.		4,448		68,899
Best Buy Co., Inc.		2,008		85,942
GameStop Corp., Class A		1,356		74,336
Guess?, Inc.		2,120		66,250
The Home Depot, Inc.		240		18,694
L Brands, Inc.		304		19,033
Pier 1 Imports, Inc.		628		13,113
Staples, Inc.		4,632		74,668
				420,935
Textiles, Apparel & Luxury Goods – 0.5%
Coach, Inc.		1,376		69,736
Thrifts & Mortgage Finance – 0.3%
New York Community Bancorp, Inc.		1,084		17,572
People’s United Financial, Inc.		1,028		14,834
				32,406
Tobacco – 5.1%
Altria Group, Inc.		7,144		265,971
Lorillard, Inc.		1,736		88,553
Philip Morris International, Inc.		2,348		209,254
Reynolds American, Inc.		1,784		91,644
				655,422
Total Common Stocks (Cost $11,506,853)				12,809,667

Total Investment Securities (Cost $11,506,853) – 99.9%				12,809,667
Other assets less liabilities – 0.1%				15,281
NET ASSETS – 100.0%			$	12,824,948

*	Non-income producing security.

Percentages shown are based on Net Assets.

Abbreviation:

REIT – Real Estate Investment Trust

As of October 31, 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	$	1,351,408
Aggregate gross unrealized depreciation		(50,266	)
Net unrealized appreciation	$	1,301,142
Federal income tax cost of investments	$	11,508,525


	Shares		Value
COMMON STOCKS – 99.4%
Aerospace & Defense – 3.2%
Exelis, Inc.		6,510	$	107,350
L-3 Communications Holdings, Inc.		2,408		241,884
Lockheed Martin Corp.		3,206		427,488
Northrop Grumman Corp.		2,926		314,574
Raytheon Co.		3,892		320,584
				1,411,880
Air Freight & Logistics – 1.3%
C.H. Robinson Worldwide, Inc.		3,724		222,472
United Parcel Service, Inc., Class B		3,570		350,717
				573,189
Beverages – 2.0%
The Coca-Cola Co.		4,662		184,475
Dr Pepper Snapple Group, Inc.		4,382		207,488
PepsiCo, Inc.		5,852		492,095
				884,058
Capital Markets – 0.2%
Federated Investors, Inc., Class B		3,472		94,161
Chemicals – 2.6%
The Dow Chemical Co.		4,368		172,405
E.I. du Pont de Nemours & Co.		10,668		652,882
Olin Corp.		9,380		211,144
The Scotts Miracle-Gro Co., Class A		1,624		95,361
				1,131,792
Commercial Banks – 3.7%
Bank of Hawaii Corp.		1,820		105,524
BankUnited, Inc.		1,344		41,355
BB&T Corp.		3,934		133,638
Cullen/Frost Bankers, Inc.		1,260		89,195
FNB Corp./PA		2,604		32,576
M&T Bank Corp.		1,260		141,788
Trustmark Corp.		1,050		28,518
Umpqua Holdings Corp.		2,562		41,940
Valley National Bancorp		3,052		29,757
Wells Fargo & Co.		23,058		984,346
				1,628,637
Commercial Services & Supplies – 0.9%
Pitney Bowes, Inc.		3,626		77,379


	Shares		Value
Commercial Services & Supplies – (continued)
R.R. Donnelley & Sons Co.		13,664	$	253,741
Waste Management, Inc.		1,708		74,366
				405,486
Communications Equipment – 1.3%
Cisco Systems, Inc.		20,524		461,790
Harris Corp.		1,624		100,623
				562,413
Computers & Peripherals – 1.8%
Diebold, Inc.		1,750		52,430
Hewlett-Packard Co.		9,380		228,591
Lexmark International, Inc., Class A		6,048		215,006
Seagate Technology PLC		5,684		276,697
				772,724
Consumer Finance – 0.5%
SLM Corp.		9,268		235,129
Containers & Packaging – 2.0%
Bemis Co., Inc.		4,676		186,572
Greif, Inc., Class A		3,752		200,695
Packaging Corp of America		4,228		263,320
Sonoco Products Co.		5,880		238,963
				889,550
Distributors – 0.2%
Genuine Parts Co.		1,162		91,600
Diversified Consumer Services – 0.2%
H&R Block, Inc.		3,248		92,373
Diversified Financial Services – 4.0%
Bank of America Corp.		11,606		162,020
Citigroup, Inc.		2,422		118,145
JPMorgan Chase & Co.		27,174		1,400,548
NYSE Euronext		1,428		62,860
				1,743,573
Diversified Telecommunication Services – 5.0%
AT&T, Inc.		19,292		698,371
CenturyLink, Inc.		8,036		272,099
Frontier Communications Corp.		9,800		43,218
Verizon Communications, Inc.		22,428		1,132,838
Windstream Holdings, Inc.		6,818		58,294
				2,204,820


	Shares		Value
COMMON STOCKS – (continued)
Electric Utilities – 2.6%
American Electric Power Co., Inc.		1,610	$	75,412
Entergy Corp.		1,246		80,641
Hawaiian Electric Industries, Inc.		9,380		249,227
NV Energy, Inc.		1,526		36,227
Pinnacle West Capital Corp.		4,368		244,739
PPL Corp.		4,074		124,787
The Southern Co.		3,458		141,467
UIL Holdings Corp.		4,942		190,366
				1,142,866
Electrical Equipment – 1.3%
Emerson Electric Co.		8,624		577,549
Electronic Equipment, Instruments & Components – 0.2%
Molex, Inc.		1,890		72,954
Energy Equipment & Services – 0.8%
Diamond Offshore Drilling, Inc.		420		26,010
RPC, Inc.		14,182		260,098
Schlumberger Ltd.		826		77,413
				363,521
Food & Staples Retailing – 4.1%
Safeway, Inc.		8,456		295,114
Sysco Corp.		8,260		267,128
Wal-Mart Stores, Inc.		15,974		1,226,005
				1,788,247
Food Products – 0.4%
General Mills, Inc.		3,528		177,882
Gas Utilities – 1.0%
AGL Resources, Inc.		5,250		251,265
WGL Holdings, Inc.		4,186		188,412
				439,677
Health Care Equipment & Supplies – 0.4%
Abbott Laboratories		3,318		121,273
Medtronic, Inc.		1,162		66,699
				187,972
Health Care Providers & Services – 1.1%
Cardinal Health, Inc.		5,012		294,004
Owens & Minor, Inc.		5,516		206,409
				500,413


	Shares		Value
Hotels, Restaurants & Leisure – 1.8%
Brinker International, Inc.		1,582	$	70,272
Cracker Barrel Old Country Store, Inc.		2,184		239,956
McDonald’s Corp.		4,592		443,220
Six Flags Entertainment Corp.		910		34,225
				787,673
Household Durables – 0.7%
Garmin Ltd.		1,372		64,141
Leggett & Platt, Inc.		434		12,907
Tupperware Brands Corp.		2,436		218,388
				295,436
Household Products – 1.1%
The Clorox Co.		2,940		265,159
Kimberly-Clark Corp.		2,044		220,752
				485,911
Industrial Conglomerates – 0.9%
General Electric Co.		15,890		415,365
Insurance – 3.8%
Allied World Assurance Co. Holdings AG		2,240		242,569
American National Insurance Co.		350		35,374
Arthur J Gallagher & Co.		798		37,865
Cincinnati Financial Corp.		868		43,400
Erie Indemnity Co., Class A		630		45,247
Fidelity National Financial, Inc., Class A		8,246		232,125
Marsh & McLennan Cos., Inc.		4,102		187,872
Mercury General Corp.		770		35,851
Old Republic International Corp.		3,444		57,825
PartnerRe Ltd.		2,450		245,514
ProAssurance Corp.		2,646		119,917
The Travelers Cos., Inc.		3,976		343,129
Validus Holdings Ltd.		1,344		53,061
				1,679,749
Internet Software & Services – 0.2%
IAC/InterActiveCorp		1,232		65,776
IT Services – 5.4%
Accenture PLC, Class A		7,490		550,515
Automatic Data Processing, Inc.		2,254		168,982


	Shares		Value
COMMON STOCKS – (continued)
IT Services – (continued)
Booz Allen Hamilton Holding Corp.		10,570	$	209,286
Broadridge Financial Solutions, Inc.		7,630		268,271
Fidelity National Information Services, Inc.		5,292		257,985
International Business Machines Corp.		2,450		439,064
Leidos Holdings, Inc.		3,635		171,172
Paychex, Inc.		1,554		65,672
Visa, Inc., Class A		56		11,014
The Western Union Co.		13,384		227,796
				2,369,757
Leisure Equipment & Products – 0.3%
Hasbro, Inc.		1,218		62,910
Mattel, Inc.		1,764		78,268
				141,178
Media – 2.1%
Comcast Corp., Class A		1,400		66,612
Gannett Co., Inc.		8,708		240,950
John Wiley & Sons, Inc., Class A		924		46,468
Meredith Corp.		4,368		224,079
Omnicom Group, Inc.		1,484		101,075
Regal Entertainment Group, Class A		1,932		36,727
Time Warner Cable, Inc.		1,232		148,025
The Walt Disney Co.		980		67,218
				931,154
Metals & Mining – 0.8%
Commercial Metals Co.		13,986		256,783
Nucor Corp.		1,428		73,927
				330,710
Multiline Retail – 0.5%
Kohl’s Corp.		4,186		237,765
Multi-Utilities – 2.6%
CenterPoint Energy, Inc.		5,474		134,660
Consolidated Edison, Inc.		4,816		280,388
Integrys Energy Group, Inc.		1,036		60,793
PG&E Corp.		1,526		63,863
Public Service Enterprise Group, Inc.		2,128		71,288


	Shares		Value
Multi-Utilities – (continued)
SCANA Corp.		1,246	$	58,101
TECO Energy, Inc.		13,426		230,524
Vectren Corp.		6,790		237,107
				1,136,724
Office Electronics – 0.5%
Xerox Corp.		23,814		236,711
Oil, Gas & Consumable Fuels – 10.2%
Chevron Corp.		6,020		722,159
ConocoPhillips		14,238		1,043,645
CVR Energy, Inc.		4,900		194,628
Exxon Mobil Corp.		22,134		1,983,649
Golar LNG Ltd.		5,390		200,131
Kinder Morgan, Inc.		3,906		137,921
Spectra Energy Corp.		3,584		127,483
Teekay Corp.		1,288		55,938
				4,465,554
Paper & Forest Products – 0.6%
Domtar Corp.		3,108		263,279
Pharmaceuticals – 7.4%
Eli Lilly & Co.		5,264		262,252
Johnson & Johnson		9,366		867,385
Merck & Co., Inc.		11,228		506,271
Pfizer, Inc.		52,444		1,608,982
				3,244,890
Real Estate Investment Trusts (REITs) – 5.0%
BioMed Realty Trust, Inc.		3,668		73,067
Chambers Street Properties		6,748		62,959
Corrections Corp. of America		6,356		235,172
Digital Realty Trust, Inc.		1,134		54,046
EPR Properties		4,452		228,699
The Geo Group, Inc.		6,678		235,533
HCP, Inc.		2,646		109,809
Healthcare Trust of America, Inc., Class A		5,614		65,235
Highwoods Properties, Inc.		546		21,076
Home Properties, Inc.		2,926		176,467
Hospitality Properties Trust		1,890		55,528
Liberty Property Trust		700		26,033
Mack-Cali Realty Corp.		2,940		60,446
Medical Properties Trust, Inc.		4,270		55,681


	Shares		Value
COMMON STOCKS – (continued)
Real Estate Investment Trusts (REITs) – (continued)
MFA Financial, Inc.		7,756	$	57,472
Mid-America Apartment Communities, Inc.		714		47,410
National Retail Properties, Inc.		1,050		36,120
Omega Healthcare Investors, Inc.		1,106		36,763
Piedmont Office Realty Trust, Inc., Class A		588		10,866
Plum Creek Timber Co., Inc.		4,760		216,104
Retail Properties of America, Inc., Class A		15,960		228,388
Senior Housing Properties Trust		3,052		75,201
Weingarten Realty Investors		700		22,211
				2,190,286
Road & Rail – 0.5%
Landstar System, Inc.		3,612		199,707
Semiconductors & Semiconductor Equipment – 2.3%
KLA-Tencor Corp.		1,218		79,901
Linear Technology Corp.		6,006		247,087
Maxim Integrated Products, Inc.		2,212		65,696
Texas Instruments, Inc.		13,216		556,129
Xilinx, Inc.		1,624		73,762
				1,022,575
Software – 3.0%
CA, Inc.		7,532		239,216
Microsoft Corp.		26,096		922,494
Oracle Corp.		2,142		71,757
Symantec Corp.		2,968		67,492
				1,300,959
Specialty Retail – 4.2%
American Eagle Outfitters, Inc.		14,518		224,884
Best Buy Co., Inc.		6,958		297,802
Foot Locker, Inc.		6,468		224,440
GameStop Corp., Class A		4,844		265,548
The Home Depot, Inc.		3,542		275,886
L Brands, Inc.		1,932		120,963
Rent-A-Center, Inc.		5,082		174,008
Staples, Inc.		16,086		259,306
				1,842,837


	Shares		Value
Thrifts & Mortgage Finance – 0.2%
New York Community Bancorp, Inc.		3,458	$	56,054
People’s United Financial, Inc.		2,674		38,586
				94,640
Tobacco – 4.5%
Altria Group, Inc.		22,876		851,673
Lorillard, Inc.		5,418		276,372
Philip Morris International, Inc.		6,538		582,667
Reynolds American, Inc.		5,502		282,638
				1,993,350
Total Common Stocks (Cost $40,605,205)				43,704,452

Total Investment Securities (Cost $40,605,205) – 99.4%				43,704,452
Other assets less liabilities – 0.6%				279,019
NET ASSETS – 100.0%			$	43,983,471

Percentages shown are based on Net Assets.

Abbreviation:

REIT – Real Estate Investment Trust

FlexShares^® Quality Dividend Defensive Index Fund had the following open long futures contracts as of October 31, 2013:

Cash collateral in the amount of $21,821 was pledged to cover margin requirements for open futures contracts as of October 31, 2013.


	Shares		Value
COMMON STOCKS – 99.5%
Aerospace & Defense – 0.8%
BAE Systems PLC		83,302	$	608,539
Air Freight & Logistics – 0.4%
Deutsche Post AG (Registered)		8,832		299,277
Auto Components – 2.0%
Bridgestone Corp.		8,700		297,508
Cie Generale des Etablissements Michelin		1,908		199,784
Nokian Renkaat Oyj		3,332		168,828
Pirelli & C. SpA (Retirement Savings Plan))		14,964		155,120
Valeo S.A.		6,748		671,071
				1,492,311
Automobiles – 2.7%
Bayerische Motoren Werke AG (Preference)		1,944		162,748
Daihatsu Motor Co. Ltd.		18,700		362,526
Ford Otomotiv Sanayi A/S		9,784		138,000
Fuji Heavy Industries Ltd.		5,600		152,457
Porsche Automobil Holding SE (Preference)		6,590		618,089
Tofas Turk Otomobil Fabrikasi A/S		86,492		575,238
				2,009,058
Building Products – 0.6%
Cie de St-Gobain		4,594		241,983
LIXIL Group Corp.		8,400		196,751
				438,734
Capital Markets – 1.0%
ICAP PLC		27,534		170,397
IGM Financial, Inc.		8,634		415,949
Macquarie Korea Infrastructure Fund		24,920		155,053
				741,399
Chemicals – 3.4%
BASF SE		7,790		811,550
Hitachi Chemical Co. Ltd.		2,800		42,895
K+S AG (Registered)		21,028		537,160
Mitsubishi Chemical Holdings Corp.		33,000		154,052
Nitto Denko Corp.		6,900		360,789
Synthos S.A.		363,860		617,313
TSRC Corp.		36,000		66,536
				2,590,295


	Shares		Value
Commercial Banks – 13.4%
Aozora Bank Ltd.		178,000	$	517,073
Australia & New Zealand Banking Group Ltd.		23,640		757,539
Banco Bilbao Vizcaya Argentaria S.A.		58,872		690,635
Bank of China Ltd., Class H		1,519,000		711,200
Bank of Montreal		6,554		456,395
Canadian Imperial Bank of Commerce		8,402		714,635
Commonwealth Bank of Australia		32,676		2,354,108
HSBC Holdings PLC		46,247		506,803
Industrial & Commercial Bank of China Ltd., Class H		510,000		357,188
Komercni Banka A/S		2,548		634,010
Malayan Banking Bhd		43,487		134,504
Mizuho Financial Group, Inc.		239,200		499,806
National Australia Bank Ltd.		21,180		708,191
Royal Bank of Canada		700		47,000
Swedbank AB, Class A		9,608		250,926
Westpac Banking Corp.		24,588		798,395
				10,138,408
Commercial Services & Supplies – 0.9%
Dai Nippon Printing Co. Ltd.		12,000		125,736
Toppan Printing Co. Ltd.		67,000		528,570
				654,306
Communications Equipment – 0.6%
VTech Holdings Ltd.		32,000		459,380
Computers & Peripherals – 1.1%
Asustek Computer, Inc.		65,000		497,796
Chicony Electronics Co. Ltd.		30,100		74,893
Quanta Computer, Inc.		72,000		170,813
Wistron Corp.		70,450		66,183
				809,685
Construction & Engineering – 1.1%
Bouygues S.A.		5,460		213,704
Eiffage S.A.		3,024		179,759
Leighton Holdings Ltd.		9,604		162,883
Vinci S.A.		4,676		300,338
				856,684
Construction Materials – 0.3%
Asia Cement Corp.		67,680		91,800


	Shares		Value
COMMON STOCKS – (continued)
Construction Materials – (continued)
Taiwan Cement Corp.		68,000	$	98,947
				190,747
Consumer Finance – 0.5%
Provident Financial PLC		15,988		405,844
Diversified Financial Services – 1.3%
African Bank Investments Ltd.		334,102		567,661
Investor AB, Class A		13,636		427,979
				995,640
Diversified Telecommunication Services – 5.6%
Belgacom S.A.		21,448		587,982
Bell Aliant, Inc.		6,440		163,092
Bezeq The Israeli Telecommunication Corp. Ltd.		326,928		570,497
Deutsche Telekom AG		28,818		454,466
Elisa Oyj		8,242		206,508
Magyar Telekom Telecommunications PLC		101,254		139,481
Orange S.A.		19,348		265,930
TDC A/S		19,936		180,237
Telecom Corp. of New Zealand Ltd.		292,330		568,644
Telecom Egypt Co.		88,060		173,223
Telefonica Czech Republic A/S		10,030		163,984
Telefonica Deutschland Holding AG		62,300		492,004
Telefonica S.A.		9,772		172,506
Turk Telekomunikasyon A/S		34,078		118,026
				4,256,580
Electric Utilities – 0.8%
CEZ A/S		2,694		77,719
EDP – Energias de Portugal S.A.		46,032		169,718
Fortum Oyj		8,496		189,425
Light S.A.		6,800		60,374
Terna Rete Elettrica Nazionale SpA		19,404		96,286
				593,522
Electronic Equipment, Instruments & Components – 0.6%
Hoya Corp.		19,600		470,072


	Shares		Value
Energy Equipment & Services – 0.3%
Seadrill Ltd.		4,620	$	213,999
Food & Staples Retailing – 2.4%
Koninklijke Ahold N.V.		23,922		455,958
Lawson, Inc.		6,300		505,361
Metcash Ltd.		48,160		152,777
Metro AG		2,724		127,893
Seven & I Holdings Co. Ltd.		7,300		269,351
Wesfarmers Ltd.		7,958		324,444
				1,835,784
Food Products – 2.1%
Nestle S.A. (Registered)		8,596		621,764
Orkla ASA		21,952		178,082
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		3,318,000		470,951
PT Astra Agro Lestari, Tbk		185,500		306,081
				1,576,878
Gas Utilities – 1.2%
Enagas S.A.		15,598		417,536
Gas Natural SDG S.A.		4,626		109,241
Snam SpA		77,346		399,156
				925,933
Hotels, Restaurants & Leisure – 1.9%
Berjaya Sports Toto Bhd		266,800		344,116
Gtech SpA		2,800		85,230
Sands China Ltd.		24,800		176,250
Tatts Group Ltd.		151,592		450,747
TUI Travel PLC		15,484		95,775
Wynn Macau Ltd.		70,800		271,674
				1,423,792
Household Durables – 0.1%
Husqvarna AB, Class B		13,114		77,253
Household Products – 0.0%^†
Svenska Cellulosa AB S.C.A., Class A		672		19,004
Independent Power Producers & Energy Traders – 2.3%
AES Tiete S.A.		66,300		590,135
AES Tiete S.A. (Preference)		61,600		606,760
Tractebel Energia S.A.		21,200		363,290
TransAlta Corp.		12,096		162,734
				1,722,919


	Shares		Value
COMMON STOCKS – (continued)
Industrial Conglomerates – 0.0%^†
Siemens AG (Registered)		140	$	17,925
Insurance – 8.1%
Aegon N.V.		18,144		144,646
Allianz SE (Registered)		4,452		749,904
AXA S.A.		35,902		898,081
Baloise Holding AG (Registered)		1,016		118,480
CNP Assurances		4,520		79,884
Euler Hermes S.A.		1,540		203,585
Gjensidige Forsikring ASA		36,540		682,543
Great-West Lifeco, Inc.		3,248		100,444
Legal & General Group PLC		80,006		278,027
Mapfre S.A.		22,148		89,247
Mediolanum SpA		29,456		256,691
Muenchener Rueckversicherungs AG (Registered)		3,680		769,955
Power Financial Corp.		5,124		168,581
Resolution Ltd.		32,956		189,233
RSA Insurance Group PLC		106,662		220,030
SCOR SE		3,144		111,281
Standard Life PLC		25,368		143,462
Sun Life Financial, Inc.		6,048		203,678
Zurich Insurance Group AG*		2,640		731,463
				6,139,215
Leisure Equipment & Products – 1.0%
Namco Bandai Holdings, Inc.		32,500		612,832
Sankyo Co. Ltd.		3,100		147,243
				760,075
Machinery – 2.6%
Hino Motors Ltd.		34,000		477,892
Hitachi Construction Machinery Co. Ltd.		6,900		145,370
Komatsu Ltd.		6,600		143,961
Metso Oyj		13,844		545,807
NSK Ltd.		16,000		169,932
Zardoya Otis S.A.		27,508		479,805
				1,962,767
Media – 1.0%
CTC Media, Inc.		47,852		604,849
Telenet Group Holding N.V.		3,052		167,835
				772,684


	Shares		Value
Metals & Mining – 3.8%
BHP Billiton Ltd.		4,424	$	157,769
China Molybdenum Co. Ltd., Class H		1,344,000		544,323
IAMGOLD Corp.		25,960		132,681
Iluka Resources Ltd.		35,252		343,833
KGHM Polska Miedz S.A.		3,984		161,274
Kumba Iron Ore Ltd.		10,394		436,547
MMC Norilsk Nickel OJSC (ADR)		41,244		624,434
Shougang Fushan Resources Group Ltd.		1,380,000		464,566
Voestalpine AG		678		32,063
				2,897,490
Multiline Retail – 0.2%
Marks & Spencer Group PLC		19,324		156,316
Multi-Utilities – 1.4%
E.ON SE		32,820		600,346
RWE AG		7,624		281,819
RWE AG (Preference)		5,040		172,325
				1,054,490
Office Electronics – 0.7%
Canon, Inc.		11,400		359,046
Ricoh Co. Ltd.		13,000		136,877
				495,923
Oil, Gas & Consumable Fuels – 10.2%
ARC Resources Ltd.		3,976		105,534
Baytex Energy Corp.		8,830		368,492
BP PLC		28,768		223,098
Canadian Oil Sands Ltd.		19,124		372,632
Encana Corp.		7,675		137,478
Eni SpA		52,002		1,318,494
Gazprom OAO (ADR)		44,213		413,834
Harum Energy Tbk PT		2,072,000		579,002
Indo Tambangraya Megah Tbk PT		204,000		541,104
Penn West Petroleum Ltd.		15,596		174,078
Royal Dutch Shell PLC, Class A		4,620		154,128
Royal Dutch Shell PLC, Class B		33,040		1,146,307
Surgutneftegas OAO (Preference) (ADR)		22,852		167,962
Total S.A.		21,924		1,349,154


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Tupras Turkiye Petrol Rafinerileri A/S		23,856	$	542,440
Vermilion Energy, Inc.		1,568		86,170
				7,679,907
Paper & Forest Products – 0.5%
Stora Enso Oyj, Class R		19,776		184,166
UPM-Kymmene Oyj		13,020		207,275
				391,441
Pharmaceuticals – 7.3%
AstraZeneca PLC		25,228		1,341,181
Bayer AG (Registered)		397		49,406
Eisai Co. Ltd.		9,600		376,720
GlaxoSmithKline PLC		62,916		1,661,264
Novartis AG (Registered)		4,816		374,675
Ono Pharmaceutical Co. Ltd.		2,800		211,191
Orion Oyj, Class B		22,092		594,374
Roche Holding AG		1,570		435,519
Sanofi		4,342		463,618
				5,507,948
Professional Services – 0.5%
Adecco S.A. (Registered)*		3,002		221,947
Randstad Holding N.V.		2,100		129,772
				351,719
Real Estate Investment Trusts (REITs) – 2.2%
Calloway Real Estate Investment Trust		22,596		543,855
CapitaCommercial Trust		274,000		325,836
Corio N.V.		3,898		170,294
Gecina S.A.		644		86,282
Japan Retail Fund Investment Corp.		8		16,251
Klepierre		1,904		85,627
RioCan Real Estate Investment Trust		12,112		295,585
Westfield Retail Trust		56,820		166,260
				1,689,990
Real Estate Management & Development – 2.3%
Daito Trust Construction Co. Ltd.		5,700		581,562
Greentown China Holdings Ltd.		91,000		176,764
Guangzhou R&F Properties Co. Ltd., Class H		224,000		392,929
KWG Property Holding Ltd.		549,000		355,470


	Shares		Value
Real Estate Management & Development – (continued)
Redefine Properties Ltd.		75,096	$	77,306
Swiss Prime Site AG (Registered)*		2,084		158,334
				1,742,365
Semiconductors & Semiconductor Equipment – 1.1%
Radiant Opto-Electronics Corp.		171,800		643,238
Samsung Electronics Co. Ltd.		146		201,640
				844,878
Software – 0.1%
Trend Micro, Inc.		2,800		103,883
Specialty Retail – 0.1%
Hennes & Mauritz AB, Class B		1,151		49,803
Textiles, Apparel & Luxury Goods – 0.8%
Bosideng International Holdings Ltd.		1,960,000		452,519
Grendene S.A.		14,400		131,477
				583,996
Tobacco – 3.9%
British American Tobacco Malaysia Bhd		8,400		169,036
British American Tobacco PLC		38,444		2,122,215
Imperial Tobacco Group PLC		9,716		363,550
Japan Tobacco, Inc.		8,400		303,945
				2,958,746
Trading Companies & Distributors – 0.7%
ITOCHU Corp.		8,400		100,858
Marubeni Corp.		16,000		125,084
Rexel S.A.		4,704		117,989
Sumitomo Corp.		15,200		197,534
				541,465
Transportation Infrastructure – 1.6%
Atlantia SpA		10,584		232,382
Hopewell Highway Infrastructure Ltd.		290,500		143,132
Hutchison Port Holdings Trust, Class U		205,000		149,650
Jiangsu Expressway Co. Ltd., Class H		354,000		445,636


	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – (continued)
Transurban Group		38,136	$	256,401
				1,227,201
Wireless Telecommunication Services – 2.0%
Tele2 AB, Class B		12,722		153,740
Vodacom Group Ltd.		46,732		537,123
Vodafone Group PLC		226,688		817,622
				1,508,485
Total Common Stocks (Cost $71,184,714)				75,244,755

Total Investment Securities (Cost $71,184,714) – 99.5%				75,244,755
Other assets less liabilities – 0.5%				365,285
NET ASSETS – 100.0%			$	75,610,040

*	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 October 31, 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	$	4,373,296
Aggregate gross unrealized depreciation		(471,605	)
Net unrealized appreciation	$	3,901,691
Federal income tax cost of investments	$	71,343,064

FlexShares^® International Quality Dividend Index Fund had the following open long futures contracts as of October 31, 2013:

Cash collateral in the amount of $36,176 was pledged to cover margin requirements for open futures contracts as of October 31, 2013.

FlexShares^® International Quality Dividend Index Fund invested, as a percentage of net assets, companies domiciled in the following countries as of October 31, 2013:


	Shares		Value
COMMON STOCKS – 99.8%
Aerospace & Defense – 1.0%
BAE Systems PLC		9,579	$	69,977
Bombardier, Inc., Class B		3,159		14,358
				84,335
Air Freight & Logistics – 0.1%
Toll Holdings Ltd.		1,794		9,802
Auto Components – 3.6%
Aisin Seiki Co. Ltd.		300		12,155
Cie Generale des Etablissements Michelin		582		60,940
Continental AG		384		70,450
Magna International, Inc.		339		28,707
Nokian Renkaat Oyj		450		22,801
Pirelli & C. SpA (Retirement Savings Plan)		2,121		21,987
Valeo S.A.		759		75,481
				292,521
Automobiles – 1.8%
Bayerische Motoren Werke AG		405		45,997
Bayerische Motoren Werke AG (Preference)		183		15,320
Fuji Heavy Industries Ltd.		600		16,335
Porsche Automobil Holding SE (Preference)		492		46,145
Tofas Turk Otomobil Fabrikasi A/S		3,609		24,003
				147,800
Beverages – 0.5%
Kirin Holdings Co. Ltd.		3,000		43,788
Biotechnology – 0.5%
Actelion Ltd. (Registered)*		504		39,099
Building Products – 0.3%
Cie de St-Gobain		534		28,128
Capital Markets – 1.9%
Ashmore Group PLC		6,474		42,073
Daiwa Securities Group, Inc.		3,000		27,275
ICAP PLC		4,176		25,844
Macquarie Group Ltd.		444		21,422
Schroders PLC		1,095		37,489
				154,103
Chemicals – 3.4%
BASF SE		1,113		115,951


	Shares		Value
Chemicals – (continued)
Formosa Chemicals & Fibre Corp.		6,030	$	17,425
Formosa Plastics Corp.		6,040		16,406
Shin-Etsu Chemical Co. Ltd.		900		50,729
Synthos S.A.		41,319		70,100
TSRC Corp.		3,000		5,545
				276,156
Commercial Banks – 14.7%
Agricultural Bank of China Ltd., Class H		9,000		4,330
Aozora Bank Ltd.		15,000		43,574
Australia & New Zealand Banking Group Ltd.		2,736		87,675
Banco Bilbao Vizcaya Argentaria S.A.		1,887		22,137
Bank of China Ltd., Class H		147,000		68,826
BNP Paribas S.A.		654		48,492
BOC Hong Kong Holdings Ltd.		18,000		58,738
Canadian Imperial Bank of Commerce		315		26,792
China Citic Bank Corp. Ltd., Class H		15,000		8,416
China Construction Bank Corp., Class H		99,000		76,870
China Merchants Bank Co. Ltd., Class H		39,044		77,554
Commonwealth Bank of Australia		3,420		246,390
HSBC Holdings PLC		5,184		56,810
Industrial & Commercial Bank of China Ltd., Class H		147,000		102,954
Malayan Banking Bhd		2,414		7,466
National Australia Bank Ltd.		2,220		74,230
Nordea Bank AB		3,513		45,059
Royal Bank of Canada		129		8,661
Sberbank of Russia (ADR)		3,639		46,470
Swedbank AB, Class A		714		18,647
Westpac Banking Corp.		2,376		77,151
				1,207,242
Communications Equipment – 0.6%
VTech Holdings Ltd.		3,300		47,374
Computers & Peripherals – 0.2%
Quanta Computer, Inc.		6,000		14,234


	Shares		Value
COMMON STOCKS – (continued)
Computers & Peripherals – (continued)
Wistron Corp.		6,100	$	5,731
				19,965
Construction & Engineering – 2.2%
Bouygues S.A.		711		27,829
JGC Corp.		3,000		114,514
Vinci S.A.		588		37,767
				180,110
Construction Materials – 0.5%
Asia Cement Corp.		12,060		16,358
CRH PLC		505		12,289
Taiwan Cement Corp.		6,000		8,731
				37,378
Containers & Packaging – 0.2%
DS Smith PLC		3,459		16,816
Distributors – 0.2%
Inchcape PLC		1,542		15,756
Diversified Financial Services – 1.3%
Industrivarden AB, Class A		2,025		39,117
Industrivarden AB, Class C		3,027		54,028
ORIX Corp.		900		15,466
				108,611
Diversified Telecommunication Services – 4.8%
Belgacom S.A.		2,037		55,843
Bezeq The Israeli Telecommunication Corp. Ltd.		41,289		72,050
Elisa Oyj		1,080		27,060
Magyar Telekom Telecommunications PLC		5,481		7,550
Nippon Telegraph & Telephone Corp.		600		31,128
Orange S.A.		1,539		21,153
TDC A/S		2,895		26,173
Telecom Corp. of New Zealand Ltd.		13,020		25,327
Telecom Egypt Co.		7,932		15,603
Telefonica S.A.		4,773		84,258
TeliaSonera AB		3,072		25,493
Turk Telekomunikasyon A/S		1,479		5,123
				396,761
Electric Utilities – 0.9%
CEZ A/S		1,302		37,561


	Shares		Value
Electric Utilities – (continued)
EDP – Energias de Portugal S.A.		6,456	$	23,803
PGE S.A.		1,827		10,688
Terna Rete Elettrica Nazionale SpA		690		3,424
				75,476
Electrical Equipment – 0.7%
Schneider Electric S.A.		633		53,398
Electronic Equipment, Instruments & Components – 1.7%
Hexagon AB, Class B		330		9,924
Hirose Electric Co. Ltd.		300		45,683
Hoya Corp.		2,700		64,755
Omron Corp.		300		11,436
Unimicron Technology Corp.		6,000		4,748
				136,546
Energy Equipment & Services – 0.4%
AMEC PLC		1,671		31,598
Food & Staples Retailing – 3.0%
Carrefour S.A.		2,208		80,988
Koninklijke Ahold N.V.		2,946		56,151
Metcash Ltd.		2,967		9,412
Metro AG		381		17,888
Seven & I Holdings Co. Ltd.		600		22,139
Wesfarmers Ltd.		1,518		61,827
				248,405
Food Products – 1.6%
GrainCorp Ltd., Class A		1,578		18,439
MEIJI Holdings Co. Ltd.		300		16,757
Nestle S.A. (Registered)		891		64,447
Nisshin Seifun Group, Inc.		1,550		16,794
Nissin Foods Holdings Co. Ltd.		300		12,843
				129,280
Gas Utilities – 0.5%
Gas Natural SDG S.A.		201		4,746
Snam SpA		7,026		36,259
				41,005
Hotels, Restaurants & Leisure – 1.1%
InterContinental Hotels Group PLC		1,911		55,786
Tatts Group Ltd.		12,927		38,437
				94,223


	Shares		Value
COMMON STOCKS – (continued)
Independent Power Producers & Energy Traders – 1.2%
AES Tiete S.A.		10,200	$	95,061
Industrial Conglomerates – 1.5%
Far Eastern New Century Corp.		12,060		13,854
Shanghai Industrial Holdings Ltd.		3,000		9,925
Siemens AG (Registered)		762		97,565
				121,344
Insurance – 8.2%
Aegon N.V.		2,388		19,037
Ageas*		591		25,185
Allianz SE (Registered)		486		81,863
AXA S.A.		4,176		104,462
Baloise Holding AG (Registered)		66		7,696
CNP Assurances		711		12,566
Euler Hermes S.A.		198		26,175
Legal & General Group PLC		9,942		34,549
Manulife Financial Corp.		2,301		40,753
Muenchener Rueckversicherungs AG (Registered)		360		75,322
Old Mutual PLC		14,445		47,250
Prudential PLC		5,703		117,188
RSA Insurance Group PLC		13,467		27,781
SCOR SE		450		15,927
Zurich Insurance Group AG*		141		39,067
				674,821
Internet Software & Services – 0.3%
Yahoo Japan Corp.		5,100		23,756
IT Services – 0.2%
NTT Data Corp.		600		19,876
Leisure Equipment & Products – 0.2%
Sankyo Co. Ltd.		300		14,249
Machinery – 5.0%
FANUC Corp.		600		96,137
Hino Motors Ltd.		3,000		42,167
IMI PLC		3,000		73,213
Komatsu Ltd.		600		13,087
Metso Oyj		1,431		56,418
OC Oerlikon Corp. AG (Registered)*		1,530		21,458
Sandvik AB		3,477		47,123


	Shares		Value
Machinery – (continued)
SKF AB, Class A		744	$	19,718
SKF AB, Class B		975		25,870
Volvo AB, Class A		942		12,133
				407,324
Media – 1.7%
CTC Media, Inc.		5,076		64,161
Informa PLC		1,560		14,023
Telenet Group Holding N.V.		240		13,198
UBM PLC		1,185		13,012
WPP PLC		1,596		33,975
				138,369
Metals & Mining – 5.1%
BHP Billiton Ltd.		264		9,415
BHP Billiton PLC		2,550		79,089
China Molybdenum Co. Ltd., Class H		162,000		65,610
Eregli Demir ve Celik Fabrikalari TAS		13,140		18,270
First Quantum Minerals Ltd.		729		13,827
Grupo Mexico SAB de CV		9,600		30,434
Jastrzebska Spolka Weglowa S.A.		333		7,213
Jiangxi Copper Co. Ltd., Class H		21,000		40,358
KGHM Polska Miedz S.A.		606		24,531
Kumba Iron Ore Ltd.		621		26,082
MMC Norilsk Nickel OJSC (ADR)		2,223		33,656
Shougang Fushan Resources Group Ltd.		48,000		16,159
Teck Resources Ltd., Class B		561		15,009
Vedanta Resources PLC		1,059		18,086
Voestalpine AG		372		17,592
				415,331
Multi-Utilities – 2.3%
E.ON SE		4,032		73,754
RWE AG		636		23,510
RWE AG (Preference)		561		19,181
Veolia Environnement S.A.		4,317		74,066
				190,511
Oil, Gas & Consumable Fuels – 10.3%
Baytex Energy Corp.		1,419		59,217
BP PLC		8,043		62,374
Cameco Corp.		780		14,802
Canadian Natural Resources Ltd.		1,107		35,126


	Shares		Value
COMMON STOCKS – (continued)
Oil, Gas & Consumable Fuels – (continued)
Canadian Oil Sands Ltd.		3,165	$	61,670
Eni SpA		5,133		130,146
Gazprom OAO (ADR)		12,342		115,521
Indo Tambangraya Megah Tbk PT		13,500		35,808
JX Holdings, Inc.		2,700		13,347
Penn West Petroleum Ltd.		2,169		24,210
Royal Dutch Shell PLC, Class A		294		9,808
Royal Dutch Shell PLC, Class B		3,729		129,376
Suncor Energy, Inc.		1,812		65,836
Surgutneftegas OAO (Preference) (ADR)		2,829		20,793
Talisman Energy, Inc.		471		5,871
Tatneft OAO (ADR)		660		27,133
Total S.A.		261		16,061
Tupras Turkiye Petrol Rafinerileri A/S		615		13,984
				841,083
Paper & Forest Products – 0.6%
Stora Enso Oyj, Class R		2,784		25,926
UPM-Kymmene Oyj		1,656		26,363
				52,289
Personal Products – 0.4%
Kao Corp.		900		29,951
Pharmaceuticals – 5.3%
AstraZeneca PLC		2,643		140,508
Bayer AG (Registered)		99		12,320
Eisai Co. Ltd.		1,500		58,862
GlaxoSmithKline PLC		711		18,774
Mitsubishi Tanabe Pharma Corp.		600		8,464
Novartis AG (Registered)		537		41,778
Ono Pharmaceutical Co. Ltd.		300		22,628
Orion Oyj, Class B		1,908		51,334
Roche Holding AG		165		45,771
Sanofi		144		15,376
Taisho Pharmaceutical Holdings Co. Ltd.		300		21,068
				436,883


	Shares		Value
Professional Services – 0.6%
Adecco S.A. (Registered)*		441	$	32,604
Randstad Holding N.V.		285		17,612
				50,216
Real Estate Investment Trusts (REITs) – 0.7%
Corio N.V.		219		9,567
Gecina S.A.		159		21,303
Intu Properties PLC		4,317		23,873
Klepierre		57		2,563
				57,306
Real Estate Management & Development – 0.6%
Guangzhou R&F Properties Co. Ltd., Class H		6,000		10,525
KWG Property Holding Ltd.		63,000		40,792
				51,317
Semiconductors & Semiconductor Equipment – 1.0%
Radiant Opto-Electronics Corp.		12,090		45,266
Samsung Electronics Co. Ltd.		27		37,290
				82,556
Software – 0.1%
Oracle Corp. Japan		300		11,864
Textiles, Apparel & Luxury Goods – 0.4%
Bosideng International Holdings Ltd.		42,000		9,697
Grendene S.A.		621		5,670
Ruentex Industries Ltd.		6,000		15,480
				30,847
Tobacco – 2.7%
British American Tobacco PLC		4,011		221,418
Trading Companies & Distributors – 1.3%
Ashtead Group PLC		2,406		25,319
Finning International, Inc.		816		18,811
Marubeni Corp.		3,000		23,453
Rexel S.A.		537		13,469
Sumitomo Corp.		2,100		27,291
				108,343


	Shares		Value
COMMON STOCKS – (continued)
Transportation Infrastructure – 0.6%
COSCO Pacific Ltd.		12,219	$	17,809
Hopewell Highway Infrastructure Ltd.		24,000		11,825
Hutchison Port Holdings Trust, Class U		27,000		19,710
				49,344
Wireless Telecommunication Services – 1.8%
MegaFon OAO (Registered), Class S (GDR)		1,737		63,053
NTT DOCOMO, Inc.		300		4,770
Tele2 AB, Class B		1,722		20,810
Vodacom Group Ltd.		2,442		28,068
Vodafone Group PLC		8,451		30,481
				147,182
Total Common Stocks (Cost $7,715,488)				8,186,917

Total Investment Securities (Cost $7,715,488) – 99.8%				8,186,917
Other assets less liabilities – 0.2%				16,542
NET ASSETS – 100.0%			$	8,203,459

*	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 October 31, 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	$	490,355
Aggregate gross unrealized depreciation		(32,154	)
Net unrealized appreciation	$	458,201
Federal income tax cost of investments	$	7,728,716

FlexShares^® International Quality Dividend Dynamic Index Fund invested, as a percentage of net assets, companies domiciled in the following countries as of October 31, 2013:


	Shares		Value
COMMON STOCKS – 99.0%
Aerospace & Defense – 1.8%
BAE Systems PLC		17,142	$	125,226
European Aeronautic Defence and Space Co. N.V.		2,361		162,447
				287,673
Air Freight & Logistics – 0.4%
Deutsche Post AG (Registered)		1,914		64,857
Airlines – 0.4%
Turk Hava Yollari		18,153		71,254
Auto Components – 0.2%
Pirelli & C. SpA (Retirement Savings Plan)		3,420		35,452
Automobiles – 3.2%
Bayerische Motoren Werke AG (Preference)		270		22,604
Daihatsu Motor Co. Ltd.		3,500		67,853
Ford Otomotiv Sanayi A/S		2,334		32,920
Fuji Heavy Industries Ltd.		6,000		163,347
Isuzu Motors Ltd.		18,000		111,548
Tofas Turk Otomobil Fabrikasi A/S		18,193		120,998
				519,270
Capital Markets – 0.9%
ICAP PLC		5,682		35,164
IGM Financial, Inc.		1,800		86,716
Macquarie Korea Infrastructure Fund		2,820		17,546
				139,426
Chemicals – 2.2%
BASF SE		58		6,042
Huabao International Holdings Ltd.		84,000		36,837
Israel Chemicals Ltd.		2,988		24,776
K+S AG (Registered)		4,524		115,566
Mitsubishi Chemical Holdings Corp.		6,000		28,009
Synthos S.A.		75,498		128,087
TSRC Corp.		7,000		12,938
				352,255
Commercial Banks – 13.8%
Aozora Bank Ltd.		37,000		107,481
Australia & New Zealand Banking Group Ltd.		2,388		76,523
Banco Bilbao Vizcaya Argentaria S.A.		12,091		141,841


	Shares		Value
Commercial Banks – (continued)
Bank of Montreal		1,380	$	96,098
Bank of Nova Scotia		1,999		121,510
Canadian Imperial Bank of Commerce		1,800		153,100
Commonwealth Bank of Australia		6,871		495,014
HSBC Holdings PLC		9,657		105,827
Intesa Sanpaolo SpA		50,520		102,061
Malayan Banking Bhd		9,683		29,951
Mizuho Financial Group, Inc.		49,800		104,057
National Australia Bank Ltd.		4,440		148,459
National Bank of Canada		1,020		88,497
Royal Bank of Canada		96		6,446
Sumitomo Mitsui Financial Group, Inc.		4,200		201,845
Swedbank AB, Class A		2,214		57,821
Westpac Banking Corp.		5,100		165,602
				2,202,133
Commercial Services & Supplies – 0.3%
Dai Nippon Printing Co. Ltd.		2,000		20,956
Multiplus S.A.		2,400		29,955
				50,911
Communications Equipment – 0.6%
VTech Holdings Ltd.		6,600		94,747
Computers & Peripherals – 1.2%
Asustek Computer, Inc.		14,000		107,217
Chicony Electronics Co. Ltd.		6,010		14,954
Lite-On Technology Corp.		12,009		21,010
Quanta Computer, Inc.		12,000		28,469
Wistron Corp.		14,100		13,246
				184,896
Construction & Engineering – 1.2%
Bouygues S.A.		1,068		41,802
Eiffage S.A.		588		34,953
Leighton Holdings Ltd.		1,914		32,461
Taisei Corp.		12,000		61,400
Vinci S.A.		300		19,269
				189,885
Construction Materials – 0.7%
Fletcher Building Ltd.		14,089		116,505
Consumer Finance – 0.5%
Provident Financial PLC		3,390		86,053


	Shares		Value
COMMON STOCKS – (continued)
Diversified Financial Services – 0.9%
African Bank Investments Ltd.		69,444	$	117,990
Chailease Holding Co. Ltd.		6,300		15,311
Investor AB, Class A		272		8,537
				141,838
Diversified Telecommunication Services – 5.3%
Belgacom S.A.		4,518		123,858
Bell Aliant, Inc.		600		15,195
Bezeq The Israeli Telecommunication Corp. Ltd.		67,764		118,250
Elisa Oyj		1,842		46,152
Magyar Telekom Telecommunications PLC		20,361		28,048
Orange S.A.		4,032		55,418
TalkTalk Telecom Group PLC		3,678		15,765
TDC A/S		4,752		42,962
Telecom Corp. of New Zealand Ltd.		60,830		118,327
Telecom Egypt Co.		7,878		15,497
Telefonica Czech Republic A/S		2,340		38,258
Telefonica Deutschland Holding AG		16,155		127,581
Telstra Corp. Ltd.		9,408		46,148
Turk Telekomunikasyon A/S		14,668		50,802
				842,261
Electric Utilities – 2.2%
CEZ A/S		2,498		72,064
The Chugoku Electric Power Co. Inc.		1,300		19,902
Cia Energetica de Minas Gerais		7,854		70,050
EDP – Energias de Portugal S.A.		10,554		38,912
Fortum Oyj		4,206		93,776
Light S.A.		1,800		15,981
PGE S.A.		6,966		40,753
				351,438
Energy Equipment & Services – 0.3%
Seadrill Ltd.		1,015		47,015
Food & Staples Retailing – 1.8%
Lawson, Inc.		1,200		96,259
Metcash Ltd.		9,384		29,769
Metro AG		618		29,015


	Shares		Value
Food & Staples Retailing – (continued)
Shoppers Drug Mart Corp.		1,938	$	113,212
Wesfarmers Ltd.		534		21,865
				290,120
Food Products – 2.6%
Nestle S.A. (Registered)		1,776		128,461
Orkla ASA		4,116		33,390
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		594,000		84,311
Unilever N.V.		4,151		164,615
				410,777
Gas Utilities – 0.5%
Gas Natural SDG S.A.		156		3,684
Snam SpA		16,152		83,355
				87,039
Hotels, Restaurants & Leisure – 1.9%
Berjaya Sports Toto Bhd		56,400		72,744
Grand Korea Leisure Co. Ltd.		2,940		107,262
Gtech SpA		648		19,725
Sands China Ltd.		4,800		34,113
Tatts Group Ltd.		25,080		74,573
				308,417
Household Durables – 0.3%
Sekisui House Ltd.		3,000		42,901
Independent Power Producers & Energy Traders – 2.1%
AES Tiete S.A.		14,400		128,174
AES Tiete S.A. (Preference)		12,700		125,095
Tractebel Energia S.A.		4,800		82,254
				335,523
Industrial Conglomerates – 0.0%^†
Siemens AG (Registered)		38		4,865
Insurance – 7.9%
Admiral Group PLC		4,002		82,235
Allianz SE (Registered)		24		4,043
AXA S.A.		6,882		172,152
Baloise Holding AG (Registered)		222		25,888
CNP Assurances		1,032		18,239
Euler Hermes S.A.		288		38,073
Gjensidige Forsikring ASA		7,617		142,281
Great-West Lifeco, Inc.		696		21,524
Mapfre S.A.		5,136		20,696


	Shares		Value
COMMON STOCKS – (continued)
Insurance – (continued)
Mediolanum SpA		9,586		83,536
Muenchener Rueckversicherungs AG (Registered)		804		168,219
Power Financial Corp.		1,242		40,862
Powszechny Zaklad Ubezpieczen S.A.		624		95,076
RSA Insurance Group PLC		21,366		44,075
Sampo Oyj, Class A		2,351		111,515
SCOR SE		702		24,847
Sun Life Financial, Inc.		1,200		40,412
Tryg A/S		150		13,725
Zurich Insurance Group AG*		420		116,369
				1,263,767
Internet Software & Services – 0.5%
Dena Co. Ltd.		3,600		78,487
Leisure Equipment & Products – 0.2%
Sankyo Co. Ltd.		600		28,499
Machinery – 3.0%
Hino Motors Ltd.		8,000		112,445
Kone Oyj, Class B		1,196		105,606
Metso Oyj		132		5,204
NSK Ltd.		1,000		10,621
Turk Traktor ve Ziraat Makineleri A/S		3,384		112,107
Zardoya Otis S.A.		7,638		133,225
				479,208
Marine – 0.2%
MISC Bhd*		21,600		34,978
Media – 1.3%
Kabel Deutschland Holding AG		324		40,788
Reed Elsevier N.V.		4,638		93,540
Shaw Communications, Inc., Class B		1,656		39,604
Telenet Group Holding N.V.		628		34,535
				208,467
Metals & Mining – 4.1%
Agnico Eagle Mines Ltd.		2,785		82,681
BHP Billiton Ltd.		918		32,738
Gold Fields Ltd.		17,604		82,869
Harmony Gold Mining Co. Ltd.		27,534		95,435
IAMGOLD Corp.		4,890		24,993


	Shares		Value
Metals & Mining – (continued)
Iluka Resources Ltd.		7,284	$	71,045
Kumba Iron Ore Ltd.		1,230		51,660
MMC Norilsk Nickel OJSC (ADR)		8,941		135,367
Polymetal International PLC		2,442		23,520
Shougang Fushan Resources Group Ltd.		168,000		56,556
				656,864
Multiline Retail – 0.0%^†
Marks & Spencer Group PLC		792		6,407
Multi-Utilities – 0.9%
E.ON SE		3,942		72,107
RWE AG		1,086		40,144
RWE AG (Preference)		912		31,183
				143,434
Office Electronics – 0.5%
Canon, Inc.		2,400		75,589
Ricoh Co. Ltd.		1,000		10,529
				86,118
Oil, Gas & Consumable Fuels – 10.8%
ARC Resources Ltd.		805		21,367
Baytex Energy Corp.		1,800		75,117
BP PLC		5,658		43,878
Canadian Oil Sands Ltd.		4,200		81,837
Eni SpA		10,926		277,025
Gazprom OAO (ADR)		19,417		181,743
Harum Energy Tbk PT		429,000		119,880
Indo Tambangraya Megah Tbk PT		43,500		115,383
Keyera Corp.		396		23,429
Penn West Petroleum Ltd.		1,800		20,091
Repsol S.A.		2,064		55,503
Royal Dutch Shell PLC, Class A		1,056		35,229
Royal Dutch Shell PLC, Class B		4,818		167,158
Surgutneftegas OAO (Preference) (ADR)		4,590		33,737
Total S.A.		4,638		285,412
TransCanada Corp.		1,698		76,511
Tupras Turkiye Petrol Rafinerileri A/S		3,618		82,267
Vermilion Energy, Inc.		456		25,060
				1,720,627


	Shares		Value

COMMON STOCKS – (continued)
Paper & Forest Products – 0.5%
Oji Holdings Corp.		6,000	$	27,398
Stora Enso Oyj, Class R		2,713		25,265
UPM-Kymmene Oyj		1,698		27,032
				79,695
Pharmaceuticals – 8.3%
Astellas Pharma, Inc.		800		44,521
AstraZeneca PLC		3,546		188,514
Bayer AG (Registered)		74		9,209
Eisai Co. Ltd.		1,900		74,559
GlaxoSmithKline PLC		21,030		555,286
Novartis AG (Registered)		996		77,487
Orion Oyj, Class B		4,704		126,559
Roche Holding AG		612		169,769
Sanofi		846		90,332
				1,336,236
Real Estate Investment Trusts (REITs) – 2.1%
Boardwalk Real Estate Investment Trust		1,200		68,248
Calloway Real Estate Investment Trust		4,152		99,933
CapitaCommercial Trust		24,000		28,540
Corio N.V.		762		33,290
Gecina S.A.		162		21,704
Mirvac Group		13,530		22,293
RioCan Real Estate Investment Trust		878		21,427
Westfield Retail Trust		11,340		33,182
				328,617
Real Estate Management & Development – 1.5%
Daito Trust Construction Co. Ltd.		800		81,623
Greentown China Holdings Ltd.		57,000		110,720
Redefine Properties Ltd.		17,028		17,529
Swiss Prime Site AG (Registered)*		420		31,910
				241,782
Semiconductors & Semiconductor Equipment – 1.0%
Radiant Opto-Electronics Corp.		30,120		112,773
Samsung Electronics Co. Ltd.		30		41,433
Taiwan Semiconductor Manufacturing Co. Ltd.		1,000		3,727
				157,933


	Shares		Value

Software – 0.2%
Konami Corp.		1,200	$	28,951
Specialty Retail – 2.0%
Fast Retailing Co. Ltd.		400		133,931
Hennes & Mauritz AB, Class B		4,158		179,915
				313,846
Textiles, Apparel & Luxury Goods – 0.5%
Anta Sports Products Ltd.		18,000		25,817
Bosideng International Holdings Ltd.		120,000		27,705
Grendene S.A.		3,000		27,391
				80,913
Tobacco – 4.0%
British American Tobacco Malaysia Bhd		3,600		72,444
British American Tobacco PLC		5,538		305,713
Imperial Tobacco Group PLC		2,166		81,047
Japan Tobacco, Inc.		4,200		151,972
Swedish Match AB		810		26,762
				637,938
Trading Companies & Distributors – 0.3%
Sumitomo Corp.		3,600		46,784
Transportation Infrastructure – 1.5%
Atlantia SpA		1,950		42,814
Hutchison Port Holdings Trust, Class U		42,000		30,660
Jiangsu Expressway Co. Ltd., Class H		72,000		90,638
SIA Engineering Co. Ltd.		18,000		73,286
				237,398
Wireless Telecommunication Services – 2.4%
Advanced Info Service PCL		11,400		93,398
Shin Corp. PCL		7,200		19,489
Tele2 AB, Class B		1,320		15,952
Vodafone Group PLC		72,144		260,210
				389,049
Total Common Stocks (Cost $15,013,831)				15,843,509

Total Investment Securities (Cost $15,013,831) – 99.0%				15,843,509
Other assets less liabilities – 1.0%				155,064
NET ASSETS – 100.0%			$	15,998,573

*	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 October 31, 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	$	900,544
Aggregate gross unrealized depreciation		(84,164	)
Net unrealized appreciation	$	816,380
Federal income tax cost of investments	$	15,027,129

FlexShares^® International Quality Dividend Defensive Index Fund had the following open long futures contracts as of October 31, 2013:

Cash collateral in the amount of $14,822 was pledged to cover margin requirements for open futures contracts as of October 31, 2013.

FlexShares^® International Quality Dividend Defensive Index Fund had the following outstanding contracts as of October 31, 2013:

FlexShares^® International Quality Dividend Defensive Index Fund invested, as a percentage of net assets, companies domiciled in the following countries as of October 31, 2013:


	Principal Amount		Value

ASSET-BACKED SECURITY – 0.2%
American Express Credit Account Master Trust
0.59%, due 05/15/18	$	100,000	$	100,087
Total Asset-Backed Security (Cost $99,992)				100,087
CORPORATE BONDS – 74.5%
Automobile – 1.2%
Daimler Finance North America LLC 1.02%, due 04/10/14(a) (b)		500,000		501,390
Beverages – 6.0%
PepsiCo, Inc.
0.44%, due 07/30/15(b)		500,000		500,510
The Coca-Cola Co.
0.34%, due 11/01/16(b)		2,000,000		2,003,272
				2,503,782
Capital Markets – 5.2%
ING Bank N.V.
1.21%, due 03/07/16(a) (b)		200,000		202,115
Morgan Stanley
1.51%, due 02/25/16(b)		905,000		915,015
The Bank of New York Mellon Corp.
0.47%, due 10/23/15(b)		276,000		276,339
The Goldman Sachs Group, Inc.
1.26%, due 11/21/14(b)		100,000		100,695
1.60%, due 11/23/15		642,000		649,506
				2,143,670
Commercial Banks – 17.7%
Bank of Montreal
0.50%, due 09/24/15(b)		1,000,000		1,000,670
Bank of Nova Scotia
0.65%, due 03/15/16(b)		333,000		333,991
BB&T Corp.
1.11%, due 06/15/18(b)		500,000		504,189
BNP Paribas S.A.
1.14%, due 01/10/14(b)		300,000		300,479
3.00%, due 12/20/14(b)		200,000		206,031
Commonwealth Bank of Australia
0.75%, due 09/20/16(a) (b)		1,000,000		1,001,006
Rabobank Nederland
0.73%, due 03/18/16(b)		750,000		752,744
Royal Bank of Canada
0.80%, due 10/30/15		600,000		603,171
0.63%, due 03/08/16(b)		410,000		410,920
Svenska Handelsbanken AB
0.72%, due 09/23/16(b)		1,000,000		1,002,725
The Bank of Tokyo-Mitsubishi UFJ Ltd.
0.87%, due 09/09/16(a) (b)		250,000		251,022
The Toronto-Dominion Bank
0.72%, due 09/09/16(b)		500,000		502,478


	Principal Amount		Value

Commercial Banks – (continued)
Wells Fargo Bank N.A.
0.52%, due 07/20/15(b)	$	500,000	$	500,972
				7,370,398
Computers & Peripherals – 2.3%
Apple, Inc.
0.29%, due 05/03/16(b)		515,000		514,680
0.45%, due 05/03/16		428,000		426,372
				941,052
Consumer Finance – 9.4%
American Honda Finance Corp.
0.74%, due 10/07/16(b)		750,000		753,364
Caterpillar Financial Services Corp.
0.70%, due 11/06/15		535,000		535,615
Ford Motor Credit Co. LLC
1.52%, due 05/09/16(b)		825,000		836,766
PACCAR Financial Corp.
0.70%, due 11/16/15		700,000		701,098
Toyota Motor Credit Corp.
0.40%, due 09/18/15(b)		500,000		500,518
0.55%, due 05/17/16(b)		300,000		300,871
Volkswagen International Finance N.V.
0.86%, due 04/01/14(a) (b)		200,000		200,271
0.86%, due 11/20/14(a) (b)		100,000		100,453
				3,928,956
Diversified Financial Services – 3.4%
General Electric Capital Corp.
0.86%, due 12/11/15(b)		100,000		100,790
0.84%, due 01/08/16(b)		160,000		160,866
0.89%, due 07/12/16(b)		800,000		804,831
JPMorgan Chase & Co.
1.88%, due 03/20/15		200,000		203,259
1.14%, due 01/25/18(b)		125,000		126,076
				1,395,822
Diversified Telecommunication Services – 1.8%
AT&T, Inc.
0.65%, due 02/12/16(b)		200,000		199,822
Verizon Communications, Inc.
1.78%, due 09/15/16(b)		500,000		514,117
				713,939
Electric Utilities – 3.0%
Alabama Power Co.
0.55%, due 10/15/15		100,000		99,841
Duke Energy Indiana, Inc.
0.60%, due 07/11/16(b)		1,000,000		1,003,117
Georgia Power Co.
0.63%, due 11/15/15		100,000		100,006
				1,202,964


	Principal Amount		Value

CORPORATE BONDS – (continued)
Food Products – 0.9%
General Mills, Inc. 0.54%, due 01/29/16(b)	$	350,000	$	350,427
Health Care Equipment & Supplies – 2.4%
Baxter International, Inc. 0.43%, due 12/11/14(b)		988,000		989,602
Health Care Providers & Services – 2.7%
McKesson Corp. 0.95%, due 12/04/15		320,000		320,315
UnitedHealth Group, Inc. 0.85%, due 10/15/15		795,000		798,649
				1,118,964
Household Products – 2.4%
The Procter & Gamble Co. 0.32%, due 11/04/16(b)		1,000,000		1,001,343
Internet & Catalog Retail – 1.6%
Amazon.com, Inc. 0.65%, due 11/27/15		652,000		651,305
IT Services – 0.7%
International Business Machines Corp. 0.55%, due 02/06/15		300,000		300,854
Metals & Mining – 1.9%
Glencore Funding LLC 1.42%, due 05/27/16(a)(b)		800,000		796,502
Oil, Gas & Consumable Fuels – 7.3%
BP Capital Markets PLC 0.70%, due 11/06/15		520,000		520,287
0.88%, due 09/26/18(b)		900,000		902,383
Marathon Oil Corp. 0.90%, due 11/01/15		165,000		165,220
Petrobras Global Finance B.V. 1.88%, due 05/20/16(b)		715,000		715,000
Total Capital Canada Ltd. 0.62%, due 01/15/16(b)		100,000		100,613
TransCanada PipeLines Ltd. 0.93%, due 06/30/16(b)		625,000		630,206
				3,033,709
Pharmaceuticals – 2.4%
Merck & Co., Inc. 0.45%, due 05/18/16(b)		1,000,000		1,003,633
Tobacco – 0.3%
Reynolds American, Inc. 1.05%, due 10/30/15		100,000		100,212
Wireless Telecommunication Services – 1.9%
Vodafone Group PLC 0.65%, due 02/19/16(b)		800,000		800,380
Total Corporate Bonds (Cost $30,768,560)				30,848,904


	Principal Amount		Value

U.S. GOVERNMENT OBLIGATION – 1.1%
United States Treasury Note 0.38%, due 08/31/15	$	450,000	$	450,808
Total U.S. Government Obligation (Cost $449,082)				450,808

MUNICIPAL BONDS – 4.4%
Municipal – 4.4%
City of Worcester, MA, General Obligation Bond, Anticipation Notes, Series B 0.85%, due 12/17/14		1,000,000		1,004,910
New Jersey Economic Development Authority, Revenue Bonds, Waste Management of NJ, Inc. Project, Series 2001 2.20%, due 11/01/13		800,000		800,000
				1,804,910
Total Municipal Bonds (Cost $1,803,860)				1,804,910

CERTIFICATE OF DEPOSIT – 2.4%
Credit Suisse/New York 0.60%, due 03/24/15		1,000,000		1,001,095
Total Certificate of Deposit (Cost $1,000,000)				1,001,095

COMMERCIAL PAPER – 7.0%
ENI Finance USA, Inc. 0.00%, due 01/17/14		500,000		499,715
0.00%, due 12/16/14		500,000		499,671
Tesco Treasury Services PLC 0.00%, due 02/21/14		900,000		899,065
Textron, Inc. 0.00%, due 11/21/13		1,000,000		999,750
Total Commercial Paper (Cost $2,897,138)				2,898,201

REPURCHASE AGREEMENTS (c) – 19.8%
RBS Securities, Inc., dated 10/31/13, repurchase price $8,200,093, 0.41%, 11/01/13		8,200,000		8,200,000
Total Repurchase Agreements (Cost $8,200,000)				8,200,000
Total Investment Securities (Cost $45,218,632) – 109.4%				45,304,005
Liabilities in excess of other assets – (9.4%)				(3,880,679	)
NET ASSETS – 100.0%			$	41,423,326

^(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 October 31, 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
Government National Mortgage Association	$	8,427,798		3.0	%		07/15/28

As of October 31, 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	$	92,336
Aggregate gross unrealized depreciation		(7,840	)
Net unrealized appreciation	$	84,496
Federal income tax cost of investments	$	45,219,509

FlexShares^® Ready Access Variable Income Fund invested, as a percentage of net asset, companies domiciled in the following countries as of October 31, 2013:

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 fourteen operational exchange-traded funds as of October 31, 2013 (each a “Fund” and collectively the “Funds”). The FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure 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^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Dynamic Index Fund and 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. The FlexShares^® STOXX^® Global Broad Infrastructure Index Fund commenced operations on October 8, 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^® 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 seek to track Underlying Indexes developed by Northern Trust Investments, Inc. (“NTI” or the “Investment Adviser”), an indirect subsidiary of Northern Trust Corporation.

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 the Investment Adviser.

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 Fund’s 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 readily available 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 in good faith in accordance with the Funds’ fair value pricing procedures as approved by the Board. Such circumstances include, for example, 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 Trust’s 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 Fund’s NAV and the prices used by an Index Fund’s Underlying Index. This difference may adversely affect an Index Fund’s ability to track its Underlying Index. The portfolio securities of the FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure 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 Trust’s 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 Trust’s 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 Fund’s ability to track its Underlying Index.

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 Trust’s fair value procedures.

NTI has established a pricing and valuation committee (the “NTGI PVC”) whose membership includes representatives

of NTI, as well as independent control personnel from Northern Trust’s Legal and NTI’s Compliance and Risk Management groups. The NTGI PVC is responsible for the fair valuation of portfolio securities and the monitoring of the fair valuation process, subject to the Board’s oversight.

Various inputs are used in determining the value of each Fund’s investments. These inputs are summarized in three levels listed below:

•

Level 1—Quoted prices in active markets for identical assets on the measurement date.

•

Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3—Significant 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 October 31, 2013 for each Fund based upon the three levels defined above. During the period ended October 31, 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 year ended October 31, 2013, FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund and FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had securities transferred from Level 1 to Level 2 with an aggregated market value of $54,220 or 0.02% and $216,629 or 0.14%, respectively, of the net assets of the respective Fund, due to the securities being fair valued in accordance with the Trust’s fair value pricing procedures. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type where applicable.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

(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.

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 Fund’s 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^® STOXX^® Global Broad Infrastructure 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 Fund’s 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 October 31, 2013, as reflected in its Schedule of Investments.

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. If subsequent payments have not yet been made or received by the Funds, the daily change in contract value is included in unrealized appreciation (depreciation) on futures contracts. 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. As of October 31, 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^® Quality Dividend Defensive 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 Fund’s 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 Fund’s 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 Fund’s index provider may affect a Fund’s 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 the difference between the future foreign currency exchange rates at the date of entry into the contract and the rates at the reporting date are include in unrealized appreciation (depreciation) on forward foreign currency contracts in the financial statements.

Forward Foreign Currency Exchange Contracts

The FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure 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 Fund’s 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 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 held 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 October 31, 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, and the FlexShares^® International Quality Dividend Defensive Index Fund had open forward foreign currency contracts.

Offsetting of Financial Assets and Derivative Assets

The FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, and FlexShares^® International Quality Dividend Defensive Index Fund have adopted Financial Accounting Standards Update (“ASU”) No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” which was subsequently clarified in ASU 2013-01 “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” for the current reporting period. Both ASU 2011-11 and ASU 2013-01 are effective prospectively for interim and annual periods beginning on or after January 1, 2013. Management is evaluating the implications of both these requirements and the impacts they will have to the financial statement amounts and footnote disclosures of the other Funds’ whose fiscal years began before January 1, 2013, if any.

For financial reporting purposes, the Trust can offset financial assets and financial liabilities of the FlexShares^® International Quality Dividend Defensive Index Fund that are subject to master netting arrangements or similar agreements in the Statement of Assets and Liabilities. The following table presents the gross and net amounts of these assets and liabilities:

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.

The Effect of Derivative Instruments on the Statement of Operations for the Period Ended October 31, 2013

At October 31, 2013, the volume of derivative activities, which represents activities throughout the period, was as follows:

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, 2013, 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.

Dividends from net investment income, including any net foreign currency gains, are generally declared and paid by each Fund according to the following schedule:

Dividends from Net Investment Income

Fund

Declared

And Paid
Annually

Declared

And Paid
Monthly

Declared

And Paid
Quarterly

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund

Dividends from Net Investment Income

Fund

Declared

And Paid
Annually

Declared

And Paid
Monthly

Declared

And Paid
Quarterly

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

Distribution of net realized securities gains, if any, generally are distributed at least annually. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to improve

tracking error, to preserve its status as a regulated investment company or to avoid imposition of income or excise taxes on undistributed income or realized gains. Tracking error is a measurement of how much the return on a portfolio deviates from the return on its benchmark index.

Dividends and securities gains distributions are distributed in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment;

temporary differences (e.g., wash sales) do not require a reclassification. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes.

The Funds’ tax year end is October 31st and the tax character of current year distributions and current components of accumulated earnings (deficit) will be determined at the end of the current tax year.

Temporary differences are generally due to differing book and tax treatments for the timing of the recognition of gains and losses on certain investment transaction and the timing and the deductibility of certain expenses.

Permanent differences, primarily due to distributions paid in excess of taxable income, recharacterization of dividends received from investments in REITs and Passive Foreign Investment Companies (“PFICs’’) gains and losses, in-kind transactions and foreign currency gains and losses resulted in the following reclassifications, as of October 31, 2013 (the Funds’ tax year end), among the Funds’ components of net assets:

As of October 31, 2013, the tax character of distributions paid for the tax years ended October 31, 2013 and October 31, 2012, were as follows:

As of October 31, 2013, the components of accumulated earnings (deficit) on a tax basis were as follows:

Post-enactment capital loss carry forwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous law.

For the tax year ended October 31, 2013, the following Funds had available post-enactment capital loss carryforwards to offset future net capital gains to the extent provided by regulations:


Fund	Short-Term		Long-Term		Total
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund	$	4,421,014	$	3,577,927	$	7,998,941
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		157		—		157
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		17,407,882		845,933		18,253,815
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		7,553,938		—		7,553,938
FlexShares^® Morningstar US Market Factor Tilt Index Fund		809,548		—		809,548
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		680,402		27,335		707,737
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		1,693,103		5,197		1,698,300
FlexShares^® Quality Dividend Index Fund		539,135		—		539,135
FlexShares^® Quality Dividend Dynamic Index Fund		65,087		—		65,087


Fund	Short-Term		Long-Term		Total
FlexShares^® Quality Dividend Defensive Index Fund	$	61,186	$	—	$	61,186
FlexShares^® International Quality Dividend Index Fund		201,077		—		201,077
FlexShares^® International Quality Dividend Dynamic Index Fund		25,915		—		25,915
FlexShares^® International Quality Dividend Defensive Index Fund		36,402		—		36,402
FlexShares^® Ready Access Variable Income Fund		9,310		—		9,310

The FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure 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 Fund, FlexShares^® International Quality Dividend Defensive Fund, and FlexShares^® Ready Access Variable Income Fund may be subject to foreign withholding taxes with respect to dividends or interest received from sources in foreign countries. If, at the close of the taxable year, more than 50% in value of a Fund’s assets consists of stock or securities in foreign corporations the Fund will be eligible to make an election to treat a proportionate amount of those taxes as constituting a distribution to each shareholder, which would allow all shareholders to either (1) credit that proportionate amount of taxes against U.S. Federal income tax liability as a foreign tax credit or (2) take that amount as an itemized deduction. If a Fund is not eligible to make this election or is eligible but does not make the election, it will be entitled to deduct such taxes in computing the amounts it is required to distribute.

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 the 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.

The FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® Morningstar US Market Factor Tilt Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Dynamic Index Fund, and FlexShares^® Quality Dividend Defensive Index Fund may hold the securities of real estate investment trusts (“REITs”). Distributions from such investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT’s fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods concluded.

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 Funds 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.

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 Trust’s Board.

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 Fund’s 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^® STOXX^® Global Broad Infrastructure Index Fund		0.47	%
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 October 31, 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.

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 Trust’s 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 (the “Distributor”) 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 1940 Act. 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 Fund’s respective average daily net assets under the Plan. The Funds did not pay any 12b-1 fees during the fiscal year.

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 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 October 31, 2013		As of October 31, 2012
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund	$	13,500	$	28,500
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		2,000		N/A
FlexShares^® Morningstar US Market Factor Tilt Index Fund		12,000		10,500
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		100,000		20,000
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		75,000		50,000
FlexShares^® Quality Dividend Index Fund		3,000		N/A
FlexShares^® Quality Dividend Dynamic Index Fund		1,000		N/A
FlexShares^® Quality Dividend Defensive Index Fund		2,000		N/A
FlexShares^® International Quality Dividend Index Fund		30,000		N/A
FlexShares^® International Quality Dividend Dynamic Index Fund		5,000		N/A
FlexShares^® International Quality Dividend Defensive Index Fund		5,000		N/A
FlexShares^® Ready Access Variable Income Fund		1,050		700

10. Investment Transactions

For the period ended October 31, 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 by each Fund and proceeds from sales of securities, excluding short-term securities, derivatives and in-kind transactions for the period ended October 31, 2013, were as follows:


Fund	Purchases		Sales
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund	$	279,542,139	$	150,957,588
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		4,041,481		36,476
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		1,724,236,471		1,712,624,760
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		689,640,664		688,015,974
FlexShares^® Morningstar US Market Factor Tilt Index Fund		56,754,857		55,810,767
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		241,848,682		8,903,160
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		153,061,255		17,576,781
FlexShares^® Quality Dividend Index Fund		56,519,903		53,254,860
FlexShares^® Quality Dividend Dynamic Index Fund		4,407,525		4,008,279
FlexShares^® Quality Dividend Defensive Index Fund		11,325,827		10,991,162


Fund	Purchases		Sales
FlexShares^® International Quality Dividend Index Fund	$	44,059,484	$	8,208,141
FlexShares^® International Quality Dividend Dynamic Index Fund		3,778,592		1,036,304
FlexShares^® International Quality Dividend Defensive Index Fund		9,821,449		1,559,127
FlexShares^® Ready Access Variable Income Fund***		39,865,328		11,310,275

***	Includes $2,296,887 in purchases and $2,047,714 in sales of U.S. Government Securities.

11. In-Kind Transactions

During the period ended October 31, 2013, the Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended October 31, 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	$	2,168,997,893
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		1,332,773,919
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		178,302,665
FlexShares^® Morningstar US Market Factor Tilt Index Fund		222,724,711
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		40,768,362
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		11,188,873
FlexShares^® Quality Dividend Index Fund		263,082,039
FlexShares^® Quality Dividend Dynamic Index Fund		11,158,331
FlexShares^® Quality Dividend Defensive Index Fund		40,325,066
FlexShares^® International Quality Dividend Index Fund		35,625,015
FlexShares^® International Quality Dividend Dynamic Index Fund		5,001,654
FlexShares^® International Quality Dividend Defensive Index Fund		6,811,826

During the period ended October 31, 2013, 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^® Morningstar US Market Factor Tilt Index Fund delivered securities in exchange for redemption of shares (redemptions-in-kind). For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each transaction. For the period ended October 31, 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 Global Upstream Natural Resources Index Fund	$	29,628,487	$	4,722,846
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund		14,862,595		(210,389	)
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund		143,055,673		(3,234,240	)
FlexShares^® Morningstar US Market Factor Tilt Index Fund		3,263,804		1,050,331

12. Principal Risks

As with any investment, you could lose all or part of your investment in a Fund, and the Fund’s 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 Fund’s Prospectus.

The following 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 Fund’s 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 risk applies only to the Index Funds:

Tracking Error Risk

Tracking error risk is the risk that an Index Fund’s performance may vary substantially from the performance of the Underlying Index it tracks as a result of imperfect correlation between a Fund’s 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 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 security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

MLP Risk

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund may invest in Master Limited Partnerships (MLPs). MLP Risk is the risk that accompanies an investment in MLP units. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. If any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, the after-tax return to the Fund with respect to its investment in such MLPs would be materially reduced, which could cause a decline in the value of the Fund’s shares. The Fund must include its allocable share of the MLP’s taxable income in its taxable income, whether or not it receives a distribution of cash from the MLP. In such case, the Fund may have to liquidate securities to make required distributions to the Fund’s shareholders.

Non-diversification Risk

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure 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. Fund performance may depend on the performance of a small number of issuers because the Funds may invest a large percentage of its 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^® STOXX^® Global Broad Infrastructure 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 Fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, may not appreciate in value as anticipated.

The following 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 Fund’s equity securities. Such declines may occur quickly and without warning and may negatively impact the value of the Fund and your investment.

The following 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 Fund’s 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.

The following risks apply only 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 Fund’s 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 Fund’s 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. 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.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of FlexShares^® Trust (the “Trust”), consisting of FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure 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, and FlexShares^® Ready Access Variable Income Fund, (collectively, the “Funds”), as of October 31, 2013, and the related statements of operations, statements of changes in net assets and the financial highlights for the periods presented. These financial statements and financial highlights are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2013, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds listed above included in the FlexShares^® Trust as of October 31, 2013, and the results of their operations, the changes in their net assets, and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.

QUALIFIED DIVIDEND INCOME (QDI)

Under the Jobs and Growth Tax Relief Reconciliation Act of

2003 (the “Act”), the following percentages of ordinary

dividends paid during the fiscal year ended October 31, 2013

are designated as “qualified dividend income”, as defined in

the Act, subject to reduced tax rates in 2013:


Fund	QDI PERCENTAGE
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		100.00	%
FlexShares^® Morningstar US Market Factor Tilt Index Fund		100.00	%
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		100.00	%
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		100.00	%
FlexShares^® Quality Dividend Index Fund		100.00	%
FlexShares^® Quality Dividend Dynamic Index Fund		100.00	%
FlexShares^® Quality Dividend Defensive Index Fund		100.00	%
FlexShares^® International Quality Dividend Index Fund		100.00	%
FlexShares^® International Quality Dividend Dynamic Index Fund		100.00	%
FlexShares^® International Quality Dividend Defensive Index Fund		100.00	%

CORPORATE DIVIDENDS RECEIVED DEDUCTION (DRD)

A percentage of the dividends distributed during the fiscal

year for the following Funds qualifies for the dividends received deduction for corporate shareholders:


Fund	CORPORATE DRD PERCENTAGE
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		100.00	%
FlexShares^® Morningstar US Market Factor Tilt Index Fund		100.00	%


Fund	CORPORATE DRD PERCENTAGE
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		6.00	%
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		6.85	%
FlexShares^® Quality Dividend Index Fund		100.00	%
FlexShares^® Quality Dividend Dynamic Index Fund		100.00	%
FlexShares^® Quality Dividend Defensive Index Fund		100.00	%

FOREIGN TAX CREDIT

Each Fund below intends to make an election that will allow its shareholders to treat their proportionate share of foreign taxes paid by the Fund as having been paid by them. The amounts per share which represent income from sources within, and taxes paid to, foreign countries are as follows:


FUND	TAXES		INCOME
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund	$	0.0408	$	0.5406
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		0.0013		0.0068
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		0.0615		0.7281
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		0.1116		0.9627
FlexShares^® International Quality Dividend Index Fund		0.0223		0.2316
FlexShares^® International Quality Dividend Dynamic Index Fund		0.0273		0.2603
FlexShares^® International Quality Dividend Defensive Index Fund		0.0219		0.2053

As a shareholder, you incur two types of costs: (1) transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory fees and other Fund expenses. 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, October 31, 2013.

The first line under each Fund in the following table 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 October 31, 2013.

The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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.

The Statement of Additional Information (“SAI”) includes additional information about the Trust’s Trustees and is available, without charge, upon request by contacting the Fund directly at (855) 933-6287.

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 Trust’s investment advisory and ancillary services agreement (the “Advisory Agreement”) with Northern Trust Investments, Inc. (“NTI”), an indirect subsidiary of the Northern Trust Corporation.

At a meeting on June 20, 2013 (the “June Meeting”), 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”), considered whether to approve the continuation of the Advisory Agreement between the Trust, on behalf of 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, 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^® Ready Access Variable Income 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 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 June 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 June Meeting, the Trustees considered NTI’s 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, and included the following information: (1) a description of the types of funds

chosen by Lipper to compare to each Fund; (2) performance data for each Fund; (3) data on the Fund’s expenses and fees; and (4) comparative fee data for each Fund’s respective peer group, including expense comparisons of actual and contractual management fees and total expenses.

In considering the Advisory Agreement, the Independent Trustees met with their independent legal counsel separately from the “interested” Trustee of the Trust and officers and employees of NTI. After evaluating all the materials, the Trustees, including the Independent Trustees, concluded that the Advisory Agreement was in the best interest of the Funds and their shareholders and approved the continuation of 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.

Nature, Quality and Extent of Services

The Board examined the nature, quality and extent of the services provided by NTI to each Fund. The Board also considered NTI’s responsibilities under the Advisory Agreement to perform securities trading services and ancillary services including, among other things: (i) filing reports with the Securities and Exchange Commission, (ii) periodically updating the Trust’s registration statement, (iii) establishing and maintaining the Funds’ website to comply with regulatory requirements, (iv) monitoring anticipated purchases and redemptions of creation units by shareholders and new investors, (v) providing information and assistance as required by the Trust’s administrator and fund accountant in connection with the Trust’s shares, and (vi) providing assistance in connection with the operations of the Trust generally.

The Board also considered the quality of NTI’s resources that are made available to the Trust. The Board noted NTI’s and its affiliates’ financial position, stability, and commitment to growing the exchange-traded funds business. The Board also considered the operation and strength of NTI’s compliance program.

The Board noted that Foreside Fund Services, LLC, an entity unaffiliated with NTI, provides distribution services to the

Funds and that JP Morgan Chase (“JP Morgan”), also an unaffiliated entity, provides custody, transfer agency and fund administration support services, and that these service provider arrangements are relevant to the Board’s considerations of the totality of the circumstances surrounding renewal of the Advisory Agreement with NTI. The Board concluded that each Fund benefits from the services provided under the Advisory Agreement and as a result of NTI’s operations, resources, experience, reputation and personnel.

Fees and Expenses—Investment Performance of the Funds and NTI

The Board considered the fees, expenses and performance of each Fund and the Adviser, including comparative information provided by Lipper. The comparisons ranked each Fund in various quintiles over the since inception and one-year periods ending March 31, 2013, with the first quintile being the best 20% of the funds in terms of fund cost and fund performance. The Board also considered that, with the exception of FlexShares Ready Access Variable Income Fund (“RAVI”), the investment strategy of each Fund is to track the performance of a specified index (each, an “Underlying Index”). The Board noted that the differences in performance between each Fund and that of its Underlying Index demonstrate the Adviser’s expertise and effectiveness in managing index-based fixed-income and equity exchange-traded funds. The Board reviewed a report of the Funds’ tracking error contained in the meeting materials. In reaching its determinations, the Board considered a large amount of data provided by NTI in response to a written request previously submitted by the Independent Trustees to NTI. Among the information considered by the Board was the following:

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund

The Board considered that the Fund’s performance ranked in the second quintile of its performance universe for the one-year and since inception periods ended March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board

also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index for the one year and since inception periods.

The Board noted that the Fund’s total expense ratio was in the first quintile and that its total expenses as well as its actual management fees, reflecting expense reimbursements made by NTI, and contractual management fees were lower than their expense group medians.

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund

The Board considered that the Fund’s performance ranked in the fourth quintile of its performance universe for the one-year and in the fifth quintile for the since inception periods ended March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index for the one year and since inception periods. The Board took into account that the Fund’s total expense ratio was in the third quintile and that its total expenses and contractual management fees were equal to their expense group medians. The Board noted that the Fund’s actual management fee, reflecting expense reimbursements made by NTI, was lower than its expense group median.

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

The Board noted that the Fund’s performance ranked in the fourth quintile of its performance universe for the one-year and since inception periods ended March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index for the one year and since inception periods.

The Board considered that the Fund’s total expense ratio was in the third quintile and that its total expenses and contractual management fees were equal to the medians of their expense groups. The Board noted that the Fund’s actual management fee, reflecting expense reimbursements made by NTI, was lower than its expense group median.

FlexShares^® Morningstar US Market Factor Tilt Index Fund

The Board considered that the Fund’s performance ranked in the third quintile of its performance universe for the one-year period and in the first quintile for the since inception period ended March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index for the one year and since inception periods. The Board noted that the Fund’s total expense ratio was in the second quintile and that its total expenses as well as its actual management fees, reflecting expense reimbursements made by NTI, and contractual management fees were lower than their expense group medians.

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund

The Board considered that the Fund commenced operations on September 25, 2012 and accordingly did not have a one-year track record. The Board noted that, for the period since inception through March 31, 2013, the Fund ranked second out of two funds in its peer universe. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index since inception.

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund

The Board considered that the Fund commenced operations on September 25, 2012 and accordingly did not have a one-year track record. The Board noted that the Fund ranked in the second quintile of its performance universe for the period since inception through March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index since inception.

The Board noted that the Fund’s total expense ratio was in the fourth quintile and that its total expenses as well as its actual management fees were higher than the medians of their expense groups. The Board noted that the Fund’s contractual advisory fee was equal to that of its expense group median. The Board noted that the Fund’s actual management fee, reflecting expense reimbursements made by NTI, compared favorably with the Lipper median management fees for comparable funds set forth in the Lipper report, especially after taking into account, among other factors, important differences between the indexes upon which such comparable funds were based and the Fund’s underlying index and differences between the number of portfolio holdings for comparable funds and the Fund, among other factors.

FlexShares^® Ready Access Variable Income Fund

The Board considered that the Fund commenced operations on October 9, 2012 and accordingly did not have a one-year track record. The Board noted the Fund ranked third out of four funds in its peer universe for the period since inception through March 31, 2013. The Board considered NTI’s belief that the performance of the Fund since inception of the Fund compared well with the peer funds determined appropriate for comparison by Northern in light of the Fund’s specific investment strategy, and after taking into account that the Fund had historically had a less volatile net asset value than the other funds over the same time period.

The Board considered that the Fund’s total expense ratio was in the fourth quintile and that its total expenses as well as its actual management fees, reflecting expense reimbursements made by NTI, and contractual management fees were higher than the medians of their expense group. The Board considered NTI’s explanation that peer expense information had limited relevance because the Lipper peer funds, with the exception of one, were index based and not actively managed. The Board also considered NTI’s view that the contractual management fee and total expense ratio compared favorably with those of its peer funds determined appropriate for comparison by Northern.

FlexShares^® Quality Dividend Index Fund

The Board took into account that the Fund commenced operations on December 14, 2012 and accordingly does not have a one-year track record. The Board noted that the Fund ranked in the first quintile of its performance universe for the period since inception through March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index since inception. The Board considered that the Fund’s total expense ratio was in the first quintile and that its total expenses were slightly lower than that of its expense group median. The Board noted that the Fund’s contractual management fees and actual management fees, reflecting expense reimbursements made by NTI, were equal to their expense group medians.

FlexShares^® Quality Dividend Dynamic Index Fund

The Board noted that the Fund commenced operations on December 14, 2012 and accordingly does not have a one-year track record. The Board noted that the Fund ranked in the second quintile of its performance universe for the period since inception through March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also

considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index since inception.

The Board considered that the Fund’s total expense ratio was in the first quintile and that its total expenses were slightly lower than that of its expense group median. The Board noted that the Fund’s contractual management fees and actual management fees, reflecting expense reimbursements made by NTI, were equal to their expense group medians.

FlexShares^® Quality Dividend Defensive Index Fund

The Board considered that the Fund commenced operations on December 14, 2012 and accordingly does not have a one-year track record. The Board noted that the Fund ranked in the first quintile of its performance universe for the period since inception through March 31, 2013. The Board considered NTI’s explanation that performance information with respect to the Lipper peers had limited relevance because each of the peer funds sought to track an index that was different than the Fund’s index. The Board also considered the information that NTI provided regarding the difference between the Fund’s performance and the performance of its underlying index since inception.

FlexShares^® International Quality Dividend Index Fund

The Board considered that the Fund commenced operations on April 12, 2013 and accordingly does not have sufficient performance history to compare to its peer group at this time.

management fees, reflecting expense reimbursements made by NTI, were equal to their expense group medians.

FlexShares^® International Quality Dividend Dynamic Index Fund

The Board considered that the Fund commenced operations on April 12, 2013 and accordingly does not have sufficient performance history to compare to its peer group at this time.

The Board considered that the Fund’s total expense ratio was in the first quintile and that its total expenses were lower than that of its expense group median. The Board noted that the Fund’s contractual management fees and actual management fees, reflecting expense reimbursements made by NTI, were equal to their expense group medians.

FlexShares^® International Quality Dividend Defensive Index Fund

The Board considered that the Fund commenced operations on April 12, 2013 and accordingly does not have sufficient performance history to compare to its peer group at this time.

Costs of Services and Profits of NTI

The Board considered the unitary fee structure and the expenses for each Fund. The Board noted that, under the Advisory Agreement, NTI is 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 is not responsible under the Advisory Agreement for certain expenses, including the fees and expenses of the Trust’s 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 applicable Fund’s registration statement.

The Board considered the advisory fee for each Fund as compared to that of other comparable funds in relation to the Lipper median. The Board considered NTI’s explanation that each Fund’s contractual management fee (which, owing to the unitary fee structure and the existence of the expense reimbursement agreement, is identical to its total expense ratio) compares favorably with its respective Lipper median contractual management fee for comparable funds set forth in the Lipper report, especially after taking into account, among other factors, important differences between the indexes upon which such comparable funds are based and the Fund’s underlying index and differences between the number of portfolio holdings for comparable funds and the Fund, among other factors.

The Board considered the advisory fee schedules for other accounts with similar investment advisory mandates as those of certain Funds, noting that the analysis was applicable only to the FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund and RAVI. The Board determined that the fees charged to these Funds were reasonable compared to the fees charged to the other accounts, taking into account (a) the differences in managing ETFs versus separately managed accounts which involve daily purchase and redemption activity along with robust regulatory and governance requirements; and (b) the Funds’ unitary fee structure.

The Board examined NTI’s profitability and noted information provided by NTI regarding its expectations of the length of time required for it to become profitable from its relationship with the Funds.

Economies of Scale

The Board considered whether NTI may realize economies of scale in managing and supporting the Funds. The Board reviewed each Fund’s fee arrangements, and considered that, in light of the unitary fee structure and expense reimbursement agreement, the length of time NTI expected for it to become profitable from its services to the Trust and the

significant investment that NTI has made and continues to make in the Trust, breakpoints are not necessary.

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 its affiliates. The Board also considered that some of the Funds’ shareholders have other client relationships with NTI’s affiliates. The Board also reviewed the extent to which NTI and its other clients, as well as the Funds, benefit from receipt of the research products and services generated by the Funds.

The Board, including the Independent Trustees, considered the data provided by NTI and concluded that sufficient information had been provided to allow them to evaluate the terms of the Advisory Agreement and the reasonableness of each Fund’s investment advisory fee. They determined that each Fund’s advisory fee is reasonable in light of the services provided and the performance achieved by each Fund.

****

The Board, including all of the Independent Trustees, met on September 24, 2013 (the “September Meeting”) to consider whether to approve the Advisory Agreement for the FlexShares^® STOXX Global Broad Infrastructure Index Fund (the “Fund”).

In advance of, and in preparation for, the Trustees’ consideration of the Advisory Agreement at the September 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 the verbal presentations by NTI 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 Fund was in the best interest of the 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 Fund; (2) the anticipated fees and projected expenses for the Fund; (3) the projected profits to be realized by NTI and its affiliates from the relationship with the Fund; (4) the extent to which economies of scale would be realized if the Fund 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 Fund. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s 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.

Nature, Quality and Extent of the Services

The Trustees examined the nature, quality and extent of the services to be provided by NTI to the Fund. They evaluated information regarding NTI’s organizational structure and the experience and professional qualifications of NTI’s key personnel. They also considered NTI’s responsibilities under the Advisory Agreement to perform securities trading services and ancillary services, including among other things, filing reports with the Securities and Exchange Commission, periodically updating the Fund’s’ registration statement and establishing and maintaining the Fund’s website to comply with regulatory requirements. The Trustees also considered the quality of NTI’s resources that would be made available to the Fund. The Trustees noted NTI and its affiliates’

financial positions, stability, and commitment to continuing to grow the exchange-traded funds business. The Board also considered the operation and strength of NTI’s compliance program. The Trustees concluded that they were satisfied with the nature, quality and extent of the investment management services proposed to be provided by NTI to the Fund. They further determined that there was a reasonable basis on which conclude that the Fund would benefit from the services proposed to be provided by NTI under the Advisory Agreement.

Performance

The Trustees considered that, because the Fund had not yet commenced investment operations, meaningful data relating to its performance was not available and could not be a factor in the initial approval of the Advisory Agreement.

Fees and Expenses

The Trustees considered the proposed unitary fee structure and the Fund’s projected expenses. They noted that under the Advisory Agreement, NTI would be responsible for most expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Trustees considered that NTI would not be responsible under the Advisory Agreement for the Fund’s advisory fees, 12b-1 fees (to the extent applicable), interest, taxes, brokers and other trading expenses, fees and expenses of the Trust’s Independent Trustees and independent legal counsel to the Trust’s Independent Trustees, as well as any litigation expenses and other extraordinary expenses. The Trustees also considered the agreement between the Fund and NTI, whereby NTI agreed to reimburse certain fees and expenses of the Fund for at least one year from the effective date of the Fund’s prospectus. The Trustees considered comparative fee data for the Fund, which included fees and expenses paid by comparable ETFs selected by Lipper, an independent data service. The Trustees considered that the Fund’s contractual management fee and its total expenses (after expense reimbursements) were lower than the median contractual management fee and median total expense of the comparable ETFs selected by Lipper.

Projected Profits of NTI

The Trustees examined NTI’s projected profits in serving as the Fund’s investment adviser. The Trustees noted information provided by NTI with respect to the length of time it would take to become profitable with respect to the Fund. The Trustees also considered NTI’s projection of asset levels in the Fund.

Economies of Scale

The Trustees further considered whether NTI may realize economies of scale in managing and supporting the Fund. In this regard, the Trustees considered that the management fee did not contain any breakpoints. The Trustees determined that in light of the unitary fee structure, the fact that NTI will not initially make any profit from its services to the Fund, as well as the significant investment NTI was making into the Fund, that 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 Trustees considered information regarding the direct and indirect benefits that NTI may receive as a result of its relationship with the Fund, including any compensation to be paid to NTI’s affiliates. The Trustees also considered that some of the Fund’s expected shareholders may have other client relationships with the NTI’s affiliates. The Trustees also considered the extent to which NTI and its other clients, as well as the Fund, will benefit from receipt of the research products and services generated by the Fund.

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.

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 SEC’s Web site at sec.gov. You may also review and obtain copies at the SEC’s 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 SEC’s Web site at sec.gov. Each Fund’s 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 SEC’s Web site at sec.gov.

FlexShares^® is a registered trademark of NTI. Morningstar^® is a registered trademark of Morningstar, Inc. (“Morningstar”). Morningstar^® Global Upstream Natural Resources Index^SM, Morningstar^® US Market Factor Tilt Index^SM, Morningstar Developed Markets ex-US Factor Tilt Index^SM and Morningstar Emerging Markets Factor Tilt Index^SM are service marks of Morningstar, Inc. STOXX and its licensors (the “Licensors”) have no relationship to FlexShares^® Trust other than the licensing of the STOXX^® Global Broad Infrastructure Index and the related trademarks for use in connection with the FlexShares^® STOXX^® Global Broad Infrastructure Index Fund. 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.

The Registrant’s Board of Trustees has determined that the Registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR), serving on its audit committee. Philip G. Hubbard is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

Under applicable securities laws and regulations, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liability that are greater than the duties, obligations, and liability imposed on such person as a member of the Registrant’s Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the Registrant’s Audit Committee or Board of Trustees.

In response to Items 4(a)-4(d), aggregate fees for professional services rendered for FlexShares Trust by Deloitte & Touche, LLP (“Deloitte”) for the fiscal years ended October 31, 2013 and October 31, 2012 were:

The complete schedule of investments is included in the report to shareholders in Item 1 of this Form N-CSR.

Item 7. Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies.

Item 9. Purchase Of Equity Securities By Closed-End Management Investment Company And Affiliated Purchasers.

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.

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.

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.


	1 Year			Since Inception 9/19/2011


FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund (Based on Net Asset Value)		(3.17	)%		1.39	%

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund (Based on Market Price)		(3.32	)%		1.37	%

iBoxx 5-Year Target Duration TIPS Index		(2.84	)%		1.58	%


	1 Year			Since Inception 9/16/2011


FlexShares Morningstar US Market Factor TILT Index Fund (Based on Net Asset Value)		31.88	%		23.00	%

FlexShares Morningstar US Market Factor TILT Index Fund (Based on Market Price)		28.39	%		23.06	%

Morningstar^® U.S. Market Factor Tilt Index		32.15	%		23.20	%


	1 Year			Since Inception 9/25/2012


FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (Based on Net Asset Value)		25.93	%		21.78	%

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund (Based on Market Price)		0.62	%		22.30	%

Morningstar^® Developed Markets ex-US Factor Tilt Index		26.27	%		22.07	%


	1 Year			Since Inception 9/25/2012


FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (Based on Net Asset Value)		6.80	%		5.40	%

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (Based on Market Price)		(14.20	)%		5.43	%

Morningstar^® Emerging Markets Factor Tilt Index		7.52	%		6.43	%


	Since Inception 12/14/2012


FlexShares^® Quality Dividend Index Fund (Based on Net Asset Value)		30.67	%

FlexShares^® Quality Dividend Index Fund (Based on Market Price)		30.79	%

Dow Jones US Select Dividend Total Return Index		26.00	%

Northern Trust Quality Dividend Index		31.12	%



Letter to Shareholders			2

Management’s Discussion of Fund Performance			5
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			5
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			7
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			9
FlexShares^® Morningstar US Market Factor Tilt Index Fund			11
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			13
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			15
FlexShares^® Quality Dividend Index Fund			17
FlexShares^® Quality Dividend Dynamic Index Fund			19
FlexShares^® Quality Dividend Defensive Index Fund			21
FlexShares^® International Quality Dividend Index Fund			23
FlexShares^® International Quality Dividend Dynamic Index Fund			25
FlexShares^® International Quality Dividend Defensive Index Fund			27
FlexShares^® Ready Access Variable Income Fund			29

Statements of Assets and Liabilities			31

Statements of Operations			35

Statements of Changes in Net Assets			39

Financial Highlights			44

Schedules of Investments			48
FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			48
FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			52
FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			56
FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			57
FlexShares^® Morningstar US Market Factor Tilt Index Fund			58
FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			95
FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			137
FlexShares^® Quality Dividend Index Fund			172
FlexShares^® Quality Dividend Dynamic Index Fund			177
FlexShares^® Quality Dividend Defensive Index Fund			182
FlexShares^® International Quality Dividend Index Fund			187
FlexShares^® International Quality Dividend Dynamic Index Fund			193
FlexShares^® International Quality Dividend Defensive Index Fund			199
FlexShares^® Ready Access Variable Income Fund			205

Notes to the Financial Statements			208

Report of Independent Registered Public Accounting Firm			235

Tax Information			236

Fund Expenses			237

Trustees and Officers			240

Approval of Advisory Agreement			244

Supplemental Information			251

For More Information			252


FlexShares^® Morningstar		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® iBoxx		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^®		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


	Since Inception 12/14/2012


FlexShares^® Quality Dividend Dynamic Index Fund (Based on Net Asset Value)		30.69	%

FlexShares^® Quality Dividend Dynamic Index Fund (Based on Market Price)		30.74	%

Dow Jones US Select Dividend Total Return Index		26.00	%

Northern Trust Quality Dividend Dynamic Index		30.99	%


	Since Inception 12/14/2012


FlexShares^® Quality Dividend Defensive Index Fund (Based on Net Asset Value)		27.54	%

FlexShares^® Quality Dividend Defensive Index Fund (Based on Market Price)		27.79	%

Dow Jones US Select Dividend Total Return Index		26.00	%

Northern Trust Quality Dividend Defensive Index		27.85	%


	Since Inception 4/12/2013


FlexShares^® International Quality Dividend Index Fund (Based on Net Asset Value)		9.22	%

FlexShares^® International Quality Dividend Index Fund (Based on Market Price)		9.58	%

Dow Jones Global Select Dividend Total Return Index		11.63	%

Northern Trust International Quality Dividend Index		9.49	%


	Since Inception 4/12/2013


FlexShares^® International Quality Dividend Dynamic Index Fund (Based on Net Asset Value)		11.59	%

FlexShares^® International Quality Dividend Dynamic Index Fund (Based on Market Price)		11.64	%

Dow Jones Global Select Dividend Total Return Index		11.63	%

Northern Trust International Quality Dividend Dynamic Index		11.70	%


	Since Inception 4/12/2013


FlexShares^® International Quality Dividend Defensive Index Fund (Based on Net Asset Value)		8.20	%

FlexShares^® International Quality Dividend Defensive Index Fund (Based on Market Price)		8.85	%

Dow Jones Global Select Dividend Total Return Index		11.63	%

Northern Trust International Quality Dividend Defensive Index		8.21	%


	1 Year			Since Inception 10/9/2012


FlexShares^® Ready Access Variable Income Fund (Based on Net Asset Value)		0.84	%		0.76	%

FlexShares^® Ready Access Variable Income Fund (Based on Market Price)		4.97	%		0.77	%

Barclays Capital 1-3 Month US Treasury Bill Index		0.06	%		0.06	%


2		FLEXSHARES ANNUAL REPORT


FLEXSHARES ANNUAL REPORT			3


4		FLEXSHARES ANNUAL REPORT


FLEXSHARES ANNUAL REPORT			5


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund

ASSETS
Securities, at cost	$	2,807,682,056		$	4,003,981		$	1,975,029,457		$	387,771,004
Affiliate securities, at cost		—			—			—			—
Repurchase Agreements, at cost		—			—			—			—

Securities, at value		2,753,318,594			4,162,621			1,968,979,734			388,100,278
Affiliate securities, at value		—			—			—			—
Repurchase Agreements, at value		—			—			—			—
Cash		682,023			—			1,492,172			131,579
Foreign cash†		4,685,421			5,288			—			—
Restricted cash*		611,795			—			—			—
Restricted foreign cash††*		2,827,166			—			—			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on futures contracts		448,077			—			—			—
Unrealized appreciation on forward foreign currency contracts		21,378			—			—			—
Receivables:
Dividends and interest		3,496,789			1,793			5,992,263			1,268,611
Capital shares issued		5,262,553			—			6,242,461			—
Investment adviser		53,518			124			41,977			17,460
Securities sold		—			36,367			258,800,288			61,439,624

Total Assets		2,771,407,314			4,206,193			2,241,548,895			450,957,552


LIABILITIES
Cash overdraft		—			1,055			—			—
Unrealized depreciation on futures contracts		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		74,173			—			—			—
Payables:
Deferred compensation (Note 7)		42,500			—			34,187			15,962
Investment advisory fees		1,100,328			1,222			328,892			69,701
Trustee fees (Note 7)		11,018			124			7,790			1,498
Securities purchased		5,100,482			39,260			266,159,787			58,857,935
Deferred India capital gains tax		—			—			—			—
Due to Authorized Participant		529,988			—			—			—
Variation margin		—			—			—			—
Capital shares redeemed		—			—			—			2,529,297
Other		13,500			2,000			—			—

Total Liabilities		6,871,989			43,661			266,530,656			61,474,393

Net Assets	$	2,764,535,325		$	4,162,532		$	1,975,018,239		$	389,483,159


NET ASSETS CONSIST OF:
Paid-in capital	$	2,780,267,400		$	4,004,164		$	1,999,506,081		$	396,895,759
Undistributed (accumulated) net investment income (loss)		46,891,234			820			—			156,052
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(8,818,469	)		(1,024	)		(18,438,119	)		(7,897,926	)
Net unrealized appreciation (depreciation) on:
Investments		(54,363,462	)		158,640			(6,049,723	)		329,274
Futures contracts		448,077			—			—			—
Forward foreign currency contracts and foreign currency translations		110,545			(68	)		—			—

Net Assets	$	2,764,535,325		$	4,162,532		$	1,975,018,239		$	389,483,159


Shares Outstanding (unlimited number of shares authorized, $0.0001 par value)		79,650,001			100,001			79,104,000			15,400,001
Net Asset Value	$	34.71		$	41.62		$	24.97		$	25.29

† Cost of foreign cash	$	4,591,130		$	5,295		$	—		$	—
†† Cost of restricted foreign cash	$	2,797,556		$	—		$	—		$	—


	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

ASSETS
Securities, at cost	$	362,075,784		$	282,271,643		$	154,117,868		$	265,639,270
Affiliate securities, at cost		178,446			—			—			—
Repurchase Agreements, at cost		—			—			—			—

Securities, at value		442,454,345			307,731,646			156,604,028			282,626,530
Affiliate securities, at value		198,034			—			—			—
Repurchase Agreements, at value		—			—			—			—
Cash		4,466,872			754,613			4,362,320			1,172,262
Foreign cash†		—			539,999			2,385,802			—
Restricted cash*		—			—			4,695			66,001
Restricted foreign cash††*		—			238,713			211,408			—
Due from Authorized Participant		—			—			—			—
Unrealized appreciation on futures contracts		—			67,298			60,852			13,681
Unrealized appreciation on forward foreign currency contracts		—			924			286,492			—
Receivables:
Dividends and interest		276,690			584,429			110,234			239,794
Capital shares issued		3,828,150			30,967			—			106,099,306
Investment adviser		9,503			3,224			2,171			1,748
Securities sold		593,171			20,836			1,839			—

Total Assets		451,826,765			309,972,649			164,029,841			390,219,322


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on futures contracts		—			86			—			—
Unrealized depreciation on forward foreign currency contracts		—			182			186,120			—
Payables:
Deferred compensation (Note 7)		7,720			1,976			1,580			1,085
Investment advisory fees		99,155			100,963			81,072			52,700
Trustee fees (Note 7)		1,783			1,248			591			663
Securities purchased		3,781,308			23,502			4,867,519			107,231,745
Deferred India capital gains tax		—			—			53,928			—
Due to Authorized Participant		—			—			4,695			—
Variation margin		31,572			—			—			—
Capital shares redeemed		—			—			—			—
Other		12,000			100,000			75,000			3,000

Total Liabilities		3,933,538			227,957			5,270,505			107,289,193

Net Assets	$	447,893,227		$	309,744,692		$	158,759,336		$	282,930,129


NET ASSETS CONSIST OF:
Paid-in capital	$	364,715,385		$	282,494,060		$	157,004,687		$	265,899,259
Undistributed (accumulated) net investment income (loss)		3,625,358			2,807,922			1,142,969			916,943
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(1,019,563	)		(1,100,389	)		(2,013,302	)		(887,014	)
Net unrealized appreciation (depreciation) on:
Investments		80,398,149			25,460,003			2,432,232			16,987,260
Futures contracts		173,898			67,212			60,852			13,681
Forward foreign currency contracts and foreign currency translations		—			15,884			131,898			—

Net Assets	$	447,893,227		$	309,744,692		$	158,759,336		$	282,930,129


Shares Outstanding (unlimited number of shares authorized, $0.0001 par value)		5,850,001			5,000,001			3,000,001			8,800,001
Net Asset Value	$	76.56		$	61.95		$	52.92		$	32.15

† Cost of foreign cash	$	—		$	529,781		$	2,377,469		$	—
†† Cost of restricted foreign cash	$	—		$	238,565		$	211,524		$	—


	FlexShares^® Quality Dividend Dynamic Index Fund			FlexShares^® Quality Dividend Defensive Index Fund			FlexShares^® International Quality Dividend Index Fund

ASSETS
Securities, at cost	$	11,506,853		$	40,605,205		$	71,184,714
Affiliate securities, at cost		—			—			—
Repurchase Agreements, at cost		—			—			—

Securities, at value		12,809,667			43,704,452			75,244,755
Affiliate securities, at value		—			—			—
Repurchase Agreements, at value		—			—			—
Cash		89,088			198,306			—
Foreign cash†		—			—			218,434
Restricted cash*		—			21,821			8,251,154
Restricted foreign cash††*		—			—			36,176
Due from Authorized Participant		—			—			—
Unrealized appreciation on futures contracts		—			12,246			9,949
Unrealized appreciation on forward foreign currency contracts		—			—			—
Receivables:
Dividends and interest		15,908			61,286			129,284
Capital shares issued		—			—			941,214
Investment adviser		137			426			470
Securities sold		—			—			—

Total Assets		12,914,800			43,998,537			84,831,436


LIABILITIES
Cash overdraft		—			—			359,841
Unrealized depreciation on futures contracts		—			—			2,104
Unrealized depreciation on forward foreign currency contracts		—			—			—
Payables:
Deferred compensation (Note 7)		86			264			210
Investment advisory fees		3,941			12,640			23,691
Trustee fees (Note 7)		51			162			260
Securities purchased		84,774			—			554,136
Deferred India capital gains tax		—			—			—
Due to Authorized Participant		—			—			8,251,154
Variation margin		—			—			—
Capital shares redeemed		—			—			—
Other		1,000			2,000			30,000

Total Liabilities		89,852			15,066			9,221,396

Net Assets	$	12,824,948		$	43,983,471		$	75,610,040


NET ASSETS CONSIST OF:
Paid-in capital	$	11,524,273		$	40,741,929		$	71,633,937
Undistributed (accumulated) net investment income (loss)		64,620			206,296			153,205
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(66,759	)		(76,247	)		(292,543	)
Net unrealized appreciation (depreciation) on:
Investments		1,302,814			3,099,247			4,060,041
Futures contracts		—			12,246			7,845
Forward foreign currency contracts and foreign currency translations		—			—			47,555

Net Assets	$	12,824,948		$	43,983,471		$	75,610,040


Shares Outstanding (unlimited number of shares authorized, $0.0001 par value)		400,001			1,400,001			2,800,001
Net Asset Value	$	32.06		$	31.42		$	27.00

† Cost of foreign cash	$	—		$	—		$	216,970
††Cost of restricted foreign cash	$	—		$	—		$	36,172


	FlexShares^® International Quality Dividend Dynamic Index Fund			FlexShares^® International Quality Dividend Defensive Index Fund			FlexShares^® Ready Access Variable Income Fund

ASSETS
Securities, at cost	$	7,715,488		$	15,013,831		$	37,018,632
Affiliate securities, at cost		—			—			—
Repurchase Agreements, at cost		—			—			8,200,000

Securities, at value		8,186,917			15,843,509			37,104,005
Affiliate securities, at value		—			—			—
Repurchase Agreements, at value		—			—			8,200,000
Cash		2,716			31,014			78,432
Foreign cash†		12,384			94,708			—
Restricted cash*		—			187,197			—
Restricted foreign cash††*		—			14,822			—
Due from Authorized Participant		—			—			—
Unrealized appreciation on futures contracts		—			2,723			—
Unrealized appreciation on forward foreign currency contracts		—			4,343			—
Receivables:
Dividends and interest		9,123			26,229			51,586
Capital shares issued		—			—			—
Investment adviser		49			95			459
Securities sold		—			1,812			2,998

Total Assets		8,211,189			16,206,452			45,437,480


LIABILITIES
Cash overdraft		—			—			—
Unrealized depreciation on futures contracts		—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—
Payables:
Deferred compensation (Note 7)		16			31			294
Investment advisory fees		2,681			6,085			8,785
Trustee fees (Note 7)		33			64			165
Securities purchased		—			9,502			4,003,860
Deferred India capital gains tax		—			—			—
Due to Authorized Participant		—			187,197			—
Variation margin		—			—			—
Capital shares redeemed		—			—			—
Other		5,000			5,000			1,050

Total Liabilities		7,730			207,879			4,014,154

Net Assets	$	8,203,459		$	15,998,573		$	41,423,326


NET ASSETS CONSIST OF:
Paid-in capital	$	7,749,548		$	15,160,987		$	41,326,508
Undistributed (accumulated) net investment income (loss)		10,825			50,400			21,632
Undistributed (accumulated) net realized gain (loss) on investments and foreign currency transactions		(28,509	)		(49,970	)		(10,187	)
Net unrealized appreciation (depreciation) on:
Investments		471,429			829,678			85,373
Futures contracts		—			2,723			—
Forward foreign currency contracts and foreign currency translations		166			4,755			—

Net Assets	$	8,203,459		$	15,998,573		$	41,423,326


Shares Outstanding (unlimited number of shares authorized, $0.0001 par value)		300,001			600,001			550,001
Net Asset Value	$	27.34		$	26.66		$	75.32

† Cost of foreign cash	$	12,280		$	94,302		$	—
†† Cost of restricted foreign cash	$	—		$	14,822		$	—


	FlexShares^® Quality Dividend Dynamic Index Fund			FlexShares^® Quality Dividend Defensive Index Fund			FlexShares^® International Quality Dividend Index Fund
	December 14, 2012* through October 31, 2013			December 14, 2012* through October 31, 2013			April 12, 2013* through October 31, 2013

INVESTMENT INCOME
Dividend income	$	178,589		$	567,351		$	648,708
Dividend income received from affiliate		—			—			—
Foreign withholding tax on dividends		—			—			(62,527	)

Total Investment Income		178,589			567,351			586,181


EXPENSES
Deferred compensation (Note 7)		12			34			27
Investment advisory fees		18,334			61,691			73,963
Trustee fees (Note 7)		381			1,204			1,774

Total Gross Expenses Before Fees Reimbursed		18,727			62,929			75,764


Less:
Deferred compensation reimbursed (Note 7)		(12	)		(34	)		(27	)
Trustee fees reimbursed (Note 7)		(381	)		(1,204	)		(1,774	)

Total Net Expenses		18,334			61,691			73,963

Net Investment Income		160,255			505,660			512,218


NET REALIZED GAIN (LOSS) ON:
Investments in securities		(66,174	)		(77,068	)		(291,745	)
In-kind redemptions of investments		—			—			—
Futures contracts		(585	)		821			(798	)
Foreign currency transactions		—			—			(59,626	)

Net Realized Gain (Loss)		(66,759	)		(76,247	)		(352,169	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		1,302,814			3,099,247			4,060,041
Futures contracts		—			12,246			7,845
Translation of other assets and liabilities denominated in foreign currencies		—			—			47,555

Net Change in Unrealized Appreciation (Depreciation)		1,302,814			3,111,493			4,115,441

Net Realized and Unrealized Gain (Loss)		1,236,055			3,035,246			3,763,272

Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,396,310		$	3,540,906		$	4,275,490


	FlexShares^® International Quality Dividend Dynamic Index Fund			FlexShares^® International Quality Dividend Defensive Index Fund
	April 12, 2013* through October 31, 2013			April 12, 2013* through October 31, 2013			FlexShares^® Ready Access Variable Income Fund

INVESTMENT INCOME
Dividend income	$	78,128		$	123,262		$	—
Dividend income received from affiliate		—			—			—
Interest income		—			—			128,324
Foreign withholding tax on dividends		(8,200	)		(13,155	)		(88	)

Total Investment Income		69,928			110,107			128,236


EXPENSES
Deferred compensation (Note 7)		2			3			35
Investment advisory fees		8,167			14,180			44,329
Trustee fees (Note 7)		246			478			1,235

Total Gross Expenses Before Fees Reimbursed		8,415			14,661			45,599


Less:
Deferred compensation reimbursed (Note 7)		(2	)		(3	)		(35	)
Trustee fees reimbursed (Note 7)		(246	)		(478	)		(1,235	)

Total Net Expenses		8,167			14,180			44,329

Net Investment Income		61,761			95,927			83,907


NET REALIZED GAIN (LOSS) ON:
Investments in securities		(28,429	)		(60,292	)		(10,156	)
In-kind redemptions of investments		—			—			—
Futures contracts		—			10,322			—
Foreign currency transactions		(237	)		8,785			—

Net Realized Gain (Loss)		(28,666	)		(41,185	)		(10,156	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in securities		471,429			829,678			89,057
Futures contracts		—			2,723			—
Forward foreign currency contracts		—			4,343			—
Translation of other assets and liabilities denominated in foreign currencies		166			412			—

Net Change in Unrealized Appreciation (Depreciation)		471,595			837,156			89,057

Net Realized and Unrealized Gain (Loss)		442,929			795,971			78,901

Net Increase (Decrease) in Net Assets Resulting from Operations	$	504,690		$	891,898		$	162,808


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund						FlexShares^® STOXX^® Global Broad Infrastructure Index Fund
	Year Ended October 31, 2013			Year Ended October 31, 2012			October 8, 2013* through October 31, 2013

OPERATIONS
Net investment income	$	48,570,290		$	6,322,940		$	961
Net realized gain (loss)		(2,498,320	)		536,629			(1,165	)
Net change in unrealized appreciation (depreciation)		(71,217,762	)		8,096,961			158,572


Net Increase (Decrease) in Net Assets
Resulting from Operations		(25,145,792	)		14,956,530			158,368


DISTRIBUTIONS TO SHAREHOLDERS
Net investment income		(7,891,756	)		(402,120	)		—
Net realized gain		—			—			—

Total distributions		(7,891,756	)		(402,120	)		—


CAPITAL TRANSACTIONS⁽³⁾
Proceeds from shares issued		2,262,008,688			460,648,576			—
Cost of shares redeemed		(30,967,920	)		(11,938,905	)		—

Net Increase from Capital Transactions		2,231,040,768			448,709,671			—

Total Increase (Decrease) in Net Assets		2,198,003,220			463,264,081			158,368


NET ASSETS
Beginning of Period	$	566,532,105		$	103,268,024		$	4,004,164	⁽⁴⁾

End of Period	$	2,764,535,325		$	566,532,105		$	4,162,532

Undistributed (accumulated) net investment income (loss) included in end of period net assets	$	46,891,234		$	5,778,247		$	820


SHARE TRANSACTIONS
Beginning of period		16,100,001			2,950,001			100,001	⁽⁴⁾
Shares issued		—			400,000			—
Shares issued in-kind		64,500,000			13,100,000			—
Shares redeemed		—			—			—
Shares redeemed in-kind		(950,000	)		(350,000	)		—

Shares Outstanding, End of Period		79,650,001			16,100,001			100,001


	FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund						FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund
	Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2013			Year Ended October 31, 2012

OPERATIONS
Net investment income	$	1,540,518		$	1,700,307		$	1,408,784		$	1,917,466
Net realized gain (loss)		(18,236,998	)		503,743			(11,055,057	)		2,026,671
Net change in unrealized appreciation (depreciation)		(10,313,487	)		3,183,569			(8,274,592	)		7,783,227


Net Increase (Decrease) in Net Assets
Resulting from Operations		(27,009,967	)		5,387,619			(17,920,865	)		11,727,364


DISTRIBUTIONS TO SHAREHOLDERS
Net investment income		(1,789,702	)		(2,141,001	)		(1,401,507	)		(2,106,998	)
Net realized gain		(208,480	)		(198,119	)		(1,526,604	)		(56,248	)
Tax return of capital		(2,721,443	)		—			—			—

Total distributions		(4,719,625	)		(2,339,120	)		(2,928,111	)		(2,163,246	)


CAPITAL TRANSACTIONS⁽³⁾
Proceeds from shares issued		1,340,163,154			551,443,939			179,085,636			256,981,090
Cost of shares redeemed		(17,449,678	)		(11,369,874	)		(143,483,668	)		(37,009,292	)

Net Increase from Capital Transactions		1,322,713,476			540,074,065			35,601,968			219,971,798

Total Increase (Decrease) in Net Assets		1,290,983,884			543,122,564			14,752,992			229,535,916


NET ASSETS
Beginning of Period	$	684,034,355		$	140,911,791		$	374,730,167		$	145,194,251

End of Period	$	1,975,018,239		$	684,034,355		$	389,483,159		$	374,730,167

Undistributed (accumulated) net investment income (loss) included in end of period net assets	$	—		$	—		$	156,052		$	107,501


SHARE TRANSACTIONS
Beginning of period		26,904,000			5,604,000			14,250,001			5,800,001
Shares issued		—			300,000			—			—
Shares issued in-kind		52,900,000			21,450,000			6,850,000			9,900,000
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(700,000	)		(450,000	)		(5,700,000	)		(1,450,000	)

Shares Outstanding, End of Period		79,104,000			26,904,000			15,400,001			14,250,001


	FlexShares^® Morningstar US Market Factor Tilt Index Fund						FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund
	Year Ended October 31, 2013			Year Ended October 31, 2012			Year Ended October 31, 2013			September 25, 2012* through October 31, 2012

OPERATIONS
Net investment income	$	4,610,179		$	1,116,112		$	2,835,828		$	24,170
Net realized gain (loss)		89,126			(76,180	)		(1,052,732	)		(9,085	)
Net change in unrealized appreciation (depreciation)		73,959,564			6,131,777			25,712,638			(169,539	)


Net Increase (Decrease) in Net Assets
Resulting from Operations		78,658,869			7,171,709			27,495,734			(154,454	)


DISTRIBUTIONS TO SHAREHOLDERS
Net investment income		(2,015,968	)		(59,483	)		(90,648	)		—
Net realized gain		—			—			—			—

Total distributions		(2,015,968	)		(59,483	)		(90,648	)		—


CAPITAL TRANSACTIONS⁽³⁾
Proceeds from shares issued		224,871,059			134,804,108			272,477,904			—
Cost of shares redeemed		(3,297,597	)		—			—			—

Net Increase from Capital Transactions		221,573,462			134,804,108			272,477,904			—

Total Increase (Decrease) in Net Assets		298,216,363			141,916,334			299,882,990			(154,454	)


NET ASSETS
Beginning of Period	$	149,676,864		$	7,760,530		$	9,861,702		$	10,016,156	⁽⁴⁾

End of Period	$	447,893,227		$	149,676,864		$	309,744,692		$	9,861,702

Undistributed (accumulated) net investment income (loss) included in end of period net assets	$	3,625,358		$	1,065,218		$	2,807,922		$	21,784


SHARE TRANSACTIONS
Beginning of period		2,550,001			150,001			200,001			200,001	⁽⁴⁾
Shares issued		—			—			3,800,000			—
Shares issued in-kind		3,350,000			2,400,000			1,000,000			—
Shares redeemed		—			—			—			—
Shares redeemed in-kind		(50,000	)		—			—			—

Shares Outstanding, End of Period		5,850,001			2,550,001			5,000,001			200,001


	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
	Year Ended October 31, 2013			September 25, 2012* through October 31, 2012			December 14, 2012* through October 31, 2013			December 14, 2012* through October 31, 2013			December 14, 2012* through October 31, 2013

OPERATIONS
Net investment income	$	1,931,589		$	3,703		$	2,388,401		$	160,255		$	505,660
Net realized gain (loss)		(2,748,796	)		(21,586	)		(887,014	)		(66,759	)		(76,247	)
Net change in unrealized appreciation (depreciation)		2,672,680			(47,698	)		17,000,941			1,302,814			3,111,493


Net Increase (Decrease) in Net Assets
Resulting from Operations		1,855,473			(65,581	)		18,502,328			1,396,310			3,540,906


DISTRIBUTIONS TO SHAREHOLDERS
Net investment income		(46,755	)		—			(1,471,458	)		(95,641	)		(299,364	)
Net realized gain		—			—			—			—			—

Total distributions		(46,755	)		—			(1,471,458	)		(95,641	)		(299,364	)


CAPITAL TRANSACTIONS⁽³⁾
Proceeds from shares issued		147,030,274			4,979,625			263,399,234			9,024,254			38,241,904
Cost of shares redeemed		—			—			—			—			—

Net Increase from Capital Transactions		147,030,274			4,979,625			263,399,234			9,024,254			38,241,904

Total Increase (Decrease) in Net Assets		148,838,992			4,914,044			280,430,104			10,324,923			41,483,446


NET ASSETS
Beginning of Period	$	9,920,344		$	5,006,300	⁽⁴⁾	$	2,500,025	⁽⁴⁾	$	2,500,025	⁽⁴⁾	$	2,500,025	⁽⁴⁾

End of Period	$	158,759,336		$	9,920,344		$	282,930,129		$	12,824,948		$	43,983,471

Undistributed (accumulated) net investment income (loss) included in end of period net assets	$	1,142,969		$	(1,076	)	$	916,943		$	64,620		$	206,296


SHARE TRANSACTIONS
Beginning of period		200,001			100,001	⁽⁴⁾		100,001	⁽⁴⁾		100,001	⁽⁴⁾		100,001	⁽⁴⁾
Shares issued		2,200,000			100,000			—			—			—
Shares issued in-kind		600,000			—			8,700,000			300,000			1,300,000
Shares redeemed		—			—			—			—			—
Shares redeemed in-kind		—			—			—			—			—

Shares Outstanding, End of Period		3,000,001			200,001			8,800,001			400,001			1,400,001


			PER SHARE
			Investment Operations									Distributions
	Net Asset Value, beginning of period		Net Investment Income			Net Realized and Unrealized Gain (Loss)			Total from Operations^(b)(c)			Net Investment Income			From Net Realized Gains			Tax return of capital			Total

Flexshares^® Morningstar Global Upstream Natural Resources Index Fund
Year ended October 31, 2013	$	35.19	$	0.87	^(a)	$	(0.98	)	$	(0.11	)	$	(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^® STOXX^® Global Broad Infrastructure Index Fund
For the period 10/08/13* through 10/31/13		40.00		0.01	^(a)		1.61			1.62			—			—			—			—

Flexshares^® iBoxx 3-Year Target Duration TIPS Index Fund
Year ended October 31, 2013		25.43		0.03	^(a)		(0.38	)		(0.35	)		(0.05	)		(0.01	)		(0.05	)		(0.11	)
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 Fund
Year ended October 31, 2013		26.30		0.08	^(a)		(0.91	)		(0.83	)		(0.08	)		(0.10	)		—			(0.18	)
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 Fund
Year ended October 31, 2013		58.70		1.09	^(a)		17.43			18.52			(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 Fund
Year ended October 31, 2013		49.31		1.35	^(a)		11.40			12.75			(0.11	)		—			—			(0.11	)
For the period 09/25/12* through 10/31/12		50.00		0.12	^(a)		(0.81	)		(0.69	)		—			—			—			—


								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)


$	34.71		(0.33	)%		(0.61	)%		0.48	%		0.48	%		2.56	%		2.56	%		8	%	$	2,764,535
	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


	41.62		4.05			4.20			0.52			0.47			0.32			0.37			1			4,163


	24.97		(1.41	)		(1.45	)		0.20			0.20			0.11			0.11			125			1,975,018
	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


	25.29		(3.17	)		(3.32	)		0.20			0.20			0.30			0.30			151			389,483
	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


	76.56		31.88			28.39			0.27			0.27			1.59			1.59			20			447,893
	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


	61.95		25.93			0.62			0.43			0.42			2.37			2.38			7			309,745
	49.31		(1.40	)		23.98			0.43			0.42			2.47			2.49			1			9,862


	Number of Contracts		Expiration Date		Notional Amount at Value		Unrealized Appreciation
E-Mini S&P 500^® Futures Contracts		31		12/20/13	$	2,714,050	$	134,815
EURO STOXX 50^® Index Futures Contracts		16		12/20/13		665,394		45,907
FTSE 100^® Index Futures Contracts		19		12/20/13		2,047,796		61,457
Hang Seng Index Futures Contracts		4		11/28/13		599,557		12,359
S&P Toronto Stock Exchange 60^® Index Futures Contracts		26		12/19/13		3,820,032		169,165
SPI 200^® Futures Contracts		6		12/19/13		769,302		24,374
							$	448,077


Australia	6.4	%
Brazil	1.9
Canada	12.7
Chile	0.8
China	1.3
Finland	0.8
France	3.4
Germany	0.8
Indonesia	0.3
Israel	0.4
Italy	1.1
Japan	0.7
Malaysia	1.5
Mexico	0.7
Netherlands	0.4
Norway	1.3
Peru	0.1
Philippines	0.0	^†
Poland	0.2
Russia	2.0
Singapore	1.1
South Africa	1.5
Switzerland	4.1
Taiwan	0.2
Thailand	0.3
United Kingdom	16.9
United States	38.7
Other¹	0.4
	100.0	%


Australia	4.4	%
Austria	0.1
Bermuda	0.1
Brazil	1.0
Canada	10.5
China	2.3
France	2.6
Germany	6.1
Hong Kong	0.4
Indonesia	0.1
Italy	2.1
Japan	10.8
Luxembourg	0.2
Malaysia	0.3
Mexico	1.5
Netherlands	0.3
New Zealand	0.3
Philippines	0.5
Singapore	0.2
South Africa	1.4
Spain	3.8
Switzerland	0.2
Taiwan	0.4
Thailand	0.3
United Kingdom	10.4
United States	39.7
Other¹	0.0	^†
	100.0	%


Security	Value October 31, 2012		Purchases at Cost		Sales at Cost		Value October 31, 2013		Dividend Income		Realized Gain
Northern Trust Corp.	$	63,356	$	122,252	$	1,425	$	198,034	$	2,586	$	488


Australia	7.3	%
Austria	0.4
Belgium	1.1
Canada	9.7
Denmark	1.4
Finland	0.8
France	7.7
Germany	7.3
Greece	0.3
Hong Kong	2.8
Ireland	0.5
Israel	0.6
Italy	2.3
Japan	19.8
Netherlands	2.5
New Zealand	0.3
Norway	1.1
Portugal	0.3
Singapore	1.7
Spain	2.6
Sweden	3.0
Switzerland	6.7
United Kingdom	19.2
Other¹	0.6
	100.0	%



Aggregate gross unrealized appreciation	$	3,372,428
Aggregate gross unrealized depreciation		(275,996	)
Net unrealized appreciation	$	3,096,432
Federal income tax cost of investments	$	40,608,020


	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*	$	2,753,318,594	$	—	$	—	$	2,753,318,594
Total Investments	$	2,753,318,594	$	—	$	—	$	2,753,318,594


Balance as of 10/31/12	$	—
Total gain or loss (realized/unrealized included in earnings)		(3,887	)
Purchases		3,887
Sales		—
Transfer into Level 3		—
Transfer out of Level 3		—
Balance as of 10/31/2013	$	—
The amount of change in net unrealized appreciation (depreciation) on investment in level 3 securities still held at 10/31/2013.	$	—