Schedule of Investments
FlexShares® US Quality Low Volatility Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.7% |
||||||||
Aerospace & Defense - 2.6% |
| |||||||
General Dynamics Corp. |
1,911 | 427,262 | ||||||
Huntington Ingalls Industries, Inc. |
4,557 | 1,046,606 | ||||||
Lockheed Martin Corp. |
5,733 | 2,559,039 | ||||||
Northrop Grumman Corp. |
2,793 | 1,242,885 | ||||||
|
|
|||||||
5,275,792 | ||||||||
|
|
|||||||
Air Freight & Logistics - 2.0% |
| |||||||
CH Robinson Worldwide, Inc. |
14,553 | 1,457,920 | ||||||
Expeditors International of Washington, Inc. |
13,524 | 1,721,605 | ||||||
United Parcel Service, Inc., Class B |
4,263 | 797,735 | ||||||
|
|
|||||||
3,977,260 | ||||||||
|
|
|||||||
Automobile Components - 0.0%(a) |
| |||||||
Gentex Corp. |
1,764 | 59,235 | ||||||
|
|
|||||||
Automobiles - 0.2% |
||||||||
Tesla, Inc.* |
1,764 | 471,747 | ||||||
|
|
|||||||
Banks - 1.4% |
| |||||||
JPMorgan Chase & Co. |
294 | 46,440 | ||||||
Popular, Inc. |
7,350 | 533,243 | ||||||
Prosperity Bancshares, Inc. |
19,404 | 1,228,661 | ||||||
SouthState Corp. |
12,054 | 936,234 | ||||||
|
|
|||||||
2,744,578 | ||||||||
|
|
|||||||
Beverages - 2.1% |
| |||||||
PepsiCo, Inc. |
22,344 | 4,188,606 | ||||||
|
|
|||||||
Biotechnology - 6.1% |
| |||||||
AbbVie, Inc. |
7,350 | 1,099,413 | ||||||
Amgen, Inc. |
12,789 | 2,994,544 | ||||||
Biogen, Inc.* |
5,439 | 1,469,563 | ||||||
BioMarin Pharmaceutical, Inc.* |
6,321 | 555,806 | ||||||
Gilead Sciences, Inc. |
30,135 | 2,294,479 | ||||||
Regeneron Pharmaceuticals, Inc.* |
2,646 | 1,963,094 | ||||||
United Therapeutics Corp.* |
1,029 | 249,759 | ||||||
Vertex Pharmaceuticals, Inc.* |
4,263 | 1,502,025 | ||||||
|
|
|||||||
12,128,683 | ||||||||
|
|
|||||||
Broadline Retail - 0.3% |
| |||||||
Dillards, Inc., Class A(b) |
1,764 | 605,123 | ||||||
|
|
|||||||
Capital Markets - 0.7% |
| |||||||
CME Group, Inc. |
6,909 | 1,374,615 | ||||||
|
|
|||||||
Chemicals - 0.5% |
| |||||||
Ashland, Inc. |
9,408 | 859,515 | ||||||
Linde plc |
588 | 229,714 | ||||||
|
|
|||||||
1,089,229 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 2.4% |
| |||||||
Republic Services, Inc., Class A |
7,644 | 1,155,085 | ||||||
Tetra Tech, Inc. |
7,056 | 1,193,946 | ||||||
Waste Connections, Inc. |
7,938 | 1,120,607 |
Investments |
Shares | Value ($) | ||||||
Waste Management, Inc. |
7,791 | 1,276,088 | ||||||
|
|
|||||||
4,745,726 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.6% |
| |||||||
Costco Wholesale Corp. |
2,940 | 1,648,370 | ||||||
Kroger Co. (The) |
32,487 | 1,580,167 | ||||||
|
|
|||||||
3,228,537 | ||||||||
|
|
|||||||
Containers & Packaging - 0.8% |
| |||||||
Packaging Corp. of America(b) |
10,584 | 1,623,056 | ||||||
|
|
|||||||
Distributors - 0.2% |
| |||||||
Genuine Parts Co. |
2,352 | 366,253 | ||||||
|
|
|||||||
Diversified Consumer Services - 0.5% |
| |||||||
Service Corp. International(b) |
15,288 | 1,018,945 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 2.3% |
| |||||||
AT&T, Inc. |
172,284 | 2,501,564 | ||||||
Iridium Communications, Inc. |
6,909 | 363,068 | ||||||
Verizon Communications, Inc. |
50,421 | 1,718,347 | ||||||
|
|
|||||||
4,582,979 | ||||||||
|
|
|||||||
Electric Utilities - 3.9% |
| |||||||
American Electric Power Co., Inc. |
13,377 | 1,133,567 | ||||||
Duke Energy Corp. |
18,963 | 1,775,316 | ||||||
Eversource Energy |
14,553 | 1,052,619 | ||||||
Pinnacle West Capital Corp. |
18,816 | 1,558,341 | ||||||
PNM Resources, Inc. |
21,315 | 955,338 | ||||||
Portland General Electric Co. |
4,998 | 238,255 | ||||||
Xcel Energy, Inc. |
17,052 | 1,069,672 | ||||||
|
|
|||||||
7,783,108 | ||||||||
|
|
|||||||
Entertainment - 1.8% |
| |||||||
Activision Blizzard, Inc.* |
16,023 | 1,486,294 | ||||||
Electronic Arts, Inc. |
3,234 | 440,956 | ||||||
Madison Square Garden Sports Corp. |
7,791 | 1,657,535 | ||||||
|
|
|||||||
3,584,785 | ||||||||
|
|
|||||||
Financial Services - 4.5% |
| |||||||
Berkshire Hathaway, Inc., Class B*(b) |
12,348 | 4,346,002 | ||||||
Visa, Inc., Class A(b) |
19,698 | 4,682,806 | ||||||
|
|
|||||||
9,028,808 | ||||||||
|
|
|||||||
Food Products - 2.8% |
| |||||||
Flowers Foods, Inc. |
34,398 | 849,975 | ||||||
General Mills, Inc. |
1,617 | 120,854 | ||||||
Hershey Co. (The) |
6,027 | 1,394,105 | ||||||
Hormel Foods Corp. |
22,785 | 931,451 | ||||||
J M Smucker Co. (The) |
6,762 | 1,018,695 | ||||||
Lancaster Colony Corp.(b) |
6,909 | 1,330,881 | ||||||
|
|
|||||||
5,645,961 | ||||||||
|
|
|||||||
Ground Transportation - 2.4% |
| |||||||
JB Hunt Transport Services, Inc. |
5,439 | 1,109,229 | ||||||
Landstar System, Inc.(b) |
8,232 | 1,675,953 | ||||||
Old Dominion Freight Line, Inc. |
4,557 | 1,911,616 | ||||||
|
|
|||||||
4,696,798 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Health Care Equipment & Supplies - 1.5% |
| |||||||
Abbott Laboratories |
26,313 | 2,929,426 | ||||||
|
|
|||||||
Health Care Providers & Services - 1.1% |
| |||||||
Chemed Corp.(b) |
2,646 | 1,378,804 | ||||||
Laboratory Corp. of America Holdings |
1,029 | 220,134 | ||||||
Premier, Inc., Class A |
13,377 | 371,212 | ||||||
UnitedHealth Group, Inc. |
588 | 297,745 | ||||||
|
|
|||||||
2,267,895 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.6% |
| |||||||
McDonalds Corp. |
10,878 | 3,189,430 | ||||||
|
|
|||||||
Household Products - 2.7% |
| |||||||
Clorox Co. (The) |
8,673 | 1,313,786 | ||||||
Procter & Gamble Co. (The) |
26,019 | 4,066,770 | ||||||
|
|
|||||||
5,380,556 | ||||||||
|
|
|||||||
Insurance - 6.0% |
| |||||||
Allstate Corp. (The) |
5,439 | 612,866 | ||||||
American Financial Group, Inc. |
6,321 | 768,697 | ||||||
Assurant, Inc. |
11,319 | 1,522,519 | ||||||
Chubb Ltd. |
10,143 | 2,073,331 | ||||||
Everest Group Ltd. |
2,793 | 1,006,904 | ||||||
Hanover Insurance Group, Inc. (The) |
8,232 | 934,167 | ||||||
Markel Group, Inc.* |
757 | 1,097,430 | ||||||
Progressive Corp. (The) |
9,849 | 1,240,777 | ||||||
RenaissanceRe Holdings Ltd. |
5,292 | 988,334 | ||||||
Selective Insurance Group, Inc. |
441 | 45,507 | ||||||
Travelers Cos., Inc. (The) |
9,114 | 1,573,168 | ||||||
W R Berkley Corp. |
1,470 | 90,684 | ||||||
|
|
|||||||
11,954,384 | ||||||||
|
|
|||||||
Interactive Media & Services - 2.1% |
| |||||||
Alphabet, Inc., Class A* |
12,789 | 1,697,356 | ||||||
Alphabet, Inc., Class C* |
10,731 | 1,428,404 | ||||||
Meta Platforms, Inc., Class A* |
3,087 | 983,518 | ||||||
|
|
|||||||
4,109,278 | ||||||||
|
|
|||||||
IT Services - 1.6% |
| |||||||
Amdocs Ltd. |
15,729 | 1,472,864 | ||||||
International Business Machines Corp. |
11,907 | 1,716,751 | ||||||
|
|
|||||||
3,189,615 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.8% |
| |||||||
QIAGEN NV* |
33,075 | 1,548,571 | ||||||
|
|
|||||||
Metals & Mining - 0.5% |
| |||||||
Newmont Corp. |
25,137 | 1,078,880 | ||||||
|
|
|||||||
Multi-Utilities - 2.5% |
| |||||||
Ameren Corp. |
12,789 | 1,095,634 | ||||||
CMS Energy Corp.(b) |
17,934 | 1,095,229 | ||||||
Consolidated Edison, Inc. |
16,758 | 1,589,664 | ||||||
Dominion Energy, Inc. |
1,764 | 94,462 | ||||||
WEC Energy Group, Inc. |
12,201 | 1,096,382 | ||||||
|
|
|||||||
4,971,371 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 1.2% |
| |||||||
Chesapeake Energy Corp.(b) |
5,292 | 446,327 |
Investments |
Shares | Value ($) | ||||||
Chevron Corp. |
2,205 | 360,870 | ||||||
Coterra Energy, Inc. |
42,483 | 1,169,982 | ||||||
Exxon Mobil Corp. |
4,116 | 441,400 | ||||||
|
|
|||||||
2,418,579 | ||||||||
|
|
|||||||
Pharmaceuticals - 7.6% |
| |||||||
Eli Lilly & Co. |
12,201 | 5,545,965 | ||||||
Johnson & Johnson |
26,754 | 4,482,098 | ||||||
Merck & Co., Inc. |
48,216 | 5,142,236 | ||||||
|
|
|||||||
15,170,299 | ||||||||
|
|
|||||||
Professional Services - 2.8% |
| |||||||
Automatic Data Processing, Inc. |
7,791 | 1,926,402 | ||||||
CACI International, Inc., Class A* |
3,234 | 1,133,323 | ||||||
FTI Consulting, Inc.* |
5,586 | 978,444 | ||||||
Verisk Analytics, Inc., Class A |
6,468 | 1,480,784 | ||||||
|
|
|||||||
5,518,953 | ||||||||
|
|
|||||||
Residential REITs - 0.2% |
| |||||||
Essex Property Trust, Inc., REIT |
1,764 | 429,622 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 2.4% |
| |||||||
Broadcom, Inc. |
189 | 169,845 | ||||||
NVIDIA Corp. |
5,675 | 2,651,871 | ||||||
Texas Instruments, Inc. |
11,025 | 1,984,500 | ||||||
|
|
|||||||
4,806,216 | ||||||||
|
|
|||||||
Software - 12.6% |
| |||||||
Black Knight, Inc.* |
17,934 | 1,261,119 | ||||||
Cadence Design Systems, Inc.* |
2,940 | 687,990 | ||||||
Check Point Software Technologies Ltd.* |
12,495 | 1,651,964 | ||||||
Dolby Laboratories, Inc., Class A |
8,673 | 768,515 | ||||||
Microsoft Corp. |
46,158 | 15,505,395 | ||||||
Roper Technologies, Inc. |
2,646 | 1,304,610 | ||||||
Tyler Technologies, Inc.* |
3,822 | 1,515,920 | ||||||
VMware, Inc., Class A* |
8,673 | 1,367,125 | ||||||
Zoom Video Communications, Inc., Class A* |
15,141 | 1,110,592 | ||||||
|
|
|||||||
25,173,230 | ||||||||
|
|
|||||||
Specialized REITs - 1.6% |
| |||||||
Equinix, Inc., REIT |
1,911 | 1,547,757 | ||||||
Extra Space Storage, Inc., REIT |
588 | 82,067 | ||||||
Public Storage, REIT |
5,586 | 1,573,856 | ||||||
|
|
|||||||
3,203,680 | ||||||||
|
|
|||||||
Specialty Retail - 3.8% |
| |||||||
AutoZone, Inc.* |
176 | 436,783 | ||||||
Home Depot, Inc. (The) |
16,317 | 5,447,267 | ||||||
OReilly Automotive, Inc.* |
1,868 | 1,729,376 | ||||||
|
|
|||||||
7,613,426 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 6.5% |
| |||||||
Apple, Inc. |
66,150 | 12,995,167 | ||||||
|
|
|||||||
Tobacco - 0.8% |
| |||||||
Altria Group, Inc. |
36,015 | 1,635,801 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
T-Mobile US, Inc.* |
9,702 | 1,336,645 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
199,140,848 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.1%(c) |
| |||||||
REPURCHASE AGREEMENTS - 0.1% |
| |||||||
CF Secured LLC, 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $285,441, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 6.75%, maturing 10/31/2023 - 11/15/2052; total market value $290,580 |
285,399 | 285,399 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.0%(a)(d)(e) |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.0%(a) |
| |||||||
U.S. Treasury Bills 5.06%, 10/26/2023 |
60,000 | 59,246 | ||||||
|
|
|||||||
Total Investments - 99.8% |
|
199,485,493 | ||||||
Other assets less liabilities - 0.2% |
|
369,574 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
199,855,067 | ||||||
|
|
* | Non-income producing security. |
(a) | Represents less than 0.05% of net assets. |
(b) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $13,044,542, collateralized in the form of cash with a value of $285,399 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $12,968,315 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.13%, and maturity dates ranging from August 15, 2023 November 15, 2052; a total value of $13,253,714. |
(c) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $285,399. |
(d) | All or a portion of the security pledged as collateral for Futures Contracts. |
(e) | The rate shown was the current yield as of July 31, 2023. |
Percentages | shown are based on Net Assets. |
Abbreviations | ||
REIT Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Low Volatility Index Fund (cont.)
Futures Contracts
FlexShares® US Quality Low Volatility Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
||||||||||||||||||||
S&P 500 E-Mini Index |
3 | 09/15/2023 | USD | $ | 692,175 | $ | 40,465 | |||||||||||||
S&P 500 Micro E-Mini Index |
1 | 09/15/2023 | USD | 23,073 | 1,359 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 41,824 | |||||||||||||||||||
|
|
Abbreviations: | ||||
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.7 | % | ||
Securities Lending Reinvestments |
0.1 | |||
Short-Term Investments |
0.0 | | ||
Others(1) |
0.2 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.9% |
| |||||||
Aerospace & Defense - 1.7% |
| |||||||
BAE Systems plc |
51,828 | 621,099 | ||||||
Dassault Aviation SA |
1,400 | 272,749 | ||||||
Thales SA |
2,184 | 327,364 | ||||||
|
|
|||||||
1,221,212 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.8% |
| |||||||
SG Holdings Co. Ltd. |
23,900 | 348,962 | ||||||
Yamato Holdings Co. Ltd. |
14,000 | 262,303 | ||||||
|
|
|||||||
611,265 | ||||||||
|
|
|||||||
Automobile Components - 0.2% |
| |||||||
Bridgestone Corp. |
2,800 | 116,135 | ||||||
|
|
|||||||
Automobiles - 1.2% |
| |||||||
Bayerische Motoren Werke AG (Preference) |
252 | 28,395 | ||||||
Ferrari NV |
2,380 | 764,654 | ||||||
Toyota Motor Corp. |
5,600 | 94,043 | ||||||
|
|
|||||||
887,092 | ||||||||
|
|
|||||||
Banks - 13.1% |
| |||||||
Bank Hapoalim BM |
63,840 | 569,457 | ||||||
Bank Leumi Le-Israel BM |
73,360 | 588,098 | ||||||
Banque Cantonale Vaudoise (Registered)(a) |
5,712 | 644,441 | ||||||
BOC Hong Kong Holdings Ltd. |
196,000 | 595,638 | ||||||
Chiba Bank Ltd. (The)(a) |
39,200 | 275,542 | ||||||
DBS Group Holdings Ltd. |
30,800 | 794,704 | ||||||
Hang Seng Bank Ltd. |
20,900 | 318,108 | ||||||
HSBC Holdings plc |
13,580 | 112,926 | ||||||
Japan Post Bank Co. Ltd. |
70,000 | 582,841 | ||||||
Mizrahi Tefahot Bank Ltd. |
15,708 | 569,384 | ||||||
Mizuho Financial Group, Inc. |
42,000 | 710,642 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
72,800 | 729,206 | ||||||
Resona Holdings, Inc. |
50,400 | 274,703 | ||||||
Royal Bank of Canada |
11,928 | 1,184,689 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
21,700 | 1,022,380 | ||||||
Toronto-Dominion Bank (The) |
7,028 | 464,315 | ||||||
United Overseas Bank Ltd. |
2,800 | 63,473 | ||||||
|
|
|||||||
9,500,547 | ||||||||
|
|
|||||||
Beverages - 0.9% |
| |||||||
Budweiser Brewing Co. APAC Ltd.(b) |
173,600 | 420,716 | ||||||
Suntory Beverage & Food Ltd. |
5,600 | 199,477 | ||||||
|
|
|||||||
620,193 | ||||||||
|
|
|||||||
Biotechnology - 0.1% |
| |||||||
Genmab A/S* |
224 | 92,360 | ||||||
|
|
|||||||
Broadline Retail - 1.8% |
| |||||||
Dollarama, Inc. |
5,208 | 343,679 |
Investments |
Shares | Value ($) | ||||||
Pan Pacific International Holdings Corp. |
18,500 | 365,755 | ||||||
Wesfarmers Ltd. |
18,200 | 608,911 | ||||||
|
|
|||||||
1,318,345 | ||||||||
|
|
|||||||
Capital Markets - 1.8% |
| |||||||
Deutsche Boerse AG |
3,808 | 731,801 | ||||||
Singapore Exchange Ltd. |
81,200 | 593,803 | ||||||
|
|
|||||||
1,325,604 | ||||||||
|
|
|||||||
Chemicals - 2.9% |
| |||||||
Air Liquide SA |
8,372 | 1,507,903 | ||||||
ICL Group Ltd. |
88,620 | 590,211 | ||||||
|
|
|||||||
2,098,114 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 1.5% |
| |||||||
Brambles Ltd. |
25,956 | 246,091 | ||||||
Dai Nippon Printing Co. Ltd. |
9,500 | 270,063 | ||||||
Secom Co. Ltd. |
8,400 | 563,606 | ||||||
|
|
|||||||
1,079,760 | ||||||||
|
|
|||||||
Construction & Engineering - 0.2% |
| |||||||
Taisei Corp. |
2,800 | 106,143 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 3.2% |
| |||||||
Carrefour SA |
1,400 | 28,077 | ||||||
Coles Group Ltd. |
7,224 | 88,547 | ||||||
Jeronimo Martins SGPS SA |
12,852 | 350,848 | ||||||
Koninklijke Ahold Delhaize NV |
20,048 | 693,732 | ||||||
Loblaw Cos. Ltd. |
6,608 | 587,378 | ||||||
Metro, Inc., Class A |
10,388 | 560,104 | ||||||
|
|
|||||||
2,308,686 | ||||||||
|
|
|||||||
Containers & Packaging - 0.4% |
| |||||||
CCL Industries, Inc., Class B |
5,320 | 255,522 | ||||||
|
|
|||||||
Diversified Consumer Services - 0.0%(c) |
| |||||||
Pearson plc |
1,064 | 11,836 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 4.7% |
| |||||||
Deutsche Telekom AG (Registered) |
16,716 | 365,693 | ||||||
Elisa OYJ |
9,464 | 495,014 | ||||||
HKT Trust & HKT Ltd. |
28,000 | 32,995 | ||||||
Koninklijke KPN NV |
165,228 | 599,711 | ||||||
Nippon Telegraph & Telephone Corp. |
490,000 | 561,803 | ||||||
Orange SA |
33,348 | 378,121 | ||||||
Singapore Telecommunications Ltd. |
84,000 | 168,278 | ||||||
Swisscom AG (Registered) |
924 | 597,346 | ||||||
Telefonica Deutschland Holding AG |
86,408 | 233,505 | ||||||
|
|
|||||||
3,432,466 | ||||||||
|
|
|||||||
Electric Utilities - 4.1% |
| |||||||
CLP Holdings Ltd. |
41,000 | 333,575 | ||||||
Emera, Inc.(a) |
1,988 | 80,789 | ||||||
Fortis, Inc.(a) |
8,176 | 349,153 | ||||||
Hydro One Ltd.(b) |
20,412 | 576,886 | ||||||
Iberdrola SA(a) |
62,891 | 787,361 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Kansai Electric Power Co., Inc. (The) |
25,200 | 331,672 | ||||||
Power Assets Holdings Ltd. |
51,000 | 266,814 | ||||||
Redeia Corp. SA |
15,204 | 254,884 | ||||||
|
|
|||||||
2,981,134 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.7% |
| |||||||
Hirose Electric Co. Ltd. |
4,000 | 506,475 | ||||||
|
|
|||||||
Entertainment - 0.5% |
| |||||||
Nintendo Co. Ltd. |
2,800 | 127,111 | ||||||
Toho Co. Ltd.(a) |
6,600 | 257,348 | ||||||
|
|
|||||||
384,459 | ||||||||
|
|
|||||||
Food Products - 5.5% |
| |||||||
MEIJI Holdings Co. Ltd. |
11,200 | 259,189 | ||||||
Nestle SA (Registered) |
26,264 | 3,238,272 | ||||||
Nissin Foods Holdings Co. Ltd. |
600 | 50,676 | ||||||
Yakult Honsha Co. Ltd. |
8,100 | 450,323 | ||||||
|
|
|||||||
3,998,460 | ||||||||
|
|
|||||||
Gas Utilities - 1.7% |
| |||||||
Hong Kong & China Gas Co. Ltd. |
308,000 | 263,423 | ||||||
Naturgy Energy Group SA(a) |
3,472 | 106,190 | ||||||
Osaka Gas Co. Ltd. |
16,800 | 264,628 | ||||||
Snam SpA |
52,808 | 278,425 | ||||||
Tokyo Gas Co. Ltd. |
14,000 | 317,779 | ||||||
|
|
|||||||
1,230,445 | ||||||||
|
|
|||||||
Ground Transportation - 3.9% |
| |||||||
Aurizon Holdings Ltd. |
125,048 | 321,044 | ||||||
Canadian National Railway Co. |
5,544 | 673,241 | ||||||
Hankyu Hanshin Holdings, Inc. |
8,400 | 279,113 | ||||||
Keio Corp. |
7,000 | 232,742 | ||||||
Keisei Electric Railway Co. Ltd. |
7,100 | 294,834 | ||||||
Kintetsu Group Holdings Co. Ltd. |
16,100 | 540,633 | ||||||
Tobu Railway Co. Ltd. |
10,200 | 270,004 | ||||||
Tokyu Corp. |
19,600 | 248,932 | ||||||
|
|
|||||||
2,860,543 | ||||||||
|
|
|||||||
Health Care Providers & Services - 0.2% |
| |||||||
Fresenius Medical Care AG & Co. KGaA |
560 | 29,155 | ||||||
Sonic Healthcare Ltd. |
5,460 | 129,325 | ||||||
|
|
|||||||
158,480 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.0% |
| |||||||
Genting Singapore Ltd. |
730,800 | 517,361 | ||||||
La Francaise des Jeux SAEM(b) |
392 | 15,006 | ||||||
Sodexo SA |
1,652 | 170,011 | ||||||
|
|
|||||||
702,378 | ||||||||
|
|
|||||||
Household Durables - 1.0% |
| |||||||
Sekisui Chemical Co. Ltd. |
29,300 | 445,233 | ||||||
Sekisui House Ltd.(a) |
14,000 | 285,656 | ||||||
|
|
|||||||
730,889 | ||||||||
|
|
|||||||
Household Products - 0.8% |
| |||||||
Henkel AG & Co. KGaA |
420 | 29,423 | ||||||
Reckitt Benckiser Group plc |
7,588 | 569,970 | ||||||
|
|
|||||||
599,393 | ||||||||
|
|
|||||||
Industrial Conglomerates - 2.5% |
| |||||||
CK Hutchison Holdings Ltd. |
51,500 | 317,636 | ||||||
Jardine Cycle & Carriage Ltd. |
8,400 | 216,864 | ||||||
Jardine Matheson Holdings Ltd. |
11,200 | 553,056 |
Investments |
Shares | Value ($) | ||||||
Keppel Corp. Ltd. |
30,800 | 171,189 | ||||||
Siemens AG (Registered) |
140 | 23,922 | ||||||
Toshiba Corp. |
15,900 | 513,549 | ||||||
|
|
|||||||
1,796,216 | ||||||||
|
|
|||||||
Insurance - 3.7% |
| |||||||
AIA Group Ltd. |
44,800 | 444,628 | ||||||
Hannover Rueck SE |
1,428 | 305,678 | ||||||
Intact Financial Corp. |
3,024 | 447,563 | ||||||
Japan Post Holdings Co. Ltd. |
39,200 | 286,661 | ||||||
Medibank Pvt Ltd. |
121,744 | 287,951 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
196 | 74,036 | ||||||
Sampo OYJ, Class A |
12,684 | 560,648 | ||||||
Zurich Insurance Group AG |
616 | 299,028 | ||||||
|
|
|||||||
2,706,193 | ||||||||
|
|
|||||||
IT Services - 2.4% |
| |||||||
CGI, Inc.* |
3,612 | 367,718 | ||||||
Itochu Techno-Solutions Corp. |
10,400 | 263,660 | ||||||
Obic Co. Ltd. |
3,400 | 556,855 | ||||||
SCSK Corp. |
33,600 | 558,699 | ||||||
|
|
|||||||
1,746,932 | ||||||||
|
|
|||||||
Machinery - 1.5% |
| |||||||
GEA Group AG |
7,420 | 315,702 | ||||||
Hoshizaki Corp. |
4,000 | 153,379 | ||||||
Kone OYJ, Class B |
11,116 | 571,617 | ||||||
Schindler Holding AG (Registered) |
140 | 32,559 | ||||||
|
|
|||||||
1,073,257 | ||||||||
|
|
|||||||
Marine Transportation - 0.7% |
| |||||||
Kuehne + Nagel International AG (Registered) |
1,512 | 475,133 | ||||||
|
|
|||||||
Metals & Mining - 0.7% |
| |||||||
BHP Group Ltd. |
2,492 | 77,261 | ||||||
Franco-Nevada Corp. |
3,136 | 458,446 | ||||||
|
|
|||||||
535,707 | ||||||||
|
|
|||||||
Multi-Utilities - 1.4% |
| |||||||
Canadian Utilities Ltd., Class A(a) |
19,376 | 483,425 | ||||||
National Grid plc |
38,976 | 517,281 | ||||||
|
|
|||||||
1,000,706 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 2.9% |
| |||||||
ENEOS Holdings, Inc. |
86,800 | 314,870 | ||||||
Galp Energia SGPS SA |
16,268 | 217,029 | ||||||
Idemitsu Kosan Co. Ltd. |
11,200 | 236,487 | ||||||
Pembina Pipeline Corp. |
5,320 | 168,745 | ||||||
Shell plc |
29,792 | 906,932 | ||||||
TotalEnergies SE |
3,976 | 242,245 | ||||||
|
|
|||||||
2,086,308 | ||||||||
|
|
|||||||
Personal Care Products - 2.7% |
| |||||||
Unilever plc |
35,644 | 1,922,049 | ||||||
|
|
|||||||
Pharmaceuticals - 11.4% |
| |||||||
AstraZeneca plc |
2,940 | 423,138 | ||||||
GSK plc |
44,548 | 793,621 | ||||||
Novartis AG (Registered) |
4,032 | 423,596 | ||||||
Novo Nordisk A/S, Class B |
9,996 | 1,615,201 | ||||||
Roche Holding AG |
112 | 37,340 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Roche Holding AG - BR |
9,492 | 2,963,068 | ||||||
Sanofi |
19,124 | 2,047,159 | ||||||
|
|
|||||||
8,303,123 | ||||||||
|
|
|||||||
Professional Services - 2.1% |
| |||||||
RELX plc |
6,440 | 217,094 | ||||||
SGS SA (Registered) |
5,964 | 580,954 | ||||||
Wolters Kluwer NV |
5,740 | 722,730 | ||||||
|
|
|||||||
1,520,778 | ||||||||
|
|
|||||||
Real Estate Management & Development - 2.1% |
| |||||||
CK Asset Holdings Ltd. |
102,000 | 588,559 | ||||||
Hongkong Land Holdings Ltd. |
2,800 | 9,968 | ||||||
PSP Swiss Property AG (Registered) |
2,800 | 332,053 | ||||||
Sino Land Co. Ltd. |
11,163 | 13,670 | ||||||
Sun Hung Kai Properties Ltd. |
46,500 | 581,645 | ||||||
|
|
|||||||
1,525,895 | ||||||||
|
|
|||||||
Retail REITs - 0.3% |
| |||||||
Link REIT, REIT |
37,362 | 209,118 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 0.9% |
| |||||||
ASML Holding NV |
896 | 644,298 | ||||||
|
|
|||||||
Software - 1.9% |
| |||||||
Constellation Software, Inc. |
28 | 59,264 | ||||||
Nice Ltd.* |
1,232 | 267,306 | ||||||
Oracle Corp. Japan |
7,300 | 512,562 | ||||||
SAP SE |
4,004 | 549,178 | ||||||
|
|
|||||||
1,388,310 | ||||||||
|
|
|||||||
Specialty Retail - 1.1% |
| |||||||
Industria de Diseno Textil SA |
20,776 | 797,378 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.8% |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE |
588 | 549,823 | ||||||
|
|
|||||||
Tobacco - 0.3% |
| |||||||
Japan Tobacco, Inc. |
10,200 | 226,356 | ||||||
|
|
|||||||
Trading Companies & Distributors - 2.3% |
| |||||||
Bunzl plc |
7,952 | 295,484 | ||||||
Ferguson plc |
3,528 | 567,640 | ||||||
ITOCHU Corp. |
20,700 | 837,732 | ||||||
|
|
|||||||
1,700,856 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.8% |
| |||||||
Aena SME SA(b) |
1,652 | 264,834 | ||||||
Auckland International Airport Ltd.* |
3,892 | 20,346 | ||||||
Flughafen Zurich AG (Registered) |
1,372 | 291,699 | ||||||
Getlink SE |
1,148 | 20,245 | ||||||
|
|
|||||||
597,124 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 2.5% |
| |||||||
KDDI Corp. |
27,400 | 807,459 | ||||||
Rogers Communications, Inc., Class B |
1,232 | 54,044 | ||||||
SoftBank Corp. |
47,600 | 528,666 |
Investments |
Shares | Value ($) | ||||||
Vodafone Group plc |
428,820 | 410,661 | ||||||
|
|
|||||||
1,800,830 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
71,744,326 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.5%(d) |
| |||||||
REPURCHASE AGREEMENTS - 0.5% |
| |||||||
CF Secured LLC, 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $372,547, collateralized by
various U.S. Treasury Securities, ranging from 0.00% - 6.75%, maturing 10/31/2023 - 11/15/2052; total market value $379,255 |
372,493 | 372,493 | ||||||
|
|
|||||||
Total Investments - 99.4% |
|
72,116,819 | ||||||
Other assets less liabilities - 0.6% |
|
451,538 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
72,568,357 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $1,741,954, collateralized in the form of cash with a value of $372,493 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $483,246 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% 4.63%, and maturity dates ranging from January 15, 2024 February 15, 2051 and $999,717 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from September 7, 2023 October 22, 2071; a total value of $1,855,456. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $372,493. |
Percentages shown are based on Net Assets.
Abbreviations | ||
OYJ | Public Limited Company |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
Futures Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of July 31, 2023:
|
| |||||||||||||||||
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
MSCI EAFE E-Mini Index |
7 | 09/15/2023 | USD | $ | 772,030 | $ | 24,986 |
Forward Foreign Currency Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
262,812 | Citibank NA | USD | 198,094 | 09/20/2023 | $ | 1,707 | |||||||||||||||
EUR |
204,814 | Toronto-Dominion Bank (The) | USD | 224,827 | 09/20/2023 | 1,554 | ||||||||||||||||
GBP |
42,671 | Toronto-Dominion Bank (The) | USD | 54,727 | 09/20/2023 | 187 | ||||||||||||||||
SGD |
16,357 | JPMorgan Chase Bank NA | USD | 12,256 | 09/20/2023 | 93 | ||||||||||||||||
USD |
112,825 | Toronto-Dominion Bank (The) | AUD | 165,194 | 09/20/2023 | 1,313 | ||||||||||||||||
USD |
182,885 | Citibank NA | JPY | 25,122,339 | 09/20/2023 | 4,655 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 9,509 | |||||||||||||||||||
|
|
|||||||||||||||||||||
AUD |
147,906 | Toronto-Dominion Bank (The) | USD | 101,848 | 09/20/2023 | $ | (2,006 | ) | ||||||||||||||
ILS |
73,522 | Citibank NA | USD | 20,469 | 09/20/2023 | (362 | ) | |||||||||||||||
USD |
130,323 | Toronto-Dominion Bank (The) | CAD | 171,700 | 09/20/2023 | (210 | ) | |||||||||||||||
USD |
189,000 | Toronto-Dominion Bank (The) | CHF | 167,993 | 09/20/2023 | (5,858 | ) | |||||||||||||||
USD |
44,371 | JPMorgan Chase Bank NA | DKK | 303,190 | 09/20/2023 | (621 | ) | |||||||||||||||
USD |
401,473 | Toronto-Dominion Bank (The) | EUR | 368,628 | 09/20/2023 | (5,972 | ) | |||||||||||||||
USD |
79,523 | JPMorgan Chase Bank NA | GBP | 62,610 | 09/20/2023 | (1,050 | ) | |||||||||||||||
USD |
59,517 | Goldman Sachs & Co. | HKD | 464,999 | 09/20/2023 | (132 | ) | |||||||||||||||
USD |
12,526 | Toronto-Dominion Bank (The) | NOK | 131,563 | 09/20/2023 | (499 | ) | |||||||||||||||
USD |
25,577 | Citibank NA | NZD | 41,229 | 09/20/2023 | (84 | ) | |||||||||||||||
USD |
72,390 | JPMorgan Chase Bank NA | SEK | 767,599 | 09/20/2023 | (844 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (17,638 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (8,129 | ) | ||||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Abbreviations:
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
FlexShares® Developed Markets ex-US Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
2.4 | % | ||
Canada |
9.8 | |||
Denmark |
2.4 | |||
Finland |
2.2 | |||
France |
7.7 | |||
Germany |
3.7 | |||
Hong Kong |
6.0 | |||
Israel |
3.6 | |||
Italy |
0.4 | |||
Japan |
23.0 | |||
Netherlands |
4.7 | |||
New Zealand |
0.0 | | ||
Portugal |
0.8 | |||
Singapore |
5.3 | |||
Spain |
3.0 | |||
Switzerland |
13.7 | |||
United Kingdom |
10.2 | |||
Other1 |
1.1 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.9 | % | ||
Securities Lending Reinvestments |
0.5 | |||
Others(1) |
0.6 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Emerging Markets Quality Low Volatility Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.1% |
| |||||||
Automobile Components - 0.4% |
| |||||||
Cheng Shin Rubber Industry Co. Ltd. |
64,000 | 78,303 | ||||||
|
|
|||||||
Automobiles - 1.4% |
| |||||||
Bajaj Auto Ltd. |
1,856 | 111,280 | ||||||
Hero MotoCorp Ltd. |
2,752 | 107,194 | ||||||
Maruti Suzuki India Ltd. |
456 | 54,448 | ||||||
|
|
|||||||
272,922 | ||||||||
|
|
|||||||
Banks - 17.2% |
| |||||||
Abu Dhabi Islamic Bank PJSC |
29,560 | 90,457 | ||||||
Agricultural Bank of China Ltd., Class H |
424,000 | 153,861 | ||||||
Al Rajhi Bank |
2,808 | 55,837 | ||||||
Axis Bank Ltd. |
984 | 11,412 | ||||||
Banco BBVA Peru SA |
14,012 | 5,949 | ||||||
Bank Central Asia Tbk. PT |
156,800 | 94,881 | ||||||
Bank of China Ltd., Class H |
536,000 | 198,628 | ||||||
Bank of Communications Co. Ltd., Class H |
224,000 | 134,997 | ||||||
Boubyan Bank KSCP |
39,968 | 80,691 | ||||||
Chang Hwa Commercial Bank Ltd. |
168,472 | 101,051 | ||||||
China CITIC Bank Corp. Ltd., Class H |
192,000 | 92,569 | ||||||
China Construction Bank Corp., Class H |
592,000 | 343,873 | ||||||
China Everbright Bank Co. Ltd., Class H |
264,000 | 78,536 | ||||||
China Merchants Bank Co. Ltd., Class H |
1,000 | 4,930 | ||||||
Dubai Islamic Bank PJSC |
100,992 | 158,099 | ||||||
Emirates NBD Bank PJSC |
18,040 | 83,495 | ||||||
First Financial Holding Co. Ltd. |
160,000 | 147,901 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
800 | 7,602 | ||||||
Hong Leong Bank Bhd. |
22,400 | 97,270 | ||||||
ICICI Bank Ltd. |
9,592 | 116,424 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
760,000 | 370,318 | ||||||
Itau Unibanco Holding SA (Preference) |
4,000 | 24,082 | ||||||
Kuwait Finance House KSCP |
56,856 | 146,074 | ||||||
Malayan Banking Bhd. |
60,985 | 121,997 | ||||||
National Bank of Kuwait SAKP |
105,432 | 330,269 | ||||||
Qatar International Islamic Bank QSC |
33,328 | 95,040 | ||||||
Qatar National Bank QPSC |
32,208 | 150,245 | ||||||
Sberbank of Russia PJSC |
12,360 | | ||||||
|
|
|||||||
3,296,488 | ||||||||
|
|
|||||||
Beverages - 0.5% |
| |||||||
Emperador, Inc. |
248,800 | 94,900 | ||||||
|
|
Investments |
Shares | Value ($) | ||||||
Broadline Retail - 4.3% |
| |||||||
Alibaba Group Holding Ltd., ADR* |
5,896 | 602,335 | ||||||
JD.com, Inc., ADR |
128 | 5,288 | ||||||
PDD Holdings, Inc., ADR* |
592 | 53,173 | ||||||
Prosus NV* |
2,056 | 163,281 | ||||||
Robinson PCL* |
600 | | ||||||
Vipshop Holdings Ltd., ADR* |
296 | 5,574 | ||||||
|
|
|||||||
829,651 | ||||||||
|
|
|||||||
Capital Markets - 0.8% |
| |||||||
Macquarie Korea Infrastructure Fund |
15,392 | 146,475 | ||||||
|
|
|||||||
Chemicals - 3.3% |
| |||||||
Asian Paints Ltd. |
3,936 | 161,623 | ||||||
Fertiglobe plc |
158,576 | 154,559 | ||||||
Mesaieed Petrochemical Holding Co. |
61,528 | 32,961 | ||||||
PhosAgro PJSC |
1,158 | | ||||||
Pidilite Industries Ltd. |
3,384 | 107,588 | ||||||
SABIC Agri-Nutrients Co. |
4,480 | 172,197 | ||||||
|
|
|||||||
628,928 | ||||||||
|
|
|||||||
Construction & Engineering - 0.5% |
| |||||||
China Railway Group Ltd., Class H |
144,000 | 94,354 | ||||||
|
|
|||||||
Construction Materials - 1.1% |
| |||||||
Asia Cement Corp. |
40,000 | 51,294 | ||||||
LafargeHolcim Maroc SA |
896 | 163,506 | ||||||
|
|
|||||||
214,800 | ||||||||
|
|
|||||||
Consumer Finance - 0.5% |
| |||||||
Bajaj Finance Ltd. |
104 | 9,231 | ||||||
Samsung Card Co. Ltd. |
4,160 | 93,014 | ||||||
|
|
|||||||
102,245 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.9% |
| |||||||
InRetail Peru Corp.(a) |
128 | 4,301 | ||||||
Nahdi Medical Co. |
288 | 13,342 | ||||||
President Chain Store Corp. |
16,000 | 142,045 | ||||||
Wal-Mart de Mexico SAB de CV |
1,600 | 6,678 | ||||||
|
|
|||||||
166,366 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 4.2% |
| |||||||
Chunghwa Telecom Co. Ltd. |
52,000 | 191,940 | ||||||
Emirates Integrated Telecommunications Co. PJSC |
67,488 | 101,423 | ||||||
Itissalat Al-Maghrib |
11,376 | 126,754 | ||||||
LG Uplus Corp. |
10,536 | 82,741 | ||||||
Saudi Telecom Co. |
11,112 | 125,586 | ||||||
Telkom Indonesia Persero Tbk. PT |
695,200 | 171,495 | ||||||
|
|
|||||||
799,939 | ||||||||
|
|
|||||||
Electric Utilities - 4.4% |
| |||||||
Centrais Eletricas Brasileiras SA (Preference), Class B |
5,600 | 51,361 | ||||||
CPFL Energia SA |
22,400 | 168,481 | ||||||
CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference) |
7,200 | 37,990 | ||||||
Manila Electric Co. |
16,000 | 103,705 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Power Grid Corp. of India Ltd. |
55,424 | 179,280 | ||||||
Saudi Electricity Co. |
24,496 | 146,522 | ||||||
Transmissora Alianca de Energia Eletrica SA |
19,200 | 145,300 | ||||||
|
|
|||||||
832,639 | ||||||||
|
|
|||||||
Electrical Equipment - 0.9% |
| |||||||
ABB India Ltd. |
2,992 | 165,619 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.5% |
| |||||||
WPG Holdings Ltd. |
56,000 | 89,810 | ||||||
|
|
|||||||
Entertainment - 0.8% |
| |||||||
NetEase, Inc., ADR |
1,328 | 144,407 | ||||||
|
|
|||||||
144,407 | ||||||||
|
|
|||||||
Food Products - 4.7% |
| |||||||
Almarai Co. JSC |
6,536 | 120,037 | ||||||
Dali Foods Group Co. Ltd.(a) |
204,000 | 94,954 | ||||||
Nestle India Ltd. |
152 | 41,680 | ||||||
Nestle Malaysia Bhd. |
4,800 | 142,541 | ||||||
Orion Corp. |
40 | 3,562 | ||||||
Tingyi Cayman Islands Holding Corp. |
86,000 | 132,771 | ||||||
Uni-President China Holdings Ltd. |
80,000 | 69,037 | ||||||
Uni-President Enterprises Corp. |
56,000 | 134,180 | ||||||
Want Want China Holdings Ltd. |
224,000 | 155,964 | ||||||
|
|
|||||||
894,726 | ||||||||
|
|
|||||||
Gas Utilities - 0.8% |
| |||||||
Petronas Gas Bhd. |
39,200 | 148,489 | ||||||
|
|
|||||||
Health Care Providers & Services - 3.6% |
| |||||||
Bangkok Dusit Medical Services PCL, NVDR |
132,000 | 110,872 | ||||||
Bumrungrad Hospital PCL, NVDR |
20,800 | 131,258 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,440 | 110,929 | ||||||
Mitra Keluarga Karyasehat Tbk. PT(a) |
697,600 | 134,617 | ||||||
Mouwasat Medical Services Co. |
1,552 | 103,836 | ||||||
Sinopharm Group Co. Ltd., Class H |
32,000 | 100,324 | ||||||
|
|
|||||||
691,836 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 0.8% |
| |||||||
Kangwon Land, Inc. |
2,936 | 35,933 | ||||||
Meituan, Class B*(a) |
4,800 | 90,046 | ||||||
Yum China Holdings, Inc. |
304 | 18,550 | ||||||
|
|
|||||||
144,529 | ||||||||
|
|
|||||||
Household Durables - 0.4% |
| |||||||
Coway Co. Ltd. |
2,568 | 82,602 | ||||||
|
|
|||||||
Household Products - 0.6% |
| |||||||
Unilever Indonesia Tbk. PT |
472,800 | 120,708 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.4% |
| |||||||
Engie Brasil Energia SA |
2,400 | 22,219 | ||||||
NTPC Ltd. |
24,424 | 64,839 | ||||||
Unipro PJSC* |
726,000 | | ||||||
|
|
|||||||
87,058 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Industrial Conglomerates - 1.5% |
| |||||||
Alpha Dhabi Holding PJSC* |
20,472 | 111,248 | ||||||
Far Eastern New Century Corp. |
96,000 | 90,726 | ||||||
Sime Darby Bhd. |
192,000 | 92,828 | ||||||
|
|
|||||||
294,802 | ||||||||
|
|
|||||||
Insurance - 1.8% |
| |||||||
Bupa Arabia for Cooperative Insurance Co. |
2,000 | 92,014 | ||||||
DB Insurance Co. Ltd. |
328 | 19,428 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
96,000 | 112,019 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
616 | 117,918 | ||||||
|
|
|||||||
341,379 | ||||||||
|
|
|||||||
Interactive Media & Services - 3.8% |
| |||||||
Tencent Holdings Ltd. |
16,200 | 736,184 | ||||||
|
|
|||||||
IT Services - 3.4% |
| |||||||
Infosys Ltd. |
6,192 | 102,062 | ||||||
Samsung SDS Co. Ltd. |
1,096 | 110,318 | ||||||
Tata Consultancy Services Ltd. |
10,408 | 432,961 | ||||||
|
|
|||||||
645,341 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.1% |
| |||||||
Divis Laboratories Ltd. |
96 | 4,300 | ||||||
Samsung Biologics Co. Ltd.*(a) |
32 | 19,231 | ||||||
|
|
|||||||
23,531 | ||||||||
|
|
|||||||
Marine Transportation - 0.5% |
| |||||||
MISC Bhd. |
60,800 | 96,951 | ||||||
|
|
|||||||
Metals & Mining - 0.7% |
| |||||||
China Steel Corp. |
16,000 | 14,230 | ||||||
Industrias CH SAB de CV, Class B, Series B* |
350 | 4,172 | ||||||
Korea Zinc Co. Ltd. |
16 | 6,201 | ||||||
Polyus PJSC* |
546 | | ||||||
Vale SA |
7,200 | 104,677 | ||||||
|
|
|||||||
129,280 | ||||||||
|
|
|||||||
Multi-Utilities - 1.4% |
| |||||||
Dubai Electricity & Water Authority PJSC |
225,512 | 164,542 | ||||||
Qatar Electricity & Water Co. QSC |
20,024 | 99,845 | ||||||
|
|
|||||||
264,387 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 2.9% |
| |||||||
China Shenhua Energy Co. Ltd., Class H |
8,000 | 23,901 | ||||||
PetroChina Co. Ltd., Class H |
48,000 | 35,021 | ||||||
Petroleo Brasileiro SA |
800 | 5,854 | ||||||
Petroleo Brasileiro SA (Preference) |
3,200 | 20,927 | ||||||
Petronas Dagangan Bhd. |
17,600 | 89,620 | ||||||
Petronet LNG Ltd. |
2,072 | 5,884 | ||||||
PTT Exploration & Production PCL, NVDR |
20,000 | 93,196 | ||||||
Qatar Fuel QSC |
30,704 | 141,711 | ||||||
Qatar Gas Transport Co. Ltd. |
90,712 | 105,042 | ||||||
Surgutneftegas PJSC (Preference) |
156,600 | | ||||||
United Tractors Tbk. PT |
20,000 | 36,505 | ||||||
|
|
|||||||
557,661 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Personal Care Products - 2.1% |
| |||||||
Colgate-Palmolive India Ltd. |
464 | 11,392 | ||||||
Hengan International Group Co. Ltd. |
29,500 | 121,235 | ||||||
Hindustan Unilever Ltd. |
8,424 | 262,280 | ||||||
|
|
|||||||
394,907 | ||||||||
|
|
|||||||
Pharmaceuticals - 4.0% |
| |||||||
Cipla Ltd. |
13,448 | 192,117 | ||||||
Dr Reddys Laboratories Ltd. |
2,792 | 191,470 | ||||||
Kalbe Farma Tbk. PT |
678,400 | 86,150 | ||||||
Sun Pharmaceutical Industries Ltd. |
11,712 | 162,817 | ||||||
Torrent Pharmaceuticals Ltd. |
256 | 6,234 | ||||||
Yuhan Corp. |
2,240 | 128,286 | ||||||
|
|
|||||||
767,074 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.3% |
| |||||||
Aldar Properties PJSC |
35,384 | 49,805 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.4% |
| |||||||
MediaTek, Inc. |
2,000 | 43,912 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
66,000 | 1,186,578 | ||||||
|
|
|||||||
1,230,490 | ||||||||
|
|
|||||||
Specialty Retail - 2.5% |
| |||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
128,848 | 136,809 | ||||||
Home Product Center PCL, NVDR |
322,400 | 133,750 | ||||||
Jarir Marketing Co. |
33,264 | 137,433 | ||||||
MR DIY Group M Bhd.(a) |
210,400 | 68,593 | ||||||
|
|
|||||||
476,585 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 6.4% |
| |||||||
Compal Electronics, Inc. |
168,000 | 162,780 | ||||||
Inventec Corp. |
112,000 | 227,019 | ||||||
Lite-On Technology Corp. |
11,000 | 52,678 | ||||||
Pegatron Corp. |
32,000 | 77,794 | ||||||
Quanta Computer, Inc. |
17,000 | 129,015 | ||||||
Samsung Electronics Co. Ltd. |
10,648 | 583,086 | ||||||
|
|
|||||||
1,232,372 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.6% |
| |||||||
Page Industries Ltd. |
232 | 106,637 | ||||||
|
|
|||||||
Tobacco - 0.6% |
| |||||||
KT&G Corp. |
1,728 | 111,978 | ||||||
|
|
|||||||
Transportation Infrastructure - 1.7% |
| |||||||
Airports of Thailand PCL, NVDR* |
56,000 | 116,978 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
96,000 | 87,768 | ||||||
Taiwan High Speed Rail Corp. |
128,000 | 122,801 | ||||||
|
|
|||||||
327,547 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 4.4% |
| |||||||
Advanced Info Service PCL, NVDR |
24,800 | 163,745 | ||||||
America Movil SAB de CV, Series B |
47,200 | 49,595 | ||||||
Etihad Etisalat Co. |
8,648 | 107,996 | ||||||
Far EasTone Telecommunications Co. Ltd. |
56,000 | 126,518 |
Investments |
Shares | Value ($) | ||||||
Intouch Holdings PCL, NVDR |
67,200 | 151,171 | ||||||
Mobile Telecommunications Co. KSCP |
60,856 | 103,243 | ||||||
Taiwan Mobile Co. Ltd. |
44,000 | 132,169 | ||||||
|
|
|||||||
834,437 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
18,749,142 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(b) |
| |||||||
Capital Markets - 0.0%(b) |
| |||||||
Macquarie Korea Infrastructure Fund, expiring 8/1/2023, price 12,550.00 KRW* (Cost $) |
1,176 | 56 | ||||||
|
|
|||||||
Total Investments - 98.1% |
|
18,749,198 | ||||||
Other assets less liabilities - 1.9% |
|
363,050 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
19,112,248 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations
ADR |
American Depositary Receipt | |
KRW |
Korean Won | |
NVDR |
Non-Voting Depositary Receipt | |
PJSC |
Public Joint Stock Company | |
Preference |
A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Futures Contracts
FlexShares® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
MSCI Emerging Markets E-Mini Index |
8 | 09/15/2023 | USD | $ | 421,720 | $ | 19,890 |
Abbreviations:
USD US Dollar
FlexShares® Emerging Markets Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Brazil |
3.0 | % | ||
China |
21.2 | |||
India |
13.6 | |||
Indonesia |
3.4 | |||
Kuwait |
3.5 | |||
Malaysia |
4.5 | |||
Mexico |
0.4 | |||
Morocco |
1.5 | |||
Peru |
0.0 | | ||
Philippines |
1.0 | |||
Qatar |
3.3 | |||
Saudi Arabia |
6.2 | |||
South Africa |
0.9 | |||
South Korea |
8.1 | |||
Taiwan |
17.3 | |||
Thailand |
4.7 | |||
United Arab Emirates |
5.5 | |||
Other1 |
1.9 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.1 | % | ||
Rights |
0.0 | | ||
Others(1) |
1.9 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar US Market Factor Tilt Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.3% |
| |||||||
Aerospace & Defense - 1.3% |
||||||||
AAR Corp.* |
2,625 | 156,975 | ||||||
AeroVironment, Inc.* |
1,225 | 116,693 | ||||||
Axon Enterprise, Inc.* |
1,575 | 292,840 | ||||||
Boeing Co. (The)* |
17,226 | 4,114,430 | ||||||
BWX Technologies, Inc.(a) |
4,025 | 277,725 | ||||||
Curtiss-Wright Corp. |
2,262 | 432,856 | ||||||
Ducommun, Inc.* |
525 | 26,323 | ||||||
General Dynamics Corp. |
6,825 | 1,525,934 | ||||||
HEICO Corp.(a) |
1,392 | 244,964 | ||||||
HEICO Corp., Class A |
1,750 | 245,612 | ||||||
Hexcel Corp. |
3,132 | 221,370 | ||||||
Howmet Aerospace, Inc. |
11,136 | 569,495 | ||||||
Huntington Ingalls Industries, Inc. |
1,225 | 281,346 | ||||||
Kratos Defense & Security Solutions, Inc.* |
4,025 | 60,737 | ||||||
L3Harris Technologies, Inc. |
5,046 | 956,167 | ||||||
Lockheed Martin Corp. |
6,786 | 3,029,067 | ||||||
Mercury Systems, Inc.*(a) |
1,044 | 39,651 | ||||||
Moog, Inc., Class A |
2,088 | 220,159 | ||||||
Northrop Grumman Corp. |
3,654 | 1,626,030 | ||||||
Parsons Corp.*(a) |
3,314 | 163,778 | ||||||
Rocket Lab USA, Inc.* |
23,142 | 170,557 | ||||||
RTX Corp. |
37,932 | 3,335,361 | ||||||
Spirit AeroSystems Holdings, Inc., Class A(a) |
4,200 | 133,644 | ||||||
Textron, Inc. |
6,264 | 487,151 | ||||||
TransDigm Group, Inc. |
1,225 | 1,102,157 | ||||||
Triumph Group, Inc.* |
6,650 | 84,122 | ||||||
V2X, Inc.*(a) |
870 | 44,770 | ||||||
Woodward, Inc. |
3,150 | 379,197 | ||||||
|
|
|||||||
20,339,111 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.6% |
| |||||||
Air Transport Services Group, Inc.* |
7,134 | 143,821 | ||||||
CH Robinson Worldwide, Inc. |
3,675 | 368,161 | ||||||
Expeditors International of Washington, Inc. |
4,350 | 553,755 | ||||||
FedEx Corp. |
7,482 | 2,019,766 | ||||||
Forward Air Corp.(a) |
875 | 103,985 | ||||||
GXO Logistics, Inc.* |
7,134 | 478,477 | ||||||
Hub Group, Inc., Class A* |
8,004 | 721,401 | ||||||
United Parcel Service, Inc., Class B |
22,098 | 4,135,199 | ||||||
|
|
|||||||
8,524,565 | ||||||||
|
|
|||||||
Automobile Components - 0.5% |
| |||||||
Adient plc* |
22,446 | 955,302 | ||||||
American Axle & Manufacturing Holdings, Inc.* |
13,746 | 129,900 | ||||||
Aptiv plc* |
7,175 | 785,591 | ||||||
Autoliv, Inc. |
3,654 | 368,798 | ||||||
BorgWarner, Inc.(a) |
8,178 | 380,277 | ||||||
Dana, Inc. |
6,264 | 118,891 | ||||||
Dorman Products, Inc.* |
870 | 73,680 |
Investments |
Shares | Value ($) | ||||||
Fox Factory Holding Corp.*(a) |
1,914 | 214,177 | ||||||
Garrett Motion, Inc.*(a) |
9,275 | 72,159 | ||||||
Gentex Corp. |
11,310 | 379,790 | ||||||
Gentherm, Inc.* |
1,050 | 62,759 | ||||||
Goodyear Tire & Rubber Co. (The)* |
59,138 | 950,939 | ||||||
LCI Industries(a) |
5,250 | 715,417 | ||||||
Lear Corp. |
2,436 | 376,995 | ||||||
Mobileye Global, Inc., Class A*(a) |
4,176 | 159,440 | ||||||
Modine Manufacturing Co.*(a) |
8,750 | 328,650 | ||||||
Patrick Industries, Inc.(a) |
5,568 | 481,910 | ||||||
QuantumScape Corp., Class A*(a) |
51,156 | 680,886 | ||||||
Standard Motor Products, Inc. |
4,524 | 172,681 | ||||||
Stoneridge, Inc.* |
6,825 | 139,503 | ||||||
Visteon Corp.*(a) |
1,740 | 268,117 | ||||||
XPEL, Inc.*(a)(b) |
1,225 | 99,507 | ||||||
|
|
|||||||
7,915,369 | ||||||||
|
|
|||||||
Automobiles - 1.6% |
| |||||||
Fisker, Inc., Class A*(a) |
16,182 | 99,843 | ||||||
Ford Motor Co. |
123,164 | 1,626,996 | ||||||
General Motors Co. |
40,542 | 1,555,597 | ||||||
Harley-Davidson, Inc.(a) |
29,232 | 1,128,648 | ||||||
Lucid Group, Inc.*(a) |
32,364 | 246,290 | ||||||
Rivian Automotive, Inc., Class A*(a) |
23,316 | 644,454 | ||||||
Tesla, Inc.* |
67,686 | 18,101,267 | ||||||
Thor Industries, Inc.(a) |
11,310 | 1,306,192 | ||||||
Winnebago Industries, Inc.(a) |
5,568 | 383,078 | ||||||
|
|
|||||||
25,092,365 | ||||||||
|
|
|||||||
Banks - 6.0% |
| |||||||
1st Source Corp. |
2,262 | 106,088 | ||||||
Amalgamated Financial Corp.(a) |
6,264 | 125,029 | ||||||
Amerant Bancorp, Inc., Class A(a) |
8,700 | 172,434 | ||||||
Ameris Bancorp |
15,138 | 660,774 | ||||||
Associated Banc-Corp. |
37,758 | 715,514 | ||||||
Atlantic Union Bankshares Corp.(a) |
16,530 | 528,629 | ||||||
Axos Financial, Inc.*(a) |
11,550 | 542,850 | ||||||
Banc of California, Inc. |
20,532 | 291,760 | ||||||
BancFirst Corp.(a) |
1,571 | 156,943 | ||||||
Bancorp, Inc. (The)*(a) |
5,394 | 204,433 | ||||||
Bank of America Corp. |
212,106 | 6,787,392 | ||||||
Bank of Hawaii Corp. |
174 | 9,941 | ||||||
Bank OZK(a) |
25,230 | 1,103,308 | ||||||
BankUnited, Inc.(a) |
12,180 | 363,451 | ||||||
Banner Corp. |
9,744 | 463,912 | ||||||
Berkshire Hills Bancorp, Inc. |
7,482 | 170,664 | ||||||
BOK Financial Corp.(a) |
5,394 | 480,498 | ||||||
Brookline Bancorp, Inc. |
12,250 | 130,830 | ||||||
Byline Bancorp, Inc. |
7,656 | 168,049 | ||||||
Cadence Bank(a) |
46,110 | 1,155,055 | ||||||
Cambridge Bancorp(a) |
3,480 | 214,159 | ||||||
Camden National Corp.(a) |
6,438 | 222,626 | ||||||
Capitol Federal Financial, Inc.(a) |
20,358 | 134,974 | ||||||
Cathay General Bancorp(a) |
15,486 | 589,087 | ||||||
Central Pacific Financial Corp. |
12,354 | 225,337 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Citigroup, Inc. |
58,464 | 2,786,394 | ||||||
Citizens Financial Group, Inc. |
18,792 | 606,230 | ||||||
City Holding Co.(a) |
350 | 34,619 | ||||||
CNB Financial Corp. |
10,092 | 196,390 | ||||||
Columbia Banking System, Inc. |
51,330 | 1,147,226 | ||||||
Comerica, Inc.(a) |
32,016 | 1,727,583 | ||||||
Commerce Bancshares, Inc.(a) |
3,828 | 203,573 | ||||||
Community Bank System, Inc. |
1,566 | 84,298 | ||||||
Community Trust Bancorp, Inc. |
1,925 | 73,881 | ||||||
ConnectOne Bancorp, Inc. |
2,088 | 42,741 | ||||||
CrossFirst Bankshares, Inc.* |
5,916 | 69,040 | ||||||
Cullen/Frost Bankers, Inc. |
2,088 | 226,715 | ||||||
Customers Bancorp, Inc.*(a) |
5,425 | 227,742 | ||||||
CVB Financial Corp.(a) |
36,714 | 692,793 | ||||||
Dime Community Bancshares, Inc.(a) |
1,740 | 38,976 | ||||||
Eagle Bancorp, Inc. |
2,436 | 67,477 | ||||||
East West Bancorp, Inc. |
5,250 | 326,603 | ||||||
Eastern Bankshares, Inc. |
42,804 | 604,392 | ||||||
Enterprise Financial Services Corp. |
3,306 | 135,546 | ||||||
Farmers National Banc Corp.(a) |
9,570 | 131,588 | ||||||
FB Financial Corp. |
5,046 | 178,729 | ||||||
Fifth Third Bancorp |
22,575 | 656,933 | ||||||
First Bancorp/NC(a) |
3,325 | 109,991 | ||||||
First Bancorp/PR |
44,915 | 666,988 | ||||||
First Bancshares, Inc. (The)(a) |
2,975 | 93,147 | ||||||
First Busey Corp. |
6,612 | 143,216 | ||||||
First Citizens BancShares, Inc., Class A |
350 | 500,955 | ||||||
First Commonwealth Financial Corp. |
23,800 | 343,672 | ||||||
First Financial Bancorp(a) |
17,675 | 408,116 | ||||||
First Financial Bankshares, Inc.(a) |
3,132 | 102,072 | ||||||
First Financial Corp. |
1,044 | 39,891 | ||||||
First Hawaiian, Inc.(a) |
33,408 | 691,212 | ||||||
First Horizon Corp. |
19,488 | 265,621 | ||||||
First Interstate BancSystem, Inc., Class A(a) |
24,012 | 689,865 | ||||||
First Merchants Corp. |
9,744 | 312,977 | ||||||
FNB Corp.(a) |
73,254 | 936,919 | ||||||
Fulton Financial Corp.(a) |
37,410 | 534,963 | ||||||
Glacier Bancorp, Inc. |
2,262 | 73,967 | ||||||
Great Southern Bancorp, Inc.(a) |
348 | 19,255 | ||||||
Hancock Whitney Corp.(a) |
18,025 | 793,280 | ||||||
Hanmi Financial Corp. |
13,224 | 251,256 | ||||||
HarborOne Bancorp, Inc. |
1,925 | 20,193 | ||||||
Heartland Financial USA, Inc.(a) |
5,046 | 173,280 | ||||||
Heritage Commerce Corp.(a) |
25,752 | 247,219 | ||||||
Heritage Financial Corp.(a) |
13,920 | 261,139 | ||||||
Hilltop Holdings, Inc.(a) |
4,872 | 150,691 | ||||||
Home BancShares, Inc.(a) |
37,932 | 922,127 | ||||||
Hope Bancorp, Inc.(a) |
38,802 | 421,390 | ||||||
Horizon Bancorp, Inc.(a) |
18,444 | 228,521 | ||||||
Huntington Bancshares, Inc.(a) |
47,502 | 581,424 | ||||||
Independent Bank Corp. |
11,832 | 712,878 | ||||||
Independent Bank Group, Inc. |
10,614 | 476,250 | ||||||
International Bancshares Corp. |
12,600 | 625,464 | ||||||
JPMorgan Chase & Co. |
90,306 | 14,264,736 | ||||||
Kearny Financial Corp.(a) |
17,052 | 146,477 |
Investments |
Shares | Value ($) | ||||||
KeyCorp |
18,966 | 233,471 | ||||||
Lakeland Bancorp, Inc. |
11,375 | 171,876 | ||||||
Lakeland Financial Corp. |
700 | 38,808 | ||||||
Live Oak Bancshares, Inc.(a) |
696 | 26,358 | ||||||
Luther Burbank Corp. |
13,224 | 136,207 | ||||||
M&T Bank Corp. |
5,855 | 818,880 | ||||||
Midland States Bancorp, Inc. |
4,550 | 106,607 | ||||||
National Bank Holdings Corp., Class A |
8,178 | 280,996 | ||||||
NBT Bancorp, Inc. |
348 | 12,946 | ||||||
New York Community Bancorp, Inc. |
160,602 | 2,227,550 | ||||||
Nicolet Bankshares, Inc.(a) |
1,531 | 128,068 | ||||||
Northfield Bancorp, Inc.(a) |
4,524 | 55,102 | ||||||
Northwest Bancshares, Inc.(a) |
26,622 | 329,048 | ||||||
OceanFirst Financial Corp. |
14,875 | 277,121 | ||||||
OFG Bancorp |
12,702 | 425,390 | ||||||
Old National Bancorp(a) |
64,554 | 1,099,355 | ||||||
Old Second Bancorp, Inc.(a) |
4,350 | 69,557 | ||||||
Origin Bancorp, Inc.(a) |
3,654 | 119,120 | ||||||
Pacific Premier Bancorp, Inc. |
19,075 | 487,176 | ||||||
PacWest Bancorp(a) |
14,094 | 131,074 | ||||||
Park National Corp.(a) |
350 | 39,032 | ||||||
Pathward Financial, Inc. |
2,800 | 145,488 | ||||||
Peoples Bancorp, Inc.(a) |
5,600 | 157,752 | ||||||
Pinnacle Financial Partners, Inc.(a) |
18,966 | 1,439,519 | ||||||
PNC Financial Services Group, Inc. (The) |
13,224 | 1,810,233 | ||||||
Popular, Inc. |
16,704 | 1,211,875 | ||||||
Preferred Bank |
4,524 | 298,946 | ||||||
Premier Financial Corp. |
1,566 | 33,920 | ||||||
Prosperity Bancshares, Inc.(a) |
19,600 | 1,241,072 | ||||||
Provident Financial Services, Inc. |
21,228 | 393,567 | ||||||
QCR Holdings, Inc.(a) |
1,925 | 98,618 | ||||||
Regions Financial Corp.(a) |
31,320 | 637,988 | ||||||
Renasant Corp. |
10,614 | 328,397 | ||||||
S&T Bancorp, Inc.(a) |
7,482 | 236,282 | ||||||
Sandy Spring Bancorp, Inc. |
7,308 | 178,827 | ||||||
ServisFirst Bancshares, Inc.(a) |
4,524 | 269,992 | ||||||
Simmons First National Corp., Class A(a) |
25,375 | 512,321 | ||||||
Southside Bancshares, Inc.(a) |
5,046 | 167,578 | ||||||
SouthState Corp.(a) |
15,660 | 1,216,312 | ||||||
Stellar Bancorp, Inc.(a) |
9,396 | 233,585 | ||||||
Stock Yards Bancorp, Inc. |
525 | 25,100 | ||||||
Synovus Financial Corp.(a) |
35,496 | 1,203,314 | ||||||
Texas Capital Bancshares, Inc.* |
3,132 | 199,978 | ||||||
Tompkins Financial Corp. |
175 | 10,528 | ||||||
Towne Bank |
13,300 | 336,224 | ||||||
TriCo Bancshares |
525 | 19,625 | ||||||
Triumph Financial, Inc.* |
2,262 | 160,398 | ||||||
Truist Financial Corp. |
38,106 | 1,265,881 | ||||||
TrustCo Bank Corp. NY(a) |
3,325 | 101,047 | ||||||
Trustmark Corp. |
17,400 | 456,924 | ||||||
UMB Financial Corp.(a) |
9,918 | 704,178 | ||||||
United Bankshares, Inc.(a) |
8,352 | 279,291 | ||||||
United Community Banks, Inc.(a) |
24,360 | 708,145 | ||||||
Univest Financial Corp. |
5,600 | 109,200 | ||||||
US Bancorp(a) |
40,194 | 1,594,898 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Valley National Bancorp(a) |
88,701 | 910,072 | ||||||
Veritex Holdings, Inc. |
17,400 | 374,274 | ||||||
Washington Federal, Inc.(a) |
16,008 | 496,888 | ||||||
Washington Trust Bancorp, Inc. |
2,257 | 72,359 | ||||||
Webster Financial Corp.(a) |
39,846 | 1,885,513 | ||||||
Wells Fargo & Co. |
114,318 | 5,276,919 | ||||||
WesBanco, Inc. |
12,075 | 338,221 | ||||||
Westamerica Bancorp |
8,352 | 410,835 | ||||||
Western Alliance Bancorp(a) |
25,230 | 1,310,699 | ||||||
Wintrust Financial Corp. |
12,775 | 1,077,699 | ||||||
WSFS Financial Corp. |
12,180 | 532,875 | ||||||
Zions Bancorp NA(a) |
35,496 | 1,357,722 | ||||||
|
|
|||||||
91,237,179 | ||||||||
|
|
|||||||
Beverages - 1.1% |
| |||||||
Boston Beer Co., Inc. (The), Class A*(a) |
348 | 129,261 | ||||||
Brown-Forman Corp., Class A(a) |
1,400 | 100,674 | ||||||
Brown-Forman Corp., Class B |
3,828 | 270,257 | ||||||
Celsius Holdings, Inc.*(a) |
1,925 | 278,547 | ||||||
Coca-Cola Co. (The) |
96,570 | 5,980,580 | ||||||
Coca-Cola Consolidated, Inc. |
348 | 220,427 | ||||||
Constellation Brands, Inc., Class A |
4,176 | 1,139,213 | ||||||
Duckhorn Portfolio, Inc. (The)* |
7,830 | 98,501 | ||||||
Keurig Dr Pepper, Inc. |
23,664 | 804,813 | ||||||
MGP Ingredients, Inc.(a) |
174 | 19,838 | ||||||
Molson Coors Beverage Co., Class B(a) |
6,475 | 451,761 | ||||||
Monster Beverage Corp.* |
19,250 | 1,106,683 | ||||||
National Beverage Corp.*(a) |
1,050 | 55,492 | ||||||
PepsiCo, Inc. |
34,800 | 6,523,608 | ||||||
Vita Coco Co., Inc. (The)* |
4,524 | 119,524 | ||||||
|
|
|||||||
17,299,179 | ||||||||
|
|
|||||||
Biotechnology - 2.3% |
| |||||||
AbbVie, Inc. |
54,288 | 8,120,399 | ||||||
ACADIA Pharmaceuticals, Inc.* |
6,960 | 203,510 | ||||||
Agios Pharmaceuticals, Inc.*(a) |
4,803 | 127,376 | ||||||
Akero Therapeutics, Inc.*(a) |
2,436 | 105,722 | ||||||
Alkermes plc* |
5,568 | 163,031 | ||||||
Alnylam Pharmaceuticals, Inc.* |
2,610 | 509,994 | ||||||
Amgen, Inc. |
17,052 | 3,992,726 | ||||||
Amicus Therapeutics, Inc.*(a) |
6,825 | 92,956 | ||||||
Anavex Life Sciences Corp.*(a) |
10,614 | 87,565 | ||||||
Apellis Pharmaceuticals, Inc.* |
3,480 | 89,610 | ||||||
Arrowhead Pharmaceuticals, Inc.*(a) |
5,742 | 198,214 | ||||||
Aurinia Pharmaceuticals, Inc.*(a) |
13,746 | 159,179 | ||||||
BioCryst Pharmaceuticals, Inc.*(a) |
17,574 | 129,872 | ||||||
Biogen, Inc.* |
3,828 | 1,034,287 | ||||||
Biohaven Ltd.*(a) |
14,616 | 290,566 | ||||||
BioMarin Pharmaceutical, Inc.* |
4,872 | 428,395 | ||||||
Blueprint Medicines Corp.*(a) |
3,306 | 218,196 | ||||||
CareDx, Inc.*(a) |
24,882 | 271,463 | ||||||
Catalyst Pharmaceuticals, Inc.* |
9,365 | 129,518 | ||||||
Cerevel Therapeutics Holdings, Inc.*(a) |
2,975 | 91,005 | ||||||
CRISPR Therapeutics AG*(a) |
18,444 | 1,057,395 | ||||||
Cytokinetics, Inc.*(a) |
2,958 | 98,649 | ||||||
Deciphera Pharmaceuticals, Inc.* |
2,975 | 40,222 |
Investments |
Shares | Value ($) | ||||||
Denali Therapeutics, Inc.* |
3,480 | 98,936 | ||||||
Dynavax Technologies Corp.*(a) |
26,075 | 364,789 | ||||||
Editas Medicine, Inc., Class A*(a) |
11,658 | 102,357 | ||||||
EQRx, Inc.*(a) |
91,176 | 155,911 | ||||||
Exact Sciences Corp.*(a) |
5,568 | 543,103 | ||||||
Exelixis, Inc.* |
18,270 | 360,102 | ||||||
Geron Corp.* |
15,225 | 49,329 | ||||||
Gilead Sciences, Inc. |
37,932 | 2,888,142 | ||||||
Halozyme Therapeutics, Inc.* |
2,958 | 127,076 | ||||||
Horizon Therapeutics plc* |
4,872 | 488,515 | ||||||
ImmunoGen, Inc.* |
5,568 | 99,222 | ||||||
Immunovant, Inc.*(a) |
7,482 | 170,814 | ||||||
Incyte Corp.* |
6,264 | 399,142 | ||||||
Inhibrx, Inc.*(a) |
525 | 10,526 | ||||||
Insmed, Inc.*(a) |
11,310 | 249,838 | ||||||
Intellia Therapeutics, Inc.*(a) |
5,394 | 228,328 | ||||||
Ionis Pharmaceuticals, Inc.*(a) |
7,000 | 290,010 | ||||||
Iovance Biotherapeutics, Inc.* |
2,800 | 20,328 | ||||||
Ironwood Pharmaceuticals, Inc., Class A*(a) |
20,706 | 229,630 | ||||||
Karuna Therapeutics, Inc.* |
1,044 | 208,560 | ||||||
Karyopharm Therapeutics, Inc.*(a) |
6,825 | 12,285 | ||||||
Krystal Biotech, Inc.*(a) |
1,740 | 224,634 | ||||||
Kura Oncology, Inc.*(a) |
7,656 | 79,929 | ||||||
Lyell Immunopharma, Inc.*(a) |
28,884 | 83,475 | ||||||
Madrigal Pharmaceuticals, Inc.*(a) |
348 | 71,444 | ||||||
MannKind Corp.*(a) |
7,350 | 33,590 | ||||||
Mirati Therapeutics, Inc.*(a) |
3,654 | 110,607 | ||||||
Moderna, Inc.*(a) |
9,396 | 1,105,533 | ||||||
Morphic Holding, Inc.*(a) |
2,958 | 167,807 | ||||||
Myriad Genetics, Inc.*(a) |
2,975 | 66,491 | ||||||
Natera, Inc.*(a) |
5,075 | 229,492 | ||||||
Neurocrine Biosciences, Inc.* |
2,100 | 213,969 | ||||||
Novavax, Inc.*(a) |
12,354 | 114,645 | ||||||
Prothena Corp. plc*(a) |
1,740 | 119,834 | ||||||
PTC Therapeutics, Inc.*(a) |
3,325 | 134,131 | ||||||
Recursion Pharmaceuticals, Inc., Class A*(a) |
14,790 | 208,835 | ||||||
Regeneron Pharmaceuticals, Inc.* |
2,784 | 2,065,477 | ||||||
Relay Therapeutics, Inc.*(a) |
9,744 | 122,774 | ||||||
Replimune Group, Inc.*(a) |
4,524 | 95,321 | ||||||
REVOLUTION Medicines, Inc.* |
6,264 | 164,430 | ||||||
Rocket Pharmaceuticals, Inc.* |
6,612 | 119,347 | ||||||
Sage Therapeutics, Inc.* |
4,176 | 144,824 | ||||||
Sarepta Therapeutics, Inc.*(a) |
2,784 | 301,758 | ||||||
Seagen, Inc.* |
2,958 | 567,285 | ||||||
Seres Therapeutics, Inc.*(a) |
2,100 | 10,101 | ||||||
SpringWorks Therapeutics, Inc.*(a) |
4,176 | 131,043 | ||||||
TG Therapeutics, Inc.*(a) |
7,525 | 155,692 | ||||||
Travere Therapeutics, Inc.*(a) |
1,750 | 30,082 | ||||||
Twist Bioscience Corp.* |
1,566 | 38,116 | ||||||
Ultragenyx Pharmaceutical, Inc.*(a) |
1,566 | 67,526 | ||||||
uniQure NV*(a) |
5,394 | 55,936 | ||||||
United Therapeutics Corp.* |
1,566 | 380,100 | ||||||
Vaxcyte, Inc.*(a) |
17,052 | 819,519 | ||||||
Veracyte, Inc.* |
3,325 | 91,271 | ||||||
Vertex Pharmaceuticals, Inc.* |
6,612 | 2,329,672 | ||||||
Vir Biotechnology, Inc.*(a) |
19,314 | 271,941 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Zymeworks, Inc.*(a) |
15,486 | 115,526 | ||||||
|
|
|||||||
35,778,950 | ||||||||
|
|
|||||||
Broadline Retail - 2.3% |
| |||||||
Amazon.com, Inc.* |
224,634 | 30,029,073 | ||||||
Coupang, Inc., Class A* |
32,364 | 587,407 | ||||||
Dillards, Inc., Class A(a) |
522 | 179,067 | ||||||
eBay, Inc. |
17,748 | 789,963 | ||||||
Etsy, Inc.* |
2,610 | 265,306 | ||||||
Kohls Corp.(a) |
20,358 | 579,185 | ||||||
Macys, Inc. |
65,946 | 1,094,044 | ||||||
MercadoLibre, Inc.* |
1,218 | 1,507,945 | ||||||
Nordstrom, Inc.(a) |
25,578 | 591,108 | ||||||
Ollies Bargain Outlet Holdings, Inc.*(a) |
3,150 | 229,572 | ||||||
|
|
|||||||
35,852,670 | ||||||||
|
|
|||||||
Building Products - 0.9% |
| |||||||
A O Smith Corp. |
3,325 | 241,495 | ||||||
AAON, Inc.(a) |
2,450 | 257,887 | ||||||
Advanced Drainage Systems, Inc.(a) |
2,262 | 275,941 | ||||||
Allegion plc(a) |
1,914 | 223,670 | ||||||
American Woodmark Corp.* |
4,176 | 320,049 | ||||||
Apogee Enterprises, Inc. |
2,784 | 137,892 | ||||||
Armstrong World Industries, Inc. |
522 | 40,382 | ||||||
AZEK Co., Inc. (The), Class A* |
4,176 | 130,291 | ||||||
AZZ, Inc. |
7,308 | 323,964 | ||||||
Builders FirstSource, Inc.* |
4,698 | 678,532 | ||||||
Carlisle Cos., Inc.(a) |
1,400 | 388,080 | ||||||
Carrier Global Corp.(a) |
22,750 | 1,354,763 | ||||||
Fortune Brands Innovations, Inc.(a) |
4,025 | 286,057 | ||||||
Gibraltar Industries, Inc.* |
875 | 56,586 | ||||||
Griffon Corp. |
9,975 | 416,157 | ||||||
Hayward Holdings, Inc.*(a) |
15,834 | 211,542 | ||||||
Insteel Industries, Inc. |
2,610 | 84,173 | ||||||
JELD-WEN Holding, Inc.* |
12,354 | 220,025 | ||||||
Johnson Controls International plc |
19,836 | 1,379,594 | ||||||
Lennox International, Inc. |
1,074 | 394,631 | ||||||
Masco Corp. |
7,000 | 424,760 | ||||||
Masonite International Corp.* |
4,002 | 418,409 | ||||||
Masterbrand, Inc.* |
25,230 | 311,590 | ||||||
Owens Corning |
3,654 | 511,523 | ||||||
PGT Innovations, Inc.* |
6,438 | 184,191 | ||||||
Quanex Building Products Corp. |
4,375 | 123,112 | ||||||
Resideo Technologies, Inc.*(a) |
29,225 | 547,092 | ||||||
Simpson Manufacturing Co., Inc. |
1,575 | 248,850 | ||||||
Trane Technologies plc |
5,600 | 1,116,864 | ||||||
Trex Co., Inc.*(a) |
6,438 | 445,123 | ||||||
UFP Industries, Inc. |
12,950 | 1,330,742 | ||||||
Zurn Elkay Water Solutions Corp. |
4,550 | 138,502 | ||||||
|
|
|||||||
13,222,469 | ||||||||
|
|
|||||||
Capital Markets - 2.8% |
| |||||||
Affiliated Managers Group, Inc. |
8,526 | 1,182,045 | ||||||
Ameriprise Financial, Inc. |
2,958 | 1,030,715 | ||||||
Ares Management Corp., Class A |
3,500 | 347,270 | ||||||
Artisan Partners Asset Management, Inc., Class A(a) |
2,088 | 86,631 | ||||||
Avantax, Inc.*(a) |
4,698 | 121,584 | ||||||
B. Riley Financial, Inc.(a) |
3,675 | 204,073 |
Investments |
Shares | Value ($) | ||||||
Bank of New York Mellon Corp. (The) |
20,010 | 907,654 | ||||||
BGC Group, Inc., Class A |
64,206 | 305,621 | ||||||
BlackRock, Inc. |
4,524 | 3,342,557 | ||||||
Blackstone, Inc.(a) |
16,704 | 1,750,412 | ||||||
Blue Owl Capital, Inc., Class A |
18,900 | 232,848 | ||||||
Brightsphere Investment Group, Inc. |
5,250 | 111,720 | ||||||
Carlyle Group, Inc. (The) |
5,220 | 186,093 | ||||||
Charles Schwab Corp. (The) |
35,670 | 2,357,787 | ||||||
CME Group, Inc. |
8,526 | 1,696,333 | ||||||
Cohen & Steers, Inc.(a) |
1,566 | 100,709 | ||||||
Coinbase Global, Inc., Class A*(a) |
5,220 | 514,744 | ||||||
Donnelley Financial Solutions, Inc.* |
1,218 | 57,611 | ||||||
Evercore, Inc., Class A(a) |
1,914 | 258,505 | ||||||
FactSet Research Systems, Inc. |
875 | 380,660 | ||||||
Federated Hermes, Inc., Class B |
5,742 | 194,252 | ||||||
Focus Financial Partners, Inc., Class A* |
4,698 | 245,846 | ||||||
Franklin Resources, Inc.(a) |
10,325 | 301,903 | ||||||
Goldman Sachs Group, Inc. (The) |
10,266 | 3,653,361 | ||||||
Hamilton Lane, Inc., Class A(a) |
2,784 | 246,189 | ||||||
Houlihan Lokey, Inc., Class A |
1,750 | 174,738 | ||||||
Interactive Brokers Group, Inc., Class A |
3,654 | 319,104 | ||||||
Intercontinental Exchange, Inc. |
13,746 | 1,578,041 | ||||||
Invesco Ltd.(a) |
13,825 | 232,260 | ||||||
Janus Henderson Group plc(a) |
30,102 | 883,494 | ||||||
Jefferies Financial Group, Inc.(a) |
38,802 | 1,427,526 | ||||||
KKR & Co., Inc.(a) |
16,704 | 991,884 | ||||||
LPL Financial Holdings, Inc. |
2,262 | 518,812 | ||||||
MarketAxess Holdings, Inc. |
875 | 235,568 | ||||||
Moelis & Co., Class A(a) |
3,325 | 162,360 | ||||||
Moodys Corp. |
4,176 | 1,473,084 | ||||||
Morgan Stanley |
41,586 | 3,807,614 | ||||||
Morningstar, Inc. |
525 | 121,002 | ||||||
MSCI, Inc., Class A |
1,925 | 1,055,054 | ||||||
Nasdaq, Inc. |
8,400 | 424,116 | ||||||
Northern Trust Corp.(c) |
5,046 | 404,286 | ||||||
Oppenheimer Holdings, Inc., Class A |
350 | 13,338 | ||||||
Piper Sandler Cos. |
1,218 | 178,266 | ||||||
PJT Partners, Inc., Class A(a) |
350 | 27,759 | ||||||
Raymond James Financial, Inc.(a) |
5,568 | 612,870 | ||||||
Robinhood Markets, Inc., Class A*(a) |
19,662 | 252,853 | ||||||
S&P Global, Inc. |
8,526 | 3,363,592 | ||||||
SEI Investments Co. |
2,975 | 187,395 | ||||||
State Street Corp. |
10,675 | 773,297 | ||||||
Stifel Financial Corp.(a) |
22,098 | 1,404,107 | ||||||
StoneX Group, Inc.* |
4,350 | 400,243 | ||||||
T. Rowe Price Group, Inc.(a) |
5,568 | 686,312 | ||||||
TPG, Inc., Class A(a) |
2,275 | 66,953 | ||||||
Tradeweb Markets, Inc., Class A(a) |
5,742 | 469,638 | ||||||
Victory Capital Holdings, Inc., Class A |
5,600 | 185,696 | ||||||
Virtu Financial, Inc., Class A |
23,316 | 432,745 | ||||||
Virtus Investment Partners, Inc.(a) |
1,218 | 250,579 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
WisdomTree, Inc. |
175 | 1,218 | ||||||
|
|
|||||||
42,932,927 | ||||||||
|
|
|||||||
Chemicals - 1.7% |
| |||||||
AdvanSix, Inc. |
7,830 | 314,061 | ||||||
Air Products and Chemicals, Inc. |
5,220 | 1,593,823 | ||||||
Albemarle Corp. |
3,480 | 738,734 | ||||||
Ashland, Inc. |
1,925 | 175,868 | ||||||
Avient Corp. |
20,706 | 839,214 | ||||||
Axalta Coating Systems Ltd.* |
8,925 | 285,600 | ||||||
Balchem Corp.(a) |
1,925 | 259,374 | ||||||
Cabot Corp. |
3,654 | 259,434 | ||||||
Celanese Corp., Class A(a) |
3,500 | 438,865 | ||||||
CF Industries Holdings, Inc. |
6,786 | 556,995 | ||||||
Chase Corp. |
175 | 22,031 | ||||||
Chemours Co. (The)(a) |
34,974 | 1,293,339 | ||||||
Corteva, Inc. |
17,052 | 962,244 | ||||||
Dow, Inc.(a) |
22,968 | 1,297,003 | ||||||
DuPont de Nemours, Inc. |
11,658 | 905,011 | ||||||
Eastman Chemical Co. |
4,025 | 344,460 | ||||||
Ecolab, Inc. |
5,742 | 1,051,590 | ||||||
Ecovyst, Inc.* |
1,225 | 15,055 | ||||||
Element Solutions, Inc. |
13,475 | 282,436 | ||||||
FMC Corp. |
3,654 | 351,624 | ||||||
Ginkgo Bioworks Holdings, Inc., Class A*(a) |
79,692 | 200,027 | ||||||
Hawkins, Inc. |
525 | 24,544 | ||||||
HB Fuller Co.(a) |
1,575 | 116,597 | ||||||
Huntsman Corp.(a) |
40,194 | 1,196,575 | ||||||
Innospec, Inc. |
700 | 74,998 | ||||||
International Flavors & Fragrances, Inc.(a) |
5,220 | 441,664 | ||||||
Koppers Holdings, Inc. |
3,654 | 139,802 | ||||||
Kronos Worldwide, Inc.(a) |
16,530 | 154,556 | ||||||
Linde plc |
12,528 | 4,894,314 | ||||||
Livent Corp.*(a) |
7,350 | 180,957 | ||||||
LyondellBasell Industries NV, Class A |
7,875 | 778,522 | ||||||
Mativ Holdings, Inc.(a) |
5,916 | 93,118 | ||||||
Minerals Technologies, Inc. |
3,306 | 202,823 | ||||||
Mosaic Co. (The) |
12,006 | 489,365 | ||||||
NewMarket Corp. |
522 | 235,787 | ||||||
Olin Corp.(a) |
5,394 | 311,126 | ||||||
Origin Materials, Inc.*(a) |
44,718 | 200,337 | ||||||
Perimeter Solutions SA*(a) |
19,662 | 109,321 | ||||||
PPG Industries, Inc. |
5,394 | 776,197 | ||||||
PureCycle Technologies, Inc.*(a) |
30,450 | 360,528 | ||||||
Quaker Chemical Corp.(a) |
875 | 175,332 | ||||||
RPM International, Inc.(a) |
2,800 | 289,268 | ||||||
Scotts Miracle-Gro Co. (The) |
3,480 | 243,739 | ||||||
Sensient Technologies Corp.(a) |
2,262 | 144,858 | ||||||
Sherwin-Williams Co. (The) |
5,568 | 1,539,552 | ||||||
Stepan Co.(a) |
1,566 | 150,054 | ||||||
Trinseo plc |
4,350 | 76,647 | ||||||
Tronox Holdings plc(a) |
22,050 | 293,045 | ||||||
Westlake Corp.(a) |
522 | 71,775 | ||||||
|
|
|||||||
25,952,189 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.7% |
| |||||||
ABM Industries, Inc.(a) |
12,528 | 579,796 |
Investments |
Shares | Value ($) | ||||||
ACCO Brands Corp. |
29,580 | 180,142 | ||||||
Brady Corp., Class A(a) |
1,050 | 54,159 | ||||||
BrightView Holdings, Inc.* |
7,175 | 55,319 | ||||||
Brinks Co. (The)(a) |
10,150 | 740,544 | ||||||
Casella Waste Systems, Inc., Class A* |
2,100 | 169,449 | ||||||
Cimpress plc*(a) |
5,220 | 362,790 | ||||||
Cintas Corp. |
2,100 | 1,054,284 | ||||||
Clean Harbors, Inc.*(a) |
1,914 | 318,222 | ||||||
Copart, Inc.* |
11,136 | 984,311 | ||||||
CoreCivic, Inc.* |
13,920 | 135,024 | ||||||
Deluxe Corp.(a) |
15,834 | 300,688 | ||||||
Ennis, Inc.(a) |
4,698 | 101,195 | ||||||
Enviri Corp.* |
21,750 | 205,103 | ||||||
GEO Group, Inc. (The)*(a) |
13,920 | 103,982 | ||||||
Healthcare Services Group, Inc. |
6,438 | 81,183 | ||||||
Heritage-Crystal Clean, Inc.* |
4,002 | 184,372 | ||||||
HNI Corp. |
3,500 | 101,815 | ||||||
Interface, Inc., Class A(a) |
26,100 | 254,997 | ||||||
Liquidity Services, Inc.* |
525 | 8,809 | ||||||
Matthews International Corp., Class A(a) |
3,828 | 175,705 | ||||||
MillerKnoll, Inc. |
9,744 | 190,690 | ||||||
Montrose Environmental Group, Inc.* |
2,958 | 119,710 | ||||||
MSA Safety, Inc. |
2,262 | 375,492 | ||||||
OPENLANE, Inc.* |
3,132 | 49,172 | ||||||
Republic Services, Inc., Class A |
5,250 | 793,328 | ||||||
Rollins, Inc. |
6,475 | 264,374 | ||||||
SP Plus Corp.* |
3,306 | 127,116 | ||||||
Steelcase, Inc., Class A |
30,972 | 265,430 | ||||||
Stericycle, Inc.*(a) |
5,568 | 236,584 | ||||||
Tetra Tech, Inc.(a) |
1,750 | 296,118 | ||||||
UniFirst Corp. |
1,050 | 170,415 | ||||||
Viad Corp.*(a) |
2,275 | 64,178 | ||||||
Waste Management, Inc. |
9,450 | 1,547,816 | ||||||
|
|
|||||||
10,652,312 | ||||||||
|
|
|||||||
Communications Equipment - 0.8% |
| |||||||
ADTRAN Holdings, Inc.(a) |
22,794 | 221,786 | ||||||
Arista Networks, Inc.* |
6,264 | 971,484 | ||||||
Calix, Inc.*(a) |
3,675 | 165,779 | ||||||
Ciena Corp.*(a) |
6,264 | 264,341 | ||||||
Cisco Systems, Inc. |
125,454 | 6,528,626 | ||||||
CommScope Holding Co., Inc.* |
58,290 | 262,305 | ||||||
Digi International, Inc.*(a) |
3,500 | 146,755 | ||||||
Extreme Networks, Inc.* |
10,092 | 268,346 | ||||||
F5, Inc.* |
1,400 | 221,536 | ||||||
Harmonic, Inc.* |
2,625 | 39,165 | ||||||
Infinera Corp.*(a) |
6,825 | 30,713 | ||||||
Juniper Networks, Inc. |
10,614 | 295,069 | ||||||
Lumentum Holdings, Inc.*(a) |
1,218 | 63,774 | ||||||
Motorola Solutions, Inc. |
4,375 | 1,254,006 | ||||||
NetScout Systems, Inc.* |
5,483 | 153,250 | ||||||
Viasat, Inc.*(a) |
16,182 | 500,671 | ||||||
Viavi Solutions, Inc.* |
6,786 | 73,764 | ||||||
|
|
|||||||
11,461,370 | ||||||||
|
|
|||||||
Construction & Engineering - 0.4% |
| |||||||
AECOM |
4,430 | 385,410 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Ameresco, Inc., Class A*(a) |
1,225 | 71,307 | ||||||
API Group Corp.* |
6,786 | 195,165 | ||||||
Arcosa, Inc. |
1,400 | 108,052 | ||||||
Argan, Inc. |
1,750 | 66,570 | ||||||
Comfort Systems USA, Inc. |
2,262 | 393,520 | ||||||
Construction Partners, Inc., Class A* |
875 | 25,725 | ||||||
Dycom Industries, Inc.* |
1,400 | 139,412 | ||||||
EMCOR Group, Inc. |
1,740 | 374,170 | ||||||
Fluor Corp.* |
5,950 | 184,331 | ||||||
Granite Construction, Inc.(a) |
3,500 | 143,255 | ||||||
IES Holdings, Inc.* |
1,914 | 109,710 | ||||||
MasTec, Inc.* |
3,654 | 430,259 | ||||||
MDU Resources Group, Inc.(a) |
43,213 | 955,872 | ||||||
MYR Group, Inc.* |
1,392 | 198,444 | ||||||
Primoris Services Corp. |
10,675 | 339,038 | ||||||
Quanta Services, Inc. |
4,002 | 806,883 | ||||||
Sterling Infrastructure, Inc.* |
6,125 | 367,439 | ||||||
Valmont Industries, Inc. |
870 | 230,332 | ||||||
WillScot Mobile Mini Holdings Corp.* |
6,975 | 334,451 | ||||||
|
|
|||||||
5,859,345 | ||||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
Eagle Materials, Inc. |
1,750 | 322,647 | ||||||
Martin Marietta Materials, Inc. |
1,575 | 703,175 | ||||||
Summit Materials, Inc., Class A*(a) |
5,166 | 186,906 | ||||||
Vulcan Materials Co. |
3,150 | 694,575 | ||||||
|
|
|||||||
1,907,303 | ||||||||
|
|
|||||||
Consumer Finance - 0.8% |
| |||||||
Ally Financial, Inc. |
11,658 | 356,035 | ||||||
American Express Co. |
17,922 | 3,026,667 | ||||||
Bread Financial Holdings, Inc. |
8,004 | 332,726 | ||||||
Capital One Financial Corp. |
12,623 | 1,477,143 | ||||||
Credit Acceptance Corp.*(a) |
290 | 161,414 | ||||||
Discover Financial Services |
8,004 | 844,822 | ||||||
Encore Capital Group, Inc.*(a) |
6,438 | 344,433 | ||||||
Enova International, Inc.* |
7,525 | 414,552 | ||||||
EZCORP, Inc., Class A*(a) |
3,480 | 31,529 | ||||||
FirstCash Holdings, Inc. |
1,400 | 133,392 | ||||||
Green Dot Corp., Class A* |
14,268 | 278,939 | ||||||
LendingClub Corp.* |
6,438 | 54,015 | ||||||
Navient Corp.(a) |
23,800 | 453,152 | ||||||
Nelnet, Inc., Class A |
1,566 | 154,533 | ||||||
NerdWallet, Inc., Class A*(a) |
10,788 | 120,934 | ||||||
OneMain Holdings, Inc. |
26,100 | 1,187,028 | ||||||
PROG Holdings, Inc.* |
7,482 | 303,620 | ||||||
SLM Corp.(a) |
58,116 | 940,317 | ||||||
SoFi Technologies, Inc.*(a) |
44,370 | 508,037 | ||||||
Synchrony Financial(a) |
10,266 | 354,588 | ||||||
Upstart Holdings, Inc.*(a) |
4,176 | 286,849 | ||||||
World Acceptance Corp.*(a) |
350 | 55,262 | ||||||
|
|
|||||||
11,819,987 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.4% |
| |||||||
Albertsons Cos., Inc., Class A |
2,610 | 56,715 | ||||||
Andersons, Inc. (The)(a) |
6,960 | 339,787 | ||||||
BJs Wholesale Club Holdings, Inc.* |
4,281 | 283,873 | ||||||
Caseys General Stores, Inc.(a) |
1,218 | 307,740 |
Investments |
Shares | Value ($) | ||||||
Chefs Warehouse, Inc. (The)* |
3,654 | 132,786 | ||||||
Costco Wholesale Corp. |
11,310 | 6,341,178 | ||||||
Dollar General Corp. |
5,220 | 881,449 | ||||||
Dollar Tree, Inc.* |
5,046 | 778,749 | ||||||
Grocery Outlet Holding Corp.* |
2,975 | 99,514 | ||||||
Ingles Markets, Inc., Class A |
1,392 | 118,042 | ||||||
Kroger Co. (The) |
21,576 | 1,049,457 | ||||||
Performance Food Group Co.* |
3,828 | 228,761 | ||||||
PriceSmart, Inc. |
350 | 27,205 | ||||||
SpartanNash Co. |
8,352 | 187,419 | ||||||
Sprouts Farmers Market, Inc.*(a) |
25,230 | 990,277 | ||||||
Sysco Corp. |
12,600 | 961,506 | ||||||
Target Corp. |
14,616 | 1,994,646 | ||||||
United Natural Foods, Inc.*(a) |
13,920 | 289,536 | ||||||
US Foods Holding Corp.* |
7,308 | 312,271 | ||||||
Walgreens Boots Alliance, Inc. |
20,880 | 625,774 | ||||||
Walmart, Inc. |
35,496 | 5,674,391 | ||||||
Weis Markets, Inc.(a) |
1,712 | 113,574 | ||||||
|
|
|||||||
21,794,650 | ||||||||
|
|
|||||||
Containers & Packaging - 0.6% |
| |||||||
Amcor plc(a) |
35,322 | 362,404 | ||||||
AptarGroup, Inc. |
2,100 | 255,066 | ||||||
Avery Dennison Corp.(a) |
1,750 | 322,018 | ||||||
Ball Corp.(a) |
9,396 | 551,451 | ||||||
Berry Global Group, Inc.(a) |
25,926 | 1,699,968 | ||||||
Crown Holdings, Inc.(a) |
4,350 | 403,506 | ||||||
Graphic Packaging Holding Co.(a) |
64,902 | 1,570,628 | ||||||
Greif, Inc., Class A(a) |
5,775 | 427,177 | ||||||
Greif, Inc., Class B |
174 | 13,758 | ||||||
International Paper Co. |
7,482 | 269,801 | ||||||
Myers Industries, Inc. |
175 | 3,432 | ||||||
O-I Glass, Inc.*(a) |
30,624 | 703,127 | ||||||
Packaging Corp. of America(a) |
2,975 | 456,216 | ||||||
Pactiv Evergreen, Inc. |
22,620 | 194,758 | ||||||
Sealed Air Corp. |
9,222 | 420,708 | ||||||
Silgan Holdings, Inc.(a) |
5,568 | 244,157 | ||||||
Sonoco Products Co.(a) |
20,532 | 1,203,996 | ||||||
TriMas Corp.(a) |
1,400 | 36,064 | ||||||
Westrock Co. |
11,484 | 382,302 | ||||||
|
|
|||||||
9,520,537 | ||||||||
|
|
|||||||
Distributors - 0.1% |
| |||||||
Genuine Parts Co. |
4,002 | 623,191 | ||||||
LKQ Corp. |
9,450 | 517,766 | ||||||
Pool Corp.(a) |
1,218 | 468,613 | ||||||
|
|
|||||||
1,609,570 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.2% |
| |||||||
Adtalem Global Education, Inc.*(a) |
4,176 | 180,570 | ||||||
Bright Horizons Family Solutions, Inc.*(a) |
3,480 | 337,664 | ||||||
Coursera, Inc.* |
8,004 | 125,583 | ||||||
Duolingo, Inc., Class A*(a) |
696 | 108,012 | ||||||
Frontdoor, Inc.* |
2,436 | 85,065 | ||||||
Graham Holdings Co., Class B |
875 | 513,406 | ||||||
Grand Canyon Education, Inc.* |
1,218 | 132,214 | ||||||
H&R Block, Inc.(a) |
9,222 | 309,951 | ||||||
Laureate Education, Inc. |
9,396 | 120,457 | ||||||
OneSpaWorld Holdings Ltd.*(a) |
8,925 | 114,642 | ||||||
Perdoceo Education Corp.*(a) |
12,250 | 163,537 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Rover Group, Inc., Class A*(a) |
26,100 | 143,028 | ||||||
Service Corp. International(a) |
4,550 | 303,258 | ||||||
Strategic Education, Inc. |
1,750 | 131,425 | ||||||
Stride, Inc.*(a) |
3,803 | 145,313 | ||||||
Udemy, Inc.*(a) |
1,400 | 16,534 | ||||||
|
|
|||||||
2,930,659 | ||||||||
|
|
|||||||
Diversified REITs - 0.1% |
| |||||||
Alexander & Baldwin, Inc., REIT |
2,975 | 57,120 | ||||||
Armada Hoffler Properties, Inc., REIT(a) |
12,180 | 151,276 | ||||||
Broadstone Net Lease, Inc., REIT |
15,138 | 246,749 | ||||||
Empire State Realty Trust, Inc., Class A, REIT(a) |
21,402 | 191,548 | ||||||
Essential Properties Realty Trust, Inc., REIT |
8,225 | 201,924 | ||||||
Global Net Lease, Inc., REIT(a) |
33,408 | 357,131 | ||||||
WP Carey, Inc., REIT(a) |
5,568 | 376,007 | ||||||
|
|
|||||||
1,581,755 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.6% |
| |||||||
Anterix, Inc.*(a) |
3,306 | 92,799 | ||||||
AT&T, Inc. |
215,760 | 3,132,835 | ||||||
ATN International, Inc. |
696 | 25,293 | ||||||
Cogent Communications Holdings, Inc. |
3,132 | 191,804 | ||||||
Consolidated Communications Holdings, Inc.* |
13,300 | 47,614 | ||||||
EchoStar Corp., Class A* |
7,830 | 152,137 | ||||||
Frontier Communications Parent, Inc.* |
16,008 | 291,506 | ||||||
Iridium Communications, Inc. |
7,000 | 367,850 | ||||||
Liberty Latin America Ltd., Class A* |
11,136 | 93,542 | ||||||
Liberty Latin America Ltd., Class C* |
19,314 | 160,692 | ||||||
Lumen Technologies, Inc.(a) |
258,216 | 462,207 | ||||||
Verizon Communications, Inc. |
127,890 | 4,358,491 | ||||||
|
|
|||||||
9,376,770 | ||||||||
|
|
|||||||
Electric Utilities - 1.3% |
| |||||||
ALLETE, Inc. |
1,740 | 99,928 | ||||||
Alliant Energy Corp.(a) |
7,350 | 394,989 | ||||||
American Electric Power Co., Inc. |
16,356 | 1,386,007 | ||||||
Avangrid, Inc.(a) |
4,524 | 167,750 | ||||||
Constellation Energy Corp.(a) |
7,656 | 739,952 | ||||||
Duke Energy Corp. |
24,534 | 2,296,873 | ||||||
Edison International |
10,962 | 788,826 | ||||||
Entergy Corp. |
6,090 | 625,443 | ||||||
Evergy, Inc. |
6,090 | 365,217 | ||||||
Eversource Energy |
7,308 | 528,588 | ||||||
Exelon Corp. |
27,666 | 1,158,099 | ||||||
FirstEnergy Corp. |
17,150 | 675,539 | ||||||
Hawaiian Electric Industries, Inc. |
6,300 | 241,857 | ||||||
IDACORP, Inc.(a) |
2,800 | 287,896 | ||||||
MGE Energy, Inc. |
1,050 | 84,252 | ||||||
NextEra Energy, Inc. |
49,764 | 3,647,701 | ||||||
NRG Energy, Inc.(a) |
8,925 | 339,061 | ||||||
OGE Energy Corp.(a) |
7,908 | 285,874 | ||||||
Otter Tail Corp.(a) |
3,132 | 253,723 | ||||||
PG&E Corp.* |
47,154 | 830,382 |
Investments |
Shares | Value ($) | ||||||
Pinnacle West Capital Corp. |
3,675 | 304,364 | ||||||
PNM Resources, Inc. |
4,900 | 219,618 | ||||||
Portland General Electric Co. |
5,742 | 273,721 | ||||||
PPL Corp. |
16,182 | 445,490 | ||||||
Southern Co. (The) |
33,408 | 2,416,735 | ||||||
Xcel Energy, Inc. |
12,180 | 764,051 | ||||||
|
|
|||||||
19,621,936 | ||||||||
|
|
|||||||
Electrical Equipment - 0.8% |
| |||||||
Acuity Brands, Inc.(a) |
1,914 | 316,269 | ||||||
AMETEK, Inc.(a) |
5,394 | 855,488 | ||||||
Array Technologies, Inc.*(a) |
4,176 | 79,553 | ||||||
Atkore, Inc.*(a) |
9,048 | 1,435,646 | ||||||
Blink Charging Co.*(a) |
18,096 | 115,814 | ||||||
Bloom Energy Corp., Class A*(a) |
2,436 | 43,507 | ||||||
ChargePoint Holdings, Inc.*(a) |
1,218 | 10,548 | ||||||
Eaton Corp. plc |
9,975 | 2,048,067 | ||||||
Emerson Electric Co. |
15,486 | 1,414,646 | ||||||
Encore Wire Corp.(a) |
4,025 | 687,027 | ||||||
EnerSys |
1,050 | 113,736 | ||||||
Fluence Energy, Inc., Class A*(a) |
6,825 | 199,563 | ||||||
FREYR Battery SA*(a) |
26,448 | 222,692 | ||||||
FuelCell Energy, Inc.*(a) |
43,326 | 94,884 | ||||||
Generac Holdings, Inc.*(a) |
3,306 | 508,132 | ||||||
Hubbell, Inc., Class B |
1,225 | 382,200 | ||||||
nVent Electric plc |
9,570 | 506,062 | ||||||
Plug Power, Inc.*(a) |
30,624 | 401,787 | ||||||
Preformed Line Products Co.(a) |
174 | 30,191 | ||||||
Regal Rexnord Corp. |
2,100 | 327,978 | ||||||
Rockwell Automation, Inc. |
2,800 | 941,612 | ||||||
Sensata Technologies Holding plc |
6,612 | 279,357 | ||||||
Shoals Technologies Group, Inc., Class A* |
6,438 | 167,131 | ||||||
Stem, Inc.*(a) |
36,192 | 255,877 | ||||||
SunPower Corp.*(a) |
6,125 | 60,454 | ||||||
Sunrun, Inc.*(a) |
44,963 | 853,398 | ||||||
Vertiv Holdings Co., Class A |
11,658 | 303,225 | ||||||
Vicor Corp.*(a) |
2,262 | 208,715 | ||||||
|
|
|||||||
12,863,559 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.3% |
| |||||||
Advanced Energy Industries, Inc.(a) |
1,050 | 131,439 | ||||||
Amphenol Corp., Class A |
14,268 | 1,260,007 | ||||||
Arrow Electronics, Inc.* |
12,006 | 1,711,335 | ||||||
Avnet, Inc. |
20,300 | 984,550 | ||||||
Badger Meter, Inc. |
1,914 | 315,121 | ||||||
Bel Fuse, Inc., Class B(a) |
696 | 37,340 | ||||||
Belden, Inc. |
2,958 | 285,861 | ||||||
Benchmark Electronics, Inc. |
8,400 | 222,684 | ||||||
CDW Corp. |
3,150 | 589,271 | ||||||
Cognex Corp. |
5,394 | 294,620 | ||||||
Coherent Corp.* |
28,885 | 1,367,973 | ||||||
Corning, Inc. |
22,620 | 767,723 | ||||||
CTS Corp. |
875 | 39,051 | ||||||
ePlus, Inc.* |
6,612 | 372,586 | ||||||
Fabrinet*(a) |
2,100 | 259,644 | ||||||
Flex Ltd.* |
17,675 | 483,588 | ||||||
Insight Enterprises, Inc.*(a) |
7,134 | 1,046,487 | ||||||
IPG Photonics Corp.* |
2,088 | 274,468 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Itron, Inc.*(a) |
1,925 | 151,440 | ||||||
Jabil, Inc.(a) |
5,220 | 577,697 | ||||||
Keysight Technologies, Inc.* |
4,550 | 732,914 | ||||||
Kimball Electronics, Inc.*(a) |
3,480 | 101,546 | ||||||
Knowles Corp.*(a) |
2,625 | 47,959 | ||||||
Lightwave Logic, Inc.* |
875 | 5,880 | ||||||
Littelfuse, Inc.(a) |
1,044 | 318,002 | ||||||
Methode Electronics, Inc. |
3,480 | 117,067 | ||||||
Mirion Technologies, Inc., Class A*(a) |
29,058 | 219,388 | ||||||
National Instruments Corp. |
5,916 | 349,044 | ||||||
nLight, Inc.* |
8,352 | 120,269 | ||||||
Novanta, Inc.* |
1,925 | 340,533 | ||||||
OSI Systems, Inc.* |
522 | 62,238 | ||||||
PC Connection, Inc. |
175 | 8,472 | ||||||
Plexus Corp.*(a) |
696 | 68,549 | ||||||
Rogers Corp.* |
696 | 117,353 | ||||||
Sanmina Corp.*(a) |
13,572 | 834,135 | ||||||
ScanSource, Inc.* |
4,025 | 121,112 | ||||||
SmartRent, Inc., Class A*(a) |
34,278 | 136,426 | ||||||
TD SYNNEX Corp. |
700 | 69,097 | ||||||
TE Connectivity Ltd. |
8,700 | 1,248,363 | ||||||
Teledyne Technologies, Inc.* |
1,225 | 471,049 | ||||||
Trimble, Inc.* |
6,300 | 338,940 | ||||||
TTM Technologies, Inc.* |
21,175 | 304,073 | ||||||
Vishay Intertechnology, Inc. |
25,900 | 729,085 | ||||||
Vontier Corp. |
33,930 | 1,049,455 | ||||||
Zebra Technologies Corp., Class A*(a) |
1,218 | 375,095 | ||||||
|
|
|||||||
19,458,929 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.8% |
| |||||||
Archrock, Inc.(a) |
13,125 | 153,037 | ||||||
Baker Hughes Co., Class A |
23,100 | 826,749 | ||||||
Cactus, Inc., Class A(a) |
4,375 | 222,162 | ||||||
ChampionX Corp.(a) |
12,180 | 433,608 | ||||||
Dril-Quip, Inc.* |
175 | 4,531 | ||||||
Halliburton Co. |
28,362 | 1,108,387 | ||||||
Helix Energy Solutions Group, Inc.*(a) |
15,312 | 146,995 | ||||||
Helmerich & Payne, Inc.(a) |
25,926 | 1,160,707 | ||||||
Liberty Energy, Inc., Class A |
39,846 | 656,264 | ||||||
Nabors Industries Ltd.*(a) |
870 | 106,598 | ||||||
NexTier Oilfield Solutions, Inc.*(a) |
30,102 | 358,816 | ||||||
NOV, Inc. |
25,056 | 503,124 | ||||||
Oceaneering International, Inc.* |
8,526 | 191,409 | ||||||
Oil States International, Inc.*(a) |
525 | 4,221 | ||||||
Patterson-UTI Energy, Inc.(a) |
54,984 | 870,946 | ||||||
ProPetro Holding Corp.*(a) |
35,148 | 366,945 | ||||||
RPC, Inc.(a) |
12,528 | 104,233 | ||||||
Schlumberger NV |
42,108 | 2,456,581 | ||||||
Select Water Solutions, Inc., Class A |
12,702 | 106,824 | ||||||
Tidewater, Inc.* |
1,392 | 87,849 | ||||||
Transocean Ltd.*(a) |
146,682 | 1,290,802 | ||||||
US Silica Holdings, Inc.* |
17,400 | 226,374 | ||||||
Valaris Ltd.* |
1,044 | 80,179 | ||||||
Weatherford International plc* |
4,176 | 347,026 | ||||||
|
|
|||||||
11,814,367 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Entertainment - 1.1% |
| |||||||
Activision Blizzard, Inc.* |
17,226 | 1,597,884 | ||||||
AMC Entertainment Holdings, Inc., Class A*(a) |
2,436 | 12,107 | ||||||
Atlanta Braves Holdings, Inc., Class C* |
207 | 8,429 | ||||||
Cinemark Holdings, Inc.*(a) |
10,788 | 180,052 | ||||||
Electronic Arts, Inc. |
6,264 | 854,096 | ||||||
Endeavor Group Holdings, Inc., Class A* |
10,440 | 246,384 | ||||||
IMAX Corp.* |
1,925 | 35,439 | ||||||
Liberty Media Corp-Liberty Formula One, Class A* |
1,750 | 112,490 | ||||||
Liberty Media Corp-Liberty Formula One, Class C* |
5,425 | 393,855 | ||||||
Lions Gate Entertainment Corp., Class B* |
10,440 | 76,421 | ||||||
Live Nation Entertainment, Inc.*(a) |
4,698 | 412,249 | ||||||
Madison Square Garden Sports Corp. |
522 | 111,055 | ||||||
Netflix, Inc.* |
11,310 | 4,964,751 | ||||||
Playtika Holding Corp.* |
8,874 | 105,956 | ||||||
ROBLOX Corp., Class A*(a) |
11,136 | 437,088 | ||||||
Roku, Inc., Class A*(a) |
6,612 | 636,537 | ||||||
Sphere Entertainment Co.* |
6,786 | 288,066 | ||||||
Take-Two Interactive Software, Inc.* |
4,350 | 665,289 | ||||||
Walt Disney Co. (The)* |
45,066 | 4,005,917 | ||||||
Warner Bros Discovery, Inc.* |
74,472 | 973,349 | ||||||
Warner Music Group Corp., Class A |
3,306 | 104,304 | ||||||
World Wrestling Entertainment, Inc., Class A |
1,225 | 128,625 | ||||||
|
|
|||||||
16,350,343 | ||||||||
|
|
|||||||
Financial Services - 3.9% |
| |||||||
Affirm Holdings, Inc., Class A*(a) |
49,068 | 951,429 | ||||||
A-Mark Precious Metals, Inc.(a) |
2,800 | 114,212 | ||||||
Apollo Global Management, Inc. |
14,790 | 1,208,491 | ||||||
AvidXchange Holdings, Inc.*(a) |
14,964 | 185,703 | ||||||
Berkshire Hathaway, Inc., Class B* |
55,680 | 19,597,133 | ||||||
Block, Inc., Class A* |
12,180 | 980,855 | ||||||
Compass Diversified Holdings |
3,828 | 86,245 | ||||||
Enact Holdings, Inc. |
3,132 | 85,190 | ||||||
Equitable Holdings, Inc. |
13,050 | 374,405 | ||||||
Essent Group Ltd.(a) |
21,750 | 1,078,800 | ||||||
Euronet Worldwide, Inc.* |
1,914 | 168,183 | ||||||
EVERTEC, Inc. |
5,220 | 205,303 | ||||||
Federal Agricultural Mortgage Corp., Class C |
1,044 | 167,823 | ||||||
Fidelity National Information Services, Inc. |
17,748 | 1,071,624 | ||||||
Fiserv, Inc.* |
19,488 | 2,459,580 | ||||||
FleetCor Technologies, Inc.*(a) |
1,566 | 389,793 | ||||||
Flywire Corp.*(a) |
5,394 | 184,151 | ||||||
Global Payments, Inc. |
7,134 | 786,524 | ||||||
International Money Express, Inc.* |
2,450 | 59,364 | ||||||
Jack Henry & Associates, Inc. |
1,925 | 322,572 | ||||||
Jackson Financial, Inc., Class A |
13,746 | 453,893 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Mastercard, Inc., Class A |
21,402 | 8,438,381 | ||||||
Merchants Bancorp |
3,150 | 99,572 | ||||||
MGIC Investment Corp. |
59,856 | 1,001,989 | ||||||
Mr Cooper Group, Inc.* |
16,704 | 968,331 | ||||||
NMI Holdings, Inc., Class A* |
19,250 | 514,168 | ||||||
PayPal Holdings, Inc.* |
35,670 | 2,704,499 | ||||||
PennyMac Financial Services, Inc.(a) |
7,830 | 589,051 | ||||||
Radian Group, Inc.(a) |
37,776 | 1,017,308 | ||||||
Remitly Global, Inc.*(a) |
9,048 | 174,445 | ||||||
Repay Holdings Corp., Class A*(a) |
2,784 | 23,246 | ||||||
Rocket Cos., Inc., Class A*(a) |
7,308 | 79,876 | ||||||
Shift4 Payments, Inc., Class A*(a) |
2,088 | 144,051 | ||||||
Toast, Inc., Class A*(a) |
13,920 | 307,214 | ||||||
Visa, Inc., Class A(a) |
40,890 | 9,720,780 | ||||||
Voya Financial, Inc.(a) |
20,706 | 1,537,628 | ||||||
Walker & Dunlop, Inc.(a) |
6,786 | 617,390 | ||||||
Western Union Co. (The) |
75,168 | 915,546 | ||||||
WEX, Inc.* |
1,566 | 296,522 | ||||||
|
|
|||||||
60,081,270 | ||||||||
|
|
|||||||
Food Products - 1.0% |
| |||||||
Archer-Daniels-Midland Co. |
17,850 | 1,516,536 | ||||||
B&G Foods, Inc.(a) |
7,830 | 103,826 | ||||||
Beyond Meat, Inc.*(a) |
8,700 | 149,640 | ||||||
Bunge Ltd. |
4,002 | 434,897 | ||||||
Calavo Growers, Inc.(a) |
175 | 6,603 | ||||||
Cal-Maine Foods, Inc.(a) |
6,960 | 321,482 | ||||||
Campbell Soup Co.(a) |
6,125 | 280,648 | ||||||
Conagra Brands, Inc.(a) |
15,400 | 505,274 | ||||||
Darling Ingredients, Inc.* |
4,550 | 315,088 | ||||||
Flowers Foods, Inc.(a) |
11,550 | 285,400 | ||||||
Freshpet, Inc.*(a) |
2,262 | 166,347 | ||||||
General Mills, Inc. |
16,008 | 1,196,438 | ||||||
Hershey Co. (The) |
3,500 | 809,585 | ||||||
Hormel Foods Corp.(a) |
4,698 | 192,054 | ||||||
Hostess Brands, Inc., Class A* |
4,002 | 96,208 | ||||||
Ingredion, Inc.(a) |
14,175 | 1,577,111 | ||||||
J & J Snack Foods Corp.(a) |
1,225 | 196,392 | ||||||
J M Smucker Co. (The)(a) |
3,132 | 471,836 | ||||||
John B Sanfilippo & Son, Inc. |
1,218 | 132,652 | ||||||
Kellogg Co. |
6,264 | 418,999 | ||||||
Kraft Heinz Co. (The) |
23,316 | 843,573 | ||||||
Lamb Weston Holdings, Inc. |
3,675 | 380,840 | ||||||
Lancaster Colony Corp.(a) |
1,218 | 234,623 | ||||||
McCormick & Co., Inc. (Non-Voting) |
5,568 | 498,225 | ||||||
Mondelez International, Inc., Class A |
35,322 | 2,618,420 | ||||||
Pilgrims Pride Corp.* |
6,264 | 155,159 | ||||||
Post Holdings, Inc.*(a) |
3,150 | 268,695 | ||||||
Seaboard Corp. |
62 | 223,510 | ||||||
Simply Good Foods Co. (The)*(a) |
2,450 | 94,840 | ||||||
Tootsie Roll Industries, Inc. |
2,511 | 87,534 | ||||||
TreeHouse Foods, Inc.* |
1,044 | 53,881 | ||||||
Tyson Foods, Inc., Class A |
6,786 | 378,116 | ||||||
Utz Brands, Inc.(a) |
7,525 | 126,044 | ||||||
|
|
|||||||
15,140,476 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Gas Utilities - 0.3% |
| |||||||
Atmos Energy Corp.(a) |
3,150 | 383,387 | ||||||
Chesapeake Utilities Corp. |
525 | 62,076 | ||||||
National Fuel Gas Co.(a) |
22,098 | 1,173,625 | ||||||
New Jersey Resources Corp.(a) |
5,916 | 264,445 | ||||||
Northwest Natural Holding Co. |
4,002 | 171,966 | ||||||
ONE Gas, Inc.(a) |
3,500 | 276,955 | ||||||
Southwest Gas Holdings, Inc.(a) |
2,275 | 150,013 | ||||||
Spire, Inc.(a) |
3,654 | 232,285 | ||||||
UGI Corp. |
50,808 | 1,371,308 | ||||||
|
|
|||||||
4,086,060 | ||||||||
|
|
|||||||
Ground Transportation - 1.1% |
| |||||||
ArcBest Corp.(a) |
4,900 | 569,968 | ||||||
Avis Budget Group, Inc.*(a) |
1,044 | 229,983 | ||||||
CSX Corp. |
53,363 | 1,778,055 | ||||||
Heartland Express, Inc. |
5,425 | 88,699 | ||||||
Hertz Global Holdings, Inc.*(a) |
35,844 | 603,971 | ||||||
JB Hunt Transport Services, Inc.(a) |
2,100 | 428,274 | ||||||
Knight-Swift Transportation Holdings, Inc., Class A |
4,550 | 276,413 | ||||||
Landstar System, Inc.(a) |
1,750 | 356,283 | ||||||
Lyft, Inc., Class A*(a) |
5,046 | 64,135 | ||||||
Marten Transport Ltd.(a) |
2,625 | 59,482 | ||||||
Norfolk Southern Corp. |
6,612 | 1,544,497 | ||||||
Old Dominion Freight Line, Inc. |
2,450 | 1,027,751 | ||||||
RXO, Inc.*(a) |
870 | 19,183 | ||||||
Ryder System, Inc. |
10,150 | 1,036,823 | ||||||
Saia, Inc.* |
1,225 | 518,347 | ||||||
Schneider National, Inc., Class B(a) |
7,308 | 225,159 | ||||||
Uber Technologies, Inc.* |
53,592 | 2,650,660 | ||||||
U-Haul Holding Co.(a) |
175 | 10,650 | ||||||
U-Haul Holding Co. (BMV Mexico Stock Exchange) |
2,088 | 119,454 | ||||||
Union Pacific Corp. |
15,312 | 3,552,690 | ||||||
Werner Enterprises, Inc. |
13,398 | 629,974 | ||||||
XPO, Inc.*(a) |
7,482 | 518,054 | ||||||
|
|
|||||||
16,308,505 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.2% |
| |||||||
Abbott Laboratories |
42,978 | 4,784,741 | ||||||
Align Technology, Inc.* |
1,914 | 723,281 | ||||||
Alphatec Holdings, Inc.*(a) |
175 | 3,092 | ||||||
AtriCure, Inc.* |
3,828 | 211,880 | ||||||
Avanos Medical, Inc.* |
1,050 | 25,694 | ||||||
Axonics, Inc.* |
2,800 | 169,036 | ||||||
Baxter International, Inc. |
10,440 | 472,201 | ||||||
Becton Dickinson & Co. |
7,308 | 2,036,155 | ||||||
Boston Scientific Corp.* |
37,236 | 1,930,687 | ||||||
CONMED Corp.(a) |
2,088 | 252,752 | ||||||
Cooper Cos., Inc. (The) |
1,225 | 479,294 | ||||||
Dentsply Sirona, Inc. |
8,004 | 332,326 | ||||||
Dexcom, Inc.*(a) |
9,800 | 1,220,688 | ||||||
Edwards Lifesciences Corp.* |
15,660 | 1,285,216 | ||||||
Enovis Corp.* |
4,002 | 255,749 | ||||||
Envista Holdings Corp.* |
9,048 | 311,342 | ||||||
Establishment Labs Holdings, Inc.*(a) |
1,400 | 100,814 | ||||||
GE HealthCare Technologies, Inc. |
9,918 | 773,604 | ||||||
Glaukos Corp.* |
2,450 | 188,993 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Globus Medical, Inc., Class A* |
1,740 | 104,870 | ||||||
Haemonetics Corp.* |
2,800 | 258,272 | ||||||
Hologic, Inc.* |
7,134 | 566,582 | ||||||
ICU Medical, Inc.*(a) |
522 | 93,010 | ||||||
IDEXX Laboratories, Inc.* |
2,088 | 1,158,276 | ||||||
Inari Medical, Inc.*(a) |
522 | 29,791 | ||||||
Inspire Medical Systems, Inc.* |
1,400 | 402,934 | ||||||
Insulet Corp.*(a) |
1,575 | 435,881 | ||||||
Integer Holdings Corp.*(a) |
875 | 80,920 | ||||||
Integra LifeSciences Holdings Corp.* |
5,742 | 261,089 | ||||||
Intuitive Surgical, Inc.* |
9,048 | 2,935,171 | ||||||
iRhythm Technologies, Inc.*(a) |
1,914 | 201,085 | ||||||
Lantheus Holdings, Inc.*(a) |
4,263 | 368,707 | ||||||
LeMaitre Vascular, Inc. |
175 | 11,065 | ||||||
LivaNova plc* |
522 | 30,511 | ||||||
Masimo Corp.* |
1,740 | 212,802 | ||||||
Medtronic plc |
40,194 | 3,527,425 | ||||||
Merit Medical Systems, Inc.* |
1,740 | 129,926 | ||||||
Neogen Corp.*(a) |
12,354 | 286,489 | ||||||
Novocure Ltd.*(a) |
2,450 | 79,968 | ||||||
NuVasive, Inc.* |
2,800 | 115,388 | ||||||
Omnicell, Inc.*(a) |
2,262 | 142,845 | ||||||
OrthoPediatrics Corp.*(a) |
2,610 | 108,968 | ||||||
Penumbra, Inc.*(a) |
1,218 | 369,492 | ||||||
PROCEPT BioRobotics Corp.*(a) |
1,750 | 60,270 | ||||||
Pulmonx Corp.*(a) |
7,656 | 107,184 | ||||||
QuidelOrtho Corp.* |
1,392 | 121,605 | ||||||
ResMed, Inc. |
3,500 | 778,225 | ||||||
Shockwave Medical, Inc.* |
1,218 | 317,411 | ||||||
STAAR Surgical Co.* |
522 | 28,590 | ||||||
STERIS plc(a) |
2,800 | 631,540 | ||||||
Stryker Corp. |
8,526 | 2,416,354 | ||||||
Tandem Diabetes Care, Inc.*(a) |
6,090 | 212,663 | ||||||
Teleflex, Inc.(a) |
870 | 218,518 | ||||||
TransMedics Group, Inc.*(a) |
1,400 | 130,452 | ||||||
Treace Medical Concepts, Inc.*(a) |
2,450 | 55,835 | ||||||
Zimmer Biomet Holdings, Inc. |
5,775 | 797,816 | ||||||
|
|
|||||||
33,345,475 | ||||||||
|
|
|||||||
Health Care Providers & Services - 2.7% |
| |||||||
Acadia Healthcare Co., Inc.* |
3,132 | 247,522 | ||||||
Accolade, Inc.* |
10,440 | 156,809 | ||||||
AdaptHealth Corp., Class A* |
23,838 | 327,534 | ||||||
Addus HomeCare Corp.* |
1,044 | 95,599 | ||||||
Agiliti, Inc.*(a) |
350 | 6,009 | ||||||
agilon health, Inc.*(a) |
4,524 | 86,635 | ||||||
Amedisys, Inc.* |
1,740 | 158,062 | ||||||
AmerisourceBergen Corp.(a) |
5,075 | 948,517 | ||||||
AMN Healthcare Services, Inc.*(a) |
9,450 | 1,012,567 | ||||||
Apollo Medical Holdings, Inc.*(a) |
2,784 | 101,978 | ||||||
Brookdale Senior Living, Inc.*(a) |
50,913 | 179,214 | ||||||
Cardinal Health, Inc. |
9,048 | 827,621 | ||||||
Centene Corp.* |
18,444 | 1,255,852 | ||||||
Chemed Corp.(a) |
350 | 182,381 | ||||||
Cigna Group (The) |
9,570 | 2,824,107 | ||||||
Community Health Systems, Inc.*(a) |
25,375 | 111,396 | ||||||
Cross Country Healthcare, Inc.*(a) |
7,525 | 194,145 |
Investments |
Shares | Value ($) | ||||||
CVS Health Corp. |
38,454 | 2,872,129 | ||||||
DaVita, Inc.* |
2,436 | 248,448 | ||||||
Elevance Health, Inc. |
7,525 | 3,549,016 | ||||||
Encompass Health Corp. |
3,654 | 241,274 | ||||||
Ensign Group, Inc. (The)(a) |
1,914 | 185,409 | ||||||
Guardant Health, Inc.*(a) |
6,264 | 244,421 | ||||||
HCA Healthcare, Inc. |
6,090 | 1,661,413 | ||||||
HealthEquity, Inc.*(a) |
3,850 | 261,569 | ||||||
Henry Schein, Inc.*(a) |
4,375 | 344,706 | ||||||
Humana, Inc. |
3,828 | 1,748,745 | ||||||
Laboratory Corp. of America Holdings |
2,975 | 636,442 | ||||||
McKesson Corp. |
4,350 | 1,750,440 | ||||||
ModivCare, Inc.* |
4,872 | 213,101 | ||||||
Molina Healthcare, Inc.* |
1,566 | 476,831 | ||||||
National Research Corp.(a) |
2,275 | 97,620 | ||||||
NeoGenomics, Inc.*(a) |
3,325 | 57,622 | ||||||
OPKO Health, Inc.*(a) |
138,156 | 256,970 | ||||||
Option Care Health, Inc.* |
9,450 | 319,221 | ||||||
Owens & Minor, Inc.*(a) |
12,876 | 247,734 | ||||||
Patterson Cos., Inc. |
19,075 | 627,377 | ||||||
Pediatrix Medical Group, Inc.* |
24,360 | 334,463 | ||||||
Premier, Inc., Class A |
22,794 | 632,534 | ||||||
Privia Health Group, Inc.*(a) |
5,568 | 155,459 | ||||||
Progyny, Inc.* |
3,654 | 152,591 | ||||||
Quest Diagnostics, Inc. |
3,480 | 470,531 | ||||||
R1 RCM, Inc.*(a) |
4,025 | 69,552 | ||||||
RadNet, Inc.* |
1,050 | 34,734 | ||||||
Select Medical Holdings Corp. |
4,176 | 125,322 | ||||||
Surgery Partners, Inc.*(a) |
3,325 | 128,445 | ||||||
Tenet Healthcare Corp.* |
24,186 | 1,807,420 | ||||||
UnitedHealth Group, Inc. |
23,316 | 11,806,523 | ||||||
Universal Health Services, Inc., Class B |
1,914 | 265,969 | ||||||
US Physical Therapy, Inc. |
175 | 20,347 | ||||||
|
|
|||||||
40,760,326 | ||||||||
|
|
|||||||
Health Care REITs - 0.3% |
| |||||||
CareTrust REIT, Inc., REIT(a) |
7,350 | 152,807 | ||||||
Community Healthcare Trust, Inc., REIT(a) |
3,306 | 116,503 | ||||||
Healthcare Realty Trust, Inc., Class A, REIT(a) |
14,094 | 275,256 | ||||||
Healthpeak Properties, Inc., REIT |
8,700 | 189,921 | ||||||
Medical Properties Trust, Inc., REIT(a) |
146,334 | 1,476,510 | ||||||
National Health Investors, Inc., REIT |
696 | 38,217 | ||||||
Omega Healthcare Investors, Inc., REIT(a) |
8,700 | 277,530 | ||||||
Physicians Realty Trust, REIT(a) |
16,878 | 248,782 | ||||||
Sabra Health Care REIT, Inc., REIT |
11,484 | 149,177 | ||||||
Universal Health Realty Income Trust, REIT(a) |
2,784 | 132,880 | ||||||
Ventas, Inc., REIT |
7,830 | 379,912 | ||||||
Welltower, Inc., REIT |
12,354 | 1,014,881 | ||||||
|
|
|||||||
4,452,376 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Health Care Technology - 0.1% |
| |||||||
Doximity, Inc., Class A*(a) |
7,482 | 267,332 | ||||||
Evolent Health, Inc., Class A*(a) |
5,916 | 179,787 | ||||||
Health Catalyst, Inc.* |
11,484 | 161,120 | ||||||
HealthStream, Inc. |
175 | 3,934 | ||||||
Multiplan Corp.* |
64,554 | 138,791 | ||||||
NextGen Healthcare, Inc.* |
525 | 8,731 | ||||||
Phreesia, Inc.* |
4,698 | 149,021 | ||||||
Sharecare, Inc.*(a) |
88,914 | 123,590 | ||||||
Teladoc Health, Inc.*(a) |
11,658 | 347,059 | ||||||
Veeva Systems, Inc., Class A* |
3,654 | 746,220 | ||||||
Veradigm, Inc.* |
9,662 | 130,630 | ||||||
|
|
|||||||
2,256,215 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.1% |
| |||||||
Apple Hospitality REIT, Inc., REIT(a) |
6,438 | 99,789 | ||||||
Chatham Lodging Trust, REIT |
7,175 | 68,880 | ||||||
DiamondRock Hospitality Co., REIT(a) |
18,018 | 153,153 | ||||||
Host Hotels & Resorts, Inc., REIT |
16,625 | 305,900 | ||||||
Park Hotels & Resorts, Inc., REIT(a) |
15,961 | 217,548 | ||||||
Pebblebrook Hotel Trust, REIT(a) |
20,010 | 309,154 | ||||||
RLJ Lodging Trust, REIT |
15,834 | 163,090 | ||||||
Ryman Hospitality Properties, Inc., REIT |
3,325 | 316,839 | ||||||
Service Properties Trust, REIT(a) |
38,628 | 327,952 | ||||||
Summit Hotel Properties, Inc., REIT |
8,178 | 52,666 | ||||||
Sunstone Hotel Investors, Inc., REIT |
8,750 | 89,163 | ||||||
Xenia Hotels & Resorts, Inc., REIT(a) |
9,825 | 124,778 | ||||||
|
|
|||||||
2,228,912 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.1% |
| |||||||
Airbnb, Inc., Class A* |
10,266 | 1,562,383 | ||||||
Aramark |
5,950 | 240,202 | ||||||
BJs Restaurants, Inc.* |
2,100 | 79,086 | ||||||
Bloomin Brands, Inc.(a) |
17,675 | 474,927 | ||||||
Booking Holdings, Inc.* |
934 | 2,774,727 | ||||||
Boyd Gaming Corp. |
4,025 | 274,988 | ||||||
Brinker International, Inc.* |
7,830 | 307,562 | ||||||
Caesars Entertainment, Inc.* |
7,482 | 441,588 | ||||||
Carnival Corp.*(a) |
25,926 | 488,446 | ||||||
Cheesecake Factory, Inc. (The)(a) |
3,132 | 115,195 | ||||||
Chipotle Mexican Grill, Inc., Class A* |
700 | 1,373,596 | ||||||
Choice Hotels International, Inc.(a) |
1,050 | 137,287 | ||||||
Churchill Downs, Inc.(a) |
1,750 | 202,738 | ||||||
Cracker Barrel Old Country Store, Inc.(a) |
1,044 | 97,301 | ||||||
Darden Restaurants, Inc. |
2,800 | 472,976 | ||||||
Dave & Busters Entertainment, Inc.* |
3,828 | 175,322 | ||||||
Dennys Corp.* |
1,575 | 18,522 | ||||||
Dine Brands Global, Inc.(a) |
3,654 | 220,409 | ||||||
Dominos Pizza, Inc. |
696 | 276,131 | ||||||
DoorDash, Inc., Class A*(a) |
5,394 | 489,721 |
Investments |
Shares | Value ($) | ||||||
DraftKings, Inc., Class A* |
15,660 | 497,675 | ||||||
Dutch Bros, Inc., Class A*(a) |
2,784 | 86,332 | ||||||
Everi Holdings, Inc.* |
7,875 | 116,865 | ||||||
Expedia Group, Inc.* |
4,002 | 490,365 | ||||||
Hilton Grand Vacations, Inc.* |
18,375 | 854,438 | ||||||
Hilton Worldwide Holdings, Inc. |
6,475 | 1,006,798 | ||||||
Hyatt Hotels Corp., Class A(a) |
2,958 | 373,743 | ||||||
Jack in the Box, Inc. |
350 | 34,794 | ||||||
Las Vegas Sands Corp.* |
7,308 | 437,091 | ||||||
Life Time Group Holdings, Inc.*(a) |
7,656 | 138,497 | ||||||
Light & Wonder, Inc.*(a) |
5,742 | 403,663 | ||||||
Lindblad Expeditions Holdings, Inc.* |
8,700 | 102,834 | ||||||
Marriott International, Inc., Class A |
6,825 | 1,377,353 | ||||||
Marriott Vacations Worldwide Corp. |
2,262 | 290,690 | ||||||
McDonalds Corp. |
18,550 | 5,438,860 | ||||||
MGM Resorts International |
9,570 | 485,869 | ||||||
Norwegian Cruise Line Holdings Ltd.*(a) |
14,442 | 318,735 | ||||||
Papa Johns International, Inc.(a) |
522 | 43,169 | ||||||
Penn Entertainment, Inc.*(a) |
30,624 | 805,105 | ||||||
Planet Fitness, Inc., Class A* |
4,002 | 270,295 | ||||||
Red Rock Resorts, Inc., Class A(a) |
2,100 | 101,850 | ||||||
Royal Caribbean Cruises Ltd.*(a) |
7,134 | 778,391 | ||||||
Sabre Corp.*(a) |
58,812 | 241,129 | ||||||
SeaWorld Entertainment, Inc.*(a) |
3,306 | 183,053 | ||||||
Shake Shack, Inc., Class A* |
696 | 54,051 | ||||||
Six Flags Entertainment Corp.* |
18,966 | 453,287 | ||||||
Starbucks Corp. |
28,014 | 2,845,382 | ||||||
Sweetgreen, Inc., Class A*(a) |
9,396 | 141,598 | ||||||
Texas Roadhouse, Inc., Class A(a) |
4,002 | 446,423 | ||||||
Travel + Leisure Co. |
16,182 | 659,093 | ||||||
Vail Resorts, Inc. |
1,050 | 247,264 | ||||||
Wendys Co. (The)(a) |
11,484 | 246,791 | ||||||
Wingstop, Inc.(a) |
1,925 | 324,517 | ||||||
Wyndham Hotels & Resorts, Inc. |
3,325 | 259,084 | ||||||
Wynn Resorts Ltd. |
3,132 | 341,325 | ||||||
Yum! Brands, Inc. |
7,656 | 1,054,002 | ||||||
|
|
|||||||
32,173,518 | ||||||||
|
|
|||||||
Household Durables - 1.2% |
| |||||||
Beazer Homes USA, Inc.* |
2,088 | 70,219 | ||||||
Cavco Industries, Inc.*(a) |
1,566 | 462,988 | ||||||
Century Communities, Inc. |
7,350 | 567,567 | ||||||
Cricut, Inc., Class A(a) |
700 | 8,302 | ||||||
DR Horton, Inc. |
9,975 | 1,267,024 | ||||||
Dream Finders Homes, Inc., Class A*(a) |
870 | 22,185 | ||||||
Ethan Allen Interiors, Inc.(a) |
4,375 | 137,681 | ||||||
Garmin Ltd. |
4,200 | 444,738 | ||||||
GoPro, Inc., Class A*(a) |
13,050 | 53,374 | ||||||
Green Brick Partners, Inc.*(a) |
7,830 | 442,552 | ||||||
Helen of Troy Ltd.*(a) |
5,046 | 713,000 | ||||||
Installed Building Products, Inc. |
700 | 103,614 | ||||||
iRobot Corp.*(a) |
1,400 | 56,000 | ||||||
KB Home |
19,600 | 1,057,812 | ||||||
La-Z-Boy, Inc.(a) |
8,050 | 252,529 | ||||||
Leggett & Platt, Inc.(a) |
2,784 | 81,460 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Lennar Corp., Class A |
8,352 | 1,059,284 | ||||||
Lennar Corp., Class B(a) |
525 | 60,328 | ||||||
LGI Homes, Inc.*(a) |
5,075 | 704,156 | ||||||
M/I Homes, Inc.* |
7,350 | 735,000 | ||||||
MDC Holdings, Inc.(a) |
12,600 | 646,128 | ||||||
Meritage Homes Corp. |
8,400 | 1,251,180 | ||||||
Mohawk Industries, Inc.* |
12,702 | 1,350,731 | ||||||
Newell Brands, Inc. |
72,036 | 803,922 | ||||||
NVR, Inc.* |
104 | 655,870 | ||||||
PulteGroup, Inc. |
8,178 | 690,141 | ||||||
Skyline Champion Corp.* |
4,002 | 278,779 | ||||||
Sonos, Inc.*(a) |
6,786 | 116,312 | ||||||
Taylor Morrison Home Corp., Class A*(a) |
25,404 | 1,230,062 | ||||||
Tempur Sealy International, Inc. |
10,614 | 473,703 | ||||||
Toll Brothers, Inc. |
21,750 | 1,747,177 | ||||||
TopBuild Corp.* |
1,218 | 333,647 | ||||||
Tri Pointe Homes, Inc.* |
24,708 | 787,691 | ||||||
Vizio Holding Corp., Class A* |
10,788 | 80,371 | ||||||
Whirlpool Corp.(a) |
2,100 | 302,946 | ||||||
|
|
|||||||
19,048,473 | ||||||||
|
|
|||||||
Household Products - 0.9% |
| |||||||
Central Garden & Pet Co.*(a) |
1,575 | 63,756 | ||||||
Central Garden & Pet Co., Class A* |
4,698 | 179,557 | ||||||
Church & Dwight Co., Inc. |
6,786 | 649,217 | ||||||
Clorox Co. (The) |
3,306 | 500,793 | ||||||
Colgate-Palmolive Co. |
20,532 | 1,565,770 | ||||||
Energizer Holdings, Inc. |
12,006 | 428,614 | ||||||
Kimberly-Clark Corp. |
8,178 | 1,055,780 | ||||||
Procter & Gamble Co. (The) |
60,030 | 9,382,689 | ||||||
Reynolds Consumer Products, Inc. |
348 | 9,633 | ||||||
Spectrum Brands Holdings, Inc.(a) |
3,132 | 245,580 | ||||||
WD-40 Co.(a) |
348 | 79,866 | ||||||
|
|
|||||||
14,161,255 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
AES Corp. (The) |
21,402 | 462,925 | ||||||
Clearway Energy, Inc., Class A |
522 | 12,878 | ||||||
Clearway Energy, Inc., Class C |
1,392 | 36,763 | ||||||
Ormat Technologies, Inc.(a) |
1,566 | 127,316 | ||||||
Vistra Corp. |
14,922 | 418,711 | ||||||
|
|
|||||||
1,058,593 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.5% |
| |||||||
3M Co. |
16,182 | 1,804,293 | ||||||
General Electric Co. |
27,144 | 3,100,931 | ||||||
Honeywell International, Inc. |
16,356 | 3,175,190 | ||||||
|
|
|||||||
8,080,414 | ||||||||
|
|
|||||||
Industrial REITs - 0.3% |
| |||||||
Americold Realty Trust, Inc., REIT |
5,742 | 186,156 | ||||||
EastGroup Properties, Inc., REIT |
1,501 | 265,947 | ||||||
First Industrial Realty Trust, Inc., REIT |
7,350 | 379,995 | ||||||
Innovative Industrial Properties, Inc., REIT |
348 | 27,572 | ||||||
LXP Industrial Trust, REIT(a) |
5,916 | 59,574 | ||||||
Plymouth Industrial REIT, Inc., REIT |
6,438 | 146,593 | ||||||
Prologis, Inc., REIT |
23,464 | 2,927,134 |
Investments |
Shares | Value ($) | ||||||
Rexford Industrial Realty, Inc., REIT(a) |
4,725 | 260,300 | ||||||
STAG Industrial, Inc., REIT(a) |
10,788 | 391,604 | ||||||
Terreno Realty Corp., REIT(a) |
4,025 | 238,844 | ||||||
|
|
|||||||
4,883,719 | ||||||||
|
|
|||||||
Insurance - 2.5% |
| |||||||
Aflac, Inc.(a) |
18,618 | 1,346,826 | ||||||
Allstate Corp. (The) |
7,308 | 823,465 | ||||||
Ambac Financial Group, Inc.* |
6,786 | 95,954 | ||||||
American Equity Investment Life Holding Co. |
16,356 | 877,827 | ||||||
American Financial Group, Inc. |
2,625 | 319,226 | ||||||
American International Group, Inc. |
23,800 | 1,434,664 | ||||||
AMERISAFE, Inc. |
350 | 18,242 | ||||||
Aon plc, Class A |
5,250 | 1,672,125 | ||||||
Arch Capital Group Ltd.* |
12,876 | 1,000,336 | ||||||
Argo Group International Holdings Ltd.(a) |
8,526 | 253,222 | ||||||
Arthur J Gallagher & Co. |
5,046 | 1,083,881 | ||||||
Assurant, Inc. |
11,832 | 1,591,522 | ||||||
Assured Guaranty Ltd. |
4,002 | 239,240 | ||||||
Axis Capital Holdings Ltd. |
15,750 | 868,140 | ||||||
Brighthouse Financial, Inc.* |
16,356 | 852,638 | ||||||
Brown & Brown, Inc. |
5,775 | 406,849 | ||||||
BRP Group, Inc., Class A*(a) |
1,575 | 39,233 | ||||||
Chubb Ltd. |
13,224 | 2,703,118 | ||||||
Cincinnati Financial Corp. |
3,850 | 414,183 | ||||||
CNO Financial Group, Inc. |
28,018 | 720,623 | ||||||
Employers Holdings, Inc. |
700 | 27,041 | ||||||
Enstar Group Ltd.*(a) |
2,784 | 712,370 | ||||||
Erie Indemnity Co., Class A |
348 | 77,242 | ||||||
Everest Group Ltd. |
1,050 | 378,536 | ||||||
Fidelity National Financial, Inc. |
10,150 | 397,576 | ||||||
First American Financial Corp. |
22,225 | 1,408,621 | ||||||
Genworth Financial, Inc., Class A*(a) |
87,870 | 514,918 | ||||||
Globe Life, Inc. |
2,450 | 274,817 | ||||||
Goosehead Insurance, Inc., Class A*(a) |
2,262 | 151,260 | ||||||
Hanover Insurance Group, Inc. (The) |
2,088 | 236,946 | ||||||
Hartford Financial Services Group, Inc. (The) |
10,962 | 787,949 | ||||||
Horace Mann Educators Corp. |
522 | 15,728 | ||||||
Kemper Corp.(a) |
5,220 | 266,063 | ||||||
Kinsale Capital Group, Inc.(a) |
696 | 259,350 | ||||||
Lincoln National Corp. |
37,932 | 1,063,613 | ||||||
Loews Corp. |
7,350 | 460,477 | ||||||
Markel Group, Inc.* |
430 | 623,375 | ||||||
Marsh & McLennan Cos., Inc. |
12,876 | 2,426,096 | ||||||
MBIA, Inc.* |
6,125 | 53,533 | ||||||
Mercury General Corp. |
8,526 | 274,367 | ||||||
MetLife, Inc. |
21,750 | 1,369,598 | ||||||
National Western Life Group, Inc., Class A(a) |
350 | 147,585 | ||||||
Old Republic International Corp.(a) |
11,725 | 323,258 | ||||||
Oscar Health, Inc., Class A*(a) |
28,014 | 210,665 | ||||||
Primerica, Inc.(a) |
1,392 | 296,078 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Principal Financial Group, Inc. |
8,004 | 639,279 | ||||||
ProAssurance Corp. |
1,575 | 26,460 | ||||||
Progressive Corp. (The) |
15,138 | 1,907,085 | ||||||
Prudential Financial, Inc. |
11,550 | 1,114,460 | ||||||
Reinsurance Group of America, Inc. |
1,566 | 219,788 | ||||||
RenaissanceRe Holdings Ltd. |
2,088 | 389,955 | ||||||
RLI Corp. |
1,392 | 185,707 | ||||||
Ryan Specialty Holdings, Inc., Class A* |
2,610 | 113,117 | ||||||
Safety Insurance Group, Inc. |
174 | 12,528 | ||||||
Selective Insurance Group, Inc.(a) |
3,654 | 377,056 | ||||||
SiriusPoint Ltd.*(a) |
14,175 | 132,395 | ||||||
Stewart Information Services Corp.(a) |
6,475 | 305,167 | ||||||
Travelers Cos., Inc. (The) |
7,656 | 1,321,502 | ||||||
Trupanion, Inc.*(a) |
522 | 16,104 | ||||||
Universal Insurance Holdings, Inc. |
5,568 | 86,471 | ||||||
Unum Group |
5,916 | 287,577 | ||||||
W R Berkley Corp. |
4,725 | 291,485 | ||||||
White Mountains Insurance Group Ltd.(a) |
174 | 269,181 | ||||||
Willis Towers Watson plc |
2,800 | 591,724 | ||||||
|
|
|||||||
37,805,417 | ||||||||
|
|
|||||||
Interactive Media & Services - 3.8% |
| |||||||
Alphabet, Inc., Class A* |
150,858 | 20,021,874 | ||||||
Alphabet, Inc., Class C* |
129,804 | 17,278,210 | ||||||
Bumble, Inc., Class A* |
8,178 | 151,457 | ||||||
Cargurus, Inc., Class A* |
4,002 | 90,685 | ||||||
Cars.com, Inc.* |
6,786 | 154,789 | ||||||
IAC, Inc.*(a) |
15,660 | 1,089,936 | ||||||
Match Group, Inc.* |
5,394 | 250,875 | ||||||
Meta Platforms, Inc., Class A* |
56,202 | 17,905,957 | ||||||
Pinterest, Inc., Class A* |
10,614 | 307,700 | ||||||
QuinStreet, Inc.* |
1,575 | 13,986 | ||||||
Shutterstock, Inc.(a) |
1,392 | 71,618 | ||||||
Snap, Inc., Class A*(a) |
25,926 | 294,519 | ||||||
Taboola.com Ltd.*(a) |
40,368 | 150,976 | ||||||
TripAdvisor, Inc.*(a) |
5,775 | 107,704 | ||||||
Vimeo, Inc.* |
55,680 | 229,402 | ||||||
Yelp, Inc., Class A* |
4,698 | 211,645 | ||||||
Ziff Davis, Inc.* |
696 | 50,474 | ||||||
ZipRecruiter, Inc., Class A*(a) |
7,308 | 135,344 | ||||||
ZoomInfo Technologies, Inc., Class A*(a) |
7,656 | 195,764 | ||||||
|
|
|||||||
58,712,915 | ||||||||
|
|
|||||||
IT Services - 1.2% |
| |||||||
Accenture plc, Class A |
16,182 | 5,119,176 | ||||||
Akamai Technologies, Inc.* |
3,500 | 330,750 | ||||||
Cloudflare, Inc., Class A* |
6,300 | 433,251 | ||||||
Cognizant Technology Solutions Corp., Class A |
16,530 | 1,091,476 | ||||||
DigitalOcean Holdings, Inc.*(a) |
2,436 | 120,631 | ||||||
DXC Technology Co.* |
48,720 | 1,347,108 | ||||||
EPAM Systems, Inc.* |
1,044 | 247,230 | ||||||
Fastly, Inc., Class A*(a) |
4,872 | 89,499 | ||||||
Gartner, Inc.* |
2,088 | 738,296 | ||||||
GoDaddy, Inc., Class A* |
4,025 | 310,287 |
Investments |
Shares | Value ($) | ||||||
International Business Machines Corp. |
27,492 | 3,963,797 | ||||||
Kyndryl Holdings, Inc.* |
49,416 | 675,022 | ||||||
MongoDB, Inc., Class A*(a) |
1,575 | 666,855 | ||||||
Okta, Inc., Class A* |
3,325 | 255,559 | ||||||
Perficient, Inc.*(a) |
2,436 | 155,392 | ||||||
Snowflake, Inc., Class A* |
7,134 | 1,267,783 | ||||||
Squarespace, Inc., Class A*(a) |
1,750 | 57,995 | ||||||
Twilio, Inc., Class A* |
4,524 | 298,720 | ||||||
VeriSign, Inc.* |
2,450 | 516,827 | ||||||
|
|
|||||||
17,685,654 | ||||||||
|
|
|||||||
Leisure Products - 0.3% |
| |||||||
Acushnet Holdings Corp.(a) |
1,050 | 62,611 | ||||||
Brunswick Corp.(a) |
16,275 | 1,404,695 | ||||||
Funko, Inc., Class A*(a) |
8,004 | 65,313 | ||||||
Hasbro, Inc. |
5,394 | 348,237 | ||||||
Malibu Boats, Inc., Class A*(a) |
3,850 | 230,808 | ||||||
MasterCraft Boat Holdings, Inc.* |
2,958 | 90,663 | ||||||
Mattel, Inc.* |
16,356 | 348,383 | ||||||
Peloton Interactive, Inc., Class A* |
20,010 | 194,297 | ||||||
Polaris, Inc.(a) |
11,310 | 1,536,350 | ||||||
Smith & Wesson Brands, Inc. |
7,875 | 100,249 | ||||||
Sturm Ruger & Co., Inc. |
1,392 | 73,706 | ||||||
Topgolf Callaway Brands Corp.*(a) |
8,526 | 170,264 | ||||||
Vista Outdoor, Inc.* |
11,200 | 339,360 | ||||||
YETI Holdings, Inc.*(a) |
1,218 | 51,887 | ||||||
|
|
|||||||
5,016,823 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 1.2% |
| |||||||
10X Genomics, Inc., Class A* |
4,872 | 306,839 | ||||||
Agilent Technologies, Inc. |
6,786 | 826,331 | ||||||
Avantor, Inc.*(a) |
15,660 | 322,126 | ||||||
Azenta, Inc.*(a) |
5,220 | 245,236 | ||||||
Bio-Rad Laboratories, Inc., Class A* |
522 | 211,598 | ||||||
Bio-Techne Corp. |
3,132 | 261,209 | ||||||
Bruker Corp. |
2,450 | 168,364 | ||||||
Charles River Laboratories International, |
1,740 | 364,600 | ||||||
CryoPort, Inc.*(a) |
1,575 | 25,310 | ||||||
Danaher Corp. |
16,356 | 4,171,761 | ||||||
Illumina, Inc.* |
3,480 | 668,682 | ||||||
IQVIA Holdings, Inc.* |
5,046 | 1,129,093 | ||||||
Maravai LifeSciences Holdings, Inc., Class A* |
11,136 | 125,948 | ||||||
Medpace Holdings, Inc.* |
1,050 | 265,828 | ||||||
Mesa Laboratories, Inc. |
870 | 111,934 | ||||||
Mettler-Toledo International, Inc.* |
525 | 660,172 | ||||||
OmniAb, Inc.*(a) |
562 | 239 | ||||||
Pacific Biosciences of California, Inc.* |
8,700 | 114,927 | ||||||
Repligen Corp.*(a) |
1,400 | 240,184 | ||||||
Revvity, Inc. |
2,262 | 278,113 | ||||||
Sotera Health Co.*(a) |
11,658 | 221,269 | ||||||
Syneos Health, Inc.* |
24,534 | 1,040,487 | ||||||
Thermo Fisher Scientific, Inc. |
9,570 | 5,250,676 | ||||||
Waters Corp.* |
1,575 | 435,031 | ||||||
West Pharmaceutical Services, Inc. |
2,088 | 768,467 | ||||||
|
|
|||||||
18,214,424 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Machinery - 2.1% |
| |||||||
3D Systems Corp.*(a) |
11,484 | 100,026 | ||||||
AGCO Corp.(a) |
2,450 | 326,095 | ||||||
Alamo Group, Inc. |
350 | 67,816 | ||||||
Albany International Corp., Class A |
2,100 | 202,188 | ||||||
Allison Transmission Holdings, Inc. |
18,618 | 1,092,690 | ||||||
Astec Industries, Inc. |
1,575 | 77,805 | ||||||
Barnes Group, Inc. |
1,400 | 55,020 | ||||||
Caterpillar, Inc. |
15,660 | 4,152,562 | ||||||
Chart Industries, Inc.*(a) |
1,566 | 285,263 | ||||||
CIRCOR International, Inc.* |
2,450 | 136,465 | ||||||
Columbus McKinnon Corp. |
525 | 22,229 | ||||||
Crane Co. |
870 | 81,510 | ||||||
Crane NXT Co.(a) |
9,048 | 535,189 | ||||||
Cummins, Inc. |
4,375 | 1,141,000 | ||||||
Deere & Co. |
8,178 | 3,513,269 | ||||||
Desktop Metal, Inc., Class A*(a) |
60,030 | 109,255 | ||||||
Donaldson Co., Inc.(a) |
6,786 | 426,364 | ||||||
Douglas Dynamics, Inc. |
350 | 10,867 | ||||||
Dover Corp.(a) |
3,500 | 510,895 | ||||||
Energy Recovery, Inc.*(a) |
174 | 5,304 | ||||||
Enerpac Tool Group Corp., Class A |
4,900 | 134,652 | ||||||
EnPro Industries, Inc. |
1,225 | 170,006 | ||||||
Esab Corp. |
4,002 | 274,937 | ||||||
ESCO Technologies, Inc. |
174 | 17,496 | ||||||
Federal Signal Corp. |
1,750 | 106,908 | ||||||
Flowserve Corp. |
7,000 | 264,320 | ||||||
Fortive Corp. |
7,482 | 586,215 | ||||||
Franklin Electric Co., Inc. |
1,218 | 120,363 | ||||||
Gates Industrial Corp. plc* |
22,272 | 303,345 | ||||||
Gorman-Rupp Co. (The) |
1,575 | 49,927 | ||||||
Graco, Inc. |
5,276 | 418,545 | ||||||
Greenbrier Cos., Inc. (The)(a) |
6,960 | 321,482 | ||||||
Helios Technologies, Inc. |
2,610 | 164,952 | ||||||
Hillenbrand, Inc. |
5,220 | 271,127 | ||||||
Hillman Solutions Corp.* |
8,526 | 83,896 | ||||||
Hyster-Yale Materials Handling, Inc.(a) |
2,262 | 108,033 | ||||||
IDEX Corp. |
2,088 | 471,491 | ||||||
Illinois Tool Works, Inc.(a) |
7,350 | 1,935,402 | ||||||
Ingersoll Rand, Inc. |
9,222 | 601,920 | ||||||
ITT, Inc. |
4,550 | 453,180 | ||||||
John Bean Technologies Corp.(a) |
1,400 | 173,054 | ||||||
Kadant, Inc. |
350 | 77,998 | ||||||
Kennametal, Inc.(a) |
4,900 | 149,352 | ||||||
Lincoln Electric Holdings, Inc.(a) |
1,914 | 384,159 | ||||||
Lindsay Corp.(a) |
350 | 46,385 | ||||||
Luxfer Holdings plc |
6,090 | 77,099 | ||||||
Middleby Corp. (The)*(a) |
1,750 | 265,737 | ||||||
Mueller Industries, Inc.(a) |
13,218 | 1,071,451 | ||||||
Mueller Water Products, Inc., Class A |
5,075 | 81,657 | ||||||
Nikola Corp.*(a) |
25,230 | 67,364 | ||||||
Nordson Corp.(a) |
1,225 | 308,222 | ||||||
Oshkosh Corp. |
14,175 | 1,305,092 | ||||||
Otis Worldwide Corp. |
10,675 | 970,998 | ||||||
PACCAR, Inc. |
15,660 | 1,348,796 | ||||||
Parker-Hannifin Corp. |
3,150 | 1,291,531 |
Investments |
Shares | Value ($) | ||||||
Pentair plc |
4,698 | 326,511 | ||||||
RBC Bearings, Inc.*(a) |
1,044 | 235,996 | ||||||
REV Group, Inc. |
6,650 | 85,985 | ||||||
Shyft Group, Inc. (The) |
4,698 | 67,792 | ||||||
Snap-on, Inc. |
1,575 | 429,093 | ||||||
SPX Technologies, Inc.*(a) |
1,400 | 118,454 | ||||||
Standex International Corp. |
175 | 26,000 | ||||||
Stanley Black & Decker, Inc. |
2,784 | 276,368 | ||||||
Tennant Co. |
2,088 | 167,541 | ||||||
Terex Corp.(a) |
13,825 | 810,560 | ||||||
Timken Co. (The)(a) |
4,002 | 371,626 | ||||||
Titan International, Inc.* |
2,088 | 26,079 | ||||||
Toro Co. (The) |
3,150 | 320,197 | ||||||
Trinity Industries, Inc. |
2,800 | 73,416 | ||||||
Wabash National Corp. |
8,352 | 197,775 | ||||||
Watts Water Technologies, Inc., Class A(a) |
875 | 163,214 | ||||||
Westinghouse Air Brake Technologies Corp. |
4,725 | 559,629 | ||||||
Xylem, Inc. |
6,960 | 784,740 | ||||||
|
|
|||||||
32,369,880 | ||||||||
|
|
|||||||
Marine Transportation - 0.1% |
| |||||||
Eagle Bulk Shipping, Inc.(a) |
3,306 | 152,704 | ||||||
Genco Shipping & Trading Ltd. |
12,180 | 176,610 | ||||||
Kirby Corp.*(a) |
4,002 | 326,083 | ||||||
Matson, Inc.(a) |
6,960 | 650,482 | ||||||
|
|
|||||||
1,305,879 | ||||||||
|
|
|||||||
Media - 1.0% |
| |||||||
Altice USA, Inc., Class A*(a) |
27,144 | 92,018 | ||||||
Cable One, Inc.(a) |
174 | 125,966 | ||||||
Charter Communications, Inc., Class A* |
3,306 | 1,339,558 | ||||||
Clear Channel Outdoor Holdings, Inc.*(a) |
122,148 | 219,866 | ||||||
Comcast Corp., Class A |
129,978 | 5,882,804 | ||||||
DISH Network Corp., Class A*(a) |
40,542 | 321,498 | ||||||
EW Scripps Co. (The), Class A*(a) |
4,698 | 46,322 | ||||||
Fox Corp., Class A |
11,484 | 384,140 | ||||||
Fox Corp., Class B |
1,914 | 60,119 | ||||||
Gray Television, Inc. |
11,832 | 112,049 | ||||||
Integral Ad Science Holding Corp.* |
6,960 | 145,116 | ||||||
Interpublic Group of Cos., Inc. (The)(a) |
10,675 | 365,405 | ||||||
John Wiley & Sons, Inc., Class A |
11,484 | 393,097 | ||||||
Liberty Broadband Corp., Class A* |
1,392 | 123,651 | ||||||
Liberty Broadband Corp., Class C*(a) |
2,262 | 201,612 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A*(a) |
1,925 | 61,023 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C* |
4,550 | 144,827 | ||||||
Magnite, Inc.*(a) |
13,398 | 202,712 | ||||||
New York Times Co. (The), Class A |
9,450 | 385,182 | ||||||
News Corp., Class A |
9,100 | 180,362 | ||||||
News Corp., Class B(a) |
2,975 | 59,827 | ||||||
Nexstar Media Group, Inc., Class A(a) |
8,526 | 1,591,975 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Omnicom Group, Inc. |
6,650 | 562,723 | ||||||
Paramount Global, Class B(a) |
12,006 | 192,456 | ||||||
PubMatic, Inc., Class A*(a) |
6,786 | 135,652 | ||||||
Scholastic Corp. |
700 | 30,233 | ||||||
Sinclair, Inc.(a) |
10,962 | 152,481 | ||||||
Sirius XM Holdings, Inc.(a) |
28,666 | 146,197 | ||||||
Stagwell, Inc., Class A*(a) |
24,708 | 165,791 | ||||||
TechTarget, Inc.*(a) |
1,050 | 34,104 | ||||||
TEGNA, Inc. |
53,418 | 902,764 | ||||||
Thryv Holdings, Inc.*(a) |
870 | 20,619 | ||||||
Trade Desk, Inc. (The), Class A* |
10,675 | 974,201 | ||||||
WideOpenWest, Inc.*(a) |
6,300 | 51,912 | ||||||
|
|
|||||||
15,808,262 | ||||||||
|
|
|||||||
Metals & Mining - 0.9% |
| |||||||
Alcoa Corp.(a) |
10,092 | 365,229 | ||||||
Alpha Metallurgical Resources, Inc.(a) |
3,325 | 575,957 | ||||||
Arconic Corp.* |
18,966 | 566,894 | ||||||
ATI, Inc.*(a) |
7,830 | 373,334 | ||||||
Carpenter Technology Corp. |
4,176 | 249,975 | ||||||
Century Aluminum Co.*(a) |
9,450 | 87,885 | ||||||
Cleveland-Cliffs, Inc.* |
17,850 | 315,053 | ||||||
Coeur Mining, Inc.*(a) |
6,475 | 19,943 | ||||||
Commercial Metals Co. |
27,144 | 1,553,180 | ||||||
Compass Minerals International, Inc. |
875 | 33,136 | ||||||
Freeport-McMoRan, Inc. |
45,936 | 2,051,042 | ||||||
Hecla Mining Co.(a) |
14,000 | 80,640 | ||||||
Materion Corp.(a) |
525 | 62,548 | ||||||
Newmont Corp. |
22,446 | 963,382 | ||||||
Nucor Corp. |
8,352 | 1,437,296 | ||||||
Piedmont Lithium, Inc.*(a) |
3,150 | 172,809 | ||||||
Reliance Steel & Aluminum Co. |
2,088 | 611,492 | ||||||
Royal Gold, Inc.(a) |
2,436 | 292,661 | ||||||
Ryerson Holding Corp. |
2,784 | 118,292 | ||||||
Schnitzer Steel Industries, Inc., Class A(a) |
3,306 | 119,710 | ||||||
Southern Copper Corp. |
1,750 | 153,020 | ||||||
Steel Dynamics, Inc.(a) |
5,916 | 630,527 | ||||||
SunCoke Energy, Inc. |
9,570 | 84,982 | ||||||
TimkenSteel Corp.* |
8,750 | 203,875 | ||||||
United States Steel Corp.(a) |
47,676 | 1,215,738 | ||||||
Warrior Met Coal, Inc. |
9,275 | 410,419 | ||||||
Worthington Industries, Inc. |
7,656 | 571,291 | ||||||
|
|
|||||||
13,320,310 | ||||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.6% |
| |||||||
AGNC Investment Corp.(a) |
123,366 | 1,257,099 | ||||||
Annaly Capital Management, Inc.(a) |
10,266 | 206,244 | ||||||
Apollo Commercial Real Estate Finance, Inc.(a) |
38,802 | 457,864 | ||||||
Arbor Realty Trust, Inc.(a) |
42,630 | 720,873 | ||||||
Ares Commercial Real Estate Corp. |
1,740 | 18,548 | ||||||
ARMOUR Residential REIT, Inc.(a) |
64,728 | 330,760 | ||||||
Blackstone Mortgage Trust, Inc., Class A(a) |
33,408 | 768,050 |
Investments |
Shares | Value ($) | ||||||
BrightSpire Capital, Inc., Class A(a) |
12,876 | 94,767 | ||||||
Chimera Investment Corp.(a) |
37,758 | 237,120 | ||||||
Claros Mortgage Trust, Inc.(a) |
17,922 | 220,799 | ||||||
Ellington Financial, Inc.(a) |
15,050 | 203,476 | ||||||
Franklin BSP Realty Trust, Inc. |
17,922 | 256,285 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a) |
8,004 | 208,984 | ||||||
Invesco Mortgage Capital, Inc. |
1 | 7 | ||||||
KKR Real Estate Finance Trust, Inc.(a) |
21,924 | 273,173 | ||||||
Ladder Capital Corp., Class A |
32,016 | 351,856 | ||||||
MFA Financial, Inc. |
11,136 | 125,391 | ||||||
New York Mortgage Trust, Inc.(a) |
13,617 | 138,213 | ||||||
Orchid Island Capital, Inc.(a) |
12,180 | 126,916 | ||||||
PennyMac Mortgage Investment Trust(a) |
11,484 | 146,765 | ||||||
Ready Capital Corp.(a) |
26,622 | 308,017 | ||||||
Redwood Trust, Inc.(a) |
9,222 | 69,442 | ||||||
Rithm Capital Corp. |
120,234 | 1,211,959 | ||||||
Starwood Property Trust, Inc.(a) |
75,690 | 1,569,811 | ||||||
TPG RE Finance Trust, Inc.(a) |
2,262 | 17,644 | ||||||
Two Harbors Investment Corp. |
14,094 | 189,000 | ||||||
|
|
|||||||
9,509,063 | ||||||||
|
|
|||||||
Multi-Utilities - 0.5% |
| |||||||
Ameren Corp. |
6,125 | 524,729 | ||||||
Avista Corp.(a) |
870 | 33,617 | ||||||
Black Hills Corp. |
1,740 | 104,974 | ||||||
CenterPoint Energy, Inc. |
17,748 | 534,037 | ||||||
CMS Energy Corp. |
5,568 | 340,038 | ||||||
Consolidated Edison, Inc. |
9,744 | 924,316 | ||||||
Dominion Energy, Inc. |
24,012 | 1,285,843 | ||||||
DTE Energy Co. |
5,394 | 616,534 | ||||||
NiSource, Inc. |
12,450 | 346,608 | ||||||
NorthWestern Corp.(a) |
4,002 | 225,993 | ||||||
Public Service Enterprise Group, Inc. |
13,398 | 845,682 | ||||||
Sempra |
9,222 | 1,374,262 | ||||||
Unitil Corp. |
2,088 | 108,659 | ||||||
WEC Energy Group, Inc. |
6,960 | 625,426 | ||||||
|
|
|||||||
7,890,718 | ||||||||
|
|
|||||||
Office REITs - 0.3% |
| |||||||
Alexandria Real Estate Equities, Inc., REIT(a) |
3,132 | 393,630 | ||||||
Boston Properties, Inc., REIT(a) |
1,740 | 115,936 | ||||||
Brandywine Realty Trust, REIT(a) |
62,814 | 317,211 | ||||||
Corporate Office Properties Trust, REIT(a) |
2,958 | 76,908 | ||||||
Cousins Properties, Inc., REIT(a) |
11,832 | 289,056 | ||||||
Easterly Government Properties, Inc., Class A, REIT(a) |
9,570 | 141,253 | ||||||
Equity Commonwealth, REIT |
2,262 | 44,313 | ||||||
Highwoods Properties, Inc., REIT(a) |
174 | 4,397 | ||||||
Hudson Pacific Properties, Inc., REIT |
7,308 | 42,898 | ||||||
JBG SMITH Properties, REIT(a) |
11,310 | 189,216 | ||||||
Kilroy Realty Corp., REIT |
1,392 | 49,694 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Paramount Group, Inc., REIT(a) |
59,682 | 312,734 | ||||||
Piedmont Office Realty Trust, Inc., Class A, REIT |
43,152 | 321,051 | ||||||
SL Green Realty Corp., REIT(a) |
18,444 | 695,523 | ||||||
Vornado Realty Trust, REIT(a) |
42,978 | 966,145 | ||||||
|
|
|||||||
3,959,965 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 4.9% |
| |||||||
Antero Midstream Corp.(a) |
25,230 | 301,246 | ||||||
Antero Resources Corp.*(a) |
64,554 | 1,726,820 | ||||||
APA Corp. |
11,658 | 472,032 | ||||||
Arch Resources, Inc. |
4,025 | 516,971 | ||||||
Berry Corp.(a) |
29,580 | 230,724 | ||||||
California Resources Corp.(a) |
14,616 | 779,764 | ||||||
Callon Petroleum Co.*(a) |
10,150 | 381,234 | ||||||
Cheniere Energy, Inc. |
7,875 | 1,274,647 | ||||||
Chesapeake Energy Corp.(a) |
3,693 | 311,468 | ||||||
Chevron Corp. |
54,810 | 8,970,205 | ||||||
Chord Energy Corp.(a) |
8,700 | 1,364,508 | ||||||
Civitas Resources, Inc.(a) |
12,006 | 898,775 | ||||||
Clean Energy Fuels Corp.*(a) |
2,975 | 14,667 | ||||||
CNX Resources Corp.*(a) |
41,412 | 844,805 | ||||||
Comstock Resources, Inc.(a) |
16,800 | 214,200 | ||||||
ConocoPhillips |
38,628 | 4,547,288 | ||||||
CONSOL Energy, Inc. |
6,090 | 453,827 | ||||||
Coterra Energy, Inc. |
25,376 | 698,854 | ||||||
Crescent Energy Co., Class A(a) |
18,792 | 223,061 | ||||||
CVR Energy, Inc.(a) |
8,178 | 300,460 | ||||||
Delek US Holdings, Inc.(a) |
12,180 | 336,046 | ||||||
Denbury, Inc.*(a) |
3,306 | 290,630 | ||||||
Devon Energy Corp.(a) |
17,922 | 967,788 | ||||||
Diamondback Energy, Inc. |
5,950 | 876,554 | ||||||
Dorian LPG Ltd. |
7,875 | 234,203 | ||||||
DT Midstream, Inc.(a) |
6,090 | 325,937 | ||||||
Earthstone Energy, Inc., Class A*(a) |
5,950 | 95,081 | ||||||
EOG Resources, Inc. |
17,400 | 2,306,022 | ||||||
EQT Corp.(a) |
11,375 | 479,797 | ||||||
Equitrans Midstream Corp. |
95,352 | 988,800 | ||||||
Exxon Mobil Corp. |
126,672 | 13,584,305 | ||||||
Green Plains, Inc.*(a) |
4,725 | 167,785 | ||||||
Gulfport Energy Corp.*(a) |
1,914 | 196,089 | ||||||
Hess Corp. |
7,482 | 1,135,244 | ||||||
HF Sinclair Corp.(a) |
5,742 | 299,101 | ||||||
HighPeak Energy, Inc.(a) |
6,090 | 92,263 | ||||||
International Seaways, Inc.(a) |
6,264 | 268,663 | ||||||
Kinder Morgan, Inc. |
57,942 | 1,026,153 | ||||||
Kosmos Energy Ltd.*(a) |
91,501 | 649,657 | ||||||
Magnolia Oil & Gas Corp., Class A(a) |
34,974 | 774,674 | ||||||
Marathon Oil Corp. |
22,968 | 603,369 | ||||||
Marathon Petroleum Corp. |
14,094 | 1,874,784 | ||||||
Matador Resources Co.(a) |
24,012 | 1,335,788 | ||||||
Murphy Oil Corp. |
30,276 | 1,310,043 | ||||||
New Fortress Energy, Inc.(a) |
11,832 | 337,804 | ||||||
NextDecade Corp.*(a) |
3,150 | 17,545 | ||||||
Northern Oil and Gas, Inc.(a) |
17,226 | 678,188 | ||||||
Occidental Petroleum Corp.(a) |
20,532 | 1,296,185 | ||||||
ONEOK, Inc. |
13,050 | 874,872 |
Investments |
Shares | Value ($) | ||||||
Ovintiv, Inc.(a) |
9,235 | 425,641 | ||||||
Par Pacific Holdings, Inc.* |
10,440 | 328,651 | ||||||
PBF Energy, Inc., Class A(a) |
24,207 | 1,148,380 | ||||||
PDC Energy, Inc. |
20,880 | 1,584,583 | ||||||
Peabody Energy Corp.(a) |
24,325 | 545,853 | ||||||
Permian Resources Corp., Class A(a) |
47,850 | 559,366 | ||||||
Phillips 66(a) |
14,268 | 1,591,595 | ||||||
Pioneer Natural Resources Co. |
6,786 | 1,531,397 | ||||||
Range Resources Corp.(a) |
51,330 | 1,613,302 | ||||||
SilverBow Resources, Inc.*(a) |
1,044 | 37,386 | ||||||
SM Energy Co. |
29,232 | 1,060,829 | ||||||
Southwestern Energy Co.*(a) |
259,782 | 1,683,387 | ||||||
Talos Energy, Inc.*(a) |
29,928 | 478,848 | ||||||
Targa Resources Corp. |
6,612 | 542,118 | ||||||
Tellurian, Inc.*(a) |
169,998 | 292,397 | ||||||
Texas Pacific Land Corp.(a) |
175 | 263,602 | ||||||
Uranium Energy Corp.*(a) |
3,325 | 11,970 | ||||||
VAALCO Energy, Inc.(a) |
12,876 | 57,298 | ||||||
Valero Energy Corp. |
11,900 | 1,534,029 | ||||||
Vertex Energy, Inc.*(a) |
21,054 | 110,955 | ||||||
Vital Energy, Inc.*(a) |
2,784 | 146,940 | ||||||
Vitesse Energy, Inc.(a) |
2,436 | 61,363 | ||||||
W&T Offshore, Inc.*(a) |
29,058 | 127,274 | ||||||
Williams Cos., Inc. (The) |
32,364 | 1,114,940 | ||||||
World Kinect Corp.(a) |
12,425 | 280,059 | ||||||
|
|
|||||||
75,081,089 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.1% |
| |||||||
Clearwater Paper Corp.*(a) |
2,275 | 73,323 | ||||||
Louisiana-Pacific Corp. |
4,872 | 370,905 | ||||||
Mercer International, Inc.(a) |
9,800 | 87,220 | ||||||
Sylvamo Corp. |
5,950 | 291,967 | ||||||
|
|
|||||||
823,415 | ||||||||
|
|
|||||||
Passenger Airlines - 0.3% |
| |||||||
Alaska Air Group, Inc.*(a) |
26,970 | 1,311,551 | ||||||
Allegiant Travel Co.*(a) |
1,392 | 172,190 | ||||||
American Airlines Group, Inc.*(a) |
26,100 | 437,175 | ||||||
Delta Air Lines, Inc. |
19,075 | 882,410 | ||||||
Frontier Group Holdings, Inc.*(a) |
7,217 | 67,118 | ||||||
Hawaiian Holdings, Inc.*(a) |
9,918 | 114,950 | ||||||
JetBlue Airways Corp.*(a) |
65,601 | 509,720 | ||||||
Joby Aviation, Inc.*(a) |
11,658 | 104,339 | ||||||
SkyWest, Inc.* |
12,876 | 566,415 | ||||||
Southwest Airlines Co.(a) |
16,704 | 570,609 | ||||||
United Airlines Holdings, Inc.* |
8,178 | 444,147 | ||||||
|
|
|||||||
5,180,624 | ||||||||
|
|
|||||||
Personal Care Products - 0.2% |
| |||||||
BellRing Brands, Inc.* |
4,900 | 176,155 | ||||||
Coty, Inc., Class A* |
18,096 | 217,876 | ||||||
Edgewell Personal Care Co.(a) |
4,362 | 171,906 | ||||||
elf Beauty, Inc.* |
1,740 | 203,093 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
5,394 | 970,920 | ||||||
Herbalife Ltd.* |
13,746 | 223,235 | ||||||
Inter Parfums, Inc. |
525 | 78,519 | ||||||
Medifast, Inc.(a) |
1,218 | 124,102 | ||||||
Nu Skin Enterprises, Inc., Class A |
5,394 | 158,530 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
USANA Health Sciences, Inc.* |
1,566 | 101,649 | ||||||
|
|
|||||||
2,425,985 | ||||||||
|
|
|||||||
Pharmaceuticals - 3.0% |
| |||||||
Aclaris Therapeutics, Inc.* |
700 | 6,909 | ||||||
Amphastar Pharmaceuticals, Inc.*(a) |
1,050 | 63,725 | ||||||
ANI Pharmaceuticals, Inc.*(a) |
175 | 9,196 | ||||||
Arvinas, Inc.* |
5,568 | 137,641 | ||||||
Axsome Therapeutics, Inc.*(a) |
1,750 | 137,323 | ||||||
Bristol-Myers Squibb Co. |
64,206 | 3,992,971 | ||||||
Catalent, Inc.* |
4,698 | 227,947 | ||||||
Collegium Pharmaceutical, Inc.*(a) |
9,625 | 219,065 | ||||||
Corcept Therapeutics, Inc.*(a) |
4,255 | 108,417 | ||||||
Elanco Animal Health, Inc.* |
93,438 | 1,127,797 | ||||||
Eli Lilly & Co. |
20,010 | 9,095,546 | ||||||
Evolus, Inc.*(a) |
1,925 | 19,288 | ||||||
Harmony Biosciences Holdings, Inc.*(a) |
700 | 24,759 | ||||||
Innoviva, Inc.* |
18,444 | 249,916 | ||||||
Intra-Cellular Therapies, Inc.* |
2,958 | 182,923 | ||||||
Jazz Pharmaceuticals plc* |
2,784 | 363,089 | ||||||
Johnson & Johnson |
65,076 | 10,902,182 | ||||||
Ligand Pharmaceuticals, Inc.*(a) |
700 | 46,851 | ||||||
Merck & Co., Inc. |
64,902 | 6,921,798 | ||||||
Organon & Co. |
62,466 | 1,373,003 | ||||||
Perrigo Co. plc(a) |
3,132 | 114,756 | ||||||
Pfizer, Inc. |
173,130 | 6,243,068 | ||||||
Prestige Consumer Healthcare, Inc.*(a) |
4,002 | 260,970 | ||||||
Reata Pharmaceuticals, Inc., Class A* |
2,100 | 347,718 | ||||||
Revance Therapeutics, Inc.*(a) |
2,975 | 70,299 | ||||||
Royalty Pharma plc, Class A |
14,964 | 469,570 | ||||||
Scilex Holding Co.* |
14,036 | 76,777 | ||||||
Supernus Pharmaceuticals, Inc.* |
4,524 | 138,842 | ||||||
Tilray Brands, Inc.* |
116,339 | 294,338 | ||||||
Viatris, Inc. |
26,100 | 274,833 | ||||||
Zoetis, Inc., Class A |
12,180 | 2,290,936 | ||||||
|
|
|||||||
45,792,453 | ||||||||
|
|
|||||||
Professional Services - 1.2% |
| |||||||
Alight, Inc., Class A*(a) |
65,598 | 641,548 | ||||||
ASGN, Inc.* |
10,788 | 823,340 | ||||||
Automatic Data Processing, Inc. |
10,614 | 2,624,418 | ||||||
Barrett Business Services, Inc. |
875 | 79,389 | ||||||
Booz Allen Hamilton Holding Corp., Class A |
3,150 | 381,402 | ||||||
Broadridge Financial Solutions, Inc. |
2,436 | 409,053 | ||||||
CACI International, Inc., Class A*(a) |
1,218 | 426,836 | ||||||
CBIZ, Inc.* |
1,750 | 92,558 | ||||||
Ceridian HCM Holding, Inc.*(a) |
4,872 | 344,986 | ||||||
Clarivate plc*(a) |
105,444 | 1,002,772 | ||||||
Concentrix Corp.(a) |
10,614 | 883,509 | ||||||
Conduent, Inc.* |
45,313 | 156,783 | ||||||
CSG Systems International, Inc. |
2,800 | 144,452 | ||||||
Dun & Bradstreet Holdings, Inc. |
39,846 | 470,980 | ||||||
Equifax, Inc.(a) |
3,306 | 674,688 |
Investments |
Shares | Value ($) | ||||||
ExlService Holdings, Inc.* |
1,218 | 171,677 | ||||||
Exponent, Inc. |
1,914 | 171,456 | ||||||
First Advantage Corp.*(a) |
700 | 10,500 | ||||||
FTI Consulting, Inc.*(a) |
1,218 | 213,345 | ||||||
Genpact Ltd. |
3,675 | 132,631 | ||||||
Heidrick & Struggles International, Inc. |
5,742 | 156,584 | ||||||
Huron Consulting Group, Inc.* |
525 | 49,649 | ||||||
ICF International, Inc. |
525 | 61,735 | ||||||
Insperity, Inc. |
1,218 | 143,298 | ||||||
Jacobs Solutions, Inc. |
3,654 | 458,248 | ||||||
KBR, Inc.(a) |
5,046 | 310,279 | ||||||
Kelly Services, Inc., Class A |
7,700 | 141,064 | ||||||
Kforce, Inc.(a) |
350 | 22,204 | ||||||
Korn Ferry |
10,092 | 531,647 | ||||||
Legalzoom.com, Inc.*(a) |
11,484 | 175,476 | ||||||
Leidos Holdings, Inc. |
3,675 | 343,723 | ||||||
ManpowerGroup, Inc.(a) |
10,092 | 796,057 | ||||||
Maximus, Inc. |
3,654 | 306,059 | ||||||
NV5 Global, Inc.* |
174 | 19,062 | ||||||
Paychex, Inc. |
7,875 | 988,076 | ||||||
Paycom Software, Inc. |
1,225 | 451,731 | ||||||
Paylocity Holding Corp.* |
1,050 | 238,193 | ||||||
Resources Connection, Inc. |
5,600 | 89,488 | ||||||
Robert Half, Inc.(a) |
3,500 | 259,525 | ||||||
Science Applications International Corp.(a) |
3,306 | 401,150 | ||||||
SS&C Technologies Holdings, Inc. |
5,425 | 316,006 | ||||||
Sterling Check Corp.*(a) |
8,352 | 100,308 | ||||||
TransUnion |
3,654 | 291,187 | ||||||
TriNet Group, Inc.* |
1,914 | 201,410 | ||||||
TrueBlue, Inc.* |
1,914 | 28,614 | ||||||
TTEC Holdings, Inc. |
348 | 11,985 | ||||||
Upwork, Inc.* |
16,008 | 166,963 | ||||||
Verisk Analytics, Inc., Class A |
3,850 | 881,419 | ||||||
Verra Mobility Corp., Class A* |
10,500 | 220,395 | ||||||
|
|
|||||||
18,017,858 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.4% |
| |||||||
Anywhere Real Estate, Inc.*(a) |
29,406 | 246,422 | ||||||
CBRE Group, Inc., Class A* |
10,150 | 845,596 | ||||||
Compass, Inc., Class A* |
78,300 | 328,077 | ||||||
CoStar Group, Inc.*(a) |
10,266 | 862,036 | ||||||
Cushman & Wakefield plc*(a) |
25,056 | 246,300 | ||||||
DigitalBridge Group, Inc. |
9,048 | 144,949 | ||||||
eXp World Holdings, Inc.(a) |
2,625 | 65,468 | ||||||
Forestar Group, Inc.* |
8,575 | 252,791 | ||||||
Howard Hughes Corp. (The)* |
2,088 | 176,290 | ||||||
Jones Lang LaSalle, Inc.*(a) |
10,614 | 1,767,762 | ||||||
Kennedy-Wilson Holdings, Inc.(a) |
7,482 | 123,453 | ||||||
Newmark Group, Inc., Class A(a) |
44,022 | 304,632 | ||||||
Opendoor Technologies, Inc.*(a) |
135,546 | 692,640 | ||||||
Redfin Corp.* |
5,046 | 75,589 | ||||||
Seritage Growth Properties, Class A, REIT*(a) |
13,650 | 128,174 | ||||||
St Joe Co. (The)(a) |
525 | 33,327 | ||||||
Zillow Group, Inc., Class A* |
525 | 27,941 | ||||||
Zillow Group, Inc., Class C*(a) |
6,438 | 348,682 | ||||||
|
|
|||||||
6,670,129 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Residential REITs - 0.3% |
| |||||||
American Homes 4 Rent, Class A, REIT(a) |
6,300 | 236,124 | ||||||
Apartment Income REIT Corp., Class A, REIT |
9,222 | 318,528 | ||||||
AvalonBay Communities, Inc., REIT |
3,306 | 623,677 | ||||||
Camden Property Trust, REIT |
3,132 | 341,670 | ||||||
Centerspace, REIT(a) |
2,262 | 140,538 | ||||||
Elme Communities, REIT |
10,788 | 175,305 | ||||||
Equity LifeStyle Properties, Inc., REIT(a) |
4,550 | 323,869 | ||||||
Equity Residential, REIT |
7,482 | 493,363 | ||||||
Essex Property Trust, Inc., REIT |
1,566 | 381,399 | ||||||
Independence Realty Trust, Inc., REIT |
6,438 | 109,704 | ||||||
Invitation Homes, Inc., REIT |
13,300 | 472,150 | ||||||
Mid-America Apartment Communities, Inc., REIT |
2,800 | 419,048 | ||||||
NexPoint Residential Trust, Inc., REIT |
2,784 | 115,703 | ||||||
Sun Communities, Inc., REIT(a) |
3,828 | 498,788 | ||||||
UDR, Inc., REIT |
9,744 | 398,335 | ||||||
|
|
|||||||
5,048,201 | ||||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
Acadia Realty Trust, REIT(a) |
9,918 | 155,812 | ||||||
Agree Realty Corp., REIT(a) |
2,958 | 191,619 | ||||||
Alexanders, Inc., REIT(a) |
522 | 100,939 | ||||||
Brixmor Property Group, Inc., REIT(a) |
10,675 | 242,750 | ||||||
CBL & Associates Properties, Inc., REIT(a) |
3,828 | 83,336 | ||||||
Federal Realty Investment Trust, REIT(a) |
1,750 | 177,660 | ||||||
Getty Realty Corp., REIT |
175 | 5,656 | ||||||
Kimco Realty Corp., REIT |
18,550 | 375,823 | ||||||
Kite Realty Group Trust, REIT(a) |
47,154 | 1,078,884 | ||||||
Macerich Co. (The), REIT(a) |
38,802 | 494,725 | ||||||
Necessity Retail REIT, Inc. (The), Class A, REIT(a) |
24,675 | 175,192 | ||||||
NNN REIT, Inc., REIT(a) |
2,975 | 126,973 | ||||||
Phillips Edison & Co., Inc., REIT(a) |
3,306 | 116,735 | ||||||
Realty Income Corp., REIT |
17,052 | 1,039,660 | ||||||
Regency Centers Corp., REIT |
2,800 | 183,484 | ||||||
Retail Opportunity Investments Corp., REIT(a) |
13,746 | 202,479 | ||||||
RPT Realty, REIT |
8,750 | 95,112 | ||||||
Saul Centers, Inc., REIT |
3,480 | 134,154 | ||||||
Simon Property Group, Inc., REIT |
7,656 | 953,938 | ||||||
SITE Centers Corp., REIT |
5,075 | 71,304 | ||||||
Spirit Realty Capital, Inc., REIT |
6,090 | 245,610 | ||||||
Tanger Factory Outlet Centers, Inc., REIT(a) |
8,925 | 208,934 | ||||||
Urban Edge Properties, REIT |
4,725 | 80,372 | ||||||
Urstadt Biddle Properties, Inc., Class A, REIT(a) |
5,075 | 115,101 |
Investments |
Shares | Value ($) | ||||||
Whitestone REIT, REIT(a) |
3,132 | 32,322 | ||||||
|
|
|||||||
6,688,574 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 5.8% |
| |||||||
ACM Research, Inc., Class A* |
10,788 | 141,323 | ||||||
Advanced Micro Devices, Inc.* |
40,763 | 4,663,287 | ||||||
Allegro MicroSystems, Inc.*(a) |
1,740 | 89,801 | ||||||
Alpha & Omega Semiconductor Ltd.*(a) |
4,524 | 148,749 | ||||||
Ambarella, Inc.*(a) |
870 | 72,575 | ||||||
Amkor Technology, Inc. |
19,250 | 559,983 | ||||||
Analog Devices, Inc. |
13,300 | 2,653,749 | ||||||
Applied Materials, Inc. |
22,098 | 3,349,836 | ||||||
Axcelis Technologies, Inc.* |
1,050 | 210,504 | ||||||
Broadcom, Inc. |
13,050 | 11,727,383 | ||||||
Cirrus Logic, Inc.*(a) |
2,088 | 168,710 | ||||||
Cohu, Inc.* |
1,225 | 53,471 | ||||||
Credo Technology Group Holding Ltd.*(a) |
5,916 | 100,395 | ||||||
Diodes, Inc.* |
9,450 | 892,930 | ||||||
Enphase Energy, Inc.* |
2,958 | 449,113 | ||||||
Entegris, Inc. |
4,002 | 439,059 | ||||||
First Solar, Inc.* |
2,262 | 469,139 | ||||||
FormFactor, Inc.* |
2,275 | 84,539 | ||||||
Ichor Holdings Ltd.*(a) |
4,176 | 161,695 | ||||||
Impinj, Inc.*(a) |
1,400 | 93,268 | ||||||
indie Semiconductor, Inc., Class A*(a) |
9,396 | 89,074 | ||||||
Intel Corp. |
102,312 | 3,659,700 | ||||||
KLA Corp. |
3,675 | 1,888,766 | ||||||
Kulicke & Soffa Industries, Inc.(a) |
4,350 | 260,478 | ||||||
Lam Research Corp. |
4,350 | 3,125,432 | ||||||
Lattice Semiconductor Corp.*(a) |
4,524 | 411,413 | ||||||
MACOM Technology Solutions Holdings, Inc.* |
1,400 | 97,888 | ||||||
Magnachip Semiconductor Corp.* |
5,075 | 46,944 | ||||||
Marvell Technology, Inc.(a) |
21,175 | 1,379,128 | ||||||
MaxLinear, Inc., Class A* |
348 | 8,585 | ||||||
Microchip Technology, Inc. |
13,050 | 1,225,917 | ||||||
Micron Technology, Inc. |
29,058 | 2,074,451 | ||||||
MKS Instruments, Inc.(a) |
3,654 | 398,907 | ||||||
Monolithic Power Systems, Inc. |
1,218 | 681,459 | ||||||
Navitas Semiconductor Corp., Class A*(a) |
13,920 | 147,274 | ||||||
NVIDIA Corp. |
62,640 | 29,271,046 | ||||||
NXP Semiconductors NV |
7,830 | 1,745,933 | ||||||
ON Semiconductor Corp.* |
12,006 | 1,293,647 | ||||||
Onto Innovation, Inc.* |
3,150 | 391,608 | ||||||
PDF Solutions, Inc.* |
350 | 16,096 | ||||||
Photronics, Inc.* |
15,225 | 402,701 | ||||||
Power Integrations, Inc.(a) |
2,610 | 253,535 | ||||||
Qorvo, Inc.* |
3,480 | 382,870 | ||||||
QUALCOMM, Inc. |
33,930 | 4,484,528 | ||||||
Rambus, Inc.*(a) |
3,500 | 219,135 | ||||||
Semtech Corp.*(a) |
4,872 | 142,262 | ||||||
Silicon Laboratories, Inc.*(a) |
1,914 | 285,454 | ||||||
Skyworks Solutions, Inc. |
5,742 | 656,713 | ||||||
SMART Global Holdings, Inc.*(a) |
13,572 | 361,015 | ||||||
SolarEdge Technologies, Inc.* |
1,400 | 338,044 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Synaptics, Inc.*(a) |
7,656 | 691,413 | ||||||
Teradyne, Inc.(a) |
3,654 | 412,683 | ||||||
Texas Instruments, Inc. |
22,446 | 4,040,280 | ||||||
Ultra Clean Holdings, Inc.* |
4,872 | 185,623 | ||||||
Universal Display Corp.(a) |
2,625 | 382,935 | ||||||
Veeco Instruments, Inc.*(a) |
1,400 | 39,424 | ||||||
Wolfspeed, Inc.*(a) |
5,742 | 378,398 | ||||||
|
|
|||||||
88,400,268 | ||||||||
|
|
|||||||
Software - 7.8% |
| |||||||
ACI Worldwide, Inc.* |
5,075 | 117,689 | ||||||
Adeia, Inc.(a) |
21,228 | 255,161 | ||||||
Adobe, Inc.* |
11,484 | 6,272,216 | ||||||
Agilysys, Inc.* |
350 | 25,770 | ||||||
Alarm.com Holdings, Inc.*(a) |
870 | 48,033 | ||||||
Alkami Technology, Inc.*(a) |
7,308 | 123,359 | ||||||
Altair Engineering, Inc., Class A*(a) |
3,480 | 260,791 | ||||||
Alteryx, Inc., Class A* |
522 | 21,642 | ||||||
Amplitude, Inc., Class A* |
10,962 | 126,940 | ||||||
ANSYS, Inc.* |
2,436 | 833,356 | ||||||
Appfolio, Inc., Class A*(a) |
1,392 | 251,381 | ||||||
Appian Corp., Class A*(a) |
696 | 35,858 | ||||||
AppLovin Corp., Class A*(a) |
6,960 | 218,544 | ||||||
Asana, Inc., Class A*(a) |
3,306 | 80,270 | ||||||
Aspen Technology, Inc.*(a) |
875 | 156,187 | ||||||
Atlassian Corp., Class A*(a) |
4,176 | 759,781 | ||||||
Aurora Innovation, Inc., Class A*(a) |
65,598 | 215,161 | ||||||
Autodesk, Inc.* |
5,220 | 1,106,588 | ||||||
Bentley Systems, Inc., Class B(a) |
6,786 | 365,630 | ||||||
BILL Holdings, Inc.*(a) |
2,100 | 263,214 | ||||||
Black Knight, Inc.* |
3,186 | 224,040 | ||||||
Blackbaud, Inc.* |
2,800 | 211,260 | ||||||
BlackLine, Inc.* |
696 | 40,424 | ||||||
Box, Inc., Class A*(a) |
5,075 | 158,594 | ||||||
Braze, Inc., Class A*(a) |
4,350 | 197,751 | ||||||
C3.ai, Inc., Class A*(a) |
4,524 | 190,008 | ||||||
Cadence Design Systems, Inc.* |
6,825 | 1,597,118 | ||||||
CCC Intelligent Solutions Holdings, Inc.*(a) |
12,702 | 139,976 | ||||||
Cerence, Inc.*(a) |
4,524 | 125,812 | ||||||
CommVault Systems, Inc.* |
2,800 | 218,204 | ||||||
Confluent, Inc., Class A*(a) |
6,960 | 240,398 | ||||||
Crowdstrike Holdings, Inc., Class A*(a) |
5,046 | 815,736 | ||||||
Datadog, Inc., Class A* |
6,090 | 710,825 | ||||||
Digital Turbine, Inc.*(a) |
8,700 | 94,308 | ||||||
DocuSign, Inc., Class A*(a) |
3,306 | 177,929 | ||||||
Dolby Laboratories, Inc., Class A |
2,784 | 246,690 | ||||||
DoubleVerify Holdings, Inc.*(a) |
5,916 | 249,064 | ||||||
Dropbox, Inc., Class A*(a) |
10,614 | 286,047 | ||||||
Dynatrace, Inc.* |
6,612 | 361,610 | ||||||
Ebix, Inc.(a) |
6,090 | 188,546 | ||||||
Elastic NV* |
5,046 | 335,307 | ||||||
Enfusion, Inc., Class A*(a) |
700 | 7,595 | ||||||
EngageSmart, Inc.* |
4,872 | 92,373 | ||||||
Envestnet, Inc.*(a) |
1,566 | 97,061 | ||||||
Everbridge, Inc.* |
3,480 | 107,323 |
Investments |
Shares | Value ($) | ||||||
EverCommerce, Inc.*(a) |
8,700 | 101,616 | ||||||
Fair Isaac Corp.* |
700 | 586,579 | ||||||
Five9, Inc.* |
4,350 | 381,712 | ||||||
Fortinet, Inc.* |
16,625 | 1,292,095 | ||||||
Freshworks, Inc., Class A*(a) |
12,702 | 237,019 | ||||||
Gen Digital, Inc. |
17,400 | 338,430 | ||||||
Gitlab, Inc., Class A* |
4,002 | 198,619 | ||||||
Guidewire Software, Inc.*(a) |
5,046 | 428,002 | ||||||
HashiCorp, Inc., Class A*(a) |
5,916 | 175,173 | ||||||
HubSpot, Inc.* |
1,392 | 808,126 | ||||||
Informatica, Inc., Class A*(a) |
6,438 | 122,580 | ||||||
Intapp, Inc.* |
700 | 28,742 | ||||||
InterDigital, Inc.(a) |
696 | 64,512 | ||||||
Intuit, Inc. |
7,308 | 3,739,504 | ||||||
Jamf Holding Corp.*(a) |
4,698 | 102,041 | ||||||
LiveRamp Holdings, Inc.* |
3,325 | 94,895 | ||||||
Manhattan Associates, Inc.*(a) |
2,088 | 398,015 | ||||||
Marathon Digital Holdings, Inc.*(a) |
7,656 | 132,985 | ||||||
Matterport, Inc.*(a) |
36,888 | 125,050 | ||||||
MeridianLink, Inc.*(a) |
5,046 | 112,728 | ||||||
Microsoft Corp. |
188,094 | 63,184,536 | ||||||
MicroStrategy, Inc., Class A*(a) |
350 | 153,258 | ||||||
Mitek Systems, Inc.*(a) |
875 | 8,934 | ||||||
Model N, Inc.*(a) |
700 | 23,324 | ||||||
nCino, Inc.*(a) |
696 | 22,516 | ||||||
NCR Corp.*(a) |
27,318 | 734,308 | ||||||
New Relic, Inc.* |
2,610 | 219,188 | ||||||
Nutanix, Inc., Class A*(a) |
8,526 | 257,485 | ||||||
Olo, Inc., Class A* |
12,702 | 99,838 | ||||||
ON24, Inc.(a) |
12,354 | 109,333 | ||||||
OneSpan, Inc.*(a) |
1,400 | 19,236 | ||||||
Oracle Corp. |
38,802 | 4,548,758 | ||||||
Palantir Technologies, Inc., Class A*(a) |
38,628 | 766,380 | ||||||
Palo Alto Networks, Inc.* |
7,830 | 1,957,187 | ||||||
Pegasystems, Inc. |
696 | 36,714 | ||||||
PowerSchool Holdings, Inc., Class A* |
2,100 | 50,757 | ||||||
Procore Technologies, Inc.*(a) |
3,132 | 237,562 | ||||||
Progress Software Corp.(a) |
696 | 41,802 | ||||||
PTC, Inc.* |
2,275 | 331,718 | ||||||
Q2 Holdings, Inc.* |
4,350 | 154,295 | ||||||
Qualys, Inc.*(a) |
1,400 | 194,320 | ||||||
Rapid7, Inc.*(a) |
2,958 | 135,802 | ||||||
RingCentral, Inc., Class A* |
18,966 | 784,434 | ||||||
Riot Platforms, Inc.*(a) |
8,004 | 148,234 | ||||||
Roper Technologies, Inc. |
2,610 | 1,286,860 | ||||||
Salesforce, Inc.* |
24,360 | 5,481,244 | ||||||
Samsara, Inc., Class A* |
8,178 | 228,493 | ||||||
SentinelOne, Inc., Class A* |
13,746 | 229,146 | ||||||
ServiceNow, Inc.* |
5,046 | 2,941,818 | ||||||
Smartsheet, Inc., Class A* |
3,828 | 169,963 | ||||||
SolarWinds Corp.*(a) |
12,876 | 135,713 | ||||||
Splunk, Inc.*(a) |
3,828 | 414,687 | ||||||
Sprinklr, Inc., Class A*(a) |
9,570 | 134,363 | ||||||
Sprout Social, Inc., Class A*(a) |
174 | 9,942 | ||||||
SPS Commerce, Inc.*(a) |
1,218 | 219,715 | ||||||
Synopsys, Inc.* |
3,828 | 1,729,490 | ||||||
Tenable Holdings, Inc.* |
2,784 | 135,469 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Teradata Corp.*(a) |
2,958 | 168,162 | ||||||
Tyler Technologies, Inc.* |
1,218 | 483,095 | ||||||
UiPath, Inc., Class A*(a) |
15,834 | 286,279 | ||||||
Unity Software, Inc.*(a) |
4,002 | 183,452 | ||||||
Varonis Systems, Inc., Class B* |
4,698 | 134,833 | ||||||
Verint Systems, Inc.* |
1,925 | 71,937 | ||||||
VMware, Inc., Class A* |
5,916 | 932,539 | ||||||
Workday, Inc., Class A* |
5,568 | 1,320,340 | ||||||
Workiva, Inc., Class A*(a) |
2,958 | 311,448 | ||||||
Yext, Inc.* |
11,832 | 115,007 | ||||||
Zoom Video Communications, Inc., Class A*(a) |
4,524 | 331,835 | ||||||
Zscaler, Inc.* |
1,750 | 280,665 | ||||||
|
|
|||||||
120,076,407 | ||||||||
|
|
|||||||
Specialized REITs - 0.8% |
| |||||||
American Tower Corp., REIT |
11,310 | 2,152,406 | ||||||
Crown Castle, Inc., REIT |
10,092 | 1,092,863 | ||||||
CubeSmart, REIT(a) |
6,825 | 295,932 | ||||||
Digital Realty Trust, Inc., REIT(a) |
6,438 | 802,304 | ||||||
EPR Properties, REIT(a) |
5,250 | 234,360 | ||||||
Equinix, Inc., REIT |
2,275 | 1,842,568 | ||||||
Extra Space Storage, Inc., REIT |
5,829 | 813,554 | ||||||
Four Corners Property Trust, Inc., REIT(a) |
1,575 | 41,422 | ||||||
Gaming and Leisure Properties, Inc., REIT |
6,825 | 323,914 | ||||||
Gladstone Land Corp., REIT(a) |
7,308 | 122,336 | ||||||
Iron Mountain, Inc., REIT(a) |
7,000 | 429,800 | ||||||
Lamar Advertising Co., Class A, REIT(a) |
2,800 | 276,360 | ||||||
National Storage Affiliates Trust, REIT(a) |
6,786 | 229,299 | ||||||
PotlatchDeltic Corp., REIT |
4,002 | 214,627 | ||||||
Public Storage, REIT |
3,850 | 1,084,737 | ||||||
Rayonier, Inc., REIT |
8,400 | 278,208 | ||||||
SBA Communications Corp., Class A, REIT |
3,132 | 685,751 | ||||||
Uniti Group, Inc., REIT |
30,798 | 171,853 | ||||||
VICI Properties, Inc., Class A, REIT |
28,014 | 881,881 | ||||||
Weyerhaeuser Co., REIT |
14,964 | 509,674 | ||||||
|
|
|||||||
12,483,849 | ||||||||
|
|
|||||||
Specialty Retail - 2.7% |
| |||||||
Aarons Co., Inc. (The) |
8,178 | 129,376 | ||||||
Abercrombie & Fitch Co., Class A*(a) |
4,872 | 192,980 | ||||||
Academy Sports & Outdoors, Inc.(a) |
17,850 | 1,067,252 | ||||||
Advance Auto Parts, Inc. |
348 | 25,888 | ||||||
American Eagle Outfitters, Inc.(a) |
45,762 | 642,956 | ||||||
Americas Car-Mart, Inc.*(a) |
348 | 41,454 | ||||||
Arko Corp.(a) |
2,625 | 21,893 | ||||||
Asbury Automotive Group, Inc.*(a) |
4,550 | 1,026,480 | ||||||
AutoNation, Inc.* |
6,960 | 1,120,421 | ||||||
AutoZone, Inc.* |
467 | 1,158,963 | ||||||
Bath & Body Works, Inc. |
7,525 | 278,877 | ||||||
Best Buy Co., Inc. |
7,000 | 581,350 | ||||||
Boot Barn Holdings, Inc.*(a) |
2,610 | 245,079 |
Investments |
Shares | Value ($) | ||||||
Buckle, Inc. (The)(a) |
6,650 | 243,124 | ||||||
Burlington Stores, Inc.* |
1,575 | 279,752 | ||||||
Caleres, Inc.(a) |
9,048 | 244,658 | ||||||
Camping World Holdings, Inc., Class A(a) |
10,614 | 339,966 | ||||||
CarMax, Inc.*(a) |
4,176 | 344,979 | ||||||
Carvana Co., Class A*(a) |
24,012 | 1,103,351 | ||||||
Chewy, Inc., Class A*(a) |
5,250 | 177,975 | ||||||
Chicos FAS, Inc.*(a) |
24,534 | 149,657 | ||||||
Designer Brands, Inc., Class A(a) |
22,968 | 228,532 | ||||||
Dicks Sporting Goods, Inc.(a) |
2,610 | 368,010 | ||||||
Five Below, Inc.* |
1,050 | 218,757 | ||||||
Floor & Decor Holdings, Inc., Class A*(a) |
3,480 | 399,678 | ||||||
Foot Locker, Inc.(a) |
18,444 | 495,590 | ||||||
Franchise Group, Inc.(a) |
7,134 | 212,308 | ||||||
GameStop Corp., Class A*(a) |
11,832 | 262,670 | ||||||
Gap, Inc. (The)(a) |
36,888 | 379,946 | ||||||
Group 1 Automotive, Inc.(a) |
3,480 | 899,684 | ||||||
Guess?, Inc.(a) |
6,825 | 143,257 | ||||||
Hibbett, Inc.(a) |
174 | 8,074 | ||||||
Home Depot, Inc. (The) |
25,404 | 8,480,871 | ||||||
Leslies, Inc.*(a) |
17,400 | 110,838 | ||||||
Lithia Motors, Inc., Class A(a) |
6,090 | 1,891,128 | ||||||
Lowes Cos., Inc. |
18,966 | 4,443,165 | ||||||
MarineMax, Inc.*(a) |
5,775 | 232,906 | ||||||
Monro, Inc. |
525 | 19,241 | ||||||
Murphy USA, Inc. |
870 | 267,116 | ||||||
National Vision Holdings, Inc.*(a) |
3,150 | 68,135 | ||||||
ODP Corp. (The)* |
9,918 | 494,710 | ||||||
OReilly Automotive, Inc.* |
1,566 | 1,449,787 | ||||||
Overstock.com, Inc.*(a) |
12,180 | 444,205 | ||||||
Penske Automotive Group, Inc.(a) |
1,218 | 196,610 | ||||||
Petco Health & Wellness Co., Inc., Class A*(a) |
5,916 | 48,275 | ||||||
RH*(a) |
1,044 | 405,249 | ||||||
Ross Stores, Inc. |
8,225 | 942,914 | ||||||
Sally Beauty Holdings, Inc.*(a) |
15,486 | 185,367 | ||||||
Shoe Carnival, Inc.(a) |
7,656 | 203,726 | ||||||
Signet Jewelers Ltd.(a) |
8,925 | 718,373 | ||||||
Sleep Number Corp.*(a) |
5,742 | 158,996 | ||||||
Sonic Automotive, Inc., Class A(a) |
4,872 | 233,320 | ||||||
TJX Cos., Inc. (The) |
28,710 | 2,484,276 | ||||||
Tractor Supply Co.(a) |
2,800 | 627,172 | ||||||
Ulta Beauty, Inc.* |
1,225 | 544,880 | ||||||
Upbound Group, Inc.(a) |
12,600 | 436,338 | ||||||
Urban Outfitters, Inc.*(a) |
10,614 | 386,031 | ||||||
Valvoline, Inc.(a) |
8,225 | 312,303 | ||||||
Victorias Secret & Co.*(a) |
11,832 | 242,438 | ||||||
Warby Parker, Inc., Class A*(a) |
10,092 | 150,774 | ||||||
Wayfair, Inc., Class A*(a) |
18,792 | 1,463,333 | ||||||
Williams-Sonoma, Inc.(a) |
2,275 | 315,406 | ||||||
|
|
|||||||
40,990,820 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 5.3% |
| |||||||
Apple, Inc. |
373,926 | 73,457,763 | ||||||
Dell Technologies, Inc., Class C |
6,438 | 340,699 | ||||||
Hewlett Packard Enterprise Co. |
41,813 | 726,710 | ||||||
HP, Inc. |
29,754 | 976,824 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
IonQ, Inc.*(a) |
17,052 | 328,251 | ||||||
NetApp, Inc. |
6,300 | 491,463 | ||||||
Pure Storage, Inc., Class A* |
11,310 | 418,357 | ||||||
Seagate Technology Holdings plc(a) |
6,264 | 397,764 | ||||||
Super Micro Computer, Inc.*(a) |
10,500 | 3,467,835 | ||||||
Western Digital Corp.* |
9,918 | 422,110 | ||||||
Xerox Holdings Corp. |
18,618 | 297,515 | ||||||
|
|
|||||||
81,325,291 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.8% |
| |||||||
Capri Holdings Ltd.* |
25,404 | 937,662 | ||||||
Carters, Inc.(a) |
9,396 | 704,794 | ||||||
Columbia Sportswear Co.(a) |
1,925 | 151,324 | ||||||
Crocs, Inc.*(a) |
13,300 | 1,441,055 | ||||||
Deckers Outdoor Corp.* |
875 | 475,729 | ||||||
Figs, Inc., Class A*(a) |
10,440 | 76,838 | ||||||
G-III Apparel Group Ltd.*(a) |
12,006 | 248,644 | ||||||
Kontoor Brands, Inc.(a) |
8,700 | 368,532 | ||||||
Lululemon Athletica, Inc.* |
2,800 | 1,059,884 | ||||||
NIKE, Inc., Class B |
30,276 | 3,342,168 | ||||||
Oxford Industries, Inc. |
1,050 | 113,243 | ||||||
PVH Corp. |
14,000 | 1,254,960 | ||||||
Ralph Lauren Corp., Class A |
2,610 | 342,771 | ||||||
Skechers USA, Inc., Class A* |
6,125 | 340,428 | ||||||
Steven Madden Ltd.(a) |
3,654 | 121,971 | ||||||
Tapestry, Inc. |
9,048 | 390,421 | ||||||
Under Armour, Inc., Class A* |
28,362 | 228,598 | ||||||
Under Armour, Inc., Class C* |
27,144 | 201,408 | ||||||
VF Corp. |
4,698 | 93,067 | ||||||
Wolverine World Wide, Inc.(a) |
10,614 | 134,479 | ||||||
|
|
|||||||
12,027,976 | ||||||||
|
|
|||||||
Tobacco - 0.5% |
| |||||||
Altria Group, Inc. |
53,244 | 2,418,342 | ||||||
Philip Morris International, Inc. |
47,154 | 4,702,197 | ||||||
Universal Corp.(a) |
6,612 | 334,369 | ||||||
Vector Group Ltd.(a) |
27,666 | 362,978 | ||||||
|
|
|||||||
7,817,886 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 1.0% |
| |||||||
Air Lease Corp., Class A(a) |
21,054 | 891,426 | ||||||
Applied Industrial Technologies, Inc. |
2,450 | 355,225 | ||||||
Beacon Roofing Supply, Inc.*(a) |
9,918 | 849,675 | ||||||
BlueLinx Holdings, Inc.*(a) |
1,925 | 181,412 | ||||||
Boise Cascade Co. |
8,400 | 869,316 | ||||||
Core & Main, Inc., Class A*(a) |
19,836 | 627,016 | ||||||
DXP Enterprises, Inc.* |
2,088 | 79,302 | ||||||
Fastenal Co. |
13,300 | 779,513 | ||||||
Ferguson plc |
4,524 | 731,169 | ||||||
FTAI Aviation Ltd. |
1,044 | 33,627 | ||||||
GATX Corp.(a) |
2,262 | 283,564 | ||||||
GMS, Inc.* |
10,440 | 769,324 | ||||||
H&E Equipment Services, Inc. |
6,960 | 338,117 | ||||||
Herc Holdings, Inc. |
5,075 | 679,187 | ||||||
McGrath RentCorp |
1,914 | 184,471 | ||||||
MRC Global, Inc.* |
17,748 | 200,375 | ||||||
MSC Industrial Direct Co., Inc., Class A(a) |
3,150 | 317,898 | ||||||
NOW, Inc.* |
11,487 | 130,837 |
Investments |
Shares | Value ($) | ||||||
Rush Enterprises, Inc., Class A |
8,004 | 517,699 | ||||||
Rush Enterprises, Inc., Class B(a) |
522 | 35,867 | ||||||
SiteOne Landscape Supply, Inc.*(a) |
2,275 | 386,750 | ||||||
Titan Machinery, Inc.* |
3,306 | 105,528 | ||||||
Triton International Ltd. |
13,572 | 1,144,255 | ||||||
United Rentals, Inc. |
1,914 | 889,398 | ||||||
Univar Solutions, Inc.* |
35,863 | 1,296,089 | ||||||
Veritiv Corp.(a) |
2,610 | 365,739 | ||||||
Watsco, Inc.(a) |
700 | 264,733 | ||||||
WESCO International, Inc. |
9,975 | 1,751,311 | ||||||
WW Grainger, Inc. |
1,050 | 775,414 | ||||||
|
|
|||||||
15,834,237 | ||||||||
|
|
|||||||
Water Utilities - 0.1% |
| |||||||
American States Water Co. |
2,450 | 216,605 | ||||||
American Water Works Co., Inc. |
4,375 | 645,006 | ||||||
California Water Service Group |
3,500 | 185,570 | ||||||
Essential Utilities, Inc. |
4,524 | 191,320 | ||||||
Middlesex Water Co.(a) |
525 | 42,220 | ||||||
SJW Group(a) |
525 | 36,992 | ||||||
York Water Co. (The) |
2,088 | 86,297 | ||||||
|
|
|||||||
1,404,010 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.2% |
| |||||||
Gogo, Inc.*(a) |
8,225 | 123,951 | ||||||
Shenandoah Telecommunications Co.(a) |
2,100 | 39,207 | ||||||
Telephone and Data Systems, Inc.(a) |
32,538 | 260,955 | ||||||
T-Mobile US, Inc.*(a) |
17,226 | 2,373,226 | ||||||
|
|
|||||||
2,797,339 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
1,521,321,673 | ||||||
|
|
|||||||
Investments |
Number of Warrants |
Value ($) | ||||||
WARRANTS - 0.0%(d) |
| |||||||
Oil, Gas & Consumable Fuels - 0.0%(d) |
| |||||||
Occidental Petroleum Corp., expiring 8/3/2027, price 22.00 USD* |
4,266 | 175,674 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(d) |
| |||||||
Biotechnology - 0.0%(d) |
| |||||||
Achillion Pharmaceuticals, Inc., CVR* |
44,344 | 62,081 | ||||||
|
|
|||||||
Financial Services - 0.0% |
| |||||||
Resolute Forest Products, Inc., CVR* |
6,734 | | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Number of Rights |
Value ($) | ||||||
Health Care Equipment & Supplies - 0.0% |
| |||||||
ABIOMED, Inc., CVR* |
1,110 | | ||||||
|
|
|||||||
TOTAL RIGHTS |
|
62,081 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 12.2%(e) |
| |||||||
CERTIFICATES OF DEPOSIT - 2.5% |
| |||||||
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.40%), 5.73%, 10/19/2023(f) |
5,000,000 | 5,000,155 | ||||||
Bank of Nova Scotia, Houston |
5,000,000 | 5,002,251 | ||||||
MUFG Bank Ltd., New York Branch (SOFR + 0.29%), 5.60%, 8/23/2023(f) |
4,000,000 | 4,000,000 | ||||||
Natixis SA, New York 5.58%, 10/10/2023 |
5,000,000 | 5,000,720 | ||||||
Nordea Bank Abp, New York Branch (SOFR + 0.47%), 5.77%, 4/26/2024(f) |
4,000,000 | 3,999,992 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York (SOFR + 0.37%), 5.68%, 11/16/2023(f) |
3,000,000 | 3,000,483 | ||||||
Royal Bank of Canada, New York |
3,000,000 | 3,001,707 | ||||||
The Sumitomo Bank Ltd., New York (SOFR + 0.45%), 5.58%, 10/11/2023(f) |
5,000,000 | 5,002,345 | ||||||
Toronto-Dominion Bank, New York (US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(f) |
4,000,000 | 3,999,948 | ||||||
|
|
|||||||
TOTAL CERTIFICATES OF DEPOSIT |
|
38,007,601 | ||||||
|
|
|||||||
COMMERCIAL PAPER - 0.4%(f) |
| |||||||
Bank of Montreal, Montreal |
6,000,000 | 6,000,816 | ||||||
|
|
|||||||
INVESTMENT COMPANIES - 3.4% |
| |||||||
BlackRock Liquidity FedFund, Institutional Shares 5.33%, 8/1/2023 |
3,000,000 | 3,000,000 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Dreyfus Treasury Obligations Cash Management Fund 5.37%, 8/1/2023 |
18,000,000 | 18,000,000 | ||||||
Goldman Sachs Financial Square Government Fund, Institutional Class 5.32%, 8/1/2023 |
5,000,000 | 5,000,000 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.33%, 8/1/2023 |
25,000,000 | 25,000,000 | ||||||
Morgan Stanley Institutional Liquidity Fund - Government Portfolio 5.35%, 8/1/2023 |
1,000,000 | 1,000,000 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES |
|
52,000,000 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 5.8% |
| |||||||
BofA Securities, Inc., 5.77%, dated 7/31/2023, due 10/31/2023, repurchase price $6,088,473, collateralized by various Common Stocks; total market value $6,646,222 |
6,000,000 | 6,000,000 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $7,660,910, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $7,754,260 |
7,659,787 | 7,659,787 | ||||||
Societe Generale, 5.41%, dated 7/31/2023, due 8/1/2023, repurchase price $15,002,254, collateralized by various Common Stocks; total market value $16,728,285 |
15,000,000 | 15,000,000 | ||||||
Societe Generale, 5.34%, dated 7/31/2023, due 8/1/2023, repurchase price $10,001,483,
collateralized by various U.S. Treasury Securities, ranging from 1.38% - 4.75%, maturing 2/15/2037 - 5/15/2051; total market value $10,161,223 |
10,000,000 | 10,000,000 | ||||||
Societe Generale, New York Branch, 5.30%, dated 7/31/2023, due 8/7/2023, repurchase price $20,020,611, collateralized by various U.S. Treasury Securities, 4.13%, 7/31/2028; ; total market value $20,427,756 |
20,000,000 | 20,000,000 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
TD Prime Services LLC, 5.40%, dated 7/31/2023, due 8/1/2023, repurchase price $30,004,500, collateralized by various Common Stocks; total market value $33,125,579 |
30,000,000 | 30,000,000 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
88,659,787 | ||||||
|
|
|||||||
TIME DEPOSITS - 0.1% |
| |||||||
Australia & New Zealand Banking Group Ltd/New York 5.34%,
8/7/2023 |
1,300,000 | 1,300,000 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
185,968,204 | |||||||
|
|
|||||||
Total Investments - 111.5% |
|
1,707,527,632 | ||||||
Liabilities in excess of other assets - (11.5%) |
|
(175,981,969 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
1,531,545,663 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $248,456,774, collateralized in the form of cash with a value of $185,975,541 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $57,709,629 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from August 10, 2023 February 15, 2053 and $9,589,667 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from September 7, 2023 October 22, 2071; a total value of $253,274,837. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is a subsidiary of Northern Trust Corporation. |
(d) | Represents less than 0.05% of net assets. |
(e) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $185,968,204. |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2023. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CVR | Contingent Value Rights | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investment in a company which was affiliated for the period ended July 31, 2023, was as follows:
Security | Value October 31, 2022 |
Purchases at Cost |
Sales Proceeds |
Shares July 31, 2023 |
Value July 31, 2023 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Loss |
||||||||||||||||||||||||
Northern Trust Corp. |
$ | 564,807 | $ | 60,865 | $ | 179,406 | 5,046 | $ | 404,286 | $ | (24,132 | ) | $ | 15,705 | $ | (17,848 | ) |
Futures Contracts
FlexShares® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
| |||||||||||||||||||
Russell 2000 E-Mini Index |
23 | 09/15/2023 | USD | $ | 2,315,640 | $ | 133,912 | |||||||||||||
S&P 500 E-Mini Index |
25 | 09/15/2023 | USD | 5,768,125 | 271,683 | |||||||||||||||
S&P Midcap 400 E-Mini Index |
5 | 09/15/2023 | USD | 1,371,700 | 64,323 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 469,918 | |||||||||||||||||||
|
|
Abbreviations: | ||
USD | US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.3 | % | ||
Warrants |
0.0 | | ||
Rights |
0.0 | | ||
Securities Lending Reinvestments |
12.2 | |||
Others(1) |
(11.5 | ) | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.0% |
| |||||||
Aerospace & Defense - 0.9% |
| |||||||
Airbus SE |
9,389 | 1,386,940 | ||||||
Babcock International Group plc* |
30,791 | 148,327 | ||||||
BAE Systems plc |
49,241 | 590,097 | ||||||
Bombardier, Inc., Class B*(a) |
1,886 | 94,569 | ||||||
CAE, Inc.* |
4,836 | 110,700 | ||||||
Chemring Group plc |
15,334 | 55,933 | ||||||
Dassault Aviation SA |
369 | 71,889 | ||||||
Elbit Systems Ltd. |
412 | 87,828 | ||||||
Hensoldt AG |
1,886 | 64,295 | ||||||
INVISIO AB |
2,552 | 53,190 | ||||||
Kongsberg Gruppen ASA |
1,540 | 66,888 | ||||||
Leonardo SpA |
8,938 | 121,359 | ||||||
LISI(a) |
880 | 23,043 | ||||||
Melrose Industries plc |
23,297 | 158,868 | ||||||
Montana Aerospace AG*(b) |
1,496 | 23,643 | ||||||
MTU Aero Engines AG |
738 | 172,745 | ||||||
QinetiQ Group plc |
14,473 | 60,036 | ||||||
Rheinmetall AG |
779 | 221,077 | ||||||
Rolls-Royce Holdings plc* |
137,309 | 326,572 | ||||||
Saab AB, Class B |
1,596 | 84,270 | ||||||
Safran SA |
5,412 | 900,779 | ||||||
Senior plc |
16,810 | 36,033 | ||||||
Singapore Technologies Engineering Ltd. |
17,900 | 50,284 | ||||||
Thales SA |
1,599 | 239,677 | ||||||
|
|
|||||||
5,149,042 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.7% |
| |||||||
bpost SA(a) |
25,461 | 123,012 | ||||||
Cargojet, Inc. |
943 | 69,443 | ||||||
Cia de Distribucion Integral Logista Holdings SA |
2,419 | 67,530 | ||||||
DHL Group |
21,156 | 1,089,770 | ||||||
DSV A/S |
2,870 | 576,182 | ||||||
Freightways Group Ltd.(a) |
12,546 | 66,836 | ||||||
Hamakyorex Co. Ltd. |
4,100 | 113,264 | ||||||
ID Logistics Group* |
81 | 23,309 | ||||||
InPost SA* |
3,608 | 43,241 | ||||||
International Distributions Services |
14,455 | 49,621 | ||||||
Kerry Logistics Network Ltd. |
18,500 | 22,773 | ||||||
Konoike Transport Co. Ltd. |
12,300 | 154,183 | ||||||
Mainfreight Ltd.(a) |
1,312 | 55,401 | ||||||
Mitsui-Soko Holdings Co. Ltd. |
8,200 | 209,213 | ||||||
Nippon Express Holdings, Inc. |
1,600 | 93,863 | ||||||
PostNL NV(a) |
25,262 | 51,486 | ||||||
Sankyu, Inc. |
1,333 | 46,206 | ||||||
SBS Holdings, Inc. |
8,200 | 194,496 | ||||||
Senko Group Holdings Co. Ltd.(a) |
49,200 | 356,326 | ||||||
SG Holdings Co. Ltd. |
8,400 | 122,648 | ||||||
Trancom Co. Ltd. |
900 | 44,658 |
Investments |
Shares | Value ($) | ||||||
Yamato Holdings Co. Ltd. |
6,200 | 116,163 | ||||||
|
|
|||||||
3,689,624 | ||||||||
|
|
|||||||
Automobile Components - 1.4% |
| |||||||
Aisan Industry Co. Ltd. |
12,300 | 101,721 | ||||||
Aisin Corp. |
4,300 | 139,671 | ||||||
ARB Corp. Ltd.(a) |
4,797 | 100,756 | ||||||
Brembo SpA |
1,435 | 20,362 | ||||||
Bridgestone Corp. |
14,400 | 597,263 | ||||||
CIE Automotive SA |
2,091 | 65,659 | ||||||
Cie Generale des Etablissements Michelin SCA |
15,006 | 492,541 | ||||||
Cie Plastic Omnium SA |
22,919 | 447,773 | ||||||
Continental AG |
2,337 | 187,117 | ||||||
Denso Corp. |
8,200 | 570,272 | ||||||
Dometic Group AB(c) |
5,962 | 44,473 | ||||||
Dowlais Group plc* |
79,745 | 126,151 | ||||||
Eagle Industry Co. Ltd. |
8,200 | 101,807 | ||||||
Exedy Corp. |
12,300 | 215,215 | ||||||
FCC Co. Ltd. |
12,300 | 161,195 | ||||||
Forvia* |
2,542 | 63,957 | ||||||
Gestamp Automocion SA(b) |
52,972 | 257,563 | ||||||
G-Tekt Corp. |
12,300 | 159,983 | ||||||
GUD Holdings Ltd. |
6,543 | 43,958 | ||||||
Hella GmbH & Co. KGaA |
328 | 26,074 | ||||||
Johnson Electric Holdings Ltd.(a) |
102,500 | 141,158 | ||||||
JTEKT Corp. |
6,700 | 63,119 | ||||||
Koito Manufacturing Co. Ltd. |
5,000 | 91,867 | ||||||
KYB Corp.(a) |
8,200 | 290,301 | ||||||
Linamar Corp. |
1,066 | 61,972 | ||||||
Magna International, Inc. |
5,781 | 372,487 | ||||||
Musashi Seimitsu Industry Co. Ltd.(a) |
4,100 | 51,048 | ||||||
NHK Spring Co. Ltd. |
2,900 | 23,207 | ||||||
Nifco, Inc.(a) |
2,400 | 71,453 | ||||||
Niterra Co. Ltd. |
2,700 | 57,048 | ||||||
NOK Corp. |
4,100 | 61,696 | ||||||
Nokian Renkaat OYJ |
8,364 | 77,979 | ||||||
Pacific Industrial Co. Ltd. |
24,600 | 236,512 | ||||||
Pirelli & C SpA(b) |
3,854 | 20,609 | ||||||
PWR Holdings Ltd. |
3,772 | 23,308 | ||||||
Schaeffler AG (Preference) |
58,220 | 372,305 | ||||||
Seiren Co. Ltd.(a) |
4,100 | 70,786 | ||||||
Shoei Co. Ltd.(a) |
1,600 | 29,077 | ||||||
Stanley Electric Co. Ltd. |
4,100 | 75,706 | ||||||
Sumitomo Electric Industries Ltd. |
20,500 | 262,599 | ||||||
Tokai Rika Co. Ltd.(a) |
18,800 | 297,190 | ||||||
Topre Corp.(a) |
20,500 | 235,906 | ||||||
Toyo Tire Corp. |
4,500 | 60,874 | ||||||
Toyoda Gosei Co. Ltd. |
2,000 | 42,624 | ||||||
Toyota Boshoku Corp. |
2,700 | 49,200 | ||||||
TS Tech Co. Ltd.(a) |
4,700 | 60,702 | ||||||
Valeo |
4,746 | 107,532 | ||||||
Vitesco Technologies Group AG* |
7,626 | 653,726 | ||||||
Yokohama Rubber Co. Ltd. (The) |
4,100 | 91,852 | ||||||
|
|
|||||||
7,977,354 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Automobiles - 2.3% |
| |||||||
Aston Martin Lagonda Global Holdings plc*(b) |
25,420 | 129,322 | ||||||
Bayerische Motoren Werke AG |
7,052 | 861,957 | ||||||
Bayerische Motoren Werke AG (Preference) |
1,258 | 141,752 | ||||||
Ferrari NV |
1,968 | 632,285 | ||||||
Honda Motor Co. Ltd. |
36,900 | 1,172,084 | ||||||
Isuzu Motors Ltd. |
16,400 | 212,618 | ||||||
Mazda Motor Corp. |
13,000 | 128,600 | ||||||
Mercedes-Benz Group AG |
17,015 | 1,362,718 | ||||||
Mitsubishi Motors Corp.(a) |
13,500 | 54,312 | ||||||
Nissan Motor Co. Ltd. |
45,100 | 197,757 | ||||||
Piaggio & C SpA |
50,922 | 200,771 | ||||||
PIERER Mobility AG |
440 | 38,475 | ||||||
Porsche Automobil Holding SE (Preference) |
2,665 | 158,022 | ||||||
Renault SA |
4,264 | 187,604 | ||||||
Stellantis NV |
46,699 | 959,942 | ||||||
Subaru Corp. |
12,700 | 240,136 | ||||||
Suzuki Motor Corp. |
8,200 | 328,797 | ||||||
Toyota Motor Corp. |
274,700 | 4,613,135 | ||||||
Trigano SA |
2,911 | 427,829 | ||||||
Volkswagen AG (Preference) |
3,731 | 495,937 | ||||||
Volvo Car AB, Class B*(a) |
10,332 | 51,132 | ||||||
Yamaha Motor Co. Ltd. |
8,200 | 240,090 | ||||||
|
|
|||||||
12,835,275 | ||||||||
|
|
|||||||
Banks - 10.8% |
| |||||||
77 Bank Ltd. (The)(a) |
28,700 | 611,047 | ||||||
ABN AMRO Bank NV, CVA(b) |
9,052 | 154,295 | ||||||
AIB Group plc |
18,788 | 88,618 | ||||||
Aktia Bank OYJ(a) |
20,746 | 215,011 | ||||||
Alior Bank SA* |
5,945 | 86,379 | ||||||
AMCO - Asset Management Co. SpA*(a) |
239 | | ||||||
ANZ Group Holdings Ltd. |
45,551 | 790,384 | ||||||
Aozora Bank Ltd.(a) |
2,900 | 59,631 | ||||||
Awa Bank Ltd. (The)(a) |
12,300 | 186,041 | ||||||
Banca Popolare di Sondrio SpA |
162,524 | 787,365 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
129,642 | 1,030,574 | ||||||
Banco BPM SpA |
32,208 | 161,504 | ||||||
Banco Comercial Portugues SA, Class R* |
189,546 | 51,891 | ||||||
Banco de Sabadell SA |
125,993 | 155,444 | ||||||
Banco Santander SA |
365,802 | 1,485,611 | ||||||
Bank Hapoalim BM |
27,101 | 241,743 | ||||||
Bank Leumi Le-Israel BM |
33,538 | 268,861 | ||||||
Bank Millennium SA* |
25,740 | 42,206 | ||||||
Bank of Cyprus Holdings plc |
136,120 | 429,090 | ||||||
Bank of East Asia Ltd. (The) |
24,600 | 37,726 | ||||||
Bank of Georgia Group plc |
13,776 | 576,945 | ||||||
Bank of Ireland Group plc |
22,099 | 233,809 | ||||||
Bank of Kyoto Ltd. (The)(a) |
1,600 | 94,381 | ||||||
Bank of Montreal |
15,088 | 1,404,660 | ||||||
Bank of Nova Scotia (The) |
25,297 | 1,276,141 | ||||||
Bank of Queensland Ltd.(a) |
13,492 | 54,913 | ||||||
Bank Polska Kasa Opieki SA |
4,004 | 118,578 | ||||||
Bankinter SA(a) |
13,940 | 90,342 |
Investments |
Shares | Value ($) | ||||||
Banque Cantonale de Geneve |
697 | 175,285 | ||||||
Banque Cantonale Vaudoise (Registered)(a) |
410 | 46,257 | ||||||
Barclays plc |
300,571 | 599,276 | ||||||
BAWAG Group AG(b) |
2,105 | 102,814 | ||||||
Bendigo & Adelaide Bank Ltd.(a) |
16,482 | 103,845 | ||||||
Berner Kantonalbank AG (Registered) |
328 | 88,920 | ||||||
BNP Paribas SA |
24,559 | 1,625,193 | ||||||
BPER Banca |
28,167 | 97,732 | ||||||
CaixaBank SA |
84,255 | 340,833 | ||||||
Canadian Imperial Bank of Commerce |
20,500 | 904,570 | ||||||
Canadian Western Bank |
35,629 | 713,257 | ||||||
Chiba Bank Ltd. (The) |
17,400 | 122,307 | ||||||
Chugin Financial Group, Inc. |
69,700 | 468,248 | ||||||
Close Brothers Group plc(a) |
55,022 | 650,597 | ||||||
Collector Bank AB* |
1,353 | 4,391 | ||||||
Commerzbank AG |
22,591 | 270,871 | ||||||
Commonwealth Bank of Australia |
25,994 | 1,851,622 | ||||||
Concordia Financial Group Ltd. |
32,321 | 147,751 | ||||||
Credit Agricole SA |
31,816 | 395,899 | ||||||
Credito Emiliano SpA |
28,085 | 240,909 | ||||||
Dah Sing Banking Group Ltd. |
149,440 | 111,907 | ||||||
Dah Sing Financial Holdings Ltd. |
49,200 | 121,380 | ||||||
Daishi Hokuetsu Financial Group, Inc.(a) |
16,400 | 409,769 | ||||||
Danske Bank A/S |
14,555 | 346,363 | ||||||
DBS Group Holdings Ltd. |
28,756 | 741,965 | ||||||
DNB Bank ASA |
21,812 | 450,837 | ||||||
EQB, Inc.(a) |
9,512 | 562,301 | ||||||
Erste Group Bank AG |
7,380 | 279,744 | ||||||
FIBI Holdings Ltd. |
533 | 23,830 | ||||||
FinecoBank Banca Fineco SpA |
9,184 | 142,926 | ||||||
First International Bank of Israel Ltd. (The) |
1,144 | 48,556 | ||||||
Fukuoka Financial Group, Inc. |
2,800 | 67,399 | ||||||
Graubuendner Kantonalbank |
7 | 13,405 | ||||||
Gunma Bank Ltd. (The) |
16,400 | 69,453 | ||||||
Hachijuni Bank Ltd. (The)(a) |
15,500 | 79,846 | ||||||
Hang Seng Bank Ltd. |
12,300 | 187,212 | ||||||
Heartland Group Holdings Ltd.(a) |
233,618 | 261,706 | ||||||
Hirogin Holdings, Inc. |
9,200 | 56,891 | ||||||
Hokuhoku Financial Group, Inc. |
45,100 | 403,449 | ||||||
HSBC Holdings plc |
439,069 | 3,651,131 | ||||||
Hyakugo Bank Ltd. (The)(a) |
90,200 | 301,555 | ||||||
ING Bank Slaski SA* |
1,281 | 64,072 | ||||||
ING Groep NV |
78,146 | 1,144,203 | ||||||
Intesa Sanpaolo SpA |
348,705 | 1,010,758 | ||||||
Israel Discount Bank Ltd., Class A |
29,866 | 158,882 | ||||||
Iyogin Holdings, Inc. |
8,200 | 57,916 | ||||||
Japan Post Bank Co. Ltd. |
28,700 | 238,965 | ||||||
Judo Capital Holdings Ltd.* |
31,857 | 29,302 | ||||||
Juroku Financial Group, Inc. |
12,300 | 304,297 | ||||||
Jyske Bank A/S (Registered)* |
1,292 | 98,057 | ||||||
KBC Ancora |
803 | 37,663 | ||||||
KBC Group NV |
7,462 | 562,742 | ||||||
Keiyo Bank Ltd. (The)(a) |
45,100 | 189,186 | ||||||
Kiyo Bank Ltd. (The)(a) |
22,700 | 243,648 | ||||||
Kyushu Financial Group, Inc. |
16,400 | 79,761 | ||||||
Laurentian Bank of Canada |
13,735 | 414,580 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Liechtensteinische Landesbank AG |
1,025 | 71,538 | ||||||
Lloyds Banking Group plc |
1,447,833 | 837,074 | ||||||
Luzerner Kantonalbank AG (Registered)(a) |
697 | 60,305 | ||||||
Mebuki Financial Group, Inc. |
28,010 | 74,402 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
13,776 | 184,087 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
262,400 | 2,116,486 | ||||||
Mizrahi Tefahot Bank Ltd. |
3,690 | 133,755 | ||||||
Mizuho Financial Group, Inc. |
53,300 | 901,838 | ||||||
Musashino Bank Ltd. (The)(a) |
12,300 | 217,033 | ||||||
Nanto Bank Ltd. (The) |
12,300 | 225,258 | ||||||
National Australia Bank Ltd. |
49,938 | 956,353 | ||||||
National Bank of Canada(a) |
5,740 | 450,391 | ||||||
NatWest Group plc |
109,634 | 344,611 | ||||||
Nishi-Nippon Financial Holdings, Inc. |
53,300 | 567,213 | ||||||
Nordea Bank Abp |
65,190 | 738,789 | ||||||
North Pacific Bank Ltd. |
106,600 | 232,587 | ||||||
Oberbank AG |
451 | 59,670 | ||||||
Ogaki Kyoritsu Bank Ltd. (The)(a) |
12,300 | 169,333 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
90,270 | 904,196 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
16,716 | 170,148 | ||||||
Raiffeisen Bank International AG* |
1,107 | 17,966 | ||||||
Resona Holdings, Inc. |
49,200 | 268,162 | ||||||
Ringkjoebing Landbobank A/S |
492 | 70,168 | ||||||
Royal Bank of Canada |
21,880 | 2,173,122 | ||||||
San-In Godo Bank Ltd. (The) |
57,400 | 371,678 | ||||||
Santander Bank Polska SA* |
836 | 83,169 | ||||||
SBI Shinsei Bank Ltd. |
2,600 | 52,318 | ||||||
Senshu Ikeda Holdings, Inc.(a) |
106,600 | 195,823 | ||||||
Seven Bank Ltd. |
28,700 | 62,377 | ||||||
Shiga Bank Ltd. (The)(a) |
17,400 | 372,910 | ||||||
Shizuoka Financial Group, Inc. |
13,100 | 109,397 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
37,597 | 456,388 | ||||||
Skandinaviska Enskilda Banken AB, Class C |
684 | 8,723 | ||||||
Societe Generale SA |
16,359 | 445,775 | ||||||
Spar Nord Bank A/S |
28,823 | 459,681 | ||||||
SpareBank 1 Nord Norge |
33,907 | 323,435 | ||||||
Sparebank 1 Oestlandet |
1,329 | 16,736 | ||||||
SpareBank 1 SMN |
3,103 | 43,617 | ||||||
SpareBank 1 Sorost-Norge |
26,814 | 132,526 | ||||||
SpareBank 1 SR-Bank ASA |
4,796 | 62,057 | ||||||
Sparebanken Vest |
39,278 | 414,658 | ||||||
St Galler Kantonalbank AG (Registered) |
41 | 23,578 | ||||||
Standard Chartered plc |
54,694 | 525,961 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
30,000 | 1,413,429 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
8,200 | 318,985 | ||||||
Suruga Bank Ltd. |
70,500 | 296,727 | ||||||
Svenska Handelsbanken AB, Class A |
33,210 | 292,039 | ||||||
Svenska Handelsbanken AB, Class B(a) |
908 | 9,920 | ||||||
Swedbank AB, Class A |
17,466 | 320,729 | ||||||
Sydbank A/S |
20,664 | 994,176 | ||||||
TBC Bank Group plc |
15,334 | 491,264 | ||||||
Tokyo Kiraboshi Financial Group, Inc. |
12,300 | 325,074 |
Investments |
Shares | Value ($) | ||||||
Toronto-Dominion Bank (The) |
39,688 | 2,622,046 | ||||||
Unicaja Banco SA(a)(b) |
557,149 | 651,142 | ||||||
UniCredit SpA |
41,943 | 1,063,618 | ||||||
United Overseas Bank Ltd. |
32,826 | 744,135 | ||||||
Valiant Holding AG (Registered) |
5,781 | 638,888 | ||||||
Virgin Money UK plc |
30,176 | 68,489 | ||||||
Walliser Kantonalbank (Registered) |
485 | 62,664 | ||||||
Westpac Banking Corp.(a) |
53,341 | 802,985 | ||||||
Yamaguchi Financial Group, Inc. |
4,100 | 31,887 | ||||||
Zuger Kantonalbank AG |
10 | 89,289 | ||||||
|
|
|||||||
59,992,202 | ||||||||
|
|
|||||||
Beverages - 1.0% |
| |||||||
Anheuser-Busch InBev SA/NV |
14,555 | 835,278 | ||||||
Asahi Group Holdings Ltd. |
6,900 | 271,717 | ||||||
Britvic plc |
3,520 | 39,131 | ||||||
Budweiser Brewing Co. APAC Ltd.(b) |
22,600 | 54,771 | ||||||
C&C Group plc(a) |
4,879 | 8,663 | ||||||
Carlsberg A/S, Class B |
1,599 | 240,466 | ||||||
Coca-Cola Europacific Partners plc(a) |
3,250 | 206,017 | ||||||
Coca-Cola HBC AG |
4,000 | 117,960 | ||||||
Davide Campari-Milano NV |
10,094 | 136,109 | ||||||
Diageo plc |
36,244 | 1,584,368 | ||||||
Fevertree Drinks plc |
5,658 | 97,696 | ||||||
Heineken Holding NV |
1,461 | 120,087 | ||||||
Heineken NV |
3,813 | 374,747 | ||||||
Ito En Ltd. |
800 | 22,889 | ||||||
Kirin Holdings Co. Ltd. |
12,300 | 182,015 | ||||||
Pernod Ricard SA |
3,198 | 707,307 | ||||||
Primo Water Corp. |
8,815 | 125,168 | ||||||
Remy Cointreau SA* |
398 | 68,521 | ||||||
Royal Unibrew A/S |
836 | 72,552 | ||||||
Sapporo Holdings Ltd.(a) |
1,900 | 50,148 | ||||||
Suntory Beverage & Food Ltd. |
1,800 | 64,117 | ||||||
Takara Holdings, Inc. |
4,100 | 36,114 | ||||||
Treasury Wine Estates Ltd. |
8,668 | 65,710 | ||||||
|
|
|||||||
5,481,551 | ||||||||
|
|
|||||||
Biotechnology - 0.6% |
| |||||||
Argenx SE* |
861 | 433,828 | ||||||
Bavarian Nordic A/S*(a) |
3,823 | 82,237 | ||||||
BioGaia AB, Class B |
5,670 | 56,336 | ||||||
BoneSupport Holding AB*(b) |
2,665 | 37,410 | ||||||
Clinuvel Pharmaceuticals Ltd. |
1,368 | 16,915 | ||||||
CSL Ltd. |
7,503 | 1,357,609 | ||||||
Galapagos NV*(a) |
3,116 | 130,826 | ||||||
Genmab A/S* |
1,025 | 422,629 | ||||||
Genus plc |
3,731 | 118,092 | ||||||
Grifols SA* |
6,478 | 95,350 | ||||||
Idorsia Ltd.*(a) |
7,462 | 59,396 | ||||||
Imugene Ltd.*(a) |
411,693 | 27,742 | ||||||
Nykode Therapeutics ASA*(a) |
11,562 | 33,327 | ||||||
PeptiDream, Inc.* |
2,500 | 31,804 | ||||||
Pharma Mar SA |
824 | 31,089 | ||||||
PureTech Health plc* |
12,751 | 36,668 | ||||||
Swedish Orphan Biovitrum AB* |
3,116 | 61,089 | ||||||
Takara Bio, Inc. |
400 | 4,916 | ||||||
Telix Pharmaceuticals Ltd.* |
4,018 | 30,568 | ||||||
Valneva SE*(a) |
3,485 | 26,220 | ||||||
Vitrolife AB(a) |
880 | 13,082 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Zealand Pharma A/S* |
2,583 | 90,032 | ||||||
|
|
|||||||
3,197,165 | ||||||||
|
|
|||||||
Broadline Retail - 0.7% |
| |||||||
Allegro.eu SA*(b) |
6,278 | 55,510 | ||||||
ASKUL Corp. |
1,000 | 13,957 | ||||||
B&M European Value Retail SA |
16,926 | 120,475 | ||||||
Belluna Co. Ltd.(a) |
15,600 | 78,395 | ||||||
Boozt AB*(b) |
2,508 | 29,931 | ||||||
Canadian Tire Corp. Ltd., Class A(a) |
1,164 | 160,161 | ||||||
Dollarama, Inc. |
4,141 | 273,267 | ||||||
Europris ASA(b) |
12,997 | 79,011 | ||||||
Harvey Norman Holdings Ltd.(a) |
17,952 | 45,726 | ||||||
Isetan Mitsukoshi Holdings Ltd. |
5,000 | 54,230 | ||||||
Izumi Co. Ltd. |
1,300 | 32,756 | ||||||
J Front Retailing Co. Ltd. |
4,100 | 39,909 | ||||||
Mercari, Inc.* |
1,900 | 48,088 | ||||||
Next plc |
2,214 | 200,772 | ||||||
Pan Pacific International Holdings Corp. |
8,200 | 162,119 | ||||||
Prosus NV* |
17,999 | 1,429,421 | ||||||
Rakuten Group, Inc. |
36,900 | 144,167 | ||||||
Ryohin Keikaku Co. Ltd. |
6,000 | 77,893 | ||||||
Seria Co. Ltd. |
1,000 | 16,793 | ||||||
Takashimaya Co. Ltd. |
4,300 | 62,527 | ||||||
THG plc, Class B*(a) |
50,904 | 67,526 | ||||||
Tokmanni Group Corp.(a) |
15,416 | 238,637 | ||||||
Warehouse Group Ltd. (The)(a) |
30,712 | 34,405 | ||||||
Wesfarmers Ltd. |
16,646 | 556,919 | ||||||
|
|
|||||||
4,022,595 | ||||||||
|
|
|||||||
Building Products - 1.1% |
| |||||||
AGC, Inc. |
5,000 | 180,743 | ||||||
Arbonia AG(a) |
3,837 | 44,706 | ||||||
Assa Abloy AB, Class B |
14,842 | 357,366 | ||||||
Belimo Holding AG (Registered) |
123 | 66,576 | ||||||
Bunka Shutter Co. Ltd.(a) |
22,200 | 172,187 | ||||||
Carel Industries SpA(b) |
840 | 24,126 | ||||||
Central Glass Co. Ltd. |
12,500 | 271,414 | ||||||
Cie de Saint-Gobain |
11,644 | 789,286 | ||||||
Daikin Industries Ltd. |
4,400 | 888,485 | ||||||
dormakaba Holding AG |
126 | 61,703 | ||||||
Fletcher Building Ltd. |
3,362 | 11,675 | ||||||
Forbo Holding AG (Registered)(a) |
41 | 59,406 | ||||||
Geberit AG (Registered) |
492 | 280,040 | ||||||
Genuit Group plc |
3,854 | 15,521 | ||||||
Inwido AB |
16,441 | 181,504 | ||||||
James Halstead plc(a) |
18,023 | 48,234 | ||||||
Kingspan Group plc |
2,461 | 198,076 | ||||||
Lindab International AB |
4,346 | 67,501 | ||||||
Lixil Corp. |
6,000 | 76,753 | ||||||
Munters Group AB(b) |
4,428 | 56,301 | ||||||
Nibe Industrier AB, Class B(a) |
23,739 | 214,041 | ||||||
Nichias Corp. |
21,300 | 437,454 | ||||||
Nichiha Corp.(a) |
12,300 | 282,654 | ||||||
Nitto Boseki Co. Ltd.(a) |
1,900 | 37,096 | ||||||
Reliance Worldwide Corp. Ltd. |
13,860 | 39,413 | ||||||
ROCKWOOL A/S, Class A |
88 | 23,643 | ||||||
ROCKWOOL A/S, Class B |
174 | 46,967 | ||||||
Sanwa Holdings Corp.(a) |
5,400 | 73,429 |
Investments |
Shares | Value ($) | ||||||
Schweiter Technologies AG |
56 | 43,348 | ||||||
Sekisui Jushi Corp.(a) |
12,300 | 193,226 | ||||||
Systemair AB |
4,018 | 28,565 | ||||||
Takara Standard Co. Ltd.(a) |
20,500 | 268,659 | ||||||
Takasago Thermal Engineering Co. Ltd.(a) |
4,100 | 74,018 | ||||||
TOTO Ltd. |
3,000 | 92,293 | ||||||
Uponor OYJ |
3,526 | 111,963 | ||||||
Volution Group plc |
11,378 | 58,792 | ||||||
|
|
|||||||
5,877,164 | ||||||||
|
|
|||||||
Capital Markets - 3.0% |
| |||||||
3i Group plc |
20,992 | 533,975 | ||||||
abrdn plc |
16,031 | 47,832 | ||||||
AJ Bell plc |
7,298 | 30,780 | ||||||
Allfunds Group plc |
4,048 | 26,444 | ||||||
Alpha Group International plc |
1,804 | 52,225 | ||||||
Altshuler Shaham Penn Ltd.(a) |
22,509 | 42,798 | ||||||
Amundi SA(b) |
1,312 | 80,717 | ||||||
Anima Holding SpA(a)(b) |
83,927 | 324,423 | ||||||
Ashmore Group plc |
22,554 | 59,895 | ||||||
ASX Ltd. |
3,649 | 152,721 | ||||||
Avanza Bank Holding AB(a) |
2,704 | 61,324 | ||||||
Azimut Holding SpA(a) |
2,501 | 59,231 | ||||||
Banca Generali SpA |
1,397 | 52,492 | ||||||
Brederode SA |
285 | 31,391 | ||||||
Bridgepoint Group plc(a)(b) |
33,702 | 81,912 | ||||||
Brookfield Asset Management Ltd., Class A |
5,535 | 187,044 | ||||||
Brookfield Corp., Class A(a) |
31,448 | 1,099,737 | ||||||
Bure Equity AB |
968 | 20,618 | ||||||
CI Financial Corp. |
59,737 | 757,009 | ||||||
Cie Financiere Tradition SA |
615 | 84,426 | ||||||
Daiwa Securities Group, Inc. |
28,700 | 155,559 | ||||||
Deutsche Bank AG (Registered) |
45,797 | 508,974 | ||||||
Deutsche Boerse AG |
2,952 | 567,299 | ||||||
EFG International AG |
5,658 | 70,754 | ||||||
EQT AB |
4,756 | 113,791 | ||||||
Euronext NV(b) |
1,394 | 106,434 | ||||||
Fairfax India Holdings Corp.*(a)(b) |
4,510 | 64,268 | ||||||
flatexDEGIRO AG* |
4,400 | 43,506 | ||||||
Flow Traders Ltd. |
11,767 | 256,750 | ||||||
Gimv NV(a) |
6,786 | 314,240 | ||||||
GMO Financial Holdings, Inc.(a) |
8,200 | 42,074 | ||||||
Hargreaves Lansdown plc |
5,061 | 55,441 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
18,158 | 758,572 | ||||||
HUB24 Ltd. |
4,532 | 85,936 | ||||||
iFAST Corp. Ltd. |
16,400 | 69,908 | ||||||
IG Group Holdings plc |
8,448 | 76,957 | ||||||
IGM Financial, Inc. |
2,200 | 68,678 | ||||||
Impax Asset Management Group plc |
2,132 | 15,060 | ||||||
Insignia Financial Ltd.(a) |
234,438 | 470,769 | ||||||
IntegraFin Holdings plc(b) |
15,498 | 48,854 | ||||||
Intermediate Capital Group plc |
6,765 | 122,294 | ||||||
Investec plc |
16,636 | 104,798 | ||||||
IP Group plc |
321,768 | 247,574 | ||||||
JAFCO Group Co. Ltd. |
5,000 | 65,368 | ||||||
Japan Exchange Group, Inc. |
8,200 | 142,871 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
JTC plc(b) |
7,558 | 70,016 | ||||||
Julius Baer Group Ltd. |
4,674 | 332,143 | ||||||
Jupiter Fund Management plc |
190,527 | 280,197 | ||||||
Kingkey Financial International Holdings Ltd.*(a) |
410,000 | 97,260 | ||||||
Leonteq AG(a) |
3,116 | 147,380 | ||||||
London Stock Exchange Group plc |
5,822 | 633,878 | ||||||
Macquarie Group Ltd. |
5,576 | 657,580 | ||||||
Magellan Financial Group Ltd.(a) |
7,995 | 50,265 | ||||||
Man Group plc |
32,340 | 99,365 | ||||||
Matsui Securities Co. Ltd.(a) |
8,200 | 46,344 | ||||||
Monex Group, Inc.(a) |
12,300 | 47,874 | ||||||
Ninety One plc |
15,252 | 33,832 | ||||||
Nomura Holdings, Inc. |
57,400 | 236,945 | ||||||
Nordnet AB publ |
2,420 | 35,975 | ||||||
Okasan Securities Group, Inc. |
82,000 | 326,661 | ||||||
Onex Corp. |
1,394 | 85,774 | ||||||
Partners Group Holding AG |
328 | 370,057 | ||||||
Perpetual Ltd. |
5,289 | 87,888 | ||||||
Pinnacle Investment Management Group Ltd.(a) |
10,281 | 72,742 | ||||||
Quilter plc(b) |
499,503 | 501,937 | ||||||
Rathbones Group plc |
3,608 | 83,560 | ||||||
Ratos AB, Class B(a) |
74,743 | 248,681 | ||||||
Rothschild & Co. |
779 | 33,196 | ||||||
SBI Holdings, Inc. |
4,800 | 101,335 | ||||||
Schroders plc |
12,054 | 71,234 | ||||||
Singapore Exchange Ltd. |
12,300 | 89,948 | ||||||
Sprott, Inc.(a) |
1,056 | 35,260 | ||||||
St Jamess Place plc |
8,118 | 98,183 | ||||||
Swissquote Group Holding SA (Registered) |
205 | 46,683 | ||||||
Tamburi Investment Partners SpA |
6,642 | 64,590 | ||||||
Tel Aviv Stock Exchange Ltd.* |
4,141 | 22,154 | ||||||
Tikehau Capital SCA(a) |
1,672 | 42,676 | ||||||
TMX Group Ltd. |
4,180 | 93,048 | ||||||
Tokai Tokyo Financial Holdings, Inc.(a) |
28,700 | 88,476 | ||||||
TP ICAP Group plc |
279,087 | 570,949 | ||||||
UBS Group AG (Registered) |
78,638 | 1,748,570 | ||||||
UOB-Kay Hian Holdings Ltd. |
5,767 | 5,950 | ||||||
Van Lanschot Kempen NV, CVA |
14,186 | 466,095 | ||||||
Vontobel Holding AG (Registered) |
339 | 22,917 | ||||||
VZ Holding AG |
285 | 26,631 | ||||||
WealthNavi, Inc.*(a) |
2,400 | 23,209 | ||||||
XTB SA(b) |
14,104 | 138,194 | ||||||
Yangzijiang Financial Holding Ltd. |
926,600 | 230,289 | ||||||
|
|
|||||||
16,929,664 | ||||||||
|
|
|||||||
Chemicals - 3.0% |
| |||||||
ADEKA Corp. |
2,300 | 46,581 | ||||||
Aica Kogyo Co. Ltd. |
1,500 | 35,642 | ||||||
Air Liquide SA |
8,077 | 1,454,769 | ||||||
Air Water, Inc. |
4,100 | 57,714 | ||||||
Akzo Nobel NV |
2,870 | 246,057 | ||||||
Arkema SA |
1,599 | 172,701 | ||||||
Asahi Kasei Corp. |
24,600 | 167,671 | ||||||
ASAHI YUKIZAI Corp. |
4,100 | 127,115 | ||||||
BASF SE |
19,188 | 1,031,765 |
Investments |
Shares | Value ($) | ||||||
Borregaard ASA |
1,692 | 27,697 | ||||||
C Uyemura & Co. Ltd. |
600 | 39,696 | ||||||
Chr Hansen Holding A/S |
1,584 | 119,984 | ||||||
Ciech SA |
9,020 | 108,612 | ||||||
Clariant AG (Registered) |
5,002 | 82,112 | ||||||
Corbion NV |
3,321 | 78,284 | ||||||
Covestro AG*(b) |
2,870 | 154,514 | ||||||
Croda International plc |
2,378 | 180,214 | ||||||
Daicel Corp. |
8,900 | 82,435 | ||||||
Denka Co. Ltd. |
1,400 | 27,644 | ||||||
DIC Corp. |
2,899 | 54,703 | ||||||
DSM-Firmenich AG |
3,362 | 372,531 | ||||||
Elementis plc* |
41,976 | 59,733 | ||||||
Elkem ASA(b) |
5,870 | 13,949 | ||||||
EMS-Chemie Holding AG (Registered)(a) |
126 | 105,527 | ||||||
Essentra plc |
16,940 | 35,397 | ||||||
Evonik Industries AG |
6,560 | 136,048 | ||||||
FUCHS SE |
711 | 23,517 | ||||||
FUCHS SE (Preference) |
1,182 | 49,001 | ||||||
Fujimori Kogyo Co. Ltd.(a) |
4,100 | 103,019 | ||||||
Fuso Chemical Co. Ltd. |
1,100 | 34,646 | ||||||
Givaudan SA (Registered) |
123 | 417,024 | ||||||
Grupa Azoty SA* |
11,480 | 77,537 | ||||||
Hexpol AB |
5,784 | 62,918 | ||||||
ICL Group Ltd. |
18,163 | 120,966 | ||||||
Incitec Pivot Ltd. |
36,784 | 74,857 | ||||||
Israel Corp. Ltd. |
104 | 32,503 | ||||||
JCU Corp. |
1,400 | 33,305 | ||||||
Johnson Matthey plc |
2,460 | 57,005 | ||||||
JSR Corp. |
3,100 | 88,846 | ||||||
K+S AG (Registered) |
4,961 | 94,763 | ||||||
Kaneka Corp. |
1,300 | 38,264 | ||||||
Kansai Paint Co. Ltd. |
5,300 | 86,879 | ||||||
Kanto Denka Kogyo Co. Ltd.(a) |
20,500 | 136,782 | ||||||
Kemira OYJ |
2,992 | 47,041 | ||||||
KH Neochem Co. Ltd.(a) |
12,300 | 201,104 | ||||||
Kumiai Chemical Industry Co. Ltd. |
32,800 | 246,092 | ||||||
Kuraray Co. Ltd. |
10,800 | 108,661 | ||||||
Kureha Corp. |
800 | 47,804 | ||||||
LANXESS AG |
2,156 | 72,787 | ||||||
Lenzing AG*(a) |
1,068 | 53,990 | ||||||
Lintec Corp. |
16,400 | 270,505 | ||||||
Methanex Corp. |
1,290 | 58,245 | ||||||
Mitsubishi Chemical Group Corp. |
24,600 | 147,084 | ||||||
Mitsubishi Gas Chemical Co., Inc. |
6,200 | 92,882 | ||||||
Mitsui Chemicals, Inc. |
5,500 | 157,939 | ||||||
Nihon Nohyaku Co. Ltd. |
16,400 | 85,532 | ||||||
Nihon Parkerizing Co. Ltd. |
4,100 | 32,060 | ||||||
Nippon Kayaku Co. Ltd. |
3,800 | 35,050 | ||||||
Nippon Paint Holdings Co. Ltd. |
16,400 | 150,287 | ||||||
Nippon Pillar Packing Co. Ltd.(a) |
8,200 | 256,827 | ||||||
Nippon Sanso Holdings Corp. |
2,800 | 67,635 | ||||||
Nippon Shokubai Co. Ltd. |
1,400 | 53,870 | ||||||
Nippon Soda Co. Ltd.(a) |
9,939 | 373,552 | ||||||
Nissan Chemical Corp. |
2,900 | 130,243 | ||||||
Nitto Denko Corp. |
1,800 | 127,956 | ||||||
NOF Corp. |
1,200 | 51,782 | ||||||
Novozymes A/S, Class B(a) |
3,567 | 179,424 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Nufarm Ltd. |
20,418 | 73,884 | ||||||
Nutrien Ltd. |
10,742 | 741,596 | ||||||
OCI NV |
1,933 | 55,156 | ||||||
Okamoto Industries, Inc.(a) |
5,900 | 164,027 | ||||||
Orica Ltd. |
6,731 | 71,437 | ||||||
Osaka Soda Co. Ltd.(a) |
8,800 | 357,996 | ||||||
Recticel SA |
2,200 | 27,943 | ||||||
Resonac Holdings Corp. |
4,200 | 68,714 | ||||||
Sanyo Chemical Industries Ltd. |
4,100 | 124,807 | ||||||
Shikoku Kasei Holdings Corp. |
3,200 | 31,914 | ||||||
Shin-Etsu Chemical Co. Ltd. |
45,100 | 1,485,240 | ||||||
Shin-Etsu Polymer Co. Ltd. |
800 | 7,939 | ||||||
Sika AG (Registered) |
2,378 | 742,602 | ||||||
SOL SpA |
3,009 | 85,096 | ||||||
Solvay SA |
1,681 | 202,205 | ||||||
Sumitomo Chemical Co. Ltd.(a) |
49,200 | 151,707 | ||||||
Symrise AG, Class A |
1,640 | 179,697 | ||||||
T Hasegawa Co. Ltd. |
900 | 21,474 | ||||||
Taiyo Holdings Co. Ltd. |
1,800 | 33,661 | ||||||
Teijin Ltd.(a) |
4,100 | 43,834 | ||||||
Tessenderlo Group SA(a) |
9,389 | 315,731 | ||||||
Toagosei Co. Ltd.(a) |
45,100 | 427,415 | ||||||
Tokai Carbon Co. Ltd. |
6,600 | 58,670 | ||||||
Tokuyama Corp. |
24,600 | 422,899 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
700 | 44,169 | ||||||
Toray Industries, Inc. |
20,500 | 114,735 | ||||||
Tosoh Corp. |
7,800 | 101,919 | ||||||
Toyo Gosei Co. Ltd.(a) |
300 | 17,969 | ||||||
Toyo Ink SC Holdings Co. Ltd. |
13,900 | 214,448 | ||||||
Toyobo Co. Ltd.(a) |
28,700 | 218,967 | ||||||
UBE Corp. |
4,100 | 74,841 | ||||||
Umicore SA |
3,034 | 90,051 | ||||||
Victrex plc |
5,289 | 105,071 | ||||||
Wacker Chemie AG |
256 | 39,896 | ||||||
W-Scope Corp.*(a) |
4,100 | 44,353 | ||||||
Yara International ASA |
2,583 | 105,807 | ||||||
Zeon Corp.(a) |
3,600 | 38,792 | ||||||
|
|
|||||||
16,705,941 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 1.1% |
| |||||||
Aker Carbon Capture ASA* |
23,288 | 35,474 | ||||||
Befesa SA(a)(b) |
1,394 | 53,547 | ||||||
Big Technologies plc* |
11,924 | 40,349 | ||||||
Bilfinger SE |
9,840 | 357,369 | ||||||
Boyd Group Services, Inc. |
372 | 68,468 | ||||||
Brambles Ltd. |
23,903 | 226,626 | ||||||
Bravida Holding AB(b) |
984 | 7,923 | ||||||
Caverion OYJ |
8,888 | 83,883 | ||||||
Cleanaway Waste Management Ltd.(a) |
35,024 | 65,139 | ||||||
Coor Service Management Holding AB(b) |
6,692 | 30,863 | ||||||
Dai Nippon Printing Co. Ltd.(a) |
4,100 | 116,553 | ||||||
Daiseki Co. Ltd.(a) |
1,499 | 50,484 | ||||||
Derichebourg SA |
31,816 | 196,616 | ||||||
DO & CO AG(a) |
369 | 49,960 | ||||||
Downer EDI Ltd.(a) |
241,285 | 713,770 | ||||||
Duskin Co. Ltd.(a) |
4,100 | 92,631 | ||||||
Elis SA |
4,777 | 100,304 | ||||||
GFL Environmental, Inc. |
2,416 | 82,653 |
Investments |
Shares | Value ($) | ||||||
Intrum AB(a) |
28,085 | 219,067 | ||||||
ISS A/S |
2,508 | 50,815 | ||||||
Japan Elevator Service Holdings Co. Ltd. |
4,200 | 51,909 | ||||||
Kokuyo Co. Ltd. |
4,100 | 65,794 | ||||||
Loomis AB, Class B |
984 | 28,731 | ||||||
Matsuda Sangyo Co. Ltd. |
4,100 | 67,179 | ||||||
Mitie Group plc |
506,145 | 662,954 | ||||||
Mitsubishi Pencil Co. Ltd. |
1,800 | 23,564 | ||||||
Nippon Kanzai Holdings Co. Ltd. |
1,300 | 24,229 | ||||||
Okamura Corp.(a) |
30,500 | 437,493 | ||||||
Park24 Co. Ltd.* |
2,200 | 29,002 | ||||||
Prestige International, Inc. |
4,000 | 16,329 | ||||||
Prosegur Cash SA(b) |
90,528 | 63,480 | ||||||
Prosegur Cia de Seguridad SA |
57,195 | 105,689 | ||||||
RB Global, Inc. |
2,829 | 183,033 | ||||||
Rentokil Initial plc |
37,064 | 302,821 | ||||||
Sdiptech AB, Class B* |
1,958 | 54,151 | ||||||
Secom Co. Ltd. |
2,700 | 181,159 | ||||||
Securitas AB, Class B |
11,275 | 96,102 | ||||||
Serco Group plc |
79,745 | 159,344 | ||||||
Smart Metering Systems plc |
7,215 | 64,704 | ||||||
Societe BIC SA |
328 | 20,107 | ||||||
Sohgo Security Services Co. Ltd. |
9,500 | 58,078 | ||||||
SPIE SA |
2,992 | 89,992 | ||||||
Takkt AG |
2,728 | 39,281 | ||||||
TOPPAN, Inc. |
4,100 | 96,440 | ||||||
Veridis Environment Ltd.*(a) |
2,870 | 14,845 | ||||||
Waste Connections, Inc.(a) |
3,936 | 556,886 | ||||||
|
|
|||||||
6,135,790 | ||||||||
|
|
|||||||
Communications Equipment - 0.2% |
| |||||||
Nokia OYJ |
84,009 | 331,409 | ||||||
Spirent Communications plc |
25,338 | 55,129 | ||||||
Telefonaktiebolaget LM Ericsson, Class A(a) |
3,789 | 20,554 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
59,081 | 297,387 | ||||||
VTech Holdings Ltd. |
57,400 | 357,338 | ||||||
|
|
|||||||
1,061,817 | ||||||||
|
|
|||||||
Construction & Engineering - 1.8% |
| |||||||
Ackermans & van Haaren NV |
454 | 79,288 | ||||||
ACS Actividades de Construccion y Servicios SA(a) |
5,122 | 179,526 | ||||||
AF Gruppen ASA |
704 | 9,478 | ||||||
Ashtrom Group Ltd. |
1,861 | 28,137 | ||||||
Balfour Beatty plc |
18,286 | 82,206 | ||||||
Bouygues SA |
5,576 | 200,234 | ||||||
Burkhalter Holding AG |
615 | 66,122 | ||||||
Chiyoda Corp.*(a) |
61,500 | 149,335 | ||||||
Chudenko Corp. |
4,100 | 67,237 | ||||||
Daiho Corp.(a) |
4,100 | 114,706 | ||||||
Eiffage SA |
1,640 | 171,090 | ||||||
Elco Ltd. |
3,854 | 140,647 | ||||||
Elecnor SA |
15,539 | 238,999 | ||||||
Electra Ltd. |
15 | 6,633 | ||||||
EXEO Group, Inc.(a) |
4,100 | 85,287 | ||||||
Ferrovial SE |
7,118 | 236,537 | ||||||
Fugro NV* |
7,040 | 125,744 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Gold Finance Holdings Ltd.* |
89,827 | | ||||||
Hazama Ando Corp.(a) |
59,800 | 478,551 | ||||||
HOCHTIEF AG |
442 | 43,640 | ||||||
INFRONEER Holdings, Inc. |
4,100 | 39,924 | ||||||
Instalco AB(a)(b) |
11,606 | 45,728 | ||||||
JGC Holdings Corp. |
5,400 | 75,671 | ||||||
Johns Lyng Group Ltd.(a) |
4,879 | 17,392 | ||||||
Kajima Corp. |
12,400 | 196,019 | ||||||
Kandenko Co. Ltd. |
8,200 | 71,912 | ||||||
Kinden Corp. |
2,300 | 31,729 | ||||||
Kumagai Gumi Co. Ltd. |
13,100 | 296,889 | ||||||
Kvutzat Acro Ltd.(a) |
4,223 | 49,600 | ||||||
Kyudenko Corp.(a) |
2,100 | 60,585 | ||||||
Maire Tecnimont SpA(a) |
56,580 | 233,060 | ||||||
MIRAIT ONE Corp. |
36,900 | 473,976 | ||||||
Monadelphous Group Ltd. |
7,216 | 66,227 | ||||||
Morgan Sindall Group plc |
15,662 | 384,491 | ||||||
NCC AB, Class B(a) |
26,773 | 288,942 | ||||||
Nippon Densetsu Kogyo Co. Ltd. |
1,700 | 25,701 | ||||||
Nippon Road Co. Ltd. (The) |
1,400 | 94,693 | ||||||
Nishimatsu Construction Co. Ltd. |
1,700 | 44,319 | ||||||
NRW Holdings Ltd. |
169,986 | 314,999 | ||||||
NYAB OYJ(a) |
33,784 | 26,893 | ||||||
Obayashi Corp. |
12,300 | 113,797 | ||||||
Okumura Corp. |
12,300 | 367,926 | ||||||
Peab AB, Class B |
78,105 | 346,093 | ||||||
Penta-Ocean Construction Co. Ltd. |
9,700 | 52,658 | ||||||
Raito Kogyo Co. Ltd. |
3,200 | 46,374 | ||||||
Raiznext Corp. |
12,300 | 126,047 | ||||||
Sacyr SA(a) |
29,201 | 100,064 | ||||||
Sanki Engineering Co. Ltd. |
18,000 | 195,735 | ||||||
Shapir Engineering and Industry Ltd.(a) |
2,525 | 18,092 | ||||||
Shikun & Binui Ltd.*(a) |
20,336 | 55,896 | ||||||
Shimizu Corp. |
8,200 | 56,537 | ||||||
Shinnihon Corp.(a) |
12,300 | 109,685 | ||||||
SHO-BOND Holdings Co. Ltd. |
1,200 | 48,758 | ||||||
Skanska AB, Class B |
8,610 | 137,498 | ||||||
SNC-Lavalin Group, Inc.(a) |
2,068 | 60,190 | ||||||
Stantec, Inc. |
1,848 | 125,376 | ||||||
Sumitomo Densetsu Co. Ltd. |
6,400 | 142,568 | ||||||
Sumitomo Mitsui Construction Co. Ltd. |
65,600 | 174,065 | ||||||
Sweco AB, Class B |
4,708 | 48,570 | ||||||
Taihei Dengyo Kaisha Ltd. |
5,400 | 168,940 | ||||||
Taikisha Ltd. |
1,000 | 29,772 | ||||||
Taisei Corp. |
4,600 | 174,378 | ||||||
Takamatsu Construction Group Co. Ltd. |
8,200 | 155,828 | ||||||
Toa Corp. |
8,200 | 187,282 | ||||||
Toda Corp.(a) |
5,200 | 28,972 | ||||||
Toenec Corp. |
4,100 | 108,358 | ||||||
Toyo Construction Co. Ltd. |
8,200 | 62,331 | ||||||
Veidekke ASA |
3,088 | 34,920 | ||||||
Ventia Services Group Pty. Ltd. |
28,618 | 55,924 | ||||||
Vinci SA |
8,077 | 950,908 | ||||||
Webuild SpA(a) |
28,249 | 55,440 | ||||||
Worley Ltd. |
7,728 | 90,402 | ||||||
WSP Global, Inc. |
1,763 | 243,304 |
Investments |
Shares | Value ($) | ||||||
Yokogawa Bridge Holdings Corp. |
14,800 | 266,250 | ||||||
|
|
|||||||
10,281,085 | ||||||||
|
|
|||||||
Construction Materials - 0.9% |
| |||||||
Adbri Ltd.(a) |
130,216 | 218,488 | ||||||
Boral Ltd.*(a) |
3,476 | 10,212 | ||||||
Breedon Group plc |
102,147 | 478,396 | ||||||
Brickworks Ltd. |
1,435 | 25,054 | ||||||
Buzzi SpA |
3,148 | 89,686 | ||||||
Cementir Holding NV |
18,081 | 171,044 | ||||||
CRH plc |
16,728 | 1,000,420 | ||||||
CSR Ltd.(a) |
24,887 | 95,925 | ||||||
Heidelberg Materials AG |
3,075 | 249,868 | ||||||
Holcim Ltd. |
12,177 | 851,273 | ||||||
Ibstock plc(b) |
27,720 | 53,535 | ||||||
Imerys SA |
1,103 | 38,405 | ||||||
James Hardie Industries plc, CHDI* |
6,190 | 181,361 | ||||||
Marshalls plc(a) |
78,105 | 269,926 | ||||||
Mitani Sekisan Co. Ltd. |
1,200 | 40,709 | ||||||
RHI Magnesita NV(a) |
9,266 | 356,232 | ||||||
Sumitomo Osaka Cement Co. Ltd. |
1,700 | 47,705 | ||||||
Taiheiyo Cement Corp. |
2,200 | 45,942 | ||||||
Titan Cement International SA(a) |
15,908 | 335,353 | ||||||
Vicat SA |
8,077 | 275,174 | ||||||
Wienerberger AG |
2,596 | 85,351 | ||||||
|
|
|||||||
4,920,059 | ||||||||
|
|
|||||||
Consumer Finance - 0.3% |
| |||||||
Acom Co. Ltd.(a) |
20,500 | 50,399 | ||||||
AEON Financial Service Co. Ltd. |
4,100 | 36,821 | ||||||
Cembra Money Bank AG |
1,722 | 131,109 | ||||||
Credit Corp. Group Ltd.(a) |
6,068 | 96,499 | ||||||
Credit Saison Co. Ltd. |
2,100 | 33,552 | ||||||
Direct Finance of Direct Group 2006 Ltd.(a) |
574 | 70,973 | ||||||
goeasy Ltd. |
4,510 | 435,872 | ||||||
Gruppo MutuiOnline SpA(a) |
1,056 | 37,898 | ||||||
Isracard Ltd. |
15,211 | 63,316 | ||||||
J Trust Co. Ltd. |
32,800 | 108,733 | ||||||
Jaccs Co. Ltd. |
9,900 | 363,028 | ||||||
KRUK SA* |
738 | 80,772 | ||||||
Latitude Group Holdings Ltd.(a) |
88,452 | 70,928 | ||||||
Marui Group Co. Ltd.(a) |
3,200 | 57,320 | ||||||
Orient Corp. |
4,100 | 32,089 | ||||||
Sun Hung Kai & Co. Ltd. |
246,000 | 91,477 | ||||||
|
|
|||||||
1,760,786 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.5% |
| |||||||
Aeon Co. Ltd. |
13,813 | 299,243 | ||||||
Ain Holdings, Inc. |
800 | 28,440 | ||||||
Alimentation Couche-Tard, Inc. |
11,849 | 600,980 | ||||||
Arcs Co. Ltd. |
19,218 | 335,449 | ||||||
Axfood AB |
1,496 | 38,185 | ||||||
Axial Retailing, Inc. |
8,200 | 219,025 | ||||||
Belc Co. Ltd. |
800 | 37,894 | ||||||
Carrefour SA |
12,546 | 251,615 | ||||||
Casino Guichard Perrachon SA*(a) |
15,006 | 39,211 | ||||||
Coles Group Ltd. |
21,074 | 258,311 | ||||||
Cosmos Pharmaceutical Corp. |
200 | 23,128 | ||||||
Create SD Holdings Co. Ltd. |
500 | 12,352 | ||||||
Dino Polska SA*(b) |
1,012 | 113,067 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Distribuidora Internacional de Alimentacion SA* |
3,367,945 | 56,814 | ||||||
Empire Co. Ltd., Class A |
4,018 | 109,314 | ||||||
Endeavour Group Ltd. |
17,056 | 69,879 | ||||||
Etablissements Franz Colruyt NV(a) |
1,044 | 39,792 | ||||||
Fuji Co. Ltd. |
4,200 | 54,185 | ||||||
George Weston Ltd.(a) |
1,148 | 132,440 | ||||||
GrainCorp Ltd., Class A |
78,679 | 428,914 | ||||||
HelloFresh SE* |
3,046 | 87,015 | ||||||
Inageya Co. Ltd.(a) |
2,998 | 31,651 | ||||||
J Sainsbury plc(a) |
38,557 | 137,616 | ||||||
Jeronimo Martins SGPS SA |
5,155 | 140,727 | ||||||
Kansai Food Market Ltd.(a) |
8,200 | 83,570 | ||||||
Kato Sangyo Co. Ltd. |
700 | 19,215 | ||||||
Kesko OYJ, Class A |
2,248 | 45,159 | ||||||
Kesko OYJ, Class B |
4,715 | 94,587 | ||||||
Kobe Bussan Co. Ltd. |
1,900 | 50,656 | ||||||
Koninklijke Ahold Delhaize NV |
21,935 | 759,029 | ||||||
Kusuri no Aoki Holdings Co. Ltd. |
600 | 34,451 | ||||||
Life Corp. |
8,200 | 205,750 | ||||||
Loblaw Cos. Ltd. |
2,460 | 218,667 | ||||||
Marks & Spencer Group plc* |
48,796 | 129,522 | ||||||
MARR SpA |
4,018 | 62,641 | ||||||
MatsukiyoCocokara & Co. |
2,400 | 140,456 | ||||||
Maxvalu Tokai Co. Ltd. |
500 | 9,811 | ||||||
Metcash Ltd. |
17,514 | 42,487 | ||||||
METRO AG* |
4,346 | 37,878 | ||||||
Metro, Inc., Class A |
3,608 | 194,537 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
8,200 | 218,447 | ||||||
North West Co., Inc. (The) |
2,419 | 58,993 | ||||||
Ocado Group plc*(a) |
13,642 | 164,712 | ||||||
Oisix ra daichi, Inc.*(a) |
2,000 | 32,869 | ||||||
Olam Group Ltd. |
28,700 | 28,315 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. |
574 | 34,782 | ||||||
Redcare Pharmacy NV*(b) |
748 | 87,089 | ||||||
Seven & i Holdings Co. Ltd. |
12,600 | 522,606 | ||||||
Sheng Siong Group Ltd. |
17,900 | 22,109 | ||||||
Shufersal Ltd.* |
3,578 | 19,044 | ||||||
Sonae SGPS SA |
62,361 | 67,965 | ||||||
Sugi Holdings Co. Ltd. |
800 | 35,670 | ||||||
Sundrug Co. Ltd. |
1,600 | 47,252 | ||||||
Tesco plc |
151,085 | 501,535 | ||||||
Tsuruha Holdings, Inc. |
900 | 69,141 | ||||||
United Super Markets Holdings, Inc.(a) |
2,000 | 15,752 | ||||||
Valor Holdings Co. Ltd. |
16,400 | 246,323 | ||||||
Welcia Holdings Co. Ltd.(a) |
2,300 | 43,319 | ||||||
Woolworths Group Ltd.(a) |
17,343 | 451,336 | ||||||
|
|
|||||||
8,340,922 | ||||||||
|
|
|||||||
Containers & Packaging - 0.3% |
| |||||||
Billerud Aktiebolag |
5,485 | 46,866 | ||||||
CCL Industries, Inc., Class B |
2,759 | 132,516 | ||||||
DS Smith plc |
26,376 | 105,068 | ||||||
FP Corp. |
1,200 | 25,287 | ||||||
Fuji Seal International, Inc. |
2,000 | 22,396 | ||||||
Huhtamaki OYJ |
2,051 | 73,064 | ||||||
Mayr Melnhof Karton AG |
275 | 42,084 |
Investments |
Shares | Value ($) | ||||||
Orora Ltd.(a) |
19,096 | 46,196 | ||||||
Rengo Co. Ltd. |
5,200 | 33,141 | ||||||
SIG Group AG |
6,150 | 165,305 | ||||||
Smurfit Kappa Group plc |
5,781 | 229,395 | ||||||
Toyo Seikan Group Holdings Ltd. |
5,600 | 91,106 | ||||||
Transcontinental, Inc., Class A |
25,379 | 252,392 | ||||||
Verallia SA(b) |
1,364 | 60,636 | ||||||
Vidrala SA |
902 | 91,991 | ||||||
Winpak Ltd. |
1,716 | 52,878 | ||||||
|
|
|||||||
1,470,321 | ||||||||
|
|
|||||||
Distributors - 0.1% |
| |||||||
Arata Corp. |
4,100 | 141,832 | ||||||
Bapcor Ltd. |
17,917 | 75,459 | ||||||
Dieteren Group |
343 | 60,016 | ||||||
Inchcape plc |
6,396 | 67,358 | ||||||
Inter Cars SA |
205 | 32,844 | ||||||
PALTAC Corp. |
800 | 26,886 | ||||||
Uni-Select, Inc.* |
2,169 | 78,933 | ||||||
|
|
|||||||
483,328 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.1% |
| |||||||
AcadeMedia AB(a)(b) |
30,914 | 149,311 | ||||||
Auction Technology Group plc* |
2,583 | 23,563 | ||||||
G8 Education Ltd.(a) |
51,492 | 38,168 | ||||||
IDP Education Ltd.(a) |
2,501 | 41,930 | ||||||
InvoCare Ltd. |
6,933 | 57,043 | ||||||
Pearson plc |
13,448 | 149,600 | ||||||
|
|
|||||||
459,615 | ||||||||
|
|
|||||||
Diversified REITs - 0.5% |
| |||||||
Argosy Property Ltd., REIT(a) |
68,432 | 51,958 | ||||||
British Land Co. plc (The), REIT |
22,509 | 97,889 | ||||||
Centuria Capital Group, REIT(a) |
53,751 | 61,574 | ||||||
Charter Hall Group, REIT(a) |
8,140 | 62,695 | ||||||
Charter Hall Long Wale REIT, REIT(a) |
20,910 | 57,911 | ||||||
Cromwell European REIT, REIT(b) |
98,474 | 174,801 | ||||||
Daiwa House REIT Investment Corp., REIT |
42 | 82,770 | ||||||
GPT Group (The), REIT |
14,186 | 41,487 | ||||||
Growthpoint Properties Australia Ltd., REIT |
27,019 | 52,253 | ||||||
H&R REIT, REIT(a) |
48,298 | 377,578 | ||||||
Hankyu Hanshin REIT, Inc., REIT |
82 | 82,012 | ||||||
Heiwa Real Estate REIT, Inc., REIT |
43 | 43,914 | ||||||
Hulic Reit, Inc., REIT(a) |
24 | 27,872 | ||||||
ICADE, REIT |
836 | 34,178 | ||||||
Land Securities Group plc, REIT |
6,027 | 50,204 | ||||||
LXI REIT plc, REIT(b) |
113,201 | 138,586 | ||||||
Merlin Properties Socimi SA, REIT |
7,011 | 65,473 | ||||||
Mirvac Group, REIT |
36,859 | 58,120 | ||||||
Mori Trust Reit, Inc., REIT(a) |
82 | 42,304 | ||||||
NIPPON REIT Investment Corp., REIT(a) |
18 | 42,884 | ||||||
Nomura Real Estate Master Fund, Inc., REIT(a) |
82 | 97,652 | ||||||
NTT UD REIT Investment Corp., REIT |
24 | 22,787 | ||||||
OUE Commercial REIT, REIT |
175,177 | 40,898 | ||||||
Reit 1 Ltd., REIT |
68,675 | 299,919 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Sekisui House Reit, Inc., REIT |
55 | 32,672 | ||||||
Sella Capital Real Estate Ltd., REIT |
85,198 | 178,040 | ||||||
Star Asia Investment Corp., REIT |
66 | 26,710 | ||||||
Stockland, REIT |
23,534 | 66,922 | ||||||
Stride Property Group, REIT(a) |
32,713 | 31,149 | ||||||
Suntec REIT, REIT |
43,500 | 42,262 | ||||||
Takara Leben Real Estate Investment Corp., REIT(a) |
205 | 140,534 | ||||||
Tokyu REIT, Inc., REIT |
22 | 29,126 | ||||||
United Urban Investment Corp., REIT |
40 | 43,215 | ||||||
|
|
|||||||
2,698,349 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 1.1% |
| |||||||
BCE, Inc.(a) |
3,731 | 161,457 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. |
38,130 | 50,685 | ||||||
BT Group plc(a) |
151,864 | 238,383 | ||||||
Cellnex Telecom SA(b) |
8,938 | 366,000 | ||||||
Chorus Ltd. |
8,733 | 46,741 | ||||||
Deutsche Telekom AG (Registered) |
76,260 | 1,668,325 | ||||||
Elisa OYJ |
2,378 | 124,381 | ||||||
Gamma Communications plc |
4,867 | 69,384 | ||||||
Helios Towers plc* |
26,527 | 30,871 | ||||||
HKBN Ltd. |
51,500 | 28,066 | ||||||
HKT Trust & HKT Ltd. |
53,400 | 62,927 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
5,179 | 65,181 | ||||||
Internet Initiative Japan, Inc. |
2,000 | 37,218 | ||||||
Koninklijke KPN NV |
53,546 | 194,350 | ||||||
Nippon Telegraph & Telephone Corp. |
512,500 | 587,600 | ||||||
NOS SGPS SA |
9,348 | 35,620 | ||||||
Orange Polska SA |
38,417 | 70,898 | ||||||
Orange SA |
37,392 | 423,974 | ||||||
PCCW Ltd. |
77,035 | 39,314 | ||||||
Proximus SADP |
8,241 | 63,294 | ||||||
RAI Way SpA(b) |
8,120 | 46,375 | ||||||
Singapore Telecommunications Ltd. |
106,600 | 213,553 | ||||||
Spark New Zealand Ltd. |
29,930 | 96,487 | ||||||
Swisscom AG (Registered) |
451 | 291,562 | ||||||
Telecom Italia SpA*(a) |
14,063 | 4,067 | ||||||
Telecom Italia SpA* |
253,462 | 71,289 | ||||||
Telefonica Deutschland Holding AG |
10,209 | 27,588 | ||||||
Telefonica SA |
115,169 | 492,300 | ||||||
Telekom Austria AG, Class A |
4,091 | 31,213 | ||||||
Telenor ASA |
7,093 | 76,073 | ||||||
Telia Co. AB(a) |
17,712 | 38,146 | ||||||
Telstra Group Ltd. |
63,919 | 183,486 | ||||||
TELUS Corp. |
5,166 | 92,154 | ||||||
TPG Telecom Ltd.(a) |
11,890 | 40,221 | ||||||
United Internet AG (Registered) |
4,715 | 70,804 | ||||||
|
|
|||||||
6,139,987 | ||||||||
|
|
|||||||
Electric Utilities - 1.4% |
| |||||||
Acciona SA |
369 | 55,473 | ||||||
BKW AG |
440 | 79,234 | ||||||
Chubu Electric Power Co., Inc. |
16,400 | 205,750 | ||||||
Chugoku Electric Power Co., Inc. (The)* |
4,206 | 29,212 | ||||||
CK Infrastructure Holdings Ltd. |
11,000 | 58,183 | ||||||
CLP Holdings Ltd. |
25,500 | 207,467 | ||||||
Contact Energy Ltd. |
11,528 | 59,620 |
Investments |
Shares | Value ($) | ||||||
EDP - Energias de Portugal SA |
46,945 | 219,977 | ||||||
Elia Group SA/NV |
640 | 78,960 | ||||||
Emera, Inc.(a) |
4,182 | 169,949 | ||||||
Endesa SA(a) |
4,510 | 96,889 | ||||||
Enea SA* |
84,952 | 187,360 | ||||||
Enel SpA |
169,125 | 1,169,532 | ||||||
EVN AG |
748 | 17,772 | ||||||
Fortis, Inc.(a) |
7,298 | 311,658 | ||||||
Fortum OYJ |
10,537 | 143,012 | ||||||
Genesis Energy Ltd.(a) |
15,998 | 26,982 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(b) |
44,500 | 27,674 | ||||||
Hokkaido Electric Power Co., Inc.* |
77,900 | 363,950 | ||||||
Hokuriku Electric Power Co.*(a) |
66,100 | 403,402 | ||||||
Hydro One Ltd.(b) |
4,633 | 130,938 | ||||||
Iberdrola SA(a) |
93,294 | 1,167,990 | ||||||
Infratil Ltd. |
8,272 | 51,223 | ||||||
Kansai Electric Power Co., Inc. (The) |
16,400 | 215,850 | ||||||
Kyushu Electric Power Co., Inc.* |
9,100 | 61,890 | ||||||
Manawa Energy Ltd.(a) |
5,123 | 15,304 | ||||||
Mercury NZ Ltd. |
10,742 | 44,056 | ||||||
Origin Energy Ltd. |
26,363 | 150,467 | ||||||
Orsted A/S(b) |
2,870 | 251,024 | ||||||
PGE Polska Grupa Energetyczna SA* |
25,070 | 53,484 | ||||||
Power Assets Holdings Ltd. |
22,500 | 117,712 | ||||||
Redeia Corp. SA |
6,806 | 114,098 | ||||||
Romande Energie Holding SA (Registered) |
525 | 31,251 | ||||||
Shikoku Electric Power Co., Inc.* |
73,800 | 520,205 | ||||||
SSE plc |
16,389 | 355,420 | ||||||
Tauron Polska Energia SA* |
396,880 | 369,895 | ||||||
Terna - Rete Elettrica Nazionale |
21,416 | 181,531 | ||||||
Tohoku Electric Power Co., Inc.* |
10,900 | 72,613 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* |
22,400 | 89,077 | ||||||
Verbund AG |
656 | 54,499 | ||||||
|
|
|||||||
7,960,583 | ||||||||
|
|
|||||||
Electrical Equipment - 1.3% |
| |||||||
ABB Ltd. (Registered) |
25,953 | 1,043,689 | ||||||
Accelleron Industries AG |
4,510 | 119,143 | ||||||
Alfen N.V.*(a)(b) |
1,230 | 85,599 | ||||||
Ballard Power Systems, Inc.*(a) |
13,202 | 62,888 | ||||||
Ceres Power Holdings plc*(a) |
5,412 | 25,388 | ||||||
Daihen Corp. |
8,200 | 316,273 | ||||||
DiscoverIE Group plc |
4,796 | 49,428 | ||||||
Energiekontor AG |
410 | 35,712 | ||||||
Fagerhult Group AB |
6,336 | 32,441 | ||||||
Fuji Electric Co. Ltd. |
1,500 | 67,758 | ||||||
Fujikura Ltd. |
8,200 | 68,507 | ||||||
Furukawa Electric Co. Ltd.(a) |
24,600 | 472,071 | ||||||
GS Yuasa Corp. |
4,100 | 82,430 | ||||||
Hexatronic Group AB(a) |
2,337 | 17,731 | ||||||
Huber + Suhner AG (Registered) |
867 | 75,213 | ||||||
Idec Corp. |
2,200 | 46,762 | ||||||
Legrand SA |
4,264 | 428,380 | ||||||
Mabuchi Motor Co. Ltd. |
1,600 | 45,968 | ||||||
Mersen SA |
7,831 | 369,538 | ||||||
Mitsubishi Electric Corp. |
32,800 | 473,485 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
NEL ASA*(a) |
12,688 | 17,276 | ||||||
Nexans SA |
451 | 40,128 | ||||||
Nidec Corp. |
8,310 | 494,401 | ||||||
NKT A/S*(a) |
3,381 | 193,977 | ||||||
Nordex SE* |
7,130 | 101,095 | ||||||
PNE AG |
2,173 | 31,913 | ||||||
Prysmian SpA |
3,936 | 157,312 | ||||||
Sanyo Denki Co. Ltd.(a) |
4,100 | 207,770 | ||||||
Schneider Electric SE |
8,774 | 1,567,538 | ||||||
Siemens Energy AG* |
6,384 | 108,325 | ||||||
Signify NV(b) |
2,730 | 85,995 | ||||||
TKH Group NV, CVA |
2,194 | 114,806 | ||||||
Varta AG* |
1,008 | 22,905 | ||||||
Vestas Wind Systems A/S* |
15,621 | 419,777 | ||||||
|
|
|||||||
7,481,622 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.9% |
| |||||||
Ai Holdings Corp. |
4,100 | 64,582 | ||||||
Alps Alpine Co. Ltd. |
5,348 | 47,258 | ||||||
ALSO Holding AG (Registered) |
369 | 84,795 | ||||||
Amano Corp. |
800 | 18,176 | ||||||
Anritsu Corp.(a) |
8,200 | 64,582 | ||||||
AT&S Austria Technologie & Systemtechnik AG(a) |
8,733 | 330,838 | ||||||
Azbil Corp. |
2,100 | 66,216 | ||||||
Barco NV |
3,731 | 87,126 | ||||||
Canon Electronics, Inc. |
8,200 | 104,231 | ||||||
Canon Marketing Japan, Inc. |
1,500 | 39,337 | ||||||
Celestica, Inc.* |
36,695 | 807,917 | ||||||
Citizen Watch Co. Ltd.(a) |
8,200 | 53,559 | ||||||
Codan Ltd.(a) |
7,304 | 36,963 | ||||||
Comet Holding AG (Registered) |
462 | 122,049 | ||||||
Daiwabo Holdings Co. Ltd. |
4,100 | 79,386 | ||||||
Dexerials Corp.(a) |
24,600 | 557,517 | ||||||
Elematec Corp. |
4,100 | 51,481 | ||||||
FIH Mobile Ltd.* |
328,000 | 35,329 | ||||||
FIT Hon Teng Ltd.*(a)(b) |
615,000 | 107,249 | ||||||
Halma plc |
6,519 | 187,548 | ||||||
Hamamatsu Photonics KK |
2,700 | 130,097 | ||||||
Hexagon AB, Class B |
30,791 | 298,753 | ||||||
Hioki EE Corp. |
700 | 40,006 | ||||||
Hirose Electric Co. Ltd. |
582 | 73,692 | ||||||
Horiba Ltd. |
800 | 47,190 | ||||||
Hosiden Corp. |
20,500 | 265,051 | ||||||
Ibiden Co. Ltd. |
2,800 | 169,994 | ||||||
Inficon Holding AG (Registered) |
82 | 105,568 | ||||||
Iriso Electronics Co. Ltd. |
1,200 | 33,319 | ||||||
Japan Display, Inc.*(a) |
229,600 | 63,024 | ||||||
Jenoptik AG |
2,585 | 83,793 | ||||||
Kaga Electronics Co. Ltd. |
8,300 | 371,537 | ||||||
Keyence Corp. |
3,000 | 1,346,284 | ||||||
Kitron ASA |
9,471 | 35,060 | ||||||
Koa Corp.(a) |
4,100 | 50,731 | ||||||
Kyocera Corp. |
5,700 | 306,664 | ||||||
Lagercrantz Group AB, Class B |
2,640 | 31,833 | ||||||
Landis+Gyr Group AG(a) |
1,102 | 95,854 | ||||||
LEM Holding SA (Registered) |
27 | 65,409 | ||||||
Macnica Holdings, Inc. |
1,600 | 67,005 | ||||||
Maxell Ltd.(a) |
16,400 | 186,416 |
Investments |
Shares | Value ($) | ||||||
Meiko Electronics Co. Ltd.(a) |
8,200 | 162,811 | ||||||
Murata Manufacturing Co. Ltd. |
9,400 | 550,781 | ||||||
Mycronic AB |
924 | 19,909 | ||||||
NCAB Group AB |
9,298 | 55,704 | ||||||
Nichicon Corp. |
3,200 | 31,622 | ||||||
Nissha Co. Ltd.(a) |
16,400 | 198,074 | ||||||
Nohmi Bosai Ltd. |
2,500 | 30,353 | ||||||
Omron Corp. |
2,800 | 150,208 | ||||||
Optex Group Co. Ltd. |
4,100 | 53,789 | ||||||
Oxford Instruments plc |
3,036 | 93,750 | ||||||
PAX Global Technology Ltd. |
246,000 | 199,356 | ||||||
Renishaw plc |
880 | 44,158 | ||||||
Restar Holdings Corp. |
8,200 | 136,840 | ||||||
Riken Keiki Co. Ltd. |
1,200 | 45,355 | ||||||
Ryosan Co. Ltd.(a) |
8,200 | 259,424 | ||||||
Sensirion Holding AG*(b) |
733 | 64,519 | ||||||
Sesa SpA(a) |
294 | 34,554 | ||||||
SES-imagotag SA*(a) |
246 | 31,951 | ||||||
Shimadzu Corp. |
4,900 | 148,676 | ||||||
Siix Corp. |
12,300 | 132,973 | ||||||
Softwareone Holding AG(a) |
6,068 | 130,341 | ||||||
Spectris plc |
2,112 | 95,408 | ||||||
Taiyo Yuden Co. Ltd. |
2,500 | 74,500 | ||||||
TDK Corp. |
6,700 | 256,390 | ||||||
Tokyo Electron Device Ltd.(a) |
1,900 | 136,669 | ||||||
Topcon Corp. |
4,100 | 49,822 | ||||||
Vaisala OYJ, Class A |
836 | 33,966 | ||||||
Venture Corp. Ltd. |
4,500 | 50,768 | ||||||
VSTECS Holdings Ltd. |
250,000 | 126,624 | ||||||
Yokogawa Electric Corp. |
4,900 | 91,961 | ||||||
|
|
|||||||
10,304,675 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.5% |
| |||||||
Aker Solutions ASA(b) |
7,560 | 33,628 | ||||||
Borr Drilling Ltd.*(a) |
4,018 | 34,296 | ||||||
BW Offshore Ltd. |
23,042 | 63,091 | ||||||
John Wood Group plc* |
33,661 | 64,012 | ||||||
Lapidoth Capital Ltd.(a) |
7,913 | 142,983 | ||||||
Modec, Inc.* |
8,200 | 86,167 | ||||||
Odfjell Drilling Ltd.* |
34,768 | 98,635 | ||||||
PGS ASA* |
318,652 | 223,953 | ||||||
Saipem SpA* |
24,641 | 39,556 | ||||||
SBM Offshore NV |
64,124 | 933,946 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG |
615 | 37,294 | ||||||
Secure Energy Services, Inc. |
104,755 | 548,347 | ||||||
Subsea 7 SA |
3,608 | 48,522 | ||||||
Technip Energies NV |
3,977 | 90,898 | ||||||
Tenaris SA |
9,799 | 163,463 | ||||||
TGS ASA |
1,927 | 25,734 | ||||||
Vallourec SA*(a) |
5,740 | 75,059 | ||||||
|
|
|||||||
2,709,584 | ||||||||
|
|
|||||||
Entertainment - 0.5% |
| |||||||
Bollore SE |
12,858 | 81,515 | ||||||
Capcom Co. Ltd. |
3,400 | 153,153 | ||||||
CD Projekt SA |
1,193 | 48,785 | ||||||
COLOPL, Inc. |
8,200 | 38,380 | ||||||
CTS Eventim AG & Co. KGaA |
704 | 48,163 | ||||||
Daiichikosho Co. Ltd. |
2,200 | 44,432 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
DeNA Co. Ltd. |
1,100 | 13,487 | ||||||
Embracer Group AB, Class B*(a) |
13,161 | 37,895 | ||||||
EVT Ltd. |
6,232 | 51,275 | ||||||
Kahoot! ASA* |
22,755 | 78,410 | ||||||
Kinepolis Group NV |
1,030 | 50,365 | ||||||
Koei Tecmo Holdings Co. Ltd. |
2,492 | 42,656 | ||||||
Konami Group Corp.(a) |
1,000 | 56,088 | ||||||
Modern Times Group MTG AB, Class B* |
7,040 | 45,895 | ||||||
Nexon Co. Ltd. |
8,200 | 156,434 | ||||||
Nintendo Co. Ltd. |
18,000 | 817,145 | ||||||
Paradox Interactive AB |
952 | 27,380 | ||||||
Rovio Entertainment OYJ(b) |
3,280 | 33,307 | ||||||
Shochiku Co. Ltd.(a) |
800 | 61,205 | ||||||
Square Enix Holdings Co. Ltd. |
1,800 | 83,412 | ||||||
Stillfront Group AB* |
160,351 | 297,124 | ||||||
Toei Animation Co. Ltd.(a) |
200 | 18,131 | ||||||
Toho Co. Ltd. |
1,200 | 46,791 | ||||||
Ubisoft Entertainment SA* |
1,425 | 48,077 | ||||||
Universal Music Group NV |
11,480 | 295,294 | ||||||
|
|
|||||||
2,674,799 | ||||||||
|
|
|||||||
Financial Services - 1.7% |
| |||||||
Adyen NV*(b) |
492 | 916,640 | ||||||
AMP Ltd. |
65,142 | 49,602 | ||||||
Banca Mediolanum SpA |
4,444 | 43,314 | ||||||
BFF Bank SpA(b) |
61,090 | 691,060 | ||||||
Burford Capital Ltd. |
3,280 | 44,608 | ||||||
Challenger Ltd. |
9,812 | 47,407 | ||||||
Creades AB, Class A |
13,243 | 92,194 | ||||||
Deutsche Pfandbriefbank AG(b) |
41,943 | 349,838 | ||||||
Edenred |
4,059 | 264,398 | ||||||
Element Fleet Management Corp. |
7,708 | 124,558 | ||||||
Eurazeo SE |
1,144 | 70,003 | ||||||
EXOR NV |
2,624 | 245,739 | ||||||
Financial Partners Group Co. Ltd. |
20,500 | 197,815 | ||||||
First National Financial Corp. |
123 | 3,653 | ||||||
Fuyo General Lease Co. Ltd. |
1,000 | 82,559 | ||||||
GMO Payment Gateway, Inc. |
1,000 | 76,260 | ||||||
GRENKE AG |
1,804 | 49,824 | ||||||
Groupe Bruxelles Lambert NV |
2,009 | 162,893 | ||||||
HAL Trust |
1,189 | 148,660 | ||||||
Helia Group Ltd. |
109,347 | 285,892 | ||||||
Home Capital Group, Inc., Class B |
14,309 | 465,498 | ||||||
Hypoport SE* |
252 | 52,762 | ||||||
Industrivarden AB, Class A |
5,371 | 152,734 | ||||||
Industrivarden AB, Class C(a) |
2,173 | 61,648 | ||||||
Investment AB Oresund |
9,198 | 91,564 | ||||||
Investor AB, Class A |
10,291 | 209,297 | ||||||
Investor AB, Class B |
26,035 | 532,593 | ||||||
Japan Securities Finance Co. Ltd. |
4,700 | 39,894 | ||||||
Kinnevik AB, Class A* |
2,665 | 39,109 | ||||||
Kinnevik AB, Class B* |
902 | 12,331 | ||||||
L E Lundbergforetagen AB, Class B |
1,348 | 59,501 | ||||||
Liberty Financial Group Ltd.(a)(b) |
14,555 | 38,349 | ||||||
M&G plc |
48,380 | 124,870 | ||||||
Mitsubishi HC Capital, Inc. |
15,729 | 104,052 | ||||||
Mizuho Leasing Co. Ltd. |
12,438 | 427,206 |
Investments |
Shares | Value ($) | ||||||
Network International Holdings plc*(b) |
14,574 | 72,456 | ||||||
Nexi SpA*(b) |
7,872 | 68,341 | ||||||
Nuvei Corp.*(b) |
1,328 | 45,371 | ||||||
ORIX Corp. |
26,100 | 501,683 | ||||||
OSB Group plc |
128,002 | 604,755 | ||||||
Paragon Banking Group plc |
85,321 | 579,629 | ||||||
PEUGEOT INVEST |
308 | 36,404 | ||||||
Plus500 Ltd. |
38,253 | 741,226 | ||||||
Ricoh Leasing Co. Ltd.(a) |
5,400 | 167,420 | ||||||
Sofina SA |
316 | 75,325 | ||||||
Tokyo Century Corp. |
600 | 23,488 | ||||||
Tyro Payments Ltd.* |
8,888 | 8,355 | ||||||
Washington H Soul Pattinson & Co. Ltd.(a) |
2,856 | 63,413 | ||||||
Wendel SE |
497 | 49,207 | ||||||
Wise plc, Class A* |
9,328 | 93,279 | ||||||
Worldline SA*(b) |
2,829 | 112,382 | ||||||
Zenkoku Hosho Co. Ltd. |
600 | 21,068 | ||||||
|
|
|||||||
9,622,127 | ||||||||
|
|
|||||||
Food Products - 2.4% |
| |||||||
a2 Milk Co. Ltd. (The)*(a) |
12,579 | 43,214 | ||||||
AAK AB |
2,860 | 55,036 | ||||||
Agrana Beteiligungs AG |
5,885 | 105,114 | ||||||
Ajinomoto Co., Inc. |
8,200 | 319,562 | ||||||
Ariake Japan Co. Ltd. |
800 | 29,184 | ||||||
Aryzta AG* |
62,524 | 107,398 | ||||||
Associated British Foods plc |
5,043 | 133,016 | ||||||
Ausnutria Dairy Corp. Ltd. |
98,000 | 45,490 | ||||||
Austevoll Seafood ASA |
3,432 | 25,834 | ||||||
Bakkafrost P/F |
820 | 47,944 | ||||||
Barry Callebaut AG (Registered) |
41 | 77,237 | ||||||
Bega Cheese Ltd.(a) |
2,583 | 5,657 | ||||||
Bell Food Group AG (Registered) |
123 | 36,537 | ||||||
Bumitama Agri Ltd. |
282,900 | 121,444 | ||||||
Calbee, Inc.(a) |
600 | 11,662 | ||||||
Chocoladefabriken Lindt & Spruengli AG |
24 | 295,138 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) |
2 | 244,102 | ||||||
Costa Group Holdings Ltd. |
28,801 | 64,239 | ||||||
Cranswick plc |
3,006 | 129,025 | ||||||
Danone SA |
9,102 | 557,266 | ||||||
DyDo Group Holdings, Inc. |
500 | 18,194 | ||||||
Ebro Foods SA |
1,618 | 29,934 | ||||||
Elders Ltd.(a) |
59,081 | 290,228 | ||||||
Emmi AG (Registered) |
41 | 40,392 | ||||||
First Pacific Co. Ltd. |
820,000 | 296,511 | ||||||
First Resources Ltd. |
5,100 | 5,800 | ||||||
Fuji Oil Holdings, Inc. |
1,200 | 16,938 | ||||||
Glanbia plc(a) |
3,500 | 54,449 | ||||||
Golden Agri-Resources Ltd. |
213,400 | 40,179 | ||||||
Grieg Seafood ASA |
3,299 | 23,822 | ||||||
Hilton Food Group plc |
27,101 | 225,257 | ||||||
Hokuto Corp. |
4,100 | 53,732 | ||||||
House Foods Group, Inc. |
2,400 | 55,490 | ||||||
Inghams Group Ltd. |
17,712 | 33,419 | ||||||
Itoham Yonekyu Holdings, Inc. |
6,200 | 31,506 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
JDE Peets NV |
1,804 | 54,578 | ||||||
Kagome Co. Ltd. |
900 | 20,080 | ||||||
Kameda Seika Co. Ltd. |
900 | 27,650 | ||||||
Kerry Group plc, Class A(a) |
2,009 | 200,149 | ||||||
Kikkoman Corp. |
4,100 | 236,166 | ||||||
Kotobuki Spirits Co. Ltd. |
500 | 38,042 | ||||||
Leroy Seafood Group ASA |
5,456 | 22,770 | ||||||
Lotus Bakeries NV |
6 | 48,159 | ||||||
Maple Leaf Foods, Inc. |
3,772 | 78,864 | ||||||
Maruha Nichiro Corp.(a) |
16,400 | 284,761 | ||||||
Megmilk Snow Brand Co. Ltd. |
18,400 | 253,958 | ||||||
MEIJI Holdings Co. Ltd. |
3,400 | 78,682 | ||||||
Morinaga & Co. Ltd. |
1,100 | 35,792 | ||||||
Morinaga Milk Industry Co. Ltd. |
1,200 | 40,515 | ||||||
Mowi ASA |
5,412 | 95,358 | ||||||
Nestle SA (Registered) |
41,533 | 5,120,894 | ||||||
Neto Malinda Trading Ltd.*(a) |
615 | 10,999 | ||||||
NH Foods Ltd. |
3,200 | 92,432 | ||||||
Nichirei Corp. |
1,600 | 36,588 | ||||||
Nisshin Oillio Group Ltd. (The) |
9,300 | 250,042 | ||||||
Nisshin Seifun Group, Inc.(a) |
2,690 | 33,398 | ||||||
Nissin Foods Holdings Co. Ltd. |
1,500 | 126,689 | ||||||
Nissui Corp. |
114,800 | 546,690 | ||||||
Orkla ASA |
8,856 | 70,102 | ||||||
Premier Foods plc |
46,494 | 75,854 | ||||||
Premium Brands Holdings Corp., Class A |
660 | 53,808 | ||||||
Prima Meat Packers Ltd. |
12,300 | 191,928 | ||||||
Riken Vitamin Co. Ltd. |
1,800 | 26,301 | ||||||
S Foods, Inc.(a) |
7,200 | 169,763 | ||||||
Sakata Seed Corp. |
1,400 | 39,365 | ||||||
Salmar ASA(a) |
788 | 36,477 | ||||||
Saputo, Inc. |
4,375 | 92,536 | ||||||
Savencia SA |
1,676 | 100,155 | ||||||
Schouw & Co. A/S |
656 | 52,214 | ||||||
Societe LDC SA |
1,394 | 195,193 | ||||||
Strauss Group Ltd.* |
952 | 22,511 | ||||||
Suedzucker AG |
1,979 | 34,366 | ||||||
SunOpta, Inc.*(a) |
4,428 | 29,335 | ||||||
Tate & Lyle plc |
5,494 | 52,769 | ||||||
Toyo Suisan Kaisha Ltd. |
1,800 | 74,607 | ||||||
United Malt Grp Ltd.* |
15,129 | 49,138 | ||||||
Viscofan SA |
943 | 61,343 | ||||||
Vitasoy International Holdings Ltd.(a) |
60,000 | 79,552 | ||||||
WH Group Ltd.(b) |
225,500 | 122,022 | ||||||
Wilmar International Ltd. |
69,700 | 202,622 | ||||||
Yakult Honsha Co. Ltd. |
2,500 | 138,989 | ||||||
Yamazaki Baking Co. Ltd. |
2,900 | 41,883 | ||||||
|
|
|||||||
13,416,039 | ||||||||
|
|
|||||||
Gas Utilities - 0.3% |
| |||||||
AltaGas Ltd.(a) |
6,068 | 120,000 | ||||||
APA Group |
15,936 | 107,385 | ||||||
Brookfield Infrastructure Corp., Class A(a) |
1,506 | 70,560 | ||||||
Enagas SA(a) |
4,223 | 75,126 | ||||||
Hong Kong & China Gas Co. Ltd. |
164,000 | 140,264 | ||||||
Italgas SpA(a) |
6,908 | 40,824 | ||||||
K&O Energy Group, Inc.(a) |
4,100 | 68,102 |
Investments |
Shares | Value ($) | ||||||
Keppel Infrastructure Trust |
114,394 | 43,938 | ||||||
Naturgy Energy Group SA(a) |
3,034 | 92,794 | ||||||
Nippon Gas Co. Ltd. |
1,900 | 28,003 | ||||||
Osaka Gas Co. Ltd. |
9,500 | 149,641 | ||||||
Rubis SCA |
3,034 | 74,998 | ||||||
Saibu Gas Holdings Co. Ltd. |
1,400 | 20,555 | ||||||
Shizuoka Gas Co. Ltd.(a) |
16,400 | 126,740 | ||||||
Snam SpA |
29,438 | 155,209 | ||||||
Superior Plus Corp. |
10,208 | 76,623 | ||||||
Toho Gas Co. Ltd. |
2,000 | 37,493 | ||||||
Tokyo Gas Co. Ltd. |
8,200 | 186,127 | ||||||
|
|
|||||||
1,614,382 | ||||||||
|
|
|||||||
Ground Transportation - 1.2% |
| |||||||
ALD SA(b) |
2,214 | 23,593 | ||||||
Aurizon Holdings Ltd. |
15,826 | 40,631 | ||||||
Canadian National Railway Co. |
9,266 | 1,125,225 | ||||||
Canadian Pacific Kansas City Ltd. |
14,227 | 1,172,748 | ||||||
Central Japan Railway Co. |
2,900 | 370,154 | ||||||
ComfortDelGro Corp. Ltd. |
73,800 | 70,032 | ||||||
East Japan Railway Co. |
5,500 | 311,736 | ||||||
Firstgroup plc |
31,646 | 59,569 | ||||||
Hankyu Hanshin Holdings, Inc. |
4,300 | 142,879 | ||||||
Jungfraubahn Holding AG (Registered) |
287 | 50,987 | ||||||
Keikyu Corp. |
5,700 | 54,220 | ||||||
Keio Corp.(a) |
1,800 | 59,848 | ||||||
Keisei Electric Railway Co. Ltd. |
2,900 | 120,425 | ||||||
Kelsian Group Ltd. |
14,850 | 69,346 | ||||||
Kintetsu Group Holdings Co. Ltd. |
2,200 | 73,875 | ||||||
Kyushu Railway Co. |
2,100 | 46,071 | ||||||
Maruzen Showa Unyu Co. Ltd.(a) |
8,200 | 238,647 | ||||||
Mobico Group plc |
203,032 | 243,859 | ||||||
MTR Corp. Ltd. |
25,264 | 116,137 | ||||||
Mullen Group Ltd.(a) |
30,709 | 370,025 | ||||||
Nagoya Railroad Co. Ltd. |
4,400 | 70,871 | ||||||
Nankai Electric Railway Co. Ltd. |
3,000 | 63,640 | ||||||
Nikkon Holdings Co. Ltd. |
23,100 | 485,396 | ||||||
Nishi-Nippon Railroad Co. Ltd. |
1,100 | 19,874 | ||||||
NTG Nordic Transport Group A/S* |
792 | 49,564 | ||||||
Odakyu Electric Railway Co. Ltd. |
4,600 | 67,245 | ||||||
Redde Northgate plc |
85,649 | 379,089 | ||||||
Seibu Holdings, Inc. |
6,700 | 74,531 | ||||||
Seino Holdings Co. Ltd.(a) |
3,100 | 48,776 | ||||||
Sixt SE |
308 | 37,253 | ||||||
Sixt SE (Preference) |
298 | 22,178 | ||||||
Stef SA |
1,230 | 149,446 | ||||||
TFI International, Inc.(a) |
1,271 | 163,432 | ||||||
Tobu Railway Co. Ltd.(a) |
4,100 | 108,531 | ||||||
Tokyu Corp. |
8,300 | 105,415 | ||||||
West Japan Railway Co. |
4,100 | 168,611 | ||||||
|
|
|||||||
6,773,859 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 1.2% |
| |||||||
Alcon, Inc. |
7,790 | 665,365 | ||||||
Ambu A/S, Class B*(a) |
3,172 | 46,951 | ||||||
Ansell Ltd.(a) |
2,200 | 35,787 | ||||||
Arjo AB, Class B |
11,562 | 49,516 | ||||||
Asahi Intecc Co. Ltd. |
3,200 | 65,721 | ||||||
BioMerieux |
825 | 88,741 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Carl Zeiss Meditec AG |
715 | 83,050 | ||||||
Cochlear Ltd. |
990 | 159,560 | ||||||
Coloplast A/S, Class B |
1,517 | 189,061 | ||||||
ConvaTec Group plc(b) |
26,224 | 70,384 | ||||||
Demant A/S* |
1,980 | 79,179 | ||||||
DiaSorin SpA |
293 | 32,967 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG |
820 | 32,547 | ||||||
Eiken Chemical Co. Ltd. |
1,600 | 16,993 | ||||||
El.En. SpA(a) |
2,684 | 31,930 | ||||||
Elekta AB, Class B |
6,069 | 49,245 | ||||||
EssilorLuxottica SA (Borsa Italiana Stock Exchange) |
2,629 | 504,357 | ||||||
EssilorLuxottica SA (Bulgaria Stock Exchange) |
2,096 | 422,764 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
10,109 | 154,578 | ||||||
Fukuda Denshi Co. Ltd. |
8,200 | 260,290 | ||||||
Getinge AB, Class B |
2,980 | 55,629 | ||||||
Hogy Medical Co. Ltd. |
1,200 | 26,309 | ||||||
Hoya Corp. |
5,800 | 674,789 | ||||||
Japan Lifeline Co. Ltd. |
3,000 | 21,030 | ||||||
Koninklijke Philips NV*(a) |
12,874 | 268,384 | ||||||
Medacta Group SA(b) |
336 | 49,071 | ||||||
Medistim ASA |
1,188 | 30,532 | ||||||
Medmix AG(a)(b) |
1,517 | 42,438 | ||||||
Menicon Co. Ltd. |
1,900 | 34,047 | ||||||
Nagaileben Co. Ltd. |
1,500 | 24,894 | ||||||
Nanosonics Ltd.*(a) |
16,777 | 53,474 | ||||||
Nihon Kohden Corp. |
2,300 | 60,673 | ||||||
Nipro Corp.(a) |
4,100 | 29,795 | ||||||
Olympus Corp. |
20,500 | 334,236 | ||||||
Paramount Bed Holdings Co. Ltd. |
1,600 | 26,205 | ||||||
PolyNovo Ltd.* |
32,604 | 35,592 | ||||||
Revenio Group OYJ |
574 | 20,366 | ||||||
Siemens Healthineers AG(b) |
4,715 | 274,586 | ||||||
Smith & Nephew plc |
11,439 | 174,408 | ||||||
Sonova Holding AG (Registered) |
785 | 219,603 | ||||||
STRATEC SE |
308 | 17,319 | ||||||
Straumann Holding AG (Registered) |
1,826 | 303,649 | ||||||
Surgical Science Sweden AB* |
1,584 | 36,964 | ||||||
Sysmex Corp. |
2,700 | 182,908 | ||||||
Terumo Corp. |
12,300 | 402,641 | ||||||
Xvivo Perfusion AB* |
1,892 | 57,440 | ||||||
Ypsomed Holding AG (Registered) |
123 | 36,325 | ||||||
|
|
|||||||
6,532,293 | ||||||||
|
|
|||||||
Health Care Providers & Services - 0.5% |
| |||||||
Alfresa Holdings Corp. |
5,500 | 87,834 | ||||||
Amplifon SpA |
2,112 | 71,697 | ||||||
Arvida Group Ltd.(a) |
270,003 | 210,045 | ||||||
As One Corp. |
800 | 31,807 | ||||||
BML, Inc.(a) |
8,200 | 173,430 | ||||||
Chartwell Retirement Residences(a) |
5,472 | 41,614 | ||||||
Clariane SE(a) |
25,420 | 198,290 | ||||||
CVS Group plc |
4,356 | 115,568 | ||||||
dentalcorp Holdings Ltd.*(a) |
6,768 | 39,284 | ||||||
EBOS Group Ltd.(a) |
2,066 | 49,567 | ||||||
Fagron |
3,775 | 67,343 |
Investments |
Shares | Value ($) | ||||||
Fresenius Medical Care AG & Co. KGaA |
2,706 | 140,881 | ||||||
Fresenius SE & Co. KGaA |
7,462 | 234,723 | ||||||
Galenica AG(b) |
792 | 64,047 | ||||||
H.U. Group Holdings, Inc.(a) |
4,100 | 81,030 | ||||||
Healius Ltd. |
27,347 | 52,888 | ||||||
Medicover AB, Class B |
3,403 | 52,175 | ||||||
Medipal Holdings Corp. |
5,100 | 87,459 | ||||||
NMC Health plc* |
2,074 | | (d) | |||||
Raffles Medical Group Ltd. |
4,124 | 4,348 | ||||||
Ramsay Health Care Ltd.(a) |
2,952 | 117,184 | ||||||
Ryman Healthcare Ltd.(a) |
11,375 | 48,210 | ||||||
Ship Healthcare Holdings, Inc. |
1,900 | 30,804 | ||||||
Sonic Healthcare Ltd. |
7,462 | 176,744 | ||||||
Spire Healthcare Group plc(b) |
14,036 | 38,918 | ||||||
Summerset Group Holdings Ltd. |
13,735 | 88,044 | ||||||
Suzuken Co. Ltd. |
1,880 | 54,900 | ||||||
Terveystalo OYJ(b) |
8,241 | 67,056 | ||||||
Tokai Corp. |
4,100 | 55,261 | ||||||
Uniphar plc |
15,050 | 47,706 | ||||||
Well Health Technologies Corp.*(a) |
10,947 | 39,255 | ||||||
|
|
|||||||
2,568,112 | ||||||||
|
|
|||||||
Health Care REITs - 0.1% |
| |||||||
Aedifica SA, REIT |
832 | 57,333 | ||||||
Assura plc, REIT |
171,872 | 104,731 | ||||||
Cofinimmo SA, REIT |
41 | 3,219 | ||||||
NorthWest Healthcare Properties REIT, REIT(a) |
49,077 | 260,625 | ||||||
Parkway Life REIT, REIT |
12,500 | 36,527 | ||||||
Primary Health Properties plc, REIT |
79,089 | 96,163 | ||||||
Vital Healthcare Property Trust, REIT |
29,771 | 43,911 | ||||||
|
|
|||||||
602,509 | ||||||||
|
|
|||||||
Health Care Technology - 0.1% |
| |||||||
CompuGroup Medical SE & Co. KGaA |
1,599 | 81,379 | ||||||
EMIS Group plc |
3,630 | 67,816 | ||||||
M3, Inc. |
6,500 | 149,279 | ||||||
Medley, Inc.* |
1,000 | 35,684 | ||||||
Nexus AG |
984 | 63,033 | ||||||
Pro Medicus Ltd.(a) |
1,100 | 50,989 | ||||||
Sectra AB, Class B* |
2,948 | 47,303 | ||||||
|
|
|||||||
495,483 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.0%(e) |
| |||||||
CapitaLand Ascott Trust, REIT |
32,566 | 27,469 | ||||||
CDL Hospitality Trusts, REIT |
38,294 | 34,320 | ||||||
Far East Hospitality Trust, REIT |
53,976 | 26,220 | ||||||
Frasers Hospitality Trust, REIT |
39,200 | 14,171 | ||||||
Hoshino Resorts REIT, Inc., REIT |
12 | 52,618 | ||||||
Invincible Investment Corp., REIT |
121 | 50,161 | ||||||
Japan Hotel REIT Investment Corp., REIT |
77 | 38,262 | ||||||
|
|
|||||||
243,221 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.8% |
| |||||||
Accor SA |
2,133 | 80,641 | ||||||
Amadeus IT Group SA |
6,765 | 486,460 | ||||||
AmRest Holdings SE* |
6,191 | 43,318 | ||||||
Arcland Service Holdings Co. Ltd. |
1,400 | 29,856 | ||||||
Aristocrat Leisure Ltd. |
9,061 | 240,139 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Atom Corp.*(a) |
5,800 | 36,332 | ||||||
Basic-Fit NV*(a)(b) |
2,632 | 89,205 | ||||||
Betsson AB, Class B* |
7,708 | 93,398 | ||||||
Cafe de Coral Holdings Ltd. |
4,000 | 5,242 | ||||||
Carnival plc* |
8,733 | 148,095 | ||||||
Colowide Co. Ltd. |
3,500 | 51,978 | ||||||
Compass Group plc |
27,142 | 707,874 | ||||||
Corporate Travel Management Ltd.(a) |
3,366 | 47,450 | ||||||
Create Restaurants Holdings, Inc.(a) |
4,400 | 33,663 | ||||||
Dalata Hotel Group plc* |
8,159 | 38,277 | ||||||
Deliveroo plc, Class A*(b) |
60,106 | 101,619 | ||||||
Delivery Hero SE*(b) |
3,485 | 158,556 | ||||||
Dominos Pizza Enterprises Ltd.(a) |
1,398 | 46,254 | ||||||
Dominos Pizza Group plc |
14,145 | 63,226 | ||||||
Entain plc |
9,553 | 170,358 | ||||||
Evolution AB(a)(b) |
3,034 | 374,792 | ||||||
Flight Centre Travel Group Ltd.*(a) |
4,576 | 72,062 | ||||||
Flutter Entertainment plc* |
2,333 | 465,481 | ||||||
Food & Life Cos. Ltd. |
2,000 | 39,344 | ||||||
Fuji Kyuko Co. Ltd. |
1,000 | 39,907 | ||||||
Galaxy Entertainment Group Ltd.* |
36,000 | 261,274 | ||||||
Genting Singapore Ltd. |
104,400 | 73,909 | ||||||
Greggs plc |
1,558 | 55,367 | ||||||
Heiwa Corp. |
2,450 | 41,523 | ||||||
Hongkong & Shanghai Hotels Ltd. (The)* |
61,500 | 54,807 | ||||||
Ichibanya Co. Ltd. |
1,000 | 39,203 | ||||||
InterContinental Hotels Group plc |
2,911 | 215,587 | ||||||
J D Wetherspoon plc* |
6,583 | 57,257 | ||||||
Jumbo Interactive Ltd. |
3,476 | 35,978 | ||||||
Just Eat Takeaway.com NV*(b) |
3,403 | 61,192 | ||||||
Kappa Create Co. Ltd.*(a) |
4,100 | 44,526 | ||||||
Kindred Group plc, SDR |
5,043 | 60,713 | ||||||
KOMEDA Holdings Co. Ltd. |
1,200 | 23,269 | ||||||
Kyoritsu Maintenance Co. Ltd.(a) |
1,100 | 43,116 | ||||||
La Francaise des Jeux SAEM(b) |
1,897 | 72,618 | ||||||
Lottery Corp. Ltd. (The) |
32,062 | 111,698 | ||||||
Mandarin Oriental International Ltd.* |
8,000 | 13,440 | ||||||
McDonalds Holdings Co. Japan Ltd.(a) |
1,100 | 43,356 | ||||||
Melco International Development Ltd.* |
41,000 | 43,162 | ||||||
Melia Hotels International SA* |
9,988 | 73,562 | ||||||
Mitchells & Butlers plc* |
22,924 | 67,839 | ||||||
MOS Food Services, Inc. |
2,100 | 48,332 | ||||||
MTY Food Group, Inc. |
1,452 | 74,053 | ||||||
NagaCorp Ltd.* |
40,372 | 25,314 | ||||||
Ohsho Food Service Corp. |
704 | 33,545 | ||||||
Oriental Land Co. Ltd. |
18,000 | 690,456 | ||||||
Playtech plc* |
16,601 | 119,828 | ||||||
Resorttrust, Inc. |
4,100 | 64,827 | ||||||
Restaurant Brands International, Inc. |
4,469 | 342,751 | ||||||
Restaurant Brands New Zealand Ltd. |
1,154 | 4,661 | ||||||
Round One Corp. |
82,000 | 327,815 | ||||||
Royal Holdings Co. Ltd.(a) |
1,600 | 29,876 | ||||||
Saizeriya Co. Ltd. |
1,800 | 57,264 | ||||||
Sands China Ltd.* |
40,400 | 154,115 | ||||||
Scandic Hotels Group AB*(b) |
9,870 | 38,954 | ||||||
SkiStar AB |
2,828 | 30,763 |
Investments |
Shares | Value ($) | ||||||
SKYCITY Entertainment Group Ltd. |
56,129 | 78,946 | ||||||
Skylark Holdings Co. Ltd.* |
3,700 | 47,917 | ||||||
Societe des Bains de Mer et du Cercle des Etrangers a Monaco |
451 | 54,698 | ||||||
Sodexo SA |
1,394 | 143,459 | ||||||
SSP Group plc* |
43,337 | 140,291 | ||||||
Star Entertainment Grp Ltd. (The)* |
91,143 | 64,488 | ||||||
Tabcorp Holdings Ltd. |
125,870 | 89,482 | ||||||
Tokyotokeiba Co. Ltd. |
1,200 | 32,517 | ||||||
Toridoll Holdings Corp. |
1,100 | 27,175 | ||||||
Trainline plc*(b) |
33,203 | 112,526 | ||||||
TUI AG* |
161,540 | 1,310,860 | ||||||
Webjet Ltd.*(a) |
20,377 | 108,201 | ||||||
Whitbread plc |
2,508 | 112,910 | ||||||
Wynn Macau Ltd.* |
12,800 | 13,295 | ||||||
Yoshinoya Holdings Co. Ltd.(a) |
4,900 | 96,979 | ||||||
Zensho Holdings Co. Ltd.(a) |
1,800 | 95,967 | ||||||
|
|
|||||||
9,729,188 | ||||||||
|
|
|||||||
Household Durables - 1.3% |
| |||||||
Ariston Holding NV |
5,411 | 50,501 | ||||||
Azorim-Investment Development & Construction Co. Ltd.*(a) |
5,535 | 19,308 | ||||||
Barratt Developments plc |
22,673 | 133,230 | ||||||
Bellway plc |
2,640 | 75,272 | ||||||
Berkeley Group Holdings plc |
1,312 | 73,364 | ||||||
Breville Group Ltd.(a) |
2,420 | 36,805 | ||||||
Cairn Homes plc |
250,715 | 306,131 | ||||||
Casio Computer Co. Ltd.(a) |
3,600 | 30,760 | ||||||
Danya Cebus Ltd.(a) |
2,870 | 73,637 | ||||||
De Longhi SpA |
1,012 | 25,775 | ||||||
Dom Development SA |
2,244 | 83,028 | ||||||
Duniec Brothers Ltd.*(a) |
451 | 24,103 | ||||||
Electra Consumer Products 1970 Ltd.(a) |
656 | 16,446 | ||||||
Electrolux AB, Class B |
3,198 | 39,566 | ||||||
Fiskars OYJ Abp(a) |
574 | 10,265 | ||||||
Fujitsu General Ltd. |
2,100 | 43,876 | ||||||
GN Store Nord A/S* |
2,064 | 55,315 | ||||||
Haseko Corp. |
3,500 | 45,585 | ||||||
Iida Group Holdings Co. Ltd.(a) |
5,400 | 94,808 | ||||||
JM AB(a) |
23,985 | 377,551 | ||||||
JS Global Lifestyle Co. Ltd.*(a)(b) |
22,000 | 3,893 | ||||||
JVCKenwood Corp. |
8,200 | 27,068 | ||||||
Ki-Star Real Estate Co. Ltd.(a) |
3,300 | 120,313 | ||||||
Man Wah Holdings Ltd. |
52,000 | 44,807 | ||||||
Maytronics Ltd.(a) |
2,870 | 39,278 | ||||||
Nagawa Co. Ltd.(a) |
500 | 25,197 | ||||||
Nikon Corp. |
5,800 | 76,582 | ||||||
Open House Group Co. Ltd. |
1,800 | 68,463 | ||||||
Panasonic Holdings Corp. |
49,200 | 609,459 | ||||||
Persimmon plc |
2,091 | 31,182 | ||||||
Pressance Corp.(a) |
8,400 | 119,544 | ||||||
Redrow plc |
105,411 | 701,192 | ||||||
Rinnai Corp. |
1,800 | 39,223 | ||||||
Sangetsu Corp. |
2,256 | 41,427 | ||||||
SEB SA |
616 | 69,208 | ||||||
Sekisui Chemical Co. Ltd. |
10,500 | 159,554 | ||||||
Sekisui House Ltd.(a) |
16,400 | 334,626 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
SharkNinja, Inc.* |
880 | 37,233 | ||||||
Sony Group Corp. |
19,200 | 1,799,324 | ||||||
Sumitomo Forestry Co. Ltd. |
3,300 | 79,643 | ||||||
Tama Home Co. Ltd.(a) |
4,400 | 108,544 | ||||||
Tamron Co. Ltd. |
8,200 | 259,424 | ||||||
Taylor Wimpey plc |
49,487 | 72,809 | ||||||
Token Corp.(a) |
2,600 | 137,064 | ||||||
Victoria plc*(a) |
5,192 | 43,823 | ||||||
Vistry Group plc |
12,177 | 123,695 | ||||||
YIT OYJ(a) |
37,105 | 89,675 | ||||||
Zojirushi Corp. |
5,400 | 75,976 | ||||||
|
|
|||||||
6,953,552 | ||||||||
|
|
|||||||
Household Products - 0.3% |
| |||||||
Earth Corp. |
600 | 21,453 | ||||||
Essity AB, Class A |
2,009 | 49,902 | ||||||
Essity AB, Class B |
7,708 | 191,389 | ||||||
Henkel AG & Co. KGaA |
1,148 | 80,424 | ||||||
Henkel AG & Co. KGaA (Preference) |
2,255 | 174,485 | ||||||
Lion Corp. |
8,200 | 78,462 | ||||||
Pigeon Corp. |
2,400 | 32,432 | ||||||
Reckitt Benckiser Group plc |
11,234 | 843,838 | ||||||
Sano-Brunos Enterprises Ltd.(a) |
308 | 17,697 | ||||||
Unicharm Corp. |
8,200 | 303,979 | ||||||
|
|
|||||||
1,794,061 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.3% |
| |||||||
Boralex, Inc., Class A |
2,081 | 53,944 | ||||||
Brookfield Renewable Corp., Class A |
2,068 | 64,573 | ||||||
Capital Power Corp.(a) |
1,845 | 57,666 | ||||||
Corp. ACCIONA Energias Renovables SA(a) |
1,276 | 40,264 | ||||||
Doral Group Renewable Energy Resources Ltd.* |
34,563 | 75,463 | ||||||
Drax Group plc |
9,389 | 73,062 | ||||||
EDP Renovaveis SA |
3,946 | 75,571 | ||||||
Electric Power Development Co. Ltd. |
3,100 | 49,092 | ||||||
Encavis AG* |
2,296 | 38,592 | ||||||
Enlight Renewable Energy Ltd.* |
1,428 | 27,627 | ||||||
ERG SpA |
704 | 20,290 | ||||||
Greenvolt-Energias Renovaveis SA*(a) |
6,900 | 48,308 | ||||||
Grenergy Renovables SA*(a) |
861 | 26,049 | ||||||
Innergex Renewable Energy, Inc. |
9,635 | 94,795 | ||||||
Meridian Energy Ltd. |
20,828 | 73,172 | ||||||
Neoen SA(a)(b) |
1,514 | 49,911 | ||||||
Northland Power, Inc. |
3,566 | 69,112 | ||||||
RENOVA, Inc.* |
1,000 | 10,572 | ||||||
RWE AG |
10,578 | 456,364 | ||||||
Scatec ASA(b) |
8,405 | 70,287 | ||||||
Solaria Energia y Medio Ambiente SA* |
4,811 | 75,455 | ||||||
TransAlta Corp. |
11,849 | 121,078 | ||||||
TransAlta Renewables, Inc.(a) |
7,380 | 75,244 | ||||||
Uniper SE* |
7,462 | 46,698 | ||||||
Voltalia SA (Registered)* |
2,112 | 36,792 | ||||||
|
|
|||||||
1,829,981 | ||||||||
|
|
|||||||
Industrial Conglomerates - 1.1% |
| |||||||
Aker ASA, Class A |
264 | 16,806 |
Investments |
Shares | Value ($) | ||||||
Arad Investment & Industrial Development Ltd. |
943 | 117,140 | ||||||
Bonheur ASA |
6,191 | 156,053 | ||||||
Brookfield Business Corp., Class A(a) |
9,922 | 203,302 | ||||||
CK Hutchison Holdings Ltd. |
61,356 | 378,425 | ||||||
DCC plc |
2,132 | 123,743 | ||||||
Hikari Tsushin, Inc. |
400 | 59,319 | ||||||
Hitachi Ltd. |
16,400 | 1,073,249 | ||||||
Investment AB Latour, Class B |
2,024 | 40,836 | ||||||
Italmobiliare SpA |
1,024 | 28,225 | ||||||
Jardine Cycle & Carriage Ltd. |
4,100 | 105,850 | ||||||
Jardine Matheson Holdings Ltd. |
5,800 | 286,404 | ||||||
Keihan Holdings Co. Ltd. |
2,500 | 70,840 | ||||||
Keppel Corp. Ltd. |
20,500 | 113,940 | ||||||
Lifco AB, Class B |
4,576 | 92,456 | ||||||
Nisshinbo Holdings, Inc. |
56,700 | 487,266 | ||||||
Nolato AB, Class B |
11,029 | 45,659 | ||||||
Noritsu Koki Co. Ltd. |
4,100 | 71,075 | ||||||
NWS Holdings Ltd. |
44,000 | 50,383 | ||||||
Siemens AG (Registered) |
11,521 | 1,968,630 | ||||||
Smiths Group plc |
5,370 | 117,389 | ||||||
Storskogen Group AB, Class B(a) |
558,871 | 576,290 | ||||||
TOKAI Holdings Corp.(a) |
4,100 | 26,144 | ||||||
Toshiba Corp. |
5,700 | 184,103 | ||||||
|
|
|||||||
6,393,527 | ||||||||
|
|
|||||||
Industrial REITs - 0.3% |
| |||||||
AIMS APAC REIT, REIT |
55,165 | 51,933 | ||||||
ARGAN SA, REIT |
533 | 40,372 | ||||||
CapitaLand Ascendas REIT, REIT |
60,035 | 127,051 | ||||||
Centuria Industrial REIT, REIT(a) |
20,824 | 44,623 | ||||||
CRE Logistics REIT, Inc., REIT |
44 | 54,350 | ||||||
Dream Industrial REIT, REIT(a) |
7,093 | 76,467 | ||||||
ESR-LOGOS REIT, REIT |
188,600 | 49,004 | ||||||
GLP J-REIT, REIT(a) |
74 | 72,969 | ||||||
Goodman Group, REIT |
25,707 | 355,807 | ||||||
Goodman Property Trust, REIT(a) |
19,085 | 26,843 | ||||||
Granite REIT, REIT(a) |
484 | 28,476 | ||||||
Japan Logistics Fund, Inc., REIT(a) |
19 | 40,185 | ||||||
LaSalle Logiport REIT, REIT |
44 | 47,103 | ||||||
LondonMetric Property plc, REIT(a) |
63,345 | 150,617 | ||||||
Mapletree Industrial Trust, REIT |
35,086 | 59,190 | ||||||
Mapletree Logistics Trust, REIT |
61,515 | 78,295 | ||||||
Montea NV, REIT |
672 | 54,605 | ||||||
Nippon Prologis REIT, Inc., REIT |
41 | 83,887 | ||||||
Property for Industry Ltd., REIT |
26,697 | 41,205 | ||||||
Segro plc, REIT |
21,566 | 211,716 | ||||||
Tritax Big Box REIT plc, REIT |
33,836 | 60,122 | ||||||
Urban Logistics REIT plc, REIT(a) |
29,257 | 45,850 | ||||||
Warehouses De Pauw CVA, REIT |
3,077 | 91,192 | ||||||
|
|
|||||||
1,891,862 | ||||||||
|
|
|||||||
Insurance - 4.1% |
| |||||||
Admiral Group plc |
4,387 | 120,172 | ||||||
Aegon NV(a) |
31,078 | 169,406 | ||||||
Ageas SA/NV |
3,690 | 156,756 | ||||||
AIA Group Ltd. |
179,200 | 1,778,512 | ||||||
Allianz SE (Registered) |
8,733 | 2,093,251 | ||||||
Alm Brand A/S(a) |
57,708 | 92,291 | ||||||
ASR Nederland NV |
3,374 | 153,599 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Assicurazioni Generali SpA |
26,117 | 558,053 | ||||||
AUB Group Ltd. |
5,876 | 113,560 | ||||||
Aviva plc |
60,639 | 303,034 | ||||||
AXA SA |
43,378 | 1,337,705 | ||||||
Baloise Holding AG (Registered) |
984 | 153,017 | ||||||
Beazley plc |
14,268 | 100,693 | ||||||
Clal Insurance Enterprises Holdings Ltd.*(a) |
4,387 | 67,081 | ||||||
Coface SA |
38,253 | 561,782 | ||||||
Conduit Holdings Ltd. |
58,630 | 366,243 | ||||||
Dai-ichi Life Holdings, Inc. |
20,500 | 419,220 | ||||||
Definity Financial Corp. |
1,025 | 25,846 | ||||||
Direct Line Insurance Group plc |
10,332 | 20,000 | ||||||
Fairfax Financial Holdings Ltd.(a) |
533 | 426,011 | ||||||
Gjensidige Forsikring ASA |
943 | 14,933 | ||||||
Great-West Lifeco, Inc. |
5,912 | 178,629 | ||||||
Grupo Catalana Occidente SA |
704 | 23,596 | ||||||
Hannover Rueck SE |
1,025 | 219,412 | ||||||
Harel Insurance Investments & Financial Services Ltd. |
3,957 | 31,354 | ||||||
Helvetia Holding AG (Registered) |
880 | 130,754 | ||||||
Hiscox Ltd. |
5,060 | 70,248 | ||||||
iA Financial Corp., Inc. |
2,378 | 165,055 | ||||||
Insurance Australia Group Ltd. |
25,707 | 102,723 | ||||||
Intact Financial Corp. |
2,788 | 412,635 | ||||||
Japan Post Holdings Co. Ltd. |
45,100 | 329,806 | ||||||
Japan Post Insurance Co. Ltd. |
4,400 | 71,181 | ||||||
Just Group plc |
366,950 | 388,568 | ||||||
Lancashire Holdings Ltd. |
83,599 | 642,149 | ||||||
Legal & General Group plc |
128,002 | 384,395 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(a) |
40,084 | 39,024 | ||||||
Manulife Financial Corp. |
38,089 | 762,793 | ||||||
Mapfre SA |
22,440 | 46,786 | ||||||
Medibank Pvt Ltd. |
48,899 | 115,657 | ||||||
Menora Mivtachim Holdings Ltd. |
492 | 10,539 | ||||||
Migdal Insurance & Financial Holdings Ltd. |
142,188 | 176,588 | ||||||
MS&AD Insurance Group Holdings, Inc. |
9,600 | 357,568 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
3,034 | 1,146,044 | ||||||
nib holdings Ltd. |
11,260 | 62,825 | ||||||
NN Group NV |
5,932 | 228,127 | ||||||
Phoenix Group Holdings plc |
14,350 | 101,586 | ||||||
Phoenix Holdings Ltd. (The) |
5,085 | 52,451 | ||||||
Poste Italiane SpA(b) |
11,425 | 130,942 | ||||||
Power Corp. of Canada |
12,063 | 342,392 | ||||||
Powszechny Zaklad Ubezpieczen SA |
12,439 | 126,209 | ||||||
Protector Forsikring ASA |
4,092 | 67,145 | ||||||
Prudential plc |
41,656 | 580,184 | ||||||
PSC Insurance Group Ltd. |
14,212 | 45,011 | ||||||
QBE Insurance Group Ltd.(a) |
30,996 | 329,383 | ||||||
Sampo OYJ, Class A |
6,683 | 295,397 | ||||||
SCOR SE |
3,124 | 93,583 | ||||||
Sompo Holdings, Inc. |
8,200 | 363,079 | ||||||
Steadfast Group Ltd. |
17,908 | 70,352 | ||||||
Storebrand ASA |
12,259 | 107,412 |
Investments |
Shares | Value ($) | ||||||
Sun Life Financial, Inc. |
12,546 | 661,495 | ||||||
Suncorp Group Ltd. |
27,306 | 261,834 | ||||||
Swiss Life Holding AG (Registered) |
656 | 418,339 | ||||||
Swiss Re AG |
6,273 | 657,802 | ||||||
T&D Holdings, Inc. |
12,300 | 200,065 | ||||||
Talanx AG |
968 | 59,447 | ||||||
Tokio Marine Holdings, Inc. |
45,100 | 1,034,494 | ||||||
Topdanmark A/S(a) |
880 | 40,021 | ||||||
Trisura Group Ltd.* |
3,061 | 78,510 | ||||||
Tryg A/S |
5,002 | 99,088 | ||||||
Unipol Gruppo SpA |
6,080 | 33,960 | ||||||
UnipolSai Assicurazioni SpA(a) |
11,528 | 29,716 | ||||||
Wuestenrot & Wuerttembergische AG |
7,011 | 121,670 | ||||||
Zurich Insurance Group AG |
2,378 | 1,154,366 | ||||||
|
|
|||||||
22,683,554 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.2% |
| |||||||
Adevinta ASA* |
1,107 | 8,201 | ||||||
Auto Trader Group plc(b) |
14,842 | 123,363 | ||||||
Baltic Classifieds Group plc |
16,280 | 41,474 | ||||||
Better Collective A/S* |
2,464 | 56,749 | ||||||
carsales.com Ltd.(a) |
6,842 | 114,617 | ||||||
Domain Holdings Australia Ltd.(a) |
12,956 | 35,445 | ||||||
Hemnet Group AB |
2,993 | 53,124 | ||||||
Infocom Corp. |
1,600 | 27,140 | ||||||
Kakaku.com, Inc. |
1,600 | 23,908 | ||||||
Karnov Group AB* |
5,418 | 25,679 | ||||||
Moneysupermarket.com Group plc |
29,179 | 103,018 | ||||||
New Work SE |
159 | 18,758 | ||||||
REA Group Ltd.(a) |
1,056 | 112,096 | ||||||
Rightmove plc |
13,244 | 97,198 | ||||||
Scout24 SE(b) |
1,232 | 81,745 | ||||||
SEEK Ltd.(a) |
5,397 | 90,556 | ||||||
Wirtualna Polska Holding SA(b) |
1,107 | 32,146 | ||||||
Z Holdings Corp. |
39,500 | 110,037 | ||||||
|
|
|||||||
1,155,254 | ||||||||
|
|
|||||||
IT Services - 1.2% |
| |||||||
Addnode Group AB, Class B |
9,676 | 74,176 | ||||||
Adesso SE |
220 | 25,760 | ||||||
Alten SA |
616 | 88,971 | ||||||
Atea ASA |
2,420 | 32,916 | ||||||
Atos SE* |
40,590 | 422,822 | ||||||
Bechtle AG |
1,364 | 60,200 | ||||||
BIPROGY, Inc. |
1,100 | 26,989 | ||||||
CANCOM SE |
1,981 | 57,225 | ||||||
Capgemini SE |
2,378 | 432,214 | ||||||
CGI, Inc.* |
3,239 | 329,744 | ||||||
Change Holdings, Inc.(a) |
3,500 | 46,263 | ||||||
Computacenter plc |
1,092 | 30,826 | ||||||
Data#3 Ltd. |
12,760 | 64,573 | ||||||
Digital Garage, Inc. |
1,300 | 37,834 | ||||||
DTS Corp. |
2,100 | 49,588 | ||||||
Econocom Group SA/NV |
35,152 | 101,737 | ||||||
FDM Group Holdings plc |
5,818 | 40,872 | ||||||
Formula Systems 1985 Ltd. |
389 | 28,339 | ||||||
Fujitsu Ltd. |
2,600 | 336,437 | ||||||
Future Corp. |
3,400 | 37,068 | ||||||
GFT Technologies SE |
924 | 26,875 | ||||||
GMO internet group, Inc. |
1,200 | 23,822 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Indra Sistemas SA(a) |
46,740 | 681,269 | ||||||
Itochu Techno-Solutions Corp. |
2,400 | 60,845 | ||||||
Kainos Group plc |
4,469 | 75,326 | ||||||
Keywords Studios plc |
4,346 | 98,527 | ||||||
KNOW IT AB |
1,144 | 16,201 | ||||||
Kontron AG |
3,168 | 69,124 | ||||||
Matrix IT Ltd. |
12,013 | 241,004 | ||||||
Megaport Ltd.*(a) |
10,561 | 72,589 | ||||||
NEC Corp. |
4,100 | 207,280 | ||||||
NEC Networks & System Integration Corp.(a) |
2,400 | 31,655 | ||||||
NET One Systems Co. Ltd. |
2,300 | 50,523 | ||||||
Netcompany Group A/S*(a)(b) |
1,886 | 87,809 | ||||||
NEXTDC Ltd.* |
12,078 | 103,769 | ||||||
Nomura Research Institute Ltd. |
6,445 | 182,853 | ||||||
NS Solutions Corp. |
800 | 21,002 | ||||||
NTT Data Group Corp. |
9,800 | 136,261 | ||||||
Obic Co. Ltd. |
800 | 131,025 | ||||||
One Software Technologies Ltd. |
123 | 1,638 | ||||||
Otsuka Corp. |
2,500 | 104,114 | ||||||
Reply SpA |
484 | 52,616 | ||||||
SCSK Corp. |
2,700 | 44,896 | ||||||
Secunet Security Networks AG |
123 | 28,275 | ||||||
SHIFT, Inc.* |
300 | 70,946 | ||||||
Shopify, Inc., Class A* |
18,040 | 1,220,895 | ||||||
Simplex Holdings, Inc. |
4,100 | 82,704 | ||||||
Societe pour lInformatique Industrielle |
656 | 38,478 | ||||||
Softcat plc |
369 | 7,122 | ||||||
Sopra Steria Group SACA |
396 | 86,318 | ||||||
SUNeVision Holdings Ltd. |
90,000 | 46,623 | ||||||
TechMatrix Corp. |
3,300 | 36,233 | ||||||
TietoEVRY OYJ |
2,254 | 57,655 | ||||||
TIS, Inc. |
4,600 | 116,651 | ||||||
|
|
|||||||
6,637,477 | ||||||||
|
|
|||||||
Leisure Products - 0.5% |
| |||||||
Bandai Namco Holdings, Inc. |
8,700 | 196,803 | ||||||
Beneteau SA |
13,817 | 226,376 | ||||||
BRP, Inc. |
12,833 | 1,182,732 | ||||||
Games Workshop Group plc |
684 | 102,528 | ||||||
MIPS AB(b) |
1,517 | 68,808 | ||||||
Mizuno Corp. |
8,200 | 214,985 | ||||||
Sanlorenzo SpA(a) |
984 | 38,297 | ||||||
Sega Sammy Holdings, Inc. |
2,600 | 56,875 | ||||||
Shimano, Inc. |
1,100 | 166,843 | ||||||
Spin Master Corp.(b) |
1,936 | 51,715 | ||||||
Technogym SpA(b) |
4,905 | 45,400 | ||||||
Thule Group AB(b) |
2,024 | 63,258 | ||||||
Tomy Co. Ltd. |
4,600 | 62,292 | ||||||
Universal Entertainment Corp.(a) |
300 | 5,424 | ||||||
Yamaha Corp. |
2,800 | 108,390 | ||||||
Yonex Co. Ltd. |
5,600 | 54,707 | ||||||
|
|
|||||||
2,645,433 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.4% |
| |||||||
AddLife AB, Class B |
6,847 | 55,845 | ||||||
Bachem Holding AG |
328 | 30,403 | ||||||
Biotage AB |
3,690 | 45,513 | ||||||
Chemometec A/S* |
902 | 60,665 | ||||||
Eurofins Scientific SE(a) |
2,050 | 141,445 |
Investments |
Shares | Value ($) | ||||||
Evotec SE* |
3,042 | 80,394 | ||||||
Gerresheimer AG |
574 | 68,159 | ||||||
Lonza Group AG (Registered) |
1,148 | 669,054 | ||||||
Oxford Nanopore Technologies plc*(a) |
35,096 | 119,122 | ||||||
QIAGEN NV* |
3,549 | 166,887 | ||||||
Sartorius AG (Preference) |
410 | 169,653 | ||||||
Sartorius Stedim Biotech |
410 | 128,607 | ||||||
Siegfried Holding AG (Registered) |
88 | 78,117 | ||||||
SKAN Group AG |
451 | 41,518 | ||||||
Tecan Group AG (Registered) |
220 | 87,914 | ||||||
Wuxi Biologics Cayman, Inc.*(b) |
57,500 | 325,150 | ||||||
|
|
|||||||
2,268,446 | ||||||||
|
|
|||||||
Machinery - 3.5% |
| |||||||
Aalberts NV |
1,454 | 65,775 | ||||||
Alfa Laval AB |
4,920 | 184,439 | ||||||
Alstom SA |
6,601 | 202,472 | ||||||
Amada Co. Ltd. |
7,200 | 70,819 | ||||||
ANDRITZ AG |
1,517 | 80,384 | ||||||
Atlas Copco AB, Class A |
36,941 | 526,297 | ||||||
Atlas Copco AB, Class B |
25,871 | 319,956 | ||||||
ATS Corp.* |
1,476 | 67,058 | ||||||
AutoStore Holdings Ltd.*(a)(b) |
15,006 | 37,513 | ||||||
Beijer Alma AB |
2,304 | 42,232 | ||||||
Bodycote plc |
11,283 | 100,460 | ||||||
Bucher Industries AG (Registered) |
82 | 36,703 | ||||||
Burckhardt Compression Holding AG |
132 | 78,117 | ||||||
Bystronic AG(a) |
55 | 38,767 | ||||||
Cargotec OYJ, Class B |
684 | 32,745 | ||||||
CKD Corp.(a) |
4,100 | 62,273 | ||||||
CNH Industrial NV |
20,213 | 292,167 | ||||||
Concentric AB |
902 | 16,139 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA |
6,273 | 214,405 | ||||||
Daetwyler Holding AG |
176 | 35,003 | ||||||
Daifuku Co. Ltd. |
6,900 | 147,392 | ||||||
Daimler Truck Holding AG |
11,726 | 441,508 | ||||||
Danieli & C Officine Meccaniche SpA(a) |
4,305 | 106,796 | ||||||
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan) |
13,899 | 267,870 | ||||||
DMG Mori Co. Ltd. |
2,100 | 35,672 | ||||||
Duerr AG |
3,321 | 103,915 | ||||||
Ebara Corp.(a) |
1,100 | 51,903 | ||||||
Electrolux Professional AB, Class B |
13,038 | 73,581 | ||||||
Epiroc AB, Class A |
11,685 | 233,644 | ||||||
Epiroc AB, Class B |
3,444 | 58,605 | ||||||
FANUC Corp. |
15,500 | 474,338 | ||||||
FLSmidth & Co. A/S(a) |
2,870 | 136,297 | ||||||
Fluidra SA |
912 | 20,231 | ||||||
Fuji Corp. |
1,000 | 18,296 | ||||||
Fujitec Co. Ltd.(a) |
2,400 | 61,689 | ||||||
GEA Group AG |
3,034 | 129,089 | ||||||
Georg Fischer AG (Registered) |
1,554 | 106,576 | ||||||
Giken Ltd.(a) |
1,200 | 17,711 | ||||||
Glory Ltd. |
4,200 | 86,377 | ||||||
Harmonic Drive Systems, Inc. |
1,500 | 41,280 | ||||||
Hitachi Construction Machinery Co. Ltd. |
2,800 | 83,894 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Hitachi Zosen Corp. |
61,500 | 404,719 | ||||||
Hoshizaki Corp. |
2,400 | 92,027 | ||||||
Husqvarna AB, Class B |
7,480 | 73,572 | ||||||
IHI Corp. |
2,500 | 61,444 | ||||||
IMI plc |
3,784 | 79,311 | ||||||
Indutrade AB(a) |
5,016 | 105,452 | ||||||
Interpump Group SpA |
1,584 | 86,414 | ||||||
Iveco Group NV* |
71,832 | 683,165 | ||||||
Japan Steel Works Ltd. (The)(a) |
900 | 18,718 | ||||||
Jungheinrich AG (Preference) |
3,036 | 113,944 | ||||||
Kardex Holding AG (Registered) |
264 | 66,240 | ||||||
Kawasaki Heavy Industries Ltd. |
2,800 | 71,379 | ||||||
KION Group AG |
1,419 | 59,639 | ||||||
Kitz Corp.(a) |
28,700 | 213,513 | ||||||
Komatsu Ltd. |
20,500 | 571,945 | ||||||
Komax Holding AG (Registered) |
258 | 63,693 | ||||||
Kone OYJ, Class B |
5,740 | 295,168 | ||||||
Konecranes OYJ |
1,394 | 50,781 | ||||||
Krones AG |
246 | 29,727 | ||||||
KSB SE & Co. KGaA (Preference) |
287 | 182,265 | ||||||
Kubota Corp. |
16,400 | 247,535 | ||||||
Kurita Water Industries Ltd. |
2,500 | 100,454 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd.(a) |
12,300 | 157,819 | ||||||
Makino Milling Machine Co. Ltd.(a) |
8,200 | 328,392 | ||||||
Makita Corp. |
4,600 | 129,084 | ||||||
Manitou BF SA |
4,059 | 117,475 | ||||||
Max Co. Ltd. |
2,800 | 52,421 | ||||||
Meidensha Corp. |
16,400 | 244,361 | ||||||
METAWATER Co. Ltd. |
4,100 | 52,866 | ||||||
Metso OYJ |
12,669 | 144,222 | ||||||
MINEBEA MITSUMI, Inc. |
7,311 | 135,229 | ||||||
MISUMI Group, Inc. |
4,100 | 74,869 | ||||||
Mitsubishi Heavy Industries Ltd. |
8,200 | 388,473 | ||||||
Mitsubishi Logisnext Co. Ltd. |
4,300 | 38,648 | ||||||
Mitsuboshi Belting Ltd.(a) |
1,300 | 41,174 | ||||||
Miura Co. Ltd. |
2,100 | 52,943 | ||||||
Morgan Advanced Materials plc |
19,516 | 68,551 | ||||||
Morita Holdings Corp. |
16,400 | 178,682 | ||||||
Nabtesco Corp. |
2,900 | 61,437 | ||||||
Nachi-Fujikoshi Corp.(a) |
8,200 | 221,333 | ||||||
NGK Insulators Ltd.(a) |
4,100 | 50,269 | ||||||
Nikkiso Co. Ltd. |
4,100 | 26,116 | ||||||
Nitta Corp. |
8,200 | 187,282 | ||||||
Noritake Co. Ltd. |
4,100 | 159,868 | ||||||
NTN Corp.(a) |
184,500 | 413,852 | ||||||
OC Oerlikon Corp. AG (Registered) |
63,837 | 348,624 | ||||||
Organo Corp. |
8,200 | 237,493 | ||||||
OSG Corp. |
1,600 | 21,301 | ||||||
Palfinger AG |
787 | 23,124 | ||||||
Pfeiffer Vacuum Technology AG |
220 | 36,530 | ||||||
Rational AG |
55 | 41,266 | ||||||
Rotork plc |
13,640 | 54,124 | ||||||
Sandvik AB |
14,719 | 299,493 | ||||||
Schindler Holding AG |
658 | 160,316 | ||||||
Schindler Holding AG (Registered) |
123 | 28,606 | ||||||
Seatrium Ltd.* |
649,543 | 68,975 | ||||||
SFS Group AG |
220 | 26,242 | ||||||
Shibaura Machine Co. Ltd. |
8,200 | 262,021 | ||||||
Shibuya Corp. |
8,200 | 151,672 |
Investments |
Shares | Value ($) | ||||||
Shima Seiki Manufacturing Ltd. |
4,100 | 56,040 | ||||||
Shinmaywa Industries Ltd. |
20,500 | 206,905 | ||||||
SKF AB, Class A(a) |
1,408 | 27,068 | ||||||
SKF AB, Class B |
5,904 | 112,714 | ||||||
SMC Corp. |
900 | 469,700 | ||||||
Spirax-Sarco Engineering plc |
1,148 | 164,324 | ||||||
Stabilus SE |
1,516 | 86,665 | ||||||
Stadler Rail AG(a) |
1,056 | 42,710 | ||||||
Star Micronics Co. Ltd. |
12,300 | 153,144 | ||||||
Sulzer AG (Registered) |
697 | 68,747 | ||||||
Sumitomo Heavy Industries Ltd. |
3,300 | 81,130 | ||||||
Tadano Ltd. |
8,900 | 69,719 | ||||||
Takeuchi Manufacturing Co. Ltd. |
4,100 | 128,269 | ||||||
Takuma Co. Ltd. |
28,900 | 316,094 | ||||||
Techtronic Industries Co. Ltd. |
26,500 | 299,194 | ||||||
THK Co. Ltd.(a) |
1,700 | 34,041 | ||||||
Tocalo Co. Ltd. |
3,800 | 38,620 | ||||||
TOMRA Systems ASA |
3,872 | 59,746 | ||||||
Toyota Industries Corp. |
4,100 | 296,073 | ||||||
Trelleborg AB, Class B |
4,682 | 124,898 | ||||||
Troax Group AB |
1,806 | 32,588 | ||||||
Tsubakimoto Chain Co. |
10,400 | 277,055 | ||||||
Tsugami Corp. |
20,500 | 179,635 | ||||||
Union Tool Co. |
500 | 11,578 | ||||||
Valmet OYJ(a) |
3,228 | 85,808 | ||||||
VAT Group AG(b) |
451 | 192,554 | ||||||
Vesuvius plc |
78,597 | 446,981 | ||||||
Volvo AB, Class A |
3,212 | 72,937 | ||||||
Volvo AB, Class B |
34,850 | 769,635 | ||||||
Wacker Neuson SE |
10,537 | 274,175 | ||||||
Wartsila OYJ Abp |
5,720 | 72,053 | ||||||
Weir Group plc (The) |
3,920 | 92,551 | ||||||
Yaskawa Electric Corp.(a) |
4,100 | 178,076 | ||||||
|
|
|||||||
19,478,073 | ||||||||
|
|
|||||||
Marine Transportation - 0.7% |
| |||||||
AP Moller - Maersk A/S, Class A |
65 | 131,071 | ||||||
AP Moller - Maersk A/S, Class B |
123 | 253,577 | ||||||
Clarkson plc |
1,408 | 50,544 | ||||||
D/S Norden A/S |
8,241 | 414,287 | ||||||
Dfds A/S |
11,726 | 421,555 | ||||||
Golden Ocean Group Ltd. |
4,796 | 37,604 | ||||||
Gram Car Carriers ASA(a) |
4,879 | 77,261 | ||||||
Hoegh Autoliners ASA |
16,728 | 96,980 | ||||||
Iino Kaiun Kaisha Ltd.(a) |
36,900 | 238,416 | ||||||
Irish Continental Group plc |
7,708 | 40,963 | ||||||
Kawasaki Kisen Kaisha Ltd.(a) |
6,000 | 180,828 | ||||||
Kuehne + Nagel International AG (Registered) |
820 | 257,678 | ||||||
Mitsui OSK Lines Ltd.(a) |
9,300 | 240,551 | ||||||
MPC Container Ships ASA |
117,342 | 219,570 | ||||||
Nippon Yusen KK(a) |
12,300 | 298,497 | ||||||
NS United Kaiun Kaisha Ltd.(a) |
4,100 | 110,522 | ||||||
Odfjell SE, Class A(a) |
12,054 | 110,335 | ||||||
Pacific Basin Shipping Ltd. |
1,845,000 | 598,542 | ||||||
SITC International Holdings Co. Ltd. |
24,000 | 52,316 | ||||||
Stolt-Nielsen Ltd. |
1,435 | 35,533 | ||||||
Wallenius Wilhelmsen ASA |
2,952 | 20,543 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Wilh Wilhelmsen Holding ASA, Class A |
5,453 | 149,309 | ||||||
Wilh Wilhelmsen Holding ASA, Class B |
2,091 | 54,153 | ||||||
|
|
|||||||
4,090,635 | ||||||||
|
|
|||||||
Media - 1.0% |
| |||||||
4imprint Group plc |
1,517 | 86,565 | ||||||
Ascential plc* |
26,292 | 70,769 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA(a) |
33,661 | 139,842 | ||||||
Cogeco Communications, Inc.(a) |
5,740 | 291,350 | ||||||
CyberAgent, Inc.(a) |
6,300 | 39,814 | ||||||
Dentsu Group, Inc.(a) |
4,100 | 137,128 | ||||||
Eutelsat Communications SA(a) |
57,072 | 385,414 | ||||||
Future plc |
40,631 | 438,350 | ||||||
Hakuhodo DY Holdings, Inc.(a) |
4,700 | 54,020 | ||||||
Informa plc(a) |
19,680 | 191,986 | ||||||
IPSOS |
13,571 | 680,205 | ||||||
ITV plc |
35,424 | 32,971 | ||||||
JCDecaux SE* |
968 | 18,197 | ||||||
Kadokawa Corp. |
2,200 | 54,520 | ||||||
Lagardere SA(a) |
1,722 | 39,586 | ||||||
Metropole Television SA |
24,518 | 347,365 | ||||||
MFE-MediaForEurope NV, Class A |
397,700 | 211,086 | ||||||
MFE-MediaForEurope NV, Class B(a) |
107,794 | 83,432 | ||||||
Next 15 Group plc |
5,104 | 41,701 | ||||||
Nine Entertainment Co. Holdings Ltd.(a) |
34,440 | 49,664 | ||||||
oOh!media Ltd. |
47,520 | 44,670 | ||||||
ProSiebenSat.1 Media SE |
63,427 | 633,019 | ||||||
Publicis Groupe SA |
3,813 | 308,659 | ||||||
Quebecor, Inc., Class B(a) |
2,728 | 66,902 | ||||||
RTL Group SA(a) |
1,056 | 45,780 | ||||||
S4 Capital plc*(a) |
22,509 | 30,583 | ||||||
Sanoma OYJ |
3,895 | 30,920 | ||||||
Schibsted ASA, Class A |
2,870 | 61,590 | ||||||
SES SA, Class A, ADR |
25,666 | 166,676 | ||||||
SKY Perfect JSAT Holdings, Inc.(a) |
48,100 | 200,755 | ||||||
Stroeer SE & Co. KGaA |
620 | 30,091 | ||||||
Television Francaise 1(a) |
31,324 | 256,950 | ||||||
TV Asahi Holdings Corp. |
8,400 | 105,946 | ||||||
TX Group AG |
205 | 23,412 | ||||||
Viaplay Group AB, Class B* |
1,188 | 5,169 | ||||||
Vivendi SE |
11,795 | 105,623 | ||||||
WPP plc |
22,796 | 249,778 | ||||||
YouGov plc |
4,715 | 58,846 | ||||||
|
|
|||||||
5,819,334 | ||||||||
|
|
|||||||
Metals & Mining - 5.0% |
| |||||||
Acerinox SA |
70,356 | 742,510 | ||||||
Agnico Eagle Mines Ltd. |
7,733 | 406,140 | ||||||
Alamos Gold, Inc., Class A |
3,999 | 49,492 | ||||||
Alleima AB |
77,572 | 337,308 | ||||||
Allkem Ltd.* |
8,316 | 83,047 | ||||||
Alumina Ltd.(a) |
7,667 | 7,388 | ||||||
AMG Critical Materials NV |
11,480 | 470,597 | ||||||
Anglo American plc |
28,864 | 889,081 | ||||||
Antofagasta plc |
5,371 | 115,925 | ||||||
Aperam SA |
1,615 | 51,139 |
Investments |
Shares | Value ($) | ||||||
ArcelorMittal SA |
11,439 | 331,697 | ||||||
ARE Holdings, Inc.(a) |
28,700 | 385,414 | ||||||
Aurubis AG |
738 | 69,602 | ||||||
AVZ Minerals Ltd.*(a) |
111,012 | 19,449 | ||||||
Aya Gold & Silver, Inc.* |
5,002 | 31,922 | ||||||
B2Gold Corp. |
27,675 | 96,087 | ||||||
Barrick Gold Corp. |
26,978 | 468,096 | ||||||
Bekaert SA |
12,423 | 594,723 | ||||||
Bellevue Gold Ltd.* |
49,941 | 48,796 | ||||||
BHP Group Ltd. |
109,347 | 3,390,177 | ||||||
BlueScope Steel Ltd. |
10,209 | 150,245 | ||||||
Boliden AB |
5,863 | 173,030 | ||||||
Capricorn Metals Ltd.*(a) |
19,272 | 57,790 | ||||||
Capstone Copper Corp.* |
7,626 | 39,919 | ||||||
Centamin plc |
422,751 | 524,079 | ||||||
Centerra Gold, Inc. |
17,010 | 109,329 | ||||||
Chalice Mining Ltd.*(a) |
6,068 | 24,166 | ||||||
Champion Iron Ltd. |
6,468 | 26,064 | ||||||
Chubu Steel Plate Co. Ltd.(a) |
8,200 | 120,853 | ||||||
Core Lithium Ltd.*(a) |
98,236 | 42,366 | ||||||
De Grey Mining Ltd.* |
86,240 | 77,581 | ||||||
Deterra Royalties Ltd.(a) |
29,807 | 94,402 | ||||||
Dowa Holdings Co. Ltd. |
1,100 | 35,521 | ||||||
Dundee Precious Metals, Inc. |
69,618 | 485,012 | ||||||
Eldorado Gold Corp.* |
9,840 | 96,662 | ||||||
Emerald Resources NL* |
21,402 | 32,737 | ||||||
Endeavour Mining plc |
3,344 | 80,888 | ||||||
Equinox Gold Corp.*(a) |
14,247 | 74,902 | ||||||
Eramet SA |
3,813 | 321,608 | ||||||
ERO Copper Corp.* |
4,268 | 102,789 | ||||||
Evolution Mining Ltd.(a) |
35,786 | 89,223 | ||||||
Falcon Metals Ltd.* |
1 | | (d) | |||||
Ferrexpo plc* |
106,641 | 125,958 | ||||||
Filo Corp.* |
4,428 | 83,901 | ||||||
First Majestic Silver Corp.(a) |
14,596 | 97,584 | ||||||
First Quantum Minerals Ltd. |
9,143 | 271,668 | ||||||
Fortescue Metals Group Ltd. |
37,802 | 552,252 | ||||||
Fortuna Silver Mines, Inc.* |
9,512 | 33,965 | ||||||
Franco-Nevada Corp. |
2,958 | 432,424 | ||||||
Fresnillo plc |
3,872 | 30,798 | ||||||
Glencore plc |
220,539 | 1,343,729 | ||||||
Gold Road Resources Ltd.(a) |
59,159 | 62,786 | ||||||
Granges AB |
39,073 | 399,748 | ||||||
Grupa Kety SA* |
308 | 53,433 | ||||||
Hill & Smith plc |
3,280 | 66,595 | ||||||
Hudbay Minerals, Inc.(a) |
103,525 | 618,201 | ||||||
IAMGOLD Corp.* |
25,911 | 70,868 | ||||||
IGO Ltd.(a) |
10,332 | 96,079 | ||||||
Iluka Resources Ltd. |
9,909 | 68,241 | ||||||
Imdex Ltd. |
25,872 | 34,170 | ||||||
Ivanhoe Mines Ltd., Class A* |
10,250 | 108,866 | ||||||
Jastrzebska Spolka Weglowa SA* |
19,639 | 201,080 | ||||||
JFE Holdings, Inc. |
12,300 | 198,853 | ||||||
K92 Mining, Inc.*(a) |
16,544 | 78,305 | ||||||
KGHM Polska Miedz SA |
1,476 | 45,836 | ||||||
Kinross Gold Corp. |
22,985 | 114,729 | ||||||
Kobe Steel Ltd. |
11,000 | 120,158 | ||||||
Kyoei Steel Ltd.(a) |
8,200 | 123,335 | ||||||
Labrador Iron Ore Royalty Corp. |
23,206 | 558,178 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Liontown Resources Ltd.* |
27,470 | 49,794 | ||||||
Lithium Americas Corp.*(a) |
2,508 | 50,722 | ||||||
Lundin Gold, Inc. |
6,342 | 85,186 | ||||||
Lundin Mining Corp. |
12,726 | 113,990 | ||||||
Lynas Rare Earths Ltd.*(a) |
13,899 | 63,032 | ||||||
MAG Silver Corp.* |
4,656 | 56,314 | ||||||
Maruichi Steel Tube Ltd. |
2,000 | 47,382 | ||||||
Mineral Resources Ltd.(a) |
2,952 | 142,089 | ||||||
Mitsubishi Materials Corp. |
4,100 | 73,326 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
20,500 | 484,509 | ||||||
Newcrest Mining Ltd. |
14,350 | 255,378 | ||||||
Nickel Industries Ltd. |
729,800 | 405,715 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
20,500 | 218,880 | ||||||
Nippon Steel Corp. |
20,215 | 461,838 | ||||||
Nittetsu Mining Co. Ltd.(a) |
4,100 | 146,593 | ||||||
Norsk Hydro ASA |
29,930 | 196,447 | ||||||
Northern Star Resources Ltd. |
17,556 | 136,165 | ||||||
Novagold Resources, Inc.* |
7,749 | 34,970 | ||||||
OceanaGold Corp. |
249,854 | 523,910 | ||||||
Orla Mining Ltd.*(a) |
10,780 | 50,450 | ||||||
OSAKA Titanium Technologies Co. Ltd.(a) |
1,300 | 32,756 | ||||||
Osisko Gold Royalties Ltd.(a) |
9,030 | 134,121 | ||||||
Osisko Mining, Inc.* |
17,794 | 42,449 | ||||||
Outokumpu OYJ(a) |
7,392 | 38,370 | ||||||
Pan American Silver Corp.(a) |
6,800 | 115,309 | ||||||
Perseus Mining Ltd. |
37,802 | 44,195 | ||||||
Pilbara Minerals Ltd. |
35,307 | 115,151 | ||||||
Regis Resources Ltd.(a) |
40,098 | 45,259 | ||||||
Resolute Mining Ltd.* |
109,347 | 26,526 | ||||||
Rio Tinto Ltd. |
8,159 | 643,644 | ||||||
Rio Tinto plc |
23,370 | 1,548,554 | ||||||
Salzgitter AG |
13,899 | 482,717 | ||||||
Sandfire Resources Ltd.*(a) |
11,931 | 54,188 | ||||||
Sandstorm Gold Ltd. |
13,772 | 76,903 | ||||||
Sanyo Special Steel Co. Ltd. |
8,600 | 172,569 | ||||||
Sayona Mining Ltd.* |
407,175 | 39,784 | ||||||
Seabridge Gold, Inc.* |
5,588 | 71,323 | ||||||
Silver Lake Resources Ltd.* |
2,337 | 1,402 | ||||||
SilverCrest Metals, Inc.*(a) |
9,416 | 54,010 | ||||||
Sims Ltd. |
3,192 | 32,479 | ||||||
South32 Ltd. |
102,254 | 267,347 | ||||||
SSAB AB, Class A |
6,150 | 39,086 | ||||||
SSAB AB, Class B |
12,333 | 75,518 | ||||||
SSR Mining, Inc. |
3,864 | 56,393 | ||||||
Stelco Holdings, Inc. |
12,464 | 455,285 | ||||||
Straits Trading Co. Ltd. |
53,300 | 84,699 | ||||||
Sumitomo Metal Mining Co. Ltd. |
5,900 | 204,058 | ||||||
Teck Resources Ltd., Class B |
9,922 | 441,581 | ||||||
thyssenkrupp AG |
8,316 | 66,290 | ||||||
Toho Titanium Co. Ltd.(a) |
1,700 | 24,253 | ||||||
Tokyo Steel Manufacturing Co. Ltd.(a) |
4,100 | 49,576 | ||||||
UACJ Corp.(a) |
11,100 | 222,109 | ||||||
voestalpine AG(a) |
1,880 | 62,391 | ||||||
Vulcan Energy Resources Ltd.* |
6,732 | 20,141 | ||||||
Wesdome Gold Mines Ltd.* |
8,888 | 47,335 | ||||||
West African Resources Ltd.* |
352,231 | 212,429 | ||||||
Wheaton Precious Metals Corp. |
6,929 | 311,272 | ||||||
Yamato Kogyo Co. Ltd. |
1,300 | 62,118 |
Investments |
Shares | Value ($) | ||||||
Yodogawa Steel Works Ltd.(a) |
11,100 | 266,016 | ||||||
Zimplats Holdings Ltd. |
2,255 | 40,116 | ||||||
|
|
|||||||
27,715,908 | ||||||||
|
|
|||||||
Multi-Utilities - 0.7% |
| |||||||
A2A SpA |
29,479 | 56,407 | ||||||
ACEA SpA |
1,552 | 19,062 | ||||||
AGL Energy Ltd. |
12,344 | 101,396 | ||||||
Algonquin Power & Utilities Corp.(a) |
11,661 | 96,389 | ||||||
Atco Ltd., Class I |
1,968 | 56,278 | ||||||
Canadian Utilities Ltd., Class A(a) |
1,628 | 40,618 | ||||||
Centrica plc |
133,045 | 236,317 | ||||||
E.ON SE |
51,127 | 648,538 | ||||||
Engie SA |
40,426 | 664,653 | ||||||
Hera SpA |
19,272 | 60,005 | ||||||
Iren SpA |
221,523 | 449,646 | ||||||
National Grid plc |
59,901 | 794,994 | ||||||
REN - Redes Energeticas Nacionais SGPS SA |
17,917 | 49,090 | ||||||
Sembcorp Industries Ltd. |
16,300 | 66,904 | ||||||
Telecom Plus plc |
4,728 | 101,226 | ||||||
Veolia Environnement SA |
14,924 | 487,052 | ||||||
|
|
|||||||
3,928,575 | ||||||||
|
|
|||||||
Office REITs - 0.4% |
| |||||||
Allied Properties REIT, REIT |
23,616 | 393,645 | ||||||
Centuria Office REIT, REIT |
196,759 | 192,250 | ||||||
Champion REIT, REIT |
108,000 | 39,745 | ||||||
CLS Holdings plc, REIT |
14,403 | 25,907 | ||||||
Covivio SA, REIT |
1,804 | 87,397 | ||||||
Cromwell Property Group, REIT(a) |
610,900 | 226,410 | ||||||
Derwent London plc, REIT |
2,870 | 78,137 | ||||||
Dexus, REIT(a) |
14,476 | 80,183 | ||||||
Gecina SA, REIT |
1,148 | 124,484 | ||||||
Global One Real Estate Investment Corp., REIT(a) |
48 | 39,696 | ||||||
Great Portland Estates plc, REIT |
6,806 | 37,445 | ||||||
Ichigo Office REIT Investment Corp., REIT |
41 | 25,567 | ||||||
Japan Excellent, Inc., REIT(a) |
41 | 38,062 | ||||||
Japan Prime Realty Investment Corp., REIT |
13 | 32,390 | ||||||
Japan Real Estate Investment Corp., REIT(a) |
24 | 96,622 | ||||||
Kenedix Office Investment Corp., REIT |
18 | 42,821 | ||||||
Keppel REIT, REIT |
69,733 | 47,791 | ||||||
Mirai Corp., REIT |
88 | 28,398 | ||||||
Mori Hills REIT Investment Corp., REIT(a) |
16 | 16,295 | ||||||
Nippon Building Fund, Inc., REIT(a) |
24 | 100,676 | ||||||
One REIT, Inc., REIT(a) |
14 | 25,551 | ||||||
Orix JREIT, Inc., REIT |
49 | 62,388 | ||||||
Precinct Properties New Zealand Ltd., REIT(a) |
103,566 | 86,691 | ||||||
Workspace Group plc, REIT |
8,954 | 57,212 | ||||||
|
|
|||||||
1,985,763 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 6.3% |
| |||||||
Advantage Energy Ltd.* |
55,227 | 390,208 | ||||||
Africa Oil Corp.(a) |
148,200 | 351,289 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Aker BP ASA(a) |
6,319 | 176,956 | ||||||
Ampol Ltd. |
5,494 | 121,615 | ||||||
ARC Resources Ltd. |
15,047 | 227,720 | ||||||
Athabasca Oil Corp.* |
215,127 | 555,694 | ||||||
Baytex Energy Corp.* |
244,237 | 987,154 | ||||||
Beach Energy Ltd. |
39,336 | 42,808 | ||||||
Birchcliff Energy Ltd.(a) |
93,398 | 559,146 | ||||||
Bluenord ASA*(a) |
9,635 | 423,820 | ||||||
Boss Energy Ltd.*(a) |
21,197 | 41,565 | ||||||
BP plc |
397,659 | 2,471,260 | ||||||
BRIGHTOIL* |
50,147 | | ||||||
BW Energy Ltd.* |
31,577 | 93,640 | ||||||
BW LPG Ltd.(b) |
29,766 | 319,242 | ||||||
Cameco Corp. |
6,765 | 238,272 | ||||||
Canadian Natural Resources Ltd. |
24,354 | 1,483,721 | ||||||
Cardinal Energy Ltd.(a) |
41,615 | 227,005 | ||||||
Cenovus Energy, Inc.(a) |
29,725 | 566,384 | ||||||
Cool Co. Ltd. |
11,111 | 151,566 | ||||||
Cosmo Energy Holdings Co. Ltd. |
1,600 | 49,561 | ||||||
Crescent Point Energy Corp. |
12,474 | 101,308 | ||||||
CropEnergies AG |
9,881 | 99,574 | ||||||
Denison Mines Corp.* |
53,196 | 69,513 | ||||||
Diversified Energy Co. plc(a)(b) |
342,801 | 418,130 | ||||||
DNO ASA(a) |
305,573 | 332,562 | ||||||
Enbridge, Inc. |
30,873 | 1,137,112 | ||||||
ENEOS Holdings, Inc. |
57,400 | 208,220 | ||||||
Energean plc |
4,182 | 62,309 | ||||||
Energy Fuels, Inc.*(a) |
10,296 | 66,098 | ||||||
Enerplus Corp. |
5,535 | 92,765 | ||||||
Eni SpA |
54,161 | 829,086 | ||||||
Equinor ASA(a) |
23,001 | 701,182 | ||||||
Equital Ltd.*(a) |
6,519 | 197,155 | ||||||
Etablissements Maurel et Prom SA |
20,951 | 99,051 | ||||||
Euronav NV |
2,829 | 46,444 | ||||||
FLEX LNG Ltd. |
1,176 | 37,338 | ||||||
Freehold Royalties Ltd.(a) |
5,060 | 53,550 | ||||||
Frontera Energy Corp.* |
18,573 | 151,124 | ||||||
Galp Energia SGPS SA |
11,726 | 156,435 | ||||||
Gaztransport Et Technigaz SA |
410 | 50,132 | ||||||
Gibson Energy, Inc.(a) |
7,503 | 122,385 | ||||||
Hafnia Ltd. |
7,872 | 42,914 | ||||||
Harbour Energy plc |
13,992 | 47,977 | ||||||
Headwater Exploration, Inc.(a) |
66,625 | 376,086 | ||||||
Idemitsu Kosan Co. Ltd. |
5,882 | 124,198 | ||||||
Imperial Oil Ltd.(a) |
4,346 | 234,560 | ||||||
Inpex Corp. |
22,500 | 290,197 | ||||||
International Petroleum Corp.* |
30,463 | 285,594 | ||||||
Itochu Enex Co. Ltd. |
20,600 | 202,259 | ||||||
Iwatani Corp. |
1,397 | 74,609 | ||||||
Japan Petroleum Exploration Co. Ltd. |
1,700 | 58,390 | ||||||
Karoon Energy Ltd.* |
198,604 | 298,439 | ||||||
Keyera Corp.(a) |
3,108 | 77,945 | ||||||
Koninklijke Vopak NV |
1,558 | 58,868 | ||||||
MEG Energy Corp.*(a) |
4,928 | 88,021 | ||||||
Naphtha Israel Petroleum Corp. Ltd. |
10,742 | 53,305 | ||||||
Neste OYJ(a) |
6,355 | 234,444 | ||||||
New Hope Corp. Ltd. |
17,010 | 60,864 | ||||||
NexGen Energy Ltd.* |
22,550 | 110,844 | ||||||
NuVista Energy Ltd.* |
60,762 | 525,796 |
Investments |
Shares | Value ($) | ||||||
GB Oil Refineries Ltd. |
691,465 | 221,766 | ||||||
Okeanis Eco Tankers Corp.(b) |
4,920 | 119,638 | ||||||
OMV AG |
2,829 | 127,884 | ||||||
ORLEN SA* |
12,091 | 216,389 | ||||||
Paladin Energy Ltd.* |
151,044 | 74,809 | ||||||
Paramount Resources Ltd., Class A |
2,772 | 65,644 | ||||||
Parex Resources, Inc. |
37,925 | 841,625 | ||||||
Parkland Corp. |
3,977 | 108,803 | ||||||
Paz Oil Co. Ltd.*(a) |
575 | 62,749 | ||||||
Pembina Pipeline Corp. |
8,364 | 265,297 | ||||||
Peyto Exploration & Development Corp.(a) |
62,853 | 543,413 | ||||||
PrairieSky Royalty Ltd.(a) |
3,977 | 79,193 | ||||||
Repsol SA |
28,249 | 432,929 | ||||||
San-Ai Obbli Co. Ltd.(a) |
20,500 | 233,164 | ||||||
Santos Ltd. |
69,495 | 372,760 | ||||||
Saras SpA(a) |
202,868 | 290,662 | ||||||
Serica Energy plc |
101,434 | 312,180 | ||||||
Shell plc |
153,463 | 4,671,742 | ||||||
Spartan Delta Corp. |
8,979 | 29,606 | ||||||
Strike Energy Ltd.* |
129,355 | 38,789 | ||||||
Suncor Energy, Inc. |
27,716 | 868,803 | ||||||
Tamarack Valley Energy Ltd.(a) |
153,627 | 421,344 | ||||||
TC Energy Corp.(a) |
15,826 | 568,233 | ||||||
Topaz Energy Corp. |
3,731 | 60,801 | ||||||
TORM plc, Class A |
9,799 | 241,811 | ||||||
TotalEnergies SE |
51,086 | 3,112,512 | ||||||
Tourmaline Oil Corp.(a) |
6,658 | 345,685 | ||||||
United Energy Group Ltd. |
358,000 | 44,987 | ||||||
Var Energi ASA(a) |
7,339 | 22,416 | ||||||
VERBIO Vereinigte BioEnergie AG |
1,107 | 54,069 | ||||||
Vermilion Energy, Inc.(a) |
57,769 | 806,681 | ||||||
Viva Energy Group Ltd.(b) |
17,630 | 37,422 | ||||||
Whitecap Resources, Inc. |
12,558 | 100,464 | ||||||
Whitehaven Coal Ltd. |
16,702 | 77,882 | ||||||
Woodside Energy Group Ltd.(a) |
41,903 | 1,072,696 | ||||||
|
|
|||||||
34,700,257 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.5% |
| |||||||
Altri SGPS SA(a) |
21,115 | 99,454 | ||||||
Canfor Corp.* |
21,279 | 336,422 | ||||||
Daiken Corp. |
8,200 | 135,339 | ||||||
Daio Paper Corp.(a) |
3,745 | 32,197 | ||||||
Ence Energia y Celulosa SA(a) |
11,726 | 35,786 | ||||||
Hokuetsu Corp.(a) |
61,600 | 373,294 | ||||||
Holmen AB, Class B |
1,540 | 59,431 | ||||||
Interfor Corp.*(a) |
2,378 | 42,637 | ||||||
Metsa Board OYJ, Class B(a) |
3,813 | 30,837 | ||||||
Mondi plc |
12,382 | 217,542 | ||||||
Navigator Co. SA (The) |
5,269 | 18,520 | ||||||
Nippon Paper Industries Co. Ltd.* |
41,000 | 398,515 | ||||||
Oji Holdings Corp. |
12,300 | 48,566 | ||||||
Semapa-Sociedade de Investimento e Gestao |
4,873 | 70,920 | ||||||
Stella-Jones, Inc. |
2,706 | 137,659 | ||||||
Stora Enso OYJ, Class A(a) |
2,501 | 32,400 | ||||||
Stora Enso OYJ, Class R |
10,209 | 125,560 | ||||||
Svenska Cellulosa AB SCA, Class A |
2,068 | 27,475 | ||||||
Svenska Cellulosa AB SCA, Class B |
6,314 | 84,006 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
UPM-Kymmene OYJ |
8,364 | 277,574 | ||||||
West Fraser Timber Co. Ltd. |
1,271 | 107,281 | ||||||
|
|
|||||||
2,691,415 | ||||||||
|
|
|||||||
Passenger Airlines - 0.2% |
| |||||||
Air Canada* |
5,192 | 95,852 | ||||||
Air France-KLM*(a) |
36,777 | 63,681 | ||||||
Air New Zealand Ltd.* |
11,968 | 5,884 | ||||||
ANA Holdings, Inc.* |
2,400 | 57,534 | ||||||
Deutsche Lufthansa AG (Registered)* |
11,748 | 118,881 | ||||||
easyJet plc* |
6,806 | 39,608 | ||||||
Exchange Income Corp.(a) |
2,255 | 88,041 | ||||||
Finnair OYJ*(a) |
82,324 | 51,147 | ||||||
Japan Airlines Co. Ltd. |
2,800 | 60,619 | ||||||
JET2 plc |
4,018 | 58,108 | ||||||
Norwegian Air Shuttle ASA* |
167,034 | 167,422 | ||||||
Qantas Airways Ltd.* |
22,968 | 101,065 | ||||||
Singapore Airlines Ltd. |
16,799 | 95,268 | ||||||
Wizz Air Holdings plc*(b) |
1,394 | 42,562 | ||||||
|
|
|||||||
1,045,672 | ||||||||
|
|
|||||||
Personal Care Products - 1.0% |
| |||||||
Beiersdorf AG |
1,640 | 213,004 | ||||||
Best World International Ltd.* |
57,400 | 70,032 | ||||||
Blackmores Ltd. |
1,320 | 84,260 | ||||||
euglena Co. Ltd.*(a) |
4,400 | 27,252 | ||||||
Fancl Corp. |
400 | 7,010 | ||||||
Haleon plc |
76,506 | 331,042 | ||||||
Interparfums SA |
159 | 11,500 | ||||||
Jamieson Wellness, Inc.(b) |
2,330 | 53,778 | ||||||
Kao Corp.(a) |
7,500 | 285,156 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
900 | 49,523 | ||||||
Kose Corp. |
700 | 68,581 | ||||||
LOccitane International SA(a) |
4,500 | 13,791 | ||||||
LOreal SA |
3,895 | 1,817,404 | ||||||
Mandom Corp. |
4,100 | 41,208 | ||||||
Milbon Co. Ltd. |
1,000 | 36,001 | ||||||
Noevir Holdings Co. Ltd. |
1,000 | 38,147 | ||||||
Pola Orbis Holdings, Inc. |
2,000 | 29,364 | ||||||
PZ Cussons plc |
17,220 | 36,735 | ||||||
Rohto Pharmaceutical Co. Ltd.(a) |
4,100 | 87,437 | ||||||
Shiseido Co. Ltd. |
6,400 | 280,630 | ||||||
Unilever plc |
40,303 | 2,173,460 | ||||||
|
|
|||||||
5,755,315 | ||||||||
|
|
|||||||
Pharmaceuticals - 4.7% |
| |||||||
ALK-Abello A/S, Class B*(a) |
7,913 | 86,396 | ||||||
Almirall SA |
4,564 | 43,930 | ||||||
Astellas Pharma, Inc. |
28,700 | 420,259 | ||||||
AstraZeneca plc |
24,026 | 3,457,934 | ||||||
Bausch Health Cos., Inc.*(a) |
102,869 | 1,001,923 | ||||||
Bayer AG (Registered) |
20,664 | 1,210,694 | ||||||
Camurus AB* |
1,435 | 40,643 | ||||||
Chugai Pharmaceutical Co. Ltd. |
9,300 | 276,945 | ||||||
COSMO Pharmaceuticals NV |
741 | 38,296 | ||||||
Daiichi Sankyo Co. Ltd. |
29,800 | 911,744 | ||||||
Dechra Pharmaceuticals plc |
2,142 | 102,358 | ||||||
Eisai Co. Ltd. |
4,500 | 284,290 | ||||||
Euroapi SA* |
3,444 | 40,288 | ||||||
Faes Farma SA |
17,897 | 62,157 | ||||||
Financiere de Tubize SA |
510 | 40,036 |
Investments |
Shares | Value ($) | ||||||
GSK plc |
59,409 | 1,058,369 | ||||||
H Lundbeck A/S, Class A |
5,650 | 25,394 | ||||||
Haw Par Corp. Ltd. |
8,200 | 59,348 | ||||||
Hikma Pharmaceuticals plc |
3,884 | 104,395 | ||||||
Hutchmed China Ltd.*(a) |
27,388 | 78,670 | ||||||
Indivior plc* |
7,626 | 172,004 | ||||||
Ipsen SA |
770 | 97,291 | ||||||
JCR Pharmaceuticals Co. Ltd.(a) |
2,400 | 22,804 | ||||||
Kaken Pharmaceutical Co. Ltd.(a) |
1,500 | 37,384 | ||||||
Kissei Pharmaceutical Co. Ltd. |
1,400 | 29,659 | ||||||
Kyowa Kirin Co. Ltd. |
4,300 | 82,199 | ||||||
Laboratorios Farmaceuticos Rovi SA |
1,435 | 69,077 | ||||||
Merck KGaA |
2,091 | 368,408 | ||||||
Mochida Pharmaceutical Co. Ltd. |
900 | 20,935 | ||||||
Nippon Shinyaku Co. Ltd.(a) |
1,400 | 56,698 | ||||||
Novartis AG (Registered) |
37,146 | 3,902,505 | ||||||
Novo Nordisk A/S, Class B |
24,969 | 4,034,610 | ||||||
Ono Pharmaceutical Co. Ltd. |
8,200 | 150,143 | ||||||
Orion OYJ, Class A |
352 | 13,758 | ||||||
Orion OYJ, Class B |
1,855 | 71,460 | ||||||
Otsuka Holdings Co. Ltd. |
8,300 | 305,233 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
1,628 | 84,273 | ||||||
Roche Holding AG |
451 | 150,359 | ||||||
Roche Holding AG - BR |
10,742 | 3,353,274 | ||||||
Sanofi |
17,548 | 1,878,453 | ||||||
Santen Pharmaceutical Co. Ltd. |
4,500 | 39,337 | ||||||
Sawai Group Holdings Co. Ltd.(a) |
16,400 | 409,192 | ||||||
Shionogi & Co. Ltd. |
4,400 | 183,705 | ||||||
Sumitomo Pharma Co. Ltd. |
3,600 | 14,934 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. |
600 | 23,171 | ||||||
Takeda Pharmaceutical Co. Ltd. |
24,600 | 751,609 | ||||||
Teva Pharmaceutical Industries Ltd.* |
20,746 | 174,127 | ||||||
Torii Pharmaceutical Co. Ltd.(a) |
800 | 20,327 | ||||||
Towa Pharmaceutical Co. Ltd.(a) |
9,400 | 119,022 | ||||||
Tsumura & Co. |
900 | 16,758 | ||||||
UCB SA |
2,173 | 192,913 | ||||||
Vetoquinol SA |
308 | 31,344 | ||||||
Virbac SA(a) |
132 | 40,750 | ||||||
ZERIA Pharmaceutical Co. Ltd. |
1,800 | 29,480 | ||||||
|
|
|||||||
26,291,265 | ||||||||
|
|
|||||||
Professional Services - 1.6% |
| |||||||
Adecco Group AG (Registered) |
2,378 | 97,139 | ||||||
AFRY AB |
2,640 | 36,707 | ||||||
ALS Ltd. |
8,712 | 68,921 | ||||||
APM Human Services International Ltd.(a) |
104,468 | 140,088 | ||||||
Applus Services SA |
50,840 | 547,084 | ||||||
Arcadis NV |
1,189 | 52,306 | ||||||
BayCurrent Consulting, Inc. |
1,400 | 45,208 | ||||||
Bell System24 Holdings, Inc.(a) |
13,500 | 131,978 | ||||||
Benefit One, Inc. |
1,000 | 10,322 | ||||||
Bureau Veritas SA |
5,863 | 161,477 | ||||||
Computershare Ltd. |
8,897 | 150,361 | ||||||
Danel Adir Yeoshua Ltd.(a) |
533 | 42,219 | ||||||
dip Corp. |
1,400 | 35,325 | ||||||
DKSH Holding AG |
660 | 53,487 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
en Japan, Inc. |
2,000 | 39,513 | ||||||
Experian plc |
14,883 | 576,200 | ||||||
Funai Soken Holdings, Inc.(a) |
2,700 | 50,074 | ||||||
GlobalData plc |
17,914 | 37,455 | ||||||
Hays plc |
610,490 | 840,471 | ||||||
Hilan Ltd. |
1,025 | 50,388 | ||||||
Infomart Corp. |
17,600 | 52,399 | ||||||
Insource Co. Ltd.(a) |
3,800 | 33,539 | ||||||
Intertek Group plc |
2,214 | 124,258 | ||||||
IPH Ltd. |
13,904 | 74,017 | ||||||
JAC Recruitment Co. Ltd. |
1,300 | 25,811 | ||||||
Link Administration Holdings Ltd. |
189,830 | 195,713 | ||||||
Majorel Group Luxembourg SA(a) |
1,189 | 38,148 | ||||||
McMillan Shakespeare Ltd. |
3,198 | 42,647 | ||||||
Meitec Corp. |
2,400 | 43,708 | ||||||
Nihon M&A Center Holdings, Inc.(a) |
4,800 | 27,466 | ||||||
Nomura Co. Ltd. |
6,000 | 38,133 | ||||||
Open Up Group, Inc.(a) |
4,400 | 68,936 | ||||||
Outsourcing, Inc. |
36,900 | 376,713 | ||||||
Pagegroup plc |
22,468 | 128,932 | ||||||
Persol Holdings Co. Ltd. |
4,200 | 83,007 | ||||||
Randstad NV |
2,419 | 142,101 | ||||||
Recruit Holdings Co. Ltd. |
24,600 | 854,109 | ||||||
RELX plc |
30,340 | 1,022,768 | ||||||
RWS Holdings plc |
110,536 | 369,206 | ||||||
SGS SA (Registered) |
3,485 | 339,474 | ||||||
SmartGroup Corp. Ltd.(a) |
7,766 | 47,307 | ||||||
SMS Co. Ltd. |
2,000 | 42,399 | ||||||
Synergie SE |
2,870 | 104,264 | ||||||
TechnoPro Holdings, Inc. |
1,100 | 28,437 | ||||||
Teleperformance |
820 | 119,114 | ||||||
TELUS International CDA, Inc.* |
2,214 | 20,689 | ||||||
Thomson Reuters Corp. |
2,337 | 316,039 | ||||||
Tinexta Spa(a) |
1,056 | 19,793 | ||||||
Transcosmos, Inc.(a) |
8,200 | 200,845 | ||||||
Wolters Kluwer NV |
3,895 | 490,424 | ||||||
|
|
|||||||
8,637,119 | ||||||||
|
|
|||||||
Real Estate Management & Development - 2.4% |
| |||||||
Aeon Mall Co. Ltd. |
1,990 | 24,602 | ||||||
AFI Properties Ltd.*(a) |
2,460 | 100,115 | ||||||
Africa Israel Residences Ltd.(a) |
2,173 | 106,762 | ||||||
Airport City Ltd.* |
1,928 | 29,154 | ||||||
Allreal Holding AG (Registered) |
366 | 67,555 | ||||||
Alony Hetz Properties & Investments Ltd. |
7,216 | 60,861 | ||||||
Altus Group Ltd. |
2,578 | 86,237 | ||||||
Amot Investments Ltd. |
5,448 | 29,324 | ||||||
Aroundtown SA*(a) |
333,371 | 518,625 | ||||||
Atrium Ljungberg AB, Class B(a) |
792 | 15,557 | ||||||
Aura Investments Ltd.(a) |
44,280 | 96,570 | ||||||
Azrieli Group Ltd. |
532 | 30,378 | ||||||
Big Shopping Centers Ltd.* |
287 | 27,097 | ||||||
Blue Square Real Estate Ltd.(a) |
1,927 | 118,187 | ||||||
Bukit Sembawang Estates Ltd. |
8,200 | 25,320 | ||||||
CA Immobilien Anlagen AG |
572 | 18,321 | ||||||
Capitaland India Trust |
55,054 | 47,267 | ||||||
CapitaLand Investment Ltd. |
42,131 | 107,882 | ||||||
Castellum AB |
10,865 | 124,031 |
Investments |
Shares | Value ($) | ||||||
Catena AB |
924 | 35,544 | ||||||
Cibus Nordic Real Estate AB(a) |
22,878 | 257,575 | ||||||
City Developments Ltd. |
9,400 | 52,317 | ||||||
Citycon OYJ |
7,298 | 45,422 | ||||||
CK Asset Holdings Ltd. |
41,000 | 236,578 | ||||||
Colliers International Group, Inc.(a) |
748 | 75,871 | ||||||
Corem Property Group AB, Class B(a) |
193,438 | 130,708 | ||||||
Daito Trust Construction Co. Ltd. |
1,900 | 204,469 | ||||||
Daiwa House Industry Co. Ltd. |
15,300 | 415,883 | ||||||
Deutsche EuroShop AG |
4,592 | 112,143 | ||||||
Deutsche Wohnen SE |
1,012 | 25,440 | ||||||
Dios Fastigheter AB |
7,480 | 51,112 | ||||||
Electra Real Estate Ltd. |
1,476 | 18,613 | ||||||
Entra ASA(b) |
2,068 | 20,248 | ||||||
ESR Group Ltd.(b) |
32,800 | 57,199 | ||||||
Fabege AB(a) |
5,412 | 46,974 | ||||||
Fastighets AB Balder, Class B*(a) |
12,348 | 57,747 | ||||||
FastPartner AB, Class A |
3,124 | 14,078 | ||||||
FirstService Corp. |
676 | 106,065 | ||||||
G City Ltd.(a) |
28,290 | 98,530 | ||||||
Gav-Yam Lands Corp. Ltd. |
593 | 4,273 | ||||||
Goldcrest Co. Ltd. |
4,100 | 55,694 | ||||||
Grainger plc(a) |
41,287 | 133,761 | ||||||
Grand City Properties SA*(a) |
28,823 | 238,341 | ||||||
Great Eagle Holdings Ltd.(a) |
83,451 | 155,373 | ||||||
GuocoLand Ltd. |
100,000 | 116,734 | ||||||
Hang Lung Group Ltd. |
238,000 | 371,098 | ||||||
Hang Lung Properties Ltd. |
44,000 | 68,268 | ||||||
Heiwa Real Estate Co. Ltd. |
1,300 | 36,325 | ||||||
Henderson Land Development Co. Ltd. |
33,239 | 102,291 | ||||||
Ho Bee Land Ltd. |
76,800 | 113,945 | ||||||
Hufvudstaden AB, Class A |
2,610 | 32,018 | ||||||
Hulic Co. Ltd. |
8,200 | 69,805 | ||||||
Ichigo, Inc. |
17,800 | 33,826 | ||||||
IES Holdings Ltd.* |
943 | 65,661 | ||||||
IMMOFINANZ AG* |
2,132 | 42,829 | ||||||
Intershop Holding AG |
76 | 52,780 | ||||||
Israel Canada T.R Ltd.(a) |
45,838 | 114,105 | ||||||
Isras Investment Co. Ltd. |
533 | 109,738 | ||||||
IWG plc* |
41,041 | 80,739 | ||||||
Jeudan A/S(a) |
3,403 | 127,877 | ||||||
K Wah International Holdings Ltd. |
369,000 | 120,655 | ||||||
Katitas Co. Ltd.(a) |
1,100 | 20,222 | ||||||
Keihanshin Building Co. Ltd. |
4,100 | 36,446 | ||||||
Kerry Properties Ltd. |
16,500 | 35,544 | ||||||
Kojamo OYJ |
3,579 | 35,041 | ||||||
Kowloon Development Co. Ltd. |
123,000 | 129,329 | ||||||
LEG Immobilien SE* |
574 | 40,731 | ||||||
Lendlease Corp. Ltd.(a) |
14,582 | 84,799 | ||||||
Lifestyle Communities Ltd.(a) |
1,107 | 12,950 | ||||||
Mega Or Holdings Ltd., REIT(a) |
2,542 | 56,222 | ||||||
Melisron Ltd. |
460 | 30,511 | ||||||
Mitsubishi Estate Co. Ltd. |
16,400 | 200,498 | ||||||
Mitsui Fudosan Co. Ltd. |
16,400 | 336,876 | ||||||
Mivne Real Estate KD Ltd. |
14,248 | 37,712 | ||||||
Mobimo Holding AG (Registered) |
352 | 104,562 | ||||||
Morguard Corp. |
1,025 | 79,944 | ||||||
New World Development Co. Ltd. |
33,590 | 82,611 | ||||||
Nexity SA(a) |
15,662 | 266,102 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Nomura Real Estate Holdings, Inc. |
1,400 | 34,714 | ||||||
NP3 Fastigheter AB |
1,462 | 24,600 | ||||||
Nyfosa AB |
57,605 | 365,942 | ||||||
OUE Ltd. |
147,600 | 118,943 | ||||||
Pandox AB, Class B |
5,412 | 63,868 | ||||||
PEXA Group Ltd.* |
7,380 | 65,793 | ||||||
Platzer Fastigheter Holding AB, Class B |
3,080 | 23,450 | ||||||
Prashkovsky Investments and Construction Ltd.(a) |
1,312 | 30,583 | ||||||
PSP Swiss Property AG (Registered) |
736 | 87,282 | ||||||
Relo Group, Inc. |
2,270 | 31,347 | ||||||
Sagax AB, Class B |
2,420 | 53,870 | ||||||
Samhallsbyggnadsbolaget i Norden AB(a) |
22,748 | 9,840 | ||||||
SAMTY Co. Ltd. |
12,300 | 196,516 | ||||||
Savills plc |
51,373 | 643,805 | ||||||
Sino Land Co. Ltd. |
73,785 | 90,354 | ||||||
Sirius Real Estate Ltd. |
103,402 | 109,826 | ||||||
Starts Corp., Inc. |
12,300 | 254,951 | ||||||
StorageVault Canada, Inc.(a) |
12,833 | 47,676 | ||||||
Sumitomo Realty & Development Co. Ltd. |
11,200 | 300,023 | ||||||
Summit Real Estate Holdings Ltd. |
2,706 | 37,580 | ||||||
Sun Frontier Fudousan Co. Ltd. |
12,300 | 130,549 | ||||||
Sun Hung Kai Properties Ltd. |
34,500 | 431,543 | ||||||
Swire Pacific Ltd., Class A |
10,500 | 87,447 | ||||||
Swire Properties Ltd. |
16,400 | 41,007 | ||||||
Swiss Prime Site AG (Registered) |
1,227 | 119,466 | ||||||
TAG Immobilien AG* |
62,771 | 707,654 | ||||||
Tokyo Tatemono Co. Ltd. |
5,200 | 69,447 | ||||||
Tokyu Fudosan Holdings Corp. |
11,200 | 66,555 | ||||||
Tosei Corp. |
8,200 | 101,634 | ||||||
Tricon Residential, Inc.(a) |
17,097 | 160,027 | ||||||
UOL Group Ltd. |
6,799 | 35,997 | ||||||
VGP NV |
738 | 79,253 | ||||||
Villar International Ltd.(a) |
1,599 | 70,792 | ||||||
Vonovia SE |
15,211 | 356,214 | ||||||
Wallenstam AB, Class B |
8,888 | 34,731 | ||||||
Wharf Holdings Ltd. (The) |
17,000 | 39,804 | ||||||
Wharf Real Estate Investment Co. Ltd. |
25,000 | 133,836 | ||||||
Wihlborgs Fastigheter AB |
7,304 | 57,209 | ||||||
Wing Tai Holdings Ltd. |
57,400 | 61,818 | ||||||
Yanlord Land Group Ltd.* |
196,800 | 120,054 | ||||||
YH Dimri Construction & Development Ltd.(a) |
452 | 32,053 | ||||||
|
|
|||||||
13,060,650 | ||||||||
|
|
|||||||
Residential REITs - 0.1% |
| |||||||
Advance Residence Investment Corp., REIT(a) |
18 | 43,898 | ||||||
Altarea SCA, REIT |
92 | 8,622 | ||||||
Boardwalk REIT, REIT(a) |
574 | 28,568 | ||||||
Canadian Apartment Properties REIT, REIT(a) |
1,012 | 39,527 | ||||||
Comforia Residential REIT, Inc., REIT(a) |
19 | 45,534 | ||||||
Daiwa Securities Living Investments Corp., REIT |
26 | 20,843 |
Investments |
Shares | Value ($) | ||||||
Ingenia Communities Group, REIT(a) |
20,254 | 55,684 | ||||||
InterRent REIT, REIT |
738 | 7,182 | ||||||
Kenedix Residential Next Investment Corp., REIT(a) |
41 | 64,207 | ||||||
Killam Apartment REIT, REIT |
2,624 | 36,083 | ||||||
Nippon Accommodations Fund, Inc., REIT(a) |
8 | 37,950 | ||||||
UNITE Group plc (The), REIT |
8,364 | 104,764 | ||||||
Xior Student Housing NV, REIT(b) |
1,581 | 49,418 | ||||||
|
|
|||||||
542,280 | ||||||||
|
|
|||||||
Retail REITs - 0.7% |
| |||||||
AEON REIT Investment Corp., REIT |
29 | 30,555 | ||||||
BWP Trust, REIT(a) |
32,513 | 80,406 | ||||||
CapitaLand China Trust, REIT |
20,500 | 16,057 | ||||||
CapitaLand Integrated Commercial Trust, REIT |
75,746 | 116,374 | ||||||
Carmila SA, REIT*(a) |
21,812 | 354,480 | ||||||
Charter Hall Retail REIT, REIT |
35,342 | 89,307 | ||||||
Choice Properties REIT, REIT(a) |
3,957 | 41,817 | ||||||
Crombie REIT, REIT(a) |
3,256 | 34,459 | ||||||
Eurocommercial Properties NV, REIT |
16,031 | 406,525 | ||||||
First Capital REIT, REIT |
5,822 | 65,153 | ||||||
Fortune REIT, REIT |
41,000 | 29,599 | ||||||
Frasers Centrepoint Trust, REIT |
12,749 | 20,835 | ||||||
Fukuoka REIT Corp., REIT(a) |
82 | 96,094 | ||||||
Hammerson plc, REIT(a) |
237,021 | 81,120 | ||||||
HMC Capital Ltd., REIT(a) |
9,954 | 34,745 | ||||||
HomeCo Daily Needs REIT, REIT(b) |
561,864 | 452,441 | ||||||
Japan Metropolitan Fund Invest, REIT |
103 | 70,682 | ||||||
Kenedix Retail REIT Corp., REIT |
31 | 60,721 | ||||||
Kiwi Property Group Ltd., REIT |
36,982 | 21,865 | ||||||
Klepierre SA, REIT |
3,960 | 105,441 | ||||||
Lendlease Global Commercial REIT, REIT |
143,500 | 73,490 | ||||||
Link REIT, REIT |
40,123 | 224,572 | ||||||
Mapletree Pan Asia Commercial Trust, REIT |
30,462 | 37,854 | ||||||
Mercialys SA, REIT |
28,085 | 243,850 | ||||||
Primaris REIT, REIT |
2,706 | 27,425 | ||||||
Region RE Ltd., REIT |
19,270 | 31,424 | ||||||
Retail Estates NV, REIT |
4,182 | 267,891 | ||||||
Scentre Group, REIT(a) |
86,510 | 163,808 | ||||||
Shaftesbury Capital plc, REIT |
115,456 | 177,965 | ||||||
SmartCentres REIT, REIT(a) |
1,558 | 29,485 | ||||||
Starhill Global REIT, REIT |
80,696 | 31,299 | ||||||
Unibail-Rodamco-Westfield, REIT* |
2,255 | 128,191 | ||||||
Unibail-Rodamco-Westfield, REIT, CHDI* |
5 | 14 | ||||||
Vicinity Ltd., REIT |
65,692 | 87,426 | ||||||
Waypoint REIT Ltd., REIT |
14,268 | 25,190 | ||||||
|
|
|||||||
3,758,560 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 2.3% |
| |||||||
Advantest Corp. |
3,100 | 426,010 | ||||||
AEM Holdings Ltd. |
13,200 | 37,478 | ||||||
AIXTRON SE |
2,337 | 92,966 | ||||||
Alphawave IP Group plc*(a) |
19,492 | 40,428 | ||||||
ams-OSRAM AG* |
91,840 | 818,757 | ||||||
ASM International NV |
738 | 352,121 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
ASML Holding NV |
6,232 | 4,481,326 | ||||||
ASMPT Ltd. |
5,000 | 48,630 | ||||||
BE Semiconductor Industries NV |
1,470 | 176,094 | ||||||
Camtek Ltd.* |
1,025 | 47,534 | ||||||
Disco Corp. |
1,200 | 225,000 | ||||||
Elmos Semiconductor SE |
410 | 36,616 | ||||||
Ferrotec Holdings Corp.(a) |
16,400 | 396,495 | ||||||
Furuya Metal Co. Ltd.(a) |
1,000 | 77,703 | ||||||
Infineon Technologies AG |
20,131 | 887,817 | ||||||
Japan Material Co. Ltd. |
2,500 | 44,200 | ||||||
Lasertec Corp. |
1,300 | 196,491 | ||||||
Megachips Corp. |
5,100 | 152,555 | ||||||
Melexis NV |
495 | 53,430 | ||||||
Meyer Burger Technology AG*(a) |
191,827 | 116,289 | ||||||
Nordic Semiconductor ASA* |
3,828 | 56,456 | ||||||
Nova Ltd.* |
352 | 43,889 | ||||||
Optorun Co. Ltd. |
2,900 | 48,068 | ||||||
REC Silicon ASA*(a) |
22,352 | 38,168 | ||||||
Renesas Electronics Corp.* |
22,900 | 444,123 | ||||||
Rohm Co. Ltd. |
1,600 | 149,775 | ||||||
Rorze Corp.(a) |
400 | 31,278 | ||||||
SCREEN Holdings Co. Ltd.(a) |
1,100 | 118,764 | ||||||
Shinko Electric Industries Co. Ltd. |
1,400 | 56,520 | ||||||
Siltronic AG |
5,699 | 502,675 | ||||||
SMA Solar Technology AG* |
328 | 31,336 | ||||||
SOITEC* |
369 | 72,804 | ||||||
STMicroelectronics NV |
10,168 | 545,122 | ||||||
SUMCO Corp.(a) |
5,700 | 83,045 | ||||||
Tokyo Electron Ltd. |
7,500 | 1,121,463 | ||||||
Tokyo Seimitsu Co. Ltd. |
1,600 | 88,626 | ||||||
Tower Semiconductor Ltd.* |
2,139 | 79,578 | ||||||
Tri Chemical Laboratories, Inc. |
1,800 | 33,383 | ||||||
u-blox Holding AG* |
2,542 | 286,208 | ||||||
Ulvac, Inc.(a) |
1,000 | 42,898 | ||||||
Weebit Nano Ltd.*(a) |
9,758 | 40,768 | ||||||
X-Fab Silicon Foundries SE*(b) |
6,765 | 82,195 | ||||||
|
|
|||||||
12,705,082 | ||||||||
|
|
|||||||
Software - 1.2% |
| |||||||
Altium Ltd. |
1,716 | 44,183 | ||||||
Appier Group, Inc.* |
4,100 | 48,768 | ||||||
Asseco Poland SA |
3,362 | 67,205 | ||||||
Atoss Software AG |
176 | 42,885 | ||||||
BlackBerry Ltd.* |
30,053 | 153,205 | ||||||
Bytes Technology Group plc |
15,205 | 100,948 | ||||||
Constellation Software, Inc. |
287 | 607,461 | ||||||
Crayon Group Holding ASA*(b) |
4,100 | 43,689 | ||||||
Darktrace plc* |
19,721 | 93,884 | ||||||
Dassault Systemes SE |
10,549 | 452,264 | ||||||
Descartes Systems Group, Inc. (The)* |
1,375 | 107,441 | ||||||
Enghouse Systems Ltd. |
2,552 | 57,894 | ||||||
Fortnox AB |
7,995 | 49,184 | ||||||
Fuji Soft, Inc. |
1,400 | 46,657 | ||||||
GB Group plc |
8,897 | 28,733 | ||||||
Hansen Technologies Ltd.(a) |
5,576 | 19,689 | ||||||
IRESS Ltd.(a) |
10,123 | 70,806 | ||||||
Kinaxis, Inc.* |
520 | 70,736 | ||||||
Learning Technologies Group plc |
32,868 | 31,717 | ||||||
Lectra |
1,762 | 56,241 |
Investments |
Shares | Value ($) | ||||||
Lightspeed Commerce, Inc.* |
8,159 | 143,623 | ||||||
Money Forward, Inc.* |
1,100 | 47,560 | ||||||
Nemetschek SE |
884 | 64,561 | ||||||
Nice Ltd.* |
985 | 213,715 | ||||||
Open Text Corp. |
5,863 | 252,293 | ||||||
Oracle Corp. Japan |
800 | 56,171 | ||||||
QT Group OYJ*(a) |
308 | 25,618 | ||||||
Rakus Co. Ltd. |
1,600 | 27,162 | ||||||
Sage Group plc (The) |
17,589 | 211,961 | ||||||
SAP SE |
16,892 | 2,316,860 | ||||||
SimCorp A/S |
660 | 71,035 | ||||||
Sinch AB*(b) |
14,637 | 38,064 | ||||||
SiteMinder Ltd.* |
17,179 | 48,735 | ||||||
Software AG* |
2,352 | 82,464 | ||||||
Systena Corp. |
24,600 | 47,094 | ||||||
TeamViewer SE*(c) |
3,239 | 55,192 | ||||||
Technology One Ltd. |
5,166 | 54,827 | ||||||
Temenos AG (Registered) |
779 | 67,183 | ||||||
TomTom NV* |
6,776 | 59,356 | ||||||
Trend Micro, Inc. |
2,500 | 118,067 | ||||||
Truecaller AB, Class B* |
16,113 | 64,007 | ||||||
Vitec Software Group AB, Class B |
1,025 | 58,481 | ||||||
WiseTech Global Ltd. |
3,239 | 187,245 | ||||||
|
|
|||||||
6,504,864 | ||||||||
|
|
|||||||
Specialized REITs - 0.0%(e) |
| |||||||
Arena REIT, REIT |
15,092 | 38,645 | ||||||
Big Yellow Group plc, REIT |
4,224 | 58,316 | ||||||
Charter Hall Social Infrastructure REIT, REIT |
16,831 | 33,911 | ||||||
Keppel DC REIT, REIT |
21,100 | 34,801 | ||||||
National Storage REIT, REIT |
20,921 | 32,706 | ||||||
Safestore Holdings plc, REIT |
4,488 | 51,162 | ||||||
|
|
|||||||
249,541 | ||||||||
|
|
|||||||
Specialty Retail - 1.5% |
| |||||||
ABC-Mart, Inc. |
700 | 38,769 | ||||||
Accent Group Ltd.(a) |
42,845 | 50,957 | ||||||
Alpen Co. Ltd.(a) |
4,600 | 63,878 | ||||||
ARCLANDS Corp.(a) |
12,300 | 141,717 | ||||||
Aritzia, Inc.*(a) |
1,716 | 32,710 | ||||||
Autobacs Seven Co. Ltd. |
2,100 | 23,072 | ||||||
Bic Camera, Inc.(a) |
4,200 | 31,571 | ||||||
Bilia AB, Class A |
24,026 | 253,122 | ||||||
Carasso Motors Ltd. |
11,193 | 51,113 | ||||||
CECONOMY AG* |
67,937 | 204,188 | ||||||
Currys plc |
331,075 | 227,259 | ||||||
DCM Holdings Co. Ltd. |
4,100 | 34,744 | ||||||
Delek Automotive Systems Ltd. |
19,803 | 143,996 | ||||||
Dufry AG (Registered)*(a) |
1,330 | 68,951 | ||||||
Dunelm Group plc |
3,649 | 53,992 | ||||||
Eagers Automotive Ltd.(a) |
4,180 | 41,574 | ||||||
EDION Corp.(a) |
28,700 | 295,322 | ||||||
Fast Retailing Co. Ltd. |
3,000 | 750,845 | ||||||
Fenix Outdoor International AG |
369 | 22,089 | ||||||
Fielmann AG |
607 | 31,281 | ||||||
Fnac Darty SA(a) |
7,411 | 259,021 | ||||||
Fox Wizel Ltd. |
533 | 44,663 | ||||||
Frasers Group plc* |
4,620 | 48,327 | ||||||
Geo Holdings Corp.(a) |
8,200 | 113,696 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
H & M Hennes & Mauritz AB, Class B |
7,790 | 131,075 | ||||||
Hornbach Holding AG & Co. KGaA |
3,239 | 262,659 | ||||||
Hour Glass Ltd. (The) |
98,400 | 154,144 | ||||||
IDOM, Inc. |
19,600 | 114,913 | ||||||
Industria de Diseno Textil SA |
17,220 | 660,900 | ||||||
JB Hi-Fi Ltd.(a) |
1,722 | 52,971 | ||||||
JD Sports Fashion plc |
53,934 | 109,435 | ||||||
JINS Holdings, Inc.(a) |
900 | 22,329 | ||||||
Joyful Honda Co. Ltd. |
2,000 | 23,170 | ||||||
Kingfisher plc(a) |
41,944 | 132,598 | ||||||
KMD Brands Ltd.(a) |
64,862 | 36,734 | ||||||
Kohnan Shoji Co. Ltd.(a) |
9,700 | 237,584 | ||||||
Komeri Co. Ltd.(a) |
12,300 | 257,981 | ||||||
Ks Holdings Corp.(a) |
6,100 | 56,028 | ||||||
Leons Furniture Ltd. |
9,471 | 159,811 | ||||||
Luk Fook Holdings International Ltd. |
123,672 | 325,882 | ||||||
MEKO AB |
14,965 | 156,522 | ||||||
MOG Digitech Holdings Ltd.* |
30,000 | 376,794 | ||||||
Musti Group OYJ |
492 | 9,677 | ||||||
Nick Scali Ltd.(a) |
1,599 | 11,529 | ||||||
Nishimatsuya Chain Co. Ltd.(a) |
12,300 | 147,863 | ||||||
Nitori Holdings Co. Ltd. |
1,600 | 196,565 | ||||||
Nojima Corp. |
24,600 | 240,148 | ||||||
Pet Valu Holdings Ltd.(a) |
1,716 | 39,763 | ||||||
Pets at Home Group plc |
25,444 | 128,462 | ||||||
Premier Investments Ltd. |
1,517 | 22,612 | ||||||
Sanrio Co. Ltd. |
1,800 | 83,856 | ||||||
Shimamura Co. Ltd.(a) |
500 | 49,567 | ||||||
Super Retail Group Ltd. |
5,324 | 44,163 | ||||||
T-Gaia Corp. |
5,100 | 64,432 | ||||||
USS Co. Ltd. |
5,600 | 97,078 | ||||||
VT Holdings Co. Ltd. |
36,900 | 138,427 | ||||||
Watches of Switzerland Group plc*(c) |
3,344 | 32,420 | ||||||
WH Smith plc |
7,134 | 137,042 | ||||||
Yamada Holdings Co. Ltd. |
17,300 | 52,309 | ||||||
Yellow Hat Ltd. |
12,500 | 164,256 | ||||||
Zalando SE*(b) |
3,444 | 119,232 | ||||||
ZOZO, Inc. |
2,800 | 54,628 | ||||||
|
|
|||||||
8,132,416 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.3% |
| |||||||
Brother Industries Ltd. |
7,900 | 123,076 | ||||||
Canon, Inc. |
16,400 | 423,967 | ||||||
Eizo Corp. |
1,500 | 53,315 | ||||||
Elecom Co. Ltd. |
1,600 | 17,230 | ||||||
FUJIFILM Holdings Corp. |
6,400 | 371,486 | ||||||
Konica Minolta, Inc. |
14,200 | 52,590 | ||||||
Logitech International SA (Registered) |
2,899 | 205,607 | ||||||
MCJ Co. Ltd. |
24,600 | 195,304 | ||||||
Ricoh Co. Ltd. |
12,700 | 112,940 | ||||||
Riso Kagaku Corp. |
1,700 | 27,903 | ||||||
Seiko Epson Corp.(a) |
8,200 | 134,618 | ||||||
Toshiba TEC Corp. |
1,100 | 31,936 | ||||||
|
|
|||||||
1,749,972 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 1.9% |
| |||||||
adidas AG |
2,706 | 548,964 | ||||||
Asics Corp. |
3,400 | 107,159 | ||||||
Brunello Cucinelli SpA |
660 | 55,995 | ||||||
Burberry Group plc |
6,191 | 177,076 |
Investments |
Shares | Value ($) | ||||||
Canada Goose Holdings, Inc.*(a) |
2,464 | 45,040 | ||||||
Chow Sang Sang Holdings International Ltd. |
143,000 | 166,494 | ||||||
Cie Financiere Richemont SA (Registered) |
7,995 | 1,293,994 | ||||||
Coats Group plc |
93,931 | 84,599 | ||||||
Crystal International Group Ltd.(b) |
209,500 | 75,755 | ||||||
Delta Galil Ltd. |
3,772 | 149,288 | ||||||
Descente Ltd. |
1,200 | 34,797 | ||||||
Dr. Martens plc |
33,087 | 64,964 | ||||||
Gildan Activewear, Inc. |
2,703 | 84,217 | ||||||
Goldwin, Inc. |
1,000 | 82,137 | ||||||
Hermes International |
533 | 1,185,015 | ||||||
HUGO BOSS AG |
1,232 | 99,838 | ||||||
Japan Wool Textile Co. Ltd. (The) |
22,900 | 194,540 | ||||||
Kering SA |
1,107 | 639,066 | ||||||
LPP SA |
24 | 82,912 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
4,018 | 3,757,122 | ||||||
Moncler SpA |
3,075 | 222,813 | ||||||
New Wave Group AB, Class B |
5,104 | 46,384 | ||||||
Pandora A/S |
1,640 | 164,599 | ||||||
Puma SE |
1,640 | 111,095 | ||||||
Samsonite International SA*(b) |
24,600 | 72,866 | ||||||
Seiko Group Corp. |
1,200 | 22,188 | ||||||
Stella International Holdings Ltd. |
144,000 | 141,254 | ||||||
Swatch Group AG (The) |
451 | 144,845 | ||||||
Swatch Group AG (The) (Registered) |
792 | 47,784 | ||||||
Tods SpA* |
778 | 35,427 | ||||||
Wacoal Holdings Corp. |
4,100 | 89,226 | ||||||
Yue Yuen Industrial Holdings Ltd. |
287,000 | 382,731 | ||||||
|
|
|||||||
10,410,184 | ||||||||
|
|
|||||||
Tobacco - 0.5% |
| |||||||
British American Tobacco plc |
47,437 | 1,596,366 | ||||||
Imperial Brands plc |
20,459 | 484,222 | ||||||
Japan Tobacco, Inc. |
16,400 | 363,944 | ||||||
Scandinavian Tobacco Group A/S(b) |
20,746 | 361,558 | ||||||
|
|
|||||||
2,806,090 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 2.4% |
| |||||||
AddTech AB, Class B |
4,180 | 78,051 | ||||||
Ashtead Group plc |
6,929 | 513,694 | ||||||
Azelis Group NV |
1,148 | 29,745 | ||||||
BayWa AG |
828 | 34,782 | ||||||
Beijer Ref AB, Class B |
6,100 | 83,133 | ||||||
Bossard Holding AG (Registered), Class A |
220 | 51,647 | ||||||
Brenntag SE |
2,342 | 181,992 | ||||||
Bufab AB |
968 | 28,374 | ||||||
Bunzl plc |
5,576 | 207,196 | ||||||
Chori Co. Ltd. |
4,100 | 84,493 | ||||||
Daiichi Jitsugyo Co. Ltd.(a) |
4,100 | 154,673 | ||||||
Diploma plc |
1,979 | 82,449 | ||||||
Finning International, Inc. |
2,562 | 88,407 | ||||||
Grafton Group plc |
14,965 | 168,652 | ||||||
Hanwa Co. Ltd.(a) |
15,100 | 515,980 | ||||||
Howden Joinery Group plc |
11,508 | 109,126 | ||||||
IMCD NV |
984 | 149,663 | ||||||
Inaba Denki Sangyo Co. Ltd. |
4,100 | 91,044 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Inabata & Co. Ltd.(a) |
16,400 | 382,066 | ||||||
ITOCHU Corp.(a) |
32,800 | 1,327,421 | ||||||
Japan Pulp & Paper Co. Ltd. |
4,100 | 133,319 | ||||||
Kanamoto Co. Ltd. |
12,300 | 216,860 | ||||||
Kanematsu Corp.(a) |
28,700 | 421,370 | ||||||
Kloeckner & Co. SE |
28,167 | 263,972 | ||||||
Marubeni Corp. |
36,900 | 652,788 | ||||||
Mitani Corp. |
12,300 | 119,641 | ||||||
Mitsubishi Corp. |
30,900 | 1,580,015 | ||||||
Mitsui & Co. Ltd. |
32,800 | 1,279,172 | ||||||
MonotaRO Co. Ltd. |
5,600 | 68,423 | ||||||
Nagase & Co. Ltd. |
2,200 | 37,797 | ||||||
Nishio Holdings Co. Ltd. |
8,500 | 215,970 | ||||||
OEM International AB, Class B |
9,061 | 73,557 | ||||||
Reece Ltd.(a) |
3,403 | 44,945 | ||||||
Rexel SA |
4,641 | 112,163 | ||||||
Richelieu Hardware Ltd. |
3,422 | 114,444 | ||||||
RS GROUP plc |
4,346 | 43,873 | ||||||
Russel Metals, Inc. |
22,591 | 666,102 | ||||||
Scope Metals Group Ltd.*(a) |
1,845 | 65,014 | ||||||
Seven Group Holdings Ltd. |
3,036 | 53,641 | ||||||
Sojitz Corp. |
3,999 | 94,993 | ||||||
Sumitomo Corp. |
26,800 | 574,744 | ||||||
Theme International Holdings Ltd.* |
1,640,000 | 182,954 | ||||||
Thermador Groupe(a) |
396 | 35,191 | ||||||
Toromont Industries Ltd. |
1,230 | 104,988 | ||||||
Toyota Tsusho Corp. |
5,000 | 291,913 | ||||||
Travis Perkins plc |
78,392 | 878,316 | ||||||
Trusco Nakayama Corp. |
1,800 | 27,732 | ||||||
Yamazen Corp. |
24,600 | 209,155 | ||||||
Yellow Cake plc*(b) |
7,602 | 42,215 | ||||||
Yuasa Trading Co. Ltd.(a) |
8,200 | 262,599 | ||||||
|
|
|||||||
13,230,454 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.3% |
| |||||||
Aena SME SA(b) |
1,025 | 164,319 | ||||||
Aeroports de Paris |
555 | 76,857 | ||||||
Atlas Arteria Ltd. |
18,448 | 78,068 | ||||||
Auckland International Airport Ltd.* |
22,332 | 116,746 | ||||||
Dalrymple Bay Infrastructure Ltd.(a) |
37,023 | 68,856 | ||||||
Enav SpA(b) |
12,657 | 54,480 | ||||||
Flughafen Zurich AG (Registered) |
320 | 68,035 | ||||||
Fraport AG Frankfurt Airport Services Worldwide* |
890 | 47,130 | ||||||
Getlink SE |
6,888 | 121,472 | ||||||
Hamburger Hafen und Logistik AG |
9,471 | 124,889 | ||||||
Japan Airport Terminal Co. Ltd. |
1,200 | 55,946 | ||||||
Kamigumi Co. Ltd. |
3,100 | 71,958 | ||||||
Mitsubishi Logistics Corp. |
1,700 | 42,703 | ||||||
Port of Tauranga Ltd. |
5,225 | 20,161 | ||||||
Qube Holdings Ltd. |
36,652 | 72,612 | ||||||
SATS Ltd.* |
8,200 | 17,292 | ||||||
Sumitomo Warehouse Co. Ltd. (The)(a) |
4,100 | 70,527 | ||||||
Transurban Group |
43,214 | 417,577 | ||||||
Westshore Terminals Investment |
1,647 | 38,214 | ||||||
|
|
|||||||
1,727,842 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Water Utilities - 0.1% |
| |||||||
Pennon Group plc |
6,109 | 55,257 | ||||||
Severn Trent plc |
3,854 | 126,646 | ||||||
United Utilities Group plc |
10,455 | 134,385 | ||||||
|
|
|||||||
316,288 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
1&1 AG |
17,220 | 196,694 | ||||||
Airtel Africa plc(b) |
34,804 | 52,214 | ||||||
Freenet AG |
4,141 | 102,819 | ||||||
KDDI Corp. |
24,600 | 724,945 | ||||||
Millicom International Cellular SA, SDR* |
4,102 | 63,770 | ||||||
Okinawa Cellular Telephone Co. |
8,200 | 173,430 | ||||||
Orange Belgium SA* |
1,188 | 18,128 | ||||||
Partner Communications Co. Ltd.*(a) |
10,619 | 45,506 | ||||||
Rogers Communications, Inc., Class B |
6,109 | 267,984 | ||||||
SoftBank Corp. |
41,000 | 455,363 | ||||||
SoftBank Group Corp. |
16,400 | 835,929 | ||||||
StarHub Ltd. |
61,500 | 48,170 | ||||||
Tele2 AB, Class B |
8,052 | 60,707 | ||||||
Vodafone Group plc |
617,583 | 591,431 | ||||||
|
|
|||||||
3,637,090 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
543,561,903 | ||||||
|
|
|||||||
Investments |
Shares | Value ($) | ||||||
CLOSED END FUNDS - 0.0%(e) |
| |||||||
Independent Power and Renewable Electricity Producers - |
| |||||||
Renewables Infrastructure Group Ltd. (The) (Cost $70,852) |
47,630 | 69,863 | ||||||
|
|
|||||||
Investments |
Number of Warrants |
Value ($) | ||||||
WARRANTS - 0.0% |
| |||||||
Construction & Engineering - 0.0%(a) |
| |||||||
Webuild SpA, expiring 8/2/2030* |
||||||||
(Cost $) |
10,785 | | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0% |
| |||||||
Real Estate Management & Development - 0.0%(a) |
| |||||||
S IMMO AG, expiring 12/31/2023, price 1.00 EUR* |
2,564 | | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 1.2%(f) |
| |||||||
REPURCHASE AGREEMENTS - 1.2% |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $5,343,521, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $5,408,632 |
5,342,737 | 5,342,737 | ||||||
Societe Generale, 5.34%, dated 7/31/2023, due 8/1/2023, repurchase price $1,000,148, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 4.75%, maturing 2/15/2037 - 5/15/2051; total market value $1,016,122 |
1,000,000 | 1,000,000 | ||||||
TD Prime Services LLC, 5.40%, dated 7/31/2023, due 8/1/2023, repurchase price $379,451, collateralized by various Common Stocks; total market value $418,921 |
379,394 | 379,394 | ||||||
|
|
|||||||
6,722,131 | ||||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
6,722,131 | |||||||
|
|
|||||||
Total Investments - 99.2% |
|
550,353,897 | ||||||
Other assets less liabilities - 0.8% |
|
4,315,105 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
554,669,002 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $57,869,165, collateralized in the form of cash with a value of $6,722,131 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $42,390,786 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from July 31, 2023 February 15, 2053 and $14,073,091 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.00%, and maturity dates ranging from September 7, 2023 September 20, 2117; a total value of $63,186,008. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Amount less than one dollar. |
(e) | Represents less than 0.05% of net assets. |
(f) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $6,722,131. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest | |
CVA | Dutch Certification | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital | |
SDR | Swedish Depositary Receipt |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
EURO STOXX 50 Index |
64 | 09/15/2023 | EUR | $ | 3,172,522 | $ | 97,821 | |||||||||||
FTSE 100 Index |
24 | 09/15/2023 | GBP | 2,374,332 | 34,526 | |||||||||||||
Nikkei 225 Index |
21 | 09/07/2023 | JPY | 2,455,764 | 96,796 | |||||||||||||
S&P/TSX 60 Index |
11 | 09/14/2023 | CAD | 2,072,555 | 59,274 | |||||||||||||
SPI 200 Index |
8 | 09/21/2023 | AUD | 991,638 | 34,515 | |||||||||||||
|
|
|||||||||||||||||
$ | 322,932 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
CAD |
723,792 | Citibank NA | USD | 545,557 | 09/20/2023 | $ | 4,701 | |||||||||||||
EUR |
46,048 | Toronto-Dominion Bank (The) | USD | 50,150 | 09/20/2023 | 746 | ||||||||||||||
GBP |
323,203 | JPMorgan Chase Bank NA | USD | 410,516 | 09/20/2023 | 5,421 | ||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation |
|
$ | 10,868 | |||||||||||||||||
|
|
|||||||||||||||||||
JPY |
96,108,298 | Citibank NA | USD | 699,645 | 09/20/2023 | $ | (17,809 | ) | ||||||||||||
|
|
|||||||||||||||||||
Total unrealized depreciation |
|
$ | (17,809 | ) | ||||||||||||||||
|
|
|||||||||||||||||||
Net unrealized depreciation |
|
$ | (6,941 | ) | ||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
5.8 | % | ||
Austria |
0.3 | |||
Belgium |
1.1 | |||
Canada |
10.9 | |||
Denmark |
2.2 | |||
Finland |
0.7 | |||
France |
7.6 | |||
Germany |
6.5 | |||
Hong Kong |
2.1 | |||
Ireland |
0.3 | |||
Israel |
1.1 | |||
Italy |
2.9 | |||
Japan |
24.9 | |||
Macau |
0.0 | | ||
Netherlands |
3.5 | |||
New Zealand |
0.4 | |||
Norway |
1.3 | |||
Poland |
0.5 | |||
Portugal |
0.2 | |||
Singapore |
1.2 | |||
Spain |
2.3 | |||
Sweden |
3.2 | |||
Switzerland |
6.1 | |||
United Kingdom |
12.8 | |||
United States |
0.1 | |||
Other1 |
2.0 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.0 | % | ||
Closed End Funds |
0.0 | | ||
Warrants |
| |||
Rights |
0.0 | | ||
Securities Lending Reinvestments |
1.2 | |||
Others(1) |
0.8 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.5% |
| |||||||
Aerospace & Defense - 0.2% |
| |||||||
AECC Aviation Power Co. Ltd., Class A |
4,700 | 26,595 | ||||||
Aselsan Elektronik Sanayi ve Ticaret A/S |
17,640 | 48,871 | ||||||
AviChina Industry & Technology Co. Ltd., Class H(a) |
81,000 | 40,507 | ||||||
Bharat Dynamics Ltd.(b) |
705 | 10,522 | ||||||
Bharat Electronics Ltd. |
61,932 | 98,415 | ||||||
Colt CZ Group SE |
3,283 | 85,367 | ||||||
Data Patterns India Ltd. |
588 | 14,568 | ||||||
Embraer SA* |
9,400 | 36,576 | ||||||
Hanwha Aerospace Co. Ltd. |
588 | 56,371 | ||||||
Hanwha Systems Co. Ltd. |
689 | 8,216 | ||||||
Hindustan Aeronautics Ltd.(b) |
1,708 | 82,266 | ||||||
Korea Aerospace Industries Ltd. |
1,176 | 45,392 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A |
5,600 | 11,754 | ||||||
LIG Nex1 Co. Ltd. |
250 | 15,043 | ||||||
Mazagon Dock Shipbuilders Ltd. |
1,175 | 27,100 | ||||||
United Aircraft Corp. PAO* |
25,155,036 | | ||||||
|
|
|||||||
607,563 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.3% |
| |||||||
Abu Dhabi Aviation Co. |
5,978 | 12,044 | ||||||
Agility Public Warehousing Co. KSC* |
27,701 | 56,827 | ||||||
Allcargo Logistics Ltd. |
30,821 | 116,934 | ||||||
Aramex PJSC |
32,940 | 26,904 | ||||||
Blue Dart Express Ltd. |
245 | 20,042 | ||||||
CJ Logistics Corp. |
245 | 13,839 | ||||||
Delhivery Ltd.* |
2,499 | 12,128 | ||||||
Hyundai Glovis Co. Ltd. |
686 | 93,806 | ||||||
JD Logistics, Inc.*(b) |
29,400 | 49,611 | ||||||
Kerry Express Thailand PCL, NVDR* |
8,700 | 2,478 | ||||||
Kerry TJ Logistics Co. Ltd. |
8,000 | 9,190 | ||||||
SCGJWD Logistics PCL, NVDR |
29,300 | 14,295 | ||||||
SF Holding Co. Ltd., Class A |
7,300 | 50,817 | ||||||
Sinotrans Ltd., Class A |
4,700 | 3,315 | ||||||
Sinotrans Ltd., Class H |
47,000 | 18,863 | ||||||
YTO Express Group Co. Ltd., Class A |
4,700 | 10,338 | ||||||
Yunda Holding Co. Ltd., Class A |
5,800 | 8,432 | ||||||
ZTO Express Cayman, Inc. |
7,350 | 202,253 | ||||||
|
|
|||||||
722,116 | ||||||||
|
|
|||||||
Automobile Components - 1.2% |
| |||||||
Apollo Tyres Ltd. |
4,465 | 23,495 | ||||||
Asahi India Glass Ltd. |
4,900 | 34,181 | ||||||
Balkrishna Industries Ltd. |
1,225 | 37,865 | ||||||
Bharat Forge Ltd. |
3,871 | 43,838 | ||||||
Bosch Ltd. |
147 | 33,905 | ||||||
Ceat Ltd. |
799 | 24,009 |
Investments |
Shares | Value ($) | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
49,000 | 59,951 | ||||||
CIE Automotive India Ltd. |
1,715 | 10,631 | ||||||
Cub Elecparts, Inc.* |
7,000 | 33,968 | ||||||
Depo Auto Parts Ind Co. Ltd. |
49,000 | 172,291 | ||||||
DN Automotive Corp. |
1,519 | 109,994 | ||||||
Endurance Technologies Ltd.(b) |
350 | 7,204 | ||||||
Exide Industries Ltd.* |
8,526 | 25,874 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
4,800 | 25,441 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) |
8,400 | 37,268 | ||||||
Hankook & Co. Co Ltd. |
907 | 8,169 | ||||||
Hankook Tire & Technology Co. Ltd. |
2,492 | 75,660 | ||||||
Hanon Systems |
2,756 | 18,443 | ||||||
HL Mando Co. Ltd. |
1,045 | 37,835 | ||||||
Hota Industrial Manufacturing Co. Ltd. |
12,134 | 25,753 | ||||||
Huayu Automotive Systems Co. Ltd., Class A |
9,400 | 25,951 | ||||||
Hyundai Mobis Co. Ltd. |
1,911 | 349,322 | ||||||
Hyundai Wia Corp. |
583 | 28,861 | ||||||
Iljin Hysolus Co. Ltd.* |
383 | 7,842 | ||||||
JBM Auto Ltd. |
784 | 13,361 | ||||||
Kordsa Teknik Tekstil A/S |
24,255 | 81,250 | ||||||
Kumho Tire Co., Inc.* |
5,635 | 20,048 | ||||||
Minda Corp. Ltd. |
3,724 | 13,984 | ||||||
Minth Group Ltd. |
12,000 | 38,237 | ||||||
Motherson Sumi Wiring India Ltd. |
30,126 | 21,446 | ||||||
MRF Ltd. |
38 | 47,567 | ||||||
Myoung Shin Industrial Co. Ltd.* |
12,103 | 193,226 | ||||||
Nan Kang Rubber Tire Co. Ltd.* |
14,000 | 16,906 | ||||||
Nexen Tire Corp. |
13,049 | 87,939 | ||||||
Nexteer Automotive Group Ltd.(a) |
343,000 | 252,455 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A |
1,200 | 12,328 | ||||||
Samvardhana Motherson International Ltd. |
38,364 | 45,851 | ||||||
Sebang Global Battery Co. Ltd. |
2,793 | 103,972 | ||||||
SL Corp. |
550 | 16,203 | ||||||
SNT Motiv Co. Ltd. |
3,430 | 129,838 | ||||||
Sona Blw Precision Forgings Ltd.(b) |
5,145 | 35,662 | ||||||
Sri Trang Agro-Industry PCL, NVDR |
318,500 | 151,672 | ||||||
Sundaram-Clayton Ltd. |
2,205 | 136,897 | ||||||
Sundram Fasteners Ltd. |
1,504 | 23,168 | ||||||
Sungwoo Hitech Co. Ltd. |
2,205 | 21,675 | ||||||
Tianneng Power International Ltd.(a) |
294,000 | 328,355 | ||||||
Tube Investments of India Ltd. |
1,715 | 64,206 | ||||||
Tung Thih Electronic Co. Ltd. |
7,000 | 30,738 | ||||||
UNO Minda Ltd. |
3,740 | 27,063 | ||||||
Weifu High-Technology Group Co. Ltd., Class A |
4,700 | 11,752 | ||||||
|
|
|||||||
3,183,550 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Automobiles - 2.1% |
| |||||||
Bajaj Auto Ltd. |
1,151 | 69,011 | ||||||
Brilliance China Automotive Holdings Ltd. |
98,000 | 52,401 | ||||||
BYD Co. Ltd., Class A |
2,600 | 98,954 | ||||||
BYD Co. Ltd., Class H |
14,000 | 494,749 | ||||||
China Motor Corp. |
7,000 | 19,713 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A |
17,108 | 38,373 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B |
4,890 | 2,508 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
980,000 | 457,409 | ||||||
DRB-Hicom Bhd. |
362,600 | 119,017 | ||||||
Eicher Motors Ltd. |
2,470 | 101,069 | ||||||
Ford Otomotiv Sanayi A/S |
1,808 | 63,761 | ||||||
Geely Automobile Holdings Ltd. |
147,000 | 212,243 | ||||||
Great Wall Motor Co. Ltd., Class A |
4,700 | 19,440 | ||||||
Great Wall Motor Co. Ltd., Class H |
49,000 | 66,349 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A |
13,500 | 22,101 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H |
98,000 | 61,323 | ||||||
Hero MotoCorp Ltd. |
2,107 | 82,070 | ||||||
Hyundai Motor Co. |
4,116 | 632,908 | ||||||
Hyundai Motor Co. (2nd Preference) |
931 | 79,175 | ||||||
Hyundai Motor Co. (3rd Preference) |
54 | 4,402 | ||||||
Hyundai Motor Co. (Preference) |
650 | 54,666 | ||||||
Kia Corp. |
7,894 | 512,167 | ||||||
Li Auto, Inc., Class A* |
19,600 | 416,946 | ||||||
Mahindra & Mahindra Ltd. |
15,778 | 282,992 | ||||||
Maruti Suzuki India Ltd. |
2,205 | 263,284 | ||||||
NIO, Inc., Class A*(a) |
23,030 | 343,145 | ||||||
Oriental Holdings Bhd. |
8,500 | 12,102 | ||||||
SAIC Motor Corp. Ltd., Class A |
24,500 | 53,102 | ||||||
Sanyang Motor Co. Ltd. |
3,000 | 7,532 | ||||||
Tata Motors Ltd. |
27,587 | 216,104 | ||||||
Tata Motors Ltd., Class A |
8,230 | 41,456 | ||||||
Tofas Turk Otomobil Fabrikasi A/S |
3,233 | 36,260 | ||||||
TVS Motor Co. Ltd. |
3,493 | 58,467 | ||||||
UMW Holdings Bhd. |
14,100 | 12,915 | ||||||
XPeng, Inc., Class A* |
14,700 | 163,518 | ||||||
Yadea Group Holdings Ltd.(a)(b) |
16,000 | 36,232 | ||||||
Yulon Motor Co. Ltd. |
27,000 | 70,450 | ||||||
|
|
|||||||
5,278,314 | ||||||||
|
|
|||||||
Banks - 13.4% |
| |||||||
Absa Group Ltd.(a) |
23,863 | 254,212 | ||||||
Abu Dhabi Commercial Bank PJSC |
88,302 | 211,076 | ||||||
Abu Dhabi Islamic Bank PJSC |
41,650 | 127,454 | ||||||
AFFIN Bank Bhd. |
6,973 | 3,016 | ||||||
Agricultural Bank of China Ltd., Class A |
393,100 | 199,115 |
Investments |
Shares | Value ($) | ||||||
Agricultural Bank of China Ltd., Class H |
833,000 | 302,280 | ||||||
Akbank TAS, ADR(a) |
46,845 | 92,753 | ||||||
Al Ahli Bank of Kuwait KSCP |
10,003 | 7,817 | ||||||
Al Rajhi Bank |
31,311 | 622,614 | ||||||
Alinma Bank |
15,813 | 155,955 | ||||||
Alliance Bank Malaysia Bhd. |
27,600 | 21,607 | ||||||
Alpha Services and Holdings SA* |
63,014 | 113,628 | ||||||
AMMB Holdings Bhd. |
53,900 | 46,142 | ||||||
AU Small Finance Bank Ltd.(b) |
4,998 | 44,351 | ||||||
Axis Bank Ltd. |
37,583 | 435,878 | ||||||
BAC Holding International Corp. |
556,637 | 31,753 | ||||||
Banco Bradesco SA |
45,600 | 142,349 | ||||||
Banco Bradesco SA (Preference) |
151,900 | 531,980 | ||||||
Banco de Bogota SA |
3,242 | 25,466 | ||||||
Banco de Chile |
1,193,934 | 132,832 | ||||||
Banco de Credito e Inversiones SA |
1,885 | 56,583 | ||||||
Banco del Bajio SA(b) |
19,600 | 59,906 | ||||||
Banco do Brasil SA |
39,200 | 397,105 | ||||||
Banco do Estado do Rio Grande do Sul SA (Preference), Class B |
83,300 | 255,483 | ||||||
Banco Itau Chile SA |
2,352 | 27,456 | ||||||
Banco Santander Chile |
1,891,547 | 100,919 | ||||||
Bancolombia SA |
8,820 | 75,822 | ||||||
Bancolombia SA (Preference) |
13,747 | 105,999 | ||||||
Bandhan Bank Ltd.*(b) |
11,877 | 32,260 | ||||||
Bangkok Bank PCL, NVDR |
15,000 | 75,156 | ||||||
Bank Aladin Syariah Tbk. PT* |
279,300 | 23,522 | ||||||
Bank AlBilad |
8,364 | 97,538 | ||||||
Bank Al-Jazira |
6,066 | 29,719 | ||||||
Bank BTPN Syariah Tbk. PT |
989,800 | 139,806 | ||||||
Bank Central Asia Tbk. PT |
872,200 | 527,774 | ||||||
Bank Ina Perdana PT* |
14,100 | 3,703 | ||||||
Bank Jago Tbk. PT* |
9,800 | 1,891 | ||||||
Bank Mandiri Persero Tbk. PT |
1,278,900 | 485,524 | ||||||
Bank Negara Indonesia Persero Tbk. PT |
215,600 | 126,887 | ||||||
Bank OCBC Nisp Tbk. PT |
1,269,100 | 101,831 | ||||||
Bank of Ayudhya PCL, NVDR |
53,600 | 50,110 | ||||||
Bank of Baroda |
31,698 | 77,926 | ||||||
Bank of Beijing Co. Ltd., Class A |
70,000 | 45,741 | ||||||
Bank of Changsha Co. Ltd., Class A |
9,400 | 10,812 | ||||||
Bank of Chengdu Co. Ltd., Class A |
10,600 | 20,972 | ||||||
Bank of China Ltd., Class A |
200,900 | 109,913 | ||||||
Bank of China Ltd., Class H |
2,205,000 | 817,117 | ||||||
Bank of Chongqing Co. Ltd., Class A |
14,700 | 17,031 | ||||||
Bank of Communications Co. Ltd., Class A |
102,100 | 83,146 | ||||||
Bank of Communications Co. Ltd., Class H |
588,000 | 354,367 | ||||||
Bank of Hangzhou Co. Ltd., Class A |
18,800 | 32,251 | ||||||
Bank of India |
21,338 | 22,143 | ||||||
Bank of Jiangsu Co. Ltd., Class A |
42,580 | 43,016 | ||||||
Bank of Nanjing Co. Ltd., Class A |
31,200 | 37,413 | ||||||
Bank of Ningbo Co. Ltd., Class A |
16,350 | 66,619 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Bank of Qingdao Co. Ltd., Class H(b) |
23,500 | 7,322 | ||||||
Bank of Shanghai Co. Ltd., Class A |
45,000 | 38,850 | ||||||
Bank of the Philippine Islands |
31,814 | 66,321 | ||||||
Bank of Xian Co. Ltd., Class A |
4,900 | 2,681 | ||||||
Bank of Zhengzhou Co. Ltd., Class A* |
19,239 | 6,326 | ||||||
Bank Pan Indonesia Tbk. PT* |
71,500 | 6,069 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT |
2,430,400 | 191,789 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk. PT |
1,367,100 | 59,833 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT |
1,185,800 | 444,282 | ||||||
Bank Tabungan Negara Persero Tbk. PT |
2,391,224 | 208,519 | ||||||
Banque Saudi Fransi |
16,807 | 190,846 | ||||||
BDO Unibank, Inc. |
34,300 | 90,613 | ||||||
BIMB Holdings Bhd. |
44,100 | 21,517 | ||||||
BNK Financial Group, Inc. |
8,379 | 44,437 | ||||||
BOC Hong Kong Holdings Ltd. |
98,000 | 297,819 | ||||||
Boubyan Bank KSCP |
21,117 | 42,633 | ||||||
Burgan Bank SAK |
31,504 | 21,338 | ||||||
Canara Bank |
9,541 | 39,945 | ||||||
Capitec Bank Holdings Ltd. |
1,492 | 150,461 | ||||||
Chang Hwa Commercial Bank Ltd. |
114,919 | 68,930 | ||||||
China Banking Corp. |
44,100 | 24,890 | ||||||
China Bohai Bank Co. Ltd., |
1,249,500 | 193,865 | ||||||
China CITIC Bank Corp. Ltd., Class H |
245,000 | 118,122 | ||||||
China Construction Bank Corp., Class A |
28,200 | 24,306 | ||||||
China Construction Bank Corp., Class H |
2,793,000 | 1,622,359 | ||||||
China Everbright Bank Co. Ltd., Class A |
117,600 | 51,340 | ||||||
China Everbright Bank Co. Ltd., Class H |
53,000 | 15,767 | ||||||
China Merchants Bank Co. Ltd., Class A |
44,100 | 219,428 | ||||||
China Merchants Bank Co. Ltd., Class H |
98,000 | 483,170 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
83,300 | 46,856 | ||||||
China Minsheng Banking Corp. Ltd., Class H(a) |
147,000 | 55,982 | ||||||
China Zheshang Bank Co. Ltd., Class A |
61,100 | 23,767 | ||||||
China Zheshang Bank Co. Ltd., Class H |
68,900 | 20,232 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A |
18,800 | 10,338 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H |
47,000 | 17,357 | ||||||
CIMB Group Holdings Bhd. |
208,040 | 256,071 | ||||||
City Union Bank Ltd. |
9,675 | 15,668 | ||||||
Commercial Bank PSQC (The) |
91,287 | 156,743 |
Investments |
Shares | Value ($) | ||||||
Commercial International Bank Egypt SAE |
68,104 | 111,213 | ||||||
Credicorp Ltd. |
1,862 | 292,427 | ||||||
Credit Agricole Egypt SAE* |
208,691 | 93,531 | ||||||
Credit Bank of Moscow PJSC* |
229,590 | | ||||||
CTBC Financial Holding Co. Ltd.* |
539,000 | 450,217 | ||||||
DGB Financial Group, Inc. |
5,243 | 30,068 | ||||||
Doha Bank QPSC |
986,223 | 468,727 | ||||||
Dubai Islamic Bank PJSC |
84,427 | 132,167 | ||||||
Dukhan Bank |
41,846 | 47,502 | ||||||
E.Sun Financial Holding Co. Ltd. |
265,141 | 218,093 | ||||||
Emirates NBD Bank PJSC |
72,520 | 335,645 | ||||||
Equitas Small Finance Bank Ltd.(b) |
23,177 | 26,700 | ||||||
Eurobank Ergasias Services and Holdings SA* |
60,172 | 105,319 | ||||||
Faisal Islamic Bank of Egypt |
63,504 | 63,059 | ||||||
Far Eastern International Bank |
167,617 | 63,203 | ||||||
Federal Bank Ltd.* |
30,426 | 50,181 | ||||||
First Abu Dhabi Bank PJSC |
69,433 | 276,745 | ||||||
First Financial Holding Co. Ltd. |
184,000 | 170,086 | ||||||
Grupo Aval Acciones y Valores SA (Preference) |
116,179 | 15,140 | ||||||
Grupo Bolivar SA |
1,518 | 26,389 | ||||||
Grupo Elektra SAB de CV(a) |
980 | 74,296 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
68,600 | 651,849 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O*(a) |
28,946 | 70,448 | ||||||
Grupo Security SA |
477,750 | 137,434 | ||||||
Gulf Bank KSCP |
47,076 | 40,469 | ||||||
Haci Omer Sabanci Holding A/S |
31,455 | 67,287 | ||||||
Hana Financial Group, Inc. |
8,330 | 256,830 | ||||||
HDFC Bank Ltd. |
87,523 | 1,757,084 | ||||||
Hong Leong Bank Bhd. |
14,300 | 62,097 | ||||||
Hong Leong Financial Group Bhd. |
4,900 | 19,887 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
161,065 | 114,034 | ||||||
Huaxia Bank Co. Ltd., Class A |
47,000 | 38,143 | ||||||
ICICI Bank Ltd. |
83,055 | 1,008,086 | ||||||
IDFC First Bank Ltd.* |
64,593 | 68,481 | ||||||
Indian Bank |
7,425 | 31,316 | ||||||
IndusInd Bank Ltd. |
9,523 | 164,151 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
254,800 | 170,063 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
2,009,000 | 978,907 | ||||||
Industrial Bank Co. Ltd., Class A |
53,900 | 125,648 | ||||||
Industrial Bank of Korea |
7,448 | 60,711 | ||||||
Intercorp Financial Services, Inc.(b) |
1,040 | 25,480 | ||||||
Itau Unibanco Holding SA (Preference) |
137,200 | 826,018 | ||||||
Itausa SA |
29,065 | 60,549 | ||||||
Itausa SA (Preference) |
142,100 | 293,338 | ||||||
JB Financial Group Co. Ltd. |
3,370 | 22,631 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A |
6,700 | 6,731 | ||||||
KakaoBank Corp. |
5,243 | 106,945 | ||||||
Karur Vysya Bank Ltd. (The)* |
163,072 | 245,752 | ||||||
Kasikornbank PCL, NVDR |
34,000 | 125,158 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
KB Financial Group, Inc. |
10,584 | 423,476 | ||||||
Kiatnakin Phatra Bank PCL, NVDR |
9,800 | 15,890 | ||||||
Kings Town Bank Co. Ltd. |
24,000 | 27,493 | ||||||
Komercni Banka A/S |
2,154 | 70,883 | ||||||
Kotak Mahindra Bank Ltd. |
17,346 | 391,540 | ||||||
Krung Thai Bank PCL, NVDR |
112,400 | 67,318 | ||||||
Kuwait Finance House KSCP |
138,964 | 357,026 | ||||||
Kuwait International Bank KSCP |
38,492 | 20,932 | ||||||
Kuwait Projects Co. Holding KSCP* |
56,513 | 23,923 | ||||||
LH Financial Group PCL, NVDR |
1,685,500 | 52,689 | ||||||
Malayan Banking Bhd. |
200,900 | 401,889 | ||||||
Malaysia Building Society Bhd. |
14,100 | 2,439 | ||||||
Masraf Al Rayan QSC |
87,416 | 60,279 | ||||||
Mega Financial Holding Co. Ltd. |
186,775 | 239,215 | ||||||
Metropolitan Bank & Trust Co. |
30,870 | 33,722 | ||||||
Moneta Money Bank A/S(b) |
149,205 | 589,196 | ||||||
National Bank of Greece SA* |
15,484 | 106,870 | ||||||
National Bank of Kuwait SAKP |
126,273 | 395,554 | ||||||
Nedbank Group Ltd. |
12,789 | 168,998 | ||||||
O-Bank Co. Ltd. |
47,000 | 14,926 | ||||||
OTP Bank Nyrt. |
6,125 | 223,490 | ||||||
Ping An Bank Co. Ltd., Class A |
47,100 | 81,194 | ||||||
Piraeus Financial Holdings SA* |
15,980 | 60,538 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
98,199 | 71,313 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a)(b) |
196,000 | 120,133 | ||||||
Public Bank Bhd. |
436,100 | 403,313 | ||||||
Punjab National Bank |
60,447 | 45,455 | ||||||
Qatar International Islamic Bank QSC |
14,896 | 42,478 | ||||||
Qatar Islamic Bank SAQ |
26,407 | 153,436 | ||||||
Qatar National Bank QPSC |
126,469 | 589,957 | ||||||
Qingdao Rural Commercial Bank Corp., Class A* |
18,800 | 7,892 | ||||||
RBL Bank Ltd.*(b) |
184,877 | 512,156 | ||||||
Regional SAB de CV |
4,900 | 38,270 | ||||||
RHB Bank Bhd. |
112,684 | 142,198 | ||||||
Riyad Bank |
41,699 | 353,457 | ||||||
Saudi Awwal Bank |
6,958 | 70,663 | ||||||
Saudi Investment Bank (The) |
14,063 | 67,099 | ||||||
Saudi National Bank (The) |
83,496 | 857,973 | ||||||
Sberbank of Russia PJSC |
369,050 | | ||||||
Sberbank of Russia PJSC (Preference) |
39,708 | | ||||||
SCB X PCL, NVDR |
24,200 | 79,538 | ||||||
Security Bank Corp. |
127,400 | 192,521 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
98,000 | 137,365 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
73,500 | 78,161 | ||||||
Sharjah Islamic Bank |
538,755 | 340,293 | ||||||
Shinhan Financial Group Co. Ltd. |
14,308 | 393,438 | ||||||
SinoPac Financial Holdings Co. Ltd. |
364,894 | 216,546 | ||||||
Standard Bank Group Ltd. |
37,227 | 399,823 | ||||||
State Bank of India |
27,734 | 209,129 |
Investments |
Shares | Value ($) | ||||||
Taichung Commercial Bank Co. Ltd. |
54,150 | 25,673 | ||||||
Taishin Financial Holding Co. Ltd. |
370,238 | 215,005 | ||||||
Taiwan Business Bank |
90,107 | 41,288 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
147,000 | 137,521 | ||||||
Thanachart Capital PCL, NVDR |
19,300 | 28,193 | ||||||
Tisco Financial Group PCL, NVDR |
9,300 | 27,306 | ||||||
TMBThanachart Bank PCL, NVDR |
1,288,800 | 64,762 | ||||||
Turkiye Garanti Bankasi A/S |
13,849 | 22,579 | ||||||
Turkiye Halk Bankasi A/S* |
15,557 | 8,325 | ||||||
Turkiye Is Bankasi A/S, Class C |
98,441 | 55,240 | ||||||
Union Bank of India Ltd. |
27,150 | 29,379 | ||||||
Union Bank of Taiwan |
52,500 | 25,977 | ||||||
Union Bank of the Philippines |
7,980 | 11,042 | ||||||
VTB Bank PJSC* |
136,511,531 | | ||||||
Warba Bank KSCP |
13,740 | 9,440 | ||||||
Woori Financial Group, Inc. |
17,885 | 163,465 | ||||||
Yapi ve Kredi Bankasi A/S |
79,442 | 41,983 | ||||||
Yes Bank Ltd.* |
237,987 | 49,045 | ||||||
|
|
|||||||
34,267,076 | ||||||||
|
|
|||||||
Beverages - 1.1% |
| |||||||
Ambev SA |
68,600 | 214,292 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B |
5,350 | 17,892 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A |
700 | 26,652 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
2,200 | 41,105 | ||||||
Arca Continental SAB de CV |
9,800 | 98,431 | ||||||
Becle SAB de CV |
4,700 | 12,334 | ||||||
Carabao Group PCL, NVDR |
4,600 | 9,777 | ||||||
Carlsberg Brewery Malaysia Bhd. |
4,900 | 22,821 | ||||||
China Foods Ltd. |
294,000 | 110,834 | ||||||
China Resources Beer Holdings Co. Ltd. |
23,107 | 147,998 | ||||||
Chongqing Brewery Co. Ltd., Class A |
600 | 7,631 | ||||||
Cia Cervecerias Unidas SA |
2,156 | 17,864 | ||||||
Coca-Cola Femsa SAB de CV |
9,800 | 82,941 | ||||||
Coca-Cola Icecek A/S |
1,269 | 14,831 | ||||||
Embotelladora Andina SA (Preference), Class B |
5,243 | 14,397 | ||||||
Emperador, Inc. |
28,200 | 10,756 | ||||||
Fomento Economico Mexicano SAB de CV |
29,914 | 339,894 | ||||||
Fraser & Neave Holdings Bhd. |
3,700 | 20,515 | ||||||
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A |
2,300 | 9,120 | ||||||
Heineken Malaysia Bhd. |
3,800 | 22,030 | ||||||
Hite Jinro Co. Ltd. |
1,274 | 20,290 | ||||||
Jiangsu Kings Luck Brewery JSC Ltd., Class A |
4,600 | 39,359 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
2,100 | 43,089 | ||||||
JiuGui Liquor Co. Ltd., Class A* |
500 | 7,363 | ||||||
Kweichow Moutai Co. Ltd., Class A |
1,600 | 421,020 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Lotte Chilsung Beverage Co. Ltd. |
47 | 4,513 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
2,400 | 80,969 | ||||||
Nongfu Spring Co. Ltd., Class H(a)(b) |
30,000 | 174,260 | ||||||
Osotspa PCL, NVDR |
31,700 | 27,089 | ||||||
Radico Khaitan Ltd. |
3,528 | 62,231 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
1,960 | 65,486 | ||||||
Tsingtao Brewery Co. Ltd., Class A |
1,100 | 15,185 | ||||||
Tsingtao Brewery Co. Ltd., Class H |
10,000 | 89,630 | ||||||
United Breweries Ltd. |
1,379 | 25,824 | ||||||
United Spirits Ltd.* |
5,586 | 68,992 | ||||||
Varun Beverages Ltd. |
7,448 | 72,842 | ||||||
Vina Concha y Toro SA |
198,499 | 269,314 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
4,900 | 124,098 | ||||||
ZJLD Group, Inc.*(b) |
9,800 | 11,913 | ||||||
|
|
|||||||
2,865,582 | ||||||||
|
|
|||||||
Biotechnology - 0.6% |
| |||||||
3SBio, Inc.(b) |
24,500 | 23,530 | ||||||
ABLBio, Inc.* |
1,585 | 23,825 | ||||||
AIM Vaccine Co. Ltd.* |
9,800 | 60,695 | ||||||
Akeso, Inc.*(a)(b) |
7,000 | 36,846 | ||||||
Alteogen, Inc.* |
858 | 30,021 | ||||||
BeiGene Ltd.* |
14,700 | 245,041 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
1,421 | 13,769 | ||||||
Biocon Ltd. |
6,644 | 20,768 | ||||||
Bioneer Corp.* |
392 | 14,300 | ||||||
Blau Farmaceutica SA |
14,700 | 64,213 | ||||||
Bloomage Biotechnology Corp. Ltd., Class A |
611 | 8,329 | ||||||
CARsgen Therapeutics Holdings Ltd.*(b) |
24,500 | 35,688 | ||||||
Celltrion, Inc. |
1,772 | 203,801 | ||||||
Daan Gene Co. Ltd., Class A |
4,700 | 6,662 | ||||||
Ever Supreme Bio Technology Co. Ltd. |
8,000 | 48,876 | ||||||
GC Cell Corp. |
329 | 9,692 | ||||||
Genexine, Inc.* |
441 | 3,356 | ||||||
Green Cross Corp. |
163 | 14,220 | ||||||
Green Cross Holdings Corp. |
15,092 | 162,328 | ||||||
Hualan Biological Engineering, Inc., Class A |
9,700 | 31,258 | ||||||
Hugel, Inc.* |
126 | 10,666 | ||||||
InnoCare Pharma Ltd.*(b) |
31,000 | 32,317 | ||||||
Innovent Biologics, Inc.*(b) |
24,500 | 108,698 | ||||||
L&C Bio Co. Ltd. |
605 | 17,989 | ||||||
Medigen Vaccine Biologics Corp.* |
27,564 | 49,994 | ||||||
Medytox, Inc. |
126 | 21,451 | ||||||
Naturecell Co. Ltd.* |
1,833 | 11,246 | ||||||
OBI Pharma, Inc.* |
10,354 | 28,466 | ||||||
PharmaEssentia Corp.* |
4,000 | 43,657 | ||||||
PharmaResearch Co. Ltd. |
349 | 36,470 | ||||||
Pharmicell Co. Ltd.* |
980 | 5,244 | ||||||
Remegen Co. Ltd., Class A* |
245 | 2,358 | ||||||
Seegene, Inc. |
637 | 11,644 |
Investments |
Shares | Value ($) | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A* |
1,113 | 6,338 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class H*(a)(b) |
2,200 | 7,010 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A |
9,400 | 9,378 | ||||||
SillaJen, Inc.* |
4,263 | 15,217 | ||||||
SK Bioscience Co. Ltd.* |
468 | 26,913 | ||||||
Vaxcell-Bio Therapeutics Co. Ltd.* |
371 | 10,609 | ||||||
Zai Lab Ltd.* |
9,800 | 30,976 | ||||||
|
|
|||||||
1,543,859 | ||||||||
|
|
|||||||
Broadline Retail - 3.6% |
| |||||||
Alibaba Group Holding Ltd.* |
438,200 | 5,478,413 | ||||||
Bukalapak.com PT Tbk.* |
700,000 | 10,027 | ||||||
Central Retail Corp. PCL, NVDR |
53,475 | 64,444 | ||||||
Easyhome New Retail Group Co. Ltd., Class A |
53,900 | 33,260 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 |
6,185 | 38,867 | ||||||
Falabella SA |
21,523 | 59,479 | ||||||
Far Eastern Department Stores Ltd. |
49,000 | 34,068 | ||||||
Global Digital Niaga Tbk. PT* |
387,100 | 11,654 | ||||||
GoTo Gojek Tokopedia Tbk. PT, Class A* |
14,376,600 | 107,729 | ||||||
Hyundai Department Store Co. Ltd. |
224 | 9,736 | ||||||
Hyundai Home Shopping Network Corp. |
2,038 | 67,952 | ||||||
JD.com, Inc., Class A |
70,801 | 1,450,755 | ||||||
Lotte Shopping Co. Ltd. |
245 | 13,455 | ||||||
Magazine Luiza SA* |
52,300 | 36,831 | ||||||
MINISO Group Holding Ltd., ADR |
3,577 | 75,153 | ||||||
Mitra Adiperkasa Tbk. PT |
171,500 | 22,518 | ||||||
momo.com, Inc. |
1,560 | 29,734 | ||||||
Naspers Ltd., Class N |
3,565 | 704,452 | ||||||
PDD Holdings, Inc., ADR* |
8,869 | 796,614 | ||||||
Shinsegae, Inc. |
212 | 31,800 | ||||||
Shoppers Stop Ltd.* |
1,421 | 13,777 | ||||||
Vipshop Holdings Ltd., ADR* |
10,045 | 189,147 | ||||||
Woolworths Holdings Ltd. |
13,034 | 58,633 | ||||||
|
|
|||||||
9,338,498 | ||||||||
|
|
|||||||
Building Products - 0.3% |
| |||||||
Astral Ltd. |
2,308 | 55,262 | ||||||
Beijing New Building Materials plc, Class A |
5,300 | 21,009 | ||||||
Blue Star Ltd. |
5,634 | 53,676 | ||||||
Cera Sanitaryware Ltd. |
245 | 22,554 | ||||||
China Lesso Group Holdings Ltd. |
33,000 | 22,427 | ||||||
Dynasty Ceramic PCL, NVDR |
215,500 | 12,970 | ||||||
Kajaria Ceramics Ltd. |
1,150 | 20,100 | ||||||
KCC Glass Corp. |
4,459 | 151,123 | ||||||
Kyung Dong Navien Co. Ltd. |
2,695 | 122,630 | ||||||
Prince Pipes & Fittings Ltd. |
1,960 | 15,614 | ||||||
Qua Granite Hayal* |
19,943 | 5,540 | ||||||
Ras Al Khaimah Ceramics |
172,137 | 126,066 | ||||||
Saudi Ceramic Co. |
935 | 7,577 | ||||||
Xinyi Glass Holdings Ltd. |
59,000 | 97,442 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
5,300 | 6,793 | ||||||
|
|
|||||||
740,783 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Capital Markets - 2.2% |
| |||||||
360 ONE WAM Ltd. |
8,040 | 50,992 | ||||||
Angel One Ltd. |
1,551 | 29,061 | ||||||
B3 SA - Brasil Bolsa Balcao |
93,100 | 291,607 | ||||||
Banco BTG Pactual SA |
19,600 | 140,128 | ||||||
Bangkok Commercial Asset Management PCL, NVDR |
26,500 | 8,516 | ||||||
Beyond Securities PCL, NVDR* |
37,500 | 7,176 | ||||||
Bolsa Mexicana de Valores SAB de CV |
19,600 | 41,658 | ||||||
Boursa Kuwait Securities Co. KPSC |
5,096 | 31,628 | ||||||
Bursa Malaysia Bhd. |
8,000 | 11,905 | ||||||
Caitong Securities Co. Ltd., Class A |
12,220 | 14,260 | ||||||
Capital Securities Corp. |
49,000 | 24,869 | ||||||
Changjiang Securities Co. Ltd., Class A |
14,100 | 13,159 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
3,675,000 | 386,411 | ||||||
China Everbright Ltd.(a) |
380,000 | 248,503 | ||||||
China Galaxy Securities Co. Ltd., Class A |
5,200 | 9,888 | ||||||
China Galaxy Securities Co. Ltd., Class H |
119,500 | 69,567 | ||||||
China Huarong Asset Management Co. Ltd., Class H*(a)(b) |
423,000 | 21,967 | ||||||
China International Capital Corp. Ltd., Class A |
1,600 | 8,935 | ||||||
China International Capital Corp. Ltd., Class H(b) |
19,600 | 43,127 | ||||||
China Merchants Securities Co. Ltd., Class A |
21,220 | 44,419 | ||||||
China Merchants Securities Co. Ltd., Class H(b) |
16,600 | 16,773 | ||||||
Chinalin Securities Co. Ltd., Class A |
4,900 | 9,578 | ||||||
CITIC Securities Co. Ltd., Class A |
29,400 | 99,142 | ||||||
CITIC Securities Co. Ltd., Class H |
29,073 | 62,331 | ||||||
Coronation Fund Managers Ltd. |
109,662 | 202,320 | ||||||
CRISIL Ltd. |
342 | 16,281 | ||||||
CSC Financial Co. Ltd., Class A |
7,500 | 27,915 | ||||||
CSC Financial Co. Ltd., Class H(a)(b) |
367,500 | 434,005 | ||||||
Daishin Securities Co. Ltd. |
212 | 2,240 | ||||||
Daishin Securities Co. Ltd. (Preference) |
530 | 5,385 | ||||||
Daou Data Corp. |
4,900 | 50,397 | ||||||
Daou Technology, Inc. |
10,633 | 146,651 | ||||||
Dubai Financial Market PJSC |
33,628 | 15,198 | ||||||
EFG Holding S.A.E.* |
463,233 | 246,858 | ||||||
Egypt Kuwait Holding Co. SAE |
10,976 | 10,822 | ||||||
Everbright Securities Co. Ltd., Class A |
4,700 | 12,061 | ||||||
GF Securities Co. Ltd., Class A* |
14,100 | 32,317 |
Investments |
Shares | Value ($) | ||||||
GF Securities Co. Ltd., Class H |
29,400 | 46,897 | ||||||
Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A |
11,664 | 12,159 | ||||||
Guosen Securities Co. Ltd., Class A |
37,000 | 50,167 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
19,600 | 42,728 | ||||||
Guotai Junan Securities Co. Ltd., Class H(b) |
21,200 | 26,423 | ||||||
Haitong Securities Co. Ltd., Class A |
18,800 | 27,226 | ||||||
Haitong Securities Co. Ltd., Class H |
78,400 | 54,688 | ||||||
Hanwha Investment & Securities Co. Ltd.* |
42,483 | 82,656 | ||||||
HDFC Asset Management Co. Ltd.(b) |
1,150 | 35,430 | ||||||
Huatai Securities Co. Ltd., Class A |
25,100 | 59,565 | ||||||
Huatai Securities Co. Ltd., Class H(b) |
29,400 | 41,770 | ||||||
IBF Financial Holdings Co. Ltd.* |
56,381 | 21,529 | ||||||
ICICI Securities Ltd.(b) |
1,880 | 14,521 | ||||||
IDFC Ltd. |
53,949 | 77,891 | ||||||
Indian Energy Exchange Ltd.(b) |
16,732 | 24,951 | ||||||
Industrial Securities Co. Ltd., Class A |
34,450 | 33,598 | ||||||
Investec Ltd. |
4,353 | 27,324 | ||||||
Is Yatirim Menkul Degerler A/S |
214,081 | 176,501 | ||||||
Jio Financial Services Ltd.* |
55,811 | 177,682 | ||||||
JM Financial Ltd. |
172,039 | 162,838 | ||||||
JSE Ltd. |
6,027 | 31,017 | ||||||
KIWOOM Securities Co. Ltd. |
392 | 29,892 | ||||||
Korea Investment Holdings Co. Ltd. |
1,225 | 46,947 | ||||||
Minmetals Capital Co. Ltd., Class A |
39,800 | 34,361 | ||||||
Mirae Asset Securities Co. Ltd. |
7,325 | 39,824 | ||||||
Mirae Asset Securities Co. Ltd. (Preference) |
5,733 | 15,967 | ||||||
Moscow Exchange MICEX-RTS PJSC |
29,911 | | ||||||
Motilal Oswal Financial Services Ltd. |
11,368 | 115,886 | ||||||
Multi Commodity Exchange of India Ltd. |
583 | 11,775 | ||||||
NH Investment & Securities Co. Ltd. |
5,582 | 43,355 | ||||||
Ninety One Ltd. |
12,691 | 27,832 | ||||||
Nippon Life India Asset Management Ltd.(b) |
7,791 | 29,962 | ||||||
Noah Holdings Ltd., ADR(a) |
21,364 | 325,160 | ||||||
Norte Grande SA |
1,265,334 | 13,704 | ||||||
Orient Securities Co. Ltd., Class A |
12,032 | 18,182 | ||||||
Orient Securities Co. Ltd., Class H(b) |
20,400 | 12,739 | ||||||
Oyak Yatirim Menkul Degerler A/S* |
37,779 | 70,292 | ||||||
Pacific Strategic Financial Tbk. PT* |
448,500 | 32,269 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Pihsiang Machinery Manufacturing Co. Ltd.* |
5,000 | | ||||||
President Securities Corp. |
15,000 | 9,713 | ||||||
PSG Konsult Ltd. |
60,123 | 48,447 | ||||||
Reinet Investments SCA |
2,450 | 59,687 | ||||||
Samsung Securities Co. Ltd. |
2,009 | 56,583 | ||||||
Saratoga Investama Sedaya Tbk. PT |
27,500 | 2,936 | ||||||
Saudi Tadawul Group Holding Co. |
779 | 41,820 | ||||||
SDIC Capital Co. Ltd., Class A |
37,000 | 40,796 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
47,900 | 33,780 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class H(b) |
78,400 | 16,688 | ||||||
Shinyoung Securities Co. Ltd. |
1,617 | 70,787 | ||||||
Sociedad de Inversiones Oro Blanco SA |
1,353,420 | 12,894 | ||||||
SPIC Industry-Finance Holdings Co. Ltd., Class A |
10,000 | 6,381 | ||||||
Tata Investment Corp. Ltd. |
517 | 15,889 | ||||||
UTI Asset Management Co. Ltd. |
3,250 | 31,694 | ||||||
Western Securities Co. Ltd., Class A |
10,000 | 10,061 | ||||||
Woori Investment Bank Co. Ltd. |
159,201 | 90,676 | ||||||
Yuanta Securities Korea Co. Ltd. |
37,877 | 78,004 | ||||||
Zheshang Securities Co. Ltd., Class A |
4,700 | 7,142 | ||||||
|
|
|||||||
5,617,736 | ||||||||
|
|
|||||||
Chemicals - 4.0% |
| |||||||
Aarti Industries Ltd. |
6,272 | 35,650 | ||||||
Abou Kir Fertilizers & Chemical Industries |
9,849 | 15,035 | ||||||
Advanced Nano Products Co. Ltd. |
147 | 18,960 | ||||||
Advanced Petrochemical Co. |
2,025 | 24,560 | ||||||
AECI Ltd. |
44,982 | 238,521 | ||||||
Akzo Nobel India Ltd. |
539 | 18,187 | ||||||
Alkyl Amines Chemicals |
220 | 6,546 | ||||||
Alpek SAB de CV, Class A(a) |
24,500 | 25,435 | ||||||
Alujain Corp.* |
14,259 | 175,786 | ||||||
Anupam Rasayan India Ltd. |
980 | 11,616 | ||||||
Asia Polymer Corp. |
147,000 | 121,149 | ||||||
Asian Paints Ltd. |
7,423 | 304,808 | ||||||
Atul Ltd. |
259 | 21,403 | ||||||
Avia Avian Tbk. PT |
277,300 | 11,401 | ||||||
Balaji Amines Ltd. |
350 | 9,311 | ||||||
Barito Pacific Tbk. PT |
476,398 | 24,483 | ||||||
BASF India Ltd. |
400 | 13,325 | ||||||
Batu Kawan Bhd. |
6,300 | 29,733 | ||||||
Bayer CropScience Ltd. |
141 | 7,627 | ||||||
Berger Paints India Ltd. |
5,126 | 42,529 | ||||||
Boubyan Petrochemicals Co. KSCP |
7,344 | 17,672 | ||||||
Braskem SA (Preference), Class A* |
4,900 | 26,163 | ||||||
Carborundum Universal Ltd. |
2,499 | 36,788 | ||||||
Castrol India Ltd. |
18,650 | 32,822 | ||||||
Chambal Fertilisers and Chemicals Ltd. |
68,306 | 230,126 | ||||||
Chandra Asri Petrochemical Tbk. PT |
392,000 | 55,109 |
Investments |
Shares | Value ($) | ||||||
Chemplast Sanmar Ltd.* |
2,585 | 13,956 | ||||||
Chengxin Lithium Group Co. Ltd., Class A |
4,900 | 18,868 | ||||||
China General Plastics Corp. |
147,000 | 113,665 | ||||||
China Hainan Rubber Industry Group Co. Ltd., Class A* |
39,200 | 25,834 | ||||||
China Lumena New Materials Corp.* |
22,200 | | ||||||
China Man-Made Fiber Corp.* |
50,000 | 12,808 | ||||||
China Petrochemical Development Corp.* |
171,000 | 51,093 | ||||||
China Risun Group Ltd.(b) |
49,000 | 22,808 | ||||||
Chunbo Co. Ltd. |
47 | 7,024 | ||||||
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A |
7,975 | 6,818 | ||||||
Coromandel International Ltd. |
1,898 | 23,756 | ||||||
Cosmochemical Co. Ltd.* |
539 | 23,469 | ||||||
D&L Industries, Inc. |
4,900 | 645 | ||||||
DCM Shriram Ltd. |
2,303 | 23,473 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. |
27,489 | 181,848 | ||||||
Deepak Nitrite Ltd. |
1,105 | 27,013 | ||||||
DL Holdings Co. Ltd. |
397 | 12,225 | ||||||
Do-Fluoride New Materials Co. Ltd., Class A |
10,800 | 29,619 | ||||||
Dongjin Semichem Co. Ltd. |
725 | 24,088 | ||||||
Dongyue Group Ltd. |
42,000 | 41,253 | ||||||
Eastern Polymer Group PCL, NVDR |
63,600 | 12,263 | ||||||
Ecopro Co. Ltd. |
343 | 324,796 | ||||||
EID Parry India Ltd. |
3,871 | 23,325 | ||||||
Enchem Co. Ltd.* |
235 | 12,998 | ||||||
Eternal Materials Co. Ltd. |
27,550 | 27,220 | ||||||
Fertiglobe plc |
44,835 | 43,699 | ||||||
Fine Organic Industries Ltd. |
343 | 18,824 | ||||||
Finolex Industries Ltd. |
9,600 | 23,309 | ||||||
Foosung Co. Ltd. |
1,768 | 18,767 | ||||||
Formosa Chemicals & Fibre Corp. |
68,000 | 141,511 | ||||||
Formosa Plastics Corp. |
63,000 | 166,789 | ||||||
Fufeng Group Ltd.(a) |
441,000 | 239,763 | ||||||
Galaxy Surfactants Ltd.(b) |
250 | 8,262 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
4,080 | 34,156 | ||||||
Ganfeng Lithium Group Co. Ltd., Class H(a)(b) |
9,880 | 63,217 | ||||||
Grand Pacific Petrochemical |
47,000 | 27,518 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A |
5,000 | 25,760 | ||||||
Gubre Fabrikalari TAS* |
833 | 9,640 | ||||||
Gujarat Fluorochemicals Ltd. |
715 | 23,672 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. |
38,269 | 275,867 | ||||||
Han Kuk Carbon Co. Ltd. |
1,470 | 16,584 | ||||||
Hangzhou Oxygen Plant Group Co. Ltd., Class A |
2,400 | 11,448 | ||||||
Hansol Chemical Co. Ltd. |
141 | 21,681 | ||||||
Hanwha Solutions Corp.* |
1,862 | 55,291 | ||||||
Hektas Ticaret TAS* |
16,074 | 18,279 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Hengli Petrochemical Co. Ltd., Class A* |
14,100 | 30,699 | ||||||
Hengyi Petrochemical Co. Ltd., Class A* |
14,100 | 14,402 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A |
1,900 | 19,136 | ||||||
Huabao International Holdings Ltd.(a) |
17,000 | 7,303 | ||||||
Huafon Chemical Co. Ltd., Class A |
33,500 | 34,875 | ||||||
Hunan Changyuan Lico Co. Ltd., Class A |
784 | 1,226 | ||||||
Hyosung Advanced Materials Corp. |
55 | 20,496 | ||||||
Hyosung TNC Corp. |
98 | 26,102 | ||||||
Indorama Ventures PCL, NVDR |
44,100 | 44,127 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
23,500 | 14,698 | ||||||
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A |
14,100 | 14,797 | ||||||
ISU Chemical Co. Ltd. |
641 | 11,667 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A |
11,000 | 19,332 | ||||||
Jubilant Ingrevia Ltd. |
2,701 | 13,620 | ||||||
Kansai Nerolac Paints Ltd. |
3,294 | 13,433 | ||||||
KCC Corp. |
106 | 17,630 | ||||||
Kimteks Poliuretan Sanayi ve Ticaret A/S |
13,769 | 61,055 | ||||||
Kolon Industries, Inc. |
674 | 27,338 | ||||||
Korea Petrochemical Ind Co. Ltd. |
1,911 | 200,897 | ||||||
KuibyshevAzot PJSC |
9,900 | | ||||||
Kum Yang Co. Ltd.* |
564 | 70,398 | ||||||
Kumho Petrochemical Co. Ltd. |
441 | 41,552 | ||||||
Lake Materials Co. Ltd.* |
1,715 | 27,178 | ||||||
Laxmi Organic Industries Ltd.(b) |
2,107 | 6,905 | ||||||
LB Group Co. Ltd., Class A |
4,700 | 12,495 | ||||||
Levima Advanced Materials Corp., Class A |
8,200 | 28,030 | ||||||
LG Chem Ltd. |
735 | 373,656 | ||||||
LG Chem Ltd. (Preference) |
170 | 52,348 | ||||||
Linde India Ltd.* |
282 | 17,100 | ||||||
Lotte Chemical Corp. |
584 | 69,000 | ||||||
Lotte Chemical Titan Holding Bhd.(b) |
245,000 | 61,943 | ||||||
LOTTE Fine Chemical Co. Ltd. |
397 | 20,182 | ||||||
Luxi Chemical Group Co. Ltd., Class A |
6,500 | 9,613 | ||||||
Mesaieed Petrochemical Holding Co. |
68,381 | 36,633 | ||||||
Miwon Commercial Co. Ltd. |
125 | 16,534 | ||||||
MNTech Co. Ltd. |
833 | 16,305 | ||||||
Nan Pao Resins Chemical Co. Ltd. |
13,000 | 74,459 | ||||||
Nan Ya Plastics Corp. |
98,000 | 218,287 | ||||||
National Industrialization Co.* |
5,584 | 21,017 | ||||||
Navin Fluorine International Ltd. |
645 | 33,444 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A |
10,600 | 21,002 | ||||||
Nizhnekamskneftekhim PJSC |
28,600 | | ||||||
Nizhnekamskneftekhim PJSC (Preference) |
26,400 | |
Investments |
Shares | Value ($) | ||||||
OCI Holdings Co. Ltd. |
414 | 35,533 | ||||||
Omnia Holdings Ltd.* |
71,932 | 238,644 | ||||||
Orbia Advance Corp. SAB de CV |
29,933 | 68,083 | ||||||
Organichesky Sintez PJSC |
11,550 | | ||||||
Oriental Union Chemical Corp. |
38,000 | 26,481 | ||||||
Petkim Petrokimya Holding A/S* |
38,400 | 25,655 | ||||||
Petronas Chemicals Group Bhd. |
88,200 | 135,948 | ||||||
PhosAgro PJSC |
1,540 | | ||||||
PI Advanced Materials Co. Ltd. |
520 | 12,545 | ||||||
PI Industries Ltd. |
1,239 | 54,467 | ||||||
Pidilite Industries Ltd. |
2,401 | 76,335 | ||||||
PTT Global Chemical PCL, NVDR |
48,700 | 56,200 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* |
19,600 | 54,850 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
24,500 | 43,572 | ||||||
SABIC Agri-Nutrients Co. |
3,907 | 150,173 | ||||||
Sahara International Petrochemical Co. |
10,089 | 101,654 | ||||||
Sasa Polyester Sanayi A/S* |
15,664 | 35,456 | ||||||
Sasol Ltd. |
17,934 | 250,579 | ||||||
Satellite Chemical Co. Ltd., Class A |
4,662 | 10,509 | ||||||
Saudi Aramco Base Oil Co. |
784 | 30,970 | ||||||
Saudi Basic Industries Corp. |
14,112 | 322,369 | ||||||
Saudi Industrial Investment Group |
6,478 | 43,134 | ||||||
Saudi Kayan Petrochemical Co.* |
12,054 | 39,392 | ||||||
Scientex Bhd. |
34,300 | 27,081 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
6,110 | 28,914 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B |
171,500 | 92,610 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A |
4,060 | 22,377 | ||||||
Shinkong Synthetic Fibers Corp. |
49,000 | 26,740 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A |
37,600 | 13,732 | ||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A |
3,600 | 8,976 | ||||||
Sinofert Holdings Ltd. |
700,000 | 94,246 | ||||||
Sinoma Science & Technology Co. Ltd., Class A |
4,700 | 15,211 | ||||||
Sinon Corp. |
147,000 | 169,562 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H* |
98,000 | 14,954 | ||||||
SK Chemicals Co. Ltd. |
196 | 9,764 | ||||||
SK IE Technology Co. Ltd.*(b) |
349 | 29,379 | ||||||
SKC Co. Ltd. |
294 | 22,881 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
4,067 | 298,011 | ||||||
Solar Applied Materials Technology Corp. |
49,000 | 58,626 | ||||||
Solar Industries India Ltd. |
405 | 18,714 | ||||||
Soulbrain Co. Ltd. |
47 | 10,048 | ||||||
Soulbrain Holdings Co. Ltd. |
2,646 | 56,152 | ||||||
SRF Ltd. |
2,588 | 68,297 | ||||||
Sumitomo Chemical India Ltd. |
2,585 | 12,974 | ||||||
Supreme Industries Ltd. |
1,204 | 51,967 | ||||||
Supreme Petrochem Ltd. |
3,456 | 18,610 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Surya Esa Perkasa Tbk. PT |
4,532,500 | 177,333 | ||||||
Taekwang Industrial Co. Ltd. |
98 | 45,900 | ||||||
Taiwan Fertilizer Co. Ltd. |
1,000 | 2,043 | ||||||
Tata Chemicals Ltd. |
2,679 | 34,505 | ||||||
Tianqi Lithium Corp., Class A |
5,600 | 52,147 | ||||||
Tianqi Lithium Corp., Class H |
39,600 | 246,272 | ||||||
TKG Huchems Co. Ltd. |
8,085 | 140,813 | ||||||
Tongkun Group Co. Ltd., Class A* |
9,400 | 19,637 | ||||||
TSRC Corp. |
245,000 | 195,679 | ||||||
Unipar Carbocloro SA (Preference), Class B |
19,600 | 333,489 | ||||||
UPL Ltd.* |
9,408 | 71,456 | ||||||
USI Corp. |
22,000 | 16,311 | ||||||
Vinati Organics Ltd. |
539 | 11,999 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
4,900 | 67,027 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A |
10,600 | 10,976 | ||||||
Yanbu National Petrochemical Co. |
3,528 | 43,070 | ||||||
Yunnan Energy New Material Co. Ltd., Class A* |
1,200 | 16,203 | ||||||
Yunnan Yuntianhua Co. Ltd., Class A |
4,700 | 12,140 | ||||||
Zangge Mining Co. Ltd., Class A |
4,700 | 15,823 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A |
24,500 | 33,150 | ||||||
Zhejiang Yongtai Technology Co. Ltd., Class A |
2,800 | 6,034 | ||||||
|
|
|||||||
10,214,943 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.2% |
| |||||||
Allcargo Terminals Ltd.* |
1,900 | 989 | ||||||
Beijing GeoEnviron Engineering & Technology, Inc., Class A |
15,300 | 21,537 | ||||||
China Everbright Environment Group Ltd.(a) |
98,000 | 38,955 | ||||||
Cleanaway Co. Ltd. |
5,000 | 30,627 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., Class H(a)(b) |
165,000 | 55,644 | ||||||
Ecopro HN Co. Ltd. |
376 | 26,814 | ||||||
Frontken Corp. Bhd. |
42,300 | 30,395 | ||||||
GPS Participacoes e Empreendimentos SA(c) |
14,100 | 51,663 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
6,370 | 49,617 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. |
100 | 2,652 | ||||||
PNB Holdings Corp.* |
46,815 | 35,582 | ||||||
S-1 Corp. |
347 | 13,938 | ||||||
Saudi Airlines Catering Co. |
1,848 | 61,081 | ||||||
Sungeel Hitech Co. Ltd.* |
98 | 10,795 | ||||||
Sunny Friend Environmental Technology Co. Ltd. |
622 | 2,672 | ||||||
Taiwan Secom Co. Ltd. |
3,165 | 11,028 | ||||||
|
|
|||||||
443,989 | ||||||||
|
|
|||||||
Communications Equipment - 0.5% |
| |||||||
Accton Technology Corp. |
9,000 | 109,398 | ||||||
Advanced Ceramic X Corp. |
2,000 | 12,983 |
Investments |
Shares | Value ($) | ||||||
Arcadyan Technology Corp. |
66,000 | 304,520 | ||||||
BYD Electronic International Co. Ltd. |
11,000 | 42,174 | ||||||
Hengtong Optic-electric Co. Ltd., Class A |
4,700 | 10,108 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira |
4,900 | 24,484 | ||||||
Intellian Technologies, Inc. |
254 | 15,483 | ||||||
KMW Co. Ltd.* |
563 | 5,221 | ||||||
Seojin System Co. Ltd.* |
10,976 | 149,659 | ||||||
Sercomm Corp. |
99,000 | 384,325 | ||||||
Sterlite Technologies Ltd. |
6,627 | 12,102 | ||||||
Tejas Networks Ltd.*(b) |
2,202 | 21,932 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A |
900 | 3,540 | ||||||
Wistron NeWeb Corp. |
5,000 | 17,740 | ||||||
ZTE Corp., Class A |
9,800 | 53,685 | ||||||
ZTE Corp., Class H |
9,800 | 35,688 | ||||||
|
|
|||||||
1,203,042 | ||||||||
|
|
|||||||
Construction & Engineering - 1.3% |
| |||||||
Acter Group Corp. Ltd. |
49,000 | 236,218 | ||||||
BES Engineering Corp. |
611,000 | 195,394 | ||||||
CH Karnchang PCL, NVDR |
4,900 | 3,078 | ||||||
China Conch Venture Holdings Ltd. |
49,000 | 61,197 | ||||||
China Energy Engineering Corp. Ltd., Class A |
80,000 | 27,425 | ||||||
China Energy Engineering Corp. Ltd., Class H(a) |
198,000 | 25,389 | ||||||
China Railway Group Ltd., Class A |
45,200 | 50,786 | ||||||
China Railway Group Ltd., Class H |
119,000 | 77,973 | ||||||
Continental Holdings Corp. |
196,000 | 167,146 | ||||||
Daewoo Engineering & Construction Co. Ltd.* |
3,901 | 13,833 | ||||||
DL E&C Co. Ltd. |
799 | 19,181 | ||||||
Estithmar Holding QPSC* |
30,456 | 18,240 | ||||||
Gamuda Bhd. |
34,308 | 32,718 | ||||||
GEK Terna Holding Real Estate Construction SA* |
1,470 | 23,242 | ||||||
GS Engineering & Construction Corp. |
2,450 | 28,082 | ||||||
Guangdong No. 2 Hydropower Engineering Co. Ltd., Class A |
4,900 | 4,484 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E |
15,974 | 129,832 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
2,280 | 66,898 | ||||||
IJM Corp. Bhd. |
37,600 | 12,759 | ||||||
IRB Infrastructure Developers Ltd. |
48,040 | 15,449 | ||||||
IRCON International Ltd.(b) |
105,644 | 124,977 | ||||||
IS Dongseo Co. Ltd.* |
6,223 | 165,504 | ||||||
Jeio Co. Ltd.* |
931 | 23,482 | ||||||
Kalpataru Projects International Ltd. |
3,479 | 26,822 | ||||||
KEC International Ltd. |
6,962 | 53,653 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
KEPCO Engineering & Construction Co., Inc. |
141 | 8,363 | ||||||
KNR Constructions Ltd. |
6,325 | 19,022 | ||||||
Kontrolmatik Enerji ve Muhendislik A/S |
736 | 5,737 | ||||||
Larsen & Toubro Ltd.* |
10,841 | 353,422 | ||||||
Larsen & Toubro Ltd., GDR*(b) |
296 | 9,679 | ||||||
Metallurgical Corp. of China Ltd., Class A |
42,300 | 24,800 | ||||||
Metallurgical Corp. of China Ltd., Class H |
106,000 | 26,640 | ||||||
NBCC India Ltd. |
41,870 | 23,493 | ||||||
NCC Ltd. |
212,239 | 409,518 | ||||||
PNC Infratech Ltd.(b) |
2,700 | 11,363 | ||||||
Power Construction Corp. of China Ltd., Class A |
34,100 | 28,628 | ||||||
Praj Industries Ltd. |
6,061 | 31,525 | ||||||
PSG Corp. PCL, NVDR* |
300,700 | 7,994 | ||||||
Rail Vikas Nigam Ltd.(b) |
9,261 | 13,973 | ||||||
Ruentex Engineering & Construction Co. |
26,000 | 85,215 | ||||||
Samsung Engineering Co. Ltd.* |
4,067 | 118,055 | ||||||
Shaanxi Construction Engineering Group Corp. Ltd., Class A |
4,900 | 3,476 | ||||||
Shanghai Construction Group Co. Ltd., Class A |
23,500 | 9,766 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A |
14,100 | 12,469 | ||||||
Sichuan Road and Bridge Group Co. Ltd., Class A |
20,440 | 28,257 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR |
39,100 | 12,451 | ||||||
Tekfen Holding A/S |
76,832 | 127,888 | ||||||
United Integrated Services Co. Ltd. |
2,000 | 14,033 | ||||||
Voltas Ltd. |
3,969 | 37,645 | ||||||
Waskita Karya Persero Tbk. PT* |
173,900 | 2,372 | ||||||
Yankey Engineering Co. Ltd. |
19,559 | 174,260 | ||||||
|
|
|||||||
3,203,806 | ||||||||
|
|
|||||||
Construction Materials - 1.2% |
| |||||||
ACC Ltd. |
1,376 | 33,759 | ||||||
Ambuja Cements Ltd. |
11,368 | 63,994 | ||||||
Anhui Conch Cement Co. Ltd., Class A |
9,800 | 37,216 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
24,500 | 73,669 | ||||||
Arabian Cement Co. |
2,310 | 24,075 | ||||||
Asia Cement Corp. |
79,000 | 101,306 | ||||||
BBMG Corp., Class A |
42,300 | 14,264 | ||||||
Berkah Beton Sadaya Tbk. PT* |
425,000 | 1,409 | ||||||
Birla Corp. Ltd. |
750 | 11,200 | ||||||
Bursa Cimento Fabrikasi A/S* |
221,480 | 63,170 | ||||||
Cementos Argos SA |
224,505 | 204,678 | ||||||
Cemex SAB de CV* |
428,000 | 325,949 | ||||||
Chia Hsin Cement Corp. |
20,400 | 13,534 | ||||||
China Jushi Co. Ltd., Class A |
19,643 | 40,788 | ||||||
China National Building Material Co. Ltd., Class H |
98,000 | 61,574 |
Investments |
Shares | Value ($) | ||||||
China Resources Cement Holdings Ltd. |
68,000 | 29,472 | ||||||
City Cement Co. |
4,208 | 25,574 | ||||||
CSG Holding Co. Ltd., Class B |
4,700 | 1,603 | ||||||
Dalmia Bharat Ltd. |
1,782 | 42,331 | ||||||
Eastern Province Cement Co. |
1,199 | 14,462 | ||||||
GCC SAB de CV(a) |
4,900 | 47,725 | ||||||
Goldsun Building Materials Co. Ltd. |
27,000 | 22,639 | ||||||
Grasim Industries Ltd. |
5,978 | 134,422 | ||||||
Grupo Argos SA |
122,500 | 305,231 | ||||||
Grupo Argos SA (Preference) |
76,737 | 123,517 | ||||||
Hanil Cement Co. Ltd. |
11,662 | 111,712 | ||||||
Huaxin Cement Co. Ltd., Class A |
3,700 | 7,207 | ||||||
Huaxin Cement Co. Ltd., Class H |
10,400 | 10,108 | ||||||
JK Cement Ltd. |
530 | 21,101 | ||||||
JK Lakshmi Cement Ltd. |
2,744 | 20,331 | ||||||
Nuh Cimento Sanayi A/S |
2,068 | 12,926 | ||||||
Nuvoco Vistas Corp. Ltd.* |
3,650 | 16,517 | ||||||
Oyak Cimento Fabrikalari A/S* |
12,338 | 25,660 | ||||||
POSCO Future M Co. Ltd. |
499 | 206,310 | ||||||
Qassim Cement Co. (The) |
1,998 | 36,748 | ||||||
Ramco Cements Ltd. (The) |
2,289 | 24,663 | ||||||
Rhi Magnesita India Ltd. |
1,850 | 14,503 | ||||||
Riyadh Cement Co. |
1,967 | 17,433 | ||||||
Saudi Cement Co. |
441 | 6,747 | ||||||
Semen Indonesia Persero Tbk. PT |
29,417 | 13,606 | ||||||
Shree Cement Ltd. |
196 | 57,451 | ||||||
Siam Cement PCL (The), NVDR |
6,300 | 59,818 | ||||||
Siam City Cement PCL, NVDR |
4,800 | 19,212 | ||||||
Southern Province Cement Co. |
1,634 | 21,516 | ||||||
SSANGYONG C&E Co. Ltd. |
4,263 | 17,692 | ||||||
Taiwan Cement Corp. |
98,000 | 116,316 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A |
4,700 | 5,373 | ||||||
Tipco Asphalt PCL, NVDR |
23,400 | 12,169 | ||||||
TPI Polene PCL, NVDR |
1,950,300 | 82,049 | ||||||
UltraTech Cement Ltd. |
1,813 | 183,356 | ||||||
Universal Cement Corp. |
50,470 | 46,894 | ||||||
Yamama Cement Co. |
3,763 | 36,059 | ||||||
Yanbu Cement Co. |
2,888 | 30,792 | ||||||
|
|
|||||||
3,051,830 | ||||||||
|
|
|||||||
Consumer Finance - 1.0% |
| |||||||
AEON Credit Service M Bhd. |
44,100 | 117,756 | ||||||
Bajaj Finance Ltd. |
4,263 | 378,379 | ||||||
BFI Finance Indonesia Tbk. PT |
343,100 | 30,033 | ||||||
Capri Global Capital Ltd. |
1,948 | 18,418 | ||||||
Cholamandalam Investment and Finance Co. Ltd. |
7,595 | 104,540 | ||||||
CreditAccess Grameen Ltd.* |
1,166 | 20,645 | ||||||
FinVolution Group, ADR |
65,023 | 381,685 | ||||||
Gentera SAB de CV(a) |
426,300 | 554,362 | ||||||
JMT Network Services PCL, NVDR |
14,200 | 16,076 | ||||||
Krungthai Card PCL, NVDR |
9,800 | 13,456 | ||||||
Mahindra & Mahindra Financial Services Ltd. |
9,024 | 32,635 | ||||||
Manappuram Finance Ltd. |
215,551 | 364,542 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Muangthai Capital PCL, NVDR |
9,300 | 9,645 | ||||||
Muthoot Finance Ltd. |
2,226 | 36,548 | ||||||
Ngern Tid Lor PCL, NVDR |
26,653 | 17,053 | ||||||
Poonawalla Fincorp Ltd. |
5,720 | 27,248 | ||||||
Qifu Technology, Inc., Class A, ADR |
3,871 | 77,265 | ||||||
Ratchthani Leasing PCL, NVDR |
117,400 | 10,976 | ||||||
Samsung Card Co. Ltd. |
539 | 12,051 | ||||||
SBI Cards & Payment Services Ltd. |
4,949 | 51,467 | ||||||
Shriram Finance Ltd. |
6,596 | 151,823 | ||||||
Srisawad Corp. PCL, NVDR |
14,000 | 19,326 | ||||||
Sundaram Finance Ltd. |
1,505 | 48,448 | ||||||
Transaction Capital Ltd. |
267,197 | 101,718 | ||||||
Yulon Finance Corp. |
4,673 | 28,177 | ||||||
|
|
|||||||
2,624,272 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.2% |
| |||||||
Abdullah Al Othaim Markets Co. |
7,595 | 29,922 | ||||||
Aeon Co. M Bhd. |
294,000 | 79,548 | ||||||
Al-Dawaa Medical Services Co. |
2,401 | 65,023 | ||||||
Alibaba Health Information Technology Ltd.* |
98,000 | 69,365 | ||||||
Almacenes Exito SA |
66,346 | 77,556 | ||||||
Almunajem Foods Co. |
7,791 | 145,578 | ||||||
Atacadao SA |
9,400 | 27,111 | ||||||
Avenue Supermarts Ltd.*(b) |
2,681 | 122,327 | ||||||
Berli Jucker PCL |
14,300 | 14,622 | ||||||
BGF retail Co. Ltd. |
141 | 18,540 | ||||||
Bid Corp. Ltd. |
5,670 | 135,057 | ||||||
BIM Birlesik Magazalar A/S |
13,261 | 106,426 | ||||||
Cencosud SA |
44,247 | 95,029 | ||||||
Cia Brasileira de Distribuicao* |
4,900 | 21,322 | ||||||
Clicks Group Ltd. |
4,165 | 65,699 | ||||||
CP ALL PCL, NVDR |
73,500 | 136,355 | ||||||
CP Axtra PCL, NVDR |
28,900 | 29,129 | ||||||
Dada Nexus Ltd., ADR* |
2,805 | 18,765 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
4,320 | 16,798 | ||||||
Dis-Chem Pharmacies Ltd.(b) |
6,949 | 10,042 | ||||||
Dongsuh Cos., Inc. |
859 | 12,205 | ||||||
E-MART, Inc. |
392 | 23,280 | ||||||
Great Tree Pharmacy Co. Ltd. |
1,257 | 16,739 | ||||||
Grupo Comercial Chedraui SA de CV |
4,700 | 27,594 | ||||||
Grupo Mateus SA* |
9,800 | 16,316 | ||||||
GS Retail Co. Ltd. |
1,332 | 22,206 | ||||||
InRetail Peru Corp.(b) |
406 | 13,642 | ||||||
JD Health International, Inc.*(a)(b) |
17,150 | 123,808 | ||||||
La Comer SAB de CV |
18,800 | 46,858 | ||||||
Magnit PJSC |
2,296 | | ||||||
Migros Ticaret A/S |
1,410 | 15,447 | ||||||
Nahdi Medical Co. |
611 | 28,306 | ||||||
Philippine Seven Corp.* |
10,780 | 16,781 | ||||||
Pick n Pay Stores Ltd.(a) |
6,784 | 14,683 | ||||||
Ping An Healthcare and Technology Co. Ltd.*(b) |
9,600 | 25,173 | ||||||
President Chain Store Corp. |
12,000 | 106,534 | ||||||
Puregold Price Club, Inc. |
26,060 | 13,760 | ||||||
Raia Drogasil SA |
19,864 | 120,970 |
Investments |
Shares | Value ($) | ||||||
Robinsons Retail Holdings, Inc. |
195,510 | 194,175 | ||||||
Sendas Distribuidora SA |
34,300 | 97,123 | ||||||
Shenzhen Pagoda Industrial Group Corp. Ltd. |
24,500 | 16,650 | ||||||
Shoprite Holdings Ltd. |
7,546 | 109,644 | ||||||
SMU SA |
929,775 | 175,543 | ||||||
Sok Marketler Ticaret A/S* |
13,475 | 22,750 | ||||||
SPAR Group Ltd. (The) |
2,560 | 15,537 | ||||||
Sumber Alfaria Trijaya Tbk. PT |
344,600 | 61,699 | ||||||
Sun Art Retail Group Ltd. |
70,500 | 21,515 | ||||||
Wal-Mart de Mexico SAB de CV |
83,300 | 347,663 | ||||||
|
|
|||||||
2,990,815 | ||||||||
|
|
|||||||
Containers & Packaging - 0.1% |
| |||||||
Cheng Loong Corp. |
49,000 | 53,870 | ||||||
Klabin SA |
24,552 | 118,707 | ||||||
SCG Packaging PCL, NVDR |
18,700 | 22,126 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. |
9,000 | 30,786 | ||||||
Ton Yi Industrial Corp. |
21,000 | 11,895 | ||||||
Youlchon Chemical Co. Ltd. |
470 | 13,293 | ||||||
|
|
|||||||
250,677 | ||||||||
|
|
|||||||
Distributors - 0.1% |
| |||||||
Autohellas Tourist and Trading SA(a) |
8,442 | 127,143 | ||||||
Sinomach Automobile Co. Ltd., Class A |
30,700 | 37,415 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A |
13,800 | 9,906 | ||||||
|
|
|||||||
174,464 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.3% |
| |||||||
Advtech Ltd. |
24,310 | 25,426 | ||||||
China Education Group Holdings Ltd.(a)(b) |
49,000 | 45,112 | ||||||
Cogna Educacao SA* |
52,400 | 36,901 | ||||||
East Buy Holding Ltd.*(a)(b) |
3,000 | 14,541 | ||||||
Fenbi Ltd.* |
24,500 | 15,268 | ||||||
Fu Shou Yuan International Group Ltd. |
49,000 | 37,824 | ||||||
Gaotu Techedu, Inc., ADR* |
5,978 | 25,048 | ||||||
Humansoft Holding Co. KSC |
3,251 | 38,110 | ||||||
Lung Yen Life Service Corp.* |
24,000 | 28,333 | ||||||
MegaStudyEdu Co. Ltd. |
2,940 | 113,250 | ||||||
National Co. for Learning & Education |
735 | 20,140 | ||||||
New Oriental Education & Technology Group, Inc.* |
24,500 | 144,040 | ||||||
Offcn Education Technology Co. Ltd., Class A* |
4,700 | 3,012 | ||||||
TAL Education Group, ADR* |
13,867 | 113,432 | ||||||
|
|
|||||||
660,437 | ||||||||
|
|
|||||||
Diversified REITs - 0.2% |
| |||||||
Axis REIT, REIT |
70,600 | 28,497 | ||||||
Concentradora Fibra Danhos SA de CV, REIT |
14,700 | 19,319 | ||||||
Fibra Uno Administracion SA de CV, REIT |
93,100 | 140,242 | ||||||
Growthpoint Properties Ltd., REIT |
62,965 | 44,859 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Is Gayrimenkul Yatirim Ortakligi A/S, REIT* |
169,981 | 102,897 | ||||||
Redefine Properties Ltd., REIT |
244,978 | 48,765 | ||||||
SK REITs Co. Ltd., REIT |
4,508 | 16,127 | ||||||
Yuexiu REIT, REIT(a) |
98,000 | 20,106 | ||||||
|
|
|||||||
420,812 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 1.0% |
| |||||||
AL Yah Satellite Communications Co. PJSC |
43,340 | 31,387 | ||||||
China Tower Corp. Ltd., Class H(b) |
1,274,000 | 143,757 | ||||||
Chunghwa Telecom Co. Ltd. |
57,000 | 210,396 | ||||||
CITIC Telecom International Holdings Ltd. |
686,000 | 275,325 | ||||||
Converge Information and Communications Technology Solutions, Inc.* |
281,200 | 51,709 | ||||||
Dayamitra Telekomunikasi PT |
202,100 | 8,778 | ||||||
Emirates Telecommunications Group Co. PJSC |
54,978 | 335,282 | ||||||
Hellenic Telecommunications Organization SA |
5,635 | 89,155 | ||||||
HFCL Ltd. |
34,742 | 26,949 | ||||||
Indus Towers Ltd.* |
25,442 | 53,205 | ||||||
KT Corp. |
3,590 | 83,085 | ||||||
LG Uplus Corp. |
7,465 | 58,624 | ||||||
Magyar Telekom Telecommunications plc |
164,542 | 196,144 | ||||||
Ooredoo QPSC |
18,114 | 56,880 | ||||||
Operadora De Sites Mexicanos SAB de CV, Series A-1(a) |
9,400 | 9,550 | ||||||
Rostelecom PJSC* |
33,770 | | ||||||
Rostelecom PJSC (Preference) |
15,392 | | ||||||
Sarana Menara Nusantara Tbk. PT |
315,700 | 21,249 | ||||||
Saudi Telecom Co. |
28,475 | 321,820 | ||||||
Sitios Latinoamerica SAB de CV*(a) |
63,700 | 28,642 | ||||||
Tata Communications Ltd. |
1,646 | 35,945 | ||||||
Tata Teleservices Maharashtra Ltd.* |
24,255 | 23,326 | ||||||
Telefonica Brasil SA |
9,800 | 86,751 | ||||||
Telekom Malaysia Bhd. |
19,600 | 22,125 | ||||||
Telkom Indonesia Persero Tbk. PT |
739,900 | 182,522 | ||||||
Telkom SA SOC Ltd.*(a) |
126,616 | 209,321 | ||||||
TIME dotCom Bhd. |
9,000 | 10,719 | ||||||
Tower Bersama Infrastructure Tbk. PT |
42,300 | 5,414 | ||||||
Turk Telekomunikasyon A/S* |
19,746 | 15,620 | ||||||
|
|
|||||||
2,593,680 | ||||||||
|
|
|||||||
Electric Utilities - 1.1% |
| |||||||
Adani Transmission Ltd.* |
4,459 | 44,493 | ||||||
Alupar Investimento SA |
3,640 | 22,290 | ||||||
Can2 Termik A/S* |
77,273 | 61,814 | ||||||
Centrais Eletricas Brasileiras SA |
34,300 | 278,680 | ||||||
Centrais Eletricas Brasileiras SA (Preference), Class B |
8,481 | 77,785 | ||||||
CESC Ltd. |
267,197 | 254,369 | ||||||
CEZ A/S |
2,842 | 126,207 | ||||||
Cia Energetica de Minas Gerais |
4,700 | 18,219 |
Investments |
Shares | Value ($) | ||||||
Cia Energetica de Minas Gerais (Preference) |
46,802 | 124,653 | ||||||
Cia Energetica do Ceara (Preference), Class A |
4,900 | 53,923 | ||||||
Cia Paranaense de Energia |
5,500 | 47,716 | ||||||
CPFL Energia SA |
4,700 | 35,351 | ||||||
CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference) |
5,200 | 27,437 | ||||||
Enel Americas SA* |
529,169 | 71,480 | ||||||
Enel Chile SA |
829,052 | 57,169 | ||||||
Energisa SA |
4,800 | 50,643 | ||||||
Enerjisa Enerji A/S(b) |
7,676 | 14,467 | ||||||
Equatorial Energia SA |
14,700 | 103,644 | ||||||
Federal Grid Co. - Rosseti PJSC (Registered)* |
22,532,366 | | ||||||
Inter RAO UES PJSC |
1,596,292 | | ||||||
Interconexion Electrica SA ESP |
12,936 | 57,202 | ||||||
Korea Electric Power Corp.* |
6,615 | 99,693 | ||||||
Manila Electric Co. |
5,840 | 37,852 | ||||||
Mosenergo PJSC |
4,455,000 | | ||||||
Neoenergia SA |
4,700 | 19,316 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret A/S* |
492,058 | 218,191 | ||||||
Power Grid Corp. of India Ltd. |
93,345 | 301,943 | ||||||
Public Power Corp. SA* |
3,381 | 40,110 | ||||||
RusHydro PJSC |
2,361,000 | | ||||||
Saudi Electricity Co. |
23,618 | 141,270 | ||||||
SJVN Ltd. |
214,571 | 149,615 | ||||||
Synergy Grid & Development Phils, Inc. |
411,600 | 67,445 | ||||||
Tata Power Co. Ltd. (The) |
26,117 | 75,161 | ||||||
Tenaga Nasional Bhd. |
78,400 | 166,919 | ||||||
Torrent Power Ltd. |
1,927 | 15,856 | ||||||
Transmissora Alianca de Energia Eletrica SA |
5,000 | 37,839 | ||||||
|
|
|||||||
2,898,752 | ||||||||
|
|
|||||||
Electrical Equipment - 1.2% |
| |||||||
ABB India Ltd. |
1,044 | 57,790 | ||||||
AcBel Polytech, Inc. |
40,294 | 71,160 | ||||||
Amara Raja Batteries Ltd. |
4,361 | 33,661 | ||||||
Bharat Heavy Electricals Ltd. |
21,300 | 26,946 | ||||||
Bizlink Holding, Inc. |
2,071 | 19,932 | ||||||
CG Power & Industrial Solutions Ltd. |
12,844 | 62,784 | ||||||
CS Wind Corp. |
581 | 33,821 | ||||||
Dongfang Electric Corp. Ltd., Class A |
5,000 | 13,461 | ||||||
Doosan Enerbility Co. Ltd.* |
7,146 | 98,053 | ||||||
Doosan Fuel Cell Co. Ltd.* |
690 | 14,724 | ||||||
Ecopro BM Co. Ltd. |
828 | 272,178 | ||||||
ElSewedy Electric Co. |
21,462 | 13,082 | ||||||
Fangda Carbon New Material Co. Ltd., Class A* |
5,300 | 4,598 | ||||||
Farasis Energy Gan Zhou Co. Ltd., Class A* |
784 | 2,417 | ||||||
Finolex Cables Ltd. |
3,245 | 41,767 | ||||||
Fortune Electric Co. Ltd. |
3,000 | 22,815 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Goldwind Science & Technology Co. Ltd. |
15,000 | 10,271 | ||||||
Goldwind Science & Technology Co. Ltd., Class A |
23,100 | 36,201 | ||||||
GoodWe Technologies Co. Ltd., Class A |
343 | 7,943 | ||||||
Gotion High-tech Co. Ltd., Class A* |
4,600 | 17,726 | ||||||
Graphite India Ltd. |
3,381 | 17,789 | ||||||
Gulf Cables & Electrical Industries Group Co. KSCP |
4,140 | 16,582 | ||||||
Havells India Ltd. |
4,450 | 72,178 | ||||||
HD Hyundai Electric Co. Ltd. |
441 | 25,706 | ||||||
Hitachi Energy India Ltd.* |
371 | 17,783 | ||||||
Hyosung Heavy Industries Corp.* |
2,009 | 275,033 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A |
4,500 | 9,911 | ||||||
Jiangxi Special Electric Motor Co. Ltd., Class A* |
4,900 | 8,036 | ||||||
KEI Industries Ltd. |
1,595 | 47,115 | ||||||
Korea Electric Terminal Co. Ltd. |
2,597 | 117,763 | ||||||
LG Energy Solution Ltd.* |
686 | 301,385 | ||||||
LS Corp. |
889 | 84,321 | ||||||
LS Electric Co. Ltd. |
490 | 40,633 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
4,500 | 11,353 | ||||||
NARI Technology Co. Ltd., Class A |
12,000 | 40,835 | ||||||
Ningbo Ronbay New Energy Technology Co. Ltd., Class A |
658 | 4,621 | ||||||
Polycab India Ltd. |
990 | 57,978 | ||||||
Pylon Technologies Co. Ltd., Class A |
343 | 8,505 | ||||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S |
173,643 | 188,818 | ||||||
Shanghai Electric Group Co. Ltd., Class A* |
24,000 | 16,018 | ||||||
Shijiazhuang Shangtai Technology Co. Ltd., Class A |
5,000 | 37,290 | ||||||
SPG Co. Ltd. |
686 | 17,195 | ||||||
Suzlon Energy Ltd.* |
266,458 | 61,392 | ||||||
Ta Ya Electric Wire & Cable |
26,250 | 31,448 | ||||||
Taihan Electric Wire Co. Ltd.* |
2,058 | 21,022 | ||||||
Tatung Co. Ltd.* |
49,000 | 77,180 | ||||||
TBEA Co. Ltd., Class A |
11,050 | 25,326 | ||||||
Teco Electric and Machinery Co. Ltd. |
22,000 | 37,662 | ||||||
Triveni Turbine Ltd. |
6,484 | 31,534 | ||||||
V-Guard Industries Ltd.* |
6,399 | 22,068 | ||||||
Voltronic Power Technology Corp. |
1,000 | 55,685 | ||||||
Walsin Lihwa Corp. |
55,665 | 70,851 | ||||||
WEG SA |
24,500 | 205,598 | ||||||
XTC New Energy Materials Xiamen Co. Ltd., Class A |
539 | 3,499 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
4,700 | 18,618 |
Investments |
Shares | Value ($) | ||||||
Zhejiang HangKe Technology, Inc. Co., Class A |
490 | 2,083 | ||||||
|
|
|||||||
2,942,144 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 4.2% |
| |||||||
AAC Technologies Holdings, Inc. |
1,000 | 2,280 | ||||||
AUO Corp.* |
242,000 | 159,400 | ||||||
Aurora Corp. |
11,900 | 28,854 | ||||||
BH Co. Ltd. |
10,192 | 191,502 | ||||||
BOE Technology Group Co. Ltd., Class A |
126,500 | 74,872 | ||||||
BOE Varitronix Ltd. |
7,000 | 10,609 | ||||||
Chang Wah Electromaterials, Inc. |
147,000 | 143,836 | ||||||
Cheng Uei Precision Industry Co. Ltd. |
157,000 | 194,836 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A |
31,500 | 26,446 | ||||||
Chroma ATE, Inc. |
8,000 | 70,259 | ||||||
Compeq Manufacturing Co. Ltd. |
33,000 | 47,778 | ||||||
Cowell e Holdings, Inc.* |
12,000 | 22,342 | ||||||
Daeduck Electronics Co. Ltd. |
893 | 25,396 | ||||||
Daejoo Electronic Materials Co. Ltd. |
250 | 19,751 | ||||||
DataTec Ltd.(a) |
84,456 | 166,692 | ||||||
Delta Electronics Thailand PCL, NVDR |
76,000 | 250,900 | ||||||
Delta Electronics, Inc. |
34,000 | 395,431 | ||||||
Dreamtech Co. Ltd. |
11,297 | 120,003 | ||||||
E Ink Holdings, Inc. |
15,000 | 107,393 | ||||||
Elite Material Co. Ltd. |
10,000 | 131,736 | ||||||
EM-Tech Co. Ltd. |
5,635 | 165,560 | ||||||
Everdisplay Optronics Shanghai Co. Ltd., Class A* |
75,780 | 28,205 | ||||||
FLEXium Interconnect, Inc. |
1,000 | 2,956 | ||||||
Forth Corp. PCL, NVDR |
14,600 | 13,010 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
34,300 | 107,170 | ||||||
Foxconn Technology Co. Ltd. |
17,000 | 30,131 | ||||||
Genius Electronic Optical Co. Ltd. |
2,237 | 27,939 | ||||||
Global Brands Manufacture Ltd. |
128,800 | 210,251 | ||||||
GoerTek, Inc., Class A |
3,800 | 9,518 | ||||||
Gold Circuit Electronics Ltd. |
11,000 | 59,329 | ||||||
Hana Microelectronics PCL, NVDR |
9,800 | 14,530 | ||||||
Hannstar Board Corp. |
105,000 | 165,887 | ||||||
HannStar Display Corp.* |
119,000 | 52,634 | ||||||
Hollysys Automation Technologies Ltd.* |
23,765 | 416,600 | ||||||
Holy Stone Enterprise Co. Ltd. |
68,250 | 211,744 | ||||||
Hon Hai Precision Industry Co. Ltd. |
343,000 | 1,184,208 | ||||||
Honeywell Automation India Ltd. |
32 | 16,727 | ||||||
Huagong Tech Co. Ltd., Class A |
4,900 | 24,669 | ||||||
Innolux Corp.* |
320,000 | 169,538 | ||||||
INTOPS Co. Ltd. |
4,900 | 115,710 | ||||||
ITEQ Corp. |
98,000 | 246,976 | ||||||
Jaymart Group Holdings PCL, NVDR |
243,600 | 120,986 | ||||||
KCE Electronics PCL, NVDR |
9,300 | 11,751 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Kingboard Holdings Ltd. |
24,500 | 67,857 | ||||||
Kingboard Laminates Holdings Ltd. |
27,500 | 28,104 | ||||||
L&F Co. Ltd. |
428 | 86,463 | ||||||
Largan Precision Co. Ltd. |
1,000 | 69,209 | ||||||
LG Display Co. Ltd.* |
6,360 | 67,310 | ||||||
LG Innotek Co. Ltd. |
441 | 91,338 | ||||||
Lingyi iTech Guangdong Co., Class A |
15,900 | 13,682 | ||||||
Lotes Co. Ltd. |
1,332 | 31,619 | ||||||
Lotte Energy Materials Corp. |
235 | 10,103 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
9,800 | 44,319 | ||||||
Mcnex Co. Ltd. |
657 | 14,020 | ||||||
MH Development Ltd.* |
22,000 | | ||||||
Nan Ya Printed Circuit Board Corp. |
4,000 | 31,566 | ||||||
Nationgate Holdings Bhd. |
362,600 | 124,646 | ||||||
Nex Point Parts PCL, NVDR* |
47,500 | 14,987 | ||||||
Nichidenbo Corp. |
98,000 | 166,210 | ||||||
OFILM Group Co. Ltd., Class A* |
4,700 | 3,808 | ||||||
Pan-International Industrial Corp. |
24,000 | 31,731 | ||||||
Park Systems Corp. |
200 | 31,695 | ||||||
Primax Electronics Ltd. |
23,000 | 47,205 | ||||||
Quest Holdings SA |
10,437 | 74,798 | ||||||
Raytron Technology Co. Ltd., Class A |
343 | 2,225 | ||||||
Redington Ltd. |
245,882 | 539,005 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
1,666 | 190,041 | ||||||
Samsung SDI Co. Ltd. |
882 | 460,150 | ||||||
Seronics Co. Ltd.* |
2,352 | 77,130 | ||||||
Shanghai Friendess Electronic Technology Corp. Ltd., Class A |
376 | 11,711 | ||||||
Shenzhen Kaifa Technology Co. Ltd., Class A |
4,700 | 12,798 | ||||||
Simplo Technology Co. Ltd. |
2,200 | 21,526 | ||||||
Sinbon Electronics Co. Ltd. |
3,000 | 32,123 | ||||||
SOLUM Co. Ltd.* |
588 | 12,801 | ||||||
Solus Advanced Materials Co. Ltd. |
377 | 10,603 | ||||||
STCUBE* |
1,739 | 18,418 | ||||||
Sunny Optical Technology Group Co. Ltd. |
12,200 | 118,188 | ||||||
Supreme Electronics Co. Ltd. |
176,331 | 271,007 | ||||||
Synnex Technology International Corp. |
49,000 | 92,304 | ||||||
Taiwan Union Technology Corp. |
119,000 | 473,327 | ||||||
Test Research, Inc. |
55,000 | 106,757 | ||||||
Tong Hsing Electronic Industries Ltd. |
7,831 | 39,247 | ||||||
TPK Holding Co. Ltd. |
149,000 | 185,619 | ||||||
Tripod Technology Corp. |
14,000 | 75,287 | ||||||
TXC Corp. |
16,000 | 45,007 | ||||||
Unimicron Technology Corp. |
49,000 | 287,671 | ||||||
Unisplendour Corp. Ltd., Class A |
4,900 | 18,704 | ||||||
Unitech Printed Circuit Board Corp.* |
290,000 | 162,872 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A |
4,700 | 9,503 | ||||||
VS Industry Bhd. |
137,700 | 27,332 | ||||||
Wah Lee Industrial Corp. |
68,640 | 176,479 |
Investments |
Shares | Value ($) | ||||||
Walsin Technology Corp. |
9,378 | 28,319 | ||||||
Weikeng Industrial Co. Ltd.* |
147,000 | 161,610 | ||||||
Wingtech Technology Co. Ltd., Class A |
3,100 | 20,161 | ||||||
Wintek Corp.* |
64,000 | | ||||||
WPG Holdings Ltd. |
49,440 | 79,289 | ||||||
WT Microelectronics Co. Ltd.* |
14,000 | 30,560 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A |
5,170 | 15,864 | ||||||
Yageo Corp. |
8,347 | 122,045 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A |
2,900 | 8,907 | ||||||
Zhejiang Supcon Technology Co. Ltd., Class A |
1,771 | 13,429 | ||||||
Zhen Ding Technology Holding Ltd. |
17,150 | 57,300 | ||||||
|
|
|||||||
10,662,334 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.2% |
| |||||||
ADNOC Drilling Co. PJSC |
38,963 | 41,795 | ||||||
Bumi Armada Bhd.* |
1,386,700 | 159,921 | ||||||
China Oilfield Services Ltd., Class A |
5,000 | 10,627 | ||||||
China Oilfield Services Ltd., Class H |
28,000 | 33,031 | ||||||
COFCO Capital Holdings Co. Ltd., Class A |
4,900 | 5,999 | ||||||
Dialog Group Bhd. |
51,700 | 26,372 | ||||||
Gulf International Services QSC |
375,438 | 213,505 | ||||||
Yinson Holdings Bhd. |
35,800 | 20,246 | ||||||
|
|
|||||||
511,496 | ||||||||
|
|
|||||||
Entertainment - 0.9% |
| |||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A |
4,700 | 17,677 | ||||||
Alibaba Pictures Group Ltd.* |
540,000 | 32,890 | ||||||
Bilibili, Inc., Class Z*(a) |
3,920 | 71,879 | ||||||
CJ CGV Co. Ltd.* |
8,918 | 65,067 | ||||||
CJ ENM Co. Ltd.* |
392 | 19,775 | ||||||
CMGE Technology Group Ltd.* |
98,000 | 22,619 | ||||||
Com2uSCorp |
133 | 5,676 | ||||||
Devsisters Co. Ltd.* |
235 | 6,941 | ||||||
Fire Rock Holdings Ltd.*(a) |
106,000 | 1,903 | ||||||
Gamania Digital Entertainment Co. Ltd. |
49,000 | 110,079 | ||||||
HYBE Co. Ltd.* |
280 | 57,663 | ||||||
International Games System Co. Ltd. |
4,000 | 78,023 | ||||||
iQIYI, Inc., ADR*(a) |
7,595 | 48,152 | ||||||
JYP Entertainment Corp. |
489 | 52,328 | ||||||
Kakao Games Corp.* |
956 | 23,625 | ||||||
Kingsoft Corp. Ltd. |
16,000 | 68,422 | ||||||
Krafton, Inc.* |
588 | 79,252 | ||||||
MD Pictures Tbk. PT* |
107,800 | 28,594 | ||||||
MNC Digital Entertainment Tbk. PT* |
37,600 | 9,425 | ||||||
NCSoft Corp. |
281 | 60,955 | ||||||
Neowiz* |
470 | 12,721 | ||||||
NetDragon Websoft Holdings Ltd. |
98,000 | 194,273 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
NetEase, Inc. |
30,000 | 652,032 | ||||||
Netmarble Corp.*(b) |
410 | 15,826 | ||||||
Nexon Games Co. Ltd.* |
1,034 | 17,441 | ||||||
NHN Corp.* |
630 | 12,406 | ||||||
Pearl Abyss Corp.* |
517 | 22,714 | ||||||
Perfect World Co. Ltd., Class A |
4,100 | 8,611 | ||||||
PVR Inox Ltd.* |
3,087 | 58,442 | ||||||
Saregama India Ltd.* |
500 | 819 | ||||||
Saregama India Ltd. |
2,498 | 11,981 | ||||||
SM Entertainment Co. Ltd. |
328 | 33,607 | ||||||
SMI Holdings Group Ltd.* |
72,000 | | ||||||
Studio Dragon Corp.* |
188 | 7,448 | ||||||
Tencent Music Entertainment Group, ADR* |
8,233 | 57,549 | ||||||
Tencent Music Entertainment Group, Class A* |
4,700 | 16,332 | ||||||
Webzen, Inc. |
5,880 | 67,673 | ||||||
Wemade Co. Ltd. |
388 | 11,126 | ||||||
Wemade Max Co. Ltd.* |
784 | 5,720 | ||||||
Wysiwyg Studios Co. Ltd.* |
44,639 | 102,961 | ||||||
XD, Inc.*(b) |
8,000 | 19,203 | ||||||
XPEC Entertainment, Inc.* |
14,800 | | ||||||
YG Entertainment, Inc. |
605 | 36,120 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* |
11,280 | 8,349 | ||||||
|
|
|||||||
2,234,299 | ||||||||
|
|
|||||||
Financial Services - 1.3% |
| |||||||
Aavas Financiers Ltd.* |
2,058 | 38,754 | ||||||
Aditya Birla Capital Ltd.* |
8,967 | 21,347 | ||||||
Al Waha Capital PJSC |
404,250 | 149,679 | ||||||
Alliance International Education Leasing Holdings Ltd.*(b) |
21,000 | 13,491 | ||||||
Aptus Value Housing Finance India Ltd. |
3,822 | 13,151 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A |
23,500 | 13,515 | ||||||
Bajaj Finserv Ltd. |
6,488 | 126,078 | ||||||
Bajaj Holdings & Investment Ltd. |
574 | 52,645 | ||||||
Can Fin Homes Ltd. |
4,876 | 44,546 | ||||||
Chailease Holding Co. Ltd.* |
21,177 | 140,162 | ||||||
Cielo SA |
32,900 | 32,644 | ||||||
Corp. Financiera Colombiana SA |
39,053 | 154,485 | ||||||
CSSC Hong Kong Shipping Co. Ltd.(b) |
686,000 | 124,908 | ||||||
E-Finance for Digital & Financial Investments |
7,889 | 4,587 | ||||||
Far East Horizon Ltd.(a) |
53,000 | 39,757 | ||||||
Fawry for Banking & Payment Technology Services SAE* |
44,933 | 8,180 | ||||||
FirstRand Ltd. |
161,406 | 660,645 | ||||||
Genertec Universal Medical Group Co. Ltd.(b) |
318,500 | 171,529 | ||||||
Grupo de Inversiones Suramericana SA |
2,695 | 25,680 | ||||||
Grupo de Inversiones Suramericana SA (Preference) |
3,587 | 12,850 | ||||||
Home First Finance Co. India Ltd.(b) |
1,225 | 12,959 |
Investments |
Shares | Value ($) | ||||||
Housing & Urban Development Corp. Ltd. |
150,626 | 117,572 | ||||||
IIFL Finance Ltd. |
3,626 | 26,017 | ||||||
Indian Railway Finance Corp. Ltd.(b) |
34,250 | 15,907 | ||||||
Kakaopay Corp.* |
398 | 15,675 | ||||||
L&T Finance Holdings Ltd. |
11,562 | 18,542 | ||||||
LIC Housing Finance Ltd. |
10,094 | 51,225 | ||||||
Meritz Financial Group, Inc. |
2,990 | 115,410 | ||||||
Metro Pacific Investments Corp. |
381,000 | 33,782 | ||||||
National Investments Co. KSCP |
20,286 | 15,986 | ||||||
NICE Holdings Co. Ltd. |
6,432 | 54,750 | ||||||
One 97 Communications Ltd.* |
1,598 | 15,551 | ||||||
Piramal Enterprises Ltd. |
2,112 | 25,980 | ||||||
PNB Housing Finance Ltd.*(b) |
16,298 | 125,789 | ||||||
Power Finance Corp. Ltd. |
35,812 | 113,816 | ||||||
REC Ltd. |
30,647 | 75,622 | ||||||
Remgro Ltd. |
16,121 | 145,747 | ||||||
Shandong Hi-Speed Holdings Group Ltd.* |
49,500 | 36,052 | ||||||
Turkiye Sinai Kalkinma Bankasi A/S* |
509,110 | 114,956 | ||||||
Yeahka Ltd.* |
13,200 | 32,159 | ||||||
Yuanta Financial Holding Co. Ltd. |
376,580 | 292,382 | ||||||
|
|
|||||||
3,304,512 | ||||||||
|
|
|||||||
Food Products - 2.7% |
| |||||||
Adani Wilmar Ltd.* |
2,491 | 12,475 | ||||||
Agthia Group PJSC |
10,622 | 15,327 | ||||||
Alicorp SAA |
194,432 | 383,064 | ||||||
Almarai Co. JSC |
3,835 | 70,432 | ||||||
Anjoy Foods Group Co. Ltd., Class A |
500 | 10,788 | ||||||
Astra Agro Lestari Tbk. PT |
137,200 | 68,918 | ||||||
AVI Ltd. |
14,737 | 58,770 | ||||||
Balrampur Chini Mills Ltd. |
3,850 | 18,864 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A |
5,300 | 5,251 | ||||||
Betagro PCL |
24,400 | 15,897 | ||||||
Bombay Burmah Trading Co. |
235 | 3,233 | ||||||
BRF SA* |
357,700 | 733,890 | ||||||
Britannia Industries Ltd. |
1,949 | 113,599 | ||||||
CCL Products India Ltd. |
2,597 | 19,417 | ||||||
Century Pacific Food, Inc. |
17,700 | 8,379 | ||||||
Charoen Pokphand Enterprise* |
13,300 | 39,528 | ||||||
Charoen Pokphand Foods PCL, NVDR |
83,300 | 49,403 | ||||||
Charoen Pokphand Indonesia Tbk. PT* |
119,900 | 41,146 | ||||||
Cherkizovo Group PJSC |
2,594 | | ||||||
China Feihe Ltd.(b) |
50,000 | 30,454 | ||||||
China Huiyuan Juice Group Ltd.* |
24,000 | | ||||||
China Mengniu Dairy Co. Ltd. |
49,000 | 185,037 | ||||||
China Modern Dairy Holdings Ltd. |
1,043,000 | 112,342 | ||||||
China Youran Dairy Group Ltd.(b) |
490,000 | 111,839 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A |
3,120 | 8,242 | ||||||
CJ CheilJedang Corp. |
223 | 48,986 | ||||||
CJ CheilJedang Corp. (Preference) |
104 | 10,688 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
COFCO Joycome Foods Ltd.*(b) |
1,176,000 | 325,716 | ||||||
Daesang Corp. |
7,869 | 104,949 | ||||||
Dali Foods Group Co. Ltd.(a)(b) |
23,500 | 10,938 | ||||||
Dongwon Industries Co. Ltd. |
735 | 22,748 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
5,880 | 38,093 | ||||||
Garudafood Putra Putri Jaya Tbk. PT |
463,100 | 14,433 | ||||||
Great Wall Enterprise Co. Ltd. |
26,400 | 50,235 | ||||||
Gruma SAB de CV, Class B |
3,765 | 67,710 | ||||||
Grupo Bimbo SAB de CV, Class A, Series A |
21,500 | 111,745 | ||||||
Grupo Nutresa SA |
1,692 | 22,136 | ||||||
Guan Chong Bhd. |
29,400 | 14,345 | ||||||
Guangdong Haid Group Co. Ltd., Class A |
3,400 | 23,958 | ||||||
Harim Holdings Co. Ltd. |
19,793 | 116,151 | ||||||
Health & Happiness H&H International Holdings Ltd. |
98,000 | 128,175 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A |
5,200 | 10,696 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
5,000 | 17,658 | ||||||
Huishan Dairy* |
158,000 | | ||||||
Indofood CBP Sukses Makmur Tbk. PT |
51,800 | 38,472 | ||||||
Indofood Sukses Makmur Tbk. PT |
127,400 | 61,884 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
8,200 | 32,884 | ||||||
IOI Corp. Bhd. |
39,200 | 36,253 | ||||||
Japfa Comfeed Indonesia Tbk. PT |
2,180,500 | 193,035 | ||||||
JBS SA |
19,700 | 77,772 | ||||||
Kuala Lumpur Kepong Bhd. |
14,731 | 76,187 | ||||||
Leong Hup International Bhd.(b) |
485,100 | 56,482 | ||||||
Lien Hwa Industrial Holdings Corp. |
17,302 | 35,180 | ||||||
Lotte Wellfood Co. Ltd. |
1,617 | 120,515 | ||||||
M Dias Branco SA |
4,900 | 42,984 | ||||||
Marfrig Global Foods SA |
142,976 | 223,013 | ||||||
Marico Ltd. |
8,820 | 60,111 | ||||||
Mayora Indah Tbk. PT |
83,900 | 13,464 | ||||||
Minerva SA |
107,800 | 228,651 | ||||||
Monde Nissin Corp.(b) |
107,400 | 16,015 | ||||||
Muyuan Foods Co. Ltd., Class A |
7,120 | 44,284 | ||||||
Nestle India Ltd. |
588 | 161,235 | ||||||
Nestle Malaysia Bhd. |
900 | 26,727 | ||||||
New Hope Liuhe Co. Ltd., Class A* |
9,000 | 15,754 | ||||||
NongShim Co. Ltd. |
56 | 17,442 | ||||||
Orion Corp. |
520 | 46,303 | ||||||
Orion Holdings Corp. |
10,731 | 117,189 | ||||||
Ottogi Corp. |
15 | 4,195 | ||||||
Patanjali Foods Ltd. |
1,030 | 16,668 | ||||||
PPB Group Bhd. |
14,080 | 52,148 | ||||||
QL Resources Bhd. |
25,395 | 30,864 | ||||||
RCL Foods Ltd. |
80,115 | 47,302 | ||||||
Samyang Foods Co. Ltd. |
141 | 13,385 | ||||||
Samyang Holdings Corp. |
3,038 | 172,558 | ||||||
San Miguel Food and Beverage, Inc. |
19,470 | 18,061 |
Investments |
Shares | Value ($) | ||||||
Sao Martinho SA |
3,500 | 24,626 | ||||||
Sarawak Oil Palms Bhd. |
78,400 | 45,381 | ||||||
Saudia Dairy & Foodstuff Co. |
294 | 27,820 | ||||||
Savola Group (The) |
5,311 | 59,883 | ||||||
Sawit Sumbermas Sarana Tbk. PT |
1,367,100 | 108,335 | ||||||
Shree Renuka Sugars Ltd.* |
30,100 | 16,798 | ||||||
Sime Darby Plantation Bhd. |
54,403 | 54,898 | ||||||
SLC Agricola SA |
4,900 | 44,962 | ||||||
SPC Samlip Co. Ltd. |
980 | 50,743 | ||||||
Srinanaporn Marketing PCL, NVDR |
19,500 | 12,305 | ||||||
Sumber Tani Agung Resources Tbk. PT |
1,254,400 | 71,121 | ||||||
Taisun Enterprise Co. Ltd. |
98,000 | 81,546 | ||||||
Taiwan TEA Corp.* |
53,000 | 48,823 | ||||||
Tata Consumer Products Ltd. |
10,407 | 108,728 | ||||||
Thai Union Group PCL, NVDR |
58,800 | 23,191 | ||||||
Thai Vegetable Oil PCL, NVDR |
44,000 | 32,458 | ||||||
Thaifoods Group PCL, NVDR |
1,171,100 | 136,856 | ||||||
Tiger Brands Ltd. |
1,666 | 14,908 | ||||||
Tingyi Cayman Islands Holding Corp. |
30,000 | 46,315 | ||||||
Toly Bread Co. Ltd., Class A |
5,640 | 8,326 | ||||||
Tres Tentos Agroindustrial SA |
44,100 | 117,271 | ||||||
Triveni Engineering & Industries Ltd. |
4,263 | 15,531 | ||||||
Ulker Biskuvi Sanayi A/S* |
70,903 | 102,957 | ||||||
Uni-President Enterprises Corp. |
98,000 | 234,815 | ||||||
United Plantations Bhd. |
9,800 | 34,731 | ||||||
Universal Robina Corp. |
13,530 | 30,201 | ||||||
Want Want China Holdings Ltd. |
98,000 | 68,234 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A* |
5,100 | 11,660 | ||||||
Zad Holding Co. |
3,286 | 12,277 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.*(a)(b) |
47,000 | 19,707 | ||||||
Zydus Wellnes Ltd. |
882 | 15,756 | ||||||
|
|
|||||||
7,033,835 | ||||||||
|
|
|||||||
Gas Utilities - 0.6% |
| |||||||
Adani Total Gas Ltd. |
4,361 | 35,191 | ||||||
Aygaz A/S |
27,146 | 119,667 | ||||||
Beijing Enterprises Holdings Ltd. |
24,500 | 97,231 | ||||||
China Gas Holdings Ltd. |
88,200 | 98,280 | ||||||
China Resources Gas Group Ltd. |
24,200 | 83,473 | ||||||
ENN Energy Holdings Ltd. |
20,100 | 241,627 | ||||||
ENN Natural Gas Co. Ltd., Class A |
10,000 | 25,746 | ||||||
GAIL India Ltd. |
67,522 | 97,775 | ||||||
Grupo Energia Bogota SA ESP |
50,764 | 23,075 | ||||||
Gujarat Gas Ltd. |
2,679 | 15,722 | ||||||
Gujarat State Petronet Ltd. |
13,547 | 47,493 | ||||||
Indraprastha Gas Ltd. |
4,564 | 25,698 | ||||||
Korea Gas Corp.* |
999 | 19,437 | ||||||
Kunlun Energy Co. Ltd. |
98,000 | 79,795 | ||||||
Mahanagar Gas Ltd.(b) |
1,456 | 19,797 | ||||||
National Gas & Industrialization Co. |
1,155 | 20,596 | ||||||
Perusahaan Gas Negara Tbk. PT |
311,200 | 28,169 | ||||||
Petronas Gas Bhd. |
14,700 | 55,683 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Promigas SA ESP |
127,498 | 154,459 | ||||||
Samchully Co. Ltd. |
1,127 | 90,981 | ||||||
Towngas Smart Energy Co. Ltd.(a) |
441,000 | 213,751 | ||||||
|
|
|||||||
1,593,646 | ||||||||
|
|
|||||||
Ground Transportation - 0.4% |
| |||||||
BTS Group Holdings PCL, NVDR |
119,640 | 28,312 | ||||||
Container Corp. of India Ltd. |
4,480 | 37,840 | ||||||
Daqin Railway Co. Ltd., Class A |
40,000 | 40,074 | ||||||
Full Truck Alliance Co. Ltd., ADR*(a) |
10,535 | 78,907 | ||||||
GMexico Transportes SAB de CV(b) |
9,400 | 22,455 | ||||||
Grupo Traxion SAB de CV*(a)(b) |
9,800 | 21,058 | ||||||
Localiza Rent a Car SA |
12,214 | 172,591 | ||||||
Lotte Rental Co. Ltd. |
6,076 | 124,413 | ||||||
Rumo SA |
19,600 | 95,754 | ||||||
SIMPAR SA |
122,500 | 251,847 | ||||||
Theeb Rent A Car Co. |
441 | 9,992 | ||||||
United International Transportation Co. |
996 | 18,372 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA |
5,500 | 13,805 | ||||||
|
|
|||||||
915,420 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.2% |
| |||||||
Classys, Inc. |
784 | 18,852 | ||||||
Dentium Co. Ltd. |
147 | 16,572 | ||||||
Eoflow Co. Ltd.* |
799 | 17,520 | ||||||
Hartalega Holdings Bhd. |
30,800 | 15,028 | ||||||
HLB, Inc.* |
1,796 | 46,280 | ||||||
iRay Technology Co. Ltd., Class A |
698 | 24,520 | ||||||
Jeisys Medical, Inc.* |
1,942 | 17,018 | ||||||
Kangji Medical Holdings Ltd. |
25,000 | 27,825 | ||||||
Kossan Rubber Industries Bhd. |
68,600 | 21,756 | ||||||
Lifetech Scientific Corp.* |
110,000 | 38,366 | ||||||
Microport Scientific Corp.*(a) |
11,498 | 22,970 | ||||||
Qingdao Haier Biomedical Co. Ltd., Class A |
539 | 3,598 | ||||||
SD Biosensor, Inc. |
990 | 10,058 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
36,000 | 46,346 | ||||||
Shanghai MicroPort Endovascular MedTech Group Co. Ltd., Class A |
98 | 2,429 | ||||||
Sri Trang Gloves Thailand PCL, NVDR |
68,600 | 14,430 | ||||||
St Shine Optical Co. Ltd. |
2,000 | 13,747 | ||||||
Supermax Corp. Bhd. |
695,800 | 130,395 | ||||||
TaiDoc Technology Corp. |
3,000 | 17,660 | ||||||
Top Glove Corp. Bhd.* |
68,600 | 13,997 | ||||||
|
|
|||||||
519,367 | ||||||||
|
|
|||||||
Health Care Providers & Services - 0.9% |
| |||||||
Al Hammadi Holding |
1,862 | 29,184 | ||||||
Apollo Hospitals Enterprise Ltd. |
1,608 | 101,143 | ||||||
Aster DM Healthcare Ltd.*(b) |
6,324 | 24,035 | ||||||
Bangkok Chain Hospital PCL, NVDR |
20,800 | 10,817 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
72,000 | 60,475 | ||||||
Bumrungrad Hospital PCL, NVDR |
4,900 | 30,921 |
Investments |
Shares | Value ($) | ||||||
Celltrion Healthcare Co. Ltd. |
1,579 | 81,511 | ||||||
Chabiotech Co. Ltd.* |
2,303 | 22,693 | ||||||
China Meheco Co. Ltd., Class A |
4,700 | 8,655 | ||||||
China Resources Medical Holdings Co. Ltd. |
24,500 | 20,263 | ||||||
Chularat Hospital PCL, NVDR |
101,400 | 8,591 | ||||||
CM Hospitalar SA |
5,000 | 22,283 | ||||||
Dallah Healthcare Co. |
585 | 27,507 | ||||||
Diagnosticos da America SA* |
9,800 | 27,708 | ||||||
Dr Lal PathLabs Ltd.(b) |
822 | 23,249 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,411 | 108,695 | ||||||
Fleury SA |
93,100 | 315,288 | ||||||
Fortis Healthcare Ltd. |
11,593 | 48,748 | ||||||
Global Health Ltd.* |
2,401 | 20,659 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H |
12,000 | 35,929 | ||||||
Gushengtang Holdings Ltd.* |
7,800 | 49,358 | ||||||
Hapvida Participacoes e Investimentos SA*(b) |
78,400 | 79,108 | ||||||
HLB Life Science Co. Ltd.* |
3,167 | 22,560 | ||||||
Huadong Medicine Co. Ltd., Class A |
3,300 | 20,054 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(b) |
6,400 | 41,320 | ||||||
IHH Healthcare Bhd. |
58,800 | 77,591 | ||||||
Jinxin Fertility Group Ltd.*(b) |
73,500 | 42,411 | ||||||
KPJ Healthcare Bhd. |
49,024 | 12,503 | ||||||
Krishna Institute of Medical Sciences Ltd.*(b) |
1,650 | 38,393 | ||||||
Life Healthcare Group Holdings Ltd. |
17,346 | 20,317 | ||||||
Max Healthcare Institute Ltd.* |
11,515 | 83,287 | ||||||
Medikaloka Hermina Tbk. PT(b) |
367,500 | 36,433 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* |
9,400 | 9,510 | ||||||
Metro Healthcare Indonesia Tbk. PT* |
286,700 | 9,791 | ||||||
Metropolis Healthcare Ltd.(b) |
3,053 | 50,909 | ||||||
Middle East Healthcare Co.* |
1,617 | 27,844 | ||||||
Mitra Keluarga Karyasehat Tbk. PT(b) |
100,200 | 19,336 | ||||||
MLP Saglik Hizmetleri A/S, Class B*(b) |
40,875 | 146,639 | ||||||
Mouwasat Medical Services Co. |
688 | 46,031 | ||||||
Narayana Hrudayalaya Ltd.(b) |
2,750 | 33,786 | ||||||
National Medical Care Co. |
931 | 33,750 | ||||||
Netcare Ltd. |
39,592 | 31,168 | ||||||
New Horizon Health Ltd.*(a)(b) |
4,000 | 13,592 | ||||||
Odontoprev SA |
5,390 | 13,891 | ||||||
Oncoclinicas do Brasil Servicos Medicos SA* |
4,900 | 12,402 | ||||||
Rainbow Childrens Medicare Ltd. |
1,030 | 13,825 | ||||||
Ramkhamhaeng Hospital PCL, NVDR |
9,300 | 11,208 | ||||||
Rede DOr Sao Luiz SA(b) |
13,591 | 102,853 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A/S |
2,597 | 4,265 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
4,700 | 13,225 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
24,500 | 44,359 | ||||||
Sikarin PCL, NVDR |
44,000 | 14,012 | ||||||
Siloam International Hospitals Tbk. PT |
165,000 | 21,336 | ||||||
Sinopharm Group Co. Ltd., Class H |
39,200 | 122,897 | ||||||
Thonburi Healthcare Group PCL, NVDR |
9,300 | 18,204 | ||||||
Topchoice Medical Corp., Class A* |
500 | 8,067 | ||||||
Universal Vision Biotechnology Co. Ltd.* |
2,100 | 26,161 | ||||||
|
|
|||||||
2,400,750 | ||||||||
|
|
|||||||
Health Care Technology - 0.0%(d) |
| |||||||
Lunit, Inc.* |
245 | 33,175 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.1% |
| |||||||
Abu Dhabi National Hotels |
414,491 | 956,939 | ||||||
Alamar Foods |
539 | 18,103 | ||||||
Alsea SAB de CV* |
24,500 | 85,238 | ||||||
Ambassador Hotel (The) |
54,000 | 88,492 | ||||||
Americana Restaurants International plc |
41,699 | 43,594 | ||||||
Ananti, Inc.* |
24,451 | 128,906 | ||||||
Asset World Corp. PCL, NVDR |
171,900 | 22,499 | ||||||
Bloomberry Resorts Corp.* |
93,100 | 20,103 | ||||||
Central Plaza Hotel PCL* |
1,600 | 2,209 | ||||||
Central Plaza Hotel PCL, NVDR* |
5,700 | 7,868 | ||||||
Chalet Hotels Ltd.* |
2,891 | 17,188 | ||||||
China Travel International Investment Hong Kong Ltd.*(a) |
122,000 | 26,907 | ||||||
DoubleUGames Co. Ltd. |
3,675 | 115,614 | ||||||
Easy Trip Planners Ltd.* |
16,003 | 7,890 | ||||||
EIH Ltd.* |
8,250 | 21,265 | ||||||
Erawan Group PCL (The), NVDR* |
137,100 | 18,986 | ||||||
Genting Bhd. |
49,000 | 46,837 | ||||||
Genting Malaysia Bhd. |
61,100 | 35,232 | ||||||
Grand Korea Leisure Co. Ltd.* |
1,323 | 14,344 | ||||||
H World Group Ltd.* |
24,500 | 116,080 | ||||||
Haichang Ocean Park Holdings Ltd.*(b) |
54,000 | 8,032 | ||||||
Haidilao International Holding Ltd.(b) |
21,164 | 59,296 | ||||||
Hana Tour Service, Inc.* |
450 | 17,158 | ||||||
Helens International Holdings Co. Ltd.*(a) |
6,500 | 7,310 | ||||||
Indian Hotels Co. Ltd., Class A |
13,895 | 66,748 | ||||||
Jahez International Co.* |
94 | 15,059 | ||||||
Jiumaojiu International Holdings Ltd.(a)(b) |
14,000 | 27,358 | ||||||
Jollibee Foods Corp. |
7,840 | 36,399 | ||||||
Jubilant Foodworks Ltd. |
4,950 | 28,798 | ||||||
Kangwon Land, Inc. |
2,240 | 27,415 | ||||||
Leejam Sports Co. JSC |
1,155 | 45,380 | ||||||
Lemon Tree Hotels Ltd.*(b) |
19,505 | 21,912 | ||||||
Lotte Tour Development Co. Ltd.* |
1,961 | 15,031 | ||||||
Magnum Bhd. |
465,494 | 113,560 |
Investments |
Shares | Value ($) | ||||||
Meituan, Class B*(b) |
78,370 | 1,470,185 | ||||||
Minor International PCL, NVDR |
50,500 | 48,687 | ||||||
MK Restaurants Group PCL, NVDR |
4,800 | 6,486 | ||||||
Nayuki Holdings Ltd.*(b) |
25,000 | 17,182 | ||||||
OPAP SA |
4,103 | 72,425 | ||||||
Paradise Co. Ltd.* |
421 | 4,743 | ||||||
Sapphire Foods India Ltd.* |
800 | 13,355 | ||||||
Seera Group Holding* |
6,600 | 50,666 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A* |
22,200 | 15,252 | ||||||
Smartfit Escola de Ginastica e Danca SA* |
9,800 | 47,094 | ||||||
Sports Toto Bhd. |
377,300 | 122,169 | ||||||
Sun International Ltd. |
74,137 | 147,701 | ||||||
Tongcheng Travel Holdings Ltd.*(a)(b) |
19,600 | 47,199 | ||||||
Travellers International Hotel Group, Inc.* |
209,900 | | ||||||
TravelSky Technology Ltd., Class H |
3,000 | 5,732 | ||||||
Trip.com Group Ltd.* |
8,650 | 345,392 | ||||||
Tsogo Sun Ltd. |
225,547 | 158,534 | ||||||
Westlife Foodworld Ltd.* |
3,000 | 34,146 | ||||||
Wowprime Corp.* |
1,000 | 9,387 | ||||||
Yum China Holdings, Inc. |
6,713 | 409,627 | ||||||
Zomato Ltd.* |
81,438 | 83,271 | ||||||
|
|
|||||||
5,392,983 | ||||||||
|
|
|||||||
Household Durables - 1.2% |
| |||||||
Amber Enterprises India Ltd.* |
935 | 27,680 | ||||||
Arcelik A/S* |
5,782 | 33,154 | ||||||
Bajaj Electricals Ltd. |
2,173 | 33,334 | ||||||
Coway Co. Ltd. |
1,177 | 37,859 | ||||||
Crompton Greaves Consumer Electricals Ltd. |
7,896 | 28,215 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes |
112,700 | 564,323 | ||||||
Dixon Technologies India Ltd.(b) |
663 | 33,227 | ||||||
Eureka Forbes Ltd.* |
1,960 | 13,102 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A |
14,700 | 79,725 | ||||||
Haier Smart Home Co. Ltd., Class A |
10,600 | 36,635 | ||||||
Haier Smart Home Co. Ltd., Class H |
30,600 | 99,859 | ||||||
Hanssem Co. Ltd.* |
303 | 11,018 | ||||||
Kinpo Electronics |
550,000 | 302,770 | ||||||
Konka Group Co. Ltd., Class B* |
215,600 | 42,298 | ||||||
LG Electronics, Inc. |
2,989 | 254,193 | ||||||
LG Electronics, Inc. (Preference) |
584 | 22,358 | ||||||
Merry Electronics Co. Ltd. |
98,000 | 284,085 | ||||||
MRV Engenharia e Participacoes SA |
156,800 | 458,166 | ||||||
Nien Made Enterprise Co. Ltd. |
3,000 | 31,025 | ||||||
PIK Group PJSC* |
4,646 | | ||||||
Shenzhen MTC Co. Ltd., Class A |
39,600 | 29,312 | ||||||
Skyworth Group Ltd. |
586,970 | 266,439 | ||||||
TCL Electronics Holdings Ltd.* |
343,000 | 174,168 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
TCL Technology Group Corp., Class A* |
41,360 | 24,827 | ||||||
TTK Prestige Ltd. |
1,825 | 17,495 | ||||||
Vestel Beyaz Esya Sanayi ve Ticaret A/S |
18,669 | 11,877 | ||||||
Vestel Elektronik Sanayi ve Ticaret A/S* |
54,488 | 124,753 | ||||||
Whirlpool of India Ltd.* |
674 | 11,958 | ||||||
Zinus, Inc. |
3,717 | 72,902 | ||||||
|
|
|||||||
3,126,757 | ||||||||
|
|
|||||||
Household Products - 0.0%(d) |
| |||||||
Jyothy Labs Ltd. |
6,860 | 26,006 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
24,500 | 57,676 | ||||||
Unilever Indonesia Tbk. PT |
75,200 | 19,199 | ||||||
Vinda International Holdings Ltd. |
3,000 | 6,047 | ||||||
|
|
|||||||
108,928 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 1.3% |
| |||||||
Aboitiz Power Corp. |
34,200 | 22,447 | ||||||
Absolute Clean Energy PCL, NVDR* |
279,200 | 15,253 | ||||||
ACEN Corp.* |
103,400 | 9,827 | ||||||
ACWA Power Co. |
2,058 | 101,156 | ||||||
Adani Green Energy Ltd.* |
5,586 | 74,252 | ||||||
Adani Power Ltd.* |
21,903 | 72,780 | ||||||
AES Brasil Energia SA |
14,700 | 36,711 | ||||||
Aksa Enerji Uretim A/S, Class B |
3,760 | 5,521 | ||||||
Auren Energia SA |
5,000 | 14,715 | ||||||
B Grimm Power PCL, NVDR |
19,500 | 22,076 | ||||||
Banpu Power PCL, NVDR |
19,300 | 8,176 | ||||||
BCPG PCL, NVDR |
78,300 | 22,075 | ||||||
Canvest Environmental Protection Group Co. Ltd.(b) |
196,000 | 105,305 | ||||||
CECEP Solar Energy Co. Ltd., Class A |
32,200 | 29,737 | ||||||
CGN New Energy Holdings Co. Ltd. |
490,000 | 141,370 | ||||||
CGN Power Co. Ltd., Class A |
44,000 | 19,147 | ||||||
CGN Power Co. Ltd., Class H(b) |
343,000 | 84,005 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
98,000 | 94,121 | ||||||
China National Nuclear Power Co. Ltd., Class A |
40,700 | 41,630 | ||||||
China Power International Development Ltd.(a) |
147,000 | 55,040 | ||||||
China Resources Power Holdings Co. Ltd. |
54,000 | 116,743 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
47,000 | 35,447 | ||||||
China Yangtze Power Co. Ltd., Class A |
34,300 | 102,995 | ||||||
CK Power PCL, NVDR |
112,600 | 11,382 | ||||||
Colbun SA |
169,153 | 26,688 | ||||||
Datang International Power Generation Co. Ltd., Class H |
128,000 | 22,814 | ||||||
Electricity Generating PCL, NVDR |
4,900 | 19,111 | ||||||
Enel Generacion Peru SAA |
10,152 | 11,268 | ||||||
Energy Absolute PCL, NVDR |
29,100 | 52,710 |
Investments |
Shares | Value ($) | ||||||
Eneva SA* |
19,600 | 55,087 | ||||||
Engie Brasil Energia SA |
4,900 | 45,363 | ||||||
First Gen Corp. |
142,100 | 52,519 | ||||||
Fujian Funeng Co. Ltd., Class A |
12,740 | 14,867 | ||||||
GD Power Development Co. Ltd., Class A |
42,500 | 21,944 | ||||||
Global Power Synergy PCL, NVDR |
13,700 | 23,114 | ||||||
Guangdong Electric Power Development Co. Ltd., Class A* |
4,900 | 4,916 | ||||||
Gulf Energy Development PCL, NVDR |
96,700 | 140,549 | ||||||
Huadian Power International Corp. Ltd., Class A |
26,500 | 21,061 | ||||||
Huadian Power International Corp. Ltd., Class H |
38,000 | 16,810 | ||||||
Huaneng Lancang River Hydropower, Inc., Class A |
15,000 | 14,734 | ||||||
Huaneng Power International, Inc., Class A* |
43,200 | 51,984 | ||||||
Huaneng Power International, Inc., Class H* |
100,000 | 55,394 | ||||||
Hubei Energy Group Co. Ltd., Class A* |
4,700 | 3,045 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A |
9,800 | 4,827 | ||||||
JSW Energy Ltd. |
5,875 | 20,622 | ||||||
Malakoff Corp. Bhd. |
681,600 | 97,501 | ||||||
Margun Enerji Uretim Sanayi ve Ticaret A/S |
4,508 | 9,626 | ||||||
Mega First Corp. Bhd. |
259,700 | 190,642 | ||||||
NHPC Ltd. |
82,798 | 51,844 | ||||||
NLC India Ltd. |
92,610 | 131,626 | ||||||
NTPC Ltd. |
133,397 | 354,136 | ||||||
OGK-2 PJSC |
11,431,280 | | ||||||
Omega Energia SA* |
73,500 | 180,928 | ||||||
Ratch Group PCL, NVDR |
24,500 | 25,947 | ||||||
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC |
26,687 | 17,554 | ||||||
Shandong Hi-Speed New Energy Group Ltd.* |
215,600 | 94,272 | ||||||
Shanghai Electric Power Co. Ltd., Class A |
10,000 | 14,412 | ||||||
Shenergy Co. Ltd., Class A |
4,900 | 4,649 | ||||||
Shenzhen Energy Group Co. Ltd., Class A |
10,600 | 10,190 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
9,400 | 19,019 | ||||||
Super Energy Corp. PCL, NVDR* |
431,200 | 6,299 | ||||||
Terna Energy SA |
1,276 | 24,606 | ||||||
TPI Polene Power PCL, NVDR |
1,062,000 | 103,008 | ||||||
Unipro PJSC* |
5,337,000 | | ||||||
Wintime Energy Group Co. Ltd., Class A* |
166,600 | 35,433 | ||||||
Zhejiang Zheneng Electric Power Co. Ltd., Class A* |
63,100 | 42,557 | ||||||
Zorlu Enerji Elektrik Uretim A/S* |
49,256 | 7,866 | ||||||
|
|
|||||||
3,343,453 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Industrial Conglomerates - 2.2% |
| |||||||
3M India Ltd. |
69 | 24,264 | ||||||
Aamal Co. |
663,019 | 160,655 | ||||||
Aboitiz Equity Ventures, Inc. |
67,130 | 65,755 | ||||||
AG Anadolu Grubu Holding A/S |
3,478 | 17,851 | ||||||
Alarko Holding A/S |
2,646 | 10,230 | ||||||
Alfa SAB de CV, Class A |
53,912 | 33,149 | ||||||
Alliance Global Group, Inc. |
56,400 | 12,774 | ||||||
Alpha Dhabi Holding PJSC* |
41,111 | 223,404 | ||||||
AntarChile SA |
3,206 | 28,642 | ||||||
Apar Industries Ltd. |
637 | 29,293 | ||||||
Astra Industrial Group |
1,827 | 43,342 | ||||||
Astra International Tbk. PT |
573,300 | 260,418 | ||||||
Ayala Corp. |
4,190 | 46,916 | ||||||
Bidvest Group Ltd. (The) |
5,247 | 81,875 | ||||||
China Baoan Group Co. Ltd., Class A |
5,500 | 8,866 | ||||||
CITIC Ltd. |
196,000 | 220,160 | ||||||
CJ Corp. |
343 | 17,437 | ||||||
DMCI Holdings, Inc. |
121,000 | 21,149 | ||||||
Doosan Co. Ltd. |
352 | 29,410 | ||||||
Dubai Investments PJSC |
38,220 | 25,285 | ||||||
Enka Insaat ve Sanayi A/S |
53,350 | 66,611 | ||||||
Far Eastern New Century Corp. |
98,000 | 92,616 | ||||||
Fosun International Ltd. |
127,500 | 92,698 | ||||||
Godrej Industries Ltd.* |
3,377 | 19,581 | ||||||
Grupo Carso SAB de CV, Series A1 |
9,800 | 78,124 | ||||||
GS Holdings Corp. |
2,570 | 76,012 | ||||||
Hanwha Corp. |
1,692 | 40,951 | ||||||
HAP Seng Consolidated Bhd. |
11,900 | 8,973 | ||||||
Hong Leong Industries Bhd. |
9,800 | 19,561 | ||||||
Hosken Consolidated Investments Ltd. |
24,255 | 312,998 | ||||||
Hyosung Corp. |
201 | 9,509 | ||||||
Industries Qatar QSC |
31,838 | 116,594 | ||||||
International Holding Co. PJSC* |
12,054 | 1,296,616 | ||||||
JG Summit Holdings, Inc. |
34,311 | 26,893 | ||||||
KOC Holding A/S |
28,781 | 144,297 | ||||||
LG Corp. |
3,724 | 243,953 | ||||||
Lotte Corp. |
1,392 | 27,793 | ||||||
LT Group, Inc. |
98,000 | 17,129 | ||||||
LX Holdings Corp. |
752 | 4,897 | ||||||
Multiply Group PJSC* |
100,827 | 88,665 | ||||||
Mytilineos SA |
2,799 | 116,837 | ||||||
Quinenco SA |
8,136 | 28,299 | ||||||
Reunert Ltd. |
68,453 | 231,413 | ||||||
Samsung C&T Corp. |
2,554 | 206,981 | ||||||
San Miguel Corp. |
13,510 | 26,786 | ||||||
Shanghai Industrial Holdings Ltd. |
152,000 | 225,309 | ||||||
Siemens Ltd. |
1,335 | 64,649 | ||||||
Sigdo Koppers SA |
116,620 | 177,811 | ||||||
Sime Darby Bhd. |
79,800 | 38,582 | ||||||
SK Square Co. Ltd.* |
2,940 | 102,409 | ||||||
SK, Inc. |
1,078 | 129,226 | ||||||
SM Investments Corp. |
8,330 | 138,315 |
Investments |
Shares | Value ($) | ||||||
Sunway Bhd. |
44,100 | 17,507 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S |
36,113 | 71,618 | ||||||
|
|
|||||||
5,721,088 | ||||||||
|
|
|||||||
Industrial REITs - 0.6% |
| |||||||
Equites Property Fund Ltd., REIT(a) |
341,285 | 218,008 | ||||||
ESR Kendall Square REIT Co. Ltd., REIT |
3,896 | 12,119 | ||||||
FIBRA Macquarie Mexico, REIT(b) |
298,900 | 581,426 | ||||||
Prologis Property Mexico SA de CV, REIT |
9,400 | 34,910 | ||||||
TF Administradora Industrial S de RL de CV, REIT |
318,500 | 649,299 | ||||||
|
|
|||||||
1,495,762 | ||||||||
|
|
|||||||
Insurance - 2.7% |
| |||||||
Abu Dhabi National Insurance Co. PSC |
116,179 | 185,985 | ||||||
Al Rajhi Co. for Co-operative Insurance* |
705 | 26,948 | ||||||
Allianz Malaysia Bhd. |
24,500 | 79,222 | ||||||
Anadolu Anonim Turk Sigorta Sirketi* |
77,910 | 66,201 | ||||||
Bangkok Insurance PCL, NVDR |
9,700 | 87,283 | ||||||
Bangkok Life Assurance PCL, NVDR |
19,600 | 13,857 | ||||||
BB Seguridade Participacoes SA |
9,800 | 64,110 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
327 | 15,044 | ||||||
Caixa Seguridade Participacoes SA |
15,000 | 34,023 | ||||||
Capital Financial Indonesia Tbk. PT* |
156,800 | 6,915 | ||||||
Cathay Financial Holding Co. Ltd. |
294,000 | 427,999 | ||||||
Central Reinsurance Co. Ltd.* |
48,927 | 37,365 | ||||||
China Development Financial Holding Corp.* |
490,000 | 195,679 | ||||||
China Life Insurance Co. Ltd., Class H |
199,000 | 347,032 | ||||||
China Pacific Insurance Group Co. Ltd., Class A |
19,200 | 80,327 | ||||||
China Pacific Insurance Group Co. Ltd., Class H |
58,800 | 157,580 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
31,800 | 35,312 | ||||||
Co. for Cooperative Insurance (The) |
974 | 37,074 | ||||||
DB Insurance Co. Ltd. |
1,421 | 84,169 | ||||||
Dhipaya Group Holdings PCL, NVDR |
14,600 | 18,448 | ||||||
Discovery Ltd.* |
8,388 | 74,519 | ||||||
Fubon Financial Holding Co. Ltd. |
245,000 | 510,636 | ||||||
General Insurance Corp. of India*(b) |
7,546 | 18,831 | ||||||
Hanwha Life Insurance Co. Ltd.* |
12,318 | 22,855 | ||||||
HDFC Life Insurance Co. Ltd.(b) |
14,357 | 112,911 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. |
1,262 | 28,366 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) |
3,611 | 60,828 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) |
5,670 | 39,949 | ||||||
Korean Reinsurance Co. |
39,739 | 215,429 | ||||||
LPI Capital Bhd. |
4,900 | 12,932 | ||||||
Max Financial Services Ltd.* |
2,721 | 26,954 | ||||||
Mercuries & Associates Holding Ltd. |
147,000 | 68,527 | ||||||
Mercuries Life Insurance Co. Ltd.* |
147,000 | 24,557 | ||||||
Mirae Asset Life Insurance Co. Ltd.* |
27,274 | 79,277 | ||||||
Momentum Metropolitan Holdings |
40,751 | 43,446 | ||||||
New China Life Insurance Co. Ltd., Class A |
4,700 | 29,870 | ||||||
New China Life Insurance Co. Ltd., Class H |
24,500 | 70,685 | ||||||
Old Mutual Ltd. |
128,282 | 93,847 | ||||||
OUTsurance Group Ltd. |
10,487 | 22,804 | ||||||
PB Fintech Ltd.* |
1,954 | 17,380 | ||||||
Peoples Insurance Co. Group of China Ltd. (The), Class H |
225,000 | 86,264 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
196,000 | 228,705 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A |
24,600 | 181,056 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
173,500 | 1,251,410 | ||||||
Porto Seguro SA |
5,000 | 30,092 | ||||||
Qatar Insurance Co. SAQ* |
665,322 | 407,601 | ||||||
Qualitas Controladora SAB de CV |
4,900 | 36,152 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
995 | 190,468 | ||||||
Samsung Life Insurance Co. Ltd. |
2,548 | 139,529 | ||||||
Sanlam Ltd. |
48,755 | 180,312 | ||||||
Santam Ltd. |
723 | 12,068 | ||||||
SBI Life Insurance Co. Ltd.(b) |
7,378 | 115,013 | ||||||
Shin Kong Financial Holding Co. Ltd.* |
441,000 | 135,135 | ||||||
Shinkong Insurance Co. Ltd. |
82,000 | 141,161 | ||||||
Star Health & Allied Insurance Co. Ltd.* |
1,470 | 11,374 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd. |
245,000 | 189,088 | ||||||
Thai Life Insurance PCL, NVDR |
63,600 | 20,811 | ||||||
Tongyang Life Insurance Co. Ltd.* |
13,123 | 36,343 | ||||||
Waterdrop, Inc., ADR* |
7,350 | 13,598 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H*(a)(b) |
11,000 | 35,826 | ||||||
|
|
|||||||
7,017,182 | ||||||||
|
|
|||||||
Interactive Media & Services - 2.7% |
| |||||||
AfreecaTV Co. Ltd. |
275 | 15,749 | ||||||
Autohome, Inc., Class A(a) |
5,000 | 40,712 | ||||||
Baidu, Inc., Class A* |
36,750 | 720,514 | ||||||
Connectwave Co. Ltd.* |
882 | 7,612 | ||||||
Info Edge India Ltd. |
1,318 | 73,506 | ||||||
JOYY, Inc., ADR |
18,375 | 638,715 | ||||||
Kakao Corp. |
4,998 | 201,151 |
Investments |
Shares | Value ($) | ||||||
Kuaishou Technology*(b) |
29,400 | 253,335 | ||||||
Meitu, Inc.*(b) |
98,000 | 35,562 | ||||||
NAVER Corp. |
2,401 | 427,590 | ||||||
Tencent Holdings Ltd. |
98,400 | 4,471,638 | ||||||
Weibo Corp., Class A(a) |
1,960 | 29,807 | ||||||
|
|
|||||||
6,915,891 | ||||||||
|
|
|||||||
IT Services - 1.1% |
| |||||||
Al Moammar Information Systems Co. |
505 | 22,749 | ||||||
Arabian Internet & Communications Services Co. |
573 | 55,748 | ||||||
Chinasoft International Ltd.(a) |
6,000 | 3,739 | ||||||
Chindata Group Holdings Ltd., ADR* |
4,935 | 39,776 | ||||||
Coforge Ltd. |
517 | 29,567 | ||||||
Elm Co. |
343 | 62,189 | ||||||
GDS Holdings Ltd., Class A* |
14,700 | 24,202 | ||||||
Happiest Minds Technologies Ltd. |
2,940 | 33,059 | ||||||
HCL Technologies Ltd. |
17,003 | 230,852 | ||||||
Hyundai Autoever Corp. |
94 | 11,283 | ||||||
Infosys Ltd. |
57,646 | 950,175 | ||||||
Jasmine Technology Solution PCL, NVDR* |
4,100 | 3,534 | ||||||
LTIMindtree Ltd.(b) |
1,466 | 87,189 | ||||||
Mphasis Ltd. |
833 | 23,243 | ||||||
Perfect Presentation For Commercial Services Co. |
1,715 | 10,258 | ||||||
Persistent Systems Ltd. |
920 | 53,065 | ||||||
Posco DX Co. Ltd. |
2,080 | 56,706 | ||||||
Samsung SDS Co. Ltd. |
1,176 | 118,370 | ||||||
Sonata Software Ltd. |
2,854 | 36,667 | ||||||
Systex Corp. |
13,000 | 48,605 | ||||||
Tata Consultancy Services Ltd. |
16,415 | 682,844 | ||||||
Tech Mahindra Ltd. |
10,486 | 142,217 | ||||||
Wipro Ltd. |
21,413 | 105,452 | ||||||
|
|
|||||||
2,831,489 | ||||||||
|
|
|||||||
Leisure Products - 0.2% |
| |||||||
Advanced International Multitech Co. Ltd. |
49,000 | 122,397 | ||||||
Ferretti SpA |
26,500 | 91,066 | ||||||
Giant Manufacturing Co. Ltd. |
5,181 | 38,248 | ||||||
GOLFZON Co. Ltd. |
1,715 | 129,972 | ||||||
Johnson Health Tech Co. Ltd. |
2,000 | 4,951 | ||||||
Merida Industry Co. Ltd. |
5,350 | 36,857 | ||||||
|
|
|||||||
423,491 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.2% |
| |||||||
Divis Laboratories Ltd. |
2,009 | 89,992 | ||||||
Genscript Biotech Corp.*(a) |
20,000 | 51,188 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) |
4,900 | 31,667 | ||||||
LegoChem Biosciences, Inc.* |
1,250 | 34,568 | ||||||
Samsung Biologics Co. Ltd.*(b) |
343 | 206,126 | ||||||
ST Pharm Co. Ltd. |
141 | 8,352 | ||||||
Syngene International Ltd.(b) |
1,400 | 13,551 | ||||||
WuXi AppTec Co. Ltd., Class A |
4,060 | 40,715 | ||||||
WuXi AppTec Co. Ltd., Class H(b) |
4,918 | 46,382 | ||||||
|
|
|||||||
522,541 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Machinery - 0.8% |
| |||||||
AIA Engineering Ltd. |
600 | 25,228 | ||||||
Airtac International Group |
1,913 | 56,733 | ||||||
Ashok Leyland Ltd. |
30,502 | 68,236 | ||||||
China CSSC Holdings Ltd., Class A |
5,900 | 27,557 | ||||||
China International Marine Containers Group Co. Ltd., Class A |
29,000 | 29,987 | ||||||
China International Marine Containers Group Co. Ltd., Class H |
9,400 | 5,605 | ||||||
CIMC Enric Holdings Ltd. |
30,000 | 30,120 | ||||||
CNPC Capital Co. Ltd., Class A |
28,800 | 29,821 | ||||||
Craftsman Automation Ltd. |
343 | 19,414 | ||||||
Creative & Innovative System* |
2,703 | 26,401 | ||||||
CSBC Corp. Taiwan* |
49,000 | 36,407 | ||||||
Cummins India Ltd. |
2,376 | 56,856 | ||||||
Doosan Bobcat, Inc. |
1,272 | 58,378 | ||||||
Elgi Equipments Ltd. |
8,864 | 57,717 | ||||||
Enplus Co. Ltd.* |
2,695 | 15,815 | ||||||
Escorts Kubota Ltd. |
564 | 17,414 | ||||||
GMM Pfaudler Ltd. |
490 | 8,776 | ||||||
Grindwell Norton Ltd.* |
771 | 21,729 | ||||||
Haitian International Holdings Ltd. |
16,000 | 39,843 | ||||||
Hana Technology Co. Ltd.* |
245 | 22,854 | ||||||
Hanwha Ocean Co. Ltd.* |
705 | 25,857 | ||||||
HD Hyundai Construction Equipment Co. Ltd. |
392 | 25,126 | ||||||
HD Hyundai Heavy Industries Co. Ltd.* |
282 | 30,907 | ||||||
HD Hyundai Infracore Co. Ltd. |
3,822 | 36,941 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.* |
1,323 | 127,977 | ||||||
Hiwin Technologies Corp. |
5,535 | 37,162 | ||||||
Hyundai Elevator Co. Ltd. |
882 | 28,924 | ||||||
Hyundai Mipo Dockyard Co. Ltd.* |
400 | 29,310 | ||||||
Hyundai Rotem Co. Ltd.* |
1,175 | 28,899 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
4,600 | 46,162 | ||||||
Kangwon Energy Co. Ltd.* |
637 | 12,219 | ||||||
Kaori Heat Treatment Co. Ltd. |
1,000 | 10,819 | ||||||
Kinik Co. |
6,000 | 26,443 | ||||||
KSB Ltd. |
539 | 14,885 | ||||||
Lakshmi Machine Works Ltd. |
294 | 50,438 | ||||||
LK Technology Holdings Ltd.(a) |
22,000 | 23,612 | ||||||
Ningbo Deye Technology Co. Ltd., Class A |
900 | 15,769 | ||||||
Otokar Otomotiv ve Savunma Sanayi A/S* |
2,058 | 22,042 | ||||||
Pentamaster Corp. Bhd. |
21,200 | 24,637 | ||||||
People & Technology, Inc. |
441 | 27,125 | ||||||
Sam Engineering & Equipment M Bhd. |
4,700 | 5,212 | ||||||
Samsung Heavy Industries Co. Ltd.* |
14,188 | 100,512 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. |
12,000 | 18,957 | ||||||
Sany Heavy Industry Co. Ltd., Class A |
14,100 | 35,019 | ||||||
Schaeffler India Ltd. |
846 | 32,100 |
Investments |
Shares | Value ($) | ||||||
SFA Engineering Corp. |
704 | 20,325 | ||||||
Sinotruk Hong Kong Ltd. |
24,500 | 51,270 | ||||||
SK oceanplant Co. Ltd.* |
1,219 | 21,757 | ||||||
SKF India Ltd. |
385 | 25,113 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. |
16,000 | 67,204 | ||||||
Thermax Ltd. |
944 | 29,838 | ||||||
Tian Di Science & Technology Co. Ltd., Class A |
4,900 | 3,915 | ||||||
Timken India Ltd. |
329 | 14,068 | ||||||
Turk Traktor ve Ziraat Makineleri A/S |
793 | 20,704 | ||||||
UWC Bhd. |
20,400 | 15,202 | ||||||
Weichai Power Co. Ltd., Class A |
7,500 | 13,852 | ||||||
Weichai Power Co. Ltd., Class H |
49,000 | 72,256 | ||||||
XCMG Construction Machinery Co. Ltd., Class A |
52,200 | 51,639 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
73,500 | 85,246 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A |
10,800 | 42,086 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H |
10,000 | 9,117 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H |
11,800 | 46,905 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
17,700 | 17,064 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
29,200 | 15,913 | ||||||
|
|
|||||||
2,115,419 | ||||||||
|
|
|||||||
Marine Transportation - 0.4% |
| |||||||
Cia Sud Americana de Vapores SA |
402,367 | 30,435 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
73,450 | 77,512 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
29,023 | 96,046 | ||||||
Far-Eastern Shipping Co. plc* |
302,500 | | ||||||
HMM Co. Ltd. |
6,517 | 89,423 | ||||||
Korea Line Corp.* |
60,123 | 88,488 | ||||||
MISC Bhd. |
22,400 | 35,719 | ||||||
Orient Overseas International Ltd.(a) |
3,500 | 58,298 | ||||||
Pan Ocean Co. Ltd. |
6,321 | 23,704 | ||||||
Precious Shipping PCL, NVDR |
318,500 | 87,467 | ||||||
Qatar Navigation QSC |
19,070 | 55,010 | ||||||
Regional Container Lines PCL, NVDR |
92,800 | 65,068 | ||||||
Shanghai Zhonggu Logistics Co. Ltd., Class A |
7,252 | 11,497 | ||||||
Shipping Corp. of India Land & Assets Ltd.* |
61,005 | 20,063 | ||||||
Temas Tbk. PT |
4,282,600 | 76,678 | ||||||
Transcoal Pacific Tbk. PT |
14,100 | 6,218 | ||||||
U-Ming Marine Transport Corp. |
14,000 | 18,933 | ||||||
Wan Hai Lines Ltd. |
49,000 | 78,583 | ||||||
Wisdom Marine Lines Co. Ltd. |
11,898 | 17,245 | ||||||
Yang Ming Marine Transport Corp. |
52,000 | 76,941 | ||||||
|
|
|||||||
1,013,328 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Media - 0.4% |
| |||||||
Affle India Ltd.* |
2,401 | 31,345 | ||||||
Arabian Contracting Services Co. |
588 | 31,033 | ||||||
Astro Malaysia Holdings Bhd. |
1,141,700 | 135,464 | ||||||
Cheil Worldwide, Inc. |
3,632 | 51,717 | ||||||
China Literature Ltd.*(b) |
6,200 | 27,984 | ||||||
China Science Publishing & Media Ltd., Class A |
4,900 | 20,089 | ||||||
China South Publishing & Media Group Co. Ltd., Class A |
14,200 | 22,551 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A |
12,600 | 22,320 | ||||||
Elang Mahkota Teknologi Tbk. PT |
1,411,200 | 60,828 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
23,500 | 24,497 | ||||||
Grupo Televisa SAB, Series CPO(a) |
49,514 | 52,530 | ||||||
Innocean Worldwide, Inc. |
2,940 | 91,569 | ||||||
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A |
15,100 | 22,143 | ||||||
Megacable Holdings SAB de CV(a) |
14,100 | 35,869 | ||||||
MultiChoice Group |
13,426 | 66,821 | ||||||
Network18 Media & Investments Ltd.* |
84,378 | 59,758 | ||||||
Saudi Research & Media Group* |
605 | 30,189 | ||||||
Surya Citra Media Tbk. PT |
12,303,900 | 127,282 | ||||||
TY Holdings Co. Ltd. |
5,341 | 29,289 | ||||||
VGI PCL, NVDR |
127,300 | 10,860 | ||||||
Zee Entertainment Enterprises Ltd. |
17,444 | 51,400 | ||||||
|
|
|||||||
1,005,538 | ||||||||
|
|
|||||||
Metals & Mining - 4.9% |
| |||||||
Adaro Minerals Indonesia Tbk. PT* |
120,400 | 7,385 | ||||||
African Rainbow Minerals Ltd. |
3,822 | 43,144 | ||||||
Al Masane Al Kobra Mining Co. |
1,029 | 22,189 | ||||||
Alrosa PJSC* |
85,800 | | ||||||
Aluminum Corp. of China Ltd., Class A |
26,500 | 23,620 | ||||||
Aluminum Corp. of China Ltd., Class H |
98,000 | 48,380 | ||||||
Aneka Tambang Tbk. |
201,400 | 26,511 | ||||||
Angang Steel Co. Ltd., Class H |
38,000 | 11,353 | ||||||
Anglo American Platinum Ltd. |
1,470 | 73,602 | ||||||
AngloGold Ashanti Ltd. |
6,811 | 151,128 | ||||||
APL Apollo Tubes Ltd. |
3,361 | 65,135 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
58,800 | 52,821 | ||||||
Beijing Shougang Co. Ltd., Class A |
10,600 | 5,962 | ||||||
Borusan Mannesmann Boru Sanayi ve Ticaret A/S* |
11,858 | 137,002 | ||||||
Bradespar SA |
14,700 | 67,582 | ||||||
Bradespar SA (Preference) |
107,800 | 532,309 | ||||||
Bumi Resources Minerals Tbk. PT* |
1,235,000 | 14,004 | ||||||
CAP SA |
27,881 | 212,552 | ||||||
Century Iron & Steel Industrial Co. Ltd. |
6,000 | 30,643 | ||||||
China Gold International Resources Corp. Ltd. |
4,900 | 19,729 | ||||||
China Hongqiao Group Ltd.(a) |
49,000 | 47,060 |
Investments |
Shares | Value ($) | ||||||
China Metal Recycling Holdings Ltd.* |
51,000 | | ||||||
China Nonferrous Mining Corp. Ltd. |
49,000 | 25,824 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
5,300 | 18,303 | ||||||
China Steel Corp. |
202,000 | 179,654 | ||||||
China Zhongwang Holdings Ltd.* |
699,600 | | ||||||
Chung Hung Steel Corp. |
23,000 | 17,675 | ||||||
Cia de Ferro Ligas da Bahia FERBASA (Preference) |
19,600 | 209,100 | ||||||
Cia Siderurgica Nacional SA |
19,600 | 57,024 | ||||||
Citic Pacific Special Steel Group Co. Ltd., Class A |
10,600 | 24,829 | ||||||
CMOC Group Ltd., Class A |
68,600 | 59,224 | ||||||
CMOC Group Ltd., Class H |
147,000 | 98,016 | ||||||
Dongkuk Holdings Co. Ltd. |
3,949 | 46,534 | ||||||
DRDGOLD Ltd. |
10,054 | 10,990 | ||||||
Eregli Demir ve Celik Fabrikalari TAS* |
40,376 | 62,528 | ||||||
EVERGREEN Steel Corp. |
49,000 | 94,487 | ||||||
Ezz Steel Co. SAE* |
77,322 | 100,012 | ||||||
Feng Hsin Steel Co. Ltd. |
24,000 | 52,694 | ||||||
GEM Co. Ltd., Class A |
5,300 | 5,221 | ||||||
Gerdau SA (Preference) |
30,870 | 189,812 | ||||||
Gloria Material Technology Corp. |
5,000 | 8,496 | ||||||
Gold Fields Ltd. |
14,700 | 227,240 | ||||||
Grupo Mexico SAB de CV, Series B |
88,200 | 459,627 | ||||||
Harmony Gold Mining Co. Ltd. |
14,733 | 63,749 | ||||||
Henan Shenhuo Coal & Power Co. Ltd., Class A |
5,500 | 12,098 | ||||||
Hesteel Co. Ltd., Class A |
37,600 | 12,679 | ||||||
Hindalco Industries Ltd. |
41,356 | 232,603 | ||||||
Hindustan Copper Ltd. |
16,483 | 28,277 | ||||||
Huaibei Mining Holdings Co. Ltd., Class A |
9,400 | 16,244 | ||||||
Hunan Valin Steel Co. Ltd., Class A |
23,500 | 19,729 | ||||||
Hyundai Steel Co. |
2,109 | 59,813 | ||||||
Impala Platinum Holdings Ltd. |
25,210 | 182,869 | ||||||
Industrias CH SAB de CV, Class B, Series B* |
1,147 | 13,673 | ||||||
Industrias Penoles SAB de CV*(a) |
2,585 | 37,056 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* |
70,500 | 18,644 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class A |
6,272 | 8,574 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class B |
10,388 | 11,603 | ||||||
Jiangxi Copper Co. Ltd., Class A |
9,400 | 26,292 | ||||||
Jiangxi Copper Co. Ltd., Class H |
31,000 | 51,834 | ||||||
Jinchuan Group International Resources Co. Ltd.(a) |
784,000 | 44,233 | ||||||
Jindal Stainless Ltd. |
143,913 | 701,554 | ||||||
Jindal Steel & Power Ltd. |
12,907 | 104,945 | ||||||
JSW Steel Ltd. |
14,994 | 148,894 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A |
4,508 | 3,563 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D |
25,039 | 23,545 | ||||||
KG DONGBUSTEEL |
12,103 | 81,184 | ||||||
Korea Zinc Co. Ltd. |
196 | 75,961 | ||||||
Koza Altin Isletmeleri A/S |
27,440 | 28,534 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri A/S* |
77,910 | 176,353 | ||||||
Kumba Iron Ore Ltd. |
1,470 | 40,388 | ||||||
Lloyds Metals & Energy Ltd. |
4,704 | 35,977 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A |
21,200 | 8,543 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H |
22,000 | 4,570 | ||||||
Magnitogorsk Iron & Steel Works PJSC* |
45,174 | | ||||||
Merdeka Copper Gold Tbk. PT* |
230,462 | 53,642 | ||||||
Metalurgica Gerdau SA (Preference) |
22,200 | 64,168 | ||||||
Minsur SA |
133,182 | 147,087 | ||||||
MMC Norilsk Nickel PJSC* |
2,090 | | ||||||
MMG Ltd.* |
4,000 | 1,462 | ||||||
National Aluminium Co. Ltd. |
375,585 | 434,955 | ||||||
Nickel Asia Corp. |
1,974,700 | 228,299 | ||||||
NMDC Ltd. |
32,389 | 46,172 | ||||||
Northam Platinum Holdings Ltd.* |
7,270 | 61,770 | ||||||
Novolipetsk Steel PJSC* |
51,150 | | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A* |
14,100 | 8,109 | ||||||
PMB Technology Bhd.* |
4,700 | 4,117 | ||||||
Polyus PJSC* |
1,155 | | ||||||
Poongsan Corp. |
784 | 23,065 | ||||||
POSCO Holdings, Inc. |
2,107 | 1,061,228 | ||||||
Posco M-Tech Co. Ltd. |
931 | 26,769 | ||||||
Press Metal Aluminium Holdings Bhd. |
58,800 | 65,725 | ||||||
Qatar Aluminum Manufacturing Co. |
42,858 | 15,895 | ||||||
Raspadskaya OJSC* |
4,240 | | ||||||
Ratnamani Metals & Tubes Ltd. |
1,291 | 41,967 | ||||||
Sam-A Aluminum Co. Ltd. |
245 | 21,681 | ||||||
Saudi Arabian Mining Co.* |
20,046 | 237,243 | ||||||
SeAH Besteel Holdings Corp. |
5,733 | 126,386 | ||||||
SeAH Steel Holdings Corp. |
691 | 111,132 | ||||||
Severstal PAO* |
5,995 | | ||||||
Shandong Gold Mining Co. Ltd., Class A |
5,100 | 17,405 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b) |
12,250 | 24,410 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
18,800 | 8,523 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A* |
9,400 | 10,220 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
15,900 | 9,567 | ||||||
Shougang Fushan Resources Group Ltd. |
1,372,000 | 394,076 | ||||||
Sibanye Stillwater Ltd. |
79,331 | 150,867 | ||||||
Steel Authority of India Ltd. |
46,172 | 53,106 |
Investments |
Shares | Value ($) | ||||||
TA Chen Stainless Pipe |
58,800 | 73,906 | ||||||
Tata Steel Ltd. |
223,293 | 334,334 | ||||||
TCC Steel |
735 | 37,135 | ||||||
Tiangong International Co. Ltd. |
490,000 | 160,219 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A |
10,600 | 10,412 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A |
29,400 | 13,370 | ||||||
Tung Ho Steel Enterprise Corp. |
17,050 | 30,328 | ||||||
United Co. RUSAL International PJSC |
75,100 | | ||||||
Usha Martin Ltd.* |
6,762 | 27,747 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A |
191,100 | 290,443 | ||||||
Vale Indonesia Tbk. PT |
28,200 | 12,856 | ||||||
Vale SA |
102,900 | 1,496,004 | ||||||
Vedanta Ltd. |
29,204 | 97,999 | ||||||
VSMPO-AVISMA Corp. PJSC |
53 | | ||||||
Western Mining Co. Ltd., Class A |
19,600 | 33,705 | ||||||
Western Superconducting Technologies Co. Ltd., Class A |
1,052 | 7,788 | ||||||
Xiamen Tungsten Co. Ltd., Class A |
3,900 | 10,401 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A |
3,800 | 28,797 | ||||||
Young Poong Corp. |
294 | 132,625 | ||||||
Yunnan Aluminium Co. Ltd., Class A |
6,300 | 13,082 | ||||||
Yunnan Copper Co. Ltd., Class A |
19,300 | 32,676 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(a) |
24,500 | 35,311 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A |
2,140 | 15,071 | ||||||
Zijin Mining Group Co. Ltd., Class A |
48,000 | 87,380 | ||||||
Zijin Mining Group Co. Ltd., Class H |
196,000 | 335,769 | ||||||
|
|
|||||||
12,579,786 | ||||||||
|
|
|||||||
Multi-Utilities - 0.1% |
| |||||||
Dubai Electricity & Water Authority PJSC |
138,131 | 100,786 | ||||||
Power & Water Utility Co. for Jubail & Yanbu |
1,225 | 25,273 | ||||||
Qatar Electricity & Water Co. QSC |
9,126 | 45,505 | ||||||
YTL Corp. Bhd. |
83,300 | 21,615 | ||||||
YTL Power International Bhd. |
78,431 | 23,656 | ||||||
|
|
|||||||
216,835 | ||||||||
|
|
|||||||
Office REITs - 0.0%(d) |
| |||||||
AREIT, Inc., REIT |
30,000 | 18,134 | ||||||
Embassy Office Parks REIT, REIT |
8,680 | 32,924 | ||||||
JR Global Reit, REIT |
7,119 | 22,508 | ||||||
RL Commercial REIT, Inc., REIT |
164,500 | 15,873 | ||||||
Shinhan Alpha REIT Co. Ltd., REIT |
3,773 | 18,293 | ||||||
|
|
|||||||
107,732 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 4.8% |
| |||||||
3R Petroleum Oleo E Gas SA* |
86,132 | 643,675 | ||||||
ABM Investama Tbk. PT |
215,600 | 52,327 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Adaro Energy Indonesia Tbk. PT |
382,300 | 61,097 | ||||||
Aegis Logistics Ltd. |
4,841 | 22,484 | ||||||
AKR Corporindo Tbk. PT |
140,000 | 12,858 | ||||||
Aldrees Petroleum and Transport Services Co. |
1,760 | 56,015 | ||||||
Bangchak Corp. PCL, NVDR |
14,000 | 15,645 | ||||||
Banpu PCL, NVDR |
93,200 | 26,548 | ||||||
Bashneft PJSC |
1,305 | | ||||||
Bashneft PJSC (Preference) |
1,163 | | ||||||
Bayan Resources Tbk. PT |
132,300 | 174,148 | ||||||
Bharat Petroleum Corp. Ltd. |
28,410 | 130,394 | ||||||
Bukit Asam Tbk. PT |
106,000 | 19,471 | ||||||
Bumi Resources Tbk. PT* |
5,042,100 | 42,798 | ||||||
China Coal Energy Co. Ltd., Class A |
16,100 | 18,923 | ||||||
China Coal Energy Co. Ltd., Class H |
49,000 | 35,374 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A |
14,100 | 12,607 | ||||||
China Petroleum & Chemical Corp., Class A |
104,900 | 91,004 | ||||||
China Petroleum & Chemical Corp., Class H |
686,000 | 382,641 | ||||||
China Shenhua Energy Co. Ltd., Class A |
19,600 | 77,832 | ||||||
China Shenhua Energy Co. Ltd., Class H |
98,000 | 292,792 | ||||||
China Suntien Green Energy Corp. Ltd., Class H(a) |
50,000 | 18,336 | ||||||
Coal India Ltd. |
59,829 | 166,760 | ||||||
Cosan SA |
34,300 | 143,774 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A |
8,600 | 17,665 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(a) |
16,000 | 17,685 | ||||||
Dana Gas PJSC |
1,432,515 | 381,817 | ||||||
Ecopetrol SA |
146,461 | 86,453 | ||||||
Empresas Copec SA |
10,437 | 80,002 | ||||||
Esso Thailand PCL, NVDR |
494,900 | 136,634 | ||||||
Exxaro Resources Ltd. |
6,125 | 55,802 | ||||||
Formosa Petrochemical Corp. |
29,000 | 74,008 | ||||||
Gazprom PJSC |
412,500 | | ||||||
Great Eastern Shipping Co. Ltd. (The) |
41,552 | 399,057 | ||||||
Guanghui Energy Co. Ltd., Class A |
15,100 | 15,044 | ||||||
Harum Energy Tbk. PT |
1,136,800 | 125,138 | ||||||
HD Hyundai Co. Ltd. |
1,505 | 72,732 | ||||||
Helleniq Energy Holdings SA |
1,316 | 11,724 | ||||||
Hibiscus Petroleum Bhd. |
715,400 | 147,554 | ||||||
Hindustan Petroleum Corp. Ltd. |
18,228 | 62,586 | ||||||
Indian Oil Corp. Ltd. |
107,751 | 122,818 | ||||||
Indika Energy Tbk. PT |
641,200 | 83,977 | ||||||
Indo Tambangraya Megah Tbk. PT |
9,400 | 16,955 | ||||||
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A |
5,300 | 10,197 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B* |
31,500 | 46,305 | ||||||
IRPC PCL, NVDR |
401,800 | 28,642 |
Investments |
Shares | Value ($) | ||||||
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A |
4,900 | 6,342 | ||||||
Jizhong Energy Resources Co. Ltd., Class A |
28,300 | 26,016 | ||||||
LUKOIL PJSC |
12,265 | | ||||||
Mangalore Refinery & Petrochemicals Ltd.* |
75,902 | 76,641 | ||||||
Medco Energi Internasional Tbk. PT |
178,600 | 13,383 | ||||||
MOL Hungarian Oil & Gas plc |
14,455 | 114,463 | ||||||
Motor Oil Hellas Corinth Refineries SA |
1,645 | 41,715 | ||||||
Nanjing Tanker Corp., Class A* |
9,800 | 4,388 | ||||||
Novatek PJSC |
20,020 | | ||||||
Oil & Natural Gas Corp. Ltd. |
112,504 | 242,178 | ||||||
Oil India Ltd. |
12,376 | 41,485 | ||||||
PetroChina Co. Ltd., Class H |
588,000 | 429,010 | ||||||
Petroleo Brasileiro SA |
102,900 | 752,977 | ||||||
Petroleo Brasileiro SA (Preference) |
132,300 | 865,211 | ||||||
Petronas Dagangan Bhd. |
4,900 | 24,951 | ||||||
Petronet LNG Ltd. |
20,433 | 58,021 | ||||||
Petroreconcavo SA |
49,000 | 236,809 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd., Class A |
9,800 | 10,970 | ||||||
PRIO SA* |
19,600 | 187,964 | ||||||
Productive Technologies Co. Ltd.* |
90,000 | 6,693 | ||||||
PTT Exploration & Production PCL |
39,600 | 184,529 | ||||||
PTT PCL, NVDR |
230,300 | 235,489 | ||||||
Qatar Fuel QSC |
8,595 | 39,669 | ||||||
Qatar Gas Transport Co. Ltd. |
54,208 | 62,771 | ||||||
Rabigh Refining & Petrochemical Co.* |
5,254 | 14,565 | ||||||
Reliance Industries Ltd. |
55,811 | 1,729,828 | ||||||
Rosneft Oil Co. PJSC |
74,042 | | ||||||
Saudi Arabian Oil Co.(b) |
39,948 | 345,004 | ||||||
Semirara Mining & Power Corp., Class A |
42,200 | 22,166 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
24,500 | 55,673 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A |
7,050 | 8,020 | ||||||
Shandong Xinchao Energy Corp. Ltd., Class A* |
4,900 | 1,776 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
9,400 | 11,943 | ||||||
Shanxi Luan Environmental Energy Development Co. Ltd., Class A |
6,200 | 14,175 | ||||||
Siamgas & Petrochemicals PCL, NVDR |
226,500 | 54,261 | ||||||
Sinopec Kantons Holdings Ltd. |
392,000 | 150,794 | ||||||
SK Discovery Co. Ltd. |
4,851 | 136,436 | ||||||
SK Gas Ltd. |
1,078 | 103,009 | ||||||
SK Innovation Co. Ltd.* |
1,421 | 240,800 | ||||||
S-Oil Corp. |
1,362 | 80,033 | ||||||
Star Petroleum Refining PCL, NVDR |
33,500 | 8,564 | ||||||
Surgutneftegas PJSC |
319,000 | | ||||||
Surgutneftegas PJSC (Preference) |
225,500 | |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Tatneft PJSC |
26,900 | | ||||||
Tatneft PJSC (Preference) |
3,870 | | ||||||
Thai Oil PCL, NVDR |
29,402 | 44,023 | ||||||
Thungela Resources Ltd. |
4,116 | 30,882 | ||||||
Transneft PJSC (Preference) |
55 | | ||||||
Turkiye Petrol Rafinerileri A/S |
26,656 | 102,360 | ||||||
Ultrapar Participacoes SA |
21,538 | 85,526 | ||||||
United Tractors Tbk. PT |
39,200 | 71,550 | ||||||
Vista Energy SAB de CV, ADR* |
29,000 | 756,900 | ||||||
Yancoal Australia Ltd.(b) |
9,400 | 31,098 | ||||||
Yankuang Energy Group Co. Ltd., Class A |
7,950 | 19,734 | ||||||
Yankuang Energy Group Co. Ltd., Class H |
69,000 | 103,517 | ||||||
|
|
|||||||
12,374,610 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.4% |
| |||||||
Century Plyboards India Ltd. |
3,256 | 26,070 | ||||||
Century Textiles & Industries Ltd. |
2,118 | 27,714 | ||||||
Dexco SA* |
14,700 | 25,865 | ||||||
Dongwha Enterprise Co. Ltd.* |
441 | 14,081 | ||||||
Empresas CMPC SA |
25,344 | 49,993 | ||||||
Indah Kiat Pulp & Paper Tbk. PT |
85,800 | 52,060 | ||||||
JK Paper Ltd. |
31,997 | 128,515 | ||||||
Lee & Man Paper Manufacturing Ltd. |
49,000 | 16,965 | ||||||
Longchen Paper & Packaging Co. Ltd. |
293,967 | 159,020 | ||||||
Nine Dragons Paper Holdings Ltd. |
55,000 | 36,038 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk. PT |
524,300 | 234,683 | ||||||
Sappi Ltd. |
16,314 | 35,318 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A |
9,400 | 15,810 | ||||||
Suzano SA |
24,307 | 245,622 | ||||||
YFY, Inc. |
41,000 | 48,076 | ||||||
Young Poong Paper Manufacturing Co. Ltd. |
931 | 30,932 | ||||||
|
|
|||||||
1,146,762 | ||||||||
|
|
|||||||
Passenger Airlines - 0.5% |
| |||||||
Aegean Airlines SA* |
14,014 | 202,101 | ||||||
Aeroflot PJSC* |
74,029 | | ||||||
Air Arabia PJSC |
64,974 | 47,585 | ||||||
Asiana Airlines, Inc.* |
15,827 | 138,571 | ||||||
Azul SA (Preference)* |
11,700 | 43,533 | ||||||
Bangkok Airways PCL, NVDR* |
39,100 | 17,592 | ||||||
China Airlines Ltd. |
61,000 | 48,429 | ||||||
China Eastern Airlines Corp. Ltd., Class A* |
14,300 | 9,784 | ||||||
China Eastern Airlines Corp. Ltd., Class H*(a) |
46,000 | 17,872 | ||||||
China Southern Airlines Co. Ltd., Class A* |
14,100 | 13,791 | ||||||
China Southern Airlines Co. Ltd., Class H* |
24,000 | 14,987 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* |
36,400 | 43,891 | ||||||
Eva Airways Corp. |
49,000 | 57,300 | ||||||
Hainan Airlines Holding Co. Ltd., Class A* |
151,900 | 35,495 |
Investments |
Shares | Value ($) | ||||||
Hanjin Kal Corp. |
637 | 21,189 | ||||||
InterGlobe Aviation Ltd.*(b) |
1,875 | 59,110 | ||||||
Jazeera Airways Co. KSCP |
4,053 | 26,395 | ||||||
Jeju Air Co. Ltd.* |
1,962 | 20,103 | ||||||
Jin Air Co. Ltd.* |
9,947 | 115,729 | ||||||
Korean Air Lines Co. Ltd. |
5,096 | 98,350 | ||||||
Latam Airlines Group SA* |
3,059,341 | 29,263 | ||||||
Pegasus Hava Tasimaciligi A/S* |
1,081 | 33,827 | ||||||
Spring Airlines Co. Ltd., Class A* |
4,100 | 35,081 | ||||||
Turk Hava Yollari AO* |
19,635 | 170,852 | ||||||
Tway Air Co. Ltd.* |
41,062 | 83,757 | ||||||
|
|
|||||||
1,384,587 | ||||||||
|
|
|||||||
Personal Care Products - 0.5% |
| |||||||
Amorepacific Corp. |
541 | 47,833 | ||||||
AMOREPACIFIC Group |
611 | 13,134 | ||||||
Colgate-Palmolive India Ltd. |
1,862 | 45,717 | ||||||
Cosmax, Inc.* |
3,528 | 283,978 | ||||||
Dabur India Ltd. |
10,829 | 75,784 | ||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S |
5,880 | 9,303 | ||||||
Emami Ltd. |
931 | 5,240 | ||||||
Gillette India Ltd. |
392 | 26,936 | ||||||
Godrej Consumer Products Ltd.* |
6,174 | 77,764 | ||||||
Hengan International Group Co. Ltd. |
24,500 | 100,687 | ||||||
Hindustan Unilever Ltd. |
14,308 | 445,477 | ||||||
Hyundai Bioscience Co. Ltd.* |
1,504 | 29,321 | ||||||
Kolmar BNH Co. Ltd. |
931 | 12,504 | ||||||
Kolmar Korea Co. Ltd. |
735 | 27,880 | ||||||
LG H&H Co. Ltd. |
147 | 49,359 | ||||||
LG H&H Co. Ltd. (Preference) |
43 | 6,126 | ||||||
Microbio Co. Ltd. |
1,580 | 2,645 | ||||||
Natura & Co. Holding SA* |
10,958 | 42,085 | ||||||
Procter & Gamble Hygiene & Health Care Ltd. |
200 | 38,332 | ||||||
Sarantis SA |
1,666 | 13,978 | ||||||
TCI Co. Ltd. |
8,000 | 43,785 | ||||||
|
|
|||||||
1,397,868 | ||||||||
|
|
|||||||
Pharmaceuticals - 1.5% |
| |||||||
Adcock Ingram Holdings Ltd. |
32,438 | 100,777 | ||||||
Ajanta Pharma Ltd. |
576 | 11,886 | ||||||
Alembic Pharmaceuticals Ltd. |
3,400 | 32,012 | ||||||
Alkem Laboratories Ltd. |
516 | 24,961 | ||||||
Aspen Pharmacare Holdings Ltd. |
5,194 | 56,015 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A |
700 | 12,204 | ||||||
Aurobindo Pharma Ltd. |
3,871 | 38,699 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. |
5,000 | 8,873 | ||||||
Beijing Tongrentang Co. Ltd., Class A |
4,700 | 33,559 | ||||||
Boryung |
2,597 | 16,727 | ||||||
Bukwang Pharmaceutical Co. Ltd.* |
1,431 | 7,488 | ||||||
CanSino Biologics, Inc., Class A |
318 | 3,910 | ||||||
CanSino Biologics, Inc., Class H*(a)(b) |
800 | 3,011 | ||||||
Caregen Co. Ltd. |
141 | 24,170 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Celltrion Pharm, Inc.* |
136 | 9,464 | ||||||
Center Laboratories, Inc. |
10,414 | 19,717 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A |
600 | 12,611 | ||||||
China Medical System Holdings Ltd. |
49,000 | 82,309 | ||||||
China Resources Pharmaceutical Group Ltd.(b) |
52,000 | 40,340 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A |
4,000 | 28,046 | ||||||
Chong Kun Dang Pharmaceutical Corp. |
107 | 6,481 | ||||||
Cipla Ltd. |
8,967 | 128,102 | ||||||
CSPC Pharmaceutical Group Ltd. |
146,080 | 121,566 | ||||||
Daewoong Co. Ltd. |
9,849 | 100,449 | ||||||
Daewoong Pharmaceutical Co. Ltd. |
49 | 3,921 | ||||||
Dong-A Socio Holdings Co. Ltd. |
1,686 | 108,992 | ||||||
DongKook Pharmaceutical Co. Ltd. |
2,205 | 23,613 | ||||||
Dr Reddys Laboratories Ltd. |
2,141 | 146,825 | ||||||
Eris Lifesciences Ltd.(b) |
1,617 | 15,565 | ||||||
Genomma Lab Internacional SAB de CV, Class B(a) |
308,700 | 277,419 | ||||||
Gland Pharma Ltd.*(b) |
971 | 15,436 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. |
376 | 6,382 | ||||||
Glenmark Pharmaceuticals Ltd. |
6,174 | 59,140 | ||||||
Grand Pharmaceutical Group Ltd. |
33,000 | 18,745 | ||||||
Granules India Ltd.* |
5,750 | 22,602 | ||||||
Hanall Biopharma Co. Ltd.* |
1,666 | 31,303 | ||||||
Hanmi Pharm Co. Ltd. |
100 | 20,908 | ||||||
Hanmi Science Co. Ltd. |
671 | 16,766 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) |
16,000 | 25,850 | ||||||
HK inno N Corp. |
644 | 16,850 | ||||||
Hua Han Health Industry Holdings Ltd.* |
3,780,000 | | ||||||
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A |
3,100 | 11,430 | ||||||
Hypera SA |
7,100 | 64,566 | ||||||
Il Dong Pharmaceutical Co. Ltd.* |
511 | 6,559 | ||||||
Ipca Laboratories Ltd. |
1,519 | 16,132 | ||||||
JB Chemicals & Pharmaceuticals Ltd. |
1,677 | 50,996 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A |
8,400 | 52,398 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
4,700 | 8,267 | ||||||
Kalbe Farma Tbk. PT |
365,800 | 46,453 | ||||||
Komipharm International Co. Ltd.* |
1,425 | 6,831 | ||||||
Laurus Labs Ltd.(b) |
3,969 | 16,986 | ||||||
Livzon Pharmaceutical Group, Inc., Class H |
3,930 | 13,405 | ||||||
Lotus Pharmaceutical Co. Ltd.* |
2,000 | 18,233 | ||||||
Lupin Ltd. |
3,234 | 38,748 | ||||||
Luye Pharma Group Ltd.*(b) |
73,500 | 34,306 | ||||||
Natco Pharma Ltd. |
8,120 | 82,332 | ||||||
Oneness Biotech Co. Ltd. |
7,413 | 45,761 | ||||||
Oscotec, Inc.* |
1,034 | 28,108 |
Investments |
Shares | Value ($) | ||||||
Pfizer Ltd. |
341 | 16,558 | ||||||
Pharmally International Holding Co. Ltd.* |
2,564 | | ||||||
Piramal Pharma Ltd.* |
23,814 | 30,228 | ||||||
Procter & Gamble Health Ltd. |
400 | 26,157 | ||||||
Richter Gedeon Nyrt. |
4,008 | 101,378 | ||||||
Sam Chun Dang Pharm Co. Ltd.* |
517 | 25,877 | ||||||
Sanofi India Ltd. |
392 | 33,442 | ||||||
Saudi Pharmaceutical Industries & Medical Appliances Corp.* |
1,470 | 15,536 | ||||||
SciClone Pharmaceuticals Holdings Ltd.(b) |
98,000 | 135,966 | ||||||
Shandong Sinobioway Biomedicine Co. Ltd., Class A* |
17,600 | 45,461 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A* |
3,800 | 16,855 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(a) |
8,000 | 21,029 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
4,700 | 16,408 | ||||||
Shin Poong Pharmaceutical Co. Ltd.* |
432 | 6,039 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. |
125,000 | 12,181 | ||||||
Sino Biopharmaceutical Ltd. |
175,999 | 79,438 | ||||||
SK Biopharmaceuticals Co. Ltd.* |
330 | 21,074 | ||||||
Sun Pharmaceutical Industries Ltd. |
18,057 | 251,024 | ||||||
Suven Pharmaceuticals Ltd. |
3,735 | 22,469 | ||||||
Torrent Pharmaceuticals Ltd. |
1,434 | 34,920 | ||||||
TTY Biopharm Co. Ltd. |
19,000 | 46,251 | ||||||
United Laboratories International Holdings Ltd. (The) |
392,000 | 313,150 | ||||||
Yuhan Corp. |
1,078 | 61,738 | ||||||
Yungjin Pharmaceutical Co. Ltd.* |
1,602 | 3,111 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
1,300 | 52,746 | ||||||
Zhejiang NHU Co. Ltd., Class A |
14,400 | 33,246 | ||||||
Zydus Lifesciences Ltd. |
4,844 | 37,236 | ||||||
|
|
|||||||
3,734,723 | ||||||||
|
|
|||||||
Professional Services - 0.1% |
| |||||||
BLS International Services Ltd. |
3,626 | 10,708 | ||||||
Computer Age Management Services Ltd. |
1,007 | 28,857 | ||||||
CTOS Digital Bhd. |
84,900 | 26,361 | ||||||
eClerx Services Ltd. |
679 | 14,194 | ||||||
Firstsource Solutions Ltd. |
6,900 | 12,122 | ||||||
L&T Technology Services Ltd.(b) |
376 | 18,452 | ||||||
My EG Services Bhd. |
87,557 | 14,855 | ||||||
NICE Information Service Co. Ltd. |
686 | 5,048 | ||||||
RITES Ltd. |
4,263 | 24,075 | ||||||
Sporton International, Inc. |
3,150 | 24,106 | ||||||
|
|
|||||||
178,778 | ||||||||
|
|
|||||||
Real Estate Management & Development - 3.3% |
| |||||||
Agile Group Holdings Ltd.*(a) |
784,000 | 138,731 | ||||||
Aldar Properties PJSC |
67,345 | 94,791 | ||||||
Aliansce Sonae Shopping Centers sa |
14,700 | 75,121 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
A-Living Smart City Services Co. |
269,500 | 191,791 | ||||||
Amata Corp. PCL, NVDR |
29,300 | 20,116 | ||||||
Arabian Centres Co. Ltd. |
676 | 4,123 | ||||||
Arriyadh Development Co. |
2,145 | 11,458 | ||||||
Ayala Land, Inc. |
83,300 | 41,555 | ||||||
Barwa Real Estate Co. |
69,335 | 53,525 | ||||||
Bumi Serpong Damai Tbk. PT* |
166,600 | 13,091 | ||||||
C&D International Investment Group Ltd. |
17,845 | 48,510 | ||||||
Cencosud Shopping SA |
11,750 | 21,414 | ||||||
Central Pattana PCL, NVDR |
24,200 | 48,076 | ||||||
China Aoyuan Group Ltd.*(a) |
713,000 | | ||||||
China Dili Group*(a) |
100,000 | 8,294 | ||||||
China Evergrande Group*(a) |
66,000 | | ||||||
China Jinmao Holdings Group Ltd. |
98,000 | 15,959 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
19,600 | 39,081 | ||||||
China Overseas Grand Oceans Group |
49,000 | 24,944 | ||||||
China Overseas Land & Investment Ltd. |
98,000 | 230,715 | ||||||
China Overseas Property Holdings Ltd. |
30,000 | 35,044 | ||||||
China Resources Land Ltd. |
98,000 | 453,640 | ||||||
China Resources Mixc Lifestyle Services Ltd.(a)(b) |
10,000 | 48,085 | ||||||
China Vanke Co. Ltd., Class A |
24,500 | 52,279 | ||||||
China Vanke Co. Ltd., Class H |
58,800 | 82,786 | ||||||
Chong Hong Construction Co. Ltd. |
98,000 | 247,912 | ||||||
Ciputra Development Tbk. PT |
3,645,649 | 269,556 | ||||||
Commercial Real Estate Co. KSC |
608,766 | 214,089 | ||||||
Corp. Inmobiliaria Vesta SAB de CV |
5,869 | 21,347 | ||||||
Cosmopolitan International Holdings Ltd.* |
94,000 | 13,741 | ||||||
Country Garden Holdings Co. Ltd.*(a) |
294,000 | 59,564 | ||||||
Country Garden Services Holdings Co. |
49,000 | 55,166 | ||||||
Dar Al Arkan Real Estate Development Co.* |
7,655 | 34,525 | ||||||
DLF Ltd. |
11,270 | 71,081 | ||||||
Eco World Development Group Bhd. |
534,100 | 111,345 | ||||||
Emaar Development PJSC |
25,382 | 43,811 | ||||||
Emaar Economic City* |
9,847 | 23,623 | ||||||
Emaar Properties PJSC |
175,175 | 322,398 | ||||||
Evergrande Property Services Group Ltd.*(b) |
78,500 | | ||||||
Fortress Real Estate Investments Ltd., Class A*(a) |
59,094 | 42,733 | ||||||
Fortress Real Estate Investments Ltd., Class B* |
46,844 | 13,381 | ||||||
Fu Hua Innovation Co. Ltd.* |
57,000 | 103,384 | ||||||
Gemdale Corp., Class A* |
14,100 | 17,026 | ||||||
Gemdale Properties & Investment Corp. Ltd. |
2,156,000 | 127,170 | ||||||
Godrej Properties Ltd.* |
1,764 | 37,329 |
Investments |
Shares | Value ($) | ||||||
Greenland Holdings Corp. Ltd., Class A* |
83,300 | 37,764 | ||||||
Greentown China Holdings Ltd. |
25,000 | 28,530 | ||||||
Hainan Airport Infrastructure Co. Ltd., Class A* |
9,800 | 5,841 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd., Class A* |
4,300 | 6,498 | ||||||
Hanson International Tbk. PT* |
2,409,275 | | ||||||
Highwealth Construction Corp. |
35,755 | 48,126 | ||||||
Hopson Development Holdings Ltd.*(a) |
22,560 | 18,890 | ||||||
Huang Hsiang Construction Corp. |
49,000 | 62,290 | ||||||
Hung Sheng Construction Ltd. |
147,000 | 95,189 | ||||||
Iguatemi SA |
4,900 | 22,537 | ||||||
IOI Properties Group Bhd. |
52,800 | 16,043 | ||||||
Jinke Smart Services Group Co. Ltd., Class H*(b) |
63,700 | 102,264 | ||||||
KE Holdings, Inc., ADR* |
11,270 | 196,323 | ||||||
Kindom Development Co. Ltd. |
147,400 | 143,289 | ||||||
Kings Town Construction Co. Ltd.* |
2,000 | 1,979 | ||||||
LAMDA Development SA* |
1,368 | 10,739 | ||||||
Land & Houses PCL, NVDR |
83,200 | 20,661 | ||||||
Longfor Group Holdings Ltd.(b) |
49,000 | 130,374 | ||||||
LSR Group PJSC, Class A |
21,295 | | ||||||
Mabanee Co. KPSC |
14,439 | 41,516 | ||||||
Macrotech Developers Ltd.*(b) |
4,067 | 37,548 | ||||||
MAS P.L.C. |
199,430 | 234,937 | ||||||
Matrix Concepts Holdings Bhd. |
392,000 | 123,451 | ||||||
MBK PCL, NVDR |
30,344 | 14,539 | ||||||
Megaworld Corp. |
4,410,000 | 164,597 | ||||||
Midea Real Estate Holding Ltd.(a)(b) |
107,800 | 111,965 | ||||||
Multiplan Empreendimentos Imobiliarios SA* |
5,000 | 27,759 | ||||||
National Real Estate Co. KPSC* |
396,895 | 116,703 | ||||||
Oberoi Realty Ltd. |
1,551 | 21,112 | ||||||
Origin Property PCL, NVDR |
426,300 | 130,772 | ||||||
OSK Holdings Bhd. |
406,700 | 99,217 | ||||||
Pakuwon Jati Tbk. PT |
155,100 | 4,937 | ||||||
Parque Arauco SA |
29,498 | 47,260 | ||||||
Phoenix Mills Ltd. (The) |
1,600 | 33,669 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A |
29,400 | 58,539 | ||||||
Poly Property Services Co. Ltd., Class H(b) |
9,800 | 52,087 | ||||||
Prestige Estates Projects Ltd. |
3,219 | 23,036 | ||||||
Prince Housing & Development Corp. |
50,000 | 18,217 | ||||||
Pruksa Holding PCL, NVDR |
259,700 | 100,151 | ||||||
Quality Houses PCL, NVDR |
1,813,000 | 120,765 | ||||||
Radiance Holdings Group Co. Ltd.*(a)(b) |
49,000 | 27,269 | ||||||
Red Star Macalline Group Corp. Ltd., Class A |
14,700 | 10,840 | ||||||
Redco Properties Group Ltd.*(b) |
294,000 | 49,642 | ||||||
Robinsons Land Corp. |
769,306 | 210,097 | ||||||
Ruentex Development Co. Ltd. |
49,400 | 55,960 | ||||||
Salhia Real Estate Co. KSCP |
16,277 | 25,176 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Sansiri PCL, NVDR |
2,606,800 | 152,316 | ||||||
Saudi Real Estate Co.* |
3,478 | 12,460 | ||||||
SC Asset Corp. PCL, NVDR |
793,700 | 106,665 | ||||||
Seazen Group Ltd.*(a) |
882,000 | 196,787 | ||||||
Seazen Holdings Co. Ltd., Class A* |
4,700 | 10,812 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B |
107,800 | 107,692 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
4,900 | 3,288 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A |
4,700 | 10,253 | ||||||
Shenzhen Investment Ltd. |
980,000 | 194,776 | ||||||
Shimao Group Holdings Ltd.* |
32,000 | 6,237 | ||||||
Shoucheng Holdings Ltd. |
98,000 | 23,122 | ||||||
Shui On Land Ltd. |
1,470,000 | 163,989 | ||||||
Sichuan Languang Justbon Services Group Co. Ltd., Class H* |
26,500 | | ||||||
Sime Darby Property Bhd. |
1,293,600 | 175,005 | ||||||
Sinic Holdings Group Co. Ltd.* |
318,000 | | ||||||
SK D&D Co. Ltd. |
2,744 | 44,347 | ||||||
SM Prime Holdings, Inc. |
191,100 | 116,208 | ||||||
SOHO China Ltd.* |
76,000 | 12,474 | ||||||
SP Setia Bhd. Group |
592,900 | 82,840 | ||||||
Summarecon Agung Tbk. PT |
227,900 | 9,974 | ||||||
Supalai PCL, NVDR |
23,800 | 14,741 | ||||||
Talaat Moustafa Group |
418,264 | 126,865 | ||||||
United Development Co. QSC |
730,149 | 244,720 | ||||||
UOA Development Bhd. |
23,200 | 9,622 | ||||||
WHA Corp. PCL, NVDR |
117,490 | 17,025 | ||||||
Youngor Group Co. Ltd., Class A |
34,200 | 34,168 | ||||||
Yuexiu Property Co. Ltd. |
54,079 | 71,008 | ||||||
Yungshin Construction & Development Co. Ltd. |
49,000 | 118,187 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A |
5,500 | 6,549 | ||||||
Zhuhai Huafa Properties Co. Ltd., Class A |
4,900 | 7,535 | ||||||
|
|
|||||||
8,571,073 | ||||||||
|
|
|||||||
Residential REITs - 0.0%(d) |
| |||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT |
63,896 | 20,621 | ||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
CPN Retail Growth Leasehold REIT, REIT |
44,100 | 14,172 | ||||||
Hyprop Investments Ltd., REIT |
154,693 | 277,919 | ||||||
IGB REIT, REIT |
53,900 | 19,844 | ||||||
LOTTE Reit Co. Ltd., REIT |
1,828 | 5,048 | ||||||
Pavilion REIT, REIT |
15,000 | 4,059 | ||||||
Resilient REIT Ltd., REIT |
125,396 | 304,751 | ||||||
Sunway REIT, REIT |
53,900 | 18,050 | ||||||
Vukile Property Fund Ltd., REIT |
376,516 | 276,717 | ||||||
|
|
|||||||
920,560 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.1% |
| |||||||
3peak, Inc., Class A |
245 | 8,051 |
Investments |
Shares | Value ($) | ||||||
ADATA Technology Co. Ltd. |
98,000 | 255,396 | ||||||
Advanced Wireless Semiconductor Co.* |
10,000 | 29,370 | ||||||
Alchip Technologies Ltd. |
2,000 | 126,645 | ||||||
Amlogic Shanghai Co. Ltd., Class A* |
2,377 | 29,282 | ||||||
Andes Technology Corp. |
3,379 | 49,298 | ||||||
Anji Microelectronics Technology Shanghai Co. Ltd., Class A |
127 | 2,639 | ||||||
AP Memory Technology Corp. |
4,000 | 48,558 | ||||||
Ardentec Corp. |
147,000 | 288,607 | ||||||
ASE Technology Holding Co. Ltd. |
98,000 | 357,055 | ||||||
ASPEED Technology, Inc. |
1,000 | 73,823 | ||||||
Borosil Renewables Ltd.* |
1,880 | 11,486 | ||||||
Cambricon Technologies Corp. Ltd., Class A* |
1,274 | 29,237 | ||||||
China Resources Microelectronics Ltd., Class A |
1,350 | 10,833 | ||||||
Chipbond Technology Corp. |
8,000 | 17,667 | ||||||
D&O Green Technologies Bhd. |
15,300 | 13,335 | ||||||
Dagang NeXchange Bhd.* |
1,161,300 | 122,337 | ||||||
Daqo New Energy Corp., ADR* |
1,568 | 61,262 | ||||||
DB HiTek Co. Ltd. |
1,396 | 64,617 | ||||||
Duk San Neolux Co. Ltd.* |
423 | 13,374 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. |
3,000 | 7,446 | ||||||
eMemory Technology, Inc. |
1,000 | 59,027 | ||||||
Ennostar, Inc.* |
7,000 | 11,015 | ||||||
Eo Technics Co. Ltd. |
392 | 49,206 | ||||||
Episil Technologies, Inc. |
6,292 | 15,877 | ||||||
Eugene Technology Co. Ltd. |
686 | 19,725 | ||||||
Everlight Electronics Co. Ltd. |
196,000 | 323,689 | ||||||
Faraday Technology Corp. |
4,000 | 41,494 | ||||||
Flat Glass Group Co. Ltd., Class A |
3,600 | 17,656 | ||||||
Flat Glass Group Co. Ltd., Class H |
7,000 | 20,779 | ||||||
FocalTech Systems Co. Ltd. |
17,000 | 38,678 | ||||||
Formosa Sumco Technology Corp. |
1,000 | 5,075 | ||||||
Foxsemicon Integrated Technology, Inc. |
40,000 | 234,834 | ||||||
GCL System Integration Technology Co. Ltd., Class A* |
9,800 | 4,210 | ||||||
GCL Technology Holdings Ltd. |
539,000 | 116,803 | ||||||
GemVax & Kael Co. Ltd.* |
920 | 9,412 | ||||||
GigaDevice Semiconductor, Inc., Class A |
1,440 | 23,127 | ||||||
Global Mixed Mode Technology, Inc. |
31,000 | 200,738 | ||||||
Global Unichip Corp. |
1,000 | 52,026 | ||||||
Globalwafers Co. Ltd. |
5,000 | 81,778 | ||||||
HAESUNG DS Co. Ltd. |
4,704 | 284,163 | ||||||
Hana Materials, Inc. |
318 | 12,012 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A |
3,724 | 18,217 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A |
2,900 | 12,429 | ||||||
Hanmi Semiconductor Co. Ltd. |
931 | 35,424 | ||||||
HD Hyundai Energy Solutions Co. Ltd. |
2,156 | 58,355 | ||||||
Hua Hong Semiconductor Ltd.*(b) |
18,000 | 60,933 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Inari Amertron Bhd. |
39,200 | 26,255 | ||||||
Innox Advanced Materials Co. Ltd. |
784 | 27,647 | ||||||
ISC Co. Ltd. |
490 | 39,557 | ||||||
JA Solar Technology Co. Ltd., Class A |
5,292 | 24,621 | ||||||
Jentech Precision Industrial Co. Ltd.* |
2,199 | 37,156 | ||||||
Jinko Solar Co. Ltd., Class A |
3,283 | 5,710 | ||||||
Jusung Engineering Co. Ltd. |
15,092 | 329,155 | ||||||
King Yuan Electronics Co. Ltd. |
49,000 | 98,229 | ||||||
Kinsus Interconnect Technology Corp. |
4,000 | 13,174 | ||||||
Koh Young Technology, Inc. |
1,692 | 18,345 | ||||||
LEENO Industrial, Inc. |
94 | 12,433 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
10,448 | 43,638 | ||||||
LX Semicon Co. Ltd. |
235 | 18,860 | ||||||
Macronix International Co. Ltd. |
49,000 | 48,647 | ||||||
Marketech International Corp. |
39,000 | 176,841 | ||||||
MediaTek, Inc. |
49,000 | 1,075,844 | ||||||
Montage Technology Co. Ltd., Class A |
1,692 | 13,713 | ||||||
Nanya Technology Corp. |
10,000 | 23,006 | ||||||
NAURA Technology Group Co. Ltd., Class A |
900 | 35,743 | ||||||
NEXTIN, Inc. |
265 | 17,796 | ||||||
Novatek Microelectronics Corp. |
16,000 | 215,869 | ||||||
Nuvoton Technology Corp. |
4,000 | 17,819 | ||||||
Pan Jit International, Inc. |
8,000 | 18,507 | ||||||
Parade Technologies Ltd. |
1,400 | 40,984 | ||||||
Phison Electronics Corp. |
1,000 | 13,014 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
49,000 | 46,698 | ||||||
Powertech Technology, Inc.* |
20,000 | 70,323 | ||||||
Radiant Opto-Electronics Corp. |
14,330 | 54,946 | ||||||
Realtek Semiconductor Corp. |
6,070 | 83,151 | ||||||
RFHIC Corp. |
282 | 4,057 | ||||||
S&S Tech Corp. |
423 | 17,987 | ||||||
Sanan Optoelectronics Co. Ltd., Class A |
15,700 | 37,280 | ||||||
SDI Corp. |
8,000 | 27,111 | ||||||
Seoul Semiconductor Co. Ltd. |
1,911 | 17,541 | ||||||
SFA Semicon Co. Ltd.* |
3,381 | 16,260 | ||||||
Shanghai Aiko Solar Energy Co. Ltd., Class A |
9,800 | 35,323 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class A |
1,050 | 8,158 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a) |
4,000 | 10,643 | ||||||
Shenzhen Xinyichang Technology Co. Ltd., Class A |
196 | 3,445 | ||||||
Sigurd Microelectronics Corp. |
196,000 | 329,925 | ||||||
Silergy Corp. |
5,000 | 52,503 | ||||||
Silicon Integrated Systems Corp. |
269,000 | 172,905 | ||||||
SIMMTECH Co. Ltd. |
8,918 | 257,469 | ||||||
Sino-American Silicon Products, Inc. |
20,000 | 109,144 | ||||||
SK Hynix, Inc. |
15,288 | 1,480,045 | ||||||
Taiwan Mask Corp. |
7,000 | 16,906 |
Investments |
Shares | Value ($) | ||||||
Taiwan Semiconductor Co. Ltd. |
9,000 | 25,288 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
309,000 | 5,555,343 | ||||||
Taiwan Surface Mounting Technology Corp. |
1,000 | 2,876 | ||||||
Taiwan-Asia Semiconductor Corp. |
13,000 | 22,296 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
5,875 | 23,913 | ||||||
Tokai Carbon Korea Co. Ltd. |
86 | 6,686 | ||||||
Tongwei Co. Ltd., Class A |
14,700 | 71,579 | ||||||
Topco Scientific Co. Ltd. |
2,704 | 15,445 | ||||||
TSEC Corp. |
26,708 | 26,515 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A |
1,679 | 21,914 | ||||||
Unisem M Bhd. |
14,700 | 10,237 | ||||||
United Microelectronics Corp. |
343,000 | 512,975 | ||||||
Vanguard International Semiconductor Corp. |
6,000 | 14,758 | ||||||
Verisilicon Microelectronics Shanghai Co. Ltd., Class A* |
2,489 | 23,996 | ||||||
Visual Photonics Epitaxy Co. Ltd. |
1,000 | 4,216 | ||||||
ViTrox Corp. Bhd. |
4,700 | 8,182 | ||||||
Wafer Works Corp. |
11,511 | 15,567 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A |
2,025 | 29,071 | ||||||
Win Semiconductors Corp. |
6,961 | 36,326 | ||||||
Winbond Electronics Corp.* |
98,000 | 91,525 | ||||||
WONIK IPS Co. Ltd. |
329 | 9,744 | ||||||
Wonik QnC Corp. |
6,615 | 153,614 | ||||||
Xinjiang Daqo New Energy Co. Ltd., Class A |
5,488 | 31,653 | ||||||
XinTec, Inc. |
3,000 | 11,933 | ||||||
Xinyi Solar Holdings Ltd. |
98,000 | 105,556 | ||||||
|
|
|||||||
15,502,591 | ||||||||
|
|
|||||||
Software - 0.3% |
| |||||||
360 Security Technology, Inc., Class A* |
9,800 | 16,277 | ||||||
Ahnlab, Inc. |
190 | 9,361 | ||||||
AsiaInfo Technologies Ltd.(b) |
21,200 | 29,848 | ||||||
Beijing Kingsoft Office Software, Inc., Class A |
611 | 34,710 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A* |
6,370 | 12,407 | ||||||
Birlasoft Ltd. |
5,390 | 27,999 | ||||||
Cyient Ltd. |
4,410 | 78,660 | ||||||
Dear U Co. Ltd.* |
423 | 12,279 | ||||||
Douzone Bizon Co. Ltd. |
873 | 18,766 | ||||||
EMRO, Inc.* |
294 | 18,706 | ||||||
Hundsun Technologies, Inc., Class A |
4,550 | 26,179 | ||||||
Iflytek Co. Ltd., Class A |
4,900 | 43,112 | ||||||
Intellect Design Arena Ltd. |
4,762 | 39,060 | ||||||
Kingdee International Software Group Co. Ltd.* |
49,000 | 85,199 | ||||||
KPIT Technologies Ltd. |
2,397 | 31,555 | ||||||
Ming Yuan Cloud Group Holdings Ltd.*(a) |
60,000 | 35,929 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
NavInfo Co. Ltd., Class A* |
4,700 | 7,372 | ||||||
Oracle Financial Services Software Ltd. |
282 | 13,324 | ||||||
Qi An Xin Technology Group, Inc., Class A* |
539 | 3,824 | ||||||
Route Mobile Ltd. |
954 | 17,400 | ||||||
Shanghai Baosight Software Co. Ltd., Class A |
4,212 | 28,301 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
8,291 | 21,391 | ||||||
Tanla Platforms Ltd. |
1,963 | 28,584 | ||||||
Tata Elxsi Ltd. |
637 | 55,448 | ||||||
TOTVS SA |
4,900 | 30,458 | ||||||
Weimob, Inc.*(a)(b) |
87,000 | 46,742 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
4,700 | 12,410 | ||||||
|
|
|||||||
785,301 | ||||||||
|
|
|||||||
Specialty Retail - 1.5% |
| |||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
48,412 | 51,403 | ||||||
Ali Alghanim Sons Automotive Co. KSCC |
53,361 | 203,818 | ||||||
Aurora Design PCL, NVDR |
29,300 | 14,723 | ||||||
Bermaz Auto Bhd. |
56,000 | 25,460 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
2,500 | 43,995 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class H(a)(b) |
200 | 3,188 | ||||||
China Yongda Automobiles Services Holdings Ltd. |
563,500 | 257,230 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
42,600 | 73,962 | ||||||
Com7 PCL, NVDR |
9,300 | 7,608 | ||||||
Cuckoo Homesys Co. Ltd. |
2,156 | 36,451 | ||||||
Detsky Mir PJSC*(b) |
258,500 | | ||||||
Dogan Sirketler Grubu Holding A/S |
39,249 | 19,372 | ||||||
Dogus Otomotiv Servis ve Ticaret A/S |
893 | 8,208 | ||||||
EEKA Fashion Holdings Ltd. |
98,000 | 165,371 | ||||||
Foschini Group Ltd. (The) |
11,025 | 67,196 | ||||||
FSN E-Commerce Ventures Ltd.* |
5,978 | 10,459 | ||||||
Go Fashion India Ltd.* |
1,029 | 14,816 | ||||||
HLA Group Corp. Ltd., Class A |
4,900 | 5,122 | ||||||
Home Product Center PCL, NVDR |
78,600 | 32,608 | ||||||
Hotai Motor Co. Ltd.* |
6,000 | 144,719 | ||||||
Hotel Shilla Co. Ltd. |
470 | 27,765 | ||||||
Italtile Ltd. |
261,409 | 182,271 | ||||||
Jarir Marketing Co. |
8,390 | 34,664 | ||||||
JUMBO SA |
2,303 | 68,913 | ||||||
K Car Co. Ltd. |
176 | 1,711 | ||||||
Lojas Renner SA |
29,400 | 115,881 | ||||||
M.Video PJSC* |
31,680 | | ||||||
Map Aktif Adiperkasa PT |
2,744,000 | 147,390 | ||||||
Metro Brands Ltd. |
1,128 | 14,181 | ||||||
Motus Holdings Ltd. |
75,019 | 444,999 | ||||||
Mr Price Group Ltd. |
3,185 | 28,199 | ||||||
Padini Holdings Bhd. |
29,400 | 25,951 | ||||||
Pan German Universal Motors Ltd. |
9,000 | 90,210 |
Investments |
Shares | Value ($) | ||||||
Pepkor Holdings Ltd.(b) |
25,185 | 24,613 | ||||||
Pop Mart International Group Ltd.(a)(b) |
9,800 | 27,583 | ||||||
PTG Energy PCL, NVDR |
39,100 | 12,337 | ||||||
PTT Oil & Retail Business PCL, NVDR |
29,400 | 18,381 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A |
9,400 | 9,996 | ||||||
Shinsegae International, Inc. |
5,733 | 74,032 | ||||||
Siam Global House PCL, NVDR |
40,566 | 19,555 | ||||||
Super Group Ltd. |
146,363 | 282,541 | ||||||
Topsports International Holdings Ltd.(b) |
99,000 | 90,765 | ||||||
Truworths International Ltd. |
172,627 | 696,866 | ||||||
United Electronics Co. |
1,619 | 35,171 | ||||||
Vibra Energia SA |
29,400 | 105,868 | ||||||
Wilcon Depot, Inc. |
34,300 | 14,270 | ||||||
Zhongsheng Group Holdings Ltd. |
24,500 | 85,607 | ||||||
|
|
|||||||
3,865,429 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 3.9% |
| |||||||
Acer, Inc. |
49,000 | 54,572 | ||||||
Advantech Co. Ltd. |
8,734 | 108,805 | ||||||
Asia Vital Components Co. Ltd. |
8,509 | 87,184 | ||||||
Asustek Computer, Inc. |
20,000 | 231,652 | ||||||
AURAS Technology Co. Ltd. |
1,000 | 9,180 | ||||||
Catcher Technology Co. Ltd. |
7,000 | 38,646 | ||||||
Chicony Electronics Co. Ltd. |
15,992 | 53,177 | ||||||
China Greatwall Technology Group Co. Ltd., Class A |
5,500 | 9,427 | ||||||
Clevo Co. |
196,000 | 206,749 | ||||||
Compal Electronics, Inc. |
98,000 | 94,955 | ||||||
CosmoAM&T Co. Ltd.* |
303 | 43,145 | ||||||
Darfon Electronics Corp. |
71,000 | 99,181 | ||||||
Elitegroup Computer Systems Co. Ltd. |
153,000 | 144,108 | ||||||
Ennoconn Corp.* |
32,000 | 308,020 | ||||||
Getac Holdings Corp. |
1,000 | 2,154 | ||||||
Gigabyte Technology Co. Ltd. |
11,000 | 109,907 | ||||||
HTC Corp.* |
23,000 | 40,838 | ||||||
IEI Integration Corp. |
51,000 | 133,397 | ||||||
Innodisk Corp.* |
5,872 | 58,857 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A |
5,500 | 35,178 | ||||||
Inventec Corp. |
98,000 | 198,641 | ||||||
Legend Holdings Corp., Class H(b) |
249,900 | 256,991 | ||||||
Lenovo Group Ltd. |
196,000 | 224,684 | ||||||
Lite-On Technology Corp. |
56,000 | 268,181 | ||||||
Micro-Star International Co. Ltd. |
21,000 | 129,970 | ||||||
Mitac Holdings Corp. |
33,600 | 50,304 | ||||||
Ninestar Corp., Class A |
2,900 | 13,594 | ||||||
Pegatron Corp. |
49,000 | 119,122 | ||||||
Qisda Corp. |
56,000 | 88,651 | ||||||
Quanta Computer, Inc. |
85,000 | 645,077 | ||||||
Quanta Storage, Inc. |
98,000 | 335,227 | ||||||
Samsung Electronics Co. Ltd. |
83,643 | 4,580,302 | ||||||
Samsung Electronics Co. Ltd. (Preference) |
12,990 | 584,965 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shenzhen Transsion Holdings Co. Ltd., Class A |
1,316 | 22,599 | ||||||
Wistron Corp. |
98,000 | 441,252 | ||||||
Wiwynn Corp. |
3,000 | 169,920 | ||||||
|
|
|||||||
9,998,612 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 1.3% |
| |||||||
361 Degrees International Ltd.* |
392,000 | 215,636 | ||||||
Aditya Birla Fashion and Retail Ltd.* |
6,536 | 17,733 | ||||||
Aksa Akrilik Kimya Sanayii A/S |
2,021 | 6,504 | ||||||
Alok Industries Ltd.* |
23,980 | 4,257 | ||||||
Alpargatas SA (Preference)* |
5,500 | 11,134 | ||||||
ANTA Sports Products Ltd. |
19,600 | 229,459 | ||||||
Arezzo Industria e Comercio SA |
4,057 | 70,274 | ||||||
Bata India Ltd. |
848 | 17,903 | ||||||
Bosideng International Holdings Ltd. |
54,000 | 24,650 | ||||||
Eclat Textile Co. Ltd. |
4,698 | 81,024 | ||||||
F&F Co. Ltd. |
245 | 19,894 | ||||||
Feng TAY Enterprise Co. Ltd.* |
10,600 | 71,506 | ||||||
FF Group* |
3,536 | | ||||||
Fila Holdings Corp. |
1,167 | 36,347 | ||||||
Fuguiniao Group Ltd.* |
334,800 | | ||||||
Fulgent Sun International Holding Co. Ltd. |
49,000 | 194,899 | ||||||
Golden Solar New Energy Technology Holdings Ltd.* |
42,000 | 37,968 | ||||||
Grendene SA |
8,264 | 13,064 | ||||||
Grupo de Moda Soma SA |
19,600 | 46,311 | ||||||
Handsome Co. Ltd. |
3,871 | 63,016 | ||||||
Hansae Co. Ltd. |
7,546 | 106,147 | ||||||
KPR Mill Ltd. |
1,754 | 13,652 | ||||||
Lao Feng Xiang Co. Ltd., Class B |
7,400 | 27,291 | ||||||
Li Ning Co. Ltd. |
34,500 | 207,919 | ||||||
Makalot Industrial Co. Ltd. |
4,334 | 42,959 | ||||||
Mavi Giyim Sanayi ve Ticaret A/S, Class B(b) |
61,936 | 200,689 | ||||||
Page Industries Ltd. |
118 | 54,238 | ||||||
Pou Chen Corp. |
94,000 | 93,472 | ||||||
Quang Viet Enterprise Co. Ltd. |
30,000 | 117,894 | ||||||
Rajesh Exports Ltd. |
2,600 | 16,409 | ||||||
Raymond Ltd. |
1,316 | 30,308 | ||||||
Relaxo Footwears Ltd. |
987 | 11,353 | ||||||
Ruentex Industries Ltd. |
28,819 | 56,856 | ||||||
Shenzhou International Group Holdings Ltd. |
10,500 | 110,470 | ||||||
Shinkong Textile Co. Ltd. |
98,000 | 141,263 | ||||||
Swan Energy Ltd. |
2,940 | 7,842 | ||||||
Tainan Spinning Co. Ltd. |
49,000 | 24,245 | ||||||
Taiwan Paiho Ltd. |
98,000 | 180,555 | ||||||
Titan Co. Ltd. |
6,664 | 243,396 | ||||||
Trident Ltd. |
22,165 | 8,677 | ||||||
Vardhman Textiles Ltd.* |
44,639 | 201,001 | ||||||
VIP Industries Ltd. |
3,025 | 22,060 | ||||||
Vivara Participacoes SA |
5,300 | 32,756 | ||||||
Welspun India Ltd. |
7,370 | 9,825 | ||||||
Xtep International Holdings Ltd.(a) |
27,500 | 30,467 | ||||||
Youngone Corp. |
890 | 40,358 |
Investments |
Shares | Value ($) | ||||||
Youngone Holdings Co. Ltd. |
2,107 | 127,281 | ||||||
|
|
|||||||
3,320,962 | ||||||||
|
|
|||||||
Tobacco - 0.3% |
| |||||||
British American Tobacco Malaysia Bhd. |
63,700 | 142,968 | ||||||
Eastern Co. SAE |
27,721 | 16,745 | ||||||
Godfrey Phillips India Ltd. |
490 | 12,841 | ||||||
Gudang Garam Tbk. PT |
14,900 | 27,592 | ||||||
ITC Ltd. |
46,599 | 263,848 | ||||||
KT&G Corp. |
3,254 | 210,866 | ||||||
RLX Technology, Inc., ADR*(a) |
15,484 | 27,097 | ||||||
Smoore International Holdings Ltd.(a)(b) |
5,000 | 5,571 | ||||||
|
|
|||||||
707,528 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.4% |
| |||||||
Adani Enterprises Ltd. |
4,622 | 140,050 | ||||||
ALAFCO Aviation Lease & Finance Co. KSCP* |
3,260 | 1,975 | ||||||
Armac Locacao Logistica E Servicos SA |
5,000 | 13,790 | ||||||
Barloworld Ltd. |
79,478 | 374,067 | ||||||
BOC Aviation Ltd.(a)(b) |
5,100 | 42,638 | ||||||
Chin Hin Group Bhd.* |
9,400 | 9,006 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A |
37,600 | 13,258 | ||||||
COSCO SHIPPING Development Co. Ltd., Class H |
62,000 | 7,235 | ||||||
Hydro Lithium, Inc.* |
539 | 11,481 | ||||||
IndiaMart InterMesh Ltd.(b) |
1,034 | 39,128 | ||||||
LX International Corp. |
800 | 24,132 | ||||||
Posco International Corp. |
1,484 | 104,898 | ||||||
Realord Group Holdings Ltd.* |
76,000 | 57,204 | ||||||
Shanxi Coal International Energy Group Co. Ltd., Class A |
4,900 | 10,010 | ||||||
SK Networks Co. Ltd. |
46,452 | 218,293 | ||||||
Xiamen C & D, Inc., Class A |
9,400 | 14,731 | ||||||
|
|
|||||||
1,081,896 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.9% |
| |||||||
Abu Dhabi Ports Co. PJSC* |
13,395 | 24,069 | ||||||
Adani Ports & Special Economic Zone Ltd. |
11,172 | 105,657 | ||||||
Airports of Thailand PCL* |
54,000 | 112,405 | ||||||
Airports of Thailand PCL, NVDR* |
14,600 | 30,498 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
148,000 | 39,347 | ||||||
Beijing Capital International Airport Co. Ltd., Class H* |
56,000 | 36,550 | ||||||
CCR SA |
19,982 | 55,825 | ||||||
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A |
24,500 | 31,470 | ||||||
China Merchants Port Holdings Co. Ltd. |
40,521 | 55,596 | ||||||
COSCO SHIPPING Ports Ltd. |
97,348 | 61,414 | ||||||
EcoRodovias Infraestrutura e Logistica SA |
93,100 | 160,677 | ||||||
Evergreen International Storage & Transport Corp. |
16,000 | 14,434 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
GMR Airports Infrastructure Ltd.* |
48,418 | 30,346 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, Class B |
4,700 | 53,127 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
5,736 | 109,569 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
3,410 | 96,699 | ||||||
Guangdong Provincial Expressway Development Co. Ltd., Class B |
9,800 | 7,314 | ||||||
International Container Terminal Services, Inc. |
16,170 | 63,885 | ||||||
Jasa Marga Persero Tbk. PT |
39,723 | 10,194 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
32,000 | 29,256 | ||||||
Malaysia Airports Holdings Bhd. |
16,908 | 25,874 | ||||||
National Marine Dredging Co.* |
3,341 | 19,993 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A |
23,500 | 11,706 | ||||||
Novorossiysk Commercial Sea Port PJSC |
189,696 | | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
2,160 | 22,432 | ||||||
Qingdao Port International Co. Ltd., Class H(b) |
49,000 | 25,949 | ||||||
Salik Co. PJSC |
24,346 | 20,813 | ||||||
Santos Brasil Participacoes SA |
28,200 | 56,968 | ||||||
Saudi Ground Services Co.* |
4,431 | 37,382 | ||||||
Shanghai International Airport Co. Ltd., Class A* |
3,600 | 23,877 | ||||||
Shanghai International Port Group Co. Ltd., Class A |
56,700 | 43,000 | ||||||
Shenzhen International Holdings Ltd. |
24,500 | 22,933 | ||||||
Sociedad Matriz SAAM SA |
1,621,166 | 175,730 | ||||||
Taiwan High Speed Rail Corp. |
50,000 | 47,969 | ||||||
TangShan Port Group Co. Ltd., Class A |
4,900 | 2,551 | ||||||
TAV Havalimanlari Holding A/S* |
2,961 | 12,349 | ||||||
Westports Holdings Bhd. |
17,500 | 13,584 | ||||||
Wilson Sons Holdings Brasil SA |
14,700 | 40,914 | ||||||
Zhejiang Expressway Co. Ltd., Class H(a) |
588,000 | 471,232 | ||||||
|
|
|||||||
2,203,588 | ||||||||
|
|
|||||||
Water Utilities - 0.8% |
| |||||||
Aguas Andinas SA, Class A |
1,139,054 | 398,904 | ||||||
AlKhorayef Water & Power Technologies Co. |
294 | 12,492 | ||||||
Athens Water Supply & Sewage Co. SA |
1,372 | 10,468 | ||||||
Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A |
71,200 | 29,888 | ||||||
Beijing Enterprises Water Group Ltd. |
132,000 | 32,159 | ||||||
China Water Affairs Group Ltd. |
392,000 | 332,250 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP |
4,900 | 59,846 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
78,400 | 333,571 |
Investments |
Shares | Value ($) | ||||||
Cia de Saneamento do Parana |
102,900 | 453,387 | ||||||
Emirates Central Cooling Systems Corp. |
34,496 | 18,032 | ||||||
Guangdong Investment Ltd. |
98,000 | 84,696 | ||||||
Manila Water Co., Inc. |
460,600 | 160,172 | ||||||
National Central Cooling Co. PJSC |
5,029 | 4,724 | ||||||
Transindia Realty & Logistics Parks Ltd.* |
1,900 | 989 | ||||||
|
|
|||||||
1,931,578 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.8% |
| |||||||
Advanced Info Service PCL, NVDR |
14,700 | 97,059 | ||||||
Axiata Group Bhd. |
49,004 | 29,018 | ||||||
Bharti Airtel Ltd. |
38,514 | 416,707 | ||||||
Celcomdigi Bhd. |
44,100 | 43,230 | ||||||
Empresa Nacional de Telecomunicaciones SA |
57,624 | 231,456 | ||||||
Etihad Etisalat Co. |
7,632 | 95,308 | ||||||
Far EasTone Telecommunications Co. Ltd. |
35,000 | 79,073 | ||||||
Globe Telecom, Inc. |
980 | 34,258 | ||||||
Indosat Tbk. PT |
31,800 | 19,400 | ||||||
Intouch Holdings PCL, NVDR |
19,600 | 44,092 | ||||||
Kuwait Telecommunications Co. |
3,699 | 7,046 | ||||||
Maxis Bhd. |
32,900 | 29,478 | ||||||
Mobile Telecommunications Co. KSCP |
62,916 | 106,738 | ||||||
Mobile Telecommunications Co. Saudi Arabia |
8,508 | 30,434 | ||||||
Mobile TeleSystems PJSC |
31,356 | | ||||||
MTN Group Ltd. |
24,549 | 193,327 | ||||||
PLDT, Inc. |
2,735 | 65,232 | ||||||
Sistema PJSFC |
122,643 | | ||||||
SK Telecom Co. Ltd. |
2,793 | 101,014 | ||||||
Smartfren Telecom Tbk. PT* |
4,635,400 | 17,521 | ||||||
Taiwan Mobile Co. Ltd. |
35,000 | 105,134 | ||||||
TIM SA |
14,700 | 44,313 | ||||||
Turkcell Iletisim Hizmetleri A/S* |
28,567 | 54,849 | ||||||
Vodacom Group Ltd.(a) |
12,005 | 79,636 | ||||||
Vodafone Idea Ltd.* |
369,936 | 37,331 | ||||||
Vodafone Qatar QSC |
44,198 | 23,532 | ||||||
XL Axiata Tbk. PT |
102,900 | 15,490 | ||||||
|
|
|||||||
2,000,676 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
252,113,520 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(d) |
| |||||||
Entertainment - 0.0%(d) |
| |||||||
CJ CGV Co. Ltd., expiring 9/6/2023, price 5,890.00 KRW* |
12,560 | 33,601 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 0.0%(d) |
| |||||||
Independent Power and Renewable Electricity |
| |||||||
NTPC Ltd. |
INR | 39,301 | 4,945 | |||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.2%(e) |
| |||||||
REPURCHASE AGREEMENTS - 0.2% |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $579,657,
collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $586,720 |
579,572 | 579,572 | ||||||
|
|
|||||||
Total Investments - 98.7% |
|
252,731,638 | ||||||
Other assets less liabilities - 1.3% |
|
3,324,149 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
256,055,787 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $4,237,366, collateralized in the form of cash with a value of $579,572 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $2,673,813 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from July 31, 2023 February 15, 2053 and $1,384,101 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.00%, and maturity dates ranging from September 7, 2023 September 20, 2117; a total value of $4,637,486. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Represents less than 0.05% of net assets. |
(e) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $579,572. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
OJSC | Open Joint Stock Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||
Long Contracts |
|
|||||||||||||||
MSCI Emerging Markets E-Mini Index |
95 | 09/15/2023 | USD | $ | 5,007,925 | $ | 226,192 |
Forward Foreign Currency Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||
USD |
104,455 | Toronto-Dominion Bank (The) | KRW* | 131,816,590 | 09/20/2023 | $ | 742 | |||||||||||||
USD |
84,256 | BNP Paribas SA | TWD* | 2,556,120 | 09/20/2023 | 2,421 | ||||||||||||||
|
|
|||||||||||||||||||
Total unrealized appreciation |
|
$ | 3,163 | |||||||||||||||||
|
|
|||||||||||||||||||
USD |
32,309 | Citibank NA | BRL* | 159,553 | 09/20/2023 | $ | (946 | ) | ||||||||||||
USD |
59,649 | Goldman Sachs & Co. | BRL* | 295,000 | 09/20/2023 | (1,837 | ) | |||||||||||||
USD |
1,029,841 | Goldman Sachs & Co. | HKD | 8,046,137 | 09/20/2023 | (2,298 | ) | |||||||||||||
USD |
107,174 | JPMorgan Chase Bank NA | INR* | 8,848,500 | 09/20/2023 | (233 | ) | |||||||||||||
USD |
531,251 | JPMorgan Chase Bank NA | TWD* | 16,600,000 | 09/20/2023 | (203 | ) | |||||||||||||
USD |
25,403 | Toronto-Dominion Bank (The) | ZAR | 470,000 | 09/20/2023 | (904 | ) | |||||||||||||
|
|
|||||||||||||||||||
Total unrealized depreciation |
|
$ | (6,421 | ) | ||||||||||||||||
|
|
|||||||||||||||||||
Net unrealized depreciation |
|
$ | (3,258 | ) | ||||||||||||||||
|
|
* | Non-deliverable forward. |
Abbreviations:
BRL Brazilian Real
HKD Hong Kong Dollar
INR Indian Rupee
KRW Korean Won
TWD Taiwan Dollar
USD US Dollar
ZAR South African Rand
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
FlexShares® Morningstar Emerging Markets Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Brazil |
6.8 | % | ||
Chile |
1.2 | |||
China |
24.2 | |||
Colombia |
0.6 | |||
Czech Republic |
0.3 | |||
Egypt |
0.3 | |||
Greece |
0.5 | |||
Hungary |
0.3 | |||
India |
12.9 | |||
Indonesia |
2.4 | |||
Kuwait |
0.7 | |||
Malaysia |
2.4 | |||
Mexico |
2.4 | |||
Peru |
0.3 | |||
Philippines |
1.0 | |||
Qatar |
1.2 | |||
Saudi Arabia |
2.6 | |||
South Africa |
4.4 | |||
South Korea |
12.9 | |||
Taiwan |
14.5 | |||
Thailand |
2.0 | |||
Turkey |
1.6 | |||
United Arab Emirates |
2.4 | |||
United Kingdom |
0.0 | | ||
United States |
0.6 | |||
Other1 |
1.5 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.5 | % | ||
Rights |
0.0 | | ||
Corporate Bonds |
0.0 | | ||
Securities Lending Reinvestments |
0.2 | |||
Others(1) |
1.3 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® US Quality Large Cap Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.0% |
| |||||||
Aerospace & Defense - 0.7% |
| |||||||
Lockheed Martin Corp. |
2,178 | 972,194 | ||||||
Textron, Inc. |
363 | 28,230 | ||||||
|
|
|||||||
1,000,424 | ||||||||
|
|
|||||||
Air Freight & Logistics - 1.4% |
| |||||||
Expeditors International of Washington, Inc. |
6,534 | 831,778 | ||||||
United Parcel Service, Inc., Class B |
7,381 | 1,381,207 | ||||||
|
|
|||||||
2,212,985 | ||||||||
|
|
|||||||
Automobiles - 1.3% |
| |||||||
Tesla, Inc.*(a) |
7,623 | 2,038,619 | ||||||
|
|
|||||||
Banks - 3.6% |
| |||||||
Bank of America Corp. |
26,983 | 863,456 | ||||||
Citigroup, Inc. |
32,791 | 1,562,819 | ||||||
JPMorgan Chase & Co. |
5,203 | 821,866 | ||||||
Wells Fargo & Co. |
48,158 | 2,222,973 | ||||||
|
|
|||||||
5,471,114 | ||||||||
|
|
|||||||
Beverages - 0.1% |
| |||||||
Molson Coors Beverage Co., Class B |
2,541 | 177,286 | ||||||
|
|
|||||||
Biotechnology - 1.9% |
| |||||||
AbbVie, Inc. |
2,178 | 325,785 | ||||||
Amgen, Inc. |
7,865 | 1,841,590 | ||||||
Biogen, Inc.* |
242 | 65,386 | ||||||
Gilead Sciences, Inc. |
3,509 | 267,175 | ||||||
Regeneron Pharmaceuticals, Inc.* |
181 | 134,286 | ||||||
Vertex Pharmaceuticals, Inc.* |
968 | 341,065 | ||||||
|
|
|||||||
2,975,287 | ||||||||
|
|
|||||||
Broadline Retail - 2.5% |
| |||||||
Amazon.com, Inc.* |
19,239 | 2,571,870 | ||||||
eBay, Inc. |
15,367 | 683,985 | ||||||
Etsy, Inc.*(a) |
968 | 98,397 | ||||||
MercadoLibre, Inc.* |
363 | 449,412 | ||||||
|
|
|||||||
3,803,664 | ||||||||
|
|
|||||||
Building Products - 0.5% |
| |||||||
Builders FirstSource, Inc.* |
2,299 | 332,045 | ||||||
Masco Corp. |
6,292 | 381,798 | ||||||
|
|
|||||||
713,843 | ||||||||
|
|
|||||||
Capital Markets - 1.7% |
| |||||||
Ameriprise Financial, Inc. |
363 | 126,487 | ||||||
Bank of New York Mellon Corp. (The) |
19,844 | 900,124 | ||||||
Goldman Sachs Group, Inc. (The) |
847 | 301,422 | ||||||
Morgan Stanley |
10,164 | 930,616 | ||||||
State Street Corp. |
5,324 | 385,670 | ||||||
|
|
|||||||
2,644,319 | ||||||||
|
|
|||||||
Chemicals - 0.9% |
| |||||||
CF Industries Holdings, Inc. |
3,388 | 278,087 | ||||||
Dow, Inc. |
13,794 | 778,947 |
Investments |
Shares | Value ($) | ||||||
LyondellBasell Industries NV, Class A |
2,662 | 263,165 | ||||||
Mosaic Co. (The) |
1,573 | 64,116 | ||||||
|
|
|||||||
1,384,315 | ||||||||
|
|
|||||||
Communications Equipment - 1.5% |
| |||||||
Cisco Systems, Inc. |
43,560 | 2,266,862 | ||||||
|
|
|||||||
Consumer Finance - 1.5% |
| |||||||
Ally Financial, Inc. |
7,381 | 225,416 | ||||||
Capital One Financial Corp. |
7,502 | 877,884 | ||||||
Discover Financial Services |
5,203 | 549,176 | ||||||
Synchrony Financial |
17,061 | 589,287 | ||||||
|
|
|||||||
2,241,763 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.5% |
| |||||||
Kroger Co. (The) |
16,093 | 782,764 | ||||||
|
|
|||||||
Distributors - 0.1% |
| |||||||
Genuine Parts Co. |
484 | 75,369 | ||||||
LKQ Corp. |
1,089 | 59,666 | ||||||
|
|
|||||||
135,035 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.8% |
| |||||||
AT&T, Inc. |
75,867 | 1,101,589 | ||||||
Lumen Technologies, Inc.(a) |
109,384 | 195,797 | ||||||
|
|
|||||||
1,297,386 | ||||||||
|
|
|||||||
Electric Utilities - 2.4% |
| |||||||
Constellation Energy Corp. |
2,662 | 257,282 | ||||||
Evergy, Inc. |
9,438 | 565,997 | ||||||
Exelon Corp. |
19,602 | 820,540 | ||||||
PPL Corp. |
26,620 | 732,849 | ||||||
Southern Co. (The) |
19,118 | 1,382,996 | ||||||
|
|
|||||||
3,759,664 | ||||||||
|
|
|||||||
Electrical Equipment - 0.3% |
| |||||||
Emerson Electric Co. |
1,331 | 121,587 | ||||||
Hubbell, Inc., Class B |
1,089 | 339,768 | ||||||
|
|
|||||||
461,355 | ||||||||
|
|
|||||||
Entertainment - 0.6% |
| |||||||
Activision Blizzard, Inc.* |
4,235 | 392,838 | ||||||
Atlanta Braves Holdings, Inc., Class C* |
1 | 28 | ||||||
Electronic Arts, Inc. |
3,509 | 478,452 | ||||||
Liberty Media Corp-Liberty Formula One, Class C* |
726 | 52,708 | ||||||
|
|
|||||||
924,026 | ||||||||
|
|
|||||||
Financial Services - 4.7% |
| |||||||
Berkshire Hathaway, Inc., Class B* |
10,043 | 3,534,734 | ||||||
Equitable Holdings, Inc. |
9,801 | 281,191 | ||||||
Fiserv, Inc.* |
4,840 | 610,856 | ||||||
Mastercard, Inc., Class A |
1,694 | 667,910 | ||||||
PayPal Holdings, Inc.* |
4,114 | 311,924 | ||||||
Visa, Inc., Class A(a) |
7,502 | 1,783,451 | ||||||
|
|
|||||||
7,190,066 | ||||||||
|
|
|||||||
Food Products - 1.0% |
| |||||||
Campbell Soup Co. |
6,655 | 304,932 | ||||||
General Mills, Inc. |
10,890 | 813,919 | ||||||
Hershey Co. (The) |
1,573 | 363,851 | ||||||
Kraft Heinz Co. (The)(a) |
2,057 | 74,422 | ||||||
|
|
|||||||
1,557,124 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Ground Transportation - 0.1% |
| |||||||
Old Dominion Freight Line, Inc. |
242 | 101,517 | ||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.8% |
| |||||||
Abbott Laboratories |
2,299 | 255,948 | ||||||
Hologic, Inc.* |
5,203 | 413,222 | ||||||
IDEXX Laboratories, Inc.* |
1,027 | 569,708 | ||||||
|
|
|||||||
1,238,878 | ||||||||
|
|
|||||||
Health Care Providers & Services - 4.0% |
| |||||||
Cardinal Health, Inc. |
7,018 | 641,936 | ||||||
Centene Corp.* |
1,331 | 90,628 | ||||||
Cigna Group (The) |
2,783 | 821,263 | ||||||
CVS Health Corp. |
8,954 | 668,774 | ||||||
Elevance Health, Inc. |
605 | 285,336 | ||||||
HCA Healthcare, Inc. |
968 | 264,080 | ||||||
Laboratory Corp. of America Holdings |
2,904 | 621,253 | ||||||
McKesson Corp. |
2,662 | 1,071,189 | ||||||
Quest Diagnostics, Inc. |
2,420 | 327,208 | ||||||
UnitedHealth Group, Inc. |
2,783 | 1,409,228 | ||||||
|
|
|||||||
6,200,895 | ||||||||
|
|
|||||||
Health Care REITs - 0.1% |
| |||||||
Healthpeak Properties, Inc., REIT |
6,292 | 137,354 | ||||||
|
|
|||||||
Hotel & Resort REITs - 0.5% |
| |||||||
Host Hotels & Resorts, Inc., REIT(a) |
43,318 | 797,051 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.6% |
| |||||||
Airbnb, Inc., Class A*(a) |
3,267 | 497,205 | ||||||
Booking Holdings, Inc.* |
268 | 796,174 | ||||||
Carnival Corp.*(a) |
21,901 | 412,615 | ||||||
DraftKings, Inc., Class A* |
9,559 | 303,785 | ||||||
Expedia Group, Inc.* |
605 | 74,130 | ||||||
Yum! Brands, Inc. |
3,146 | 433,110 | ||||||
|
|
|||||||
2,517,019 | ||||||||
|
|
|||||||
Household Durables - 1.0% |
| |||||||
Lennar Corp., Class A |
5,929 | 751,975 | ||||||
NVR, Inc.* |
129 | 813,531 | ||||||
|
|
|||||||
1,565,506 | ||||||||
|
|
|||||||
Household Products - 2.0% |
| |||||||
Colgate-Palmolive Co. |
7,139 | 544,420 | ||||||
Kimberly-Clark Corp. |
1,331 | 171,832 | ||||||
Procter & Gamble Co. (The) |
14,883 | 2,326,213 | ||||||
|
|
|||||||
3,042,465 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity |
| |||||||
AES Corp. (The) |
20,328 | 439,695 | ||||||
Vistra Corp.(a) |
6,776 | 190,134 | ||||||
|
|
|||||||
629,829 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.8% |
| |||||||
3M Co. |
1,936 | 215,864 | ||||||
General Electric Co. |
8,954 | 1,022,905 | ||||||
|
|
|||||||
1,238,769 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Insurance - 2.1% |
| |||||||
Aflac, Inc. |
12,221 | 884,067 | ||||||
Allstate Corp. (The) |
1,815 | 204,514 | ||||||
American International Group, Inc. |
14,641 | 882,560 | ||||||
Arch Capital Group Ltd.* |
1,089 | 84,604 | ||||||
MetLife, Inc. |
13,068 | 822,892 | ||||||
Prudential Financial, Inc. |
4,356 | 420,311 | ||||||
|
|
|||||||
3,298,948 | ||||||||
|
|
|||||||
Interactive Media & Services - 7.6% |
| |||||||
Alphabet, Inc., Class A* |
35,574 | 4,721,381 | ||||||
Alphabet, Inc., Class C* |
32,549 | 4,332,597 | ||||||
Meta Platforms, Inc., Class A* |
7,986 | 2,544,340 | ||||||
|
|
|||||||
11,598,318 | ||||||||
|
|
|||||||
IT Services - 1.8% |
| |||||||
Accenture plc, Class A(a) |
4,235 | 1,339,742 | ||||||
Amdocs Ltd. |
484 | 45,322 | ||||||
Cognizant Technology Solutions Corp., Class A |
8,954 | 591,233 | ||||||
Gartner, Inc.* |
2,299 | 812,903 | ||||||
|
|
|||||||
2,789,200 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.9% |
| |||||||
Danaher Corp. |
363 | 92,587 | ||||||
Mettler-Toledo International, Inc.* |
528 | 663,944 | ||||||
Waters Corp.* |
2,057 | 568,164 | ||||||
|
|
|||||||
1,324,695 | ||||||||
|
|
|||||||
Machinery - 2.0% |
| |||||||
Caterpillar, Inc. |
4,477 | 1,187,166 | ||||||
Illinois Tool Works, Inc. |
5,687 | 1,497,501 | ||||||
PACCAR, Inc. |
3,993 | 343,917 | ||||||
Snap-on, Inc. |
242 | 65,930 | ||||||
|
|
|||||||
3,094,514 | ||||||||
|
|
|||||||
Media - 1.4% |
| |||||||
Comcast Corp., Class A |
19,118 | 865,281 | ||||||
Interpublic Group of Cos., Inc. (The)(a) |
20,086 | 687,544 | ||||||
Omnicom Group, Inc. |
7,865 | 665,536 | ||||||
|
|
|||||||
2,218,361 | ||||||||
|
|
|||||||
Metals & Mining - 1.8% |
| |||||||
Freeport-McMoRan, Inc. |
11,374 | 507,849 | ||||||
Nucor Corp. |
3,751 | 645,510 | ||||||
Reliance Steel & Aluminum Co. |
3,025 | 885,901 | ||||||
Steel Dynamics, Inc. |
6,776 | 722,186 | ||||||
|
|
|||||||
2,761,446 | ||||||||
|
|
|||||||
Multi-Utilities - 1.1% |
| |||||||
Consolidated Edison, Inc. |
8,470 | 803,464 | ||||||
Public Service Enterprise Group, Inc. |
13,068 | 824,852 | ||||||
|
|
|||||||
1,628,316 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 2.9% |
| |||||||
Antero Resources Corp.* |
8,591 | 229,809 | ||||||
Exxon Mobil Corp. |
7,139 | 765,587 | ||||||
Marathon Oil Corp. |
12,705 | 333,760 | ||||||
Marathon Petroleum Corp.(a) |
10,043 | 1,335,920 | ||||||
Occidental Petroleum Corp.(a) |
17,545 | 1,107,616 | ||||||
Valero Energy Corp. |
5,445 | 701,915 | ||||||
|
|
|||||||
4,474,607 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Pharmaceuticals - 5.5% |
| |||||||
Bristol-Myers Squibb Co. |
17,424 | 1,083,599 | ||||||
Eli Lilly & Co. |
4,961 | 2,255,022 | ||||||
Johnson & Johnson |
19,239 | 3,223,110 | ||||||
Merck & Co., Inc. |
3,509 | 374,235 | ||||||
Pfizer, Inc. |
40,172 | 1,448,602 | ||||||
|
|
|||||||
8,384,568 | ||||||||
|
|
|||||||
Professional Services - 0.3% |
| |||||||
Automatic Data Processing, Inc. |
484 | 119,674 | ||||||
Leidos Holdings, Inc. |
484 | 45,268 | ||||||
Paychex, Inc. |
2,057 | 258,092 | ||||||
|
|
|||||||
423,034 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.6% |
| |||||||
CBRE Group, Inc., Class A* |
10,406 | 866,924 | ||||||
|
|
|||||||
Residential REITs - 0.0%(b) |
| |||||||
Mid-America Apartment Communities, Inc., REIT(a) |
242 | 36,218 | ||||||
|
|
|||||||
Retail REITs - 0.1% |
| |||||||
Regency Centers Corp., REIT(a) |
484 | 31,717 | ||||||
Simon Property Group, Inc., REIT |
847 | 105,536 | ||||||
|
|
|||||||
137,253 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 7.6% |
| |||||||
Analog Devices, Inc. |
4,719 | 941,582 | ||||||
Applied Materials, Inc. |
6,655 | 1,008,832 | ||||||
Broadcom, Inc. |
1,815 | 1,631,050 | ||||||
KLA Corp. |
1,936 | 995,007 | ||||||
Lam Research Corp. |
2,057 | 1,477,934 | ||||||
Microchip Technology, Inc. |
11,011 | 1,034,373 | ||||||
NVIDIA Corp. |
6,655 | 3,109,815 | ||||||
QUALCOMM, Inc. |
3,872 | 511,762 | ||||||
Texas Instruments, Inc. |
5,203 | 936,540 | ||||||
|
|
|||||||
11,646,895 | ||||||||
|
|
|||||||
Software - 10.1% |
| |||||||
Adobe, Inc.* |
3,267 | 1,784,337 | ||||||
ANSYS, Inc.* |
484 | 165,576 | ||||||
Autodesk, Inc.* |
121 | 25,651 | ||||||
Bentley Systems, Inc., Class B(a) |
726 | 39,117 | ||||||
Cadence Design Systems, Inc.* |
363 | 84,946 | ||||||
Check Point Software Technologies Ltd.* |
5,929 | 783,873 | ||||||
Fair Isaac Corp.* |
726 | 608,366 | ||||||
Fortinet, Inc.* |
10,527 | 818,159 | ||||||
Intuit, Inc. |
3,146 | 1,609,808 | ||||||
Microsoft Corp. |
22,627 | 7,600,862 | ||||||
Oracle Corp. |
15,004 | 1,758,919 | ||||||
Roper Technologies, Inc. |
121 | 59,659 | ||||||
Zoom Video Communications, Inc., Class A* |
1,452 | 106,504 | ||||||
|
|
|||||||
15,445,777 | ||||||||
|
|
|||||||
Specialized REITs - 1.1% |
| |||||||
Iron Mountain, Inc., REIT |
1,210 | 74,294 | ||||||
Public Storage, REIT |
2,904 | 818,202 | ||||||
Weyerhaeuser Co., REIT |
22,385 | 762,433 | ||||||
|
|
|||||||
1,654,929 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Specialty Retail - 2.5% |
| |||||||
AutoZone, Inc.* |
363 | 900,864 | ||||||
Best Buy Co., Inc. |
4,235 | 351,717 | ||||||
Home Depot, Inc. (The) |
3,267 | 1,090,655 | ||||||
Lowes Cos., Inc. |
4,477 | 1,048,827 | ||||||
OReilly Automotive, Inc.* |
363 | 336,062 | ||||||
Ulta Beauty, Inc.* |
363 | 161,462 | ||||||
|
|
|||||||
3,889,587 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 9.0% |
| |||||||
Apple, Inc. |
70,059 | 13,763,091 | ||||||
NetApp, Inc. |
1,331 | 103,831 | ||||||
|
|
|||||||
13,866,922 | ||||||||
|
|
|||||||
Tobacco - 0.7% |
| |||||||
Altria Group, Inc. |
5,082 | 230,825 | ||||||
Philip Morris International, Inc. |
9,196 | 917,025 | ||||||
|
|
|||||||
1,147,850 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.6% |
| |||||||
United Rentals, Inc. |
121 | 56,226 | ||||||
WW Grainger, Inc. |
1,149 | 848,525 | ||||||
|
|
|||||||
904,751 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
152,100,297 | ||||||
|
|
|||||||
Total Investments - 99.0% |
|
152,100,297 | ||||||
Other assets less liabilities - 1.0% |
|
1,570,076 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
153,670,373 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $7,369,711, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.13%, and maturity dates ranging from August 15, 2023 November 15, 2052; a total value of $7,470,976. |
(b) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® US Quality Large Cap Index Fund (cont.)
Futures Contracts
FlexShares® US Quality Large Cap Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
S&P 500 E-Mini Index |
4 | 09/15/2023 | USD | $ | 922,900 | $ | 53,715 | |||||||||||
S&P 500 Micro E-Mini Index |
23 | 09/15/2023 | USD | 530,668 | 23,344 | |||||||||||||
|
|
|||||||||||||||||
$ | 77,059 | |||||||||||||||||
|
|
Abbreviations: | ||||
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.0 | % | ||
Others(1) |
1.0 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® STOXX® US ESG Select Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.0% |
| |||||||
Air Freight & Logistics - 0.3% |
| |||||||
Expeditors International of Washington, Inc. |
858 | 109,223 | ||||||
FedEx Corp. |
1,650 | 445,418 | ||||||
|
|
|||||||
554,641 | ||||||||
|
|
|||||||
Automobile Components - 0.1% |
| |||||||
Aptiv plc* |
990 | 108,395 | ||||||
BorgWarner, Inc.(a) |
1,386 | 64,449 | ||||||
|
|
|||||||
172,844 | ||||||||
|
|
|||||||
Automobiles - 4.7% |
| |||||||
Ford Motor Co. |
13,794 | 182,219 | ||||||
General Motors Co. |
14,520 | 557,132 | ||||||
Rivian Automotive, Inc., Class A*(a) |
5,940 | 164,182 | ||||||
Tesla, Inc.* |
29,238 | 7,819,118 | ||||||
|
|
|||||||
8,722,651 | ||||||||
|
|
|||||||
Banks - 4.9% |
| |||||||
Bank of America Corp. |
61,578 | 1,970,496 | ||||||
Citigroup, Inc. |
20,790 | 990,851 | ||||||
Fifth Third Bancorp |
4,488 | 130,601 | ||||||
Huntington Bancshares, Inc. |
13,530 | 165,607 | ||||||
JPMorgan Chase & Co. |
31,086 | 4,910,345 | ||||||
KeyCorp |
5,874 | 72,309 | ||||||
Regions Financial Corp.(a) |
6,204 | 126,375 | ||||||
US Bancorp |
16,038 | 636,388 | ||||||
|
|
|||||||
9,002,972 | ||||||||
|
|
|||||||
Beverages - 2.5% |
| |||||||
Brown-Forman Corp., Class B |
1,122 | 79,213 | ||||||
Coca-Cola Co. (The) |
41,580 | 2,575,049 | ||||||
Coca-Cola Europacific Partners plc |
2,112 | 133,880 | ||||||
Keurig Dr Pepper, Inc. |
10,956 | 372,613 | ||||||
PepsiCo, Inc. |
7,260 | 1,360,960 | ||||||
|
|
|||||||
4,521,715 | ||||||||
|
|
|||||||
Biotechnology - 1.0% |
| |||||||
Amgen, Inc. |
1,914 | 448,163 | ||||||
Biogen, Inc.* |
528 | 142,660 | ||||||
Gilead Sciences, Inc. |
6,600 | 502,524 | ||||||
Vertex Pharmaceuticals, Inc.* |
2,244 | 790,651 | ||||||
|
|
|||||||
1,883,998 | ||||||||
|
|
|||||||
Broadline Retail - 5.1% |
| |||||||
Amazon.com, Inc.* |
68,442 | 9,149,327 | ||||||
eBay, Inc. |
4,620 | 205,636 | ||||||
Etsy, Inc.* |
1,056 | 107,342 | ||||||
|
|
|||||||
9,462,305 | ||||||||
|
|
|||||||
Building Products - 0.2% |
| |||||||
Trane Technologies plc |
2,046 | 408,054 | ||||||
|
|
|||||||
Capital Markets - 2.9% |
| |||||||
Bank of New York Mellon Corp. (The) |
4,356 | 197,588 | ||||||
BlackRock, Inc. |
1,518 | 1,121,574 |
Investments |
Shares | Value ($) | ||||||
FactSet Research Systems, Inc. |
396 | 172,276 | ||||||
Goldman Sachs Group, Inc. (The) |
3,564 | 1,268,321 | ||||||
Moodys Corp. |
858 | 302,660 | ||||||
Morgan Stanley |
9,306 | 852,057 | ||||||
MSCI, Inc., Class A |
528 | 289,386 | ||||||
Nasdaq, Inc. |
2,904 | 146,623 | ||||||
Northern Trust Corp.(b) |
660 | 52,879 | ||||||
S&P Global, Inc. |
2,244 | 885,280 | ||||||
State Street Corp. |
1,254 | 90,840 | ||||||
|
|
|||||||
5,379,484 | ||||||||
|
|
|||||||
Chemicals - 0.7% |
| |||||||
Corteva, Inc. |
5,082 | 286,777 | ||||||
DuPont de Nemours, Inc. |
3,300 | 256,179 | ||||||
Ecolab, Inc. |
2,046 | 374,705 | ||||||
Sherwin-Williams Co. (The) |
1,254 | 346,731 | ||||||
|
|
|||||||
1,264,392 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.2% |
| |||||||
Cintas Corp. |
924 | 463,885 | ||||||
|
|
|||||||
Communications Equipment - 0.8% |
| |||||||
Cisco Systems, Inc. |
28,974 | 1,507,807 | ||||||
F5, Inc.* |
330 | 52,219 | ||||||
|
|
|||||||
1,560,026 | ||||||||
|
|
|||||||
Construction & Engineering - 0.1% |
| |||||||
AECOM |
1,188 | 103,356 | ||||||
|
|
|||||||
Consumer Finance - 0.2% |
| |||||||
Capital One Financial Corp. |
2,772 | 324,379 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.5% |
| |||||||
Costco Wholesale Corp. |
1,584 | 888,101 | ||||||
Dollar Tree, Inc.* |
726 | 112,044 | ||||||
Kroger Co. (The) |
7,062 | 343,496 | ||||||
Target Corp. |
4,092 | 558,435 | ||||||
Walgreens Boots Alliance, Inc. |
7,392 | 221,538 | ||||||
Walmart, Inc. |
15,114 | 2,416,124 | ||||||
|
|
|||||||
4,539,738 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Amcor plc |
16,500 | 169,290 | ||||||
Ball Corp.(a) |
2,640 | 154,942 | ||||||
|
|
|||||||
324,232 | ||||||||
|
|
|||||||
Distributors - 0.0%(c) |
| |||||||
LKQ Corp. |
1,056 | 57,858 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 0.5% |
| |||||||
Verizon Communications, Inc. |
29,898 | 1,018,924 | ||||||
|
|
|||||||
Electrical Equipment - 0.1% |
| |||||||
Rockwell Automation, Inc. |
396 | 133,171 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.4% |
| |||||||
CDW Corp. |
1,188 | 222,239 | ||||||
Corning, Inc.(a) |
4,290 | 145,603 | ||||||
Flex Ltd.* |
1,518 | 41,532 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Jabil, Inc. |
594 | 65,738 | ||||||
Keysight Technologies, Inc.* |
924 | 148,838 | ||||||
Trimble, Inc.* |
1,452 | 78,118 | ||||||
Zebra Technologies Corp., Class A* |
198 | 60,976 | ||||||
|
|
|||||||
763,044 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.6% |
| |||||||
Baker Hughes Co., Class A |
5,478 | 196,057 | ||||||
Schlumberger NV |
15,114 | 881,751 | ||||||
|
|
|||||||
1,077,808 | ||||||||
|
|
|||||||
Entertainment - 1.0% |
| |||||||
Activision Blizzard, Inc.* |
5,214 | 483,651 | ||||||
Walt Disney Co. (The)* |
16,170 | 1,437,351 | ||||||
|
|
|||||||
1,921,002 | ||||||||
|
|
|||||||
Financial Services - 5.1% |
| |||||||
Apollo Global Management, Inc. |
4,752 | 388,286 | ||||||
Berkshire Hathaway, Inc., Class B* |
13,728 | 4,831,707 | ||||||
Block, Inc., Class A* |
1,980 | 159,449 | ||||||
Fidelity National Information Services, Inc. |
3,234 | 195,269 | ||||||
Mastercard, Inc., Class A |
2,970 | 1,171,012 | ||||||
PayPal Holdings, Inc.* |
7,854 | 595,490 | ||||||
Visa, Inc., Class A(a) |
8,580 | 2,039,723 | ||||||
|
|
|||||||
9,380,936 | ||||||||
|
|
|||||||
Food Products - 1.2% |
| |||||||
Archer-Daniels-Midland Co. |
1,980 | 168,221 | ||||||
Conagra Brands, Inc. |
3,366 | 110,438 | ||||||
Darling Ingredients, Inc.* |
1,452 | 100,551 | ||||||
General Mills, Inc. |
6,138 | 458,754 | ||||||
Hershey Co. (The) |
1,584 | 366,395 | ||||||
Hormel Foods Corp. |
2,112 | 86,339 | ||||||
J M Smucker Co. (The) |
396 | 59,657 | ||||||
Kellogg Co. |
2,838 | 189,834 | ||||||
McCormick & Co., Inc. (Non-Voting) |
2,244 | 200,793 | ||||||
Mondelez International, Inc., Class A |
4,752 | 352,266 | ||||||
Tyson Foods, Inc., Class A |
1,122 | 62,518 | ||||||
|
|
|||||||
2,155,766 | ||||||||
|
|
|||||||
Ground Transportation - 0.7% |
| |||||||
Uber Technologies, Inc.* |
10,824 | 535,355 | ||||||
Union Pacific Corp. |
3,234 | 750,353 | ||||||
|
|
|||||||
1,285,708 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.4% |
| |||||||
Baxter International, Inc. |
1,584 | 71,644 | ||||||
Becton Dickinson & Co. |
1,980 | 551,668 | ||||||
Boston Scientific Corp.* |
10,098 | 523,581 | ||||||
Cooper Cos., Inc. (The) |
264 | 103,293 | ||||||
Edwards Lifesciences Corp.* |
5,280 | 433,330 | ||||||
Hologic, Inc.* |
2,112 | 167,735 | ||||||
IDEXX Laboratories, Inc.* |
462 | 256,285 | ||||||
Medtronic plc |
9,438 | 828,279 | ||||||
Penumbra, Inc.*(a) |
396 | 120,130 | ||||||
Stryker Corp. |
3,828 | 1,084,893 | ||||||
Zimmer Biomet Holdings, Inc. |
1,518 | 209,712 | ||||||
|
|
|||||||
4,350,550 | ||||||||
|
|
|||||||
Health Care Providers & Services - 3.2% |
| |||||||
AmerisourceBergen Corp.(a) |
858 | 160,360 |
Investments |
Shares | Value ($) | ||||||
Cardinal Health, Inc. |
1,848 | 169,037 | ||||||
Centene Corp.* |
1,848 | 125,830 | ||||||
Cigna Group (The) |
2,112 | 623,251 | ||||||
CVS Health Corp. |
11,418 | 852,810 | ||||||
Elevance Health, Inc. |
2,508 | 1,182,848 | ||||||
Humana, Inc. |
462 | 211,055 | ||||||
Quest Diagnostics, Inc. |
594 | 80,315 | ||||||
UnitedHealth Group, Inc. |
4,950 | 2,506,532 | ||||||
|
|
|||||||
5,912,038 | ||||||||
|
|
|||||||
Health Care REITs - 0.4% |
| |||||||
Healthpeak Properties, Inc., REIT |
5,412 | 118,144 | ||||||
Ventas, Inc., REIT |
3,366 | 163,318 | ||||||
Welltower, Inc., REIT(a) |
5,280 | 433,752 | ||||||
|
|
|||||||
715,214 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.2% |
| |||||||
Booking Holdings, Inc.* |
264 | 784,291 | ||||||
Caesars Entertainment, Inc.* |
1,254 | 74,011 | ||||||
Carnival Corp.*(a) |
4,290 | 80,824 | ||||||
Chipotle Mexican Grill, Inc., Class A* |
132 | 259,021 | ||||||
Dominos Pizza, Inc. |
264 | 104,739 | ||||||
Hilton Worldwide Holdings, Inc. |
2,310 | 359,182 | ||||||
Las Vegas Sands Corp.* |
1,650 | 98,687 | ||||||
Marriott International, Inc., Class A |
990 | 199,792 | ||||||
McDonalds Corp. |
2,574 | 754,697 | ||||||
MGM Resorts International |
2,310 | 117,279 | ||||||
Royal Caribbean Cruises Ltd.* |
792 | 86,415 | ||||||
Starbucks Corp. |
6,072 | 616,733 | ||||||
Yum China Holdings, Inc. |
2,310 | 140,956 | ||||||
Yum! Brands, Inc. |
2,508 | 345,276 | ||||||
|
|
|||||||
4,021,903 | ||||||||
|
|
|||||||
Household Products - 2.4% |
| |||||||
Church & Dwight Co., Inc. |
1,254 | 119,970 | ||||||
Clorox Co. (The) |
1,320 | 199,954 | ||||||
Colgate-Palmolive Co. |
7,392 | 563,714 | ||||||
Kimberly-Clark Corp. |
2,970 | 383,427 | ||||||
Procter & Gamble Co. (The) |
20,790 | 3,249,477 | ||||||
|
|
|||||||
4,516,542 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.0%(c) |
| |||||||
AES Corp. (The) |
4,356 | 94,220 | ||||||
|
|
|||||||
Industrial Conglomerates - 0.2% |
| |||||||
3M Co. |
3,828 | 426,822 | ||||||
|
|
|||||||
Industrial REITs - 0.2% |
| |||||||
Prologis, Inc., REIT |
3,300 | 411,675 | ||||||
|
|
|||||||
Insurance - 2.1% |
| |||||||
Aflac, Inc. |
5,016 | 362,857 | ||||||
Allstate Corp. (The) |
858 | 96,680 | ||||||
American International Group, Inc. |
2,574 | 155,161 | ||||||
Aon plc, Class A |
726 | 231,231 | ||||||
Arch Capital Group Ltd.* |
1,386 | 107,678 | ||||||
Arthur J Gallagher & Co. |
1,518 | 326,066 | ||||||
Chubb Ltd. |
1,452 | 296,803 | ||||||
Hartford Financial Services Group, Inc. (The) |
2,706 | 194,507 | ||||||
Marsh & McLennan Cos., Inc. |
3,498 | 659,093 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
MetLife, Inc. |
5,808 | 365,730 | ||||||
Principal Financial Group, Inc. |
2,640 | 210,857 | ||||||
Progressive Corp. (The) |
3,102 | 390,790 | ||||||
Travelers Cos., Inc. (The) |
1,650 | 284,807 | ||||||
Willis Towers Watson plc |
924 | 195,269 | ||||||
|
|
|||||||
3,877,529 | ||||||||
|
|
|||||||
Interactive Media & Services - 5.6% |
| |||||||
Alphabet, Inc., Class C* |
20,790 | 2,767,357 | ||||||
Meta Platforms, Inc., Class A* |
23,496 | 7,485,826 | ||||||
Snap, Inc., Class A*(a) |
10,428 | 118,462 | ||||||
|
|
|||||||
10,371,645 | ||||||||
|
|
|||||||
IT Services - 2.4% |
| |||||||
Accenture plc, Class A |
6,996 | 2,213,185 | ||||||
Akamai Technologies, Inc.* |
1,386 | 130,977 | ||||||
Amdocs Ltd. |
1,254 | 117,425 | ||||||
Cognizant Technology Solutions Corp., Class A |
4,356 | 287,627 | ||||||
Gartner, Inc.* |
726 | 256,706 | ||||||
International Business Machines Corp. |
9,636 | 1,389,318 | ||||||
|
|
|||||||
4,395,238 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 1.2% |
| |||||||
Agilent Technologies, Inc. |
1,584 | 192,884 | ||||||
Avantor, Inc.* |
1,980 | 40,729 | ||||||
Bio-Rad Laboratories, Inc., Class A* |
132 | 53,507 | ||||||
Danaher Corp. |
3,696 | 942,702 | ||||||
Illumina, Inc.* |
1,122 | 215,592 | ||||||
IQVIA Holdings, Inc.* |
1,980 | 443,045 | ||||||
Mettler-Toledo International, Inc.* |
66 | 82,993 | ||||||
Revvity, Inc. |
396 | 48,688 | ||||||
West Pharmaceutical Services, Inc. |
396 | 145,744 | ||||||
|
|
|||||||
2,165,884 | ||||||||
|
|
|||||||
Machinery - 1.6% |
| |||||||
Caterpillar, Inc. |
2,772 | 735,051 | ||||||
Cummins, Inc. |
990 | 258,192 | ||||||
Deere & Co. |
1,056 | 453,658 | ||||||
Dover Corp. |
792 | 115,608 | ||||||
Fortive Corp. |
3,036 | 237,871 | ||||||
Illinois Tool Works, Inc. |
1,056 | 278,066 | ||||||
Ingersoll Rand, Inc. |
1,518 | 99,080 | ||||||
Nordson Corp. |
396 | 99,638 | ||||||
Otis Worldwide Corp. |
3,564 | 324,181 | ||||||
Stanley Black & Decker, Inc. |
1,254 | 124,485 | ||||||
Toro Co. (The) |
528 | 53,671 | ||||||
Xylem, Inc. |
1,254 | 141,388 | ||||||
|
|
|||||||
2,920,889 | ||||||||
|
|
|||||||
Media - 0.7% |
| |||||||
Comcast Corp., Class A |
21,846 | 988,750 | ||||||
Interpublic Group of Cos., Inc. (The)(a) |
3,432 | 117,477 | ||||||
Omnicom Group, Inc.(a) |
1,452 | 122,868 | ||||||
Paramount Global, Class B(a) |
1,254 | 20,102 | ||||||
|
|
|||||||
1,249,197 | ||||||||
|
|
|||||||
Metals & Mining - 0.6% |
| |||||||
Freeport-McMoRan, Inc. |
9,900 | 442,035 | ||||||
Newmont Corp. |
6,864 | 294,603 |
Investments |
Shares | Value ($) | ||||||
Nucor Corp. |
1,782 | 306,664 | ||||||
|
|
|||||||
1,043,302 | ||||||||
|
|
|||||||
Multi-Utilities - 0.1% |
| |||||||
Public Service Enterprise Group, Inc. |
1,848 | 116,646 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 4.7% |
| |||||||
APA Corp. |
1,848 | 74,825 | ||||||
Chevron Corp. |
18,678 | 3,056,841 | ||||||
Coterra Energy, Inc. |
6,864 | 189,035 | ||||||
Exxon Mobil Corp. |
42,966 | 4,607,674 | ||||||
Marathon Oil Corp. |
4,092 | 107,497 | ||||||
Phillips 66 |
4,884 | 544,810 | ||||||
|
|
|||||||
8,580,682 | ||||||||
|
|
|||||||
Passenger Airlines - 0.1% |
| |||||||
American Airlines Group, Inc.*(a) |
2,178 | 36,481 | ||||||
Southwest Airlines Co. |
2,112 | 72,146 | ||||||
|
|
|||||||
108,627 | ||||||||
|
|
|||||||
Personal Care Products - 0.2% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A |
2,046 | 368,280 | ||||||
|
|
|||||||
Pharmaceuticals - 7.5% |
| |||||||
Bristol-Myers Squibb Co. |
22,374 | 1,391,439 | ||||||
Eli Lilly & Co. |
6,006 | 2,730,027 | ||||||
Johnson & Johnson |
27,588 | 4,621,818 | ||||||
Merck & Co., Inc. |
26,862 | 2,864,833 | ||||||
Pfizer, Inc. |
39,732 | 1,432,736 | ||||||
Zoetis, Inc., Class A |
4,092 | 769,664 | ||||||
|
|
|||||||
13,810,517 | ||||||||
|
|
|||||||
Professional Services - 0.7% |
| |||||||
Automatic Data Processing, Inc. |
3,696 | 913,873 | ||||||
Broadridge Financial Solutions, Inc. |
660 | 110,827 | ||||||
Verisk Analytics, Inc., Class A |
1,518 | 347,531 | ||||||
|
|
|||||||
1,372,231 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.1% |
| |||||||
CBRE Group, Inc., Class A* |
3,234 | 269,425 | ||||||
|
|
|||||||
Residential REITs - 0.2% |
| |||||||
Camden Property Trust, REIT |
330 | 36,000 | ||||||
Equity Residential, REIT |
1,782 | 117,505 | ||||||
Essex Property Trust, Inc., REIT |
330 | 80,372 | ||||||
Sun Communities, Inc., REIT |
924 | 120,397 | ||||||
|
|
|||||||
354,274 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.2% |
| |||||||
Advanced Micro Devices, Inc.* |
5,676 | 649,335 | ||||||
Applied Materials, Inc. |
7,458 | 1,130,558 | ||||||
First Solar, Inc.* |
528 | 109,507 | ||||||
Intel Corp. |
36,960 | 1,322,059 | ||||||
KLA Corp. |
726 | 373,128 | ||||||
Lam Research Corp. |
990 | 711,305 | ||||||
Microchip Technology, Inc. |
1,848 | 173,601 | ||||||
Micron Technology, Inc. |
11,616 | 829,266 | ||||||
NVIDIA Corp. |
8,712 | 4,071,031 | ||||||
QUALCOMM, Inc. |
5,940 | 785,090 | ||||||
Skyworks Solutions, Inc. |
528 | 60,387 | ||||||
Texas Instruments, Inc. |
6,402 | 1,152,360 | ||||||
|
|
|||||||
11,367,627 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Software - 9.1% |
| |||||||
Adobe, Inc.* |
4,026 | 2,198,880 | ||||||
Autodesk, Inc.* |
2,310 | 489,697 | ||||||
Crowdstrike Holdings, Inc., Class A* |
792 | 128,035 | ||||||
DocuSign, Inc., Class A* |
1,518 | 81,699 | ||||||
Fortinet, Inc.* |
4,488 | 348,807 | ||||||
Gen Digital, Inc. |
6,468 | 125,803 | ||||||
Intuit, Inc. |
1,980 | 1,013,166 | ||||||
Microsoft Corp. |
26,202 | 8,801,776 | ||||||
Oracle Corp. |
5,412 | 634,449 | ||||||
Palo Alto Networks, Inc.*(a) |
2,112 | 527,916 | ||||||
Salesforce, Inc.* |
5,214 | 1,173,202 | ||||||
ServiceNow, Inc.* |
726 | 423,258 | ||||||
Splunk, Inc.* |
792 | 85,797 | ||||||
Synopsys, Inc.* |
1,056 | 477,101 | ||||||
Workday, Inc., Class A* |
726 | 172,156 | ||||||
|
|
|||||||
16,681,742 | ||||||||
|
|
|||||||
Specialized REITs - 0.6% |
| |||||||
American Tower Corp., REIT |
2,508 | 477,297 | ||||||
Digital Realty Trust, Inc., REIT |
990 | 123,374 | ||||||
Iron Mountain, Inc., REIT |
2,574 | 158,044 | ||||||
Weyerhaeuser Co., REIT |
8,052 | 274,251 | ||||||
|
|
|||||||
1,032,966 | ||||||||
|
|
|||||||
Specialty Retail - 1.7% |
| |||||||
AutoZone, Inc.* |
132 | 327,587 | ||||||
Bath & Body Works, Inc. |
2,442 | 90,501 | ||||||
Best Buy Co., Inc.(a) |
1,650 | 137,033 | ||||||
Burlington Stores, Inc.* |
330 | 58,615 | ||||||
Lowes Cos., Inc. |
4,224 | 989,556 | ||||||
Ross Stores, Inc. |
3,102 | 355,613 | ||||||
TJX Cos., Inc. (The) |
10,164 | 879,491 | ||||||
Tractor Supply Co.(a) |
990 | 221,750 | ||||||
Williams-Sonoma, Inc.(a) |
660 | 91,502 | ||||||
|
|
|||||||
3,151,648 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 5.4% |
| |||||||
Apple, Inc. |
47,124 | 9,257,510 | ||||||
Hewlett Packard Enterprise Co. |
11,286 | 196,151 | ||||||
HP, Inc. |
9,438 | 309,849 | ||||||
NetApp, Inc. |
1,518 | 118,419 | ||||||
Western Digital Corp.* |
3,498 | 148,875 | ||||||
|
|
|||||||
10,030,804 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.7% |
| |||||||
Deckers Outdoor Corp.* |
198 | 107,651 | ||||||
Lululemon Athletica, Inc.* |
1,320 | 499,660 | ||||||
NIKE, Inc., Class B |
6,468 | 714,002 | ||||||
|
|
|||||||
1,321,313 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.4% |
| |||||||
Ferguson plc |
2,178 | 352,008 | ||||||
United Rentals, Inc. |
264 | 122,676 | ||||||
WW Grainger, Inc. |
330 | 243,702 | ||||||
|
|
|||||||
718,386 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Water Utilities - 0.1% |
| |||||||
American Water Works Co., Inc. |
1,386 | 204,338 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
182,445,043 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.0%(c)(d) |
| |||||||
REPURCHASE AGREEMENTS - 0.0%(c) |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $6,049,
collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $6,123 |
6,048 | 6,048 | ||||||
|
|
|||||||
Total Investments - 99.0% |
|
182,451,091 | ||||||
Other assets less liabilities - 1.0% |
|
1,765,217 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
184,216,308 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $4,385,750, collateralized in the form of cash with a value of $6,048 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,357,933 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from August 15, 2023 February 15, 2053 and $86,721 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 4.75%, and maturity dates ranging from September 7, 2023 October 22, 2071; a total value of $4,450,702. |
(b) | Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is a subsidiary of Northern Trust Corporation. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $6,048. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Abbreviations | ||
REIT | Real Estate Investment Trust |
Investment in a company which was affiliated for the period ended July 31, 2023, was as follows:
Security | Value October 31, 2022 |
Purchases at Cost |
Sales Proceeds | Shares July 31, 2023 |
Value July 31, 2023 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Loss |
||||||||||||||||||||||||
Northern Trust Corp. |
$ | | $ | 145,507 | $ | 80,761 | 660 | $ | 52,879 | $ | (4,508 | ) | $ | 1,961 | $ | (7,359 | ) |
Futures Contracts
FlexShares® STOXX® US ESG Select Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
||||||||||||||||||||
S&P 500 E-Mini Index |
7 | 09/15/2023 | USD | $ | 1,615,075 | $ | 93,824 |
Abbreviations: |
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.0 | % | ||
Securities Lending Reinvestments |
0.0 | | ||
Others(1) |
1.0 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® STOXX® Global ESG Select Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.0% |
| |||||||
Air Freight & Logistics - 0.4% |
| |||||||
DHL Group |
2,599 | 133,877 | ||||||
DSV A/S |
1,265 | 253,962 | ||||||
FedEx Corp. |
782 | 211,101 | ||||||
International Distributions Services plc* |
8,441 | 28,976 | ||||||
|
|
|||||||
627,916 | ||||||||
|
|
|||||||
Automobile Components - 0.4% |
| |||||||
BorgWarner, Inc.(a) |
782 | 36,363 | ||||||
Bridgestone Corp. |
4,600 | 190,793 | ||||||
Cie Generale des Etablissements Michelin SCA |
4,623 | 151,740 | ||||||
Continental AG |
736 | 58,929 | ||||||
Denso Corp. |
2,300 | 159,954 | ||||||
Forvia* |
1,127 | 28,356 | ||||||
Niterra Co. Ltd. |
2,300 | 48,597 | ||||||
Sumitomo Electric Industries Ltd. |
2,300 | 29,462 | ||||||
Valeo |
575 | 13,028 | ||||||
|
|
|||||||
717,222 | ||||||||
|
|
|||||||
Automobiles - 2.2% |
| |||||||
Bayerische Motoren Werke AG |
2,116 | 258,636 | ||||||
Ferrari NV |
506 | 162,569 | ||||||
General Motors Co. |
11,362 | 435,960 | ||||||
Honda Motor Co. Ltd. |
11,500 | 365,284 | ||||||
Mazda Motor Corp. |
2,300 | 22,752 | ||||||
Mercedes-Benz Group AG |
4,853 | 388,673 | ||||||
Mitsubishi Motors Corp. |
6,900 | 27,759 | ||||||
Nissan Motor Co. Ltd. |
6,900 | 30,256 | ||||||
Renault SA |
1,058 | 46,549 | ||||||
Rivian Automotive, Inc., Class A*(a) |
5,290 | 146,216 | ||||||
Stellantis NV |
12,673 | 260,506 | ||||||
Subaru Corp.(a) |
2,300 | 43,489 | ||||||
Suzuki Motor Corp. |
2,300 | 92,223 | ||||||
Toyota Motor Corp. |
66,700 | 1,120,117 | ||||||
Volkswagen AG (Preference) |
943 | 125,347 | ||||||
Yamaha Motor Co. Ltd. |
2,300 | 67,342 | ||||||
|
|
|||||||
3,593,678 | ||||||||
|
|
|||||||
Banks - 9.4% |
| |||||||
ABN AMRO Bank NV, CVA(b) |
2,530 | 43,125 | ||||||
AIB Group plc |
8,786 | 41,441 | ||||||
ANZ Group Holdings Ltd. |
19,481 | 338,027 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
32,775 | 260,541 | ||||||
Banco BPM SpA |
9,729 | 48,785 | ||||||
Banco Santander SA |
101,039 | 410,344 | ||||||
Bank of America Corp. |
23,230 | 743,360 | ||||||
Bank of Ireland Group plc |
7,222 | 76,409 | ||||||
Bank of Montreal |
5,221 | 486,064 | ||||||
Bank Polska Kasa Opieki SA |
1,794 | 53,129 | ||||||
Bankinter SA |
4,209 | 27,278 | ||||||
Barclays plc |
76,590 | 152,705 |
Investments |
Shares | Value ($) | ||||||
BNP Paribas SA |
6,739 | 445,954 | ||||||
Canadian Imperial Bank of Commerce |
6,946 | 306,495 | ||||||
Citigroup, Inc. |
16,123 | 768,422 | ||||||
Commerzbank AG |
3,289 | 39,436 | ||||||
Commonwealth Bank of Australia |
12,834 | 914,200 | ||||||
Credit Agricole SA |
1,794 | 22,323 | ||||||
Danske Bank A/S |
3,887 | 92,498 | ||||||
DBS Group Holdings Ltd. |
6,900 | 178,034 | ||||||
Erste Group Bank AG |
1,104 | 41,848 | ||||||
FinecoBank Banca Fineco SpA |
5,152 | 80,178 | ||||||
Hang Seng Bank Ltd. |
4,600 | 70,014 | ||||||
HSBC Holdings plc |
100,464 | 835,420 | ||||||
ING Groep NV |
8,878 | 129,991 | ||||||
Intesa Sanpaolo SpA |
89,999 | 260,871 | ||||||
Japan Post Bank Co. Ltd. |
4,600 | 38,301 | ||||||
JPMorgan Chase & Co. |
28,106 | 4,439,624 | ||||||
KBC Group NV |
1,012 | 76,319 | ||||||
Lloyds Banking Group plc |
330,786 | 191,246 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
2,254 | 30,120 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
85,100 | 686,406 | ||||||
National Bank of Canada |
736 | 57,751 | ||||||
NatWest Group plc |
24,357 | 76,561 | ||||||
Nordea Bank Abp |
21,137 | 240,177 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
16,100 | 161,267 | ||||||
Royal Bank of Canada |
7,406 | 735,564 | ||||||
Santander Bank Polska SA* |
115 | 11,441 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
8,326 | 101,069 | ||||||
Societe Generale SA |
4,071 | 110,933 | ||||||
Standard Chartered plc |
12,167 | 117,003 | ||||||
Svenska Handelsbanken AB, Class A |
6,716 | 59,059 | ||||||
Swedbank AB, Class A |
5,106 | 93,762 | ||||||
Toronto-Dominion Bank (The) |
9,890 | 653,397 | ||||||
UniCredit SpA |
8,142 | 206,470 | ||||||
US Bancorp |
8,809 | 349,541 | ||||||
Virgin Money UK plc |
6,946 | 15,765 | ||||||
Westpac Banking Corp. |
23,230 | 349,700 | ||||||
|
|
|||||||
15,668,368 | ||||||||
|
|
|||||||
Beverages - 1.8% |
| |||||||
Anheuser-Busch InBev SA/NV |
3,450 | 197,988 | ||||||
Asahi Group Holdings Ltd.(a) |
2,300 | 90,572 | ||||||
Britvic plc |
2,231 | 24,801 | ||||||
Budweiser Brewing Co. APAC Ltd.(b) |
11,500 | 27,870 | ||||||
Carlsberg A/S, Class B |
575 | 86,472 | ||||||
Coca-Cola Co. (The) |
19,297 | 1,195,063 | ||||||
Coca-Cola Europacific Partners plc |
1,219 | 77,272 | ||||||
Coca-Cola HBC AG |
1,012 | 29,844 | ||||||
Davide Campari-Milano NV |
3,036 | 40,938 | ||||||
Diageo plc |
10,672 | 466,515 | ||||||
Heineken Holding NV |
598 | 49,153 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Heineken NV |
1,541 | 151,451 | ||||||
Keurig Dr Pepper, Inc. |
3,910 | 132,979 | ||||||
Kirin Holdings Co. Ltd. |
4,600 | 68,071 | ||||||
Pernod Ricard SA |
1,173 | 259,434 | ||||||
Remy Cointreau SA* |
23 | 3,960 | ||||||
Royal Unibrew A/S |
184 | 15,968 | ||||||
Treasury Wine Estates Ltd. |
483 | 3,662 | ||||||
|
|
|||||||
2,922,013 | ||||||||
|
|
|||||||
Biotechnology - 0.8% |
| |||||||
CSL Ltd. |
2,576 | 466,107 | ||||||
Gilead Sciences, Inc. |
3,910 | 297,708 | ||||||
Grifols SA* |
120 | 1,766 | ||||||
Swedish Orphan Biovitrum AB* |
529 | 10,371 | ||||||
Vertex Pharmaceuticals, Inc.* |
1,633 | 575,371 | ||||||
|
|
|||||||
1,351,323 | ||||||||
|
|
|||||||
Broadline Retail - 4.0% |
| |||||||
Allegro.eu SA*(b) |
3,128 | 27,657 | ||||||
Amazon.com, Inc.* |
44,022 | 5,884,861 | ||||||
eBay, Inc. |
3,174 | 141,275 | ||||||
Etsy, Inc.*(a) |
460 | 46,759 | ||||||
Isetan Mitsukoshi Holdings Ltd. |
4,600 | 49,892 | ||||||
J Front Retailing Co. Ltd. |
2,300 | 22,388 | ||||||
Next plc |
713 | 64,657 | ||||||
Prosus NV* |
2,484 | 197,271 | ||||||
Wesfarmers Ltd. |
8,579 | 287,025 | ||||||
|
|
|||||||
6,721,785 | ||||||||
|
|
|||||||
Building Products - 0.4% |
| |||||||
Assa Abloy AB, Class B |
4,278 | 103,006 | ||||||
Belimo Holding AG (Registered) |
46 | 24,898 | ||||||
Cie de Saint-Gobain |
3,174 | 215,149 | ||||||
Fletcher Building Ltd. |
7,199 | 25,000 | ||||||
Lixil Corp. |
4,600 | 58,844 | ||||||
Nibe Industrier AB, Class B |
5,957 | 53,711 | ||||||
Reliance Worldwide Corp. Ltd. |
5,842 | 16,612 | ||||||
ROCKWOOL A/S, Class B |
115 | 31,041 | ||||||
Trane Technologies plc |
920 | 183,485 | ||||||
|
|
|||||||
711,746 | ||||||||
|
|
|||||||
Capital Markets - 1.6% |
| |||||||
abrdn plc |
12,719 | 37,950 | ||||||
ASX Ltd. |
460 | 19,252 | ||||||
BlackRock, Inc. |
1,104 | 815,691 | ||||||
Daiwa Securities Group, Inc. |
9,200 | 49,866 | ||||||
FactSet Research Systems, Inc. |
184 | 80,047 | ||||||
Goldman Sachs Group, Inc. (The) |
1,679 | 597,506 | ||||||
Hargreaves Lansdown plc |
1,357 | 14,865 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
6,900 | 288,256 | ||||||
IG Group Holdings plc |
1,656 | 15,085 | ||||||
Julius Baer Group Ltd. |
1,104 | 78,452 | ||||||
London Stock Exchange Group plc |
2,300 | 250,416 | ||||||
Macquarie Group Ltd. |
2,921 | 344,475 | ||||||
Man Group plc |
805 | 2,473 | ||||||
Nasdaq, Inc. |
483 | 24,387 | ||||||
Schroders plc |
7,613 | 44,990 | ||||||
|
|
|||||||
2,663,711 | ||||||||
|
|
|||||||
Chemicals - 0.8% |
| |||||||
Air Liquide SA |
1,725 | 310,694 | ||||||
Akzo Nobel NV |
759 | 65,072 |
Investments |
Shares | Value ($) | ||||||
Arkema SA |
506 | 54,651 | ||||||
BASF SE |
5,290 | 284,451 | ||||||
Chr Hansen Holding A/S |
368 | 27,875 | ||||||
Covestro AG*(b) |
736 | 39,625 | ||||||
Croda International plc |
368 | 27,888 | ||||||
DuPont de Nemours, Inc. |
1,587 | 123,199 | ||||||
Ecolab, Inc. |
966 | 176,913 | ||||||
Hexpol AB |
2,691 | 29,273 | ||||||
Kansai Paint Co. Ltd.(a) |
2,300 | 37,702 | ||||||
LANXESS AG |
782 | 26,400 | ||||||
Novozymes A/S, Class B(a) |
529 | 26,609 | ||||||
Orica Ltd. |
3,749 | 39,789 | ||||||
Solvay SA |
460 | 55,333 | ||||||
Yara International ASA |
184 | 7,537 | ||||||
|
|
|||||||
1,333,011 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.4% |
| |||||||
Brambles Ltd. |
7,958 | 75,450 | ||||||
Cintas Corp. |
552 | 277,126 | ||||||
Elis SA |
1,449 | 30,019 | ||||||
ISS A/S |
1,725 | 34,950 | ||||||
Rentokil Initial plc |
11,914 | 97,340 | ||||||
SPIE SA |
759 | 22,829 | ||||||
TOPPAN, Inc. |
2,300 | 54,101 | ||||||
|
|
|||||||
591,815 | ||||||||
|
|
|||||||
Communications Equipment - 0.0%(c) |
| |||||||
F5, Inc.* |
345 | 54,593 | ||||||
|
|
|||||||
Construction & Engineering - 0.5% |
| |||||||
AECOM |
437 | 38,019 | ||||||
Balfour Beatty plc |
2,231 | 10,030 | ||||||
Bouygues SA |
483 | 17,345 | ||||||
Eiffage SA |
529 | 55,187 | ||||||
Ferrovial SE |
2,693 | 89,491 | ||||||
Obayashi Corp. |
6,900 | 63,838 | ||||||
Shimizu Corp. |
6,900 | 47,573 | ||||||
Sweco AB, Class B |
2,691 | 27,761 | ||||||
Vinci SA |
3,450 | 406,169 | ||||||
Worley Ltd. |
2,024 | 23,677 | ||||||
WSP Global, Inc. |
299 | 41,264 | ||||||
|
|
|||||||
820,354 | ||||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
Holcim Ltd. |
2,852 | 199,378 | ||||||
Wienerberger AG |
437 | 14,368 | ||||||
|
|
|||||||
213,746 | ||||||||
|
|
|||||||
Consumer Finance - 0.0%(c) |
| |||||||
Cembra Money Bank AG |
138 | 10,507 | ||||||
Marui Group Co. Ltd. |
2,300 | 41,199 | ||||||
|
|
|||||||
51,706 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.7% |
| |||||||
Aeon Co. Ltd. |
4,600 | 99,654 | ||||||
Carrefour SA |
4,370 | 87,642 | ||||||
Coles Group Ltd. |
4,554 | 55,820 | ||||||
J Sainsbury plc(a) |
10,005 | 35,709 | ||||||
Jeronimo Martins SGPS SA |
1,334 | 36,417 | ||||||
Koninklijke Ahold Delhaize NV |
5,382 | 186,236 | ||||||
Kroger Co. (The)(a) |
2,530 | 123,059 | ||||||
Loblaw Cos. Ltd. |
897 | 79,733 | ||||||
Marks & Spencer Group plc* |
12,650 | 33,578 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Ocado Group plc*(a) |
1,403 | 16,940 | ||||||
Target Corp. |
1,978 | 269,938 | ||||||
Walgreens Boots Alliance, Inc. |
3,611 | 108,222 | ||||||
Walmart, Inc. |
9,315 | 1,489,096 | ||||||
Woolworths Group Ltd.(a) |
9,683 | 251,991 | ||||||
|
|
|||||||
2,874,035 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Amcor plc |
8,740 | 89,672 | ||||||
Ball Corp.(a) |
437 | 25,648 | ||||||
Billerud Aktiebolag |
230 | 1,965 | ||||||
DS Smith plc |
8,165 | 32,525 | ||||||
Huhtamaki OYJ |
230 | 8,193 | ||||||
Orora Ltd. |
11,316 | 27,375 | ||||||
Smurfit Kappa Group plc |
1,679 | 66,624 | ||||||
Verallia SA(b) |
184 | 8,180 | ||||||
|
|
|||||||
260,182 | ||||||||
|
|
|||||||
Distributors - 0.0%(c) |
| |||||||
Dieteren Group |
92 | 16,098 | ||||||
Inchcape plc |
1,955 | 20,588 | ||||||
|
|
|||||||
36,686 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.0%(c) |
| |||||||
Pearson plc |
3,864 | 42,985 | ||||||
|
|
|||||||
Diversified REITs - 0.1% |
| |||||||
British Land Co. plc (The), REIT |
23 | 100 | ||||||
Charter Hall Group, REIT |
1,196 | 9,212 | ||||||
Charter Hall Long Wale REIT, REIT(a) |
23 | 64 | ||||||
Land Securities Group plc, REIT |
8,188 | 68,204 | ||||||
Mirvac Group, REIT |
51,175 | 80,693 | ||||||
Stockland, REIT |
22,448 | 63,834 | ||||||
|
|
|||||||
222,107 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.8% |
| |||||||
BT Group plc(a) |
35,328 | 55,455 | ||||||
Cellnex Telecom SA(b) |
3,266 | 133,738 | ||||||
Chorus Ltd. |
3,013 | 16,126 | ||||||
Deutsche Telekom AG (Registered) |
20,907 | 457,378 | ||||||
Elisa OYJ |
1,242 | 64,963 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
1,403 | 17,658 | ||||||
Koninklijke KPN NV |
21,482 | 77,971 | ||||||
Singapore Telecommunications Ltd. |
36,800 | 73,722 | ||||||
Spark New Zealand Ltd. |
13,179 | 42,486 | ||||||
Swisscom AG (Registered) |
138 | 89,214 | ||||||
Telecom Italia SpA*(a) |
53,291 | 15,412 | ||||||
Telenor ASA |
2,967 | 31,821 | ||||||
Telstra Group Ltd. |
67,482 | 193,714 | ||||||
TELUS Corp. |
3,243 | 57,850 | ||||||
|
|
|||||||
1,327,508 | ||||||||
|
|
|||||||
Electric Utilities - 0.8% |
| |||||||
Chugoku Electric Power Co., Inc. (The)* |
4,600 | 31,949 | ||||||
Contact Energy Ltd. |
1,633 | 8,446 | ||||||
EDP - Energias de Portugal SA |
11,454 | 53,672 | ||||||
Elia Group SA/NV |
368 | 45,402 | ||||||
Endesa SA(a) |
1,380 | 29,647 | ||||||
Enel SpA |
27,876 | 192,768 |
Investments |
Shares | Value ($) | ||||||
Fortum OYJ |
253 | 3,434 | ||||||
Iberdrola SA(a) |
33,589 | 420,516 | ||||||
Kansai Electric Power Co., Inc. (The) |
4,600 | 60,543 | ||||||
Kyushu Electric Power Co., Inc.* |
4,600 | 31,285 | ||||||
Origin Energy Ltd. |
8,878 | 50,671 | ||||||
Orsted A/S(b) |
1,104 | 96,561 | ||||||
Redeia Corp. SA |
4,071 | 68,247 | ||||||
SSE plc |
5,911 | 128,189 | ||||||
Terna - Rete Elettrica Nazionale |
3,657 | 30,998 | ||||||
Verbund AG |
299 | 24,840 | ||||||
|
|
|||||||
1,277,168 | ||||||||
|
|
|||||||
Electrical Equipment - 0.8% |
| |||||||
ABB Ltd. (Registered) |
6,325 | 254,357 | ||||||
Fujikura Ltd. |
2,300 | 19,215 | ||||||
Legrand SA |
1,495 | 150,194 | ||||||
NEL ASA*(a) |
22,080 | 30,065 | ||||||
Nexans SA |
253 | 22,511 | ||||||
Nidec Corp. |
2,300 | 136,838 | ||||||
Prysmian SpA |
1,610 | 64,347 | ||||||
Schneider Electric SE |
2,093 | 373,929 | ||||||
Siemens Energy AG* |
3,036 | 51,516 | ||||||
Signify NV(b) |
1,058 | 33,327 | ||||||
Vestas Wind Systems A/S* |
6,118 | 164,407 | ||||||
|
|
|||||||
1,300,706 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.9% |
| |||||||
CDW Corp. |
943 | 176,407 | ||||||
Corning, Inc. |
2,967 | 100,700 | ||||||
Flex Ltd.* |
1,150 | 31,464 | ||||||
Halma plc |
1,242 | 35,732 | ||||||
Hexagon AB, Class B |
6,463 | 62,708 | ||||||
Ibiden Co. Ltd. |
1,500 | 91,068 | ||||||
Jabil, Inc. |
322 | 35,636 | ||||||
Keyence Corp. |
700 | 314,133 | ||||||
Kyocera Corp. |
800 | 43,041 | ||||||
Murata Manufacturing Co. Ltd. |
4,600 | 269,531 | ||||||
Omron Corp. |
1,200 | 64,375 | ||||||
Shimadzu Corp.(a) |
2,300 | 69,787 | ||||||
TDK Corp. |
2,300 | 88,014 | ||||||
Venture Corp. Ltd. |
2,300 | 25,948 | ||||||
Yokogawa Electric Corp. |
2,300 | 43,165 | ||||||
|
|
|||||||
1,451,709 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.4% |
| |||||||
Baker Hughes Co., Class A(a) |
3,082 | 110,305 | ||||||
Schlumberger NV |
9,246 | 539,412 | ||||||
Tenaris SA |
1,265 | 21,102 | ||||||
|
|
|||||||
670,819 | ||||||||
|
|
|||||||
Entertainment - 0.6% |
| |||||||
Activision Blizzard, Inc.* |
2,461 | 228,282 | ||||||
Bollore SE |
4,117 | 26,101 | ||||||
Walt Disney Co. (The)* |
8,418 | 748,276 | ||||||
|
|
|||||||
1,002,659 | ||||||||
|
|
|||||||
Financial Services - 2.2% |
| |||||||
AMP Ltd. |
26,105 | 19,878 | ||||||
Apollo Global Management, Inc. |
2,254 | 184,174 | ||||||
Berkshire Hathaway, Inc., Class B* |
8,280 | 2,914,229 | ||||||
Edenred |
1,564 | 101,877 | ||||||
EXOR NV |
598 | 56,003 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Kinnevik AB, Class B* |
1,012 | 13,835 | ||||||
M&G plc |
9,522 | 24,577 | ||||||
ORIX Corp. |
6,900 | 132,629 | ||||||
OSB Group plc |
2,783 | 13,149 | ||||||
PayPal Holdings, Inc.* |
3,105 | 235,421 | ||||||
Wendel SE |
161 | 15,940 | ||||||
Worldline SA*(b) |
322 | 12,791 | ||||||
|
|
|||||||
3,724,503 | ||||||||
|
|
|||||||
Food Products - 1.2% |
| |||||||
AAK AB |
2,898 | 55,767 | ||||||
Ajinomoto Co., Inc. |
4,600 | 179,267 | ||||||
Associated British Foods plc |
2,231 | 58,846 | ||||||
Bakkafrost P/F |
391 | 22,861 | ||||||
Danone SA |
1,357 | 83,082 | ||||||
Darling Ingredients, Inc.* |
23 | 1,593 | ||||||
General Mills, Inc. |
2,898 | 216,597 | ||||||
Hershey Co. (The) |
736 | 170,244 | ||||||
JDE Peets NV |
230 | 6,958 | ||||||
Kellogg Co. |
2,001 | 133,847 | ||||||
Kerry Group plc, Class A(a) |
575 | 57,285 | ||||||
McCormick & Co., Inc. (Non-Voting) |
943 | 84,380 | ||||||
MEIJI Holdings Co. Ltd. |
2,300 | 53,226 | ||||||
Mowi ASA |
1,587 | 27,962 | ||||||
Nestle SA (Registered) |
6,233 | 768,510 | ||||||
Orkla ASA |
276 | 2,185 | ||||||
Viscofan SA |
184 | 11,969 | ||||||
|
|
|||||||
1,934,579 | ||||||||
|
|
|||||||
Gas Utilities - 0.1% |
| |||||||
APA Group |
9,108 | 61,374 | ||||||
Enagas SA(a) |
989 | 17,594 | ||||||
Naturgy Energy Group SA(a) |
805 | 24,621 | ||||||
Rubis SCA |
897 | 22,173 | ||||||
Snam SpA |
11,385 | 60,026 | ||||||
Tokyo Gas Co. Ltd. |
2,300 | 52,207 | ||||||
|
|
|||||||
237,995 | ||||||||
|
|
|||||||
Ground Transportation - 0.3% |
| |||||||
Canadian National Railway Co. |
3,220 | 391,024 | ||||||
MTR Corp. Ltd. |
11,500 | 52,864 | ||||||
|
|
|||||||
443,888 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.3% |
| |||||||
Alcon, Inc. |
2,852 | 243,597 | ||||||
Ansell Ltd.(a) |
1,288 | 20,951 | ||||||
Becton Dickinson & Co. |
1,380 | 384,495 | ||||||
Boston Scientific Corp.* |
4,301 | 223,007 | ||||||
Carl Zeiss Meditec AG |
230 | 26,715 | ||||||
Cochlear Ltd. |
506 | 81,553 | ||||||
Coloplast A/S, Class B |
391 | 48,729 | ||||||
ConvaTec Group plc(b) |
4,094 | 10,988 | ||||||
Demant A/S* |
782 | 31,272 | ||||||
Edwards Lifesciences Corp.* |
2,553 | 209,525 | ||||||
Elekta AB, Class B |
3,519 | 28,554 | ||||||
EssilorLuxottica SA |
1,196 | 241,234 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
3,496 | 53,458 | ||||||
Getinge AB, Class B |
1,909 | 35,636 | ||||||
Hologic, Inc.* |
1,357 | 107,773 | ||||||
Hoya Corp. |
2,300 | 267,589 |
Investments |
Shares | Value ($) | ||||||
IDEXX Laboratories, Inc.* |
230 | 127,588 | ||||||
Koninklijke Philips NV* |
7,038 | 146,721 | ||||||
Medtronic plc |
4,393 | 385,530 | ||||||
Olympus Corp. |
6,900 | 112,499 | ||||||
Smith & Nephew plc |
2,645 | 40,328 | ||||||
Straumann Holding AG (Registered) |
897 | 149,164 | ||||||
Stryker Corp. |
2,300 | 651,843 | ||||||
Terumo Corp. |
2,300 | 75,291 | ||||||
Zimmer Biomet Holdings, Inc. |
667 | 92,146 | ||||||
|
|
|||||||
3,796,186 | ||||||||
|
|
|||||||
Health Care Providers & Services - 1.9% |
| |||||||
Amplifon SpA |
322 | 10,931 | ||||||
Cardinal Health, Inc. |
1,081 | 98,879 | ||||||
Cigna Group (The) |
920 | 271,492 | ||||||
CVS Health Corp. |
4,439 | 331,549 | ||||||
Elevance Health, Inc. |
1,541 | 726,782 | ||||||
Fresenius Medical Care AG & Co. KGaA |
667 | 34,726 | ||||||
Fresenius SE & Co. KGaA |
874 | 27,492 | ||||||
Galenica AG(b) |
483 | 39,059 | ||||||
Sonic Healthcare Ltd. |
1,311 | 31,052 | ||||||
UnitedHealth Group, Inc. |
3,013 | 1,525,693 | ||||||
|
|
|||||||
3,097,655 | ||||||||
|
|
|||||||
Health Care REITs - 0.2% |
| |||||||
Healthpeak Properties, Inc., REIT |
1,978 | 43,180 | ||||||
Ventas, Inc., REIT |
1,242 | 60,262 | ||||||
Welltower, Inc., REIT(a) |
3,542 | 290,975 | ||||||
|
|
|||||||
394,417 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.6% |
| |||||||
Accor SA |
1,357 | 51,303 | ||||||
Amadeus IT Group SA |
989 | 71,117 | ||||||
Booking Holdings, Inc.*(a) |
184 | 546,627 | ||||||
Caesars Entertainment, Inc.* |
1,242 | 73,303 | ||||||
Compass Group plc |
8,694 | 226,743 | ||||||
Dominos Pizza Enterprises Ltd. |
207 | 6,849 | ||||||
Dominos Pizza, Inc. |
23 | 9,125 | ||||||
Entain plc |
2,806 | 50,039 | ||||||
Greggs plc |
851 | 30,242 | ||||||
Hilton Worldwide Holdings, Inc. |
1,058 | 164,508 | ||||||
InterContinental Hotels Group plc |
1,081 | 80,058 | ||||||
Kindred Group plc, SDR |
1,426 | 17,168 | ||||||
La Francaise des Jeux SAEM(b) |
782 | 29,935 | ||||||
Las Vegas Sands Corp.* |
1,104 | 66,030 | ||||||
MGM Resorts International |
1,564 | 79,404 | ||||||
Oriental Land Co. Ltd. |
9,200 | 352,900 | ||||||
Sodexo SA |
529 | 54,441 | ||||||
SSP Group plc* |
9,407 | 30,453 | ||||||
Starbucks Corp. |
3,795 | 385,458 | ||||||
TUI AG* |
4,324 | 35,050 | ||||||
Whitbread plc |
736 | 33,135 | ||||||
Yum China Holdings, Inc. |
1,426 | 87,015 | ||||||
Yum! Brands, Inc. |
1,564 | 215,316 | ||||||
|
|
|||||||
2,696,219 | ||||||||
|
|
|||||||
Household Durables - 1.1% |
| |||||||
Barratt Developments plc |
6,302 | 37,031 | ||||||
Electrolux AB, Class B |
1,380 | 17,074 | ||||||
GN Store Nord A/S* |
1,587 | 42,532 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Nikon Corp. |
2,300 | 30,369 | ||||||
Panasonic Holdings Corp. |
11,500 | 142,455 | ||||||
Persimmon plc |
1,081 | 16,120 | ||||||
SEB SA |
253 | 28,425 | ||||||
Sekisui Chemical Co. Ltd. |
2,300 | 34,950 | ||||||
Sekisui House Ltd.(a) |
4,600 | 93,858 | ||||||
Sony Group Corp. |
13,800 | 1,293,264 | ||||||
Taylor Wimpey plc |
18,170 | 26,733 | ||||||
Vistry Group plc |
920 | 9,346 | ||||||
|
|
|||||||
1,772,157 | ||||||||
|
|
|||||||
Household Products - 1.2% |
| |||||||
Clorox Co. (The) |
391 | 59,229 | ||||||
Colgate-Palmolive Co. |
2,254 | 171,890 | ||||||
Essity AB, Class B |
2,438 | 60,535 | ||||||
Henkel AG & Co. KGaA (Preference) |
1,127 | 87,204 | ||||||
Kimberly-Clark Corp. |
1,265 | 163,312 | ||||||
Pigeon Corp. |
2,300 | 31,081 | ||||||
Procter & Gamble Co. (The) |
7,728 | 1,207,886 | ||||||
Reckitt Benckiser Group plc |
3,082 | 231,503 | ||||||
Unicharm Corp. |
1,200 | 44,485 | ||||||
|
|
|||||||
2,057,125 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
AES Corp. (The) |
1,679 | 36,317 | ||||||
EDP Renovaveis SA |
3,128 | 59,905 | ||||||
Meridian Energy Ltd. |
9,085 | 31,917 | ||||||
|
|
|||||||
128,139 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.5% |
| |||||||
3M Co. |
2,070 | 230,805 | ||||||
CK Hutchison Holdings Ltd. |
11,500 | 70,929 | ||||||
DCC plc |
299 | 17,354 | ||||||
Hitachi Ltd. |
4,600 | 301,033 | ||||||
Investment AB Latour, Class B |
2,139 | 43,157 | ||||||
Keppel Corp. Ltd. |
4,600 | 25,567 | ||||||
Toshiba Corp. |
2,300 | 74,287 | ||||||
|
|
|||||||
763,132 | ||||||||
|
|
|||||||
Industrial REITs - 0.2% |
| |||||||
CapitaLand Ascendas REIT, REIT |
2,300 | 4,867 | ||||||
Goodman Group, REIT |
13,156 | 182,091 | ||||||
Segro plc, REIT |
3,588 | 35,224 | ||||||
Warehouses De Pauw CVA, REIT |
621 | 18,404 | ||||||
|
|
|||||||
240,586 | ||||||||
|
|
|||||||
Insurance - 1.6% |
| |||||||
Admiral Group plc |
690 | 18,901 | ||||||
Aegon NV(a) |
5,221 | 28,460 | ||||||
Aflac, Inc. |
2,231 | 161,391 | ||||||
Ageas SA/NV |
1,334 | 56,670 | ||||||
ASR Nederland NV |
644 | 29,318 | ||||||
Assicurazioni Generali SpA |
6,854 | 146,452 | ||||||
Aviva plc |
13,087 | 65,400 | ||||||
AXA SA |
11,017 | 339,746 | ||||||
Beazley plc |
3,772 | 26,620 | ||||||
Direct Line Insurance Group plc |
3,680 | 7,124 | ||||||
Hannover Rueck SE |
253 | 54,157 | ||||||
Hiscox Ltd. |
1,127 | 15,646 | ||||||
Insurance Australia Group Ltd. |
13,340 | 53,306 | ||||||
Japan Post Holdings Co. Ltd. |
9,200 | 67,278 | ||||||
Medibank Pvt Ltd. |
14,122 | 33,402 |
Investments |
Shares | Value ($) | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
851 | 321,451 | ||||||
nib holdings Ltd. |
2,116 | 11,806 | ||||||
NN Group NV |
753 | 28,958 | ||||||
Phoenix Group Holdings plc |
368 | 2,605 | ||||||
Poste Italiane SpA(a)(b) |
2,944 | 33,741 | ||||||
Power Corp. of Canada |
2,875 | 81,603 | ||||||
Principal Financial Group, Inc. |
1,196 | 95,524 | ||||||
Prudential plc |
7,015 | 97,705 | ||||||
Sampo OYJ, Class A |
2,783 | 123,012 | ||||||
Storebrand ASA |
6,233 | 54,613 | ||||||
Sun Life Financial, Inc. |
1,656 | 87,313 | ||||||
Suncorp Group Ltd. |
6,072 | 58,224 | ||||||
Swiss Life Holding AG (Registered) |
138 | 88,004 | ||||||
Swiss Re AG |
1,265 | 132,651 | ||||||
Topdanmark A/S(a) |
24 | 1,091 | ||||||
Tryg A/S |
897 | 17,769 | ||||||
Zurich Insurance Group AG |
667 | 323,786 | ||||||
|
|
|||||||
2,663,727 | ||||||||
|
|
|||||||
Interactive Media & Services - 4.4% |
| |||||||
Alphabet, Inc., Class C* |
18,883 | 2,513,516 | ||||||
Auto Trader Group plc(b) |
5,520 | 45,881 | ||||||
carsales.com Ltd. |
2,795 | 46,821 | ||||||
Meta Platforms, Inc., Class A* |
14,168 | 4,513,925 | ||||||
REA Group Ltd. |
575 | 61,037 | ||||||
Snap, Inc., Class A*(a) |
5,014 | 56,959 | ||||||
Z Holdings Corp. |
25,300 | 70,480 | ||||||
|
|
|||||||
7,308,619 | ||||||||
|
|
|||||||
IT Services - 2.7% |
| |||||||
Accenture plc, Class A |
6,371 | 2,015,466 | ||||||
Akamai Technologies, Inc.* |
1,196 | 113,022 | ||||||
Alten SA |
92 | 13,288 | ||||||
Amdocs Ltd. |
805 | 75,380 | ||||||
Bechtle AG |
1,012 | 44,665 | ||||||
Capgemini SE |
1,081 | 196,478 | ||||||
CGI, Inc.* |
2,070 | 210,735 | ||||||
Cognizant Technology Solutions Corp., Class A |
2,760 | 182,243 | ||||||
Computacenter plc |
575 | 16,232 | ||||||
Fujitsu Ltd. |
1,600 | 207,038 | ||||||
Gartner, Inc.* |
506 | 178,916 | ||||||
International Business Machines Corp. |
5,842 | 842,300 | ||||||
NEC Corp. |
2,300 | 116,279 | ||||||
Nomura Research Institute Ltd. |
2,300 | 65,254 | ||||||
NTT Data Group Corp. |
4,600 | 63,959 | ||||||
Softcat plc |
828 | 15,980 | ||||||
Sopra Steria Group SACA |
115 | 25,067 | ||||||
TietoEVRY OYJ |
736 | 18,826 | ||||||
|
|
|||||||
4,401,128 | ||||||||
|
|
|||||||
Leisure Products - 0.1% |
| |||||||
Bandai Namco Holdings, Inc. |
2,900 | 65,601 | ||||||
Thule Group AB(b) |
828 | 25,878 | ||||||
Yamaha Corp. |
900 | 34,840 | ||||||
|
|
|||||||
126,319 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Life Sciences Tools & Services - 0.8% |
| |||||||
Danaher Corp. |
2,323 | 592,504 | ||||||
Eurofins Scientific SE |
506 | 34,913 | ||||||
Gerresheimer AG |
23 | 2,731 | ||||||
Illumina, Inc.* |
368 | 70,711 | ||||||
IQVIA Holdings, Inc.* |
1,265 | 283,056 | ||||||
Lonza Group AG (Registered) |
299 | 174,257 | ||||||
QIAGEN NV* |
529 | 24,876 | ||||||
Sartorius AG (Preference) |
115 | 47,586 | ||||||
Siegfried Holding AG (Registered) |
23 | 20,417 | ||||||
Tecan Group AG (Registered) |
92 | 36,764 | ||||||
Wuxi Biologics Cayman, Inc.*(b) |
11,500 | 65,030 | ||||||
|
|
|||||||
1,352,845 | ||||||||
|
|
|||||||
Machinery - 1.4% |
| |||||||
Aalberts NV |
897 | 40,578 | ||||||
Alfa Laval AB |
1,357 | 50,871 | ||||||
Alstom SA |
1,633 | 50,089 | ||||||
ANDRITZ AG |
299 | 15,844 | ||||||
Atlas Copco AB, Class A |
9,844 | 140,247 | ||||||
Bucher Industries AG (Registered) |
46 | 20,589 | ||||||
CNH Industrial NV |
2,875 | 41,557 | ||||||
Cummins, Inc. |
322 | 83,978 | ||||||
Ebara Corp. |
300 | 14,155 | ||||||
Epiroc AB, Class A |
4,646 | 92,898 | ||||||
FANUC Corp. |
4,400 | 134,651 | ||||||
Fortive Corp. |
1,564 | 122,539 | ||||||
GEA Group AG |
690 | 29,358 | ||||||
Georg Fischer AG (Registered) |
621 | 42,589 | ||||||
Husqvarna AB, Class B(a) |
4,278 | 42,078 | ||||||
IMI plc |
667 | 13,980 | ||||||
Indutrade AB |
1,610 | 33,847 | ||||||
KION Group AG |
483 | 20,300 | ||||||
Knorr-Bremse AG |
391 | 27,564 | ||||||
Komatsu Ltd. |
2,300 | 64,169 | ||||||
Kone OYJ, Class B |
1,679 | 86,339 | ||||||
Kubota Corp. |
4,600 | 69,431 | ||||||
Metso OYJ |
3,864 | 43,987 | ||||||
MINEBEA MITSUMI, Inc. |
2,300 | 42,542 | ||||||
Nordson Corp. |
253 | 63,657 | ||||||
NSK Ltd. |
4,600 | 29,750 | ||||||
Otis Worldwide Corp. |
1,817 | 165,274 | ||||||
Rotork plc |
7,199 | 28,566 | ||||||
Sandvik AB |
3,266 | 66,455 | ||||||
Schindler Holding AG |
253 | 61,641 | ||||||
Seatrium Ltd.* |
138,000 | 14,654 | ||||||
SFS Group AG |
23 | 2,744 | ||||||
SKF AB, Class B |
1,840 | 35,128 | ||||||
Spirax-Sarco Engineering plc |
299 | 42,799 | ||||||
Stanley Black & Decker, Inc. |
759 | 75,346 | ||||||
Techtronic Industries Co. Ltd. |
6,500 | 73,387 | ||||||
Trelleborg AB, Class B |
1,978 | 52,765 | ||||||
Valmet OYJ |
1,426 | 37,907 | ||||||
Volvo AB, Class B |
8,786 | 194,032 | ||||||
Wartsila OYJ Abp(a) |
3,427 | 43,169 | ||||||
Weir Group plc (The) |
1,035 | 24,436 | ||||||
|
|
|||||||
2,335,890 | ||||||||
|
|
|||||||
Marine Transportation - 0.1% |
| |||||||
AP Moller - Maersk A/S, Class B |
23 | 47,417 |
Investments |
Shares | Value ($) | ||||||
Mitsui OSK Lines Ltd. |
2,300 | 59,491 | ||||||
Nippon Yusen KK |
2,300 | 55,816 | ||||||
Pacific Basin Shipping Ltd. |
23,000 | 7,462 | ||||||
|
|
|||||||
170,186 | ||||||||
|
|
|||||||
Media - 0.3% |
| |||||||
Dentsu Group, Inc. |
1,200 | 40,135 | ||||||
Informa plc(a) |
7,590 | 74,043 | ||||||
Interpublic Group of Cos., Inc. (The) |
2,162 | 74,005 | ||||||
ITV plc |
19,343 | 18,004 | ||||||
Publicis Groupe SA |
1,380 | 111,710 | ||||||
SES SA, Class A, ADR |
5,612 | 36,445 | ||||||
Vivendi SE |
575 | 5,149 | ||||||
WPP plc |
4,738 | 51,915 | ||||||
|
|
|||||||
411,406 | ||||||||
|
|
|||||||
Metals & Mining - 1.5% |
| |||||||
Anglo American plc |
6,463 | 199,076 | ||||||
Antofagasta plc |
1,679 | 36,239 | ||||||
ArcelorMittal SA |
3,703 | 107,376 | ||||||
Aurubis AG |
184 | 17,353 | ||||||
BHP Group Ltd. |
31,832 | 986,914 | ||||||
BlueScope Steel Ltd. |
1,863 | 27,418 | ||||||
Boliden AB |
184 | 5,430 | ||||||
Fortescue Metals Group Ltd. |
13,202 | 192,869 | ||||||
IGO Ltd. |
1,311 | 12,191 | ||||||
Iluka Resources Ltd. |
2,990 | 20,591 | ||||||
Lynas Rare Earths Ltd.*(a) |
1,633 | 7,406 | ||||||
Mineral Resources Ltd.(a) |
1,127 | 54,246 | ||||||
Newcrest Mining Ltd. |
6,118 | 108,878 | ||||||
Newmont Corp. |
1,794 | 77,031 | ||||||
Norsk Hydro ASA |
3,059 | 20,078 | ||||||
Northern Star Resources Ltd.(a) |
7,291 | 56,549 | ||||||
Rio Tinto Ltd. |
2,024 | 159,669 | ||||||
Rio Tinto plc |
4,531 | 300,235 | ||||||
Sims Ltd. |
483 | 4,915 | ||||||
South32 Ltd. |
28,497 | 74,507 | ||||||
SSAB AB, Class B |
2,737 | 16,759 | ||||||
thyssenkrupp AG |
2,645 | 21,084 | ||||||
voestalpine AG |
621 | 20,609 | ||||||
|
|
|||||||
2,527,423 | ||||||||
|
|
|||||||
Multi-Utilities - 0.5% |
| |||||||
A2A SpA |
10,971 | 20,993 | ||||||
AGL Energy Ltd. |
5,083 | 41,753 | ||||||
Centrica plc |
14,122 | 25,084 | ||||||
Engie SA |
10,695 | 175,839 | ||||||
Hera SpA |
8,119 | 25,279 | ||||||
National Grid plc |
20,079 | 266,484 | ||||||
Public Service Enterprise Group, Inc. |
2,898 | 182,922 | ||||||
Veolia Environnement SA |
2,622 | 85,570 | ||||||
|
|
|||||||
823,924 | ||||||||
|
|
|||||||
Office REITs - 0.0%(c) |
| |||||||
Covivio SA, REIT |
23 | 1,114 | ||||||
Dexus, REIT(a) |
2,231 | 12,358 | ||||||
Gecina SA, REIT |
437 | 47,386 | ||||||
|
|
|||||||
60,858 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 6.1% |
| |||||||
Ampol Ltd. |
1,564 | 34,621 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
BP plc |
52,118 | 323,888 | ||||||
Cameco Corp. |
1,472 | 51,846 | ||||||
Chevron Corp. |
16,928 | 2,770,437 | ||||||
Coterra Energy, Inc. |
4,117 | 113,382 | ||||||
Enbridge, Inc. |
11,063 | 407,471 | ||||||
Eni SpA |
16,353 | 250,329 | ||||||
Equinor ASA |
6,003 | 183,001 | ||||||
Exxon Mobil Corp. |
32,706 | 3,507,391 | ||||||
Gaztransport Et Technigaz SA |
92 | 11,249 | ||||||
Idemitsu Kosan Co. Ltd. |
2,300 | 48,564 | ||||||
Marathon Oil Corp. |
1,610 | 42,295 | ||||||
Neste OYJ |
1,196 | 44,122 | ||||||
OMV AG |
276 | 12,476 | ||||||
Phillips 66(a) |
3,013 | 336,100 | ||||||
Repsol SA |
2,438 | 37,363 | ||||||
Shell plc(a) |
38,203 | 1,178,748 | ||||||
Suncor Energy, Inc. |
4,899 | 153,567 | ||||||
TotalEnergies SE |
7,866 | 479,251 | ||||||
Woodside Energy Group Ltd.(a) |
6,072 | 155,441 | ||||||
|
|
|||||||
10,141,542 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.0%(c) |
| |||||||
Holmen AB, Class B |
1,104 | 42,605 | ||||||
Mondi plc |
115 | 2,021 | ||||||
Stora Enso OYJ, Class R |
1,081 | 13,295 | ||||||
Svenska Cellulosa AB SCA, Class B |
828 | 11,016 | ||||||
|
|
|||||||
68,937 | ||||||||
|
|
|||||||
Passenger Airlines - 0.1% |
| |||||||
Air France-KLM*(a) |
9,499 | 16,448 | ||||||
ANA Holdings, Inc.* |
2,300 | 55,136 | ||||||
International Consolidated Airlines Group SA* |
16,330 | 35,950 | ||||||
Qantas Airways Ltd.* |
14,720 | 64,772 | ||||||
Singapore Airlines Ltd. |
6,900 | 39,130 | ||||||
|
|
|||||||
211,436 | ||||||||
|
|
|||||||
Personal Care Products - 1.2% |
| |||||||
Beiersdorf AG |
437 | 56,758 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
966 | 173,880 | ||||||
Haleon plc |
30,498 | 131,965 | ||||||
Kao Corp. |
1,200 | 45,625 | ||||||
LOreal SA |
1,426 | 665,370 | ||||||
Shiseido Co. Ltd. |
3,400 | 149,085 | ||||||
Unilever plc |
15,203 | 819,843 | ||||||
|
|
|||||||
2,042,526 | ||||||||
|
|
|||||||
Pharmaceuticals - 9.8% |
| |||||||
Astellas Pharma, Inc. |
13,800 | 202,076 | ||||||
AstraZeneca plc |
8,763 | 1,261,212 | ||||||
Bristol-Myers Squibb Co. |
13,915 | 865,374 | ||||||
Chugai Pharmaceutical Co. Ltd. |
2,300 | 68,492 | ||||||
Daiichi Sankyo Co. Ltd. |
6,900 | 211,109 | ||||||
Dechra Pharmaceuticals plc |
621 | 29,675 | ||||||
Eisai Co. Ltd. |
1,300 | 82,128 | ||||||
Eli Lilly & Co. |
2,668 | 1,212,739 | ||||||
GSK plc |
24,104 | 429,412 | ||||||
Hikma Pharmaceuticals plc |
828 | 22,255 | ||||||
Ipsen SA |
115 | 14,531 | ||||||
Johnson & Johnson |
25,093 | 4,203,830 |
Investments |
Shares | Value ($) | ||||||
Merck & Co., Inc. |
16,123 | 1,719,518 | ||||||
Merck KGaA |
552 | 97,255 | ||||||
Novartis AG (Registered) |
13,938 | 1,464,306 | ||||||
Novo Nordisk A/S, Class B |
7,107 | 1,148,383 | ||||||
Ono Pharmaceutical Co. Ltd. |
2,300 | 42,113 | ||||||
Orion OYJ, Class B |
46 | 1,772 | ||||||
Pfizer, Inc. |
27,554 | 993,597 | ||||||
Roche Holding AG |
2,254 | 703,619 | ||||||
Sanofi |
6,785 | 726,311 | ||||||
Santen Pharmaceutical Co. Ltd. |
2,300 | 20,106 | ||||||
Shionogi & Co. Ltd. |
4,000 | 167,004 | ||||||
Takeda Pharmaceutical Co. Ltd. |
6,900 | 210,817 | ||||||
UCB SA |
460 | 40,838 | ||||||
Zoetis, Inc., Class A |
2,323 | 436,933 | ||||||
|
|
|||||||
16,375,405 | ||||||||
|
|
|||||||
Professional Services - 0.8% |
| |||||||
Adecco Group AG (Registered) |
138 | 5,637 | ||||||
ALS Ltd. |
1,794 | 14,192 | ||||||
Arcadis NV(a) |
506 | 22,260 | ||||||
Automatic Data Processing, Inc. |
1,196 | 295,723 | ||||||
Bureau Veritas SA |
2,875 | 79,182 | ||||||
Computershare Ltd. |
1,564 | 26,432 | ||||||
Experian plc |
1,633 | 63,222 | ||||||
Intertek Group plc |
1,012 | 56,797 | ||||||
Randstad NV |
138 | 8,107 | ||||||
RELX plc |
10,396 | 350,452 | ||||||
SGS SA (Registered) |
1,035 | 100,819 | ||||||
Teleperformance |
437 | 63,479 | ||||||
Verisk Analytics, Inc., Class A |
690 | 157,969 | ||||||
|
|
|||||||
1,244,271 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.6% |
| |||||||
CapitaLand Investment Ltd. |
18,400 | 47,115 | ||||||
Castellum AB |
736 | 8,402 | ||||||
CBRE Group, Inc., Class A* |
2,829 | 235,684 | ||||||
CK Asset Holdings Ltd. |
11,500 | 66,357 | ||||||
Daiwa House Industry Co. Ltd. |
4,600 | 125,037 | ||||||
Hongkong Land Holdings Ltd. |
4,600 | 16,376 | ||||||
Kojamo OYJ |
3,841 | 37,606 | ||||||
Mitsubishi Estate Co. Ltd. |
6,900 | 84,356 | ||||||
Mitsui Fudosan Co. Ltd. |
2,300 | 47,245 | ||||||
Sagax AB, Class B |
1,564 | 34,815 | ||||||
Sun Hung Kai Properties Ltd. |
6,000 | 75,051 | ||||||
Swire Properties Ltd. |
9,200 | 23,004 | ||||||
Swiss Prime Site AG (Registered) |
874 | 85,096 | ||||||
Tokyu Fudosan Holdings Corp. |
4,600 | 27,335 | ||||||
Vonovia SE |
3,013 | 70,559 | ||||||
Wihlborgs Fastigheter AB |
5,658 | 44,316 | ||||||
|
|
|||||||
1,028,354 | ||||||||
|
|
|||||||
Residential REITs - 0.1% |
| |||||||
Camden Property Trust, REIT |
69 | 7,527 | ||||||
Equity Residential, REIT |
644 | 42,465 | ||||||
Essex Property Trust, Inc., REIT |
230 | 56,017 | ||||||
Sun Communities, Inc., REIT |
368 | 47,951 | ||||||
|
|
|||||||
153,960 | ||||||||
|
|
|||||||
Retail REITs - 0.1% |
| |||||||
CapitaLand Integrated Commercial Trust, REIT |
29,900 | 45,938 | ||||||
Klepierre SA, REIT |
644 | 17,147 | ||||||
Link REIT, REIT |
18,400 | 102,986 | ||||||
Vicinity Ltd., REIT |
8,142 | 10,836 | ||||||
|
|
|||||||
|
176,907 | |||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Semiconductors & Semiconductor Equipment - 4.7% |
| |||||||
Advanced Micro Devices, Inc.* |
5,152 | 589,389 | ||||||
Advantest Corp. |
600 | 82,454 | ||||||
AIXTRON SE |
253 | 10,064 | ||||||
ams-OSRAM AG* |
3,634 | 32,397 | ||||||
Applied Materials, Inc. |
5,336 | 808,884 | ||||||
ASM International NV |
299 | 142,661 | ||||||
ASML Holding NV |
1,794 | 1,290,035 | ||||||
BE Semiconductor Industries NV |
529 | 63,370 | ||||||
First Solar, Inc.* |
322 | 66,783 | ||||||
Infineon Technologies AG |
6,141 | 270,830 | ||||||
Intel Corp. |
26,841 | 960,103 | ||||||
KLA Corp. |
414 | 212,775 | ||||||
Lam Research Corp. |
644 | 462,708 | ||||||
Microchip Technology, Inc. |
1,633 | 153,404 | ||||||
Micron Technology, Inc. |
8,809 | 628,875 | ||||||
Nordic Semiconductor ASA* |
2,001 | 29,511 | ||||||
QUALCOMM, Inc. |
3,312 | 437,747 | ||||||
Renesas Electronics Corp.* |
11,500 | 223,031 | ||||||
Skyworks Solutions, Inc. |
460 | 52,610 | ||||||
SOITEC* |
161 | 31,766 | ||||||
STMicroelectronics NV |
3,565 | 191,184 | ||||||
SUMCO Corp.(a) |
2,300 | 33,509 | ||||||
Texas Instruments, Inc. |
4,278 | 770,040 | ||||||
Tokyo Electron Ltd. |
2,300 | 343,915 | ||||||
|
|
|||||||
7,888,045 | ||||||||
|
|
|||||||
Software - 9.2% |
| |||||||
Adobe, Inc.* |
2,944 | 1,607,924 | ||||||
Autodesk, Inc.* |
1,840 | 390,062 | ||||||
Crowdstrike Holdings, Inc., Class A* |
874 | 141,291 | ||||||
Dassault Systemes SE |
2,967 | 127,203 | ||||||
DocuSign, Inc., Class A* |
391 | 21,044 | ||||||
Fortinet, Inc.* |
3,174 | 246,683 | ||||||
Gen Digital, Inc. |
2,990 | 58,155 | ||||||
Intuit, Inc. |
1,403 | 717,915 | ||||||
Microsoft Corp. |
24,081 | 8,089,290 | ||||||
Oracle Corp. |
4,784 | 560,828 | ||||||
Palo Alto Networks, Inc.*(a) |
1,449 | 362,192 | ||||||
Sage Group plc (The) |
6,026 | 72,618 | ||||||
Salesforce, Inc.* |
4,784 | 1,076,448 | ||||||
SAP SE |
5,934 | 813,891 | ||||||
ServiceNow, Inc.* |
690 | 402,270 | ||||||
SimCorp A/S |
230 | 24,755 | ||||||
Splunk, Inc.* |
552 | 59,798 | ||||||
Synopsys, Inc.* |
713 | 322,133 | ||||||
Temenos AG (Registered) |
368 | 31,738 | ||||||
WiseTech Global Ltd. |
943 | 54,514 | ||||||
Workday, Inc., Class A* |
713 | 169,074 | ||||||
|
|
|||||||
15,349,826 | ||||||||
|
|
|||||||
Specialized REITs - 0.4% |
| |||||||
American Tower Corp., REIT |
1,334 | 253,874 | ||||||
Big Yellow Group plc, REIT |
3,105 | 42,867 | ||||||
Iron Mountain, Inc., REIT |
1,909 | 117,213 | ||||||
Keppel DC REIT, REIT |
2,300 | 3,793 |
Investments |
Shares | Value ($) | ||||||
Safestore Holdings plc, REIT |
3,956 | 45,097 | ||||||
Weyerhaeuser Co., REIT |
3,657 | 124,557 | ||||||
|
|
|||||||
587,401 | ||||||||
|
|
|||||||
Specialty Retail - 1.4% |
| |||||||
AutoZone, Inc.*(a) |
69 | 171,239 | ||||||
Bath & Body Works, Inc. |
1,541 | 57,110 | ||||||
Best Buy Co., Inc.(a) |
1,357 | 112,699 | ||||||
H & M Hennes & Mauritz AB, Class B |
2,898 | 48,762 | ||||||
Industria de Diseno Textil SA |
2,944 | 112,990 | ||||||
JB Hi-Fi Ltd. |
874 | 26,885 | ||||||
Kingfisher plc(a) |
10,212 | 32,283 | ||||||
Lowes Cos., Inc. |
2,829 | 662,750 | ||||||
Nitori Holdings Co. Ltd. |
600 | 73,712 | ||||||
Ross Stores, Inc. |
2,254 | 258,399 | ||||||
TJX Cos., Inc. (The) |
5,911 | 511,479 | ||||||
Tractor Supply Co. |
391 | 87,580 | ||||||
WH Smith plc |
1,150 | 22,091 | ||||||
Williams-Sonoma, Inc.(a) |
391 | 54,208 | ||||||
Zalando SE*(b) |
644 | 22,295 | ||||||
|
|
|||||||
2,254,482 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 5.6% |
| |||||||
Apple, Inc. |
43,378 | 8,521,608 | ||||||
Brother Industries Ltd. |
2,300 | 35,832 | ||||||
FUJIFILM Holdings Corp. |
3,600 | 208,961 | ||||||
Hewlett Packard Enterprise Co. |
8,004 | 139,109 | ||||||
HP, Inc. |
6,072 | 199,344 | ||||||
Logitech International SA (Registered) |
552 | 39,150 | ||||||
NetApp, Inc. |
1,058 | 82,534 | ||||||
Ricoh Co. Ltd. |
2,300 | 20,454 | ||||||
Seiko Epson Corp. |
2,300 | 37,759 | ||||||
Western Digital Corp.* |
1,771 | 75,374 | ||||||
|
|
|||||||
9,360,125 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 2.0% |
| |||||||
adidas AG |
437 | 88,654 | ||||||
Asics Corp. |
2,300 | 72,490 | ||||||
Brunello Cucinelli SpA |
207 | 17,562 | ||||||
Burberry Group plc |
2,024 | 57,891 | ||||||
Christian Dior SE |
23 | 20,338 | ||||||
Deckers Outdoor Corp.* |
115 | 62,524 | ||||||
Hermes International |
138 | 306,814 | ||||||
HUGO BOSS AG |
391 | 31,686 | ||||||
Kering SA |
460 | 265,556 | ||||||
Lululemon Athletica, Inc.* |
989 | 374,366 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
1,518 | 1,419,440 | ||||||
Moncler SpA |
1,242 | 89,995 | ||||||
NIKE, Inc., Class B |
4,140 | 457,015 | ||||||
Pandora A/S |
690 | 69,252 | ||||||
Puma SE |
23 | 1,558 | ||||||
Swatch Group AG (The) |
207 | 66,481 | ||||||
|
|
|||||||
3,401,622 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 1.0% |
| |||||||
AddTech AB, Class B |
989 | 18,467 | ||||||
Ashtead Group plc |
2,369 | 175,630 | ||||||
Beijer Ref AB, Class B |
2,829 | 38,555 | ||||||
Bunzl plc |
736 | 27,348 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Diploma plc |
805 | 33,538 | ||||||
Ferguson plc |
1,863 | 301,098 | ||||||
Grafton Group plc |
3,036 | 34,215 | ||||||
IMCD NV |
253 | 38,480 | ||||||
ITOCHU Corp.(a) |
6,900 | 279,244 | ||||||
Mitsui & Co. Ltd. |
9,200 | 358,792 | ||||||
Rexel SA |
1,219 | 29,461 | ||||||
Sojitz Corp. |
1,599 | 37,983 | ||||||
Sumitomo Corp.(a) |
6,900 | 147,975 | ||||||
Toyota Tsusho Corp. |
1,900 | 110,927 | ||||||
Travis Perkins plc |
3,864 | 43,293 | ||||||
|
|
|||||||
1,675,006 | ||||||||
|
|
|||||||
Transportation Infrastructure - 0.3% |
| |||||||
Aena SME SA(b) |
345 | 55,307 | ||||||
Aeroports de Paris |
230 | 31,851 | ||||||
Auckland International Airport Ltd.* |
10,189 | 53,265 | ||||||
Flughafen Zurich AG (Registered) |
92 | 19,560 | ||||||
Getlink SE |
2,047 | 36,099 | ||||||
Qube Holdings Ltd. |
1,449 | 2,871 | ||||||
SATS Ltd.* |
16,100 | 33,951 | ||||||
Transurban Group |
20,608 | 199,135 | ||||||
|
|
|||||||
432,039 | ||||||||
|
|
|||||||
Water Utilities - 0.1% |
| |||||||
American Water Works Co., Inc. |
874 | 128,854 | ||||||
Severn Trent plc |
1,380 | 45,348 | ||||||
United Utilities Group plc |
3,565 | 45,823 | ||||||
|
|
|||||||
220,025 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.1% |
| |||||||
Millicom International Cellular SA, SDR*(a) |
897 | 13,945 | ||||||
Tele2 AB, Class B |
2,415 | 18,207 | ||||||
Vodafone Group plc |
97,957 | 93,809 | ||||||
|
|
|||||||
125,961 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
164,716,327 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.2%(d) |
| |||||||
REPURCHASE AGREEMENTS - 0.2% |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price
$295,750, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $299,354 |
295,707 | 295,707 | ||||||
|
|
|||||||
Total Investments - 99.2% |
|
165,012,034 | ||||||
Other assets less liabilities - 0.8% |
|
1,376,145 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
166,388,179 | ||||||
|
|
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $4,489,002, collateralized in the form of cash with a value of $295,707 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $3,818,316 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 5.49%, and maturity dates ranging from August 10, 2023 February 15, 2053 and $599,916 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.00%, and maturity dates ranging from September 7, 2023 September 20, 2117; a total value of $4,713,939. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $295,707. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
CVA | Dutch Certification | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital | |
SDR | Swedish Depositary Receipt |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
Futures Contracts
FlexShares® STOXX® Global ESG Select Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
||||||||||||||||||||
MSCI EAFE E-Mini Index |
6 | 09/15/2023 | USD | $ | 661,740 | $ | 20,849 | |||||||||||||
S&P 500 E-Mini Index |
4 | 09/15/2023 | USD | 922,900 | 53,715 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 74,564 | |||||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® STOXX® Global ESG Select Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
193,205 | Citibank NA | JPY | 26,540,000 | 09/20/2023 | $ | 4,918 | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 4,918 | |||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
143,495 | Toronto-Dominion Bank (The) | CHF | 127,546 | 09/20/2023 | $ | (4,447 | ) | ||||||||||||||
USD |
63,507 | JPMorgan Chase Bank NA | GBP | 50,000 | 09/20/2023 | (839 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (5,286 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (368 | ) | ||||||||||||||||||
|
|
Abbreviations: | ||||
CHF | | Swiss Franc | ||
GBP | | British Pound | ||
JPY | | Japanese Yen | ||
USD | | US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global ESG Select Index Fund (cont.)
FlexShares® STOXX® Global ESG Select Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
4.0 | % | ||
Austria |
0.1 | |||
Belgium |
0.3 | |||
Canada |
2.3 | |||
Denmark |
1.4 | |||
Finland |
0.5 | |||
France |
5.4 | |||
Germany |
2.5 | |||
Hong Kong |
0.5 | |||
Ireland |
0.1 | |||
Italy |
1.4 | |||
Japan |
7.8 | |||
Luxembourg |
0.1 | |||
Netherlands |
2.4 | |||
New Zealand |
0.1 | |||
Norway |
0.2 | |||
Poland |
0.0 | | ||
Portugal |
0.1 | |||
Singapore |
0.4 | |||
Spain |
1.1 | |||
Sweden |
1.1 | |||
Switzerland |
3.2 | |||
United Kingdom |
5.8 | |||
United States |
58.2 | |||
Other1 |
1.0 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
99.0 | % | ||
Securities Lending Reinvestments |
0.2 | |||
Others(1) |
0.8 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate US Large Cap Core Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.0% |
| |||||||
Air Freight & Logistics - 0.2% |
| |||||||
Expeditors International of Washington, Inc. |
116 | 14,767 | ||||||
United Parcel Service, Inc., Class B |
319 | 59,694 | ||||||
|
|
|||||||
74,461 | ||||||||
|
|
|||||||
Automobiles - 2.3% |
| |||||||
Tesla, Inc.* |
3,219 | 860,857 | ||||||
|
|
|||||||
Banks - 3.4% |
| |||||||
Bank of America Corp. |
13,224 | 423,168 | ||||||
Citigroup, Inc. |
6,496 | 309,599 | ||||||
Fifth Third Bancorp |
812 | 23,629 | ||||||
JPMorgan Chase & Co. |
3,480 | 549,701 | ||||||
|
|
|||||||
1,306,097 | ||||||||
|
|
|||||||
Beverages - 1.5% |
| |||||||
Coca-Cola Co. (The) |
1,073 | 66,451 | ||||||
PepsiCo, Inc. |
2,581 | 483,834 | ||||||
|
|
|||||||
550,285 | ||||||||
|
|
|||||||
Biotechnology - 2.7% |
| |||||||
AbbVie, Inc. |
2,378 | 355,701 | ||||||
Amgen, Inc. |
1,363 | 319,147 | ||||||
Biogen, Inc.* |
667 | 180,217 | ||||||
Regeneron Pharmaceuticals, Inc.* |
145 | 107,577 | ||||||
Vertex Pharmaceuticals, Inc.* |
116 | 40,871 | ||||||
|
|
|||||||
1,003,513 | ||||||||
|
|
|||||||
Broadline Retail - 3.6% |
| |||||||
Amazon.com, Inc.* |
8,961 | 1,197,907 | ||||||
eBay, Inc. |
2,610 | 116,171 | ||||||
Etsy, Inc.* |
580 | 58,957 | ||||||
|
|
|||||||
1,373,035 | ||||||||
|
|
|||||||
Building Products - 1.2% |
| |||||||
Johnson Controls International plc |
3,190 | 221,865 | ||||||
Trane Technologies plc |
1,073 | 213,999 | ||||||
|
|
|||||||
435,864 | ||||||||
|
|
|||||||
Capital Markets - 3.6% |
| |||||||
Goldman Sachs Group, Inc. (The) |
435 | 154,803 | ||||||
Moodys Corp. |
754 | 265,973 | ||||||
Morgan Stanley |
3,364 | 308,008 | ||||||
MSCI, Inc., Class A |
377 | 206,626 | ||||||
Nasdaq, Inc. |
232 | 11,714 | ||||||
S&P Global, Inc. |
1,015 | 400,428 | ||||||
State Street Corp. |
145 | 10,504 | ||||||
|
|
|||||||
1,358,056 | ||||||||
|
|
|||||||
Chemicals - 1.3% |
| |||||||
Ecolab, Inc. |
1,189 | 217,753 | ||||||
International Flavors & Fragrances, Inc. |
1,160 | 98,148 | ||||||
PPG Industries, Inc. |
1,073 | 154,405 | ||||||
Sherwin-Williams Co. (The) |
87 | 24,055 | ||||||
|
|
|||||||
494,361 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Commercial Services & Supplies - 0.8% |
| |||||||
Waste Management, Inc. |
1,885 | 308,744 | ||||||
|
|
|||||||
Communications Equipment - 0.7% |
| |||||||
Cisco Systems, Inc. |
5,017 | 261,085 | ||||||
|
|
|||||||
Construction & Engineering - 0.3% |
| |||||||
Quanta Services, Inc. |
551 | 111,093 | ||||||
|
|
|||||||
Consumer Finance - 0.1% |
| |||||||
American Express Co. |
261 | 44,078 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.5% |
| |||||||
Kroger Co. (The) |
3,161 | 153,751 | ||||||
Sysco Corp. |
145 | 11,065 | ||||||
Target Corp. |
1,044 | 142,475 | ||||||
Walgreens Boots Alliance, Inc. |
3,393 | 101,688 | ||||||
Walmart, Inc. |
1,044 | 166,894 | ||||||
|
|
|||||||
575,873 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Amcor plc |
2,030 | 20,828 | ||||||
Avery Dennison Corp. |
377 | 69,372 | ||||||
|
|
|||||||
90,200 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 1.2% |
| |||||||
AT&T, Inc. |
18,676 | 271,175 | ||||||
Verizon Communications, Inc. |
5,046 | 171,968 | ||||||
|
|
|||||||
443,143 | ||||||||
|
|
|||||||
Electric Utilities - 1.1% |
| |||||||
Edison International |
725 | 52,171 | ||||||
Eversource Energy |
1,595 | 115,366 | ||||||
Exelon Corp. |
4,495 | 188,161 | ||||||
NextEra Energy, Inc. |
667 | 48,891 | ||||||
|
|
|||||||
404,589 | ||||||||
|
|
|||||||
Electrical Equipment - 0.3% |
| |||||||
Plug Power, Inc.* |
2,233 | 29,297 | ||||||
Rockwell Automation, Inc. |
232 | 78,019 | ||||||
|
|
|||||||
107,316 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.8% |
| |||||||
Baker Hughes Co., Class A |
2,697 | 96,526 | ||||||
Schlumberger NV |
3,538 | 206,407 | ||||||
|
|
|||||||
302,933 | ||||||||
|
|
|||||||
Entertainment - 0.8% |
| |||||||
Spotify Technology SA* |
377 | 56,328 | ||||||
Walt Disney Co. (The)* |
2,900 | 257,781 | ||||||
|
|
|||||||
314,109 | ||||||||
|
|
|||||||
Financial Services - 3.4% |
| |||||||
Berkshire Hathaway, Inc., Class B* |
638 | 224,550 | ||||||
Mastercard, Inc., Class A |
1,450 | 571,706 | ||||||
Visa, Inc., Class A |
2,030 | 482,592 | ||||||
|
|
|||||||
1,278,848 | ||||||||
|
|
|||||||
Food Products - 0.5% |
| |||||||
General Mills, Inc. |
812 | 60,689 | ||||||
Kellogg Co. |
174 | 11,639 | ||||||
Mondelez International, Inc., Class A |
1,595 | 118,237 | ||||||
|
|
|||||||
|
190,565 | |||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Ground Transportation - 1.6% |
| |||||||
CSX Corp. |
9,889 | 329,501 | ||||||
Norfolk Southern Corp. |
986 | 230,320 | ||||||
Union Pacific Corp. |
145 | 33,643 | ||||||
|
|
|||||||
593,464 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 1.9% |
| |||||||
Abbott Laboratories |
2,378 | 264,743 | ||||||
Boston Scientific Corp.* |
2,407 | 124,803 | ||||||
Edwards Lifesciences Corp.* |
696 | 57,120 | ||||||
Insulet Corp.* |
29 | 8,026 | ||||||
Medtronic plc |
2,900 | 254,504 | ||||||
|
|
|||||||
709,196 | ||||||||
|
|
|||||||
Health Care Providers & Services - 3.2% |
| |||||||
AmerisourceBergen Corp. |
435 | 81,302 | ||||||
Cigna Group (The) |
1,276 | 376,548 | ||||||
CVS Health Corp. |
3,509 | 262,087 | ||||||
Elevance Health, Inc. |
783 | 369,286 | ||||||
Humana, Inc. |
87 | 39,744 | ||||||
UnitedHealth Group, Inc. |
174 | 88,108 | ||||||
|
|
|||||||
1,217,075 | ||||||||
|
|
|||||||
Health Care REITs - 0.2% |
| |||||||
Ventas, Inc., REIT |
1,740 | 84,425 | ||||||
|
|
|||||||
Hotel & Resort REITs - 0.2% |
| |||||||
Host Hotels & Resorts, Inc., REIT |
3,335 | 61,364 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.4% |
| |||||||
Caesars Entertainment, Inc.* |
957 | 56,482 | ||||||
Las Vegas Sands Corp.* |
1,566 | 93,662 | ||||||
Marriott International, Inc., Class A |
232 | 46,820 | ||||||
McDonalds Corp. |
696 | 204,067 | ||||||
MGM Resorts International |
1,566 | 79,506 | ||||||
Starbucks Corp. |
638 | 64,802 | ||||||
|
|
|||||||
545,339 | ||||||||
|
|
|||||||
Household Products - 1.8% |
| |||||||
Church & Dwight Co., Inc. |
87 | 8,323 | ||||||
Clorox Co. (The) |
319 | 48,322 | ||||||
Colgate-Palmolive Co. |
2,552 | 194,616 | ||||||
Kimberly-Clark Corp. |
1,131 | 146,012 | ||||||
Procter & Gamble Co. (The) |
1,914 | 299,158 | ||||||
|
|
|||||||
696,431 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.1% |
| |||||||
NextEra Energy Partners LP |
377 | 20,528 | ||||||
|
|
|||||||
Industrial Conglomerates - 0.2% |
| |||||||
3M Co. |
667 | 74,370 | ||||||
|
|
|||||||
Industrial REITs - 0.9% |
| |||||||
Prologis, Inc., REIT |
2,813 | 350,922 | ||||||
|
|
|||||||
Insurance - 2.3% |
| |||||||
American International Group, Inc. |
1,102 | 66,429 | ||||||
Chubb Ltd. |
957 | 195,620 |
Investments |
Shares | Value ($) | ||||||
Hartford Financial Services Group, Inc. (The) |
1,508 | 108,395 | ||||||
Marsh & McLennan Cos., Inc. |
725 | 136,605 | ||||||
MetLife, Inc. |
3,190 | 200,874 | ||||||
Principal Financial Group, Inc. |
116 | 9,265 | ||||||
Prudential Financial, Inc. |
1,218 | 117,525 | ||||||
Travelers Cos., Inc. (The) |
261 | 45,051 | ||||||
|
|
|||||||
879,764 | ||||||||
|
|
|||||||
Interactive Media & Services - 6.3% |
| |||||||
Alphabet, Inc., Class A* |
7,018 | 931,429 | ||||||
Alphabet, Inc., Class C* |
6,757 | 899,424 | ||||||
Meta Platforms, Inc., Class A* |
1,711 | 545,125 | ||||||
|
|
|||||||
2,375,978 | ||||||||
|
|
|||||||
IT Services - 1.7% |
| |||||||
Accenture plc, Class A |
464 | 146,786 | ||||||
Akamai Technologies, Inc.* |
754 | 71,253 | ||||||
International Business Machines Corp. |
2,900 | 418,122 | ||||||
Okta, Inc., Class A* |
145 | 11,145 | ||||||
|
|
|||||||
647,306 | ||||||||
|
|
|||||||
Leisure Products - 0.1% |
| |||||||
Hasbro, Inc. |
609 | 39,317 | ||||||
|
|
|||||||
Life Sciences Tools & Services - 0.9% |
| |||||||
Agilent Technologies, Inc. |
174 | 21,188 | ||||||
Illumina, Inc.* |
725 | 139,309 | ||||||
Mettler-Toledo International, Inc.* |
58 | 72,933 | ||||||
Repligen Corp.* |
232 | 39,802 | ||||||
Thermo Fisher Scientific, Inc. |
58 | 31,822 | ||||||
West Pharmaceutical Services, Inc. |
145 | 53,366 | ||||||
|
|
|||||||
358,420 | ||||||||
|
|
|||||||
Machinery - 1.7% |
| |||||||
Cummins, Inc. |
638 | 166,390 | ||||||
Deere & Co. |
522 | 224,251 | ||||||
Stanley Black & Decker, Inc. |
696 | 69,092 | ||||||
Westinghouse Air Brake Technologies Corp. |
812 | 96,173 | ||||||
Xylem, Inc. |
841 | 94,823 | ||||||
|
|
|||||||
650,729 | ||||||||
|
|
|||||||
Media - 0.5% |
| |||||||
Comcast Corp., Class A |
3,045 | 137,817 | ||||||
Interpublic Group of Cos., Inc. (The) |
1,798 | 61,545 | ||||||
|
|
|||||||
199,362 | ||||||||
|
|
|||||||
Metals & Mining - 0.6% |
| |||||||
Newmont Corp. |
3,654 | 156,830 | ||||||
Steel Dynamics, Inc. |
609 | 64,907 | ||||||
|
|
|||||||
221,737 | ||||||||
|
|
|||||||
Multi-Utilities - 1.0% |
| |||||||
Consolidated Edison, Inc. |
1,624 | 154,053 | ||||||
Sempra |
1,450 | 216,079 | ||||||
|
|
|||||||
370,132 | ||||||||
|
|
|||||||
Office REITs - 0.1% |
| |||||||
Boston Properties, Inc., REIT |
667 | 44,442 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 3.5% |
| |||||||
Antero Resources Corp.* |
1,305 | 34,909 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Cheniere Energy, Inc. |
928 | 150,206 | ||||||
ConocoPhillips |
493 | 58,036 | ||||||
Devon Energy Corp. |
145 | 7,830 | ||||||
EQT Corp. |
1,537 | 64,831 | ||||||
Exxon Mobil Corp. |
667 | 71,529 | ||||||
Hess Corp. |
1,189 | 180,407 | ||||||
Marathon Petroleum Corp. |
2,030 | 270,030 | ||||||
Occidental Petroleum Corp. |
145 | 9,154 | ||||||
Pioneer Natural Resources Co. |
464 | 104,711 | ||||||
Valero Energy Corp. |
1,537 | 198,135 | ||||||
Williams Cos., Inc. (The) |
5,597 | 192,816 | ||||||
|
|
|||||||
1,342,594 | ||||||||
|
|
|||||||
Personal Care Products - 0.5% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A |
1,073 | 193,140 | ||||||
|
|
|||||||
Pharmaceuticals - 4.3% |
| |||||||
Bristol-Myers Squibb Co. |
2,755 | 171,333 | ||||||
Eli Lilly & Co. |
174 | 79,092 | ||||||
Johnson & Johnson |
3,973 | 665,597 | ||||||
Merck & Co., Inc. |
3,915 | 417,535 | ||||||
Pfizer, Inc. |
8,178 | 294,898 | ||||||
|
|
|||||||
1,628,455 | ||||||||
|
|
|||||||
Professional Services - 1.6% |
| |||||||
Automatic Data Processing, Inc. |
1,566 | 387,209 | ||||||
Equifax, Inc. |
29 | 5,918 | ||||||
Paychex, Inc. |
1,508 | 189,209 | ||||||
Paylocity Holding Corp.* |
145 | 32,893 | ||||||
|
|
|||||||
615,229 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.5% |
| |||||||
Advanced Micro Devices, Inc.* |
87 | 9,953 | ||||||
Applied Materials, Inc. |
1,102 | 167,052 | ||||||
Enphase Energy, Inc.* |
609 | 92,464 | ||||||
First Solar, Inc.* |
435 | 90,219 | ||||||
Intel Corp. |
12,354 | 441,903 | ||||||
Micron Technology, Inc. |
406 | 28,984 | ||||||
NVIDIA Corp. |
3,016 | 1,409,347 | ||||||
QUALCOMM, Inc. |
609 | 80,492 | ||||||
SolarEdge Technologies, Inc.* |
261 | 63,021 | ||||||
Texas Instruments, Inc. |
493 | 88,740 | ||||||
|
|
|||||||
2,472,175 | ||||||||
|
|
|||||||
Software - 10.9% |
| |||||||
Adobe, Inc.* |
1,044 | 570,201 | ||||||
Autodesk, Inc.* |
522 | 110,659 | ||||||
Cadence Design Systems, Inc.* |
87 | 20,359 | ||||||
Microsoft Corp. |
7,250 | 2,435,420 | ||||||
Oracle Corp. |
1,653 | 193,781 | ||||||
Salesforce, Inc.* |
2,175 | 489,397 | ||||||
ServiceNow, Inc.* |
145 | 84,535 | ||||||
Workday, Inc., Class A* |
870 | 206,303 | ||||||
|
|
|||||||
4,110,655 | ||||||||
|
|
|||||||
Specialized REITs - 1.2% |
| |||||||
Equinix, Inc., REIT |
406 | 328,827 | ||||||
Weyerhaeuser Co., REIT |
3,393 | 115,566 | ||||||
|
|
|||||||
444,393 | ||||||||
|
|
|||||||
Specialty Retail - 2.5% |
| |||||||
Best Buy Co., Inc. |
232 | 19,268 | ||||||
Home Depot, Inc. (The) |
841 | 280,759 |
Investments |
Shares | Value ($) | ||||||
Lowes Cos., Inc. |
638 | 149,464 | ||||||
TJX Cos., Inc. (The) |
4,205 | 363,859 | ||||||
Tractor Supply Co. |
522 | 116,923 | ||||||
|
|
|||||||
930,273 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 8.7% |
| |||||||
Apple, Inc. |
14,877 | 2,922,587 | ||||||
Dell Technologies, Inc., Class C |
1,247 | 65,991 | ||||||
Hewlett Packard Enterprise Co. |
6,003 | 104,332 | ||||||
HP, Inc. |
4,756 | 156,140 | ||||||
NetApp, Inc. |
406 | 31,672 | ||||||
|
|
|||||||
3,280,722 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.7% |
| |||||||
Lululemon Athletica, Inc.* |
87 | 32,932 | ||||||
NIKE, Inc., Class B |
1,914 | 211,286 | ||||||
VF Corp. |
1,102 | 21,831 | ||||||
|
|
|||||||
266,049 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.4% |
| |||||||
WW Grainger, Inc. |
203 | 149,913 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
37,463,004 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.1%(a) |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.1% |
| |||||||
U.S. Treasury Bills 4.91%, 10/26/2023 |
25,000 | 24,686 | ||||||
|
|
|||||||
Total Investments - 99.1% |
|
37,487,690 | ||||||
Other assets less liabilities - 0.9% |
|
358,084 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
37,845,774 | ||||||
|
|
* | Non-income producing security. |
(a) | The rate shown was the current yield as of July 31, 2023. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate US Large Cap Core Index Fund (cont.)
Futures Contracts
FlexShares® ESG & Climate US Large Cap Core Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
| |||||||||||||||||||
S&P 500 Micro E-Mini Index |
15 | 09/15/2023 | USD | $ | 346,088 | $ | 19,925 |
Abbreviations:
| ||||
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.0 | % | ||
Short-Term Investments |
0.1 | |||
Others(1) |
0.9 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.7% |
| |||||||
Air Freight & Logistics - 1.0% |
| |||||||
DHL Group |
7,769 | 400,190 | ||||||
|
|
|||||||
Automobile Components - 0.8% |
| |||||||
Bridgestone Corp. |
3,400 | 141,020 | ||||||
Cie Generale des Etablissements Michelin SCA |
2,193 | 71,981 | ||||||
Sumitomo Electric Industries Ltd. |
8,500 | 108,882 | ||||||
|
|
|||||||
321,883 | ||||||||
|
|
|||||||
Automobiles - 2.4% |
| |||||||
Bayerische Motoren Werke AG |
850 | 103,895 | ||||||
Honda Motor Co. Ltd. |
500 | 15,882 | ||||||
Mercedes-Benz Group AG |
2,737 | 219,204 | ||||||
Porsche Automobil Holding SE (Preference) |
2,057 | 121,970 | ||||||
Toyota Motor Corp. |
28,900 | 485,328 | ||||||
|
|
|||||||
946,279 | ||||||||
|
|
|||||||
Banks - 11.5% |
| |||||||
ABN AMRO Bank NV, CVA(a) |
3,383 | 57,665 | ||||||
AIB Group plc |
17,595 | 83,310 | ||||||
ANZ Group Holdings Ltd. |
11,390 | 197,635 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
5,202 | 41,353 | ||||||
Banco Santander SA |
34,510 | 140,154 | ||||||
Bank of Montreal |
1,700 | 158,266 | ||||||
Bank of Nova Scotia (The) |
4,641 | 234,121 | ||||||
Barclays plc |
20,213 | 40,301 | ||||||
BNP Paribas SA |
6,953 | 460,115 | ||||||
Commonwealth Bank of Australia |
5,372 | 382,662 | ||||||
Credit Agricole SA |
3,791 | 47,173 | ||||||
DBS Group Holdings Ltd. |
1,700 | 43,864 | ||||||
HSBC Holdings plc |
53,176 | 442,191 | ||||||
ING Groep NV |
16,269 | 238,209 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
39,100 | 315,376 | ||||||
Mizuho Financial Group, Inc. |
3,400 | 57,528 | ||||||
National Australia Bank Ltd. |
11,407 | 218,453 | ||||||
NatWest Group plc |
13,668 | 42,962 | ||||||
Nordea Bank Abp |
2,074 | 23,504 | ||||||
Resona Holdings, Inc. |
1,700 | 9,266 | ||||||
Royal Bank of Canada |
5,117 | 508,221 | ||||||
Societe Generale SA |
4,828 | 131,561 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
200 | 7,780 | ||||||
Toronto-Dominion Bank (The) |
6,069 | 400,957 | ||||||
UniCredit SpA |
3,893 | 98,721 | ||||||
Westpac Banking Corp. |
14,127 | 212,665 | ||||||
|
|
|||||||
4,594,013 | ||||||||
|
|
|||||||
Beverages - 2.3% |
| |||||||
Anheuser-Busch InBev SA/NV |
2,295 | 131,705 | ||||||
Asahi Group Holdings Ltd. |
1,900 | 74,820 | ||||||
Carlsberg A/S, Class B |
170 | 25,566 | ||||||
Coca-Cola HBC AG |
2,788 | 82,218 |
Investments |
Shares | Value ($) | ||||||
Diageo plc |
8,024 | 350,761 | ||||||
Kirin Holdings Co. Ltd. |
5,100 | 75,470 | ||||||
Pernod Ricard SA |
612 | 135,357 | ||||||
Suntory Beverage & Food Ltd. |
1,700 | 60,555 | ||||||
|
|
|||||||
936,452 | ||||||||
|
|
|||||||
Biotechnology - 0.6% |
| |||||||
CSL Ltd. |
1,258 | 227,625 | ||||||
Grifols SA* |
1,802 | 26,524 | ||||||
|
|
|||||||
254,149 | ||||||||
|
|
|||||||
Broadline Retail - 0.6% |
| |||||||
Canadian Tire Corp. Ltd., Class A |
476 | 65,496 | ||||||
Next plc |
1,445 | 131,037 | ||||||
Rakuten Group, Inc. |
6,800 | 26,567 | ||||||
|
|
|||||||
223,100 | ||||||||
|
|
|||||||
Building Products - 1.2% |
| |||||||
Cie de Saint-Gobain |
3,026 | 205,117 | ||||||
Daikin Industries Ltd. |
200 | 40,386 | ||||||
Geberit AG (Registered) |
221 | 125,790 | ||||||
Kingspan Group plc |
1,479 | 119,039 | ||||||
|
|
|||||||
490,332 | ||||||||
|
|
|||||||
Capital Markets - 3.0% |
| |||||||
Daiwa Securities Group, Inc. |
11,900 | 64,500 | ||||||
Deutsche Bank AG (Registered) |
3,077 | 34,197 | ||||||
Deutsche Boerse AG |
425 | 81,674 | ||||||
EQT AB |
5,015 | 119,988 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
2,500 | 104,440 | ||||||
London Stock Exchange Group plc |
85 | 9,255 | ||||||
Macquarie Group Ltd. |
1,343 | 158,381 | ||||||
Nomura Holdings, Inc. |
35,700 | 147,368 | ||||||
Schroders plc |
11,237 | 66,406 | ||||||
St Jamess Place plc |
7,327 | 88,616 | ||||||
UBS Group AG (Registered) |
14,093 | 313,367 | ||||||
|
|
|||||||
1,188,192 | ||||||||
|
|
|||||||
Chemicals - 3.1% |
| |||||||
Akzo Nobel NV |
2,210 | 189,473 | ||||||
Arkema SA |
374 | 40,394 | ||||||
Chr Hansen Holding A/S |
969 | 73,399 | ||||||
Clariant AG (Registered) |
1,190 | 19,535 | ||||||
Covestro AG*(a) |
918 | 49,423 | ||||||
Croda International plc |
1,819 | 137,851 | ||||||
Givaudan SA (Registered) |
43 | 145,789 | ||||||
Johnson Matthey plc |
187 | 4,333 | ||||||
Mitsui Chemicals, Inc. |
1,700 | 48,818 | ||||||
Nissan Chemical Corp. |
600 | 26,947 | ||||||
Nitto Denko Corp. |
1,700 | 120,847 | ||||||
Novozymes A/S, Class B |
748 | 37,625 | ||||||
Nutrien Ltd. |
170 | 11,736 | ||||||
Sika AG (Registered) |
816 | 254,821 | ||||||
Sumitomo Chemical Co. Ltd. |
18,700 | 57,661 | ||||||
Umicore SA |
1,173 | 34,815 | ||||||
Wacker Chemie AG |
17 | 2,649 | ||||||
|
|
|||||||
1,256,116 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.2% |
| |||||||
Brambles Ltd. |
2,975 | 28,206 | ||||||
Dai Nippon Printing Co. Ltd. |
2,400 | 68,227 | ||||||
|
|
|||||||
|
96,433 | |||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Communications Equipment - 0.1% |
| |||||||
Nokia OYJ |
10,931 | 43,122 | ||||||
|
|
|||||||
Construction & Engineering - 0.4% |
| |||||||
Taisei Corp. |
1,700 | 64,444 | ||||||
WSP Global, Inc. |
782 | 107,920 | ||||||
|
|
|||||||
172,364 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.1% |
| |||||||
Aeon Co. Ltd. |
3,400 | 73,657 | ||||||
Carrefour SA |
3,451 | 69,211 | ||||||
Jeronimo Martins SGPS SA |
1,020 | 27,845 | ||||||
Loblaw Cos. Ltd. |
476 | 42,311 | ||||||
Metro, Inc., Class A |
646 | 34,831 | ||||||
Tesco plc |
88,519 | 293,844 | ||||||
Woolworths Group Ltd. |
10,812 | 281,373 | ||||||
|
|
|||||||
823,072 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
DS Smith plc |
12,138 | 48,351 | ||||||
SIG Group AG |
2,839 | 76,309 | ||||||
Smurfit Kappa Group plc |
2,329 | 92,955 | ||||||
|
|
|||||||
217,615 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.1% |
| |||||||
Pearson plc |
2,924 | 32,528 | ||||||
|
|
|||||||
Diversified REITs - 0.2% |
| |||||||
British Land Co. plc (The), REIT |
3,570 | 15,525 | ||||||
GPT Group (The), REIT |
15,249 | 44,596 | ||||||
Land Securities Group plc, REIT |
476 | 3,965 | ||||||
|
|
|||||||
64,086 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 2.2% |
| |||||||
BCE, Inc. |
1,955 | 84,495 | ||||||
Deutsche Telekom AG (Registered) |
13,617 | 297,896 | ||||||
Nippon Telegraph & Telephone Corp. |
85,000 | 97,456 | ||||||
Singapore Telecommunications Ltd. |
20,400 | 40,868 | ||||||
Swisscom AG (Registered) |
306 | 197,822 | ||||||
Telefonica Deutschland Holding AG |
15,368 | 41,530 | ||||||
Telefonica SA |
3,927 | 16,786 | ||||||
Telia Co. AB |
12,512 | 26,947 | ||||||
TELUS Corp. |
4,403 | 78,543 | ||||||
|
|
|||||||
882,343 | ||||||||
|
|
|||||||
Electric Utilities - 1.9% |
| |||||||
Acciona SA |
221 | 33,223 | ||||||
EDP - Energias de Portugal SA |
28,373 | 132,951 | ||||||
Hydro One Ltd.(a) |
561 | 15,855 | ||||||
Iberdrola SA |
14,945 | 187,103 | ||||||
Orsted A/S(a) |
1,938 | 169,507 | ||||||
Terna - Rete Elettrica Nazionale |
18,071 | 153,177 | ||||||
Verbund AG |
578 | 48,019 | ||||||
|
|
|||||||
739,835 | ||||||||
|
|
|||||||
Electrical Equipment - 2.4% |
| |||||||
Mitsubishi Electric Corp. |
6,800 | 98,162 | ||||||
Schneider Electric SE |
2,924 | 522,394 |
Investments |
Shares | Value ($) | ||||||
Vestas Wind Systems A/S* |
12,053 | 323,895 | ||||||
|
|
|||||||
944,451 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.5% |
| |||||||
Murata Manufacturing Co. Ltd. |
1,700 | 99,609 | ||||||
Omron Corp. |
1,900 | 101,927 | ||||||
|
|
|||||||
201,536 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.0%(b) |
| |||||||
Tenaris SA |
408 | 6,806 | ||||||
|
|
|||||||
Entertainment - 0.1% |
| |||||||
Nintendo Co. Ltd. |
800 | 36,318 | ||||||
|
|
|||||||
Financial Services - 0.5% |
| |||||||
M&G plc |
26,517 | 68,441 | ||||||
Worldline SA*(a) |
3,145 | 124,935 | ||||||
|
|
|||||||
193,376 | ||||||||
|
|
|||||||
Food Products - 2.3% |
| |||||||
Ajinomoto Co., Inc. |
800 | 31,177 | ||||||
Nestle SA (Registered) |
6,834 | 842,612 | ||||||
Orkla ASA |
7,038 | 55,711 | ||||||
|
|
|||||||
929,500 | ||||||||
|
|
|||||||
Gas Utilities - 0.6% |
| |||||||
AltaGas Ltd. |
2,176 | 43,032 | ||||||
APA Group |
7,293 | 49,144 | ||||||
Enagas SA |
2,074 | 36,896 | ||||||
Hong Kong & China Gas Co. Ltd. |
119,000 | 101,777 | ||||||
|
|
|||||||
230,849 | ||||||||
|
|
|||||||
Ground Transportation - 2.0% |
| |||||||
Canadian National Railway Co. |
2,567 | 311,726 | ||||||
Canadian Pacific Kansas City Ltd. |
2,159 | 177,969 | ||||||
Central Japan Railway Co. |
400 | 51,056 | ||||||
East Japan Railway Co. |
3,400 | 192,710 | ||||||
MTR Corp. Ltd. |
10,500 | 48,267 | ||||||
West Japan Railway Co. |
300 | 12,337 | ||||||
|
|
|||||||
794,065 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.3% |
| |||||||
BioMerieux |
476 | 51,201 | ||||||
Coloplast A/S, Class B |
306 | 38,136 | ||||||
Koninklijke Philips NV* |
9,061 | 188,895 | ||||||
Olympus Corp. |
6,800 | 110,868 | ||||||
Siemens Healthineers AG(a) |
2,907 | 169,294 | ||||||
Sonova Holding AG (Registered) |
646 | 180,718 | ||||||
Sysmex Corp. |
1,700 | 115,164 | ||||||
Terumo Corp. |
1,700 | 55,650 | ||||||
|
|
|||||||
909,926 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.5% |
| |||||||
Amadeus IT Group SA |
3,621 | 260,380 | ||||||
Genting Singapore Ltd. |
90,100 | 63,785 | ||||||
Oriental Land Co. Ltd. |
1,700 | 65,210 | ||||||
Sands China Ltd.* |
27,200 | 103,761 | ||||||
Whitbread plc |
2,261 | 101,790 | ||||||
|
|
|||||||
594,926 | ||||||||
|
|
|||||||
Household Durables - 1.4% |
| |||||||
Barratt Developments plc |
4,896 | 28,769 | ||||||
Berkeley Group Holdings plc |
476 | 26,617 | ||||||
Sekisui House Ltd. |
5,100 | 104,060 | ||||||
Sony Group Corp. |
4,100 | 384,231 | ||||||
|
|
|||||||
543,677 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Household Products - 0.6% |
| |||||||
Henkel AG & Co. KGaA (Preference) |
2,227 | 172,318 | ||||||
Reckitt Benckiser Group plc |
1,088 | 81,725 | ||||||
|
|
|||||||
254,043 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.2% |
| |||||||
EDP Renovaveis SA |
4,247 | 81,336 | ||||||
|
|
|||||||
Industrial Conglomerates - 2.1% |
| |||||||
Hitachi Ltd. |
7,100 | 464,638 | ||||||
Siemens AG (Registered) |
2,091 | 357,296 | ||||||
|
|
|||||||
821,934 | ||||||||
|
|
|||||||
Industrial REITs - 0.3% |
| |||||||
Nippon Prologis REIT, Inc., REIT |
17 | 34,783 | ||||||
Segro plc, REIT |
8,585 | 84,280 | ||||||
|
|
|||||||
119,063 | ||||||||
|
|
|||||||
Insurance - 6.2% |
| |||||||
AIA Group Ltd. |
27,200 | 269,953 | ||||||
Allianz SE (Registered) |
1,615 | 387,106 | ||||||
ASR Nederland NV |
544 | 24,765 | ||||||
Aviva plc |
30,804 | 153,938 | ||||||
AXA SA |
12,138 | 374,316 | ||||||
Dai-ichi Life Holdings, Inc. |
100 | 2,045 | ||||||
Insurance Australia Group Ltd. |
15,878 | 63,447 | ||||||
Japan Post Insurance Co. Ltd. |
1,700 | 27,502 | ||||||
Legal & General Group plc |
60,401 | 181,387 | ||||||
MS&AD Insurance Group Holdings, Inc. |
4,100 | 152,711 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
289 | 109,165 | ||||||
NN Group NV |
2,805 | 107,872 | ||||||
QBE Insurance Group Ltd. |
7,004 | 74,429 | ||||||
Sun Life Financial, Inc. |
3,366 | 177,474 | ||||||
Swiss Re AG |
816 | 85,568 | ||||||
Zurich Insurance Group AG |
595 | 288,834 | ||||||
|
|
|||||||
2,480,512 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.2% |
| |||||||
Z Holdings Corp. |
23,800 | 66,301 | ||||||
|
|
|||||||
IT Services - 1.7% |
| |||||||
Capgemini SE |
1,309 | 237,918 | ||||||
CGI, Inc.* |
731 | 74,419 | ||||||
Fujitsu Ltd. |
2,100 | 271,738 | ||||||
Nomura Research Institute Ltd. |
3,400 | 96,462 | ||||||
|
|
|||||||
680,537 | ||||||||
|
|
|||||||
Leisure Products - 0.2% |
| |||||||
Yamaha Corp. |
1,700 | 65,808 | ||||||
|
|
|||||||
Machinery - 2.1% |
| |||||||
Alstom SA |
4,233 | 129,839 | ||||||
Atlas Copco AB, Class A |
6,171 | 87,918 | ||||||
Epiroc AB, Class A |
5,440 | 108,774 | ||||||
GEA Group AG |
1,564 | 66,544 | ||||||
Hitachi Construction Machinery Co. Ltd. |
1,700 | 50,935 | ||||||
KION Group AG |
289 | 12,147 | ||||||
Knorr-Bremse AG |
391 | 27,564 | ||||||
Komatsu Ltd. |
5,100 | 142,289 |
Investments |
Shares | Value ($) | ||||||
Kone OYJ, Class B |
561 | 28,848 | ||||||
Kubota Corp. |
1,700 | 25,659 | ||||||
SKF AB, Class B |
3,213 | 61,340 | ||||||
Volvo AB, Class B |
1,666 | 36,792 | ||||||
Yaskawa Electric Corp. |
1,700 | 73,837 | ||||||
|
|
|||||||
852,486 | ||||||||
|
|
|||||||
Media - 0.9% |
| |||||||
Dentsu Group, Inc. |
2,000 | 66,892 | ||||||
Informa plc |
4,420 | 43,119 | ||||||
Publicis Groupe SA |
1,802 | 145,870 | ||||||
WPP plc |
9,282 | 101,704 | ||||||
|
|
|||||||
357,585 | ||||||||
|
|
|||||||
Metals & Mining - 2.9% |
| |||||||
Anglo American plc |
153 | 4,713 | ||||||
Barrick Gold Corp. |
1,785 | 30,892 | ||||||
BlueScope Steel Ltd. |
3,538 | 52,068 | ||||||
Fortescue Metals Group Ltd. |
5,355 | 78,232 | ||||||
Fresnillo plc |
4,386 | 34,886 | ||||||
Kinross Gold Corp. |
14,091 | 70,335 | ||||||
Mineral Resources Ltd. |
1,547 | 74,462 | ||||||
Newcrest Mining Ltd. |
9,367 | 166,699 | ||||||
Norsk Hydro ASA |
5,525 | 36,263 | ||||||
Northern Star Resources Ltd. |
6,052 | 46,939 | ||||||
Rio Tinto Ltd. |
1,462 | 115,334 | ||||||
Rio Tinto plc |
2,652 | 175,728 | ||||||
Sumitomo Metal Mining Co. Ltd. |
200 | 6,917 | ||||||
Teck Resources Ltd., Class B |
4,437 | 197,470 | ||||||
Wheaton Precious Metals Corp. |
1,717 | 77,133 | ||||||
|
|
|||||||
1,168,071 | ||||||||
|
|
|||||||
Multi-Utilities - 0.2% |
| |||||||
National Grid plc |
5,236 | 69,491 | ||||||
|
|
|||||||
Office REITs - 0.3% |
| |||||||
Dexus, REIT |
4,267 | 23,635 | ||||||
Gecina SA, REIT |
340 | 36,868 | ||||||
Japan Real Estate Investment Corp., REIT |
17 | 68,441 | ||||||
|
|
|||||||
128,944 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 5.5% |
| |||||||
Ampol Ltd. |
3,570 | 79,025 | ||||||
Cameco Corp. |
4,233 | 149,092 | ||||||
Enbridge, Inc. |
12,614 | 464,598 | ||||||
ENEOS Holdings, Inc. |
11,900 | 43,168 | ||||||
Eni SpA |
6,392 | 97,847 | ||||||
Neste OYJ |
5,219 | 192,536 | ||||||
Pembina Pipeline Corp. |
3,740 | 118,629 | ||||||
Repsol SA |
9,469 | 145,116 | ||||||
Shell plc |
19,261 | 586,346 | ||||||
TotalEnergies SE |
4,573 | 278,619 | ||||||
Tourmaline Oil Corp. |
765 | 39,719 | ||||||
Woodside Energy Group Ltd. |
1 | 24 | ||||||
|
|
|||||||
2,194,719 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.5% |
| |||||||
Mondi plc |
6,664 | 117,081 | ||||||
UPM-Kymmene OYJ |
561 | 18,618 | ||||||
West Fraser Timber Co. Ltd. |
884 | 74,615 | ||||||
|
|
|||||||
210,314 | ||||||||
|
|
|||||||
Personal Care Products - 2.2% |
| |||||||
Kao Corp. |
5,100 | 193,906 | ||||||
LOreal SA |
986 | 460,067 | ||||||
Unilever plc |
4,522 | 243,842 | ||||||
|
|
|||||||
|
897,815 | |||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Pharmaceuticals - 8.8% |
| |||||||
AstraZeneca plc |
4,250 | 611,680 | ||||||
Daiichi Sankyo Co. Ltd. |
6,800 | 208,049 | ||||||
GSK plc |
14,348 | 255,609 | ||||||
Merck KGaA |
51 | 8,985 | ||||||
Novartis AG (Registered) |
3,978 | 417,923 | ||||||
Novo Nordisk A/S, Class B |
4,964 | 802,107 | ||||||
Ono Pharmaceutical Co. Ltd. |
3,500 | 64,085 | ||||||
Roche Holding AG |
1,819 | 567,828 | ||||||
Sanofi |
3,298 | 353,040 | ||||||
Takeda Pharmaceutical Co. Ltd. |
6,900 | 210,817 | ||||||
UCB SA |
323 | 28,675 | ||||||
|
|
|||||||
3,528,798 | ||||||||
|
|
|||||||
Professional Services - 2.2% |
| |||||||
Adecco Group AG (Registered) |
731 | 29,861 | ||||||
Experian plc |
1,751 | 67,790 | ||||||
Randstad NV |
1,054 | 61,916 | ||||||
Recruit Holdings Co. Ltd. |
3,700 | 128,463 | ||||||
RELX plc |
13,481 | 454,448 | ||||||
Wolters Kluwer NV |
1,037 | 130,570 | ||||||
|
|
|||||||
873,048 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.5% |
| |||||||
City Developments Ltd. |
3,400 | 18,923 | ||||||
Daiwa House Industry Co. Ltd. |
6,800 | 184,837 | ||||||
|
|
|||||||
203,760 | ||||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
CapitaLand Integrated Commercial Trust, REIT |
66,300 | 101,862 | ||||||
Vicinity Ltd., REIT |
28,832 | 38,371 | ||||||
|
|
|||||||
140,233 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 2.4% |
| |||||||
Advantest Corp. |
1,100 | 151,165 | ||||||
ASML Holding NV |
1,003 | 721,240 | ||||||
Renesas Electronics Corp.* |
1,700 | 32,970 | ||||||
Tokyo Electron Ltd. |
300 | 44,859 | ||||||
|
|
|||||||
950,234 | ||||||||
|
|
|||||||
Software - 2.3% |
| |||||||
Open Text Corp. |
3,264 | 140,454 | ||||||
SAP SE |
4,726 | 648,205 | ||||||
Xero Ltd.* |
1,768 | 145,597 | ||||||
|
|
|||||||
934,256 | ||||||||
|
|
|||||||
Specialty Retail - 1.6% |
| |||||||
Fast Retailing Co. Ltd. |
200 | 50,056 | ||||||
H & M Hennes & Mauritz AB, Class B |
3,179 | 53,490 | ||||||
Industria de Diseno Textil SA |
11,577 | 444,323 | ||||||
Zalando SE*(a) |
3,128 | 108,292 | ||||||
|
|
|||||||
656,161 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.9% |
| |||||||
Canon, Inc. |
10,300 | 266,272 | ||||||
Ricoh Co. Ltd. |
5,100 | 45,354 | ||||||
Seiko Epson Corp. |
3,400 | 55,817 | ||||||
|
|
|||||||
367,443 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 2.7% |
| |||||||
adidas AG |
561 | 113,809 |
Investments |
Shares | Value ($) | ||||||
Burberry Group plc |
3,349 | 95,789 | ||||||
Cie Financiere Richemont SA (Registered) |
697 | 112,810 | ||||||
Kering SA |
612 | 353,305 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
425 | 397,406 | ||||||
|
|
|||||||
1,073,119 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 1.2% |
| |||||||
Bunzl plc |
2,023 | 75,172 | ||||||
ITOCHU Corp. |
8,500 | 343,996 | ||||||
Rexel SA |
1,836 | 44,372 | ||||||
|
|
|||||||
463,540 | ||||||||
|
|
|||||||
Transportation Infrastructure - 1.0% |
| |||||||
Getlink SE |
6,001 | 105,829 | ||||||
Transurban Group |
31,093 | 300,452 | ||||||
|
|
|||||||
406,281 | ||||||||
|
|
|||||||
Water Utilities - 0.1% |
| |||||||
Severn Trent plc |
1,717 | 56,422 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
Rogers Communications, Inc., Class B |
221 | 9,695 | ||||||
SoftBank Corp. |
18,700 | 207,690 | ||||||
Vodafone Group plc |
82,297 | 78,812 | ||||||
|
|
|||||||
296,197 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
39,465,985 | ||||||
|
|
|||||||
Total Investments - 98.7% |
|
39,465,985 | ||||||
Other assets less liabilities - 1.3% |
|
517,284 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
39,983,269 | ||||||
|
|
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CVA | Dutch Certification | |
OYJ | Public Limited Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
Futures Contracts
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
MSCI EAFE E-Mini Index |
4 | 09/15/2023 | USD | $ | 441,160 | $ | 12,927 | |||||||||||||
TOPIX Mini Index |
2 | 09/07/2023 | JPY | 32,756 | 527 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 13,454 | |||||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
61,309 | Citibank NA | USD | 46,212 | 09/20/2023 | $ | 398 | |||||||||||||||
DKK |
66,215 | JPMorgan Chase Bank NA | USD | 9,690 | 09/20/2023 | 136 | ||||||||||||||||
HKD |
204,402 | JPMorgan Chase Bank NA | USD | 26,193 | 09/20/2023 | 27 | ||||||||||||||||
NOK |
161,527 | Toronto-Dominion Bank (The) | USD | 15,379 | 09/20/2023 | 613 | ||||||||||||||||
USD |
92,232 | JPMorgan Chase Bank NA | AUD | 135,070 | 09/20/2023 | 1,054 | ||||||||||||||||
USD |
2,391 | Citibank NA | ILS | 8,590 | 09/20/2023 | 42 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 2,270 | |||||||||||||||||||
|
|
|||||||||||||||||||||
JPY |
11,612,754 | Citibank NA | USD | 84,538 | 09/20/2023 | $ | (2,152 | ) | ||||||||||||||
JPY |
7,692,002 | JPMorgan Chase Bank NA | USD | 55,138 | 09/20/2023 | (567 | ) | |||||||||||||||
USD |
60,735 | Toronto-Dominion Bank (The) | CAD | 80,018 | 09/20/2023 | (98 | ) | |||||||||||||||
USD |
25,715 | Toronto-Dominion Bank (The) | CHF | 22,857 | 09/20/2023 | (797 | ) | |||||||||||||||
USD |
113,057 | Toronto-Dominion Bank (The) | EUR | 103,808 | 09/20/2023 | (1,682 | ) | |||||||||||||||
USD |
29,227 | JPMorgan Chase Bank NA | GBP | 23,011 | 09/20/2023 | (386 | ) | |||||||||||||||
USD |
7,050 | Goldman Sachs & Co. | HKD | 55,077 | 09/20/2023 | (15 | ) | |||||||||||||||
USD |
22,394 | Citibank NA | NZD | 36,099 | 09/20/2023 | (73 | ) | |||||||||||||||
USD |
36,799 | JPMorgan Chase Bank NA | SEK | 390,201 | 09/20/2023 | (429 | ) | |||||||||||||||
USD |
39,944 | JPMorgan Chase Bank NA | SGD | 53,311 | 09/20/2023 | (303 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (6,502 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (4,232 | ) | ||||||||||||||||||
|
|
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
DKK Danish Krone |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund (cont.)
FlexShares® ESG & Climate Developed Markets ex-US Core Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
7.3 | % | ||
Austria |
0.1 | |||
Belgium |
0.5 | |||
Canada |
9.8 | |||
Denmark |
3.7 | |||
Finland |
0.7 | |||
France |
11.9 | |||
Germany |
8.8 | |||
Hong Kong |
1.6 | |||
Ireland |
0.5 | |||
Italy |
0.9 | |||
Japan |
18.7 | |||
Netherlands |
4.3 | |||
New Zealand |
0.4 | |||
Norway |
0.2 | |||
Portugal |
0.6 | |||
Singapore |
0.7 | |||
Spain |
3.3 | |||
Sweden |
1.3 | |||
Switzerland |
9.2 | |||
United Kingdom |
14.2 | |||
Other1 |
1.3 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.7 | % | ||
Others(1) |
1.3 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate Emerging Markets Core Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.9% |
| |||||||
Air Freight & Logistics - 0.2% |
| |||||||
Hyundai Glovis Co. Ltd. |
62 | 8,478 | ||||||
JD Logistics, Inc.*(a) |
1,000 | 1,688 | ||||||
|
|
|||||||
10,166 | ||||||||
|
|
|||||||
Automobile Components - 0.8% |
| |||||||
Hyundai Mobis Co. Ltd. |
210 | 38,387 | ||||||
|
|
|||||||
Automobiles - 2.4% |
| |||||||
Eicher Motors Ltd. |
150 | 6,138 | ||||||
Ford Otomotiv Sanayi A/S |
128 | 4,514 | ||||||
Li Auto, Inc., ADR* |
1,692 | 72,418 | ||||||
XPeng, Inc., Class A* |
3,100 | 34,483 | ||||||
|
|
|||||||
117,553 | ||||||||
|
|
|||||||
Banks - 16.1% |
| |||||||
Abu Dhabi Commercial Bank PJSC |
3,816 | 9,122 | ||||||
Agricultural Bank of China Ltd., Class H |
50,000 | 18,144 | ||||||
Akbank TAS |
11,480 | 11,912 | ||||||
Alinma Bank |
1,608 | 15,859 | ||||||
AU Small Finance Bank Ltd.(a) |
570 | 5,058 | ||||||
Banco Bradesco SA |
5,600 | 17,481 | ||||||
Banco Bradesco SA (Preference) |
10,000 | 35,022 | ||||||
Banco do Brasil SA |
3,000 | 30,391 | ||||||
Bancolombia SA |
918 | 7,892 | ||||||
Bancolombia SA (Preference) |
1,470 | 11,335 | ||||||
Bank AlBilad |
538 | 6,274 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT |
89,400 | 33,495 | ||||||
Banque Saudi Fransi |
180 | 2,044 | ||||||
China Construction Bank Corp., Class H |
82,000 | 47,631 | ||||||
CIMB Group Holdings Bhd. |
16,800 | 20,679 | ||||||
Commercial International Bank Egypt SAE |
8,800 | 14,370 | ||||||
E.Sun Financial Holding Co. Ltd. |
47,582 | 39,139 | ||||||
Eurobank Ergasias Services and Holdings SA* |
8,970 | 15,700 | ||||||
First Abu Dhabi Bank PJSC |
9,284 | 37,004 | ||||||
First Financial Holding Co. Ltd. |
36,000 | 33,278 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
1,200 | 11,403 | ||||||
Hana Financial Group, Inc. |
1,024 | 31,572 | ||||||
Hong Leong Bank Bhd. |
1,800 | 7,816 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
70,000 | 34,108 | ||||||
ING Bank Slaski SA* |
114 | 5,702 | ||||||
Itau Unibanco Holding SA (Preference) |
1,600 | 9,633 | ||||||
KB Financial Group, Inc. |
1,098 | 43,932 | ||||||
Mega Financial Holding Co. Ltd. |
36,000 | 46,107 | ||||||
Nedbank Group Ltd. |
1,702 | 22,491 | ||||||
OTP Bank Nyrt. |
790 | 28,826 |
Investments |
Shares | Value ($) | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
1,338 | 13,619 | ||||||
Santander Bank Polska SA* |
118 | 11,739 | ||||||
Shinhan Financial Group Co. Ltd. |
1,430 | 39,322 | ||||||
SinoPac Financial Holdings Co. Ltd. |
6,210 | 3,685 | ||||||
Standard Bank Group Ltd. |
3,690 | 39,631 | ||||||
Taishin Financial Holding Co. Ltd. |
12,504 | 7,261 | ||||||
Yapi ve Kredi Bankasi A/S |
10,982 | 5,804 | ||||||
Yes Bank Ltd.* |
39,544 | 8,149 | ||||||
|
|
|||||||
782,630 | ||||||||
|
|
|||||||
Beverages - 0.8% |
| |||||||
Ambev SA |
5,600 | 17,493 | ||||||
Arca Continental SAB de CV |
200 | 2,009 | ||||||
Coca-Cola Femsa SAB de CV |
1,800 | 15,234 | ||||||
Nongfu Spring Co. Ltd., Class H(a) |
200 | 1,162 | ||||||
Varun Beverages Ltd. |
228 | 2,230 | ||||||
|
|
|||||||
38,128 | ||||||||
|
|
|||||||
Biotechnology - 0.1% |
| |||||||
BeiGene Ltd.* |
400 | 6,668 | ||||||
|
|
|||||||
Broadline Retail - 6.8% |
| |||||||
Alibaba Group Holding Ltd., ADR* |
2,162 | 220,870 | ||||||
JD.com, Inc., ADR |
46 | 1,900 | ||||||
Naspers Ltd., Class N |
96 | 18,970 | ||||||
PDD Holdings, Inc., ADR* |
142 | 12,754 | ||||||
Prosus NV* |
434 | 34,467 | ||||||
Vipshop Holdings Ltd., ADR* |
1,376 | 25,910 | ||||||
Woolworths Holdings Ltd. |
3,332 | 14,989 | ||||||
|
|
|||||||
329,860 | ||||||||
|
|
|||||||
Capital Markets - 0.5% |
| |||||||
B3 SA - Brasil Bolsa Balcao |
2,300 | 7,204 | ||||||
Jio Financial Services Ltd.* |
978 | 3,114 | ||||||
Mirae Asset Securities Co. Ltd. |
944 | 5,132 | ||||||
NH Investment & Securities Co. Ltd. |
516 | 4,008 | ||||||
Saudi Tadawul Group Holding Co. |
128 | 6,871 | ||||||
|
|
|||||||
26,329 | ||||||||
|
|
|||||||
Chemicals - 3.0% |
| |||||||
Asian Paints Ltd. |
1,112 | 45,662 | ||||||
Indorama Ventures PCL, NVDR |
5,800 | 5,803 | ||||||
LG Chem Ltd. |
40 | 20,335 | ||||||
Orbia Advance Corp. SAB de CV |
3,450 | 7,847 | ||||||
PI Industries Ltd. |
56 | 2,462 | ||||||
PTT Global Chemical PCL, NVDR |
4,600 | 5,308 | ||||||
Sahara International Petrochemical Co. |
400 | 4,030 | ||||||
SK IE Technology Co. Ltd.*(a) |
88 | 7,408 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
304 | 22,276 | ||||||
UPL Ltd.* |
1,686 | 12,806 | ||||||
Yanbu National Petrochemical Co. |
888 | 10,841 | ||||||
|
|
|||||||
144,778 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Commercial Services & Supplies - 0.1% |
| |||||||
China Everbright Environment Group Ltd. |
12,000 | 4,770 | ||||||
|
|
|||||||
Communications Equipment - 0.2% |
| |||||||
ZTE Corp., Class H |
2,800 | 10,197 | ||||||
|
|
|||||||
Construction & Engineering - 0.4% |
| |||||||
Hyundai Engineering & Construction Co. Ltd. |
276 | 8,098 | ||||||
Samsung Engineering Co. Ltd.* |
422 | 12,250 | ||||||
|
|
|||||||
20,348 | ||||||||
|
|
|||||||
Construction Materials - 0.8% |
| |||||||
Ambuja Cements Ltd. |
1,776 | 9,997 | ||||||
Siam Cement PCL (The), NVDR |
2,600 | 24,687 | ||||||
UltraTech Cement Ltd. |
52 | 5,259 | ||||||
|
|
|||||||
39,943 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 2.3% |
| |||||||
Alibaba Health Information Technology Ltd.* |
16,000 | 11,325 | ||||||
CP ALL PCL, NVDR |
15,600 | 28,941 | ||||||
Nahdi Medical Co. |
20 | 926 | ||||||
Raia Drogasil SA |
208 | 1,267 | ||||||
Shoprite Holdings Ltd. |
1,208 | 17,552 | ||||||
Wal-Mart de Mexico SAB de CV |
12,100 | 50,501 | ||||||
|
|
|||||||
110,512 | ||||||||
|
|
|||||||
Containers & Packaging - 0.3% |
| |||||||
Klabin SA |
2,400 | 11,604 | ||||||
SCG Packaging PCL, NVDR |
4,200 | 4,969 | ||||||
|
|
|||||||
16,573 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.1% |
| |||||||
East Buy Holding Ltd.*(a) |
500 | 2,423 | ||||||
|
|
|||||||
Diversified REITs - 0.2% |
| |||||||
Growthpoint Properties Ltd., REIT |
10,054 | 7,163 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 2.0% |
| |||||||
Chunghwa Telecom Co. Ltd. |
11,000 | 40,602 | ||||||
Emirates Telecommunications Group Co. PJSC |
518 | 3,159 | ||||||
Hellenic Telecommunications Organization SA |
712 | 11,265 | ||||||
Indus Towers Ltd.* |
2,388 | 4,994 | ||||||
LG Uplus Corp. |
764 | 6,000 | ||||||
Saudi Telecom Co. |
892 | 10,081 | ||||||
Telefonica Brasil SA |
1,800 | 15,934 | ||||||
Tower Bersama Infrastructure Tbk. PT |
19,000 | 2,432 | ||||||
|
|
|||||||
94,467 | ||||||||
|
|
|||||||
Electric Utilities - 1.1% |
| |||||||
Centrais Eletricas Brasileiras SA |
2,400 | 19,499 | ||||||
Centrais Eletricas Brasileiras SA (Preference), Class B |
800 | 7,337 | ||||||
CEZ A/S |
76 | 3,375 | ||||||
Cia Energetica de Minas Gerais |
800 | 3,101 | ||||||
Cia Energetica de Minas Gerais (Preference) |
5,000 | 13,317 |
Investments |
Shares | Value ($) | ||||||
Cia Paranaense de Energia (Preference) |
4,400 | 7,733 | ||||||
|
|
|||||||
54,362 | ||||||||
|
|
|||||||
Electrical Equipment - 0.7% |
| |||||||
ABB India Ltd. |
108 | 5,978 | ||||||
CG Power & Industrial Solutions Ltd. |
2,020 | 9,874 | ||||||
Doosan Enerbility Co. Ltd.* |
120 | 1,647 | ||||||
Goldwind Science & Technology Co. Ltd. |
2,800 | 1,917 | ||||||
Havells India Ltd. |
884 | 14,338 | ||||||
|
|
|||||||
33,754 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.9% |
| |||||||
AUO Corp.* |
24,000 | 15,808 | ||||||
Delta Electronics Thailand PCL, NVDR |
4,400 | 14,526 | ||||||
Delta Electronics, Inc. |
2,000 | 23,261 | ||||||
Hon Hai Precision Industry Co. Ltd. |
3,000 | 10,357 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
192 | 21,902 | ||||||
Samsung SDI Co. Ltd. |
16 | 8,347 | ||||||
|
|
|||||||
94,201 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.1% |
| |||||||
Dialog Group Bhd. |
13,000 | 6,631 | ||||||
|
|
|||||||
Entertainment - 2.1% |
| |||||||
Kingsoft Corp. Ltd. |
3,200 | 13,684 | ||||||
NCSoft Corp. |
38 | 8,243 | ||||||
NetEase, Inc., ADR |
756 | 82,208 | ||||||
|
|
|||||||
104,135 | ||||||||
|
|
|||||||
Financial Services - 1.4% |
| |||||||
FirstRand Ltd. |
7,192 | 29,437 | ||||||
Grupo de Inversiones Suramericana SA |
780 | 7,433 | ||||||
Yuanta Financial Holding Co. Ltd. |
37,000 | 28,727 | ||||||
|
|
|||||||
65,597 | ||||||||
|
|
|||||||
Food Products - 1.1% |
| |||||||
Almarai Co. JSC |
136 | 2,498 | ||||||
Britannia Industries Ltd. |
174 | 10,142 | ||||||
Charoen Pokphand Foods PCL, NVDR |
6,200 | 3,677 | ||||||
CJ CheilJedang Corp. |
28 | 6,150 | ||||||
IOI Corp. Bhd. |
8,600 | 7,953 | ||||||
Marico Ltd. |
1,836 | 12,513 | ||||||
Nestle Malaysia Bhd. |
300 | 8,909 | ||||||
|
|
|||||||
51,842 | ||||||||
|
|
|||||||
Gas Utilities - 0.7% |
| |||||||
ENN Energy Holdings Ltd. |
2,700 | 32,457 | ||||||
Korea Gas Corp.* |
100 | 1,946 | ||||||
|
|
|||||||
34,403 | ||||||||
|
|
|||||||
Ground Transportation - 0.8% |
| |||||||
BTS Group Holdings PCL, NVDR |
30,700 | 7,265 | ||||||
Full Truck Alliance Co. Ltd., ADR* |
1,042 | 7,804 | ||||||
Rumo SA |
4,600 | 22,473 | ||||||
|
|
|||||||
37,542 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Health Care Equipment & Supplies - 0.0%(b) |
| |||||||
Microport Scientific Corp.* |
600 | 1,199 | ||||||
|
|
|||||||
Health Care Providers & Services - 0.4% |
| |||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
64 | 4,930 | ||||||
Sinopharm Group Co. Ltd., Class H |
4,800 | 15,049 | ||||||
|
|
|||||||
19,979 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 3.1% |
| |||||||
Meituan, Class B*(a) |
4,600 | 86,294 | ||||||
Trip.com Group Ltd.* |
500 | 19,965 | ||||||
Yum China Holdings, Inc. |
728 | 44,422 | ||||||
|
|
|||||||
150,681 | ||||||||
|
|
|||||||
Household Durables - 0.8% |
| |||||||
Arcelik A/S* |
422 | 2,420 | ||||||
Coway Co. Ltd. |
202 | 6,497 | ||||||
LG Electronics, Inc. |
364 | 30,956 | ||||||
|
|
|||||||
39,873 | ||||||||
|
|
|||||||
Household Products - 0.3% |
| |||||||
Blue Moon Group Holdings Ltd.(a) |
3,000 | 1,554 | ||||||
Unilever Indonesia Tbk. PT |
26,800 | 6,842 | ||||||
Vinda International Holdings Ltd. |
2,000 | 4,032 | ||||||
|
|
|||||||
12,428 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.8% |
| |||||||
Adani Green Energy Ltd.* |
1,098 | 14,595 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
12,000 | 11,525 | ||||||
Energy Absolute PCL, NVDR |
6,000 | 10,868 | ||||||
|
|
|||||||
36,988 | ||||||||
|
|
|||||||
Industrial Conglomerates - 2.4% |
| |||||||
Alpha Dhabi Holding PJSC* |
1,600 | 8,695 | ||||||
Astra International Tbk. PT |
12,200 | 5,542 | ||||||
Far Eastern New Century Corp. |
12,000 | 11,341 | ||||||
International Holding Co. PJSC* |
406 | 43,672 | ||||||
Multiply Group PJSC* |
10,216 | 8,984 | ||||||
Samsung C&T Corp. |
222 | 17,991 | ||||||
Siemens Ltd. |
250 | 12,107 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S |
4,658 | 9,237 | ||||||
|
|
|||||||
117,569 | ||||||||
|
|
|||||||
Insurance - 3.4% |
| |||||||
Bupa Arabia for Cooperative Insurance Co. |
100 | 4,601 | ||||||
Cathay Financial Holding Co. Ltd. |
25,958 | 37,789 | ||||||
Fubon Financial Holding Co. Ltd. |
22,000 | 45,853 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) |
500 | 3,523 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
9,000 | 64,915 | ||||||
Powszechny Zaklad Ubezpieczen SA |
502 | 5,093 | ||||||
Samsung Life Insurance Co. Ltd. |
42 | 2,300 | ||||||
|
|
|||||||
164,074 | ||||||||
|
|
|||||||
Interactive Media & Services - 3.7% |
| |||||||
Autohome, Inc., ADR |
288 | 9,207 | ||||||
Info Edge India Ltd. |
248 | 13,831 | ||||||
Kakao Corp. |
986 | 39,683 |
Investments |
Shares | Value ($) | ||||||
Kanzhun Ltd., ADR* |
624 | 11,656 | ||||||
Kuaishou Technology*(a) |
6,200 | 53,424 | ||||||
NAVER Corp. |
300 | 53,427 | ||||||
|
|
|||||||
181,228 | ||||||||
|
|
|||||||
IT Services - 2.8% |
| |||||||
Arabian Internet & Communications Services Co. |
80 | 7,784 | ||||||
Elm Co. |
14 | 2,538 | ||||||
HCL Technologies Ltd. |
500 | 6,789 | ||||||
Infosys Ltd. |
4,094 | 67,481 | ||||||
Tech Mahindra Ltd. |
1,954 | 26,501 | ||||||
Wipro Ltd. |
4,962 | 24,436 | ||||||
|
|
|||||||
135,529 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 1.3% |
| |||||||
Divis Laboratories Ltd. |
348 | 15,588 | ||||||
WuXi AppTec Co. Ltd., Class H(a) |
1,200 | 11,317 | ||||||
Wuxi Biologics Cayman, Inc.*(a) |
6,000 | 33,929 | ||||||
|
|
|||||||
60,834 | ||||||||
|
|
|||||||
Machinery - 0.5% |
| |||||||
Cummins India Ltd. |
432 | 10,338 | ||||||
Haitian International Holdings Ltd. |
2,000 | 4,980 | ||||||
Weichai Power Co. Ltd., Class H |
2,000 | 2,949 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H |
1,800 | 7,155 | ||||||
|
|
|||||||
25,422 | ||||||||
|
|
|||||||
Marine Transportation - 0.2% |
| |||||||
MISC Bhd. |
4,600 | 7,335 | ||||||
|
|
|||||||
Media - 0.3% |
| |||||||
Elang Mahkota Teknologi Tbk. PT |
88,400 | 3,810 | ||||||
Grupo Televisa SAB, Series CPO |
9,400 | 9,973 | ||||||
|
|
|||||||
13,783 | ||||||||
|
|
|||||||
Metals & Mining - 2.8% |
| |||||||
Anglo American Platinum Ltd. |
96 | 4,807 | ||||||
AngloGold Ashanti Ltd. |
572 | 12,692 | ||||||
Gold Fields Ltd. |
2,734 | 42,263 | ||||||
Grupo Mexico SAB de CV, Series B |
4,000 | 20,845 | ||||||
Hindalco Industries Ltd. |
4,734 | 26,626 | ||||||
JSW Steel Ltd. |
1,418 | 14,081 | ||||||
Kumba Iron Ore Ltd. |
214 | 5,880 | ||||||
Sibanye Stillwater Ltd. |
5,220 | 9,927 | ||||||
|
|
|||||||
137,121 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 4.2% |
| |||||||
Bharat Petroleum Corp. Ltd. |
2,348 | 10,777 | ||||||
Cosan SA |
3,200 | 13,413 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H |
4,000 | 4,421 | ||||||
Empresas Copec SA |
1,170 | 8,968 | ||||||
MOL Hungarian Oil & Gas plc |
128 | 1,014 | ||||||
ORLEN SA* |
1,936 | 34,648 | ||||||
Petroleo Brasileiro SA (Preference) |
400 | 2,616 | ||||||
Petronas Dagangan Bhd. |
1,000 | 5,092 | ||||||
PTT Exploration & Production PCL, NVDR |
5,000 | 23,299 | ||||||
PTT PCL, NVDR |
23,000 | 23,518 | ||||||
Reliance Industries Ltd. |
978 | 30,313 | ||||||
SK Innovation Co. Ltd.* |
188 | 31,858 | ||||||
Thai Oil PCL, NVDR |
3,600 | 5,390 | ||||||
Ultrapar Participacoes SA |
2,600 | 10,325 | ||||||
|
|
|||||||
|
205,652 | |||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Paper & Forest Products - 0.3% |
| |||||||
Empresas CMPC SA |
3,974 | 7,839 | ||||||
Suzano SA |
800 | 8,084 | ||||||
|
|
|||||||
15,923 | ||||||||
|
|
|||||||
Passenger Airlines - 0.2% |
| |||||||
Korean Air Lines Co. Ltd. |
400 | 7,720 | ||||||
|
|
|||||||
Personal Care Products - 1.4% |
| |||||||
AMOREPACIFIC Group |
52 | 1,118 | ||||||
Giant Biogene Holding Co. Ltd.*(a) |
800 | 3,590 | ||||||
Godrej Consumer Products Ltd.* |
588 | 7,406 | ||||||
Hindustan Unilever Ltd. |
1,598 | 49,754 | ||||||
LG H&H Co. Ltd. |
14 | 4,701 | ||||||
|
|
|||||||
66,569 | ||||||||
|
|
|||||||
Pharmaceuticals - 1.8% |
| |||||||
Aspen Pharmacare Holdings Ltd. |
656 | 7,075 | ||||||
China Medical System Holdings Ltd. |
5,000 | 8,399 | ||||||
Cipla Ltd. |
502 | 7,171 | ||||||
CSPC Pharmaceutical Group Ltd. |
32,000 | 26,630 | ||||||
Dr Reddys Laboratories Ltd. |
408 | 27,980 | ||||||
Richter Gedeon Nyrt. |
288 | 7,285 | ||||||
Sun Pharmaceutical Industries Ltd. |
230 | 3,197 | ||||||
|
|
|||||||
87,737 | ||||||||
|
|
|||||||
Real Estate Management & Development - 1.3% |
| |||||||
DLF Ltd. |
1,852 | 11,681 | ||||||
KE Holdings, Inc., ADR* |
1,672 | 29,126 | ||||||
Longfor Group Holdings Ltd.(a) |
4,000 | 10,643 | ||||||
NEPI Rockcastle NV |
1,558 | 9,387 | ||||||
|
|
|||||||
60,837 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 9.5% |
| |||||||
Daqo New Energy Corp., ADR* |
200 | 7,814 | ||||||
Flat Glass Group Co. Ltd., Class H |
2,000 | 5,937 | ||||||
GCL Technology Holdings Ltd. |
72,000 | 15,603 | ||||||
Hua Hong Semiconductor Ltd.*(a) |
2,000 | 6,770 | ||||||
SK Hynix, Inc. |
398 | 38,531 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
19,000 | 341,591 | ||||||
United Microelectronics Corp. |
17,000 | 25,424 | ||||||
Xinyi Solar Holdings Ltd. |
18,000 | 19,388 | ||||||
|
|
|||||||
461,058 | ||||||||
|
|
|||||||
Specialty Retail - 0.5% |
| |||||||
Chow Tai Fook Jewellery Group Ltd. |
6,800 | 11,806 | ||||||
Lojas Renner SA |
3,400 | 13,401 | ||||||
|
|
|||||||
25,207 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 4.9% |
| |||||||
Asustek Computer, Inc. |
2,000 | 23,165 | ||||||
Compal Electronics, Inc. |
16,000 | 15,503 | ||||||
Lenovo Group Ltd. |
26,000 | 29,805 | ||||||
Micro-Star International Co. Ltd. |
1,000 | 6,189 | ||||||
Samsung Electronics Co. Ltd. |
2,392 | 130,986 | ||||||
Wistron Corp. |
7,000 | 31,518 | ||||||
|
|
|||||||
237,166 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Textiles, Apparel & Luxury Goods - 1.2% |
| |||||||
Feng TAY Enterprise Co. Ltd.* |
2,000 | 13,492 | ||||||
Li Ning Co. Ltd. |
3,500 | 21,093 | ||||||
LPP SA |
4 | 13,819 | ||||||
Page Industries Ltd. |
22 | 10,112 | ||||||
|
|
|||||||
58,516 | ||||||||
|
|
|||||||
Transportation Infrastructure - 1.4% |
| |||||||
Abu Dhabi Ports Co. PJSC* |
3,814 | 6,853 | ||||||
Adani Ports & Special Economic Zone Ltd. |
1,866 | 17,647 | ||||||
CCR SA |
4,000 | 11,175 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
230 | 4,394 | ||||||
International Container Terminal Services, Inc. |
3,560 | 14,065 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
4,000 | 3,657 | ||||||
Salik Co. PJSC |
6,460 | 5,523 | ||||||
Taiwan High Speed Rail Corp. |
6,000 | 5,756 | ||||||
|
|
|||||||
69,070 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 2.4% |
| |||||||
Advanced Info Service PCL, NVDR |
1,600 | 10,564 | ||||||
Bharti Airtel Ltd. |
4,942 | 53,471 | ||||||
Etihad Etisalat Co. |
1,296 | 16,184 | ||||||
Mobile Telecommunications Co. KSCP |
7,538 | 12,788 | ||||||
Taiwan Mobile Co. Ltd. |
5,000 | 15,019 | ||||||
TIM SA |
2,000 | 6,029 | ||||||
Vodacom Group Ltd. |
244 | 1,619 | ||||||
|
|
|||||||
115,674 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
4,798,534 | ||||||
|
|
|||||||
Total Investments - 98.9% |
|
4,798,534 | ||||||
Other assets less liabilities - 1.1% |
|
54,074 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
4,852,608 | ||||||
|
|
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
PJSC | Public Joint Stock Company |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Emerging Markets Core Index Fund (cont.)
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
Futures Contracts
FlexShares® ESG & Climate Emerging Markets Core Index Fund had the following open futures contract as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
MSCI Emerging Markets E-Mini Index |
1 | 09/15/2023 | USD | $ | 52,715 | $ | 2,283 |
Abbreviations:
USD US Dollar |
FlexShares® ESG & Climate Emerging Markets Core Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Brazil |
5.9 | % | ||
Chile |
0.8 | |||
China |
25.4 | |||
Colombia |
0.5 | |||
Czech Republic |
0.1 | |||
Egypt |
0.3 | |||
Greece |
0.5 | |||
Hungary |
0.8 | |||
India |
12.9 | |||
Indonesia |
1.1 | |||
Kuwait |
0.3 | |||
Malaysia |
1.3 | |||
Mexico |
2.5 | |||
Philippines |
0.3 | |||
Poland |
1.7 | |||
Saudi Arabia |
2.0 | |||
South Africa |
5.7 | |||
South Korea |
13.2 | |||
Taiwan |
16.9 | |||
Thailand |
3.5 | |||
Turkey |
0.7 | |||
United Arab Emirates |
2.5 | |||
Other1 |
1.1 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.9 | % | ||
Others(1) |
1.1 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Morningstar Global Upstream Natural Resources Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.2% |
| |||||||
Building Products - 0.5% |
| |||||||
Simpson Manufacturing Co., Inc. |
125,230 | 19,786,340 | ||||||
UFP Industries, Inc. |
175,322 | 18,016,089 | ||||||
|
|
|||||||
37,802,429 | ||||||||
|
|
|||||||
Chemicals - 17.1% |
| |||||||
CF Industries Holdings, Inc.(a) |
1,263,034 | 103,669,831 | ||||||
Corteva, Inc. |
4,701,492 | 265,305,194 | ||||||
FMC Corp. |
840,830 | 80,913,071 | ||||||
ICL Group Ltd. |
8,361,786 | 55,689,702 | ||||||
K+S AG (Registered) |
2,128,910 | 40,665,755 | ||||||
Mosaic Co. (The) |
2,150,378 | 87,649,407 | ||||||
Nutrien Ltd.(a) |
5,313,330 | 366,816,560 | ||||||
PhosAgro PJSC |
308,581 | | ||||||
PI Industries Ltd. |
908,812 | 39,951,872 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A* |
4,651,400 | 13,016,826 | ||||||
SABIC Agri-Nutrients Co. |
2,636,986 | 101,357,656 | ||||||
Scotts Miracle-Gro Co. (The) |
286,240 | 20,048,250 | ||||||
UPL Ltd.* |
6,086,178 | 46,226,057 | ||||||
Yara International ASA |
1,824,780 | 74,748,068 | ||||||
Yunnan Yuntianhua Co. Ltd., Class A |
1,431,200 | 3,696,778 | ||||||
Zangge Mining Co. Ltd., Class A |
1,431,200 | 4,818,228 | ||||||
|
|
|||||||
1,304,573,255 | ||||||||
|
|
|||||||
Electric Utilities - 0.2% |
| |||||||
Origin Energy Ltd. |
2,479,554 | 14,152,078 | ||||||
|
|
|||||||
Food Products - 12.9% |
| |||||||
Archer-Daniels-Midland Co. |
3,774,790 | 320,706,158 | ||||||
Bakkafrost P/F |
586,792 | 34,309,046 | ||||||
Bunge Ltd. |
1,055,510 | 114,702,272 | ||||||
Cal-Maine Foods, Inc.(a) |
271,928 | 12,560,354 | ||||||
Charoen Pokphand Foods PCL, NVDR |
39,358,000 | 23,341,998 | ||||||
Charoen Pokphand Indonesia Tbk. PT* |
82,294,000 | 28,240,812 | ||||||
Kuala Lumpur Kepong Bhd. |
6,082,600 | 31,458,468 | ||||||
Mowi ASA |
5,284,706 | 93,115,094 | ||||||
Muyuan Foods Co. Ltd., Class A |
5,009,208 | 31,155,322 | ||||||
New Hope Liuhe Co. Ltd., Class A* |
3,935,800 | 6,889,405 | ||||||
PPB Group Bhd. |
8,229,400 | 30,479,259 | ||||||
Salmar ASA |
783,582 | 36,272,570 | ||||||
Tyson Foods, Inc., Class A |
2,017,992 | 112,442,514 | ||||||
Wilmar International Ltd. |
35,422,200 | 102,974,614 | ||||||
|
|
|||||||
978,647,886 | ||||||||
|
|
|||||||
Metals & Mining - 29.1% |
| |||||||
Agnico Eagle Mines Ltd.(a) |
1,521,260 | 79,897,211 | ||||||
Anglo American plc |
3,699,652 | 113,958,164 | ||||||
AngloGold Ashanti Ltd. |
1,248,722 | 27,707,638 | ||||||
Barrick Gold Corp.(a) |
5,377,734 | 93,071,058 | ||||||
BHP Group Ltd. |
12,268,962 | 380,384,918 |
Investments |
Shares | Value ($) | ||||||
Boliden AB |
769,270 | 22,702,891 | ||||||
First Quantum Minerals Ltd.(a) |
1,595,788 | 47,415,969 | ||||||
Fortescue Metals Group Ltd. |
4,819,566 | 70,409,368 | ||||||
Franco-Nevada Corp.(a) |
583,214 | 85,258,908 | ||||||
Freeport-McMoRan, Inc. |
3,148,640 | 140,586,776 | ||||||
Glencore plc |
34,803,206 | 212,053,535 | ||||||
Gold Fields Ltd. |
2,583,316 | 39,934,176 | ||||||
Grupo Mexico SAB de CV, Series B |
8,945,000 | 46,614,148 | ||||||
Hindalco Industries Ltd. |
4,336,536 | 24,390,420 | ||||||
Impala Platinum Holdings Ltd. |
2,465,242 | 17,882,405 | ||||||
Mineral Resources Ltd.(a) |
522,388 | 25,144,157 | ||||||
MMC Norilsk Nickel PJSC* |
46,158 | | ||||||
MMC Norilsk Nickel PJSC, ADR* |
1,231,473 | | ||||||
Newcrest Mining Ltd. |
2,583,316 | 45,973,669 | ||||||
Newmont Corp.(a) |
1,846,248 | 79,240,964 | ||||||
Norsk Hydro ASA |
4,057,452 | 26,631,227 | ||||||
Northern Star Resources Ltd.(a) |
3,306,072 | 25,641,939 | ||||||
Rio Tinto plc |
3,034,144 | 201,049,891 | ||||||
Royal Gold, Inc.(a) |
161,010 | 19,343,741 | ||||||
Saudi Arabian Mining Co.* |
3,567,266 | 42,218,416 | ||||||
South32 Ltd. |
13,857,594 | 36,231,206 | ||||||
Sumitomo Metal Mining Co. Ltd. |
771,500 | 26,683,214 | ||||||
Teck Resources Ltd., Class B(a) |
1,255,878 | 55,893,131 | ||||||
Vale SA |
10,614,079 | 154,311,959 | ||||||
Wheaton Precious Metals Corp.(a) |
1,395,420 | 62,686,560 | ||||||
Zijin Mining Group Co. Ltd., Class A |
4,651,400 | 8,467,445 | ||||||
|
|
|||||||
2,211,785,104 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 30.0% |
| |||||||
APA Corp.(a) |
275,506 | 11,155,238 | ||||||
BP plc |
25,622,058 | 159,228,779 | ||||||
Cameco Corp.(a) |
1,237,988 | 43,603,513 | ||||||
Canadian Natural Resources Ltd.(a) |
1,556,430 | 94,822,505 | ||||||
Cenovus Energy, Inc.(a) |
1,831,936 | 34,905,949 | ||||||
Chevron Corp. |
1,556,430 | 254,725,334 | ||||||
China Petroleum & Chemical Corp., Class H |
35,780,000 | 19,957,557 | ||||||
ConocoPhillips |
1,076,978 | 126,781,850 | ||||||
Coterra Energy, Inc. |
690,554 | 19,017,857 | ||||||
Devon Energy Corp. |
561,746 | 30,334,284 | ||||||
Diamondback Energy, Inc.(a) |
161,010 | 23,719,993 | ||||||
Eni SpA |
3,495,706 | 53,511,583 | ||||||
EOG Resources, Inc. |
504,498 | 66,861,120 | ||||||
EQT Corp.(a) |
307,708 | 12,979,123 | ||||||
Equinor ASA |
1,427,622 | 43,520,845 | ||||||
Exxon Mobil Corp. |
3,284,604 | 352,240,933 | ||||||
Gazprom PJSC |
15,937,700 | | ||||||
Hess Corp. |
239,726 | 36,373,626 | ||||||
Inpex Corp. |
1,431,200 | 18,459,136 | ||||||
LUKOIL PJSC |
214,305 | | ||||||
LUKOIL PJSC, ADR* |
269,035 | | ||||||
Marathon Oil Corp. |
543,856 | 14,287,097 | ||||||
Novatek PJSC |
1,237,715 | | ||||||
Occidental Petroleum Corp.(a) |
651,196 | 41,110,004 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Petroleo Brasileiro SA (Preference) |
5,724,800 | 37,438,860 | ||||||
Pioneer Natural Resources Co. |
211,102 | 47,639,388 | ||||||
Repsol SA |
1,842,670 | 28,239,738 | ||||||
Rosneft Oil Co. PJSC |
2,926,433 | | ||||||
Santos Ltd. |
4,701,492 | 25,218,079 | ||||||
Saudi Arabian Oil Co.(b) |
3,477,816 | 30,035,515 | ||||||
Shell plc |
10,072,070 | 306,615,355 | ||||||
Suncor Energy, Inc.(a) |
1,828,358 | 57,312,859 | ||||||
Tatneft PJSC |
2,021,036 | | ||||||
TotalEnergies SE |
3,323,962 | 202,518,745 | ||||||
Tourmaline Oil Corp.(a) |
429,360 | 22,292,469 | ||||||
Woodside Energy Group Ltd.(a) |
2,708,547 | 69,337,607 | ||||||
|
|
|||||||
2,284,244,941 | ||||||||
|
|
|||||||
Paper & Forest Products - 3.1% |
| |||||||
Canfor Corp.*(a) |
250,460 | 3,959,789 | ||||||
Dexco SA* |
1,431,200 | 2,518,188 | ||||||
Dongwha Enterprise Co. Ltd.* |
35,780 | 1,142,467 | ||||||
Interfor Corp.*(a) |
218,258 | 3,913,306 | ||||||
Mondi plc |
2,264,874 | 39,792,037 | ||||||
Stella-Jones, Inc. |
228,992 | 11,649,234 | ||||||
Stora Enso OYJ, Class R |
2,776,528 | 34,148,366 | ||||||
Svenska Cellulosa AB SCA, Class B(a) |
2,758,638 | 36,703,078 | ||||||
UPM-Kymmene OYJ |
2,418,728 | 80,269,734 | ||||||
West Fraser Timber Co. Ltd. |
254,038 | 21,442,448 | ||||||
|
|
|||||||
235,538,647 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 0.3% |
| |||||||
Tongwei Co. Ltd., Class A |
4,293,606 | 20,907,054 | ||||||
|
|
|||||||
Specialized REITs - 1.4% |
| |||||||
PotlatchDeltic Corp., REIT |
261,194 | 14,007,834 | ||||||
Rayonier, Inc., REIT(a) |
472,296 | 15,642,444 | ||||||
Weyerhaeuser Co., REIT |
2,361,480 | 80,432,009 | ||||||
|
|
|||||||
110,082,287 | ||||||||
|
|
|||||||
Water Utilities - 4.6% |
| |||||||
American States Water Co.(a) |
135,964 | 12,020,577 | ||||||
American Water Works Co., Inc. |
722,756 | 106,555,917 | ||||||
Beijing Enterprises Water Group Ltd. |
28,624,000 | 6,973,675 | ||||||
California Water Service Group(a) |
203,946 | 10,813,217 | ||||||
China Water Affairs Group Ltd. |
7,156,000 | 6,065,262 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP |
2,013,499 | 24,591,773 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
1,073,400 | 4,567,035 | ||||||
Cia de Saneamento do Parana |
1,431,200 | 6,305,999 | ||||||
Essential Utilities, Inc. |
887,344 | 37,525,778 | ||||||
Grandblue Environment Co. Ltd., Class A |
357,800 | 942,218 | ||||||
Guangdong Investment Ltd. |
16,195,941 | 13,997,287 | ||||||
Pennon Group plc |
1,570,742 | 14,207,596 | ||||||
Severn Trent plc(a) |
1,556,430 | 51,145,910 | ||||||
SJW Group(a) |
100,184 | 7,058,965 | ||||||
United Utilities Group plc |
4,000,204 | 51,417,156 | ||||||
|
|
|||||||
354,188,365 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
7,551,922,046 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 2.6%(c) |
| |||||||
CERTIFICATES OF DEPOSIT - 0.5% |
| |||||||
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.40%), 5.73%, 10/19/2023(d) |
2,000,000 | 2,000,062 | ||||||
Bank of Nova Scotia, Houston (SOFR + 0.45%), 5.53%, 10/6/2023(d) |
5,000,000 | 5,002,251 | ||||||
MUFG Bank Ltd., New York Branch (SOFR + 0.29%), 5.60%, 8/23/2023(d) |
3,000,000 | 3,000,000 | ||||||
Natixis SA, New York 5.58%, 10/10/2023 |
5,000,000 | 5,000,720 | ||||||
Nordea Bank Abp, New York Branch (SOFR + 0.47%), 5.77%, 4/26/2024(d) |
4,000,000 | 3,999,992 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York (SOFR + 0.37%), 5.68%, 11/16/2023(d) |
3,000,000 | 3,000,483 | ||||||
Royal Bank of Canada, New York (SOFR + 0.53%), 5.83%, 5/23/2024(d) |
4,000,000 | 4,002,276 | ||||||
The Sumitomo Bank Ltd., New York (SOFR + 0.45%), 5.58%, 10/11/2023(d) |
4,000,000 | 4,001,876 | ||||||
Toronto-Dominion Bank, New York (US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(d) |
4,000,000 | 3,999,948 | ||||||
|
|
|||||||
TOTAL CERTIFICATES OF DEPOSIT |
|
34,007,608 | ||||||
|
|
|||||||
COMMERCIAL PAPER - 0.0%(d) (e) |
| |||||||
Bank of Montreal, Montreal (SOFR + 0.35%), 5.65%, 11/9/2023 (Cost $2,000,000) |
2,000,000 | 2,000,272 | ||||||
|
|
|||||||
INVESTMENT COMPANIES - 0.6% |
| |||||||
BlackRock Liquidity FedFund, Institutional Shares 5.33%, 8/1/2023 |
1,000,000 | 1,000,000 | ||||||
Dreyfus Treasury Obligations Cash Management Fund 5.37%, 8/1/2023 |
13,000,000 | 13,000,000 | ||||||
Goldman Sachs Financial Square Government Fund, Institutional Class 5.32%, 8/1/2023 |
10,000,000 | 10,000,000 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.33%, 8/1/2023 |
18,000,000 | 18,000,000 | ||||||
Morgan Stanley Institutional Liquidity Fund - Government Portfolio 5.35%, 8/1/2023 |
2,000,000 | 2,000,000 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES |
|
44,000,000 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 1.5% |
| |||||||
BofA Securities, Inc., 5.77%, dated 7/31/2023, due 10/31/2023, repurchase price $8,117,964, collateralized by various Common Stocks; total market value $8,861,629 |
8,000,000 | 8,000,000 | ||||||
CF Secured LLC, 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $20,002,933, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 6.75%, maturing 10/31/2023 - 11/15/2052; total market value $20,363,120 |
20,000,000 | 20,000,000 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $37,537,410, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $37,994,810 |
37,531,906 | 37,531,906 | ||||||
Societe Generale, 5.41%, dated 7/31/2023, due 8/1/2023, repurchase price $10,001,503,
collateralized by various Common Stocks; total market value$11,152,190 |
10,000,000 | 10,000,000 | ||||||
Societe Generale, 5.34%, dated 7/31/2023, due 8/1/2023, repurchase price $10,001,483, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 4.75%, maturing 2/15/2037 - 5/15/2051; total market value $10,161,223 |
10,000,000 | 10,000,000 | ||||||
TD Prime Services LLC, 5.40%, dated 7/31/2023, due 8/1/2023, repurchase price $28,004,200, collateralized by various Common Stocks; total market value $30,917,207 |
28,000,000 | 28,000,000 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
113,531,906 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
TIME DEPOSITS - 0.0%(e) |
| |||||||
Australia & New Zealand Banking Group Ltd/New York 5.34%, 8/7/2023 (Cost $1,500,000) |
1,500,000 | 1,500,000 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
195,039,786 | |||||||
|
|
|||||||
Total Investments - 101.8% |
|
7,746,961,832 | ||||||
Liabilities in excess of other assets - (1.8%) |
|
(134,066,315 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
7,612,895,517 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $291,069,457, collateralized in the form of cash with a value of $195,046,070 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $104,299,981 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from August 10, 2023 February 15, 2053 and $259,845 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.80% 4.25%, and maturity dates ranging from June 22, 2027 September 20, 2117; a total value of $299,605,896. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $195,039,786. |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2023. |
(e) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital | |
SOFR | Secured Overnight Financing Rate |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
||||||||||||||||||
FTSE 100 Index |
94 | 09/15/2023 | GBP | $ | 9,299,469 | $ | 157,175 | |||||||||||
FTSE/JSE Top 40 Index |
58 | 09/21/2023 | ZAR | 2,409,525 | 52,233 | |||||||||||||
Hang Seng Index |
36 | 08/30/2023 | HKD | 4,663,008 | 226,240 | |||||||||||||
MSCI Emerging Markets E-Mini Index |
1 | 09/15/2023 | USD | 52,715 | 3,194 | |||||||||||||
Russell 2000 E-Mini Index |
91 | 09/15/2023 | USD | 9,161,880 | 557,530 | |||||||||||||
S&P Midcap 400 E-Mini Index |
16 | 09/15/2023 | USD | 4,389,440 | 226,182 | |||||||||||||
S&P/TSX 60 Index |
141 | 09/14/2023 | CAD | 26,566,382 | 846,914 | |||||||||||||
SPI 200 Index |
41 | 09/21/2023 | AUD | 5,082,143 | 164,719 | |||||||||||||
|
|
|||||||||||||||||
$ | 2,234,187 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
12,665,539 | Citibank NA | USD | 9,546,633 | 09/20/2023 | $ | 82,259 | |||||||||||||||
GBP |
2,819,860 | JPMorgan Chase Bank NA | USD | 3,581,641 | 09/20/2023 | 47,302 | ||||||||||||||||
INR* |
93,075,711 | JPMorgan Chase Bank NA | USD | 1,127,343 | 09/20/2023 | 2,452 | ||||||||||||||||
NOK |
16,551,048 | Toronto-Dominion Bank (The) | USD | 1,575,856 | 09/20/2023 | 62,798 | ||||||||||||||||
NZD |
126,346 | Citibank NA | USD | 78,380 | 09/20/2023 | 256 | ||||||||||||||||
USD |
3,549,337 | JPMorgan Chase Bank NA | AUD | 5,160,000 | 09/20/2023 | 66,119 | ||||||||||||||||
USD |
277,390 | Toronto-Dominion Bank (The) | KRW | * | 350,052,156 | 09/20/2023 | 1,971 | |||||||||||||||
USD |
205,356 | BNP Paribas SA | TWD | * | 6,230,000 | 09/20/2023 | 5,901 | |||||||||||||||
ZAR |
5,390,000 | Toronto-Dominion Bank (The) | USD | 291,322 | 09/20/2023 | 10,368 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 279,426 | |||||||||||||||||||
|
|
|||||||||||||||||||||
AUD |
9,251,480 | JPMorgan Chase Bank NA | USD | 6,317,340 | 09/20/2023 | $ | (72,199 | ) | ||||||||||||||
JPY |
9,759,416 | Citibank NA | USD | 71,046 | 09/20/2023 | (1,808 | ) | |||||||||||||||
USD |
1,429,790 | Citibank NA | BRL | * | 7,060,760 | 09/20/2023 | (41,871 | ) | ||||||||||||||
USD |
6,828,179 | JPMorgan Chase Bank NA | CAD | 9,000,000 | 09/20/2023 | (14,012 | ) | |||||||||||||||
USD |
181,734 | Toronto-Dominion Bank (The) | CHF | 161,534 | 09/20/2023 | (5,632 | ) | |||||||||||||||
USD |
1,262,838 | JPMorgan Chase Bank NA | EUR | 1,150,000 | 09/20/2023 | (8,256 | ) | |||||||||||||||
USD |
2,576,152 | Toronto-Dominion Bank (The) | EUR | 2,365,398 | 09/20/2023 | (38,319 | ) | |||||||||||||||
USD |
2,409,396 | Goldman Sachs & Co. | HKD | 18,824,345 | 09/20/2023 | (5,347 | ) | |||||||||||||||
USD |
654,156 | Citibank NA | INR | * | 54,150,000 | 09/20/2023 | (3,141 | ) | ||||||||||||||
USD |
799,628 | JPMorgan Chase Bank NA | MXN | 13,970,000 | 09/20/2023 | (29,041 | ) | |||||||||||||||
USD |
7,189,570 | JPMorgan Chase Bank NA | NOK | 75,810,000 | 09/20/2023 | (316,080 | ) | |||||||||||||||
USD |
152,855 | JPMorgan Chase Bank NA | SEK | 1,620,827 | 09/20/2023 | (1,781 | ) | |||||||||||||||
USD |
1,970,642 | JPMorgan Chase Bank NA | SGD | 2,630,085 | 09/20/2023 | (14,946 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
$ | (552,433 | ) | |||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
$ | (273,007 | ) | |||||||||||||||||||
|
|
* | Non-deliverable forward. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
Abbreviations: | ||||
AUD | | Australian Dollar | ||
BRL | | Brazilian Real | ||
CAD | | Canadian Dollar | ||
CHF | | Swiss Franc | ||
EUR | | Euro | ||
GBP | | British Pound | ||
HKD | | Hong Kong Dollar | ||
INR | | Indian Rupee | ||
JPY | | Japanese Yen | ||
KRW | | Korean Won | ||
MXN | | Mexican Peso | ||
NOK | | Norwegian Krone | ||
NZD | | New Zealand Dollar | ||
SEK | | Swedish Krona | ||
SGD | | Singapore Dollar | ||
TWD | | Taiwan Dollar | ||
USD | | US Dollar | ||
ZAR | | South African Rand |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Morningstar Global Upstream Natural Resources Index Fund (cont.)
FlexShares® Morningstar Global Upstream Natural Resources Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
9.1 | % | ||
Brazil |
3.0 | |||
Canada |
14.2 | |||
China |
1.8 | |||
Finland |
1.5 | |||
France |
2.7 | |||
Germany |
0.5 | |||
India |
1.4 | |||
Indonesia |
0.4 | |||
Israel |
0.7 | |||
Italy |
0.7 | |||
Japan |
0.6 | |||
Malaysia |
0.8 | |||
Mexico |
0.6 | |||
Norway |
4.1 | |||
Saudi Arabia |
2.3 | |||
Singapore |
1.4 | |||
South Africa |
1.1 | |||
South Korea |
0.0 | | ||
Spain |
0.4 | |||
Sweden |
0.8 | |||
Thailand |
0.3 | |||
United Kingdom |
15.1 | |||
United States |
35.7 | |||
Other1 |
0.8 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
99.2 | % | ||
Securities Lending Reinvestments |
2.6 | |||
Others(1) |
(1.8 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® STOXX® Global Broad Infrastructure Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.0% |
| |||||||
Air Freight & Logistics - 3.0% |
| |||||||
bpost SA(a) |
154,800 | 747,897 | ||||||
CTT-Correios de Portugal SA |
121,260 | 479,966 | ||||||
DHL Group |
1,213,460 | 62,506,703 | ||||||
International Distributions Services plc*(a) |
849,680 | 2,916,766 | ||||||
Oesterreichische Post AG(a) |
38,700 | 1,414,467 | ||||||
PostNL NV(a) |
287,242 | 585,418 | ||||||
|
|
|||||||
68,651,217 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 4.6% |
| |||||||
Ambipar Participacoes e Empreendimentos SA |
86,000 | 380,370 | ||||||
Befesa SA(a)(b) |
39,560 | 1,519,612 | ||||||
Better World Green PCL, NVDR* |
3,823,600 | 72,610 | ||||||
Casella Waste Systems, Inc., Class A* |
20,640 | 1,665,442 | ||||||
China Everbright Environment Group Ltd.(a) |
4,300,000 | 1,709,259 | ||||||
Clean Harbors, Inc.*(a) |
19,780 | 3,288,623 | ||||||
Cleanaway Co. Ltd. |
112,000 | 686,045 | ||||||
Cleanaway Waste Management Ltd.(a) |
2,873,260 | 5,343,764 | ||||||
CoreCivic, Inc.* |
50,740 | 492,178 | ||||||
Daiseki Co. Ltd.(a) |
63,460 | 2,137,219 | ||||||
GEO Group, Inc. (The)*(a) |
48,160 | 359,755 | ||||||
Insun ENT Co. Ltd.* |
32,680 | 216,901 | ||||||
Midac Holdings Co. Ltd.(a) |
21,400 | 243,702 | ||||||
Renewi plc* |
104,060 | 696,222 | ||||||
Republic Services, Inc., Class A |
83,420 | 12,605,596 | ||||||
Shanghai Youngsun Investment Co. Ltd., Class B* |
57,800 | | ||||||
Stericycle, Inc.* |
38,700 | 1,644,363 | ||||||
Sunny Friend Environmental Technology Co. Ltd. |
120,315 | 516,842 | ||||||
TRE Holdings Corp. |
86,000 | 746,326 | ||||||
Waste Connections, Inc.(a) |
318,200 | 45,020,616 | ||||||
Waste Management, Inc.(a) |
149,640 | 24,509,535 | ||||||
|
|
|||||||
103,854,980 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 14.0% |
| |||||||
AT&T, Inc. |
2,856,060 | 41,469,991 | ||||||
BCE, Inc.(a) |
743,900 | 32,191,866 | ||||||
BT Group plc(a) |
5,729,320 | 8,993,388 | ||||||
Cellnex Telecom SA(b) |
396,460 | 16,234,525 | ||||||
China Tower Corp. Ltd., Class H(b) |
36,120,000 | 4,075,756 | ||||||
Deutsche Telekom AG (Registered) |
2,817,360 | 61,634,813 | ||||||
Frontier Communications Parent, Inc.*(a) |
103,200 | 1,879,272 | ||||||
HKT Trust & HKT Ltd. |
3,022,000 | 3,561,129 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
287,240 | 3,615,090 | ||||||
Iridium Communications, Inc. |
44,720 | 2,350,036 | ||||||
KINX, Inc. |
1,738 | 90,265 | ||||||
Koninklijke KPN NV |
2,738,240 | 9,938,701 |
Investments |
Shares | Value ($) | ||||||
Liberty Global plc, Class C*(a) |
97,180 | 1,920,277 | ||||||
Nippon Telegraph & Telephone Corp. |
45,150,000 | 51,766,153 | ||||||
Sarana Menara Nusantara Tbk. PT |
17,200,000 | 1,157,692 | ||||||
Spark New Zealand Ltd. |
1,523,060 | 4,910,000 | ||||||
Swisscom AG (Registered) |
20,640 | 13,343,319 | ||||||
Telecom Italia SpA*(a) |
8,479,600 | 2,452,291 | ||||||
Verizon Communications, Inc. |
1,682,160 | 57,328,013 | ||||||
|
|
|||||||
318,912,577 | ||||||||
|
|
|||||||
Electric Utilities - 13.9% |
| |||||||
American Electric Power Co., Inc. |
208,120 | 17,636,089 | ||||||
Constellation Energy Corp.(a) |
131,580 | 12,717,207 | ||||||
Duke Energy Corp. |
311,320 | 29,145,778 | ||||||
Edison International |
155,660 | 11,201,294 | ||||||
Enel SpA |
5,964,960 | 41,248,853 | ||||||
Eversource Energy |
137,600 | 9,952,608 | ||||||
Exelon Corp. |
396,460 | 16,595,816 | ||||||
Iberdrola SA(a) |
4,555,421 | 57,031,390 | ||||||
NextEra Energy, Inc. |
813,560 | 59,633,948 | ||||||
PG&E Corp.* |
940,840 | 16,568,192 | ||||||
Southern Co. (The) |
440,320 | 31,852,749 | ||||||
Xcel Energy, Inc. |
219,300 | 13,756,689 | ||||||
|
|
|||||||
317,340,613 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.1% |
| |||||||
Secure Energy Services, Inc. |
235,640 | 1,233,473 | ||||||
|
|
|||||||
Financial Services - 0.0%(c) |
| |||||||
Metro Pacific Investments Corp. |
12,900,000 | 1,143,796 | ||||||
|
|
|||||||
Gas Utilities - 1.1% |
| |||||||
AltaGas Ltd.(a) |
228,760 | 4,523,930 | ||||||
APA Group |
820,440 | 5,528,535 | ||||||
Enagas SA(a) |
176,300 | 3,136,314 | ||||||
Keppel Infrastructure Trust |
4,927,010 | 1,892,435 | ||||||
Petronas Gas Bhd. |
344,000 | 1,303,065 | ||||||
Snam SpA |
1,600,460 | 8,438,256 | ||||||
|
|
|||||||
24,822,535 | ||||||||
|
|
|||||||
Ground Transportation - 18.2% |
| |||||||
Aurizon Holdings Ltd.(a) |
2,184,400 | 5,608,160 | ||||||
Canadian National Railway Co.(a) |
755,940 | 91,798,252 | ||||||
Canadian Pacific Kansas City Ltd.(a) |
1,150,680 | 94,837,190 | ||||||
Central Japan Railway Co. |
258,000 | 32,930,954 | ||||||
CSX Corp. |
821,300 | 27,365,716 | ||||||
East Japan Railway Co. |
463,600 | 26,276,540 | ||||||
GMexico Transportes SAB de CV(b) |
946,000 | 2,259,865 | ||||||
Keio Corp.(a) |
151,100 | 5,023,905 | ||||||
Keisei Electric Railway Co. Ltd. |
215,900 | 8,965,442 | ||||||
MTR Corp. Ltd. |
1,916,000 | 8,807,699 | ||||||
Norfolk Southern Corp. |
91,160 | 21,294,064 | ||||||
Odakyu Electric Railway Co. Ltd.(a) |
430,000 | 6,285,966 | ||||||
Rumo SA |
1,634,000 | 7,982,712 | ||||||
Tobu Railway Co. Ltd.(a) |
258,000 | 6,829,518 | ||||||
Union Pacific Corp. |
244,240 | 56,668,565 | ||||||
West Japan Railway Co. |
305,400 | 12,559,489 | ||||||
|
|
|||||||
|
415,494,037 | |||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Health Care Providers & Services - 3.8% |
| |||||||
Acadia Healthcare Co., Inc.*(a) |
35,260 | 2,786,598 | ||||||
Apollo Hospitals Enterprise Ltd. |
142,760 | 8,979,610 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
15,050,000 | 12,641,055 | ||||||
Bumrungrad Hospital PCL, NVDR |
860,000 | 5,427,017 | ||||||
Encompass Health Corp. |
39,560 | 2,612,147 | ||||||
HCA Healthcare, Inc. |
84,280 | 22,992,427 | ||||||
IHH Healthcare Bhd. |
3,268,000 | 4,312,397 | ||||||
Life Healthcare Group Holdings Ltd. |
1,360,520 | 1,593,569 | ||||||
Ramsay Health Care Ltd.(a) |
227,040 | 9,012,694 | ||||||
Rede DOr Sao Luiz SA(b) |
1,032,000 | 7,809,882 | ||||||
Select Medical Holdings Corp. |
45,580 | 1,367,856 | ||||||
Tenet Healthcare Corp.* |
42,140 | 3,149,122 | ||||||
Universal Health Services, Inc., Class B |
23,220 | 3,226,651 | ||||||
|
|
|||||||
85,911,025 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 1.0% |
| |||||||
RWE AG |
527,180 | 22,744,012 | ||||||
|
|
|||||||
IT Services - 0.2% |
| |||||||
Fastly, Inc., Class A*(a) |
45,580 | 837,305 | ||||||
NEXTDC Ltd.* |
420,540 | 3,613,106 | ||||||
|
|
|||||||
4,450,411 | ||||||||
|
|
|||||||
Media - 4.4% |
| |||||||
Charter Communications, Inc., Class A* |
41,280 | 16,726,243 | ||||||
Comcast Corp., Class A |
1,664,960 | 75,356,090 | ||||||
Liberty Broadband Corp., Class C*(a) |
48,160 | 4,292,501 | ||||||
Quebecor, Inc., Class B(a) |
130,720 | 3,205,805 | ||||||
Sirius XM Holdings, Inc.(a) |
340,560 | 1,736,856 | ||||||
|
|
|||||||
101,317,495 | ||||||||
|
|
|||||||
Multi-Utilities - 7.1% |
| |||||||
Consolidated Edison, Inc. |
140,180 | 13,297,475 | ||||||
Dominion Energy, Inc. |
331,100 | 17,730,405 | ||||||
Engie SA |
1,437,060 | 23,627,028 | ||||||
National Grid plc |
2,841,440 | 37,711,009 | ||||||
Public Service Enterprise Group, Inc.(a) |
202,960 | 12,810,835 | ||||||
Sempra |
125,560 | 18,710,951 | ||||||
Veolia Environnement SA |
833,340 | 27,196,451 | ||||||
WEC Energy Group, Inc. |
126,420 | 11,360,101 | ||||||
|
|
|||||||
162,444,255 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.2% |
| |||||||
Antero Midstream Corp.(a) |
144,480 | 1,725,091 | ||||||
DT Midstream, Inc.(a) |
42,140 | 2,255,333 | ||||||
Enbridge, Inc. |
1,562,620 | 57,554,277 | ||||||
Equitrans Midstream Corp. |
165,980 | 1,721,213 | ||||||
Keyera Corp.(a) |
172,000 | 4,313,557 | ||||||
Kinder Morgan, Inc. |
786,040 | 13,920,768 | ||||||
Koninklijke Vopak NV |
44,720 | 1,689,718 | ||||||
New Fortress Energy, Inc.(a) |
44,720 | 1,276,756 | ||||||
ONEOK, Inc. |
182,320 | 12,222,733 | ||||||
Pembina Pipeline Corp. |
422,260 | 13,393,622 | ||||||
Plains GP Holdings LP, Class A(a) |
86,000 | 1,349,340 |
Investments |
Shares | Value ($) | ||||||
Targa Resources Corp. |
89,440 | 7,333,186 | ||||||
TC Energy Corp.(a) |
784,320 | 28,161,036 | ||||||
Transneft PJSC (Preference) |
1,473 | | ||||||
Williams Cos., Inc. (The)(a) |
488,480 | 16,828,136 | ||||||
|
|
|||||||
163,744,766 | ||||||||
|
|
|||||||
Specialized REITs - 4.9% |
| |||||||
American Tower Corp., REIT |
187,480 | 35,679,319 | ||||||
Crown Castle, Inc., REIT |
174,580 | 18,905,268 | ||||||
Digital Realty Trust, Inc., REIT(a) |
117,820 | 14,682,728 | ||||||
Equinix, Inc., REIT |
37,840 | 30,647,373 | ||||||
Keppel DC REIT, REIT |
1,032,000 | 1,702,124 | ||||||
SBA Communications Corp., Class A, REIT |
43,000 | 9,414,850 | ||||||
|
|
|||||||
111,031,662 | ||||||||
|
|
|||||||
Specialty Retail - 0.0% |
| |||||||
GNC Holdings, Inc.* |
36,294 | | ||||||
|
|
|||||||
Transportation Infrastructure - 6.9% |
| |||||||
Adani Ports & Special Economic Zone Ltd. |
993,300 | 9,393,923 | ||||||
Aena SME SA(b) |
90,300 | 14,476,063 | ||||||
Aeroports de Paris |
29,240 | 4,049,163 | ||||||
Airports of Thailand PCL, NVDR* |
5,246,000 | 10,958,303 | ||||||
Atlas Arteria Ltd.(a) |
1,743,220 | 7,376,920 | ||||||
Auckland International Airport Ltd.* |
1,507,580 | 7,881,236 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
10,320,000 | 2,743,658 | ||||||
CCR SA |
1,376,000 | 3,844,198 | ||||||
China Merchants Port Holdings Co. Ltd. |
1,815,564 | 2,490,997 | ||||||
COSCO SHIPPING Ports Ltd. |
1,720,000 | 1,085,104 | ||||||
Flughafen Zurich AG (Registered) |
24,080 | 5,119,622 | ||||||
Gemadept Corp. |
344,000 | 852,466 | ||||||
Getlink SE |
408,500 | 7,204,015 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
503,100 | 9,610,181 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
232,200 | 6,584,596 | ||||||
International Container Terminal Services, Inc. |
2,175,800 | 8,596,242 | ||||||
Japan Airport Terminal Co. Ltd.(a) |
120,100 | 5,599,257 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
1,720,000 | 1,572,518 | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
249,400 | 2,590,087 | ||||||
Qube Holdings Ltd. |
2,269,540 | 4,496,229 | ||||||
Santos Brasil Participacoes SA |
602,000 | 1,216,136 | ||||||
Shenzhen International Holdings Ltd. |
1,720,679 | 1,610,647 | ||||||
Transurban Group |
3,798,620 | 36,706,099 | ||||||
Westshore Terminals Investment Corp.(a) |
46,440 | 1,077,514 | ||||||
|
|
|||||||
157,135,174 | ||||||||
|
|
|||||||
Water Utilities - 2.5% |
| |||||||
Aguas Andinas SA, Class A |
3,467,520 | 1,214,348 | ||||||
American States Water Co.(a) |
14,620 | 1,292,554 | ||||||
American Water Works Co., Inc. |
79,120 | 11,664,662 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Beijing Enterprises Water Group Ltd. |
5,160,000 | 1,257,133 | ||||||
California Water Service Group(a) |
20,640 | 1,094,333 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP |
430,000 | 5,251,784 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
258,000 | 1,097,723 | ||||||
Cia de Saneamento do Parana (Preference) |
1,032,000 | 913,322 | ||||||
Essential Utilities, Inc.(a) |
92,880 | 3,927,895 | ||||||
Guangdong Investment Ltd. |
3,440,000 | 2,973,008 | ||||||
Middlesex Water Co.(a) |
7,740 | 622,451 | ||||||
Pennon Group plc |
301,000 | 2,722,590 | ||||||
Severn Trent plc |
316,480 | 10,399,862 | ||||||
SJW Group(a) |
10,320 | 727,147 | ||||||
United Utilities Group plc |
842,800 | 10,833,042 | ||||||
|
|
|||||||
55,991,854 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 6.1% |
| |||||||
KDDI Corp. |
1,204,000 | 35,481,053 | ||||||
SoftBank Corp. |
2,322,000 | 25,789,105 | ||||||
SoftBank Group Corp. |
860,000 | 43,835,304 | ||||||
T-Mobile US, Inc.* |
242,520 | 33,411,980 | ||||||
|
|
|||||||
138,517,442 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
2,254,741,324 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 2.2%(d) |
| |||||||
INVESTMENT COMPANIES - 0.2% |
| |||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.33%,
8/1/2023 |
5,000,000 | 5,000,000 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 2.0% |
| |||||||
BofA Securities, Inc., 5.77%, dated 7/31/2023, due 10/31/2023, repurchase price $2,029,491, collateralized by various Common Stocks; total market value $2,215,407 |
2,000,000 | 2,000,000 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $29,643,066, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $30,004,271 |
29,638,719 | 29,638,719 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
TD Prime Services LLC, 5.40%, dated 7/31/2023, due 8/1/2023, repurchase price $14,002,100, collateralized by various Common Stocks; total market value $15,458,604 |
14,000,000 | 14,000,000 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
45,638,719 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
50,638,719 | |||||||
|
|
|||||||
Total Investments - 101.2% |
|
2,305,380,043 | ||||||
Liabilities in excess of other assets - (1.2%) |
|
(26,989,788 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
2,278,390,255 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $138,165,584, collateralized in the form of cash with a value of $50,638,719 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $73,759,378 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from July 31, 2023 February 15, 2053 and $21,242,403 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.00%, and maturity dates ranging from September 7, 2023 September 20, 2117; a total value of $145,640,500. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $50,638,719. |
Percentages shown are based on Net Assets.
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
Futures Contracts
FlexShares® STOXX® Global Broad Infrastructure Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||
Long Contracts |
|
|||||||||||||||||
EURO STOXX 50 Index |
1 | 09/15/2023 | EUR | $ | 49,571 | $ | 985 | |||||||||||
FTSE 100 Index |
45 | 09/15/2023 | GBP | 4,451,873 | 92,219 | |||||||||||||
S&P 500 E-Mini Index |
31 | 09/15/2023 | USD | 7,152,475 | 354,716 | |||||||||||||
S&P/TSX 60 Index |
36 | 09/14/2023 | CAD | 6,782,906 | 212,961 | |||||||||||||
SPI 200 Index |
19 | 09/21/2023 | AUD | 2,355,140 | 79,309 | |||||||||||||
TOPIX Index |
18 | 09/07/2023 | JPY | 2,948,057 | 131,523 | |||||||||||||
|
|
|||||||||||||||||
$ | 871,713 | |||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® STOXX® Global Broad Infrastructure Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
GBP |
900,000 | Bank of New York Mellon (The) | USD | 1,148,784 | 09/20/2023 | $ | 9,447 | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 9,447 | |||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
4,064,475 | JPMorgan Chase Bank NA | GBP | 3,200,000 | 09/20/2023 | $ | (53,679 | ) | ||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (53,679 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (44,232 | ) | ||||||||||||||||||
|
|
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® STOXX® Global Broad Infrastructure Index Fund (cont.)
FlexShares® STOXX® Global Broad Infrastructure Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
3.4 | % | ||
Austria |
0.1 | |||
Belgium |
0.0 | | ||
Brazil |
1.3 | |||
Canada |
16.6 | |||
Chile |
0.1 | |||
China |
0.7 | |||
France |
2.7 | |||
Germany |
6.5 | |||
Hong Kong |
0.5 | |||
India |
0.8 | |||
Indonesia |
0.1 | |||
Italy |
2.4 | |||
Japan |
11.6 | |||
Malaysia |
0.2 | |||
Mexico |
0.9 | |||
Netherlands |
0.5 | |||
New Zealand |
0.6 | |||
Philippines |
0.4 | |||
Portugal |
0.0 | | ||
Singapore |
0.2 | |||
South Africa |
0.1 | |||
South Korea |
0.0 | | ||
Spain |
4.0 | |||
Switzerland |
0.8 | |||
Taiwan |
0.1 | |||
Thailand |
1.4 | |||
United Kingdom |
3.3 | |||
United States |
39.7 | |||
Vietnam |
0.0 | | ||
Other1 |
1.0 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
99.0 | % | ||
Securities Lending Reinvestments |
2.2 | |||
Others(1) |
(1.2 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Global Quality Real Estate Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 98.5% |
| |||||||
Diversified REITs - 8.2% |
| |||||||
Abacus Property Group, REIT |
389,259 | 697,724 | ||||||
Argosy Property Ltd., REIT(a) |
112,320 | 85,281 | ||||||
British Land Co. plc (The), REIT |
415,818 | 1,808,341 | ||||||
Charter Hall Group, REIT |
50,778 | 391,097 | ||||||
Charter Hall Long Wale REIT, REIT(a) |
316,485 | 876,513 | ||||||
Empire State Realty Trust, Inc., Class A, REIT(a) |
106,587 | 953,954 | ||||||
Essential Properties Realty Trust, Inc., REIT |
69,732 | 1,711,921 | ||||||
GPT Group (The), REIT |
908,037 | 2,655,562 | ||||||
Growthpoint Properties Australia Ltd., REIT |
309,231 | 598,037 | ||||||
H&R REIT, REIT(a) |
102,492 | 801,248 | ||||||
Land Securities Group plc, REIT |
345,033 | 2,874,046 | ||||||
Merlin Properties Socimi SA, REIT |
154,440 | 1,442,253 | ||||||
Mori Trust Reit, Inc., REIT(a) |
1,521 | 784,694 | ||||||
NIPPON REIT Investment Corp., REIT(a) |
22 | 52,414 | ||||||
Stockland, REIT |
1,162,044 | 3,304,443 | ||||||
Tokyu REIT, Inc., REIT(a) |
585 | 774,483 | ||||||
WP Carey, Inc., REIT |
93,717 | 6,328,709 | ||||||
|
|
|||||||
26,140,720 | ||||||||
|
|
|||||||
Health Care REITs - 2.3% |
| |||||||
Healthpeak Properties, Inc., REIT |
255,996 | 5,588,393 | ||||||
LTC Properties, Inc., REIT |
22,113 | 742,112 | ||||||
National Health Investors, Inc., REIT |
21,177 | 1,162,829 | ||||||
|
|
|||||||
7,493,334 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 4.4% |
| |||||||
Apple Hospitality REIT, Inc., REIT |
106,587 | 1,652,099 | ||||||
CDL Hospitality Trusts, REIT |
854,100 | 765,461 | ||||||
Covivio Hotels SACA, REIT(a) |
7,137 | 140,066 | ||||||
DiamondRock Hospitality Co., REIT |
109,278 | 928,863 | ||||||
Far East Hospitality Trust, REIT |
210,600 | 102,302 | ||||||
Host Hotels & Resorts, Inc., REIT |
347,022 | 6,385,205 | ||||||
Park Hotels & Resorts, Inc., REIT(a) |
110,448 | 1,505,406 | ||||||
RLJ Lodging Trust, REIT |
79,911 | 823,083 | ||||||
Service Properties Trust, REIT |
103,194 | 876,117 | ||||||
Sunstone Hotel Investors, Inc., REIT |
104,013 | 1,059,893 | ||||||
|
|
|||||||
14,238,495 | ||||||||
|
|
|||||||
Household Durables - 0.4% |
| |||||||
Iida Group Holdings Co. Ltd.(a) |
70,200 | 1,232,502 | ||||||
|
|
|||||||
Industrial REITs - 8.8% |
| |||||||
Centuria Industrial REIT, REIT(a) |
387,036 | 829,357 | ||||||
Dream Industrial REIT, REIT(a) |
76,050 | 819,867 |
Investments |
Shares | Value ($) | ||||||
First Industrial Realty Trust, Inc., REIT |
64,233 | 3,320,846 | ||||||
Frasers Logistics & Commercial Trust, REIT(b) |
1,450,800 | 1,333,014 | ||||||
Goodman Property Trust, REIT(a) |
596,700 | 839,265 | ||||||
Granite REIT, REIT(a) |
15,093 | 887,979 | ||||||
LondonMetric Property plc, REIT(a) |
440,271 | 1,046,845 | ||||||
LXP Industrial Trust, REIT |
129,636 | 1,305,434 | ||||||
Mapletree Logistics Trust, REIT |
1,638,000 | 2,084,817 | ||||||
Prologis, Inc., REIT |
99,567 | 12,420,983 | ||||||
STAG Industrial, Inc., REIT(a) |
87,282 | 3,168,337 | ||||||
|
|
|||||||
28,056,744 | ||||||||
|
|
|||||||
Office REITs - 2.8% |
| |||||||
Corporate Office Properties Trust, REIT |
52,767 | 1,371,942 | ||||||
Covivio SA, REIT |
22,507 | 1,090,375 | ||||||
Dexus, REIT(a) |
425,529 | 2,357,025 | ||||||
Equity Commonwealth, REIT |
51,831 | 1,015,369 | ||||||
Gecina SA, REIT |
22,113 | 2,397,841 | ||||||
Inmobiliaria Colonial Socimi SA, REIT |
137,943 | 892,763 | ||||||
SL Green Realty Corp., REIT |
1 | 37 | ||||||
|
|
|||||||
9,125,352 | ||||||||
|
|
|||||||
Real Estate Management & Development - 15.1% |
| |||||||
Aeon Mall Co. Ltd. |
63,300 | 782,562 | ||||||
Atrium Ljungberg AB, Class B(a) |
44,226 | 868,736 | ||||||
Bukit Sembawang Estates Ltd. |
23,400 | 72,255 | ||||||
Capitaland India Trust |
1,006,200 | 863,886 | ||||||
City Developments Ltd. |
198,900 | 1,106,997 | ||||||
CTP NV(b) |
67,509 | 928,912 | ||||||
Daito Trust Construction Co. Ltd. |
29,900 | 3,217,701 | ||||||
Fabege AB(a) |
123,435 | 1,071,356 | ||||||
Grand City Properties SA*(a) |
52,767 | 436,337 | ||||||
Heiwa Real Estate Co. Ltd. |
27,500 | 768,405 | ||||||
Howard Hughes Corp. (The)* |
17,667 | 1,491,625 | ||||||
Hufvudstaden AB, Class A |
65,637 | 805,197 | ||||||
Hulic Co. Ltd. |
187,200 | 1,593,598 | ||||||
Intershop Holding AG |
1,053 | 731,275 | ||||||
Isras Investment Co. Ltd.(a) |
3,861 | 794,932 | ||||||
Kerry Properties Ltd. |
351,000 | 756,126 | ||||||
LEG Immobilien SE* |
35,100 | 2,490,700 | ||||||
Mitsubishi Estate Co. Ltd. |
107,200 | 1,310,574 | ||||||
Mitsui Fudosan Co. Ltd. |
152,100 | 3,124,323 | ||||||
Nexity SA(a) |
28,431 | 483,051 | ||||||
Nomura Real Estate Holdings, Inc. |
57,200 | 1,418,325 | ||||||
Platzer Fastigheter Holding AB, Class B |
6,435 | 48,994 | ||||||
PSP Swiss Property AG (Registered) |
22,113 | 2,622,387 | ||||||
Relo Group, Inc. |
58,500 | 807,834 | ||||||
Shurgard Self Storage Ltd., REIT |
16,146 | 740,376 | ||||||
Sumitomo Realty & Development Co. Ltd. |
65,200 | 1,746,560 | ||||||
Sun Hung Kai Properties Ltd. |
702,000 | 8,780,964 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Swire Properties Ltd. |
561,600 | 1,404,234 | ||||||
TAG Immobilien AG* |
86,346 | 973,428 | ||||||
Tokyo Tatemono Co. Ltd. |
88,300 | 1,179,260 | ||||||
Tokyu Fudosan Holdings Corp. |
292,500 | 1,738,160 | ||||||
Tricon Residential, Inc. |
106,353 | 995,456 | ||||||
UOL Group Ltd. |
222,300 | 1,176,961 | ||||||
Wihlborgs Fastigheter AB |
129,168 | 1,011,709 | ||||||
|
|
|||||||
48,343,196 | ||||||||
|
|
|||||||
Residential REITs - 11.9% |
| |||||||
American Homes 4 Rent, Class A, REIT |
10,881 | 407,820 | ||||||
Apartment Investment and Management Co., Class A, REIT |
94,419 | 786,510 | ||||||
AvalonBay Communities, Inc., REIT |
66,807 | 12,603,140 | ||||||
Boardwalk REIT, REIT(a) |
17,199 | 855,997 | ||||||
Canadian Apartment Properties REIT, REIT(a) |
40,716 | 1,590,283 | ||||||
Centerspace, REIT(a) |
12,987 | 806,882 | ||||||
Equity Residential, REIT |
171,405 | 11,302,446 | ||||||
InterRent REIT, REIT |
73,476 | 715,083 | ||||||
Killam Apartment REIT, REIT(a) |
53,586 | 736,871 | ||||||
Mid-America Apartment Communities, Inc., REIT |
55,107 | 8,247,314 | ||||||
|
|
|||||||
38,052,346 | ||||||||
|
|
|||||||
Retail REITs - 21.6% |
| |||||||
Brixmor Property Group, Inc., REIT |
146,133 | 3,323,065 | ||||||
BWP Trust, REIT(a) |
308,295 | 762,423 | ||||||
Carmila SA, REIT* |
52,182 | 848,040 | ||||||
Charter Hall Retail REIT, REIT |
332,748 | 840,833 | ||||||
Choice Properties REIT, REIT(a) |
85,995 | 908,787 | ||||||
Crombie REIT, REIT(a) |
63,765 | 674,831 | ||||||
CT REIT, REIT(a) |
58,266 | 674,181 | ||||||
Eurocommercial Properties NV, REIT |
34,047 | 863,386 | ||||||
Federal Realty Investment Trust, REIT |
13,338 | 1,354,074 | ||||||
First Capital REIT, REIT |
44,343 | 496,237 | ||||||
Fortune REIT, REIT |
172,000 | 124,170 | ||||||
Fukuoka REIT Corp., REIT(a) |
585 | 685,547 | ||||||
Getty Realty Corp., REIT(a) |
24,687 | 797,884 | ||||||
HomeCo Daily Needs REIT, REIT(a)(b) |
923,832 | 743,916 | ||||||
InvenTrust Properties Corp., REIT(a) |
34,866 | 848,639 | ||||||
Kimco Realty Corp., REIT |
294,606 | 5,968,718 | ||||||
Kite Realty Group Trust, REIT(a) |
107,055 | 2,449,418 | ||||||
Klepierre SA, REIT |
104,949 | 2,794,433 | ||||||
Mapletree Pan Asia Commercial Trust, REIT |
1,146,600 | 1,424,831 | ||||||
NNN REIT, Inc., REIT |
86,931 | 3,710,215 | ||||||
PARAGON REIT, REIT |
1,076,400 | 774,184 | ||||||
Phillips Edison & Co., Inc., REIT(a) |
54,756 | 1,933,434 | ||||||
Realty Income Corp., REIT |
36,738 | 2,239,916 | ||||||
Regency Centers Corp., REIT(a) |
74,763 | 4,899,219 | ||||||
Region RE Ltd., REIT |
529,893 | 864,106 |
Investments |
Shares | Value ($) | ||||||
Retail Estates NV, REIT |
10,530 | 674,532 | ||||||
RioCan REIT, REIT(a) |
73,476 | 1,119,236 | ||||||
RPT Realty, REIT |
68,328 | 742,725 | ||||||
Simon Property Group, Inc., REIT |
131,040 | 16,327,584 | ||||||
SITE Centers Corp., REIT(a) |
89,505 | 1,257,545 | ||||||
SmartCentres REIT, REIT(a) |
44,343 | 839,190 | ||||||
Spirit Realty Capital, Inc., REIT |
68,094 | 2,746,231 | ||||||
Tanger Factory Outlet Centers, Inc., REIT(a) |
51,597 | 1,207,886 | ||||||
Vicinity Ltd., REIT |
1,832,220 | 2,438,417 | ||||||
Waypoint REIT Ltd., REIT |
438,516 | 774,194 | ||||||
|
|
|||||||
69,132,027 | ||||||||
|
|
|||||||
Specialized REITs - 23.0% |
| |||||||
American Tower Corp., REIT |
43,875 | 8,349,851 | ||||||
Big Yellow Group plc, REIT |
82,953 | 1,145,229 | ||||||
Crown Castle, Inc., REIT(a) |
16,848 | 1,824,470 | ||||||
CubeSmart, REIT(a) |
109,044 | 4,728,148 | ||||||
EPR Properties, REIT(a) |
36,738 | 1,639,984 | ||||||
Equinix, Inc., REIT(a) |
6,552 | 5,306,596 | ||||||
Gaming and Leisure Properties, Inc., REIT |
122,733 | 5,824,908 | ||||||
Iron Mountain, Inc., REIT |
139,347 | 8,555,906 | ||||||
Lamar Advertising Co., Class A, REIT |
40,248 | 3,972,478 | ||||||
National Storage REIT, REIT |
522,873 | 817,424 | ||||||
PotlatchDeltic Corp., REIT |
38,142 | 2,045,555 | ||||||
Public Storage, REIT |
57,096 | 16,086,798 | ||||||
Safestore Holdings plc, REIT |
107,172 | 1,221,731 | ||||||
Weyerhaeuser Co., REIT |
351,234 | 11,963,030 | ||||||
|
|
|||||||
73,482,108 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
315,296,824 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 2.0%(c) |
| |||||||
REPURCHASE AGREEMENTS - 2.0% |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $6,502,362,
collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $6,581,594 |
6,501,408 | 6,501,408 | ||||||
|
|
|||||||
Total Investments - 100.5% |
|
321,798,232 | ||||||
Liabilities in excess of other assets - (0.5%) |
|
(1,745,151 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
320,053,081 | ||||||
|
|
* | Non-income producing security. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $28,397,999, collateralized in the form of cash with a value of $6,501,408 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $19,220,591 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from July 31, 2023 February 15, 2053 and $4,064,054 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from September 7, 2023 September 20, 2117; a total value of $29,786,054. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $6,501,408. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
Futures Contracts
FlexShares® Global Quality Real Estate Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||
Long Contracts |
|
|||||||||||||||
EURO STOXX 50 Index |
7 | 09/15/2023 | EUR | $ | 346,995 | $ | 10,626 | |||||||||
S&P Midcap 400 E-Mini Index |
11 | 09/15/2023 | USD | 3,017,740 | 167,712 | |||||||||||
SPI 200 Index |
10 | 09/21/2023 | AUD | 1,239,547 | 43,865 | |||||||||||
|
|
|||||||||||||||
$ | 222,203 | |||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® Global Quality Real Estate Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CHF |
10,699 | Toronto-Dominion Bank (The) | USD | 12,037 | 09/20/2023 | $ | 373 | |||||||||||||||
GBP |
9,839 | JPMorgan Chase Bank NA | USD | 12,496 | 09/20/2023 | 165 | ||||||||||||||||
HKD |
1,265,868 | Goldman Sachs & Co. | USD | 162,023 | 09/20/2023 | 359 | ||||||||||||||||
NZD |
63,030 | Citibank NA | USD | 39,101 | 09/20/2023 | 128 | ||||||||||||||||
SEK |
795,966 | JPMorgan Chase Bank NA | USD | 75,065 | 09/20/2023 | 875 | ||||||||||||||||
USD |
23,462 | JPMorgan Chase Bank NA | AUD | 34,359 | 09/20/2023 | 268 | ||||||||||||||||
USD |
31,138 | Citibank NA | ILS | 111,846 | 09/20/2023 | 551 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 2,719 | |||||||||||||||||||
|
|
|||||||||||||||||||||
JPY |
2,348,201 | Citibank NA | USD | 17,094 | 09/20/2023 | $ | (435 | ) | ||||||||||||||
USD |
527,074 | Citibank NA | CAD | 699,270 | 09/20/2023 | (4,542 | ) | |||||||||||||||
USD |
219,296 | Toronto-Dominion Bank (The) | EUR | 201,355 | 09/20/2023 | (3,262 | ) | |||||||||||||||
USD |
29,970 | Toronto-Dominion Bank (The) | NOK | 314,773 | 09/20/2023 | (1,194 | ) | |||||||||||||||
USD |
47,124 | JPMorgan Chase Bank NA | SGD | 62,894 | 09/20/2023 | (357 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (9,790 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (7,071 | ) | ||||||||||||||||||
|
|
Abbreviations: |
AUD Australian Dollar |
CAD Canadian Dollar |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
HKD Hong Kong Dollar |
ILS Israeli Shekel |
JPY Japanese Yen |
NOK Norwegian Krone |
NZD New Zealand Dollar |
SEK Swedish Krona |
SGD Singapore Dollar |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Global Quality Real Estate Index Fund (cont.)
FlexShares® Global Quality Real Estate Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
5.9 | % | ||
Belgium |
0.4 | |||
Canada |
3.8 | |||
France |
2.4 | |||
Germany |
1.2 | |||
Hong Kong |
3.5 | |||
Israel |
0.3 | |||
Japan |
6.6 | |||
Netherlands |
0.6 | |||
New Zealand |
0.3 | |||
Singapore |
3.0 | |||
Spain |
0.7 | |||
Sweden |
1.2 | |||
Switzerland |
1.1 | |||
United Kingdom |
2.5 | |||
United States |
65.0 | |||
Other1 |
1.5 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
98.5 | % | ||
Securities Lending Reinvestments |
2.0 | |||
Others(1) |
(0.5 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Real Assets Allocation Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
EXCHANGE TRADED FUNDS - 100.0% |
| |||||||
FlexShares® Global Quality Real Estate Index Fund(a) |
63,700 | 3,478,975 | ||||||
FlexShares® Morningstar Global Upstream Natural Resources Index Fund(a) |
152,282 | 6,500,919 | ||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund(a) |
189,618 | 10,038,377 | ||||||
|
|
|||||||
TOTAL EXCHANGE TRADED FUNDS |
|
20,018,271 | ||||||
|
|
|||||||
Total Investments - 100.0% |
|
20,018,271 | ||||||
Liabilities in excess of other assets - 0.0% |
|
(334 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
20,017,937 | ||||||
|
|
(a) | Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® Real Assets Allocation Index Fund (cont.)
The underlying index of the FlexShares® Real Assets Allocation Index Fund is comprised of securities of affiliated FlexShares® Funds. The Schedules of Investments of the affiliated FlexShares® Funds are located elsewhere in this Report.
Investment in a company which was affiliated for the period ended July 31, 2023, was as follows:
Security | Value October 31, 2022 |
Purchases at Cost |
Sales Proceeds |
Shares July 31, 2023 |
Value July 31, 2023 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Loss |
||||||||||||||||||||||||
FlexShares® Global Quality Real Estate Index Fund |
$ | 6,766,701 | $ | 248,154 | $ | 3,821,960 | 63,700 | $ | 3,478,975 | $ | 1,288,993 | $ | 80,196 | $ | (1,002,913 | ) | ||||||||||||||||
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
7,230,364 | 2,154,028 | 3,114,147 | 152,282 | 6,500,919 | 85,124 | 136,132 | 145,550 | ||||||||||||||||||||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund |
14,861,299 | 590,445 | 6,648,861 | 189,618 | 10,038,377 | 1,908,448 | 189,720 | (672,954 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 28,858,364 | $ | 2,992,627 | $ | 13,584,968 | 405,600 | $ | 20,018,271 | $ | 3,282,565 | $ | 406,048 | $ | (1,530,317 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security Type |
% of Net Assets | |||
Exchange Traded Funds |
100.0 | % | ||
Others(1) |
0.0 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Quality Dividend Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.4% |
| |||||||
Aerospace & Defense - 0.6% |
| |||||||
Lockheed Martin Corp.(a) |
22,739 | 10,150,007 | ||||||
|
|
|||||||
Air Freight & Logistics - 1.6% |
| |||||||
United Parcel Service, Inc., Class B |
137,669 | 25,762,000 | ||||||
|
|
|||||||
Banks - 1.8% |
| |||||||
Bank of America Corp. |
16,096 | 515,072 | ||||||
Commerce Bancshares, Inc.(a) |
151,530 | 8,058,366 | ||||||
Cullen/Frost Bankers, Inc.(a) |
52,870 | 5,740,625 | ||||||
JPMorgan Chase & Co. |
55,116 | 8,706,123 | ||||||
Prosperity Bancshares, Inc.(a) |
102,470 | 6,488,400 | ||||||
|
|
|||||||
29,508,586 | ||||||||
|
|
|||||||
Beverages - 0.6% |
| |||||||
Coca-Cola Co. (The) |
122,970 | 7,615,532 | ||||||
PepsiCo, Inc. |
12,122 | 2,272,390 | ||||||
|
|
|||||||
9,887,922 | ||||||||
|
|
|||||||
Biotechnology - 4.6% |
| |||||||
AbbVie, Inc. |
233,467 | 34,921,994 | ||||||
Amgen, Inc. |
100,235 | 23,470,025 | ||||||
Gilead Sciences, Inc. |
233,290 | 17,762,701 | ||||||
|
|
|||||||
76,154,720 | ||||||||
|
|
|||||||
Broadline Retail - 0.5% |
| |||||||
Dillards, Inc., Class A(a) |
7,640 | 2,620,826 | ||||||
eBay, Inc. |
112,379 | 5,001,989 | ||||||
|
|
|||||||
7,622,815 | ||||||||
|
|
|||||||
Building Products - 0.6% |
| |||||||
Advanced Drainage Systems, Inc.(a) |
83,940 | 10,239,841 | ||||||
|
|
|||||||
Capital Markets - 3.8% |
| |||||||
Ameriprise Financial, Inc. |
26,386 | 9,194,202 | ||||||
Bank of New York Mellon Corp. (The) |
176,281 | 7,996,106 | ||||||
BlackRock, Inc. |
28,526 | 21,076,435 | ||||||
Janus Henderson Group plc(a) |
267,675 | 7,856,261 | ||||||
Jefferies Financial Group, Inc.(a) |
200,503 | 7,376,505 | ||||||
State Street Corp. |
123,345 | 8,935,112 | ||||||
|
|
|||||||
62,434,621 | ||||||||
|
|
|||||||
Chemicals - 1.9% |
| |||||||
CF Industries Holdings, Inc. |
17,450 | 1,432,296 | ||||||
Dow, Inc. |
155,340 | 8,772,050 | ||||||
Huntsman Corp.(a) |
71,950 | 2,141,952 | ||||||
LyondellBasell Industries NV, Class A |
87,078 | 8,608,531 | ||||||
Mosaic Co. (The) |
79,712 | 3,249,061 | ||||||
Olin Corp.(a) |
125,128 | 7,217,383 | ||||||
|
|
|||||||
31,421,273 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.7% |
| |||||||
Cintas Corp. |
8,918 | 4,477,193 |
Investments |
Shares | Value ($) | ||||||
Rollins, Inc. |
186,410 | 7,611,120 | ||||||
|
|
|||||||
12,088,313 | ||||||||
|
|
|||||||
Communications Equipment - 2.4% |
| |||||||
Cisco Systems, Inc. |
775,379 | 40,350,723 | ||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
Eagle Materials, Inc. |
5,460 | 1,006,660 | ||||||
|
|
|||||||
Consumer Finance - 0.8% |
| |||||||
Ally Financial, Inc. |
199,093 | 6,080,300 | ||||||
OneMain Holdings, Inc. |
145,728 | 6,627,710 | ||||||
|
|
|||||||
12,708,010 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.1% |
| |||||||
Costco Wholesale Corp. |
2,202 | 1,234,595 | ||||||
Walmart, Inc. |
5,516 | 881,788 | ||||||
|
|
|||||||
2,116,383 | ||||||||
|
|
|||||||
Distributors - 0.5% |
| |||||||
Pool Corp.(a) |
22,900 | 8,810,546 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 0.4% |
| |||||||
Iridium Communications, Inc. |
113,590 | 5,969,155 | ||||||
|
|
|||||||
Electric Utilities - 1.5% |
| |||||||
Constellation Energy Corp.(a) |
104,650 | 10,114,422 | ||||||
Evergy, Inc. |
129,730 | 7,779,908 | ||||||
OGE Energy Corp. |
206,030 | 7,447,985 | ||||||
|
|
|||||||
25,342,315 | ||||||||
|
|
|||||||
Entertainment - 1.0% |
| |||||||
Electronic Arts, Inc. |
70,475 | 9,609,266 | ||||||
Warner Music Group Corp., Class A |
229,723 | 7,247,761 | ||||||
|
|
|||||||
16,857,027 | ||||||||
|
|
|||||||
Financial Services - 2.2% |
| |||||||
Fidelity National Information Services, Inc. |
154,800 | 9,346,824 | ||||||
Mastercard, Inc., Class A |
13,619 | 5,369,699 | ||||||
Radian Group, Inc.(a) |
302,830 | 8,155,212 | ||||||
Visa, Inc., Class A(a) |
29,859 | 7,098,380 | ||||||
Western Union Co. (The) |
525,430 | 6,399,738 | ||||||
|
|
|||||||
36,369,853 | ||||||||
|
|
|||||||
Gas Utilities - 0.3% |
| |||||||
UGI Corp. |
203,850 | 5,501,912 | ||||||
|
|
|||||||
Ground Transportation - 2.2% |
| |||||||
Old Dominion Freight Line, Inc. |
27,524 | 11,546,043 | ||||||
Union Pacific Corp. |
105,850 | 24,559,317 | ||||||
|
|
|||||||
36,105,360 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.0% |
| |||||||
Abbott Laboratories |
224,637 | 25,008,837 | ||||||
GE HealthCare Technologies, Inc. |
106,830 | 8,332,740 | ||||||
|
|
|||||||
33,341,577 | ||||||||
|
|
|||||||
Health Care Providers & Services - 1.9% |
| |||||||
Cardinal Health, Inc. |
89,390 | 8,176,503 | ||||||
Cigna Group (The) |
5,460 | 1,611,246 | ||||||
McKesson Corp. |
27,260 | 10,969,424 | ||||||
UnitedHealth Group, Inc. |
19,829 | 10,040,811 | ||||||
|
|
|||||||
|
30,797,984 | |||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Hotel & Resort REITs - 0.9% |
| |||||||
Apple Hospitality REIT, Inc., REIT(a) |
439,310 | 6,809,305 | ||||||
Host Hotels & Resorts, Inc., REIT(a) |
469,158 | 8,632,507 | ||||||
|
|
|||||||
15,441,812 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 2.4% |
| |||||||
Boyd Gaming Corp. |
116,728 | 7,974,857 | ||||||
Dominos Pizza, Inc. |
4,370 | 1,733,754 | ||||||
International Game Technology plc |
286,425 | 9,689,758 | ||||||
Marriott International, Inc., Class A |
2,719 | 548,721 | ||||||
McDonalds Corp. |
2,202 | 645,626 | ||||||
Starbucks Corp. |
147,313 | 14,962,582 | ||||||
Wyndham Hotels & Resorts, Inc. |
46,671 | 3,636,604 | ||||||
|
|
|||||||
39,191,902 | ||||||||
|
|
|||||||
Household Products - 3.3% |
| |||||||
Colgate-Palmolive Co. |
31,620 | 2,411,341 | ||||||
Procter & Gamble Co. (The) |
328,120 | 51,285,156 | ||||||
|
|
|||||||
53,696,497 | ||||||||
|
|
|||||||
Industrial Conglomerates - 1.0% |
| |||||||
3M Co. |
104,650 | 11,668,475 | ||||||
Honeywell International, Inc. |
28,570 | 5,546,294 | ||||||
|
|
|||||||
17,214,769 | ||||||||
|
|
|||||||
Insurance - 4.2% |
| |||||||
Aflac, Inc. |
136,512 | 9,875,278 | ||||||
Allstate Corp. (The) |
64,320 | 7,247,578 | ||||||
First American Financial Corp.(a) |
16,625 | 1,053,693 | ||||||
Globe Life, Inc. |
73,040 | 8,192,897 | ||||||
Lincoln National Corp.(a) |
220,651 | 6,187,054 | ||||||
MetLife, Inc. |
132,285 | 8,329,986 | ||||||
Principal Financial Group, Inc. |
92,770 | 7,409,540 | ||||||
Prudential Financial, Inc. |
86,120 | 8,309,719 | ||||||
Travelers Cos., Inc. (The) |
7,640 | 1,318,740 | ||||||
Unum Group |
77,807 | 3,782,198 | ||||||
Willis Towers Watson plc |
37,070 | 7,834,003 | ||||||
|
|
|||||||
69,540,686 | ||||||||
|
|
|||||||
IT Services - 2.6% |
| |||||||
Accenture plc, Class A |
109,131 | 34,523,592 | ||||||
Cognizant Technology Solutions Corp., Class A |
133,639 | 8,824,183 | ||||||
|
|
|||||||
43,347,775 | ||||||||
|
|
|||||||
Machinery - 1.6% |
| |||||||
Caterpillar, Inc. |
11,934 | 3,164,539 | ||||||
Illinois Tool Works, Inc. |
56,195 | 14,797,267 | ||||||
Snap-on, Inc. |
30,530 | 8,317,593 | ||||||
|
|
|||||||
26,279,399 | ||||||||
|
|
|||||||
Marine Transportation - 0.3% |
| |||||||
ZIM Integrated Shipping Services Ltd.(a) |
371,763 | 5,628,492 | ||||||
|
|
|||||||
Media - 3.8% |
| |||||||
Comcast Corp., Class A |
835,967 | 37,835,866 | ||||||
New York Times Co. (The), Class A(a) |
162,188 | 6,610,783 |
Investments |
Shares | Value ($) | ||||||
Nexstar Media Group, Inc., Class A(a) |
47,354 | 8,841,939 | ||||||
Omnicom Group, Inc. |
2,190 | 185,318 | ||||||
Sirius XM Holdings, Inc.(a) |
408,812 | 2,084,941 | ||||||
TEGNA, Inc. |
466,251 | 7,879,642 | ||||||
|
|
|||||||
63,438,489 | ||||||||
|
|
|||||||
Metals & Mining - 1.6% |
| |||||||
Nucor Corp. |
60,599 | 10,428,482 | ||||||
Reliance Steel & Aluminum Co. |
14,180 | 4,152,755 | ||||||
Southern Copper Corp.(a) |
107,942 | 9,438,448 | ||||||
Steel Dynamics, Inc. |
27,029 | 2,880,751 | ||||||
|
|
|||||||
26,900,436 | ||||||||
|
|
|||||||
Multi-Utilities - 0.5% |
| |||||||
Public Service Enterprise Group, Inc. |
138,450 | 8,738,964 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 3.3% |
| |||||||
APA Corp. |
133,298 | 5,397,236 | ||||||
Chevron Corp. |
35,254 | 5,769,670 | ||||||
ConocoPhillips |
7,277 | 856,648 | ||||||
CVR Energy, Inc.(a) |
224,747 | 8,257,205 | ||||||
Exxon Mobil Corp. |
97,075 | 10,410,323 | ||||||
Marathon Petroleum Corp. |
76,255 | 10,143,440 | ||||||
Occidental Petroleum Corp.(a) |
30,145 | 1,903,054 | ||||||
Pioneer Natural Resources Co. |
11,186 | 2,524,345 | ||||||
Range Resources Corp.(a) |
253,615 | 7,971,119 | ||||||
Valero Energy Corp. |
5,207 | 671,234 | ||||||
|
|
|||||||
53,904,274 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.5% |
| |||||||
Louisiana-Pacific Corp.(a) |
115,704 | 8,808,546 | ||||||
|
|
|||||||
Pharmaceuticals - 3.0% |
| |||||||
Bristol-Myers Squibb Co. |
20,720 | 1,288,577 | ||||||
Eli Lilly & Co. |
13,212 | 6,005,515 | ||||||
Johnson & Johnson |
51,769 | 8,672,860 | ||||||
Merck & Co., Inc. |
29,738 | 3,171,558 | ||||||
Pfizer, Inc. |
389,908 | 14,060,082 | ||||||
Zoetis, Inc., Class A |
87,210 | 16,403,329 | ||||||
|
|
|||||||
49,601,921 | ||||||||
|
|
|||||||
Professional Services - 3.3% |
| |||||||
Automatic Data Processing, Inc. |
77,400 | 19,137,924 | ||||||
Exponent, Inc. |
87,210 | 7,812,272 | ||||||
Paychex, Inc. |
80,350 | 10,081,514 | ||||||
Paycom Software, Inc. |
29,440 | 10,856,294 | ||||||
Robert Half, Inc.(a) |
93,651 | 6,944,222 | ||||||
|
|
|||||||
54,832,226 | ||||||||
|
|
|||||||
Residential REITs - 1.6% |
| |||||||
AvalonBay Communities, Inc., REIT |
46,880 | 8,843,912 | ||||||
Camden Property Trust, REIT |
65,410 | 7,135,577 | ||||||
Equity Residential, REIT |
126,493 | 8,340,948 | ||||||
Mid-America Apartment Communities, Inc., REIT |
14,180 | 2,122,179 | ||||||
|
|
|||||||
26,442,616 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Retail REITs - 0.5% |
| |||||||
Brixmor Property Group, Inc., REIT(a) |
331,951 | 7,548,566 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 8.9% |
| |||||||
Broadcom, Inc. |
71,587 | 64,331,657 | ||||||
KLA Corp. |
27,536 | 14,152,127 | ||||||
Microchip Technology, Inc. |
110,221 | 10,354,161 | ||||||
NVIDIA Corp. |
68,295 | 31,913,571 | ||||||
Power Integrations, Inc.(a) |
92,704 | 9,005,267 | ||||||
Skyworks Solutions, Inc.(a) |
81,496 | 9,320,697 | ||||||
Teradyne, Inc.(a) |
78,204 | 8,832,360 | ||||||
|
|
|||||||
147,909,840 | ||||||||
|
|
|||||||
Software - 6.3% |
| |||||||
Bentley Systems, Inc., Class B(a) |
170,555 | 9,189,503 | ||||||
Dolby Laboratories, Inc., Class A |
23,120 | 2,048,663 | ||||||
Microsoft Corp. |
276,494 | 92,879,865 | ||||||
|
|
|||||||
104,118,031 | ||||||||
|
|
|||||||
Specialized REITs - 1.5% |
| |||||||
CubeSmart, REIT |
152,620 | 6,617,603 | ||||||
Public Storage, REIT |
31,620 | 8,908,935 | ||||||
Weyerhaeuser Co., REIT |
284,135 | 9,677,638 | ||||||
|
|
|||||||
25,204,176 | ||||||||
|
|
|||||||
Specialty Retail - 4.5% |
| |||||||
Bath & Body Works, Inc. |
185,474 | 6,873,666 | ||||||
Best Buy Co., Inc. |
93,618 | 7,774,975 | ||||||
Home Depot, Inc. (The) |
86,087 | 28,739,284 | ||||||
Lowes Cos., Inc. |
93,882 | 21,993,736 | ||||||
Williams-Sonoma, Inc.(a) |
68,273 | 9,465,369 | ||||||
|
|
|||||||
74,847,030 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 9.7% |
| |||||||
Apple, Inc. |
816,149 | 160,332,471 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.5% |
| |||||||
Tapestry, Inc. |
181,742 | 7,842,167 | ||||||
|
|
|||||||
Tobacco - 0.9% |
| |||||||
Altria Group, Inc. |
339,207 | 15,406,782 | ||||||
|
|
|||||||
Trading Companies & Distributors - 0.6% |
| |||||||
Fastenal Co. |
156,430 | 9,168,362 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
1,645,933,832 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 6.6%(b) |
| |||||||
CERTIFICATES OF DEPOSIT - 1.4% |
| |||||||
Bank of America NA (US Federal Funds Effective Rate (continuous series) + 0.40%), 5.73%, 10/19/2023(c) 2,000,000 |
|
2,000,062 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Bank of Nova Scotia, Houston (SOFR + 0.45%), 5.53%, 10/6/2023(c) |
4,000,000 | 4,001,801 | ||||||
MUFG Bank Ltd., New York Branch (SOFR + 0.29%), 5.60%, 8/23/2023(c) |
3,000,000 | 3,000,000 | ||||||
Natixis SA, New York 5.58%, 10/10/2023 |
3,000,000 | 3,000,432 | ||||||
Nordea Bank Abp, New York Branch (SOFR + 0.47%), 5.77%, 4/26/2024(c) |
2,000,000 | 1,999,996 | ||||||
Oversea-Chinese Banking Corp. Ltd., New York (SOFR + 0.37%), 5.68%, 11/16/2023(c) |
2,000,000 | 2,000,322 | ||||||
Royal Bank of Canada, New York (SOFR + 0.53%), 5.83%, 5/23/2024(c) |
2,000,000 | 2,001,138 | ||||||
The Sumitomo Bank Ltd., New York (SOFR + 0.45%), 5.58%, 10/11/2023(c) |
4,000,000 | 4,001,876 | ||||||
Toronto-Dominion Bank, New York (US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(c) |
2,000,000 | 1,999,974 | ||||||
|
|
|||||||
TOTAL CERTIFICATES OF DEPOSIT |
|
24,005,601 | ||||||
|
|
|||||||
COMMERCIAL PAPER - 0.1%(c) |
| |||||||
Bank of Montreal, Montreal (SOFR + 0.35%), 5.65%, 11/9/2023 (Cost $2,000,000) 2,000,000 |
|
2,000,272 | ||||||
|
|
|||||||
INVESTMENT COMPANIES - 0.9% |
| |||||||
Goldman Sachs Financial Square Government Fund, Institutional Class 5.32%, 8/1/2023 |
5,000,000 | 5,000,000 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.33%, 8/1/2023 |
10,000,000 | 10,000,000 | ||||||
|
|
|||||||
TOTAL INVESTMENT COMPANIES |
|
15,000,000 | ||||||
|
|
|||||||
REPURCHASE AGREEMENTS - 4.1% |
| |||||||
BofA Securities, Inc., 5.77%, dated 7/31/2023, due 10/31/2023, repurchase price $8,117,964, collateralized by various Common Stocks; total market value $8,861,629 |
8,000,000 | 8,000,000 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $22,001,355, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $22,269,445 |
21,998,128 | 21,998,128 | ||||||
Societe Generale, 5.41%, dated 7/31/2023, due 8/1/2023, repurchase price $10,001,503, collateralized by various Common Stocks; total market value $11,152,190 |
10,000,000 | 10,000,000 | ||||||
Societe Generale, 5.34%, dated 7/31/2023, due 8/1/2023, repurchase price $8,001,187, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 4.75%, maturing 2/15/2037 - 5/15/2051; total market value $8,128,978 |
8,000,000 | 8,000,000 | ||||||
Societe Generale, New York Branch, 5.30%, dated 7/31/2023, due 8/7/2023, repurchase price $10,010,306, collateralized by various U.S. Treasury Securities, 4.13%, 7/31/2028; ; total market value $10,213,878 |
10,000,000 | 10,000,000 | ||||||
TD Prime Services LLC, 5.40%, dated 7/31/2023, due 8/1/2023, repurchase price $10,001,500, collateralized by various Common Stocks; total market value $11,041,860 |
10,000,000 | 10,000,000 | ||||||
|
|
|||||||
TOTAL REPURCHASE AGREEMENTS |
|
67,998,128 | ||||||
|
|
|||||||
TIME DEPOSITS - 0.1% |
| |||||||
Australia & New Zealand Banking Group Ltd/New York 5.34%, 8/7/2023 |
1,000,000 | 1,000,000 | ||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
110,004,001 | |||||||
|
|
|||||||
Total Investments - 106.0% |
|
1,755,937,833 | ||||||
Liabilities in excess of other assets - (6.0%) |
|
(99,726,406 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
1,656,211,427 | ||||||
|
|
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $161,412,000, collateralized in the form of cash with a value of $110,010,732 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $47,780,599 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.13%, and maturity dates ranging from August 10, 2023 February 15, 2053 and $7,300,973 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 4.75%, and maturity dates ranging from September 7, 2023 October 22, 2071; a total value of $165,092,304. |
(b) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $110,004,001. |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2023. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Index Fund (cont.)
Futures Contracts
FlexShares® Quality Dividend Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
S&P 500 E-Mini Index |
37 | 09/15/2023 | USD | $ | 8,536,825 | $ | 427,568 | |||||||||||||
S&P Midcap 400 E-Mini Index |
5 | 09/15/2023 | USD | 1,371,700 | 62,983 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 490,551 | |||||||||||||||||||
|
|
Abbreviations: |
USD US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.4 | % | ||
Securities Lending Reinvestments |
6.6 | |||
Others(1) |
(6.0 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Quality Dividend Defensive Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 99.2% |
| |||||||
Aerospace & Defense - 1.2% |
| |||||||
Lockheed Martin Corp. |
9,360 | 4,178,023 | ||||||
|
|
|||||||
Air Freight & Logistics - 2.6% |
| |||||||
CH Robinson Worldwide, Inc. |
16,800 | 1,683,024 | ||||||
Expeditors International of Washington, Inc. |
15,360 | 1,955,328 | ||||||
United Parcel Service, Inc., Class B |
29,040 | 5,434,255 | ||||||
|
|
|||||||
9,072,607 | ||||||||
|
|
|||||||
Banks - 4.3% |
| |||||||
Bank of America Corp. |
1,680 | 53,760 | ||||||
Commerce Bancshares, Inc.(a) |
32,880 | 1,748,558 | ||||||
CVB Financial Corp.(a) |
135,120 | 2,549,715 | ||||||
Eastern Bankshares, Inc. |
132,960 | 1,877,395 | ||||||
Glacier Bancorp, Inc.(a) |
55,440 | 1,812,888 | ||||||
JPMorgan Chase & Co. |
12,000 | 1,895,520 | ||||||
Popular, Inc.(a) |
22,560 | 1,636,728 | ||||||
Prosperity Bancshares, Inc. |
21,600 | 1,367,712 | ||||||
UMB Financial Corp. |
27,360 | 1,942,560 | ||||||
|
|
|||||||
14,884,836 | ||||||||
|
|
|||||||
Beverages - 2.8% |
| |||||||
Coca-Cola Co. (The) |
148,800 | 9,215,184 | ||||||
PepsiCo, Inc. |
2,640 | 494,894 | ||||||
|
|
|||||||
9,710,078 | ||||||||
|
|
|||||||
Biotechnology - 5.1% |
| |||||||
AbbVie, Inc. |
58,560 | 8,759,405 | ||||||
Amgen, Inc. |
21,120 | 4,945,248 | ||||||
Gilead Sciences, Inc. |
50,160 | 3,819,182 | ||||||
|
|
|||||||
17,523,835 | ||||||||
|
|
|||||||
Broadline Retail - 0.6% |
| |||||||
Dillards, Inc., Class A(a) |
2,400 | 823,296 | ||||||
eBay, Inc.(a) |
24,720 | 1,100,287 | ||||||
|
|
|||||||
1,923,583 | ||||||||
|
|
|||||||
Building Products - 0.3% |
| |||||||
Masco Corp. |
19,440 | 1,179,619 | ||||||
|
|
|||||||
Capital Markets - 1.4% |
| |||||||
Bank of New York Mellon Corp. (The) |
36,720 | 1,665,619 | ||||||
Janus Henderson Group plc |
56,160 | 1,648,296 | ||||||
Virtu Financial, Inc., Class A |
89,520 | 1,661,491 | ||||||
|
|
|||||||
4,975,406 | ||||||||
|
|
|||||||
Chemicals - 1.6% |
| |||||||
Dow, Inc. |
30,480 | 1,721,206 | ||||||
Huntsman Corp. |
24,720 | 735,914 | ||||||
LyondellBasell Industries NV, Class A |
16,320 | 1,613,395 | ||||||
Olin Corp. |
25,920 | 1,495,066 | ||||||
|
|
|||||||
5,565,581 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Commercial Services & Supplies - 0.5% |
| |||||||
Rollins, Inc. |
40,320 | 1,646,266 | ||||||
|
|
|||||||
Communications Equipment - 2.5% |
| |||||||
Cisco Systems, Inc. |
165,840 | 8,630,314 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.6% |
| |||||||
Albertsons Cos., Inc., Class A |
76,800 | 1,668,864 | ||||||
Costco Wholesale Corp. |
480 | 269,122 | ||||||
Walmart, Inc. |
1,440 | 230,198 | ||||||
|
|
|||||||
2,168,184 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.5% |
| |||||||
H&R Block, Inc.(a) |
54,480 | 1,831,073 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 0.3% |
| |||||||
Iridium Communications, Inc. |
20,400 | 1,072,020 | ||||||
|
|
|||||||
Electric Utilities - 3.2% |
| |||||||
Constellation Energy Corp.(a) |
22,560 | 2,180,424 | ||||||
Entergy Corp. |
15,840 | 1,626,768 | ||||||
Evergy, Inc. |
28,080 | 1,683,957 | ||||||
Exelon Corp. |
44,880 | 1,878,677 | ||||||
OGE Energy Corp. |
45,600 | 1,648,440 | ||||||
Portland General Electric Co. |
32,640 | 1,555,949 | ||||||
PPL Corp. |
16,800 | 462,504 | ||||||
|
|
|||||||
11,036,719 | ||||||||
|
|
|||||||
Entertainment - 1.0% |
| |||||||
Electronic Arts, Inc. |
15,120 | 2,061,612 | ||||||
Warner Music Group Corp., Class A |
47,520 | 1,499,256 | ||||||
|
|
|||||||
3,560,868 | ||||||||
|
|
|||||||
Financial Services - 2.3% |
| |||||||
Fidelity National Information Services, Inc. |
33,600 | 2,028,768 | ||||||
Mastercard, Inc., Class A |
2,880 | 1,135,526 | ||||||
Radian Group, Inc.(a) |
64,560 | 1,738,601 | ||||||
Visa, Inc., Class A(a) |
6,240 | 1,483,435 | ||||||
Western Union Co. (The) |
114,480 | 1,394,367 | ||||||
|
|
|||||||
7,780,697 | ||||||||
|
|
|||||||
Food Products - 0.5% |
| |||||||
General Mills, Inc. |
23,760 | 1,775,822 | ||||||
|
|
|||||||
Gas Utilities - 0.4% |
| |||||||
ONE Gas, Inc.(a) |
18,960 | 1,500,305 | ||||||
|
|
|||||||
Ground Transportation - 0.6% |
| |||||||
Old Dominion Freight Line, Inc. |
5,280 | 2,214,907 | ||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.2% |
| |||||||
Abbott Laboratories |
69,840 | 7,775,287 | ||||||
|
|
|||||||
Health Care Providers & Services - 3.9% |
| |||||||
AmerisourceBergen Corp. |
10,320 | 1,928,808 | ||||||
Cardinal Health, Inc. |
20,400 | 1,865,988 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Chemed Corp.(a) |
3,120 | 1,625,801 | ||||||
Cigna Group (The) |
12,720 | 3,753,672 | ||||||
McKesson Corp. |
5,760 | 2,317,824 | ||||||
UnitedHealth Group, Inc. |
4,320 | 2,187,518 | ||||||
|
|
|||||||
13,679,611 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 4.5% |
| |||||||
Dominos Pizza, Inc. |
5,520 | 2,190,005 | ||||||
McDonalds Corp. |
29,520 | 8,655,264 | ||||||
Starbucks Corp. |
45,840 | 4,655,969 | ||||||
|
|
|||||||
15,501,238 | ||||||||
|
|
|||||||
Household Products - 3.9% |
| |||||||
Clorox Co. (The) |
10,560 | 1,599,629 | ||||||
Kimberly-Clark Corp. |
7,680 | 991,488 | ||||||
Procter & Gamble Co. (The) |
70,560 | 11,028,528 | ||||||
|
|
|||||||
13,619,645 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.7% |
| |||||||
3M Co. |
22,560 | 2,515,440 | ||||||
|
|
|||||||
Insurance - 4.4% |
| |||||||
Aflac, Inc. |
27,120 | 1,961,861 | ||||||
Allstate Corp. (The) |
13,680 | 1,541,462 | ||||||
American Equity Investment Life Holding Co. |
24,240 | 1,300,961 | ||||||
Assurant, Inc. |
12,720 | 1,710,967 | ||||||
Globe Life, Inc. |
15,360 | 1,722,931 | ||||||
Loews Corp. |
28,800 | 1,804,320 | ||||||
MetLife, Inc. |
27,600 | 1,737,972 | ||||||
Travelers Cos., Inc. (The) |
10,320 | 1,781,335 | ||||||
Willis Towers Watson plc |
7,920 | 1,673,734 | ||||||
|
|
|||||||
15,235,543 | ||||||||
|
|
|||||||
IT Services - 0.6% |
| |||||||
Cognizant Technology Solutions Corp., Class A |
29,040 | 1,917,511 | ||||||
|
|
|||||||
Machinery - 1.5% |
| |||||||
Illinois Tool Works, Inc. |
12,000 | 3,159,840 | ||||||
Otis Worldwide Corp. |
22,560 | 2,052,058 | ||||||
|
|
|||||||
5,211,898 | ||||||||
|
|
|||||||
Marine Transportation - 0.3% |
| |||||||
ZIM Integrated Shipping Services Ltd.(a) |
73,200 | 1,108,248 | ||||||
|
|
|||||||
Media - 4.0% |
| |||||||
Comcast Corp., Class A |
156,960 | 7,104,009 | ||||||
Fox Corp., Class A |
10,560 | 353,232 | ||||||
New York Times Co. (The), Class A(a) |
45,120 | 1,839,091 | ||||||
Nexstar Media Group, Inc., Class A(a) |
10,080 | 1,882,138 | ||||||
Omnicom Group, Inc. |
5,040 | 426,485 | ||||||
Sirius XM Holdings, Inc.(a) |
88,560 | 451,656 | ||||||
TEGNA, Inc. |
100,560 | 1,699,464 | ||||||
|
|
|||||||
13,756,075 | ||||||||
|
|
|||||||
Metals & Mining - 0.8% |
| |||||||
Reliance Steel & Aluminum Co. |
3,120 | 913,723 | ||||||
Southern Copper Corp. |
21,840 | 1,909,690 | ||||||
|
|
|||||||
2,823,413 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Multi-Utilities - 0.9% |
| |||||||
Dominion Energy, Inc. |
14,160 | 758,268 | ||||||
Public Service Enterprise Group, Inc. |
29,520 | 1,863,302 | ||||||
WEC Energy Group, Inc. |
6,000 | 539,160 | ||||||
|
|
|||||||
3,160,730 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 1.4% |
| |||||||
Chevron Corp. |
7,440 | 1,217,631 | ||||||
CVR Energy, Inc.(a) |
6,960 | 255,710 | ||||||
Exxon Mobil Corp. |
23,280 | 2,496,547 | ||||||
Pioneer Natural Resources Co. |
4,080 | 920,734 | ||||||
|
|
|||||||
4,890,622 | ||||||||
|
|
|||||||
Pharmaceuticals - 4.5% |
| |||||||
Bristol-Myers Squibb Co. |
85,200 | 5,298,588 | ||||||
Eli Lilly & Co. |
10,080 | 4,581,864 | ||||||
Johnson & Johnson |
17,040 | 2,854,711 | ||||||
Merck & Co., Inc. |
6,240 | 665,496 | ||||||
Pfizer, Inc. |
48,000 | 1,730,880 | ||||||
Zoetis, Inc., Class A |
2,640 | 496,558 | ||||||
|
|
|||||||
15,628,097 | ||||||||
|
|
|||||||
Professional Services - 3.1% |
| |||||||
Automatic Data Processing, Inc. |
16,800 | 4,153,968 | ||||||
Booz Allen Hamilton Holding Corp., Class A(a) |
9,840 | 1,191,427 | ||||||
Exponent, Inc. |
18,720 | 1,676,938 | ||||||
Paychex, Inc. |
14,160 | 1,776,655 | ||||||
Verisk Analytics, Inc., Class A |
8,640 | 1,978,042 | ||||||
|
|
|||||||
10,777,030 | ||||||||
|
|
|||||||
Residential REITs - 2.1% |
| |||||||
Camden Property Trust, REIT |
13,920 | 1,518,533 | ||||||
Equity Residential, REIT |
29,040 | 1,914,897 | ||||||
Essex Property Trust, Inc., REIT |
8,160 | 1,987,368 | ||||||
Mid-America Apartment Communities, Inc., REIT |
11,760 | 1,760,002 | ||||||
|
|
|||||||
7,180,800 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 6.5% |
| |||||||
Broadcom, Inc. |
15,360 | 13,803,264 | ||||||
NVIDIA Corp. |
14,640 | 6,841,126 | ||||||
Power Integrations, Inc.(a) |
19,680 | 1,911,715 | ||||||
|
|
|||||||
22,556,105 | ||||||||
|
|
|||||||
Software - 6.4% |
| |||||||
Bentley Systems, Inc., Class B(a) |
36,240 | 1,952,611 | ||||||
Dolby Laboratories, Inc., Class A |
10,080 | 893,189 | ||||||
Microsoft Corp. |
58,080 | 19,510,234 | ||||||
|
|
|||||||
22,356,034 | ||||||||
|
|
|||||||
Specialized REITs - 1.0% |
| |||||||
American Tower Corp., REIT |
240 | 45,674 | ||||||
CubeSmart, REIT |
36,960 | 1,602,586 | ||||||
Public Storage, REIT |
6,720 | 1,893,360 | ||||||
|
|
|||||||
3,541,620 | ||||||||
|
|
|||||||
Specialty Retail - 4.9% |
| |||||||
Best Buy Co., Inc. |
19,440 | 1,614,492 | ||||||
Home Depot, Inc. (The) |
33,120 | 11,056,781 | ||||||
Lowes Cos., Inc. |
7,680 | 1,799,193 | ||||||
Murphy USA, Inc. |
4,560 | 1,400,057 | ||||||
Williams-Sonoma, Inc.(a) |
8,880 | 1,231,123 | ||||||
|
|
|||||||
17,101,646 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Technology Hardware, Storage & Peripherals - 8.3% |
| |||||||
Apple, Inc. |
146,400 | 28,760,280 | ||||||
|
|
|||||||
Tobacco - 1.0% |
| |||||||
Altria Group, Inc. |
72,240 | 3,281,141 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
344,608,757 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 5.5%(b) |
| |||||||
REPURCHASE AGREEMENTS - 5.5% |
| |||||||
BofA Securities, Inc., 5.77%, dated 7/31/2023, due 10/31/2023, repurchase price $1,014,746, collateralized by various Common Stocks; total market value $1,107,704 |
1,000,000 | 1,000,000 | ||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $12,093,925, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $12,241,291 |
12,092,151 | 12,092,151 | ||||||
Societe Generale, 5.34%, dated 7/31/2023, due 8/1/2023, repurchase price $2,000,297, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 4.75%, maturing 2/15/2037 - 5/15/2051; total market value $2,032,245 |
2,000,000 | 2,000,000 | ||||||
TD Prime Services LLC, 5.40%, dated 7/31/2023, due 8/1/2023, repurchase price $4,000,600, collateralized by various Common Stocks; total market value $4,416,744 |
4,000,000 | 4,000,000 | ||||||
|
|
|||||||
19,092,151 | ||||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
19,092,151 | |||||||
|
|
|||||||
Total Investments - 104.7% |
|
363,700,908 | ||||||
Liabilities in excess of other assets - (4.7%) |
|
(16,396,629 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
347,304,279 | ||||||
|
|
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $25,505,657, collateralized in the form of cash with a value of $19,092,151 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,790,198 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from August 15, 2023 February 15, 2053 and $2,142,563 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 4.75%, and maturity dates ranging from September 7, 2023 October 22, 2071; a total value of $26,024,912. |
(b) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $19,092,151. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Quality Dividend Defensive Index Fund (cont.)
Futures Contracts
FlexShares® Quality Dividend Defensive Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
||||||||||||||||||||
S&P 500 E-Mini Index |
11 | 09/15/2023 | USD | $ | 2,537,975 | $ | 134,839 |
Abbreviations: | ||||
USD | | US Dollar |
Security Type |
% of Net Assets | |||
Common Stocks |
99.2 | % | ||
Securities Lending Reinvestments |
5.5 | |||
Others(1) |
(4.7 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® International Quality Dividend Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 96.8% |
| |||||||
Automobile Components - 1.0% |
| |||||||
Bridgestone Corp. |
107,200 | 4,446,295 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) |
251,600 | 1,116,258 | ||||||
|
|
|||||||
5,562,553 | ||||||||
|
|
|||||||
Automobiles - 1.7% |
| |||||||
Dr Ing hc F Porsche AG (Preference) |
14,056 | 1,723,316 | ||||||
Mercedes-Benz Group AG |
91,364 | 7,317,273 | ||||||
Toyota Motor Corp. |
50,200 | 843,026 | ||||||
|
|
|||||||
9,883,615 | ||||||||
|
|
|||||||
Banks - 14.0% |
| |||||||
Agricultural Bank of China Ltd., Class H |
11,044,000 | 4,007,658 | ||||||
Banco del Bajio SA(a) |
1,229,900 | 3,759,102 | ||||||
Bank of Communications Co. Ltd., Class H |
3,514,000 | 2,117,763 | ||||||
Bank of Montreal |
28,930 | 2,693,320 | ||||||
Barclays plc |
1,323,774 | 2,639,331 | ||||||
BOC Hong Kong Holdings Ltd. |
1,004,000 | 3,051,124 | ||||||
China Construction Bank Corp., Class H |
5,020,000 | 2,915,947 | ||||||
China Merchants Bank Co. Ltd., Class H |
125,500 | 618,754 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H |
8,032,000 | 2,966,156 | ||||||
FinecoBank Banca Fineco SpA |
233,681 | 3,636,659 | ||||||
First Abu Dhabi Bank PJSC |
576,296 | 2,296,994 | ||||||
HSBC Holdings plc |
108,181 | 899,592 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
4,267,000 | 2,079,141 | ||||||
Japan Post Bank Co. Ltd. |
175,700 | 1,462,930 | ||||||
KBC Group NV |
71,535 | 5,394,771 | ||||||
Komercni Banka A/S |
112,699 | 3,708,642 | ||||||
Mizuho Financial Group, Inc. |
118,000 | 1,996,565 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
521,076 | 5,303,898 | ||||||
Royal Bank of Canada |
159,385 | 15,830,124 | ||||||
Sberbank of Russia PJSC |
1,227,390 | | ||||||
Skandinaviska Enskilda Banken AB, Class A |
376,500 | 4,570,314 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
60,100 | 2,831,570 | ||||||
Swedbank AB, Class A |
219,876 | 4,037,599 | ||||||
Toronto-Dominion Bank (The) |
2,761 | 182,410 | ||||||
Yapi ve Kredi Bankasi A/S |
2,988,406 | 1,579,285 | ||||||
|
|
|||||||
80,579,649 | ||||||||
|
|
|||||||
Beverages - 0.8% |
| |||||||
Arca Continental SAB de CV |
401,600 | 4,033,672 | ||||||
Nongfu Spring Co. Ltd., Class H(a)(b) |
78,600 | 456,561 | ||||||
|
|
|||||||
4,490,233 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Broadline Retail - 0.5% |
| |||||||
momo.com, Inc. |
93,920 | 1,790,148 | ||||||
Next plc |
9,036 | 819,412 | ||||||
|
|
|||||||
2,609,560 | ||||||||
|
|
|||||||
Building Products - 1.1% |
| |||||||
Geberit AG (Registered) |
4,518 | 2,571,588 | ||||||
Lixil Corp. |
286,200 | 3,661,096 | ||||||
|
|
|||||||
6,232,684 | ||||||||
|
|
|||||||
Capital Markets - 4.8% |
| |||||||
3i Group plc |
154,114 | 3,920,208 | ||||||
ASX Ltd. |
37,148 | 1,554,749 | ||||||
China Galaxy Securities Co. Ltd., Class H |
6,902,500 | 4,018,279 | ||||||
Hargreaves Lansdown plc |
251,000 | 2,749,589 | ||||||
Japan Exchange Group, Inc. |
110,900 | 1,932,242 | ||||||
Julius Baer Group Ltd. |
44,427 | 3,157,066 | ||||||
Macquarie Korea Infrastructure Fund |
42,168 | 401,285 | ||||||
Moscow Exchange MICEX-RTS PJSC |
775,590 | | ||||||
Partners Group Holding AG |
5,020 | 5,663,679 | ||||||
Samsung Securities Co. Ltd. |
142,568 | 4,015,370 | ||||||
|
|
|||||||
27,412,467 | ||||||||
|
|
|||||||
Chemicals - 2.8% |
| |||||||
Fertiglobe plc |
4,686,923 | 4,568,188 | ||||||
Nissan Chemical Corp.(b) |
10,400 | 467,078 | ||||||
Nitto Denko Corp. |
17,300 | 1,229,800 | ||||||
Sahara International Petrochemical Co. |
138,301 | 1,393,480 | ||||||
Shin-Etsu Chemical Co. Ltd. |
125,500 | 4,132,985 | ||||||
Yara International ASA(b) |
108,683 | 4,451,958 | ||||||
|
|
|||||||
16,243,489 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.5% |
| |||||||
Cencosud SA |
1,271,566 | 2,730,935 | ||||||
Kesko OYJ, Class B |
10,291 | 206,447 | ||||||
|
|
|||||||
2,937,382 | ||||||||
|
|
|||||||
Diversified REITs - 0.5% |
| |||||||
Stockland, REIT |
1,032,363 | 2,935,676 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 2.0% |
| |||||||
Elisa OYJ |
8,534 | 446,371 | ||||||
Koninklijke KPN NV(b) |
751,243 | 2,726,707 | ||||||
Spark New Zealand Ltd. |
44,176 | 142,413 | ||||||
Swisscom AG (Registered) |
4,016 | 2,596,258 | ||||||
Telenor ASA |
367,464 | 3,941,071 | ||||||
Telstra Group Ltd. |
563,244 | 1,616,849 | ||||||
|
|
|||||||
11,469,669 | ||||||||
|
|
|||||||
Electric Utilities - 1.1% |
| |||||||
Fortum OYJ |
240,960 | 3,270,403 | ||||||
Origin Energy Ltd. |
580,312 | 3,312,137 | ||||||
|
|
|||||||
6,582,540 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.1% |
| |||||||
Largan Precision Co. Ltd. |
4,000 | 276,837 | ||||||
Shimadzu Corp. |
13,200 | 400,515 | ||||||
|
|
|||||||
677,352 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Entertainment - 1.1% |
| |||||||
Capcom Co. Ltd. |
10,400 | 468,469 | ||||||
Nintendo Co. Ltd. |
126,500 | 5,742,715 | ||||||
|
|
|||||||
6,211,184 | ||||||||
|
|
|||||||
Financial Services - 2.3% |
| |||||||
ORIX Corp. |
194,000 | 3,728,984 | ||||||
Power Finance Corp. Ltd. |
952,043 | 3,025,748 | ||||||
REC Ltd. |
2,525,060 | 6,230,623 | ||||||
|
|
|||||||
12,985,355 | ||||||||
|
|
|||||||
Food Products - 3.3% |
| |||||||
China Feihe Ltd.(a) |
3,514,000 | 2,140,292 | ||||||
Nestle SA (Registered) |
92,368 | 11,388,697 | ||||||
Uni-President China Holdings Ltd. |
4,518,000 | 3,898,873 | ||||||
Want Want China Holdings Ltd. |
2,008,000 | 1,398,110 | ||||||
|
|
|||||||
18,825,972 | ||||||||
|
|
|||||||
Gas Utilities - 1.5% |
| |||||||
Enagas SA(b) |
215,860 | 3,840,073 | ||||||
Kunlun Energy Co. Ltd. |
702,000 | 571,595 | ||||||
Naturgy Energy Group SA(b) |
132,528 | 4,053,334 | ||||||
|
|
|||||||
8,465,002 | ||||||||
|
|
|||||||
Ground Transportation - 0.7% |
| |||||||
Aurizon Holdings Ltd.(b) |
1,535,116 | 3,941,208 | ||||||
Canadian National Railway Co. |
2,259 | 274,324 | ||||||
|
|
|||||||
4,215,532 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.3% |
| |||||||
Hoya Corp. |
13,400 | 1,558,995 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.1% |
| |||||||
InterContinental Hotels Group plc |
26,104 | 1,933,251 | ||||||
OPAP SA |
246,437 | 4,350,063 | ||||||
|
|
|||||||
6,283,314 | ||||||||
|
|
|||||||
Household Durables - 1.0% |
| |||||||
Nien Made Enterprise Co. Ltd. |
336,000 | 3,474,775 | ||||||
Sekisui Chemical Co. Ltd. |
137,000 | 2,081,806 | ||||||
Sony Group Corp. |
1,100 | 103,086 | ||||||
|
|
|||||||
5,659,667 | ||||||||
|
|
|||||||
Household Products - 0.5% |
| |||||||
Unilever Indonesia Tbk. PT |
10,165,500 | 2,595,303 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.0% |
| |||||||
Unipro PJSC* |
125,500,000 | | ||||||
|
|
|||||||
Industrial Conglomerates - 0.3% |
| |||||||
Industries Qatar QSC |
423,186 | 1,549,744 | ||||||
Siemens AG (Registered) |
1,004 | 171,557 | ||||||
|
|
|||||||
1,721,301 | ||||||||
|
|
|||||||
Insurance - 1.7% |
| |||||||
Admiral Group plc |
59,989 | 1,643,265 | ||||||
BB Seguridade Participacoes SA |
652,600 | 4,269,224 | ||||||
Caixa Seguridade Participacoes SA |
75,300 | 170,797 | ||||||
Manulife Financial Corp. |
164,656 | 3,297,498 | ||||||
Sampo OYJ, Class A |
15,813 | 698,954 | ||||||
|
|
|||||||
10,079,738 | ||||||||
|
|
|||||||
Interactive Media & Services - 1.0% |
| |||||||
Rightmove plc |
269,574 | 1,978,418 |
Investments |
Shares | Value ($) | ||||||
Tencent Holdings Ltd. |
87,600 | 3,980,848 | ||||||
|
|
|||||||
5,959,266 | ||||||||
|
|
|||||||
IT Services - 1.1% |
| |||||||
HCL Technologies Ltd. |
180,720 | 2,453,655 | ||||||
Infosys Ltd. |
60,993 | 1,005,343 | ||||||
Nomura Research Institute Ltd. |
75,300 | 2,136,362 | ||||||
Obic Co. Ltd. |
5,200 | 851,661 | ||||||
|
|
|||||||
6,447,021 | ||||||||
|
|
|||||||
Leisure Products - 0.0%(c) |
| |||||||
Shimano, Inc. |
600 | 91,005 | ||||||
|
|
|||||||
Machinery - 2.1% |
| |||||||
Atlas Copco AB, Class B |
35,140 | 434,589 | ||||||
Daifuku Co. Ltd. |
92,100 | 1,967,367 | ||||||
FANUC Corp. |
48,100 | 1,471,979 | ||||||
GEA Group AG |
17,068 | 726,199 | ||||||
Kone OYJ, Class B |
63,754 | 3,278,418 | ||||||
MISUMI Group, Inc. |
68,300 | 1,247,215 | ||||||
VAT Group AG(a)(b) |
3,514 | 1,500,296 | ||||||
Yaskawa Electric Corp.(b) |
36,100 | 1,567,941 | ||||||
|
|
|||||||
12,194,004 | ||||||||
|
|
|||||||
Marine Transportation - 3.0% |
| |||||||
AP Moller - Maersk A/S, Class A |
1,506 | 3,036,820 | ||||||
AP Moller - Maersk A/S, Class B |
1,506 | 3,104,776 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
847,000 | 2,802,985 | ||||||
Hapag-Lloyd AG(a) |
502 | 114,792 | ||||||
Nippon Yusen KK(b) |
65,600 | 1,591,982 | ||||||
Orient Overseas International Ltd.(b) |
214,500 | 3,572,845 | ||||||
SITC International Holdings Co. Ltd. |
644,000 | 1,403,824 | ||||||
Yang Ming Marine Transport Corp. |
1,004,000 | 1,485,561 | ||||||
|
|
|||||||
17,113,585 | ||||||||
|
|
|||||||
Metals & Mining - 6.6% |
| |||||||
BHP Group Ltd. |
587,089 | 18,202,013 | ||||||
Glencore plc |
88,603 | 539,852 | ||||||
Grupo Mexico SAB de CV, Series B |
602,400 | 3,139,224 | ||||||
Kumba Iron Ore Ltd. |
134,034 | 3,682,520 | ||||||
MMC Norilsk Nickel PJSC* |
16,315 | | ||||||
Norsk Hydro ASA |
35,642 | 233,937 | ||||||
Rio Tinto plc |
127,508 | 8,448,996 | ||||||
Severstal PAO* |
58,985 | | ||||||
Vedanta Ltd. |
1,205,804 | 4,046,285 | ||||||
|
|
|||||||
38,292,827 | ||||||||
|
|
|||||||
Office REITs - 0.5% |
| |||||||
Dexus, REIT(b) |
475,645 | 2,634,620 | ||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.2% |
| |||||||
Adaro Energy Indonesia Tbk. PT |
18,624,200 | 2,976,414 | ||||||
Canadian Natural Resources Ltd. |
124,998 | 7,615,263 | ||||||
China Shenhua Energy Co. Ltd., Class H |
1,255,000 | 3,749,535 | ||||||
Coal India Ltd. |
1,441,493 | 4,017,839 | ||||||
Equinor ASA(b) |
113,703 | 3,466,219 | ||||||
Exxaro Resources Ltd. |
461,338 | 4,203,050 | ||||||
Petroleo Brasileiro SA (Preference) |
878,500 | 5,745,186 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Shell plc |
70,280 | 2,139,473 | ||||||
TotalEnergies SE |
14,809 | 902,267 | ||||||
Var Energi ASA(b) |
1,632,504 | 4,986,346 | ||||||
Yankuang Energy Group Co. Ltd., Class H(b) |
1,203,000 | 1,804,801 | ||||||
|
|
|||||||
41,606,393 | ||||||||
|
|
|||||||
Personal Care Products - 2.4% |
| |||||||
Hengan International Group Co. Ltd. |
125,500 | 515,762 | ||||||
LOreal SA |
27,610 | 12,882,803 | ||||||
Unilever plc |
9,538 | 514,323 | ||||||
|
|
|||||||
13,912,888 | ||||||||
|
|
|||||||
Pharmaceuticals - 8.4% |
| |||||||
Astellas Pharma, Inc. |
25,100 | 367,543 | ||||||
AstraZeneca plc |
17,821 | 2,564,882 | ||||||
China Medical System Holdings Ltd. |
753,000 | 1,264,865 | ||||||
GSK plc |
411,640 | 7,333,348 | ||||||
Livzon Pharmaceutical Group, Inc., Class H |
75,300 | 256,835 | ||||||
Novartis AG (Registered) |
112,950 | 11,866,363 | ||||||
Novo Nordisk A/S, Class B |
80,571 | 13,019,047 | ||||||
Orion OYJ, Class B |
4,016 | 154,709 | ||||||
Roche Holding AG |
502 | 167,362 | ||||||
Roche Holding AG - BR |
35,893 | 11,204,529 | ||||||
Sanofi |
1,255 | 134,343 | ||||||
|
|
|||||||
48,333,826 | ||||||||
|
|
|||||||
Professional Services - 2.8% |
| |||||||
Bureau Veritas SA |
163,401 | 4,500,341 | ||||||
Randstad NV |
82,830 | 4,865,754 | ||||||
Recruit Holdings Co. Ltd. |
50,200 | 1,742,938 | ||||||
RELX plc |
67,770 | 2,284,542 | ||||||
SGS SA (Registered) |
29,346 | 2,858,599 | ||||||
|
|
|||||||
16,252,174 | ||||||||
|
|
|||||||
Real Estate Management & Development - 2.1% |
| |||||||
China Vanke Co. Ltd., Class H |
150,600 | 212,034 | ||||||
CK Asset Holdings Ltd. |
125,500 | 724,159 | ||||||
Daito Trust Construction Co. Ltd. |
35,700 | 3,841,871 | ||||||
Land & Houses PCL, NVDR |
5,547,100 | 1,377,507 | ||||||
Longfor Group Holdings Ltd.(a) |
753,000 | 2,003,507 | ||||||
Sun Hung Kai Properties Ltd. |
319,500 | 3,996,464 | ||||||
|
|
|||||||
12,155,542 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 5.5% |
| |||||||
Advantest Corp. |
23,000 | 3,160,719 | ||||||
ASML Holding NV |
12,801 | 9,204,983 | ||||||
MediaTek, Inc. |
217,000 | 4,764,450 | ||||||
Novatek Microelectronics Corp. |
319,000 | 4,303,884 | ||||||
Parade Technologies Ltd. |
32,000 | 936,789 | ||||||
Realtek Semiconductor Corp. |
85,000 | 1,164,384 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
409,222 | 7,357,180 | ||||||
Vanguard International Semiconductor Corp. |
312,000 | 767,429 | ||||||
|
|
|||||||
31,659,818 | ||||||||
|
|
|||||||
Software - 1.1% |
| |||||||
Nemetschek SE |
54,969 | 4,014,546 | ||||||
SAP SE |
4,267 | 585,250 |
Investments |
Shares | Value ($) | ||||||
Temenos AG (Registered) |
17,319 | 1,493,648 | ||||||
|
|
|||||||
6,093,444 | ||||||||
|
|
|||||||
Specialty Retail - 1.9% |
| |||||||
H & M Hennes & Mauritz AB, Class B |
124,245 | 2,090,556 | ||||||
Industria de Diseno Textil SA |
142,317 | 5,462,093 | ||||||
Topsports International Holdings Ltd.(a) |
1,004,000 | 920,487 | ||||||
ZOZO, Inc. |
136,000 | 2,653,378 | ||||||
|
|
|||||||
11,126,514 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.7% |
| |||||||
Catcher Technology Co. Ltd. |
214,000 | 1,181,455 | ||||||
Samsung Electronics Co. Ltd. |
56,224 | 3,078,834 | ||||||
|
|
|||||||
4,260,289 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 2.5% |
| |||||||
ANTA Sports Products Ltd. |
150,600 | 1,763,086 | ||||||
Bosideng International Holdings Ltd. |
2,722,000 | 1,242,556 | ||||||
Hermes International |
3,378 | 7,510,281 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
3,514 | 3,285,845 | ||||||
Pandora A/S |
5,522 | 554,218 | ||||||
|
|
|||||||
14,355,986 | ||||||||
|
|
|||||||
Tobacco - 1.6% |
| |||||||
Imperial Brands plc |
201,051 | 4,758,460 | ||||||
Japan Tobacco, Inc. |
209,900 | 4,658,043 | ||||||
|
|
|||||||
9,416,503 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.9% |
| |||||||
Howden Joinery Group plc |
290,156 | 2,751,436 | ||||||
ITOCHU Corp.(b) |
62,600 | 2,533,432 | ||||||
|
|
|||||||
5,284,868 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.7% |
| |||||||
Intouch Holdings PCL, NVDR |
251,000 | 564,642 | ||||||
KDDI Corp. |
25,100 | 739,680 | ||||||
Tele2 AB, Class B |
350,396 | 2,641,767 | ||||||
|
|
|||||||
3,946,089 | ||||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
557,354,894 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(c) |
| |||||||
Capital Markets - 0.0%(c) |
| |||||||
Macquarie Korea Infrastructure Fund, expiring 8/1/2023, price 12,550.00 KRW* |
3,222 | 151 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 1.1%(d) |
| |||||||
REPURCHASE AGREEMENTS - 1.1% |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $5,609,098, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $5,677,446 |
5,608,276 | 5,608,276 | ||||||
Societe Generale, 5.34%, dated 7/31/2023, due 8/1/2023, repurchase price $1,000,148, collateralized by various U.S. Treasury Securities, ranging from 1.38% - 4.75%, maturing 2/15/2037 - 5/15/2051; total market value $1,016,122 |
1,000,000 | 1,000,000 | ||||||
|
|
|||||||
6,608,276 | ||||||||
|
|
|||||||
TOTAL SECURITIES LENDING REINVESTMENTS |
6,608,276 | |||||||
|
|
|||||||
Total Investments - 97.9% |
|
563,963,321 | ||||||
Other assets less liabilities - 2.1% |
|
12,006,142 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
575,969,463 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $22,961,005, collateralized in the form of cash with a value of $6,608,276 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $13,104,620 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 5.39%, and maturity dates ranging from July 31, 2023 August 15, 2052 and $4,946,214 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from December 13, 2023 September 20, 2117; a total value of $24,659,110. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $6,608,276. |
Percentages shown are based on Net Assets.
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Futures Contracts
FlexShares® International Quality Dividend Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
EURO STOXX 50 Index |
75 | 09/15/2023 | EUR | $ | 3,717,799 | $ | 114,001 | |||||||||||||
FTSE 100 Index |
38 | 09/15/2023 | GBP | 3,759,360 | 73,197 | |||||||||||||||
Hang Seng Index |
4 | 08/30/2023 | HKD | 518,112 | 25,138 | |||||||||||||||
MSCI Emerging Markets E-Mini Index |
97 | 09/15/2023 | USD | 5,113,355 | 234,802 | |||||||||||||||
S&P/TSX 60 Index |
8 | 09/14/2023 | CAD | 1,507,312 | 44,257 | |||||||||||||||
SPI 200 Index |
16 | 09/21/2023 | AUD | 1,983,275 | 72,910 | |||||||||||||||
TOPIX Index |
13 | 09/07/2023 | JPY | 2,129,153 | 86,188 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 650,493 | |||||||||||||||||||
|
|
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
1,123,008 | Citibank NA | USD | 846,466 | 09/20/2023 | $ | 7,294 | |||||||||||||||
CHF |
1,181,954 | Toronto-Dominion Bank (The) | USD | 1,329,754 | 09/20/2023 | 41,214 | ||||||||||||||||
DKK |
633,221 | JPMorgan Chase Bank NA | USD | 92,670 | 09/20/2023 | 1,297 | ||||||||||||||||
EUR |
1,044,389 | Morgan Stanley | USD | 1,147,689 | 09/20/2023 | 6,673 | ||||||||||||||||
EUR |
1,388,109 | Toronto-Dominion Bank (The) | USD | 1,511,788 | 09/20/2023 | 22,487 | ||||||||||||||||
GBP |
910,320 | JPMorgan Chase Bank NA | USD | 1,156,241 | 09/20/2023 | 15,270 | ||||||||||||||||
HKD |
2,574,949 | Goldman Sachs & Co. | USD | 329,577 | 09/20/2023 | 731 | ||||||||||||||||
KRW* |
740,189,704 | Toronto-Dominion Bank (The) | USD | 582,318 | 09/20/2023 | 59 | ||||||||||||||||
SEK |
2,423,745 | JPMorgan Chase Bank NA | USD | 228,576 | 09/20/2023 | 2,664 | ||||||||||||||||
USD |
450,740 | JPMorgan Chase Bank NA | AUD | 655,327 | 09/20/2023 | 8,367 | ||||||||||||||||
USD |
600,056 | Morgan Stanley | JPY | 83,915,637 | 09/20/2023 | 4,720 | ||||||||||||||||
USD |
962,674 | Toronto-Dominion Bank (The) | KRW | * | 1,214,846,743 | 09/20/2023 | 6,841 | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 117,617 | |||||||||||||||||||
|
|
|||||||||||||||||||||
AUD |
1,264,331 | JPMorgan Chase Bank NA | USD | 863,344 | 09/20/2023 | $ | (9,867 | ) | ||||||||||||||
CHF |
468,279 | Toronto-Dominion Bank (The) | USD | 546,864 | 09/20/2023 | (3,700 | ) | |||||||||||||||
JPY |
203,989,478 | Citibank NA | USD | 1,484,995 | 09/20/2023 | (37,800 | ) | |||||||||||||||
JPY |
154,190,444 | Toronto-Dominion Bank (The) | USD | 1,124,149 | 09/20/2023 | (30,251 | ) | |||||||||||||||
TWD* |
4,758,650 | BNP Paribas SA | USD | 156,857 | 09/20/2023 | (4,508 | ) | |||||||||||||||
USD |
537,259 | Citibank NA | BRL | * | 2,653,155 | 09/20/2023 | (15,734 | ) | ||||||||||||||
USD |
570,021 | Morgan Stanley | CAD | 751,196 | 09/20/2023 | (1,071 | ) | |||||||||||||||
USD |
952,048 | Toronto-Dominion Bank (The) | CHF | 843,597 | 09/20/2023 | (26,454 | ) | |||||||||||||||
USD |
1,801,084 | Morgan Stanley | EUR | 1,641,311 | 09/20/2023 | (13,054 | ) | |||||||||||||||
USD |
753,072 | Toronto-Dominion Bank (The) | GBP | 587,274 | 09/20/2023 | (2,705 | ) | |||||||||||||||
USD |
1,063,328 | BNP Paribas SA | HKD | 8,312,109 | 09/20/2023 | (2,930 | ) | |||||||||||||||
USD |
599,907 | UBS AG | HKD | 4,682,879 | 09/20/2023 | (801 | ) | |||||||||||||||
USD |
137,147 | JPMorgan Chase Bank NA | MXN | 2,396,034 | 09/20/2023 | (4,981 | ) | |||||||||||||||
USD |
2,134,736 | BNP Paribas SA | TWD | * | 66,871,448 | 09/20/2023 | (6,172 | ) | ||||||||||||||
USD |
148,052 | Toronto-Dominion Bank (The) | ZAR | 2,739,232 | 09/20/2023 | (5,269 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (165,297 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized depreciation |
|
$ | (47,680 | ) | ||||||||||||||||||
|
|
* | Non-deliverable forward. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
Abbreviations: | ||||
AUD | | Australian Dollar | ||
BRL | | Brazilian Real | ||
CAD | | Canadian Dollar | ||
CHF | | Swiss Franc | ||
DKK | | Danish Krone | ||
EUR | | Euro | ||
GBP | | British Pound | ||
HKD | | Hong Kong Dollar | ||
JPY | | Japanese Yen | ||
KRW | | Korean Won | ||
MXN | | Mexican Peso | ||
SEK | | Swedish Krona | ||
TWD | | Taiwan Dollar | ||
USD | | US Dollar | ||
ZAR | | South African Rand |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Index Fund (cont.)
FlexShares® International Quality Dividend Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
5.9 | % | ||
Belgium |
0.9 | |||
Brazil |
1.8 | |||
Canada |
5.2 | |||
Chile |
0.5 | |||
China |
8.6 | |||
Czech Republic |
0.6 | |||
Denmark |
3.4 | |||
Finland |
1.4 | |||
France |
5.1 | |||
Germany |
2.5 | |||
Greece |
0.8 | |||
Hong Kong |
1.6 | |||
India |
3.6 | |||
Indonesia |
1.0 | |||
Italy |
0.6 | |||
Japan |
11.8 | |||
Mexico |
1.9 | |||
Netherlands |
2.9 | |||
New Zealand |
0.0 | | ||
Norway |
3.0 | |||
Poland |
0.9 | |||
Qatar |
0.3 | |||
Saudi Arabia |
0.2 | |||
South Africa |
1.4 | |||
South Korea |
1.3 | |||
Spain |
2.3 | |||
Sweden |
2.4 | |||
Switzerland |
9.5 | |||
Taiwan |
5.3 | |||
Thailand |
0.3 | |||
Turkey |
0.3 | |||
United Arab Emirates |
1.2 | |||
United Kingdom |
8.3 | |||
Other1 |
3.2 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
96.8 | % | ||
Rights |
0.0 | | ||
Securities Lending Reinvestments |
1.1 | |||
Others(1) |
2.1 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® International Quality Dividend Defensive Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 95.6% |
| |||||||
Aerospace & Defense - 0.2% |
| |||||||
Thales SA |
476 | 71,348 | ||||||
|
|
|||||||
Air Freight & Logistics - 0.4% |
| |||||||
DHL Group |
1,330 | 68,510 | ||||||
SG Holdings Co. Ltd. |
2,800 | 40,882 | ||||||
|
|
|||||||
109,392 | ||||||||
|
|
|||||||
Automobile Components - 1.6% |
| |||||||
Bridgestone Corp. |
5,700 | 236,417 | ||||||
Tube Investments of India Ltd. |
6,258 | 234,285 | ||||||
|
|
|||||||
470,702 | ||||||||
|
|
|||||||
Automobiles - 1.7% |
| |||||||
Hero MotoCorp Ltd. |
5,698 | 221,945 | ||||||
Toyota Motor Corp. |
4,200 | 70,532 | ||||||
Yadea Group Holdings Ltd.(a) |
92,000 | 208,332 | ||||||
|
|
|||||||
500,809 | ||||||||
|
|
|||||||
Banks - 11.4% |
| |||||||
Akbank TAS |
43,484 | 45,120 | ||||||
Banco de Chile |
614,138 | 68,327 | ||||||
Bank of China Ltd., Class H |
238,000 | 88,197 | ||||||
Bank of Communications Co. Ltd., Class H |
84,000 | 50,624 | ||||||
Bankinter SA |
9,380 | 60,790 | ||||||
Barclays plc |
117,684 | 234,637 | ||||||
BOC Hong Kong Holdings Ltd. |
21,000 | 63,818 | ||||||
China Everbright Bank Co. Ltd., Class H |
154,000 | 45,813 | ||||||
Commonwealth Bank of Australia |
4,732 | 337,073 | ||||||
Credit Agricole SA |
5,138 | 63,934 | ||||||
Hang Seng Bank Ltd. |
4,200 | 63,926 | ||||||
HSBC Holdings plc |
4,270 | 35,508 | ||||||
Japan Post Bank Co. Ltd. |
23,800 | 198,166 | ||||||
KBC Group NV |
2,254 | 169,984 | ||||||
National Bank of Canada(b) |
994 | 77,994 | ||||||
Nordea Bank Abp |
8,862 | 100,432 | ||||||
Royal Bank of Canada |
5,236 | 520,040 | ||||||
Sberbank of Russia PJSC |
79,800 | | ||||||
Sumitomo Mitsui Financial Group, Inc. |
7,400 | 348,646 | ||||||
Swedbank AB, Class A |
11,326 | 207,980 | ||||||
Toronto-Dominion Bank (The) |
252 | 16,649 | ||||||
Turkiye Garanti Bankasi A/S |
156,828 | 255,684 | ||||||
Turkiye Is Bankasi A/S, Class C |
103,600 | 58,135 | ||||||
Yapi ve Kredi Bankasi A/S |
432,544 | 228,587 | ||||||
|
|
|||||||
3,340,064 | ||||||||
|
|
|||||||
Broadline Retail - 0.5% |
| |||||||
B&M European Value Retail SA |
9,674 | 68,857 | ||||||
Dollarama, Inc. |
1,288 | 84,996 | ||||||
|
|
|||||||
153,853 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Building Products - 0.2% |
| |||||||
Xinyi Glass Holdings Ltd. |
42,000 | 69,365 | ||||||
|
|
|||||||
Capital Markets - 3.3% |
| |||||||
Deutsche Boerse AG |
812 | 156,046 | ||||||
GF Securities Co. Ltd., Class H |
134,400 | 214,386 | ||||||
Korea Investment Holdings Co. Ltd. |
1,372 | 52,581 | ||||||
Macquarie Korea Infrastructure Fund |
21,546 | 205,039 | ||||||
Moscow Exchange MICEX-RTS PJSC |
227,100 | | ||||||
NH Investment & Securities Co. Ltd. |
6,888 | 53,498 | ||||||
Samsung Securities Co. Ltd. |
5,278 | 148,653 | ||||||
Singapore Exchange Ltd. |
19,600 | 143,332 | ||||||
|
|
|||||||
973,535 | ||||||||
|
|
|||||||
Chemicals - 2.3% |
| |||||||
Croda International plc |
840 | 63,658 | ||||||
Evonik Industries AG |
1,876 | 38,907 | ||||||
Fertiglobe plc |
233,226 | 227,318 | ||||||
Nutrien Ltd. |
2,058 | 142,078 | ||||||
Yara International ASA |
4,648 | 190,395 | ||||||
|
|
|||||||
662,356 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.1% |
| |||||||
Brambles Ltd. |
3,164 | 29,998 | ||||||
|
|
|||||||
Construction & Engineering - 0.5% |
| |||||||
Taisei Corp. |
2,000 | 75,817 | ||||||
WSP Global, Inc. |
574 | 79,215 | ||||||
|
|
|||||||
155,032 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.3% |
| |||||||
BIM Birlesik Magazalar A/S |
8,022 | 64,380 | ||||||
Kesko OYJ, Class B |
7,728 | 155,031 | ||||||
Loblaw Cos. Ltd. |
1,484 | 131,911 | ||||||
Metro, Inc., Class A |
448 | 24,156 | ||||||
|
|
|||||||
375,478 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Smurfit Kappa Group plc |
1,638 | 65,376 | ||||||
|
|
|||||||
Diversified REITs - 0.1% |
| |||||||
Growthpoint Properties Ltd., REIT |
58,030 | 41,343 | ||||||
|
|
|||||||
Diversified Telecommunication Services - 2.9% |
| |||||||
BT Group plc(b) |
38,892 | 61,049 | ||||||
Elisa OYJ |
3,402 | 177,942 | ||||||
Koninklijke KPN NV |
61,194 | 222,109 | ||||||
Nippon Telegraph & Telephone Corp. |
90,000 | 103,188 | ||||||
Spark New Zealand Ltd. |
2,100 | 6,770 | ||||||
Telefonica Deutschland Holding AG |
20,678 | 55,879 | ||||||
Telenor ASA |
18,774 | 201,352 | ||||||
Telia Co. AB(b) |
12,320 | 26,534 | ||||||
|
|
|||||||
854,823 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Electric Utilities - 3.0% |
| |||||||
CPFL Energia SA |
18,200 | 136,891 | ||||||
EDP - Energias de Portugal SA |
13,692 | 64,158 | ||||||
Enel SpA |
24,458 | 169,132 | ||||||
Fortum OYJ |
4,648 | 63,084 | ||||||
Hydro One Ltd.(a) |
2,576 | 72,803 | ||||||
Iberdrola SA(b) |
4,054 | 50,754 | ||||||
Power Grid Corp. of India Ltd. |
54,460 | 176,162 | ||||||
Redeia Corp. SA |
3,598 | 60,318 | ||||||
SSE plc |
3,346 | 72,563 | ||||||
|
|
|||||||
865,865 | ||||||||
|
|
|||||||
Electrical Equipment - 0.1% |
| |||||||
Mitsubishi Electric Corp. |
1,600 | 23,097 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.9% |
| |||||||
Kingboard Laminates Holdings Ltd. |
44,000 | 44,967 | ||||||
Largan Precision Co. Ltd. |
3,000 | 207,627 | ||||||
|
|
|||||||
252,594 | ||||||||
|
|
|||||||
Entertainment - 0.1% |
| |||||||
Capcom Co. Ltd.(b) |
600 | 27,027 | ||||||
|
|
|||||||
Financial Services - 0.5% |
| |||||||
Power Finance Corp. Ltd. |
49,826 | 158,355 | ||||||
|
|
|||||||
Food Products - 3.7% |
| |||||||
JBS SA |
18,200 | 71,850 | ||||||
Nestle SA (Registered) |
8,162 | 1,006,350 | ||||||
|
|
|||||||
1,078,200 | ||||||||
|
|
|||||||
Gas Utilities - 1.9% |
| |||||||
Adani Total Gas Ltd. |
6,944 | 56,034 | ||||||
Enagas SA |
910 | 16,189 | ||||||
Naturgy Energy Group SA(b) |
7,084 | 216,662 | ||||||
Petronas Gas Bhd. |
51,800 | 196,218 | ||||||
Snam SpA |
13,790 | 72,706 | ||||||
|
|
|||||||
557,809 | ||||||||
|
|
|||||||
Ground Transportation - 1.2% |
| |||||||
Aurizon Holdings Ltd. |
84,980 | 218,175 | ||||||
Canadian National Railway Co. |
1,134 | 137,708 | ||||||
|
|
|||||||
355,883 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.8% |
| |||||||
Olympus Corp. |
13,900 | 226,628 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 0.9% |
| |||||||
Genting Singapore Ltd. |
74,200 | 52,529 | ||||||
OPAP SA |
12,445 | 219,677 | ||||||
|
|
|||||||
272,206 | ||||||||
|
|
|||||||
Household Durables - 0.8% |
| |||||||
Persimmon plc |
3,402 | 50,731 | ||||||
Sekisui Chemical Co. Ltd. |
8,400 | 127,644 | ||||||
Sekisui House Ltd.(b) |
2,900 | 59,172 | ||||||
|
|
|||||||
237,547 | ||||||||
|
|
|||||||
Industrial Conglomerates - 1.1% |
| |||||||
Alfa SAB de CV, Class A |
32,200 | 19,799 |
Investments |
Shares | Value ($) | ||||||
Jardine Matheson Holdings Ltd. |
1,000 | 49,380 | ||||||
Quinenco SA |
13,594 | 47,283 | ||||||
Siemens AG (Registered) |
28 | 4,784 | ||||||
Toshiba Corp. |
6,400 | 206,712 | ||||||
|
|
|||||||
327,958 | ||||||||
|
|
|||||||
Insurance - 3.2% |
| |||||||
AIA Group Ltd. |
200 | 1,985 | ||||||
Allianz SE (Registered) |
910 | 218,122 | ||||||
BB Seguridade Participacoes SA |
30,800 | 201,489 | ||||||
Medibank Pvt Ltd. |
25,032 | 59,206 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
420 | 158,648 | ||||||
Sampo OYJ, Class A |
1,946 | 86,016 | ||||||
Zurich Insurance Group AG |
420 | 203,883 | ||||||
|
|
|||||||
929,349 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.7% |
| |||||||
Tencent Holdings Ltd. |
4,200 | 190,863 | ||||||
|
|
|||||||
IT Services - 2.4% |
| |||||||
Arabian Internet & Communications Services Co. |
714 | 69,466 | ||||||
Chinasoft International Ltd.(b) |
84,000 | 52,347 | ||||||
Elm Co. |
448 | 81,227 | ||||||
HCL Technologies Ltd. |
15,050 | 204,335 | ||||||
Itochu Techno-Solutions Corp. |
2,500 | 63,380 | ||||||
Tata Consultancy Services Ltd. |
5,544 | 230,624 | ||||||
|
|
|||||||
701,379 | ||||||||
|
|
|||||||
Leisure Products - 0.7% |
| |||||||
Shimano, Inc. |
1,400 | 212,345 | ||||||
|
|
|||||||
Machinery - 1.3% |
| |||||||
ANDRITZ AG |
3,668 | 194,362 | ||||||
Kone OYJ, Class B |
3,486 | 179,260 | ||||||
|
|
|||||||
373,622 | ||||||||
|
|
|||||||
Marine Transportation - 2.9% |
| |||||||
AP Moller - Maersk A/S, Class A |
42 | 84,692 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
168,000 | 177,291 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
41,000 | 135,682 | ||||||
Orient Overseas International Ltd. |
10,500 | 174,895 | ||||||
SITC International Holdings Co. Ltd. |
98,000 | 213,625 | ||||||
Yang Ming Marine Transport Corp. |
36,000 | 53,267 | ||||||
|
|
|||||||
839,452 | ||||||||
|
|
|||||||
Metals & Mining - 6.8% |
| |||||||
BHP Group Ltd. |
29,092 | 901,964 | ||||||
China Hongqiao Group Ltd.(b) |
70,000 | 67,229 | ||||||
Fortescue Metals Group Ltd. |
4,956 | 72,403 | ||||||
Jindal Steel & Power Ltd. |
31,556 | 256,576 | ||||||
Kumba Iron Ore Ltd. |
4,354 | 119,624 | ||||||
Magnitogorsk Iron & Steel Works PJSC* |
172,884 | | ||||||
Novolipetsk Steel PJSC* |
47,108 | | ||||||
Rio Tinto Ltd. |
112 | 8,835 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Rio Tinto plc |
6,398 | 423,947 | ||||||
Severstal PAO* |
6,900 | | ||||||
Vedanta Ltd. |
37,506 | 125,858 | ||||||
|
|
|||||||
1,976,436 | ||||||||
|
|
|||||||
Multi-Utilities - 0.2% |
| |||||||
Canadian Utilities Ltd., Class A |
518 | 12,924 | ||||||
Engie SA |
2,100 | 34,527 | ||||||
|
|
|||||||
47,451 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 6.5% |
| |||||||
Adaro Energy Indonesia Tbk. PT |
1,194,200 | 190,850 | ||||||
Aker BP ASA |
2,744 | 76,842 | ||||||
BP plc |
33,040 | 205,328 | ||||||
Cenovus Energy, Inc. |
5,208 | 99,234 | ||||||
China Petroleum & Chemical Corp., Class H |
112,000 | 62,472 | ||||||
Equinor ASA |
7,686 | 234,307 | ||||||
Exxaro Resources Ltd. |
15,484 | 141,068 | ||||||
LUKOIL PJSC |
240 | | ||||||
Pembina Pipeline Corp. |
1,946 | 61,725 | ||||||
Petroleo Brasileiro SA (Preference) |
37,800 | 247,203 | ||||||
Shell plc |
3,528 | 107,400 | ||||||
Surgutneftegas PJSC (Preference) |
276,000 | | ||||||
TotalEnergies SE |
3,864 | 235,422 | ||||||
United Tractors Tbk. PT |
61,400 | 112,071 | ||||||
Yankuang Energy Group Co. Ltd., Class H(b) |
90,000 | 135,022 | ||||||
|
|
|||||||
1,908,944 | ||||||||
|
|
|||||||
Personal Care Products - 2.5% |
| |||||||
Kobayashi Pharmaceutical Co. Ltd. |
3,400 | 187,086 | ||||||
LOreal SA |
1,078 | 502,994 | ||||||
Unilever plc |
616 | 33,217 | ||||||
|
|
|||||||
723,297 | ||||||||
|
|
|||||||
Pharmaceuticals - 8.1% |
| |||||||
AstraZeneca plc |
868 | 124,927 | ||||||
China Medical System Holdings Ltd. |
126,000 | 211,651 | ||||||
GSK plc |
23,968 | 426,989 | ||||||
Novartis AG (Registered) |
3,612 | 379,471 | ||||||
Novo Nordisk A/S, Class B |
1,092 | 176,450 | ||||||
Orion OYJ, Class B |
182 | 7,011 | ||||||
Roche Holding AG |
28 | 9,335 | ||||||
Roche Holding AG - BR |
3,164 | 987,689 | ||||||
Sanofi |
532 | 56,949 | ||||||
|
|
|||||||
2,380,472 | ||||||||
|
|
|||||||
Professional Services - 1.0% |
| |||||||
Bureau Veritas SA |
7,322 | 201,660 | ||||||
Computershare Ltd. |
2,422 | 40,932 | ||||||
RELX plc |
378 | 12,743 | ||||||
Teleperformance |
280 | 40,673 | ||||||
|
|
|||||||
296,008 | ||||||||
|
|
|||||||
Real Estate Management & Development - 2.0% |
| |||||||
CapitaLand Investment Ltd. |
22,400 | 57,358 | ||||||
China Overseas Land & Investment Ltd. |
14,000 | 32,959 | ||||||
CK Asset Holdings Ltd. |
37,000 | 213,497 | ||||||
Daito Trust Construction Co. Ltd. |
1,800 | 193,708 |
Investments |
Shares | Value ($) | ||||||
Land & Houses PCL, NVDR |
306,600 | 76,138 | ||||||
|
|
|||||||
573,660 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 3.2% |
| |||||||
ASML Holding NV |
266 | 191,276 | ||||||
Novatek Microelectronics Corp. |
8,000 | 107,934 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
28,000 | 26,684 | ||||||
SUMCO Corp. |
4,200 | 61,191 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
21,000 | 377,548 | ||||||
Vanguard International Semiconductor Corp. |
70,000 | 172,180 | ||||||
|
|
|||||||
936,813 | ||||||||
|
|
|||||||
Software - 0.1% |
| |||||||
SAP SE |
196 | 26,883 | ||||||
|
|
|||||||
Specialty Retail - 2.3% |
| |||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
51,534 | 54,718 | ||||||
Industria de Diseno Textil SA |
7,322 | 281,017 | ||||||
Jarir Marketing Co. |
47,152 | 194,812 | ||||||
Topsports International Holdings Ltd.(a) |
14,000 | 12,835 | ||||||
ZOZO, Inc. |
6,200 | 120,963 | ||||||
|
|
|||||||
664,345 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 2.3% |
| |||||||
Catcher Technology Co. Ltd. |
25,000 | 138,020 | ||||||
Inventec Corp. |
85,000 | 172,291 | ||||||
Lite-On Technology Corp. |
28,000 | 134,091 | ||||||
Ricoh Co. Ltd. |
8,000 | 71,143 | ||||||
Samsung Electronics Co. Ltd. |
2,632 | 144,129 | ||||||
|
|
|||||||
659,674 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 1.0% |
| |||||||
F&F Co. Ltd. |
378 | 30,693 | ||||||
Kering SA |
98 | 56,575 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
182 | 170,183 | ||||||
Pandora A/S |
322 | 32,318 | ||||||
|
|
|||||||
289,769 | ||||||||
|
|
|||||||
Tobacco - 2.3% |
| |||||||
British American Tobacco plc |
6,062 | 204,000 | ||||||
Imperial Brands plc |
10,080 | 238,573 | ||||||
Japan Tobacco, Inc. |
10,400 | 230,794 | ||||||
|
|
|||||||
673,367 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 2.0% |
| |||||||
Ferguson plc |
588 | 94,607 | ||||||
ITOCHU Corp.(b) |
4,900 | 198,304 | ||||||
Mitsubishi Corp. |
3,900 | 199,419 | ||||||
Sumitomo Corp. |
4,200 | 90,072 | ||||||
|
|
|||||||
582,402 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 2.4% |
| |||||||
Intouch Holdings PCL, NVDR |
100,800 | 226,757 | ||||||
KDDI Corp. |
5,600 | 165,028 | ||||||
SoftBank Corp. |
7,100 | 78,855 | ||||||
Tele2 AB, Class B |
21,280 | 160,438 | ||||||
Vodafone Group plc |
85,302 | 81,690 | ||||||
|
|
|||||||
712,768 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
TOTAL COMMON STOCKS |
|
27,955,942 | ||||||
|
|
|||||||
Investments |
Number of Rights |
Value ($) | ||||||
RIGHTS - 0.0%(c) |
| |||||||
Capital Markets - 0.0%(c) |
| |||||||
Macquarie Korea Infrastructure Fund, expiring 8/1/2023, price 12,550.00 KRW* |
1,577 | 74 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 0.1%(d) |
| |||||||
REPURCHASE AGREEMENTS - 0.1% |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $27,916, collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $28,256 (Cost $27,911) |
27,911 | 27,911 | ||||||
|
|
|||||||
Total Investments - 95.7% |
|
27,983,927 | ||||||
Other assets less liabilities - 4.3% |
|
1,250,360 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
29,234,287 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $745,176, collateralized in the form of cash with a value of $27,911 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $402,005 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 5.39%, and maturity dates ranging from July 31, 2023 August 15, 2052 and $381,760 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 6.00%, and maturity dates ranging from September 7, 2023 September 20, 2117; a total value of $811,676. |
(c) | Represents less than 0.05% of net assets. |
(d) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $27,911. |
Percentages shown are based on Net Assets.
Abbreviations | ||
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
KRW | Korean Won | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
Futures Contracts
FlexShares® International Quality Dividend Defensive Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
MSCI EAFE E-Mini Index |
8 | 09/15/2023 | USD | $ | 882,320 | $ | 24,957 | |||||||||||||
MSCI Emerging Markets E-Mini Index |
7 | 09/15/2023 | USD | 369,005 | 15,335 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 40,292 | |||||||||||||||||||
|
|
Abbreviations: |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Defensive Index Fund (cont.)
FlexShares® International Quality Dividend Defensive Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
5.7 | % | ||
Austria |
0.7 | |||
Belgium |
0.6 | |||
Brazil |
2.3 | |||
Canada |
5.0 | |||
Chile |
0.4 | |||
China |
6.1 | |||
Denmark |
1.0 | |||
Finland |
2.3 | |||
France |
4.9 | |||
Germany |
2.5 | |||
Greece |
0.8 | |||
Hong Kong |
2.1 | |||
India |
5.7 | |||
Indonesia |
1.0 | |||
Italy |
0.8 | |||
Japan |
12.4 | |||
Malaysia |
0.7 | |||
Mexico |
0.1 | |||
Netherlands |
1.4 | |||
New Zealand |
0.0 | | ||
Norway |
2.4 | |||
Portugal |
0.2 | |||
Saudi Arabia |
1.2 | |||
Singapore |
1.0 | |||
South Africa |
1.0 | |||
South Korea |
2.2 | |||
Spain |
2.3 | |||
Sweden |
1.7 | |||
Switzerland |
8.8 | |||
Taiwan |
5.2 | |||
Thailand |
1.0 | |||
Turkey |
2.2 | |||
United Arab Emirates |
1.0 | |||
United Kingdom |
8.9 | |||
Other1 |
4.4 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
95.6 | % | ||
Rights |
0.0 | | ||
Securities Lending Reinvestments |
0.1 | |||
Others(1) |
4.3 | |||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® International Quality Dividend Dynamic Index Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
COMMON STOCKS - 97.8% |
| |||||||
Air Freight & Logistics - 1.4% |
| |||||||
DHL Group |
7,420 | 382,213 | ||||||
DSV A/S |
3,304 | 663,312 | ||||||
|
|
|||||||
1,045,525 | ||||||||
|
|
|||||||
Automobile Components - 0.4% |
| |||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) |
33,600 | 149,071 | ||||||
Magna International, Inc. |
2,828 | 182,217 | ||||||
|
|
|||||||
331,288 | ||||||||
|
|
|||||||
Automobiles - 2.7% |
| |||||||
Ford Otomotiv Sanayi A/S |
5,376 | 189,590 | ||||||
Geely Automobile Holdings Ltd. |
243,000 | 350,851 | ||||||
Mercedes-Benz Group AG |
11,956 | 957,547 | ||||||
Yadea Group Holdings Ltd.(a)(b) |
252,000 | 570,649 | ||||||
|
|
|||||||
2,068,637 | ||||||||
|
|
|||||||
Banks - 14.0% |
| |||||||
Agricultural Bank of China Ltd., Class H |
448,000 | 162,571 | ||||||
ANZ Group Holdings Ltd. |
44,156 | 766,179 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
43,708 | 347,452 | ||||||
Banco del Bajio SA(a)(b) |
162,400 | 496,364 | ||||||
Bank of Communications Co. Ltd., Class H |
784,000 | 472,489 | ||||||
Bank of Montreal |
10,304 | 959,280 | ||||||
Barclays plc |
186,732 | 372,305 | ||||||
BNP Paribas SA |
8,344 | 552,165 | ||||||
China Construction Bank Corp., Class H |
840,000 | 487,927 | ||||||
China Merchants Bank Co. Ltd., Class H |
112,000 | 552,195 | ||||||
Credit Agricole SA |
14,672 | 182,569 | ||||||
FinecoBank Banca Fineco SpA |
42,308 | 658,418 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
1,120,000 | 545,732 | ||||||
KBC Group NV |
9,324 | 703,164 | ||||||
Komercni Banka A/S |
16,744 | 551,003 | ||||||
Nordea Bank Abp |
23,492 | 266,232 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
73,052 | 743,577 | ||||||
Royal Bank of Canada |
12,236 | 1,215,280 | ||||||
Sberbank of Russia PJSC (Preference) |
31,920 | | ||||||
Skandinaviska Enskilda Banken AB, Class A |
50,540 | 613,502 | ||||||
Standard Bank Group Ltd. |
13,496 | 144,949 | ||||||
|
|
|||||||
10,793,353 | ||||||||
|
|
|||||||
Beverages - 0.7% |
| |||||||
Diageo plc |
13,160 | 575,275 | ||||||
|
|
Investments |
Shares | Value ($) | ||||||
Broadline Retail - 0.5% |
| |||||||
momo.com, Inc. |
22,000 | 419,328 | ||||||
|
|
|||||||
Building Products - 1.0% |
| |||||||
Geberit AG (Registered) |
1,092 | 621,552 | ||||||
Lixil Corp. |
11,800 | 150,947 | ||||||
|
|
|||||||
772,499 | ||||||||
|
|
|||||||
Capital Markets - 3.8% |
| |||||||
3i Group plc |
25,956 | 660,245 | ||||||
Amundi SA(a) |
2,324 | 142,978 | ||||||
Julius Baer Group Ltd. |
6,244 | 443,710 | ||||||
Partners Group Holding AG |
672 | 758,166 | ||||||
Samsung Securities Co. Ltd. |
8,456 | 238,160 | ||||||
UBS Group AG (Registered) |
31,332 | 696,688 | ||||||
|
|
|||||||
2,939,947 | ||||||||
|
|
|||||||
Chemicals - 3.0% |
| |||||||
BASF SE |
7,280 | 391,456 | ||||||
Fertiglobe plc |
400,176 | 390,038 | ||||||
Nissan Chemical Corp.(b) |
9,800 | 440,131 | ||||||
Shin-Etsu Chemical Co. Ltd. |
16,800 | 553,260 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
5,180 | 379,566 | ||||||
Wacker Chemie AG |
1,036 | 161,456 | ||||||
Yara International ASA |
392 | 16,057 | ||||||
|
|
|||||||
2,331,964 | ||||||||
|
|
|||||||
Construction Materials - 0.1% |
| |||||||
CRH plc |
868 | 51,851 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.2% |
| |||||||
Cencosud SA |
27,860 | 59,835 | ||||||
Jeronimo Martins SGPS SA |
3,948 | 107,777 | ||||||
Kesko OYJ, Class B |
1,036 | 20,783 | ||||||
|
|
|||||||
188,395 | ||||||||
|
|
|||||||
Diversified REITs - 0.9% |
| |||||||
Growthpoint Properties Ltd., REIT |
185,472 | 132,139 | ||||||
Stockland, REIT(b) |
189,672 | 539,360 | ||||||
|
|
|||||||
671,499 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.3% |
| |||||||
Telefonica SA |
47,208 | 201,795 | ||||||
Telenor ASA |
1,680 | 18,018 | ||||||
|
|
|||||||
219,813 | ||||||||
|
|
|||||||
Electric Utilities - 0.9% |
| |||||||
Enel SpA |
39,592 | 273,786 | ||||||
Fortum OYJ |
21,672 | 294,141 | ||||||
SSE plc |
5,460 | 118,408 | ||||||
|
|
|||||||
686,335 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.6% |
| |||||||
Nan Ya Printed Circuit Board Corp. |
59,000 | 465,594 | ||||||
|
|
|||||||
Entertainment - 0.6% |
| |||||||
Universal Music Group NV |
16,800 | 432,138 | ||||||
|
|
|||||||
Financial Services - 3.1% |
| |||||||
FirstRand Ltd. |
90,216 | 369,259 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
GMO Payment Gateway, Inc. |
5,600 | 427,055 | ||||||
Power Finance Corp. Ltd. |
233,380 | 741,720 | ||||||
REC Ltd. |
335,328 | 827,427 | ||||||
|
|
|||||||
2,365,461 | ||||||||
|
|
|||||||
Food Products - 1.7% |
| |||||||
JBS SA |
47,600 | 187,917 | ||||||
Nestle SA (Registered) |
4,536 | 559,275 | ||||||
Uni-President China Holdings Ltd. |
560,000 | 483,260 | ||||||
Yihai International Holding Ltd.(b) |
51,000 | 116,404 | ||||||
|
|
|||||||
1,346,856 | ||||||||
|
|
|||||||
Gas Utilities - 0.3% |
| |||||||
Kunlun Energy Co. Ltd. |
192,000 | 156,334 | ||||||
Naturgy Energy Group SA(b) |
2,044 | 62,515 | ||||||
|
|
|||||||
218,849 | ||||||||
|
|
|||||||
Ground Transportation - 0.7% |
| |||||||
Aurizon Holdings Ltd. |
191,884 | 492,637 | ||||||
TFI International, Inc. |
476 | 61,206 | ||||||
|
|
|||||||
553,843 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.2% |
| |||||||
Hoya Corp. |
5,700 | 663,154 | ||||||
Sonova Holding AG (Registered) |
2,100 | 587,472 | ||||||
Straumann Holding AG (Registered) |
1,288 | 214,184 | ||||||
Sysmex Corp. |
3,300 | 223,554 | ||||||
|
|
|||||||
1,688,364 | ||||||||
|
|
|||||||
Health Care Providers & Services - 0.6% |
| |||||||
Amplifon SpA |
14,028 | 476,216 | ||||||
|
|
|||||||
Health Care Technology - 0.7% |
| |||||||
M3, Inc. |
25,200 | 578,742 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.0% |
| |||||||
Evolution AB(a) |
1,736 | 214,450 | ||||||
OPAP SA |
32,040 | 565,564 | ||||||
|
|
|||||||
780,014 | ||||||||
|
|
|||||||
Household Durables - 1.1% |
| |||||||
Haier Smart Home Co. Ltd., Class H |
50,400 | 164,473 | ||||||
Persimmon plc |
9,744 | 145,305 | ||||||
Taylor Wimpey plc |
353,584 | 520,223 | ||||||
|
|
|||||||
830,001 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.9% |
| |||||||
Industries Qatar QSC |
149,576 | 547,761 | ||||||
Quinenco SA |
35,056 | 121,933 | ||||||
|
|
|||||||
669,694 | ||||||||
|
|
|||||||
Industrial REITs - 0.2% |
| |||||||
Goodman Group, REIT |
13,496 | 186,796 | ||||||
|
|
|||||||
Insurance - 2.1% |
| |||||||
AXA SA |
13,832 | 426,556 | ||||||
BB Seguridade Participacoes SA |
30,800 | 201,489 | ||||||
Legal & General Group plc |
56,616 | 170,020 | ||||||
Manulife Financial Corp. |
33,572 | 672,333 | ||||||
Powszechny Zaklad Ubezpieczen SA |
17,416 | 176,706 | ||||||
|
|
|||||||
1,647,104 | ||||||||
|
|
Investments |
Shares | Value ($) | ||||||
Interactive Media & Services - 2.6% |
| |||||||
Autohome, Inc., ADR |
3,976 | 127,113 | ||||||
REA Group Ltd.(b) |
5,712 | 606,338 | ||||||
Rightmove plc |
78,484 | 575,998 | ||||||
SEEK Ltd.(b) |
9,744 | 163,493 | ||||||
Tencent Holdings Ltd. |
12,300 | 558,955 | ||||||
|
|
|||||||
2,031,897 | ||||||||
|
|
|||||||
IT Services - 0.2% |
| |||||||
Infosys Ltd. |
7,644 | 125,995 | ||||||
|
|
|||||||
Leisure Products - 0.6% |
| |||||||
Shimano, Inc. |
3,100 | 470,193 | ||||||
|
|
|||||||
Machinery - 4.4% |
| |||||||
Atlas Copco AB, Class A |
21,168 | 301,580 | ||||||
Atlas Copco AB, Class B |
4,592 | 56,791 | ||||||
Daifuku Co. Ltd. |
29,000 | 619,475 | ||||||
FANUC Corp. |
16,800 | 514,121 | ||||||
MISUMI Group, Inc. |
22,400 | 409,043 | ||||||
VAT Group AG(a)(b) |
1,596 | 681,409 | ||||||
Volvo AB, Class B |
12,012 | 265,276 | ||||||
Yaskawa Electric Corp.(b) |
12,500 | 542,916 | ||||||
|
|
|||||||
3,390,611 | ||||||||
|
|
|||||||
Marine Transportation - 2.6% |
| |||||||
AP Moller - Maersk A/S, Class A(b) |
196 | 395,230 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
350,000 | 369,357 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
112,000 | 370,643 | ||||||
Hapag-Lloyd AG(a) |
84 | 19,208 | ||||||
Orient Overseas International Ltd.(b) |
28,000 | 466,385 | ||||||
Yang Ming Marine Transport Corp. |
280,000 | 414,300 | ||||||
|
|
|||||||
2,035,123 | ||||||||
|
|
|||||||
Media - 0.5% |
| |||||||
Publicis Groupe SA |
2,576 | 208,525 | ||||||
WPP plc |
16,492 | 180,705 | ||||||
|
|
|||||||
389,230 | ||||||||
|
|
|||||||
Metals & Mining - 6.6% |
| |||||||
BHP Group Ltd. |
78,148 | 2,422,888 | ||||||
Fortescue Metals Group Ltd. |
14,280 | 208,618 | ||||||
Gerdau SA (Preference) |
21,965 | 135,058 | ||||||
Kumba Iron Ore Ltd. |
20,524 | 563,887 | ||||||
MMC Norilsk Nickel PJSC* |
2,128 | | ||||||
Norsk Hydro ASA |
87,388 | 573,574 | ||||||
Rio Tinto plc |
9,632 | 638,240 | ||||||
Severstal PAO* |
7,952 | | ||||||
Vedanta Ltd. |
163,800 | 549,659 | ||||||
|
|
|||||||
5,091,924 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.8% |
| |||||||
Adaro Energy Indonesia Tbk. PT |
1,358,000 | 217,028 | ||||||
Canadian Natural Resources Ltd. |
17,276 | 1,052,507 | ||||||
Coal India Ltd. |
187,040 | 521,332 | ||||||
Equinor ASA(b) |
14,672 | 447,274 | ||||||
Exxaro Resources Ltd. |
60,816 | 554,068 | ||||||
OMV AG |
3,612 | 163,279 | ||||||
Ovintiv, Inc.(b) |
4,816 | 221,970 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Investments |
Shares | Value ($) | ||||||
Petroleo Brasileiro SA |
56,000 | 409,783 | ||||||
Petroleo Brasileiro SA (Preference) |
117,600 | 769,077 | ||||||
Shell plc |
3,472 | 105,695 | ||||||
United Tractors Tbk. PT |
336,000 | 613,289 | ||||||
Var Energi ASA |
215,180 | 657,249 | ||||||
Woodside Energy Group Ltd.(b) |
10,109 | 258,784 | ||||||
|
|
|||||||
5,991,335 | ||||||||
|
|
|||||||
Personal Care Products - 2.2% |
| |||||||
LOreal SA |
3,724 | 1,737,615 | ||||||
|
|
|||||||
Pharmaceuticals - 3.8% |
| |||||||
Astellas Pharma, Inc. |
16,800 | 246,005 | ||||||
AstraZeneca plc |
1,148 | 165,226 | ||||||
China Medical System Holdings Ltd. |
267,000 | 448,498 | ||||||
Chugai Pharmaceutical Co. Ltd. |
7,300 | 217,387 | ||||||
CSPC Pharmaceutical Group Ltd. |
422,000 | 351,184 | ||||||
GSK plc |
29,428 | 524,258 | ||||||
Novartis AG (Registered) |
1,316 | 138,257 | ||||||
Novo Nordisk A/S, Class B |
3,752 | 606,266 | ||||||
Orion OYJ, Class B |
448 | 17,258 | ||||||
Roche Holding AG |
644 | 201,034 | ||||||
|
|
|||||||
2,915,373 | ||||||||
|
|
|||||||
Professional Services - 1.8% |
| |||||||
Randstad NV |
10,864 | 638,194 | ||||||
Recruit Holdings Co. Ltd. |
22,400 | 777,725 | ||||||
|
|
|||||||
1,415,919 | ||||||||
|
|
|||||||
Real Estate Management & Development - 1.2% |
| |||||||
China Evergrande Group*(b) |
928,000 | | ||||||
Daiwa House Industry Co. Ltd. |
3,800 | 103,291 | ||||||
Land & Houses PCL, NVDR |
800,800 | 198,862 | ||||||
Longfor Group Holdings Ltd.(a) |
238,000 | 633,247 | ||||||
|
|
|||||||
935,400 | ||||||||
|
|
|||||||
Retail REITs - 0.2% |
| |||||||
RioCan REIT, REIT(b) |
8,036 | 122,410 | ||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 7.7% |
| |||||||
ASM International NV |
420 | 200,394 | ||||||
ASML Holding NV |
4,704 | 3,382,567 | ||||||
Globalwafers Co. Ltd. |
8,000 | 130,845 | ||||||
MediaTek, Inc. |
13,000 | 285,428 | ||||||
Novatek Microelectronics Corp. |
43,000 | 580,147 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
44,000 | 791,052 | ||||||
Tokyo Electron Ltd. |
3,600 | 538,303 | ||||||
|
|
|||||||
5,908,736 | ||||||||
|
|
|||||||
Software - 0.7% |
| |||||||
Nemetschek SE |
7,364 | 537,814 | ||||||
|
|
|||||||
Specialty Retail - 1.8% |
| |||||||
Fast Retailing Co. Ltd. |
1,100 | 275,310 | ||||||
Industria de Diseno Textil SA |
19,516 | 749,020 | ||||||
ZOZO, Inc. |
18,500 | 360,937 | ||||||
|
|
|||||||
1,385,267 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.8% |
| |||||||
Samsung Electronics Co. Ltd. |
6,412 | 351,122 |
Investments |
Shares | Value ($) | ||||||
Samsung Electronics Co. Ltd. (Preference) |
6,160 | 277,397 | ||||||
|
|
|||||||
628,519 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 4.2% |
| |||||||
Burberry Group plc |
7,784 | 222,640 | ||||||
Cie Financiere Richemont SA (Registered) |
6,916 | 1,119,357 | ||||||
Hermes International |
212 | 471,338 | ||||||
Kering SA |
560 | 323,285 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
280 | 261,820 | ||||||
Moncler SpA |
1,344 | 97,386 | ||||||
Pandora A/S |
6,552 | 657,594 | ||||||
Shenzhou International Group Holdings Ltd. |
11,200 | 117,835 | ||||||
|
|
|||||||
3,271,255 | ||||||||
|
|
|||||||
Tobacco - 1.5% |
| |||||||
Imperial Brands plc |
23,072 | 546,067 | ||||||
Japan Tobacco, Inc. |
28,000 | 621,368 | ||||||
|
|
|||||||
1,167,435 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.8% |
| |||||||
Howden Joinery Group plc |
65,128 | 617,583 | ||||||
|
|
|||||||
Wireless Telecommunication Services - 0.1% |
| |||||||
Vodafone Group plc |
57,036 | 54,621 | ||||||
|
|
|||||||
TOTAL COMMON STOCKS |
|
75,559,636 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 1.2%(c) |
| |||||||
REPURCHASE AGREEMENTS - 1.2% |
| |||||||
Citigroup Global Markets, Inc., 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $915,563,
collateralized by various U.S. Treasury Securities, ranging from 0.50% - 2.63%, maturing 8/31/2026 - 2/15/2029; total market value $926,719 |
915,429 | 915,429 | ||||||
|
|
|||||||
Total Investments - 99.0% |
|
76,475,065 | ||||||
Other assets less liabilities - 1.0% |
|
761,759 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
77,236,824 | ||||||
|
|
* | Non-income producing security. |
| Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $4,119,825, collateralized in the form of cash with a value of $915,429 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $3,303,720 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 7.63%, and maturity dates ranging from July 31, 2023 November 15, 2052 and $244,752 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 5.75%, and maturity dates ranging from December 13, 2023 September 20, 2117; a total value of $4,463,901. |
(c) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $915,429. |
Percentages shown are based on Net Assets.
Abbreviations | ||
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
OYJ | Public Limited Company | |
PJSC | Public Joint Stock Company | |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | Real Estate Investment Trust |
Futures Contracts
FlexShares® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Appreciation |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
MSCI EAFE E-Mini Index |
11 | 09/15/2023 | USD | $ | 1,213,190 | $ | 39,099 | |||||||||||||
MSCI Emerging Markets E-Mini Index |
10 | 09/15/2023 | USD | 527,150 | 24,266 | |||||||||||||||
|
|
|||||||||||||||||||
$ | 63,365 | |||||||||||||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
Forward Foreign Currency Contracts
FlexShares® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of July 31, 2023:
Contracts to Receive |
Counterparty |
In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
CAD |
85,542 | Citibank NA | USD | 64,477 | 09/20/2023 | $ | 556 | |||||||||||||||
CHF |
116,272 | Morgan Stanley | USD | 130,247 | 09/20/2023 | 4,618 | ||||||||||||||||
JPY |
17,000,000 | Morgan Stanley | USD | 120,085 | 09/20/2023 | 521 | ||||||||||||||||
USD |
88,442 | Bank of Montreal | EUR | 80,000 | 09/20/2023 | 18 | ||||||||||||||||
USD |
185,081 | Citibank NA | JPY | 25,424,060 | 09/20/2023 | 4,711 | ||||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized appreciation |
|
$ | 10,424 | |||||||||||||||||||
|
|
|||||||||||||||||||||
USD |
130,811 | Toronto-Dominion Bank (The) | CHF | 116,272 | 09/20/2023 | $ | (4,054 | ) | ||||||||||||||
USD |
138,625 | Toronto-Dominion Bank (The) | EUR | 127,284 | 09/20/2023 | (2,062 | ) | |||||||||||||||
USD |
45,622 | JPMorgan Chase Bank NA | GBP | 35,918 | 09/20/2023 | (603 | ) | |||||||||||||||
|
|
|||||||||||||||||||||
Total unrealized depreciation |
|
$ | (6,719 | ) | ||||||||||||||||||
|
|
|||||||||||||||||||||
Net unrealized appreciation |
|
$ | 3,705 | |||||||||||||||||||
|
|
Abbreviations: |
CAD Canadian Dollar |
CHF Swiss Franc |
EUR Euro |
GBP British Pound |
JPY Japanese Yen |
USD US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® International Quality Dividend Dynamic Index Fund (cont.)
FlexShares® International Quality Dividend Dynamic Index invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
7.3 | % | ||
Austria |
0.2 | |||
Belgium |
0.9 | |||
Brazil |
2.2 | |||
Canada |
5.8 | |||
Chile |
0.7 | |||
China |
9.4 | |||
Czech Republic |
0.7 | |||
Denmark |
3.0 | |||
Finland |
0.4 | |||
France |
5.6 | |||
Germany |
3.2 | |||
Greece |
0.7 | |||
India |
3.6 | |||
Indonesia |
1.1 | |||
Italy |
2.0 | |||
Japan |
11.3 | |||
Mexico |
0.6 | |||
Netherlands |
6.0 | |||
Norway |
2.2 | |||
Poland |
1.2 | |||
Portugal |
0.1 | |||
Qatar |
0.7 | |||
South Africa |
2.3 | |||
South Korea |
1.1 | |||
Spain |
1.8 | |||
Sweden |
2.2 | |||
Switzerland |
7.8 | |||
Taiwan |
4.5 | |||
Thailand |
0.3 | |||
Turkey |
0.3 | |||
United Arab Emirates |
0.5 | |||
United Kingdom |
8.1 | |||
Other1 |
2.2 | |||
|
|
|||
100.0 | % | |||
|
|
1 | Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Common Stocks |
97.8 | % | ||
Securities Lending Reinvestments |
1.2 | |||
Others(1) |
1.0 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 99.9% |
| |||||||
U.S. Treasury Inflation Linked Bonds |
|
|||||||
2.38%, 1/15/2025 |
61,829,864 | 61,120,995 | ||||||
2.00%, 1/15/2026 |
41,868,565 | 41,315,360 | ||||||
2.38%, 1/15/2027 |
93,433,096 | 93,999,717 | ||||||
1.75%, 1/15/2028 |
30,966,213 | 30,701,911 | ||||||
3.63%, 4/15/2028 |
42,736,368 | 45,946,186 | ||||||
2.50%, 1/15/2029 |
27,432,326 | 28,369,151 | ||||||
3.88%, 4/15/2029 |
49,324,700 | 54,616,026 | ||||||
U.S. Treasury Inflation Linked Notes |
|
|||||||
0.13%, 10/15/2024 |
56,422,903 | 54,444,795 | ||||||
0.25%, 1/15/2025 |
71,306,038 | 68,404,356 | ||||||
0.13%, 4/15/2025 |
56,622,824 | 53,955,911 | ||||||
0.38%, 7/15/2025 |
71,265,020 | 68,280,797 | ||||||
0.13%, 10/15/2025 |
54,356,601 | 51,641,956 | ||||||
0.63%, 1/15/2026 |
73,691,970 | 70,365,037 | ||||||
0.13%, 4/15/2026 |
62,540,383 | 58,773,302 | ||||||
0.13%, 7/15/2026(a) |
175,701,807 | 165,334,714 | ||||||
0.13%, 10/15/2026 |
160,272,132 | 150,244,167 | ||||||
0.38%, 1/15/2027 |
182,103,394 | 171,218,092 | ||||||
0.13%, 4/15/2027 |
159,425,337 | 148,092,750 | ||||||
0.38%, 7/15/2027 |
62,210,744 | 58,515,159 | ||||||
1.63%, 10/15/2027 |
55,541,279 | 54,887,151 | ||||||
0.50%, 1/15/2028 |
64,913,585 | 60,961,716 | ||||||
1.25%, 4/15/2028(a) |
56,439,400 | 54,804,090 | ||||||
0.75%, 7/15/2028 |
60,331,838 | 57,434,260 | ||||||
0.88%, 1/15/2029 |
59,171,015 | 56,292,784 | ||||||
0.25%, 7/15/2029 |
64,098,672 | 58,843,082 | ||||||
0.13%, 1/15/2030 |
65,699,451 | 59,142,337 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS |
|
1,877,705,802 | ||||||
|
|
|||||||
Total Investments - 99.9% |
|
1,877,705,802 | ||||||
Other assets less liabilities - 0.1% |
|
2,038,434 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
1,879,744,236 | ||||||
|
|
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $28,573,022, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 4.75%, and maturity dates ranging from January 15, 2025 May 15, 2053; a total value of $28,837,635. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund (cont.)
Security Type |
% of Net Assets | |||
U.S. Treasury Obligations |
99.9 | % | ||
Others(1) |
0.1 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
U.S. TREASURY OBLIGATIONS - 99.8% |
| |||||||
U.S. Treasury Inflation Linked Bonds |
|
|||||||
2.38%, 1/15/2027 |
16,344,571 | 16,443,692 | ||||||
1.75%, 1/15/2028 |
14,884,280 | 14,757,240 | ||||||
3.63%, 4/15/2028 |
20,529,552 | 22,071,474 | ||||||
2.50%, 1/15/2029 |
23,082,193 | 23,870,459 | ||||||
3.88%, 4/15/2029 |
42,013,500 | 46,520,515 | ||||||
3.38%, 4/15/2032 |
5,563,377 | 6,302,426 | ||||||
2.13%, 2/15/2040 |
13,869,686 | 14,656,177 | ||||||
U.S. Treasury Inflation Linked Notes |
|
|||||||
0.13%, 7/15/2026(a) |
52,020 | 48,950 | ||||||
0.13%, 10/15/2026 |
27,711,840 | 25,977,956 | ||||||
0.38%, 1/15/2027 |
31,553,559 | 29,667,433 | ||||||
0.13%, 4/15/2027 |
27,565,090 | 25,605,653 | ||||||
0.38%, 7/15/2027 |
29,893,184 | 28,117,400 | ||||||
1.63%, 10/15/2027 |
26,685,973 | 26,371,684 | ||||||
0.50%, 1/15/2028 |
31,192,402 | 29,293,443 | ||||||
1.25%, 4/15/2028 |
27,150,004 | 26,363,343 | ||||||
0.75%, 7/15/2028 |
29,756,405 | 28,327,284 | ||||||
0.88%, 1/15/2029 |
50,152,094 | 47,712,566 | ||||||
0.25%, 7/15/2029 |
54,503,846 | 50,034,956 | ||||||
0.13%, 1/15/2030 |
31,568,361 | 28,417,691 | ||||||
0.13%, 7/15/2030 |
33,099,167 | 29,722,341 | ||||||
0.13%, 1/15/2031 |
32,930,872 | 29,279,211 | ||||||
0.13%, 7/15/2031 |
34,571,210 | 30,643,461 | ||||||
0.13%, 1/15/2032 |
36,465,310 | 32,055,286 | ||||||
0.63%, 7/15/2032 |
33,195,995 | 30,441,117 | ||||||
1.13%, 1/15/2033 |
33,252,623 | 31,769,894 | ||||||
1.38%, 7/15/2033 |
11,170,394 | 10,967,058 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS |
|
685,438,710 | ||||||
|
|
|||||||
Total Investments - 99.8% |
|
685,438,710 | ||||||
Other assets less liabilities - 0.2% |
|
1,246,629 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
686,685,339 | ||||||
|
|
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $48,950. In addition, there was a receivable for the security that was sold on loan for $11,876,939. The security and the receivable are collateralized in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% 3.50%, and maturity dates ranging from August 14, 2023 May 25, 2054; a total value of $12,550,849. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund, or excess collateral returned by the Fund, on the next business day. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund (cont.)
Security Type |
% of Net Assets | |||
U.S. Treasury Obligations |
99.8 | % | ||
Others(1) |
0.2 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Disciplined Duration MBS Index Fund
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
MORTGAGE-BACKED SECURITIES - 99.2% |
| |||||||
FHLMC |
| |||||||
2.50%, 1/1/2028 |
126,750 | 120,776 | ||||||
2.50%, 4/1/2028 |
384,878 | 366,448 | ||||||
2.50%, 7/1/2028 |
200,479 | 190,352 | ||||||
2.50%, 1/1/2029 |
28,222 | 26,830 | ||||||
2.50%, 1/1/2030 |
321,417 | 306,356 | ||||||
5.00%, 5/1/2034 |
42,197 | 42,414 | ||||||
5.00%, 7/1/2035 |
98,655 | 99,162 | ||||||
5.00%, 8/1/2035 |
79,693 | 80,103 | ||||||
5.00%, 10/1/2035 |
14,076 | 14,111 | ||||||
5.00%, 11/1/2035 |
135,917 | 136,617 | ||||||
5.00%, 12/1/2035 |
84,100 | 84,533 | ||||||
6.00%, 1/1/2037 |
54,964 | 56,967 | ||||||
6.00%, 4/1/2037 |
28,790 | 29,839 | ||||||
6.00%, 5/1/2037 |
49,224 | 51,018 | ||||||
5.00%, 2/1/2038 |
42,155 | 42,372 | ||||||
5.00%, 7/1/2038 |
41,765 | 41,980 | ||||||
5.00%, 10/1/2038 |
38,396 | 38,593 | ||||||
5.00%, 2/1/2039 |
99,364 | 99,874 | ||||||
5.00%, 5/1/2039 |
53,905 | 54,183 | ||||||
5.00%, 6/1/2039 |
19,275 | 19,375 | ||||||
5.00%, 7/1/2039 |
42,776 | 42,881 | ||||||
5.00%, 9/1/2039 |
4,471 | 4,494 | ||||||
6.00%, 11/1/2039 |
30,203 | 31,303 | ||||||
5.00%, 1/1/2040 |
13,167 | 13,200 | ||||||
5.00%, 3/1/2040 |
35,361 | 35,543 | ||||||
5.00%, 4/1/2040 |
15,636 | 15,717 | ||||||
6.00%, 4/1/2040 |
33,858 | 34,768 | ||||||
5.00%, 5/1/2040 |
13,985 | 14,019 | ||||||
6.00%, 5/1/2040 |
82,462 | 85,027 | ||||||
5.00%, 7/1/2040 |
80,393 | 80,707 | ||||||
6.00%, 7/1/2040 |
130,268 | 134,915 | ||||||
4.00%, 1/1/2041 |
11,776 | 11,276 | ||||||
5.00%, 5/1/2041 |
113,077 | 112,861 | ||||||
3.50%, 11/1/2041 |
55,757 | 51,966 | ||||||
3.00%, 3/1/2042 |
9,450 | 8,491 | ||||||
3.00%, 4/1/2042 |
72,700 | 65,322 | ||||||
3.00%, 6/1/2042 |
61,005 | 54,814 | ||||||
3.00%, 8/1/2042 |
34,312 | 30,829 | ||||||
3.00%, 11/1/2042 |
239,001 | 214,743 | ||||||
3.00%, 12/1/2042 |
74,386 | 66,837 | ||||||
3.00%, 1/1/2043 |
38,417 | 34,518 | ||||||
3.00%, 2/1/2043 |
20,305 | 18,245 | ||||||
3.00%, 3/1/2043 |
104,718 | 94,093 | ||||||
3.00%, 4/1/2043 |
25,044 | 22,501 | ||||||
3.00%, 6/1/2043 |
15,742 | 14,145 | ||||||
3.00%, 10/1/2043 |
49,000 | 44,027 | ||||||
4.00%, 8/1/2044 |
11,011 | 10,378 | ||||||
5.00%, 8/1/2044 |
31,354 | 31,515 | ||||||
4.00%, 1/1/2045 |
33,611 | 32,013 | ||||||
4.00%, 2/1/2045 |
74,323 | 71,601 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.50%, 2/1/2045 |
368,102 | 357,094 | ||||||
4.00%, 8/1/2045 |
83,717 | 79,758 | ||||||
4.00%, 9/1/2045 |
14,117 | 13,432 | ||||||
4.00%, 10/1/2045 |
141,788 | 134,800 | ||||||
4.00%, 11/1/2045 |
28,480 | 27,125 | ||||||
4.00%, 12/1/2045 |
11,811 | 11,233 | ||||||
4.00%, 1/1/2046 |
36,689 | 34,938 | ||||||
2.50%, 9/1/2046 |
21,815 | 18,726 | ||||||
3.00%, 11/1/2046 |
25,408 | 22,701 | ||||||
FHLMC UMBS |
| |||||||
3.00%, 8/1/2026 |
44,049 | 42,665 | ||||||
3.00%, 1/1/2027 |
71,077 | 68,630 | ||||||
3.00%, 2/1/2027 |
40,991 | 39,513 | ||||||
3.00%, 4/1/2027 |
251,873 | 242,874 | ||||||
2.50%, 6/1/2027 |
24,184 | 23,091 | ||||||
2.50%, 3/1/2028 |
837,563 | 796,487 | ||||||
3.00%, 8/1/2029 |
114,651 | 108,966 | ||||||
2.50%, 8/1/2030 |
901,463 | 834,872 | ||||||
2.50%, 11/1/2030 |
36,989 | 35,080 | ||||||
3.00%, 5/1/2031 |
70,224 | 67,541 | ||||||
2.00%, 8/1/2031 |
28,464 | 25,725 | ||||||
4.00%, 8/1/2031 |
70,219 | 68,170 | ||||||
4.00%, 9/1/2031 |
63,787 | 61,924 | ||||||
2.00%, 11/1/2031 |
46,017 | 41,540 | ||||||
2.50%, 12/1/2031 |
616,524 | 569,900 | ||||||
2.00%, 1/1/2032 |
91,881 | 83,037 | ||||||
4.00%, 1/1/2032 |
85,911 | 83,401 | ||||||
2.00%, 2/1/2032 |
97,797 | 88,383 | ||||||
3.50%, 2/1/2032 |
156,349 | 149,451 | ||||||
4.00%, 2/1/2032 |
132,054 | 128,197 | ||||||
3.50%, 3/1/2032 |
132,883 | 127,020 | ||||||
3.50%, 7/1/2032 |
103,521 | 98,694 | ||||||
2.00%, 12/1/2032 |
754,126 | 681,524 | ||||||
3.00%, 4/1/2033 |
1,423,675 | 1,355,768 | ||||||
3.50%, 5/1/2033 |
31,430 | 29,732 | ||||||
3.00%, 10/1/2033 |
2,298,450 | 2,184,255 | ||||||
5.00%, 8/1/2035 |
361,084 | 362,514 | ||||||
2.00%, 10/1/2035 |
1,118,839 | 994,874 | ||||||
1.50%, 2/1/2036 |
1,180,782 | 1,016,001 | ||||||
2.00%, 3/1/2036 |
437,604 | 389,712 | ||||||
1.50%, 4/1/2036 |
784,794 | 675,258 | ||||||
4.00%, 5/1/2036 |
24,774 | 24,051 | ||||||
5.00%, 3/1/2038 |
48,807 | 49,000 | ||||||
5.00%, 7/1/2039 |
67,219 | 67,304 | ||||||
3.00%, 9/1/2039 |
103,265 | 93,700 | ||||||
3.00%, 10/1/2039 |
29,499 | 26,766 | ||||||
5.00%, 10/1/2039 |
24,130 | 24,226 | ||||||
3.00%, 11/1/2039 |
116,176 | 105,415 | ||||||
3.00%, 1/1/2040 |
98,254 | 89,152 | ||||||
5.00%, 1/1/2040 |
25,433 | 25,624 | ||||||
5.00%, 3/1/2040 |
37,229 | 37,377 | ||||||
5.00%, 5/1/2040 |
52,198 | 52,405 | ||||||
2.00%, 7/1/2040 |
105,345 | 90,036 | ||||||
1.50%, 10/1/2040 |
546,102 | 442,288 | ||||||
3.50%, 12/1/2040 |
41,742 | 38,858 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.00%, 1/1/2041 |
168,042 | 142,268 | ||||||
2.00%, 2/1/2041 |
1,208,109 | 1,028,056 | ||||||
1.50%, 3/1/2041 |
710,102 | 574,622 | ||||||
2.00%, 3/1/2041 |
608,205 | 517,182 | ||||||
4.50%, 3/1/2041 |
71,134 | 69,885 | ||||||
4.50%, 4/1/2041 |
15,536 | 15,277 | ||||||
1.50%, 5/1/2041 |
627,401 | 507,112 | ||||||
2.50%, 6/1/2041 |
786,933 | 685,399 | ||||||
4.00%, 1/1/2042 |
55,598 | 53,529 | ||||||
5.00%, 2/1/2042 |
44,610 | 44,787 | ||||||
3.50%, 11/1/2042 |
72,615 | 67,493 | ||||||
3.50%, 1/1/2043 |
36,698 | 34,253 | ||||||
3.50%, 2/1/2043 |
25,115 | 23,379 | ||||||
2.50%, 6/1/2043 |
384,506 | 329,815 | ||||||
4.00%, 12/1/2043 |
11,031 | 10,536 | ||||||
4.50%, 3/1/2044 |
51,637 | 50,674 | ||||||
4.00%, 6/1/2044 |
3,978 | 3,749 | ||||||
4.50%, 7/1/2044 |
19,114 | 18,687 | ||||||
4.00%, 8/1/2044 |
11,898 | 11,201 | ||||||
4.00%, 12/1/2044 |
708,414 | 667,359 | ||||||
4.50%, 12/1/2044 |
12,512 | 12,226 | ||||||
5.00%, 12/1/2044 |
117,712 | 118,178 | ||||||
4.00%, 2/1/2045 |
14,865 | 14,304 | ||||||
4.50%, 9/1/2045 |
14,639 | 14,276 | ||||||
4.00%, 10/1/2045 |
38,229 | 36,361 | ||||||
4.00%, 12/1/2045 |
18,980 | 18,118 | ||||||
4.50%, 12/1/2045 |
617,726 | 603,616 | ||||||
3.00%, 1/1/2046 |
41,139 | 36,917 | ||||||
4.00%, 1/1/2046 |
33,169 | 31,572 | ||||||
4.00%, 2/1/2046 |
1,031,143 | 986,221 | ||||||
4.50%, 4/1/2046 |
30,993 | 30,381 | ||||||
4.00%, 11/1/2046 |
948,611 | 894,517 | ||||||
4.50%, 3/1/2047 |
439,898 | 431,082 | ||||||
4.50%, 8/1/2048 |
417,190 | 407,522 | ||||||
6.00%, 6/1/2053 |
879,417 | 885,081 | ||||||
FNMA UMBS |
| |||||||
3.50%, 12/1/2025 |
492,072 | 480,862 | ||||||
4.00%, 5/1/2026 |
286,353 | 279,146 | ||||||
3.00%, 11/1/2026 |
621,670 | 600,781 | ||||||
3.00%, 12/1/2026 |
186,525 | 180,096 | ||||||
3.50%, 12/1/2026 |
276,612 | 269,628 | ||||||
3.00%, 1/1/2027 |
62,392 | 60,245 | ||||||
3.00%, 2/1/2027 |
72,126 | 69,602 | ||||||
3.00%, 6/1/2027 |
240,795 | 231,914 | ||||||
3.00%, 8/1/2027 |
253,579 | 243,781 | ||||||
3.00%, 10/1/2027 |
73,952 | 71,085 | ||||||
3.00%, 11/1/2027 |
91,148 | 87,479 | ||||||
2.50%, 12/1/2027 |
179,163 | 170,573 | ||||||
2.50%, 1/1/2028 |
1,468,580 | 1,396,248 | ||||||
2.50%, 4/1/2028 |
60,243 | 57,282 | ||||||
2.50%, 9/1/2028 |
46,977 | 44,746 | ||||||
3.50%, 12/1/2028 |
89,341 | 85,473 | ||||||
3.00%, 2/1/2029 |
120,008 | 114,896 | ||||||
2.50%, 3/1/2029 |
222,956 | 212,016 | ||||||
2.50%, 6/1/2029 |
83,425 | 79,464 | ||||||
3.50%, 12/1/2029 |
713,978 | 686,540 | ||||||
2.50%, 7/1/2030 |
207,504 | 197,217 | ||||||
3.00%, 7/1/2030 |
799,487 | 765,680 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.50%, 8/1/2030 |
911,055 | 843,758 | ||||||
3.00%, 9/1/2030 |
1,134,779 | 1,087,250 | ||||||
3.50%, 10/1/2030 |
49,617 | 47,432 | ||||||
3.50%, 11/1/2030 |
8,545 | 8,169 | ||||||
3.50%, 2/1/2031 |
768,123 | 734,904 | ||||||
2.50%, 3/1/2031 |
429,496 | 407,325 | ||||||
4.00%, 8/1/2031 |
170,578 | 165,597 | ||||||
2.00%, 9/1/2031 |
23,348 | 21,100 | ||||||
2.00%, 11/1/2031 |
56,072 | 50,677 | ||||||
4.00%, 12/1/2031 |
59,671 | 57,927 | ||||||
4.00%, 3/1/2032 |
42,530 | 41,287 | ||||||
3.50%, 7/1/2032 |
225,788 | 215,083 | ||||||
3.50%, 10/1/2032 |
273,386 | 266,258 | ||||||
6.00%, 12/1/2032 |
9,962 | 10,215 | ||||||
6.00%, 4/1/2033 |
6,569 | 6,751 | ||||||
4.00%, 10/1/2033 |
34,937 | 33,918 | ||||||
4.00%, 3/1/2034 |
521,465 | 508,320 | ||||||
6.00%, 8/1/2034 |
33,868 | 35,060 | ||||||
6.50%, 9/1/2034 |
98,690 | 102,812 | ||||||
6.00%, 12/1/2034 |
150,523 | 155,571 | ||||||
3.00%, 2/1/2035 |
752,489 | 715,164 | ||||||
3.00%, 7/1/2035 |
1,045,759 | 990,299 | ||||||
5.00%, 8/1/2035 |
20,177 | 20,257 | ||||||
6.00%, 11/1/2035 |
29,405 | 30,346 | ||||||
5.00%, 12/1/2035 |
44,938 | 45,116 | ||||||
4.50%, 6/1/2036 |
458,749 | 451,021 | ||||||
6.00%, 6/1/2036 |
40,523 | 41,951 | ||||||
2.00%, 7/1/2036 |
939,750 | 832,369 | ||||||
2.50%, 7/1/2036 |
736,198 | 668,834 | ||||||
5.00%, 7/1/2036 |
19,995 | 20,074 | ||||||
6.50%, 8/1/2036 |
15,295 | 15,853 | ||||||
2.50%, 11/1/2036 |
560,590 | 503,238 | ||||||
6.00%, 11/1/2036 |
38,366 | 39,718 | ||||||
1.50%, 2/1/2037 |
874,283 | 752,205 | ||||||
6.00%, 8/1/2037 |
136,297 | 140,902 | ||||||
6.00%, 9/1/2037 |
19,069 | 19,740 | ||||||
6.50%, 10/1/2037 |
30,174 | 30,858 | ||||||
5.00%, 3/1/2038 |
48,855 | 49,049 | ||||||
5.00%, 5/1/2038 |
38,246 | 38,398 | ||||||
6.00%, 5/1/2038 |
13,399 | 13,860 | ||||||
6.00%, 9/1/2038 |
24,895 | 25,691 | ||||||
5.00%, 6/1/2039 |
43,303 | 43,475 | ||||||
3.50%, 8/1/2039 |
691,087 | 650,285 | ||||||
5.00%, 10/1/2039 |
43,680 | 43,854 | ||||||
3.00%, 1/1/2040 |
37,241 | 33,794 | ||||||
5.00%, 2/1/2040 |
37,830 | 38,328 | ||||||
5.00%, 6/1/2040 |
14,283 | 14,301 | ||||||
6.00%, 6/1/2040 |
102,709 | 105,614 | ||||||
3.50%, 1/1/2041 |
35,139 | 32,817 | ||||||
1.50%, 2/1/2041 |
786,594 | 636,859 | ||||||
3.50%, 2/1/2041 |
22,568 | 20,637 | ||||||
1.50%, 4/1/2041 |
425,674 | 344,245 | ||||||
2.00%, 5/1/2041 |
813,724 | 689,817 | ||||||
4.50%, 5/1/2041 |
37,511 | 36,842 | ||||||
5.00%, 5/1/2041 |
31,711 | 31,837 | ||||||
6.00%, 5/1/2041 |
23,035 | 23,819 | ||||||
4.50%, 6/1/2041 |
12,582 | 12,340 | ||||||
2.50%, 7/1/2041 |
595,579 | 517,794 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.00%, 7/1/2041 |
411,901 | 413,538 | ||||||
6.00%, 7/1/2041 |
26,375 | 27,304 | ||||||
4.50%, 8/1/2041 |
110,612 | 108,773 | ||||||
5.00%, 8/1/2041 |
60,634 | 60,875 | ||||||
4.00%, 9/1/2041 |
187,226 | 180,099 | ||||||
4.50%, 9/1/2041 |
69,847 | 68,502 | ||||||
3.50%, 10/1/2041 |
126,945 | 118,173 | ||||||
4.00%, 10/1/2041 |
47,562 | 45,792 | ||||||
5.00%, 10/1/2041 |
61,070 | 61,312 | ||||||
4.00%, 11/1/2041 |
69,478 | 66,451 | ||||||
4.00%, 12/1/2041 |
17,124 | 16,378 | ||||||
4.00%, 1/1/2042 |
156,807 | 148,263 | ||||||
4.50%, 1/1/2042 |
17,453 | 17,162 | ||||||
6.00%, 1/1/2042 |
65,894 | 68,222 | ||||||
3.00%, 3/1/2042 |
26,000 | 23,333 | ||||||
4.00%, 3/1/2042 |
79,815 | 76,738 | ||||||
3.00%, 4/1/2042 |
47,531 | 42,656 | ||||||
4.50%, 4/1/2042 |
92,427 | 90,887 | ||||||
3.50%, 5/1/2042 |
23,469 | 21,847 | ||||||
4.50%, 5/1/2042 |
64,228 | 63,159 | ||||||
3.50%, 6/1/2042 |
42,094 | 39,186 | ||||||
3.50%, 7/1/2042 |
127,302 | 118,505 | ||||||
4.00%, 7/1/2042 |
107,433 | 103,691 | ||||||
3.50%, 8/1/2042 |
39,675 | 37,080 | ||||||
3.00%, 9/1/2042 |
69,189 | 62,092 | ||||||
3.50%, 9/1/2042 |
13,434 | 12,506 | ||||||
4.00%, 9/1/2042 |
67,499 | 64,987 | ||||||
3.00%, 10/1/2042 |
140,491 | 126,081 | ||||||
3.50%, 10/1/2042 |
24,815 | 23,100 | ||||||
2.50%, 12/1/2042 |
227,971 | 195,546 | ||||||
3.00%, 12/1/2042 |
134,579 | 120,774 | ||||||
2.50%, 1/1/2043 |
7,808 | 6,697 | ||||||
3.00%, 1/1/2043 |
130,848 | 117,425 | ||||||
3.50%, 1/1/2043 |
36,552 | 33,984 | ||||||
4.00%, 1/1/2043 |
70,454 | 67,384 | ||||||
4.50%, 1/1/2043 |
176,695 | 173,753 | ||||||
2.50%, 2/1/2043 |
722,868 | 619,712 | ||||||
3.00%, 2/1/2043 |
179,404 | 160,999 | ||||||
3.50%, 2/1/2043 |
70,838 | 65,988 | ||||||
3.50%, 3/1/2043 |
81,652 | 76,009 | ||||||
2.50%, 5/1/2043 |
12,089 | 10,274 | ||||||
2.50%, 6/1/2043 |
6,405 | 5,473 | ||||||
4.00%, 8/1/2043 |
38,093 | 36,415 | ||||||
4.00%, 9/1/2043 |
91,012 | 87,028 | ||||||
4.50%, 9/1/2043 |
25,644 | 25,078 | ||||||
4.00%, 10/1/2043 |
111,447 | 106,520 | ||||||
4.00%, 11/1/2043 |
230,076 | 221,297 | ||||||
4.50%, 11/1/2043 |
86,589 | 84,611 | ||||||
4.50%, 12/1/2043 |
61,923 | 60,674 | ||||||
4.00%, 1/1/2044 |
89,641 | 85,642 | ||||||
4.50%, 2/1/2044 |
17,297 | 16,901 | ||||||
4.50%, 3/1/2044 |
104,452 | 103,756 | ||||||
5.00%, 3/1/2044 |
17,206 | 17,211 | ||||||
4.00%, 4/1/2044 |
867,605 | 825,585 | ||||||
4.50%, 4/1/2044 |
187,063 | 182,802 | ||||||
5.00%, 6/1/2044 |
30,566 | 30,636 | ||||||
4.00%, 10/1/2044 |
34,970 | 33,528 | ||||||
4.50%, 10/1/2044 |
7,895 | 7,715 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.50%, 12/1/2044 |
32,402 | 31,679 | ||||||
4.00%, 2/1/2045 |
26,227 | 24,951 | ||||||
4.50%, 2/1/2045 |
110,820 | 108,290 | ||||||
4.00%, 4/1/2045 |
23,615 | 22,514 | ||||||
4.00%, 8/1/2045 |
10,849 | 10,312 | ||||||
4.00%, 11/1/2045 |
62,527 | 59,606 | ||||||
4.50%, 11/1/2045 |
74,311 | 72,699 | ||||||
4.00%, 12/1/2045 |
147,494 | 141,261 | ||||||
4.00%, 2/1/2046 |
7,454 | 7,134 | ||||||
4.50%, 3/1/2046 |
119,037 | 116,419 | ||||||
4.00%, 4/1/2046 |
10,893 | 10,368 | ||||||
2.50%, 6/1/2046 |
72,727 | 62,394 | ||||||
4.50%, 6/1/2046 |
79,597 | 77,779 | ||||||
4.50%, 7/1/2046 |
16,478 | 16,101 | ||||||
4.50%, 8/1/2046 |
13,757 | 13,443 | ||||||
2.50%, 10/1/2046 |
58,832 | 50,451 | ||||||
4.50%, 10/1/2046 |
28,119 | 27,477 | ||||||
2.50%, 12/1/2046 |
19,898 | 17,043 | ||||||
4.50%, 1/1/2047 |
25,462 | 24,880 | ||||||
4.00%, 2/1/2047 |
28,802 | 27,457 | ||||||
4.50%, 2/1/2047 |
31,792 | 31,197 | ||||||
4.50%, 5/1/2047 |
507,747 | 492,669 | ||||||
4.50%, 7/1/2047 |
73,689 | 72,005 | ||||||
5.00%, 7/1/2047 |
28,803 | 28,917 | ||||||
4.50%, 4/1/2048 |
558,418 | 549,118 | ||||||
5.50%, 2/1/2049 |
1,767,840 | 1,810,183 | ||||||
6.00%, 2/1/2049 |
81,692 | 85,718 | ||||||
4.50%, 7/1/2049 |
473,729 | 460,118 | ||||||
4.50%, 11/1/2049 |
869,037 | 849,194 | ||||||
4.50%, 5/1/2050 |
761,694 | 738,646 | ||||||
3.50%, 7/1/2050 |
479,924 | 444,139 | ||||||
4.00%, 7/1/2050 |
1,293,057 | 1,220,480 | ||||||
6.00%, 2/1/2053 |
869,046 | 876,265 | ||||||
GNMA |
| |||||||
5.50%, 8/20/2033 |
26,156 | 26,506 | ||||||
5.50%, 11/20/2033 |
24,560 | 24,979 | ||||||
5.50%, 3/20/2034 |
30,211 | 30,839 | ||||||
5.50%, 7/20/2034 |
18,997 | 19,459 | ||||||
5.50%, 9/20/2034 |
8,346 | 8,353 | ||||||
5.50%, 3/20/2036 |
61,742 | 63,469 | ||||||
5.50%, 9/20/2038 |
37,411 | 38,468 | ||||||
5.50%, 2/20/2039 |
61,400 | 63,130 | ||||||
4.50%, 5/15/2039 |
1,546,224 | 1,522,294 | ||||||
5.00%, 11/15/2039 |
1,625,244 | 1,616,120 | ||||||
4.00%, 6/15/2040 |
300,564 | 289,472 | ||||||
4.00%, 8/15/2040 |
300,798 | 289,669 | ||||||
4.00%, 11/15/2040 |
235,670 | 226,676 | ||||||
5.50%, 12/20/2040 |
17,853 | 18,340 | ||||||
5.50%, 1/20/2041 |
18,823 | 19,355 | ||||||
4.00%, 9/15/2041 |
880,001 | 840,382 | ||||||
5.50%, 12/20/2041 |
45,798 | 46,275 | ||||||
5.50%, 2/20/2042 |
12,384 | 12,734 | ||||||
3.50%, 6/15/2042 |
443,628 | 415,387 | ||||||
2.50%, 3/20/2043 |
39,320 | 34,484 | ||||||
2.50%, 5/20/2043 |
57,656 | 50,565 | ||||||
5.50%, 3/20/2044 |
52,927 | 54,411 | ||||||
4.50%, 10/20/2044 |
115,191 | 113,772 | ||||||
2.50%, 11/20/2044 |
34,138 | 29,942 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Disciplined Duration MBS Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.00%, 6/20/2045 |
147,783 | 148,892 | ||||||
4.00%, 8/15/2045 |
1,122,218 | 1,079,651 | ||||||
4.50%, 12/20/2045 |
241,775 | 238,798 | ||||||
4.50%, 4/20/2046 |
286,635 | 283,106 | ||||||
5.00%, 5/20/2046 |
348,370 | 352,276 | ||||||
3.50%, 6/15/2046 |
1,974,420 | 1,844,485 | ||||||
4.00%, 2/20/2048 |
927,485 | 886,848 | ||||||
5.00%, 5/20/2048 |
129,186 | 128,463 | ||||||
5.50%, 1/20/2049 |
305,905 | 307,564 | ||||||
5.50%, 7/20/2049 |
8,607 | 8,706 | ||||||
4.00%, 12/20/2051 |
419,797 | 395,345 | ||||||
6.50%, 6/20/2053 |
498,775 | 506,991 | ||||||
|
|
|||||||
TOTAL MORTGAGE-BACKED SECURITIES |
|
72,510,086 | ||||||
|
|
|||||||
Total Investments - 99.2% |
|
72,510,086 | ||||||
Other assets less liabilities - 0.8% |
|
617,862 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
73,127,948 | ||||||
|
|
Percentages shown are based on Net Assets.
Abbreviations | ||
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
UMBS | Uniform Mortgage-Backed Securities |
Security Type |
% of Net Assets | |||
Mortgage-Backed Securities |
99.2 | % | ||
Others(1) |
0.8 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Credit-Scored US Corporate Bond Index Fund
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 96.9% |
| |||||||
Aerospace & Defense - 1.5% |
| |||||||
General Dynamics Corp. |
||||||||
3.50%, 5/15/2025 |
328,000 | 318,771 | ||||||
3.50%, 4/1/2027 |
50,000 | 47,728 | ||||||
3.75%, 5/15/2028 |
353,000 | 339,011 | ||||||
3.63%, 4/1/2030 |
202,000 | 189,156 | ||||||
Hexcel Corp. |
||||||||
4.20%, 2/15/2027(a) |
50,000 | 47,292 | ||||||
Huntington Ingalls Industries, Inc. |
||||||||
4.20%, 5/1/2030 |
200,000 | 185,669 | ||||||
L3Harris Technologies, Inc. |
||||||||
4.40%, 6/15/2028 |
605,000 | 585,214 | ||||||
Leidos, Inc. |
||||||||
4.38%, 5/15/2030 |
252,000 | 233,641 | ||||||
5.75%, 3/15/2033 |
130,000 | 130,126 | ||||||
Lockheed Martin Corp. |
||||||||
4.95%, 10/15/2025 |
200,000 | 199,598 | ||||||
3.55%, 1/15/2026 |
152,000 | 147,299 | ||||||
3.90%, 6/15/2032 |
140,000 | 131,150 | ||||||
5.25%, 1/15/2033 |
252,000 | 260,114 | ||||||
Northrop Grumman Corp. |
||||||||
3.25%, 1/15/2028 |
400,000 | 373,939 | ||||||
4.40%, 5/1/2030 |
252,000 | 244,554 | ||||||
RTX Corp. |
||||||||
5.15%, 2/27/2033 |
150,000 | 150,095 | ||||||
Textron, Inc. |
||||||||
3.90%, 9/17/2029 |
252,000 | 231,576 | ||||||
3.00%, 6/1/2030 |
252,000 | 218,808 | ||||||
|
|
|||||||
4,033,741 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.2% |
||||||||
CH Robinson Worldwide, Inc. |
||||||||
4.20%, 4/15/2028 |
212,000 | 202,772 | ||||||
United Parcel Service, Inc. |
||||||||
2.50%, 9/1/2029 |
303,000 | 269,940 | ||||||
4.45%, 4/1/2030 |
50,000 | 49,480 | ||||||
|
|
|||||||
522,192 | ||||||||
|
|
|||||||
Automobile Components - 0.2% |
||||||||
Lear Corp. |
||||||||
4.25%, 5/15/2029 |
150,000 | 141,610 | ||||||
Magna International, Inc. |
||||||||
2.45%, 6/15/2030 |
200,000 | 168,703 | ||||||
5.50%, 3/21/2033 |
100,000 | 102,277 | ||||||
|
|
|||||||
412,590 | ||||||||
|
|
|||||||
Banks - 25.8% |
||||||||
Associated Banc-Corp. |
||||||||
4.25%, 1/15/2025 |
50,000 | 47,505 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
||||||||
5.86%, 9/14/2026(b) |
200,000 | 198,195 | ||||||
Banco Santander SA |
||||||||
3.50%, 3/24/2025 |
200,000 | 192,462 | ||||||
5.18%, 11/19/2025 |
151,000 | 147,578 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
1.85%, 3/25/2026 |
200,000 | 180,321 | ||||||
1.72%, 9/14/2027(b) |
202,000 | 177,340 | ||||||
Bank of America Corp. |
||||||||
4.20%, 8/26/2024 |
101,000 | 99,390 | ||||||
Series L, 3.95%, 4/21/2025 |
410,000 | 397,030 | ||||||
3.37%, 1/23/2026(b) |
500,000 | 481,996 | ||||||
4.45%, 3/3/2026 |
134,000 | 130,427 | ||||||
Series N, 1.66%, 3/11/2027(b) |
50,000 | 45,072 | ||||||
3.56%, 4/23/2027(b) |
401,000 | 380,612 | ||||||
1.73%, 7/22/2027(b) |
364,000 | 326,137 | ||||||
3.71%, 4/24/2028(b) |
5,000 | 4,691 | ||||||
3.59%, 7/21/2028(b) |
451,000 | 419,999 | ||||||
4.95%, 7/22/2028(b) |
139,000 | 136,722 | ||||||
3.42%, 12/20/2028(b) |
580,000 | 533,994 | ||||||
3.97%, 3/5/2029(b) |
145,000 | 136,417 | ||||||
5.20%, 4/25/2029(b) |
250,000 | 248,309 | ||||||
2.09%, 6/14/2029(b) |
250,000 | 214,494 | ||||||
4.27%, 7/23/2029(b) |
280,000 | 266,022 | ||||||
3.97%, 2/7/2030(b) |
715,000 | 665,081 | ||||||
3.19%, 7/23/2030(b) |
252,000 | 223,198 | ||||||
2.50%, 2/13/2031(b) |
164,000 | 137,400 | ||||||
2.59%, 4/29/2031(b) |
90,000 | 75,644 | ||||||
1.90%, 7/23/2031(b) |
252,000 | 200,633 | ||||||
Series N, 2.65%, 3/11/2032(b) |
100,000 | 82,806 | ||||||
2.69%, 4/22/2032(b) |
164,000 | 135,839 | ||||||
2.30%, 7/21/2032(b) |
174,000 | 139,185 | ||||||
2.57%, 10/20/2032(b) |
252,000 | 204,519 | ||||||
2.97%, 2/4/2033(b) |
101,000 | 84,373 | ||||||
4.57%, 4/27/2033(b) |
201,000 | 188,960 | ||||||
5.02%, 7/22/2033(b) |
202,000 | 197,227 | ||||||
5.29%, 4/25/2034(b) |
301,000 | 298,703 | ||||||
3.85%, 3/8/2037(b) |
102,000 | 87,926 | ||||||
Bank of Montreal |
||||||||
1.50%, 1/10/2025 |
252,000 | 237,650 | ||||||
1.25%, 9/15/2026 |
250,000 | 221,719 | ||||||
3.80%, 12/15/2032(b) |
655,000 | 580,785 | ||||||
3.09%, 1/10/2037(b) |
25,000 | 19,580 | ||||||
Bank of Nova Scotia (The) |
||||||||
4.50%, 12/16/2025 |
273,000 | 264,681 | ||||||
4.75%, 2/2/2026 |
250,000 | 246,716 | ||||||
4.59%, 5/4/2037(b) |
150,000 | 129,715 | ||||||
Series 2, 3.62%, 10/27/2081(b) |
252,000 | 182,451 | ||||||
8.62%, 10/27/2082(b) |
303,000 | 315,107 | ||||||
Bank OZK |
||||||||
2.75%, 10/1/2031(b) |
101,000 | 77,931 | ||||||
BankUnited, Inc. |
||||||||
5.13%, 6/11/2030 |
151,000 | 122,623 | ||||||
Barclays plc |
||||||||
3.65%, 3/16/2025 |
151,000 | 145,686 | ||||||
5.20%, 5/12/2026 |
252,000 | 245,412 | ||||||
5.30%, 8/9/2026(b) |
303,000 | 298,749 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.84%, 5/9/2028 |
303,000 | 282,395 | ||||||
7.44%, 11/2/2033(b) |
200,000 | 218,085 | ||||||
3.56%, 9/23/2035(b) |
200,000 | 160,883 | ||||||
Cadence Bank |
||||||||
4.12%, 11/20/2029(b) |
100,000 | 91,644 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
2.25%, 1/28/2025 |
703,000 | 669,558 | ||||||
Citigroup, Inc. |
||||||||
4.60%, 3/9/2026 |
384,000 | 374,682 | ||||||
3.11%, 4/8/2026(b) |
454,000 | 434,541 | ||||||
3.20%, 10/21/2026 |
303,000 | 284,082 | ||||||
1.46%, 6/9/2027(b) |
400,000 | 356,547 | ||||||
4.45%, 9/29/2027 |
1,010,000 | 971,512 | ||||||
3.67%, 7/24/2028(b) |
252,000 | 235,220 | ||||||
4.13%, 7/25/2028 |
454,000 | 427,322 | ||||||
4.07%, 4/23/2029(b) |
202,000 | 190,659 | ||||||
3.98%, 3/20/2030(b) |
757,000 | 701,861 | ||||||
2.67%, 1/29/2031(b) |
353,000 | 298,618 | ||||||
4.41%, 3/31/2031(b) |
600,000 | 563,937 | ||||||
2.57%, 6/3/2031(b) |
252,000 | 210,304 | ||||||
2.56%, 5/1/2032(b) |
50,000 | 40,830 | ||||||
3.06%, 1/25/2033(b) |
202,000 | 168,659 | ||||||
5.88%, 2/22/2033 |
100,000 | 101,554 | ||||||
3.79%, 3/17/2033(b) |
50,000 | 44,183 | ||||||
4.91%, 5/24/2033(b) |
50,000 | 48,351 | ||||||
6.27%, 11/17/2033(b) |
253,000 | 268,614 | ||||||
6.17%, 5/25/2034(b) |
850,000 | 863,447 | ||||||
Citizens Bank NA |
||||||||
2.25%, 4/28/2025 |
505,000 | 467,496 | ||||||
6.06%, 10/24/2025(b) |
250,000 | 242,056 | ||||||
4.57%, 8/9/2028(b) |
450,000 | 422,187 | ||||||
Citizens Financial Group, Inc. |
||||||||
2.85%, 7/27/2026 |
50,000 | 45,715 | ||||||
3.25%, 4/30/2030 |
202,000 | 171,212 | ||||||
5.64%, 5/21/2037(b) |
250,000 | 224,292 | ||||||
Comerica, Inc. |
||||||||
4.00%, 2/1/2029 |
403,000 | 353,982 | ||||||
Cooperatieve Rabobank UA |
||||||||
5.00%, 1/13/2025 |
250,000 | 248,300 | ||||||
4.38%, 8/4/2025 |
252,000 | 244,119 | ||||||
3.75%, 7/21/2026 |
252,000 | 237,746 | ||||||
Discover Bank |
||||||||
2.45%, 9/12/2024 |
505,000 | 482,032 | ||||||
3.45%, 7/27/2026 |
252,000 | 233,040 | ||||||
4.65%, 9/13/2028 |
252,000 | 233,444 | ||||||
2.70%, 2/6/2030 |
303,000 | 245,783 | ||||||
Fifth Third Bancorp |
||||||||
2.38%, 1/28/2025 |
401,000 | 380,234 | ||||||
2.55%, 5/5/2027 |
202,000 | 181,500 | ||||||
1.71%, 11/1/2027(b) |
50,000 | 43,255 | ||||||
4.06%, 4/25/2028(b) |
252,000 | 234,526 | ||||||
6.36%, 10/27/2028(b) |
505,000 | 512,770 | ||||||
4.77%, 7/28/2030(b) |
178,000 | 167,485 | ||||||
Fifth Third Bank NA |
||||||||
3.95%, 7/28/2025 |
151,000 | 144,919 | ||||||
3.85%, 3/15/2026 |
353,000 | 331,444 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
First Citizens BancShares, Inc. |
||||||||
3.38%, 3/15/2030(b) |
100,000 | 91,640 | ||||||
First Horizon Bank |
||||||||
5.75%, 5/1/2030 |
263,000 | 234,496 | ||||||
First-Citizens Bank & Trust Co. |
||||||||
6.13%, 3/9/2028 |
102,000 | 102,028 | ||||||
HSBC Holdings plc |
||||||||
2.10%, 6/4/2026(b) |
502,000 | 467,362 | ||||||
4.29%, 9/12/2026(b) |
404,000 | 390,388 | ||||||
4.38%, 11/23/2026 |
420,000 | 399,791 | ||||||
2.25%, 11/22/2027(b) |
252,000 | 225,359 | ||||||
4.04%, 3/13/2028(b) |
444,000 | 418,739 | ||||||
4.75%, 6/9/2028(b) |
300,000 | 289,172 | ||||||
5.21%, 8/11/2028(b) |
270,000 | 264,452 | ||||||
7.39%, 11/3/2028(b) |
303,000 | 320,027 | ||||||
4.58%, 6/19/2029(b) |
400,000 | 377,522 | ||||||
3.97%, 5/22/2030(b) |
998,000 | 901,380 | ||||||
2.36%, 8/18/2031(b) |
50,000 | 40,157 | ||||||
2.80%, 5/24/2032(b) |
202,000 | 164,027 | ||||||
4.76%, 3/29/2033(b) |
202,000 | 184,094 | ||||||
5.40%, 8/11/2033(b) |
202,000 | 197,152 | ||||||
8.11%, 11/3/2033(b) |
200,000 | 221,733 | ||||||
6.25%, 3/9/2034(b) |
300,000 | 309,186 | ||||||
6.55%, 6/20/2034(b) |
400,000 | 399,974 | ||||||
Huntington Bancshares, Inc. |
||||||||
2.63%, 8/6/2024 |
252,000 | 243,601 | ||||||
4.00%, 5/15/2025 |
151,000 | 145,447 | ||||||
4.44%, 8/4/2028(b) |
101,000 | 95,643 | ||||||
2.55%, 2/4/2030 |
102,000 | 83,916 | ||||||
2.49%, 8/15/2036(b) |
100,000 | 74,908 | ||||||
Huntington National Bank (The) |
||||||||
5.70%, 11/18/2025(b) |
502,000 | 491,495 | ||||||
5.65%, 1/10/2030 |
454,000 | 445,666 | ||||||
ING Groep NV |
||||||||
1.73%, 4/1/2027(b) |
202,000 | 181,200 | ||||||
4.05%, 4/9/2029 |
202,000 | 188,928 | ||||||
JPMorgan Chase & Co. |
||||||||
3.88%, 9/10/2024 |
50,000 | 49,054 | ||||||
2.30%, 10/15/2025(b) |
121,000 | 115,864 | ||||||
5.55%, 12/15/2025(b) |
50,000 | 49,863 | ||||||
2.00%, 3/13/2026(b) |
116,000 | 109,435 | ||||||
2.08%, 4/22/2026(b) |
454,000 | 426,950 | ||||||
1.05%, 11/19/2026(b) |
50,000 | 45,155 | ||||||
3.96%, 1/29/2027(b) |
200,000 | 193,127 | ||||||
1.58%, 4/22/2027(b) |
1,042,000 | 938,135 | ||||||
3.63%, 12/1/2027 |
202,000 | 190,749 | ||||||
3.54%, 5/1/2028(b) |
651,000 | 609,427 | ||||||
2.18%, 6/1/2028(b) |
151,000 | 134,398 | ||||||
3.51%, 1/23/2029(b) |
150,000 | 139,236 | ||||||
4.01%, 4/23/2029(b) |
432,000 | 408,735 | ||||||
4.20%, 7/23/2029(b) |
303,000 | 288,790 | ||||||
4.45%, 12/5/2029(b) |
303,000 | 292,026 | ||||||
3.70%, 5/6/2030(b) |
252,000 | 231,739 | ||||||
8.75%, 9/1/2030 |
50,000 | 60,285 | ||||||
2.74%, 10/15/2030(b) |
202,000 | 175,286 | ||||||
4.49%, 3/24/2031(b) |
151,000 | 144,580 | ||||||
2.96%, 5/13/2031(b) |
353,000 | 303,270 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
1.95%, 2/4/2032(b) |
177,000 | 140,917 | ||||||
2.58%, 4/22/2032(b) |
50,000 | 41,474 | ||||||
2.96%, 1/25/2033(b) |
300,000 | 253,146 | ||||||
4.59%, 4/26/2033(b) |
143,000 | 136,444 | ||||||
4.91%, 7/25/2033(b) |
300,000 | 293,139 | ||||||
5.72%, 9/14/2033(b) |
251,000 | 254,863 | ||||||
KeyBank NA |
||||||||
4.15%, 8/8/2025 |
303,000 | 289,970 | ||||||
4.70%, 1/26/2026 |
250,000 | 238,487 | ||||||
3.40%, 5/20/2026 |
505,000 | 452,829 | ||||||
5.85%, 11/15/2027 |
505,000 | 495,094 | ||||||
KeyCorp |
||||||||
4.15%, 10/29/2025 |
50,000 | 47,715 | ||||||
2.25%, 4/6/2027 |
303,000 | 262,894 | ||||||
4.10%, 4/30/2028 |
352,000 | 319,454 | ||||||
2.55%, 10/1/2029 |
151,000 | 121,574 | ||||||
Lloyds Banking Group plc |
||||||||
4.58%, 12/10/2025 |
202,000 | 194,736 | ||||||
3.51%, 3/18/2026(b) |
202,000 | 193,687 | ||||||
4.65%, 3/24/2026 |
303,000 | 292,089 | ||||||
7.95%, 11/15/2033(b) |
200,000 | 218,074 | ||||||
M&T Bank Corp. |
||||||||
4.55%, 8/16/2028(b) |
121,000 | 114,573 | ||||||
5.05%, 1/27/2034(b) |
100,000 | 94,004 | ||||||
Manufacturers & Traders Trust Co. |
||||||||
2.90%, 2/6/2025 |
303,000 | 288,376 | ||||||
4.65%, 1/27/2026 |
505,000 | 486,511 | ||||||
3.40%, 8/17/2027 |
303,000 | 271,242 | ||||||
4.70%, 1/27/2028 |
252,000 | 240,742 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
||||||||
2.19%, 2/25/2025 |
404,000 | 382,377 | ||||||
3.85%, 3/1/2026 |
252,000 | 241,701 | ||||||
2.34%, 1/19/2028(b) |
303,000 | 272,095 | ||||||
3.20%, 7/18/2029 |
154,000 | 136,445 | ||||||
2.05%, 7/17/2030 |
100,000 | 80,952 | ||||||
2.31%, 7/20/2032(b) |
200,000 | 159,390 | ||||||
5.44%, 2/22/2034(b) |
200,000 | 199,868 | ||||||
Mizuho Financial Group, Inc. |
||||||||
2.84%, 9/13/2026 |
290,000 | 266,378 | ||||||
1.23%, 5/22/2027(b) |
202,000 | 178,324 | ||||||
1.55%, 7/9/2027(b) |
300,000 | 265,962 | ||||||
4.02%, 3/5/2028 |
93,000 | 87,788 | ||||||
5.41%, 9/13/2028(b) |
200,000 | 198,698 | ||||||
4.25%, 9/11/2029(b) |
252,000 | 235,822 | ||||||
3.15%, 7/16/2030(b) |
151,000 | 131,287 | ||||||
2.59%, 5/25/2031(b) |
252,000 | 208,043 | ||||||
2.56%, 9/13/2031 |
50,000 | 39,372 | ||||||
5.75%, 7/6/2034(b) |
270,000 | 271,358 | ||||||
Morgan Stanley Bank NA |
||||||||
4.75%, 4/21/2026 |
250,000 | 246,921 | ||||||
National Australia Bank Ltd. |
||||||||
5.13%, 11/22/2024 |
252,000 | 251,120 | ||||||
4.97%, 1/12/2026 |
250,000 | 249,096 | ||||||
NatWest Group plc |
||||||||
4.80%, 4/5/2026 |
502,000 | 488,750 | ||||||
7.47%, 11/10/2026(b) |
200,000 | 206,265 | ||||||
5.08%, 1/27/2030(b) |
353,000 | 337,578 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.44%, 5/8/2030(b) |
505,000 | 468,331 | ||||||
PNC Bank NA |
||||||||
3.88%, 4/10/2025 |
303,000 | 291,638 | ||||||
4.05%, 7/26/2028 |
252,000 | 233,163 | ||||||
2.70%, 10/22/2029 |
164,000 | 137,988 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
5.35%, 12/2/2028(b) |
200,000 | 198,826 | ||||||
3.45%, 4/23/2029 |
252,000 | 229,816 | ||||||
2.55%, 1/22/2030 |
252,000 | 212,729 | ||||||
5.07%, 1/24/2034(b) |
150,000 | 144,718 | ||||||
Regions Financial Corp. |
||||||||
2.25%, 5/18/2025 |
452,000 | 425,013 | ||||||
1.80%, 8/12/2028 |
160,000 | 133,450 | ||||||
Royal Bank of Canada |
||||||||
2.25%, 11/1/2024 |
252,000 | 242,139 | ||||||
4.65%, 1/27/2026 |
303,000 | 297,339 | ||||||
6.00%, 11/1/2027 |
502,000 | 516,599 | ||||||
5.00%, 2/1/2033 |
400,000 | 392,776 | ||||||
5.00%, 5/2/2033 |
270,000 | 264,170 | ||||||
Santander Holdings USA, Inc. |
||||||||
3.45%, 6/2/2025 |
100,000 | 95,071 | ||||||
4.50%, 7/17/2025 |
192,000 | 186,453 | ||||||
2.49%, 1/6/2028(b) |
150,000 | 130,353 | ||||||
Santander UK Group Holdings plc |
||||||||
3.82%, 11/3/2028(b) |
202,000 | 182,690 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
||||||||
1.47%, 7/8/2025 |
252,000 | 232,640 | ||||||
2.63%, 7/14/2026 |
200,000 | 184,954 | ||||||
1.40%, 9/17/2026 |
202,000 | 178,414 | ||||||
3.01%, 10/19/2026 |
250,000 | 232,050 | ||||||
3.36%, 7/12/2027 |
202,000 | 188,675 | ||||||
1.90%, 9/17/2028 |
242,000 | 203,423 | ||||||
4.31%, 10/16/2028 |
98,000 | 92,888 | ||||||
2.47%, 1/14/2029 |
202,000 | 173,432 | ||||||
3.04%, 7/16/2029 |
400,000 | 350,723 | ||||||
2.72%, 9/27/2029 |
52,000 | 44,424 | ||||||
5.71%, 1/13/2030 |
202,000 | 204,542 | ||||||
2.75%, 1/15/2030 |
252,000 | 216,721 | ||||||
2.13%, 7/8/2030 |
252,000 | 204,643 | ||||||
2.14%, 9/23/2030 |
100,000 | 79,894 | ||||||
Synovus Bank |
||||||||
5.63%, 2/15/2028 |
300,000 | 279,845 | ||||||
Toronto-Dominion Bank (The) |
||||||||
4.29%, 9/13/2024 |
252,000 | 248,173 | ||||||
1.45%, 1/10/2025 |
202,000 | 190,861 | ||||||
5.53%, 7/17/2026 |
540,000 | 542,439 | ||||||
4.11%, 6/8/2027 |
353,000 | 339,130 | ||||||
4.69%, 9/15/2027 |
50,000 | 49,041 | ||||||
3.62%, 9/15/2031(b) |
505,000 | 470,437 | ||||||
3.20%, 3/10/2032 |
100,000 | 86,104 | ||||||
4.46%, 6/8/2032 |
121,000 | 113,919 | ||||||
8.12%, 10/31/2082(b) |
505,000 | 518,786 | ||||||
Truist Bank |
||||||||
3.63%, 9/16/2025 |
252,000 | 238,401 | ||||||
3.30%, 5/15/2026 |
290,000 | 269,871 | ||||||
3.80%, 10/30/2026 |
285,000 | 263,182 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Truist Financial Corp. |
||||||||
2.85%, 10/26/2024 |
50,000 | 48,185 | ||||||
4.00%, 5/1/2025 |
111,000 | 107,710 | ||||||
3.70%, 6/5/2025 |
200,000 | 192,666 | ||||||
3.88%, 3/19/2029 |
273,000 | 246,336 | ||||||
US Bancorp |
||||||||
3.10%, 4/27/2026 |
500,000 | 472,234 | ||||||
3.00%, 7/30/2029 |
202,000 | 173,737 | ||||||
4.97%, 7/22/2033(b) |
101,000 | 93,280 | ||||||
4.84%, 2/1/2034(b) |
150,000 | 140,877 | ||||||
US Bank NA |
||||||||
2.05%, 1/21/2025 |
2,000 | 1,897 | ||||||
Valley National Bancorp (CME Term SOFR 3 Month + 2.36%), 3.00%, 6/15/2031(c) |
100,000 | 82,186 | ||||||
Wells Fargo & Co. |
||||||||
3.00%, 2/19/2025 |
302,000 | 290,596 | ||||||
3.55%, 9/29/2025 |
101,000 | 97,013 | ||||||
2.41%, 10/30/2025(b) |
202,000 | 193,301 | ||||||
2.16%, 2/11/2026(b) |
101,000 | 95,454 | ||||||
3.00%, 4/22/2026 |
200,000 | 188,222 | ||||||
2.19%, 4/30/2026(b) |
572,000 | 537,904 | ||||||
4.10%, 6/3/2026 |
702,000 | 673,915 | ||||||
3.00%, 10/23/2026 |
151,000 | 140,750 | ||||||
3.20%, 6/17/2027(b) |
722,000 | 675,302 | ||||||
3.53%, 3/24/2028(b) |
500,000 | 467,406 | ||||||
3.58%, 5/22/2028(b) |
116,000 | 108,321 | ||||||
2.39%, 6/2/2028(b) |
505,000 | 451,734 | ||||||
4.81%, 7/25/2028(b) |
353,000 | 344,224 | ||||||
4.15%, 1/24/2029 |
400,000 | 379,441 | ||||||
2.88%, 10/30/2030(b) |
400,000 | 346,260 | ||||||
2.57%, 2/11/2031(b) |
252,000 | 212,861 | ||||||
4.48%, 4/4/2031(b) |
300,000 | 284,385 | ||||||
3.35%, 3/2/2033(b) |
101,000 | 86,468 | ||||||
4.90%, 7/25/2033(b) |
303,000 | 290,432 | ||||||
5.39%, 4/24/2034(b) |
1,101,000 | 1,092,341 | ||||||
Westpac Banking Corp. |
||||||||
1.15%, 6/3/2026 |
250,000 | 223,761 | ||||||
5.46%, 11/18/2027 |
200,000 | 203,566 | ||||||
2.89%, 2/4/2030(b) |
252,000 | 236,714 | ||||||
4.32%, 11/23/2031(b) |
454,000 | 423,575 | ||||||
5.41%, 8/10/2033(b) |
100,000 | 94,780 | ||||||
4.11%, 7/24/2034(b) |
404,000 | 356,829 | ||||||
2.67%, 11/15/2035(b) |
200,000 | 154,139 | ||||||
3.02%, 11/18/2036(b) |
150,000 | 115,478 | ||||||
Wintrust Financial Corp. |
||||||||
4.85%, 6/6/2029 |
100,000 | 89,531 | ||||||
Zions Bancorp NA |
||||||||
3.25%, 10/29/2029 |
252,000 | 197,804 | ||||||
|
|
|||||||
69,755,737 | ||||||||
|
|
|||||||
Beverages - 1.3% |
||||||||
Brown-Forman Corp. |
||||||||
4.75%, 4/15/2033 |
130,000 | 130,211 | ||||||
Coca-Cola Co. (The) |
||||||||
1.00%, 3/15/2028 |
702,000 | 604,287 | ||||||
2.13%, 9/6/2029 |
202,000 | 177,534 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.45%, 3/25/2030 |
303,000 | 284,129 | ||||||
2.25%, 1/5/2032 |
200,000 | 169,179 | ||||||
Coca-Cola Femsa SAB de CV |
||||||||
2.75%, 1/22/2030 |
303,000 | 268,610 | ||||||
1.85%, 9/1/2032 |
150,000 | 117,111 | ||||||
Constellation Brands, Inc. |
||||||||
4.65%, 11/15/2028 |
252,000 | 247,746 | ||||||
2.25%, 8/1/2031 |
100,000 | 80,946 | ||||||
Diageo Capital plc |
||||||||
2.38%, 10/24/2029 |
404,000 | 351,663 | ||||||
Keurig Dr Pepper, Inc. |
||||||||
3.95%, 4/15/2029 |
143,000 | 135,722 | ||||||
4.05%, 4/15/2032 |
151,000 | 140,163 | ||||||
PepsiCo, Inc. |
||||||||
7.00%, 3/1/2029 |
100,000 | 111,969 | ||||||
2.63%, 7/29/2029 |
202,000 | 182,639 | ||||||
2.75%, 3/19/2030 |
353,000 | 316,791 | ||||||
3.90%, 7/18/2032 |
202,000 | 194,047 | ||||||
|
|
|||||||
3,512,747 | ||||||||
|
|
|||||||
Biotechnology - 1.4% |
||||||||
AbbVie, Inc. |
||||||||
3.80%, 3/15/2025 |
853,000 | 831,018 | ||||||
3.20%, 5/14/2026 |
252,000 | 240,036 | ||||||
2.95%, 11/21/2026 |
606,000 | 568,481 | ||||||
4.25%, 11/14/2028 |
252,000 | 244,731 | ||||||
3.20%, 11/21/2029 |
757,000 | 685,702 | ||||||
Biogen, Inc. |
||||||||
4.05%, 9/15/2025 |
252,000 | 244,706 | ||||||
Gilead Sciences, Inc. |
||||||||
3.50%, 2/1/2025 |
502,000 | 489,166 | ||||||
3.65%, 3/1/2026 |
283,000 | 272,922 | ||||||
Regeneron Pharmaceuticals, Inc. |
||||||||
1.75%, 9/15/2030 |
100,000 | 79,966 | ||||||
|
|
|||||||
3,656,728 | ||||||||
|
|
|||||||
Building Products - 0.9% |
||||||||
Allegion plc |
||||||||
3.50%, 10/1/2029 |
152,000 | 136,212 | ||||||
Carlisle Cos., Inc. |
||||||||
3.75%, 12/1/2027 |
151,000 | 142,686 | ||||||
2.75%, 3/1/2030 |
303,000 | 259,007 | ||||||
Carrier Global Corp. |
||||||||
2.24%, 2/15/2025 |
50,000 | 47,498 | ||||||
2.49%, 2/15/2027 |
150,000 | 136,967 | ||||||
2.72%, 2/15/2030 |
454,000 | 391,671 | ||||||
Lennox International, Inc. |
||||||||
1.35%, 8/1/2025 |
151,000 | 138,175 | ||||||
Masco Corp. |
||||||||
3.50%, 11/15/2027 |
50,000 | 46,820 | ||||||
1.50%, 2/15/2028 |
101,000 | 86,407 | ||||||
Owens Corning |
||||||||
3.95%, 8/15/2029 |
323,000 | 302,381 | ||||||
Trane Technologies Financing Ltd. |
||||||||
5.25%, 3/3/2033 |
130,000 | 131,038 | ||||||
Trane Technologies Global Holding Co. Ltd. |
||||||||
3.75%, 8/21/2028 |
151,000 | 143,758 | ||||||
Trane Technologies Luxembourg Finance SA |
||||||||
3.50%, 3/21/2026 |
202,000 | 193,244 | ||||||
|
|
|||||||
3.80%, 3/21/2029 |
202,000 | 190,997 | ||||||
|
|
|||||||
2,346,861 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Capital Markets - 5.9% |
| |||||||
Ameriprise Financial, Inc. |
||||||||
2.88%, 9/15/2026 |
101,000 | 94,397 | ||||||
Ares Capital Corp. |
||||||||
3.88%, 1/15/2026 |
100,000 | 93,399 | ||||||
2.15%, 7/15/2026 |
50,000 | 43,802 | ||||||
Bain Capital Specialty Finance, Inc. |
||||||||
2.55%, 10/13/2026 |
177,000 | 153,409 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
2.10%, 10/24/2024 |
252,000 | 242,110 | ||||||
3.35%, 4/25/2025 |
252,000 | 242,571 | ||||||
2.45%, 8/17/2026 |
303,000 | 281,554 | ||||||
5.83%, 10/25/2033(b) |
150,000 | 155,344 | ||||||
4.71%, 2/1/2034(b) |
100,000 | 95,374 | ||||||
BlackRock TCP Capital Corp. |
||||||||
2.85%, 2/9/2026 |
200,000 | 180,504 | ||||||
BlackRock, Inc. |
||||||||
3.20%, 3/15/2027 |
101,000 | 96,242 | ||||||
3.25%, 4/30/2029 |
101,000 | 94,285 | ||||||
Blackstone Private Credit Fund |
||||||||
2.63%, 12/15/2026 |
352,000 | 302,028 | ||||||
3.25%, 3/15/2027 |
525,000 | 457,080 | ||||||
4.00%, 1/15/2029 |
100,000 | 85,993 | ||||||
Blackstone Secured Lending Fund |
||||||||
3.63%, 1/15/2026 |
500,000 | 462,834 | ||||||
2.75%, 9/16/2026 |
252,000 | 221,735 | ||||||
2.13%, 2/15/2027 |
252,000 | 213,283 | ||||||
Blue Owl Technology Finance Corp. |
||||||||
2.50%, 1/15/2027 |
100,000 | 83,864 | ||||||
Brookfield Finance, Inc. |
||||||||
4.85%, 3/29/2029 |
100,000 | 96,333 | ||||||
Cboe Global Markets, Inc. |
||||||||
3.65%, 1/12/2027 |
151,000 | 144,749 | ||||||
1.63%, 12/15/2030 |
151,000 | 119,788 | ||||||
Charles Schwab Corp. (The) |
||||||||
4.20%, 3/24/2025 |
303,000 | 296,436 | ||||||
0.90%, 3/11/2026 |
50,000 | 44,420 | ||||||
1.15%, 5/13/2026 |
50,000 | 44,462 | ||||||
3.20%, 1/25/2028 |
100,000 | 91,495 | ||||||
4.00%, 2/1/2029 |
303,000 | 287,710 | ||||||
4.63%, 3/22/2030 |
50,000 | 48,977 | ||||||
1.65%, 3/11/2031 |
100,000 | 77,143 | ||||||
CME Group, Inc. |
||||||||
3.00%, 3/15/2025 |
227,000 | 219,256 | ||||||
3.75%, 6/15/2028 |
301,000 | 290,304 | ||||||
Credit Suisse AG |
||||||||
3.70%, 2/21/2025 |
303,000 | 291,193 | ||||||
1.25%, 8/7/2026 |
154,000 | 134,095 | ||||||
Deutsche Bank AG |
||||||||
4.50%, 4/1/2025 |
303,000 | 291,904 | ||||||
3.96%, 11/26/2025(b) |
101,000 | 97,258 | ||||||
2.13%, 11/24/2026(b) |
252,000 | 228,334 | ||||||
5.88%, 7/8/2031(b) |
252,000 | 229,531 | ||||||
3.55%, 9/18/2031(b) |
202,000 | 169,780 | ||||||
4.88%, 12/1/2032(b) |
303,000 | 265,896 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
7.08%, 2/10/2034(b) |
200,000 | 192,649 | ||||||
FactSet Research Systems, Inc. |
||||||||
2.90%, 3/1/2027 |
50,000 | 46,121 | ||||||
3.45%, 3/1/2032 |
100,000 | 85,886 | ||||||
Goldman Sachs BDC, Inc. |
||||||||
3.75%, 2/10/2025 |
151,000 | 145,092 | ||||||
2.88%, 1/15/2026 |
50,000 | 46,236 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
3.50%, 1/23/2025 |
318,000 | 307,825 | ||||||
3.50%, 4/1/2025 |
143,000 | 137,924 | ||||||
3.27%, 9/29/2025(b) |
202,000 | 195,914 | ||||||
3.50%, 11/16/2026 |
50,000 | 47,155 | ||||||
1.43%, 3/9/2027(b) |
151,000 | 135,400 | ||||||
1.95%, 10/21/2027(b) |
553,000 | 493,232 | ||||||
4.48%, 8/23/2028(b) |
133,000 | 128,710 | ||||||
4.22%, 5/1/2029(b) |
150,000 | 142,248 | ||||||
2.62%, 4/22/2032(b) |
303,000 | 248,535 | ||||||
2.38%, 7/21/2032(b) |
101,000 | 80,704 | ||||||
2.65%, 10/21/2032(b) |
250,000 | 203,016 | ||||||
3.10%, 2/24/2033(b) |
303,000 | 255,321 | ||||||
Moodys Corp. |
||||||||
3.75%, 3/24/2025 |
100,000 | 97,267 | ||||||
3.25%, 1/15/2028 |
140,000 | 130,668 | ||||||
4.25%, 2/1/2029 |
252,000 | 242,568 | ||||||
Morgan Stanley |
||||||||
3.70%, 10/23/2024 |
101,000 | 98,754 | ||||||
4.00%, 7/23/2025 |
50,000 | 48,698 | ||||||
1.16%, 10/21/2025(b) |
50,000 | 46,993 | ||||||
3.88%, 1/27/2026 |
252,000 | 243,120 | ||||||
2.19%, 4/28/2026(b) |
252,000 | 237,099 | ||||||
3.13%, 7/27/2026 |
151,000 | 141,778 | ||||||
4.35%, 9/8/2026 |
202,000 | 195,195 | ||||||
0.98%, 12/10/2026(b) |
200,000 | 178,944 | ||||||
5.05%, 1/28/2027(b) |
200,000 | 197,996 | ||||||
1.59%, 5/4/2027(b) |
202,000 | 181,227 | ||||||
1.51%, 7/20/2027(b) |
153,000 | 135,924 | ||||||
4.21%, 4/20/2028(b) |
202,000 | 194,065 | ||||||
5.12%, 2/1/2029(b) |
200,000 | 197,963 | ||||||
5.16%, 4/20/2029(b) |
200,000 | 197,893 | ||||||
4.43%, 1/23/2030(b) |
143,000 | 136,495 | ||||||
2.70%, 1/22/2031(b) |
200,000 | 170,652 | ||||||
3.62%, 4/1/2031(b) |
153,000 | 137,509 | ||||||
2.24%, 7/21/2032(b) |
200,000 | 159,102 | ||||||
6.34%, 10/18/2033(b) |
123,000 | 130,783 | ||||||
5.25%, 4/21/2034(b) |
100,000 | 98,714 | ||||||
2.48%, 9/16/2036(b) |
100,000 | 76,660 | ||||||
5.30%, 4/20/2037(b) |
143,000 | 135,706 | ||||||
5.95%, 1/19/2038(b) |
200,000 | 198,957 | ||||||
Nasdaq, Inc. |
||||||||
1.65%, 1/15/2031 |
101,000 | 79,182 | ||||||
Nomura Holdings, Inc. |
||||||||
1.85%, 7/16/2025 |
303,000 | 279,405 | ||||||
2.68%, 7/16/2030 |
200,000 | 162,832 | ||||||
Oaktree Specialty Lending Corp. |
||||||||
3.50%, 2/25/2025 |
100,000 | 95,041 | ||||||
S&P Global, Inc. |
||||||||
2.70%, 3/1/2029 |
252,000 | 226,983 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.50%, 12/1/2029 |
50,000 | 43,791 | ||||||
1.25%, 8/15/2030 |
100,000 | 78,676 | ||||||
2.90%, 3/1/2032 |
310,000 | 268,131 | ||||||
State Street Corp. |
||||||||
3.55%, 8/18/2025 |
303,000 | 294,692 | ||||||
3.03%, 11/1/2034(b) |
200,000 | 172,919 | ||||||
Stifel Financial Corp. |
||||||||
4.00%, 5/15/2030 |
101,000 | 86,961 | ||||||
UBS Group AG |
||||||||
4.55%, 4/17/2026 |
250,000 | 242,409 | ||||||
|
|
|||||||
16,002,592 | ||||||||
|
|
|||||||
Chemicals - 0.6% |
||||||||
Celanese US Holdings LLC |
||||||||
6.33%, 7/15/2029 |
150,000 | 150,558 | ||||||
6.38%, 7/15/2032 |
1,000 | 1,011 | ||||||
Dow Chemical Co. (The) |
||||||||
7.38%, 11/1/2029 |
202,000 | 224,045 | ||||||
EIDP, Inc. |
||||||||
4.50%, 5/15/2026 |
250,000 | 245,455 | ||||||
4.80%, 5/15/2033 |
150,000 | 145,640 | ||||||
FMC Corp. |
||||||||
3.20%, 10/1/2026 |
151,000 | 139,789 | ||||||
Huntsman International LLC |
||||||||
4.50%, 5/1/2029 |
252,000 | 233,991 | ||||||
Linde, Inc. |
||||||||
4.70%, 12/5/2025 |
202,000 | 201,800 | ||||||
RPM International, Inc. |
||||||||
4.55%, 3/1/2029 |
100,000 | 94,565 | ||||||
Sherwin-Williams Co. (The) |
||||||||
2.95%, 8/15/2029 |
101,000 | 89,909 | ||||||
|
|
|||||||
1,526,763 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.6% |
| |||||||
Cintas Corp. No. 2 |
||||||||
3.70%, 4/1/2027 |
200,000 | 192,759 | ||||||
4.00%, 5/1/2032 |
140,000 | 132,488 | ||||||
RELX Capital, Inc. |
||||||||
4.00%, 3/18/2029 |
252,000 | 241,535 | ||||||
3.00%, 5/22/2030 |
202,000 | 179,205 | ||||||
4.75%, 5/20/2032 |
100,000 | 97,605 | ||||||
Republic Services, Inc. |
||||||||
3.95%, 5/15/2028 |
151,000 | 145,251 | ||||||
4.88%, 4/1/2029 |
100,000 | 99,627 | ||||||
Waste Management, Inc. |
||||||||
0.75%, 11/15/2025 |
152,000 | 138,012 | ||||||
1.15%, 3/15/2028 |
162,000 | 138,012 | ||||||
4.63%, 2/15/2030 |
151,000 | 149,030 | ||||||
4.63%, 2/15/2033 |
250,000 | 244,600 | ||||||
|
|
|||||||
1,758,124 | ||||||||
|
|
|||||||
Communications Equipment - 0.4% |
| |||||||
Juniper Networks, Inc. |
||||||||
1.20%, 12/10/2025 |
50,000 | 45,036 | ||||||
3.75%, 8/15/2029 |
151,000 | 138,166 | ||||||
Motorola Solutions, Inc. |
||||||||
4.60%, 2/23/2028 |
201,000 | 195,280 | ||||||
4.60%, 5/23/2029 |
303,000 | 294,481 | ||||||
2.30%, 11/15/2030 |
252,000 | 202,696 | ||||||
2.75%, 5/24/2031 |
200,000 | 163,790 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Nokia OYJ |
||||||||
4.38%, 6/12/2027 |
50,000 | 47,201 | ||||||
|
|
|||||||
1,086,650 | ||||||||
|
|
|||||||
Consumer Finance - 1.5% |
||||||||
AerCap Ireland Capital DAC |
||||||||
1.65%, 10/29/2024 |
202,000 | 190,871 | ||||||
1.75%, 1/30/2026 |
553,000 | 499,598 | ||||||
3.30%, 1/30/2032 |
150,000 | 123,077 | ||||||
Ally Financial, Inc. |
||||||||
8.00%, 11/1/2031 |
202,000 | 214,322 | ||||||
American Express Co. |
||||||||
3.00%, 10/30/2024 |
50,000 | 48,483 | ||||||
2.25%, 3/4/2025 |
252,000 | 239,346 | ||||||
2.55%, 3/4/2027 |
303,000 | 276,705 | ||||||
3.30%, 5/3/2027 |
200,000 | 187,359 | ||||||
4.99%, 5/26/2033(b) |
76,000 | 72,804 | ||||||
Capital One Financial Corp. |
||||||||
3.30%, 10/30/2024 |
352,000 | 339,975 | ||||||
5.82%, 2/1/2034(b) |
121,000 | 117,585 | ||||||
Caterpillar Financial Services Corp. |
||||||||
3.40%, 5/13/2025 |
250,000 | 242,562 | ||||||
Synchrony Financial |
||||||||
4.25%, 8/15/2024 |
505,000 | 493,348 | ||||||
4.88%, 6/13/2025 |
151,000 | 145,903 | ||||||
4.50%, 7/23/2025 |
303,000 | 288,316 | ||||||
3.70%, 8/4/2026 |
140,000 | 128,206 | ||||||
3.95%, 12/1/2027 |
202,000 | 180,265 | ||||||
5.15%, 3/19/2029 |
202,000 | 188,875 | ||||||
|
|
|||||||
3,977,600 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.4% |
| |||||||
Costco Wholesale Corp. |
||||||||
1.60%, 4/20/2030 |
200,000 | 165,955 | ||||||
1.75%, 4/20/2032 |
170,000 | 136,318 | ||||||
Dollar General Corp. |
||||||||
3.50%, 4/3/2030 |
202,000 | 181,947 | ||||||
Dollar Tree, Inc. |
||||||||
4.00%, 5/15/2025 |
200,000 | 194,165 | ||||||
Kroger Co. (The) |
||||||||
7.50%, 4/1/2031 |
150,000 | 170,073 | ||||||
Sysco Corp. |
||||||||
5.95%, 4/1/2030 |
200,000 | 208,582 | ||||||
Walmart, Inc. |
||||||||
4.10%, 4/15/2033 |
50,000 | 48,291 | ||||||
|
|
|||||||
1,105,331 | ||||||||
|
|
|||||||
Containers & Packaging - 0.2% |
| |||||||
Amcor Finance USA, Inc. |
||||||||
4.50%, 5/15/2028 |
252,000 | 239,628 | ||||||
Avery Dennison Corp. |
||||||||
4.88%, 12/6/2028 |
151,000 | 148,895 | ||||||
Packaging Corp. of America |
||||||||
3.00%, 12/15/2029 |
278,000 | 243,993 | ||||||
|
|
|||||||
632,516 | ||||||||
|
|
|||||||
Distributors - 0.1% |
||||||||
Genuine Parts Co. |
||||||||
1.75%, 2/1/2025 |
151,000 | 142,519 | ||||||
2.75%, 2/1/2032 |
100,000 | 82,179 | ||||||
|
|
|||||||
LKQ Corp. |
||||||||
6.25%, 6/15/2033(d) |
150,000 | 150,979 | ||||||
|
|
|||||||
375,677 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Diversified REITs - 1.3% |
| |||||||
GLP Capital LP |
||||||||
REIT, 3.35%, 9/1/2024 |
50,000 | 48,493 | ||||||
REIT, 5.25%, 6/1/2025 |
303,000 | 298,201 | ||||||
REIT, 5.38%, 4/15/2026 |
353,000 | 346,420 | ||||||
REIT, 5.75%, 6/1/2028 |
300,000 | 293,950 | ||||||
REIT, 5.30%, 1/15/2029 |
150,000 | 143,126 | ||||||
REIT, 4.00%, 1/15/2030 |
150,000 | 130,813 | ||||||
REIT, 3.25%, 1/15/2032 |
250,000 | 204,100 | ||||||
Rayonier LP |
||||||||
REIT, 2.75%, 5/17/2031 |
100,000 | 79,796 | ||||||
Simon Property Group LP |
||||||||
REIT, 3.38%, 10/1/2024 |
302,000 | 294,123 | ||||||
STORE Capital Corp. |
||||||||
REIT, 4.50%, 3/15/2028 |
100,000 | 88,165 | ||||||
REIT, 4.63%, 3/15/2029 |
141,000 | 120,050 | ||||||
VICI Properties LP |
||||||||
REIT, 4.38%, 5/15/2025 |
50,000 | 48,618 | ||||||
REIT, 4.75%, 2/15/2028 |
505,000 | 481,403 | ||||||
REIT, 4.95%, 2/15/2030 |
303,000 | 286,683 | ||||||
REIT, 5.13%, 5/15/2032 |
150,000 | 141,151 | ||||||
Vornado Realty LP |
||||||||
REIT, 2.15%, 6/1/2026 |
160,000 | 136,100 | ||||||
WP Carey, Inc. |
||||||||
REIT, 4.00%, 2/1/2025 |
101,000 | 98,259 | ||||||
REIT, 3.85%, 7/15/2029 |
150,000 | 135,733 | ||||||
REIT, 2.40%, 2/1/2031 |
100,000 | 80,522 | ||||||
|
|
|||||||
3,455,706 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 0.5% |
| |||||||
Koninklijke KPN NV |
||||||||
8.38%, 10/1/2030 |
101,000 | 116,320 | ||||||
Orange SA |
||||||||
9.00%, 3/1/2031(a) |
325,000 | 396,572 | ||||||
Sprint Capital Corp. |
||||||||
8.75%, 3/15/2032 |
202,000 | 243,386 | ||||||
Verizon Communications, Inc. |
||||||||
4.02%, 12/3/2029 |
252,000 | 234,770 | ||||||
2.55%, 3/21/2031 |
252,000 | 209,180 | ||||||
2.36%, 3/15/2032 |
151,000 | 120,577 | ||||||
|
|
|||||||
1,320,805 | ||||||||
|
|
|||||||
Electric Utilities - 1.6% |
||||||||
American Electric Power Co., Inc. |
||||||||
3.88%, 2/15/2062(b) |
101,000 | 81,495 | ||||||
Arizona Public Service Co. |
||||||||
2.60%, 8/15/2029 |
252,000 | 218,707 | ||||||
Avangrid, Inc. |
||||||||
3.15%, 12/1/2024 |
50,000 | 48,147 | ||||||
3.20%, 4/15/2025 |
251,000 | 239,547 | ||||||
3.80%, 6/1/2029 |
303,000 | 277,550 | ||||||
Duke Energy Corp. |
||||||||
3.25%, 1/15/2082(b) |
101,000 | 74,646 | ||||||
Evergy, Inc. |
||||||||
2.90%, 9/15/2029 |
77,000 | 67,208 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Fortis, Inc. |
||||||||
3.06%, 10/4/2026 |
151,000 | 139,920 | ||||||
Interstate Power and Light Co. |
||||||||
3.60%, 4/1/2029 |
252,000 | 231,728 | ||||||
MidAmerican Energy Co. |
||||||||
3.65%, 4/15/2029 |
303,000 | 282,835 | ||||||
Nevada Power Co. |
||||||||
Series CC, 3.70%, 5/1/2029 |
252,000 | 233,998 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
4.80%, 12/1/2077(b) |
101,000 | 89,395 | ||||||
5.65%, 5/1/2079(b) |
177,000 | 164,650 | ||||||
3.80%, 3/15/2082(b) |
200,000 | 169,537 | ||||||
Oklahoma Gas and Electric Co. |
||||||||
3.25%, 4/1/2030 |
200,000 | 178,443 | ||||||
Pacific Gas and Electric Co. |
||||||||
4.55%, 7/1/2030 |
400,000 | 363,326 | ||||||
PacifiCorp |
||||||||
3.50%, 6/15/2029 |
250,000 | 225,622 | ||||||
PPL Capital Funding, Inc. |
||||||||
4.13%, 4/15/2030 |
303,000 | 281,835 | ||||||
PPL Electric Utilities Corp. |
||||||||
5.00%, 5/15/2033 |
200,000 | 199,721 | ||||||
Sierra Pacific Power Co. |
||||||||
2.60%, 5/1/2026 |
20,000 | 18,640 | ||||||
Southern Co. (The) |
||||||||
Series B, 4.00%, 1/15/2051(b) |
142,000 | 132,805 | ||||||
Series 21-A, 3.75%, 9/15/2051(b) |
252,000 | 217,378 | ||||||
Xcel Energy, Inc. |
||||||||
1.75%, 3/15/2027 |
50,000 | 44,340 | ||||||
2.60%, 12/1/2029 |
101,000 | 86,849 | ||||||
3.40%, 6/1/2030 |
50,000 | 44,562 | ||||||
2.35%, 11/15/2031 |
100,000 | 79,488 | ||||||
|
|
|||||||
4,192,372 | ||||||||
|
|
|||||||
Electrical Equipment - 0.2% |
| |||||||
Emerson Electric Co. |
||||||||
2.00%, 12/21/2028 |
101,000 | 87,866 | ||||||
Hubbell, Inc. |
||||||||
3.35%, 3/1/2026 |
151,000 | 143,514 | ||||||
3.50%, 2/15/2028 |
200,000 | 187,118 | ||||||
Regal Rexnord Corp. |
||||||||
6.30%, 2/15/2030(d) |
100,000 | 99,836 | ||||||
|
|
|||||||
518,334 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 1.7% |
| |||||||
Amphenol Corp. |
||||||||
4.75%, 3/30/2026 |
150,000 | 148,727 | ||||||
4.35%, 6/1/2029 |
353,000 | 341,324 | ||||||
2.80%, 2/15/2030 |
301,000 | 264,010 | ||||||
Avnet, Inc. |
||||||||
4.63%, 4/15/2026 |
126,000 | 121,853 | ||||||
CDW LLC |
||||||||
5.50%, 12/1/2024 |
50,000 | 49,635 | ||||||
2.67%, 12/1/2026 |
404,000 | 365,288 | ||||||
4.25%, 4/1/2028 |
202,000 | 186,654 | ||||||
3.28%, 12/1/2028 |
152,000 | 132,727 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.25%, 2/15/2029 |
200,000 | 174,438 | ||||||
3.57%, 12/1/2031 |
200,000 | 169,286 | ||||||
Flex Ltd. |
||||||||
6.00%, 1/15/2028 |
200,000 | 203,126 | ||||||
4.88%, 6/15/2029 |
202,000 | 193,522 | ||||||
4.88%, 5/12/2030 |
102,000 | 98,443 | ||||||
Jabil, Inc. |
||||||||
4.25%, 5/15/2027 |
252,000 | 241,221 | ||||||
3.60%, 1/15/2030 |
252,000 | 226,818 | ||||||
Keysight Technologies, Inc. |
||||||||
4.60%, 4/6/2027 |
404,000 | 398,189 | ||||||
TD SYNNEX Corp. |
||||||||
2.38%, 8/9/2028 |
202,000 | 166,410 | ||||||
Teledyne Technologies, Inc. |
||||||||
2.25%, 4/1/2028 |
157,000 | 137,732 | ||||||
2.75%, 4/1/2031 |
200,000 | 167,766 | ||||||
Trimble, Inc. |
||||||||
4.90%, 6/15/2028 |
252,000 | 246,848 | ||||||
Tyco Electronics Group SA |
||||||||
4.50%, 2/13/2026 |
200,000 | 197,080 | ||||||
3.70%, 2/15/2026 |
151,000 | 146,061 | ||||||
Vontier Corp. |
||||||||
2.40%, 4/1/2028 |
252,000 | 213,550 | ||||||
|
|
|||||||
4,590,708 | ||||||||
|
|
|||||||
Energy Equipment & Services - 0.0%(e) |
| |||||||
Baker Hughes Holdings LLC |
||||||||
3.14%, 11/7/2029 |
152,000 | 135,854 | ||||||
|
|
|||||||
Entertainment - 0.4% |
||||||||
Activision Blizzard, Inc. |
||||||||
3.40%, 9/15/2026 |
50,000 | 47,757 | ||||||
3.40%, 6/15/2027 |
152,000 | 143,983 | ||||||
1.35%, 9/15/2030 |
200,000 | 160,905 | ||||||
Electronic Arts, Inc. |
||||||||
4.80%, 3/1/2026 |
50,000 | 49,538 | ||||||
Netflix, Inc. |
||||||||
4.88%, 4/15/2028 |
250,000 | 246,930 | ||||||
5.88%, 11/15/2028 |
454,000 | 467,727 | ||||||
|
|
|||||||
1,116,840 | ||||||||
|
|
|||||||
Financial Services - 2.9% |
| |||||||
Berkshire Hathaway, Inc. |
||||||||
3.13%, 3/15/2026 |
200,000 | 192,136 | ||||||
Block Financial LLC |
||||||||
2.50%, 7/15/2028 |
353,000 | 300,135 | ||||||
3.88%, 8/15/2030 |
150,000 | 131,221 | ||||||
Corebridge Financial, Inc. |
||||||||
3.50%, 4/4/2025 |
140,000 | 134,353 | ||||||
Fidelity National Information Services, Inc. |
||||||||
1.65%, 3/1/2028 |
200,000 | 171,241 | ||||||
Fiserv, Inc. |
||||||||
3.20%, 7/1/2026 |
650,000 | 614,680 | ||||||
4.20%, 10/1/2028 |
301,000 | 289,041 | ||||||
3.50%, 7/1/2029 |
1,111,000 | 1,022,310 | ||||||
5.60%, 3/2/2033 |
250,000 | 254,517 | ||||||
Global Payments, Inc. |
||||||||
2.65%, 2/15/2025 |
150,000 | 142,984 | ||||||
4.45%, 6/1/2028 |
111,000 | 105,154 | ||||||
3.20%, 8/15/2029 |
100,000 | 88,115 | ||||||
5.30%, 8/15/2029 |
222,000 | 217,810 | ||||||
Mastercard, Inc. |
||||||||
2.00%, 3/3/2025 |
101,000 | 96,261 | ||||||
2.95%, 11/21/2026 |
50,000 | 47,278 | ||||||
3.30%, 3/26/2027 |
353,000 | 337,305 | ||||||
2.95%, 6/1/2029 |
401,000 | 366,721 | ||||||
3.35%, 3/26/2030 |
353,000 | 327,153 | ||||||
2.00%, 11/18/2031 |
100,000 | 82,578 | ||||||
4.85%, 3/9/2033 |
200,000 | 203,529 | ||||||
PayPal Holdings, Inc. |
||||||||
1.65%, 6/1/2025 |
200,000 | 187,531 | ||||||
Radian Group, Inc. |
||||||||
4.50%, 10/1/2024 |
101,000 | 98,430 | ||||||
6.63%, 3/15/2025 |
101,000 | 100,782 | ||||||
4.88%, 3/15/2027 |
303,000 | 289,216 | ||||||
Synchrony Bank |
||||||||
5.40%, 8/22/2025 |
252,000 | 242,702 | ||||||
5.63%, 8/23/2027 |
404,000 | 383,515 | ||||||
Visa, Inc. |
||||||||
3.15%, 12/14/2025 |
252,000 | 241,555 | ||||||
1.90%, 4/15/2027 |
527,000 | 478,650 | ||||||
2.75%, 9/15/2027 |
300,000 | 278,750 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Voya Financial, Inc. |
||||||||
4.70%, 1/23/2048(b) |
101,000 | 81,996 | ||||||
Western Union Co. (The) |
||||||||
2.85%, 1/10/2025 |
143,000 | 136,521 | ||||||
2.75%, 3/15/2031 |
150,000 | 118,610 | ||||||
|
|
|||||||
7,762,780 | ||||||||
|
|
|||||||
Food Products - 1.4% |
||||||||
Campbell Soup Co. |
||||||||
4.15%, 3/15/2028 |
301,000 | 289,576 | ||||||
Conagra Brands, Inc. |
||||||||
4.85%, 11/1/2028 |
100,000 | 97,656 | ||||||
Flowers Foods, Inc. |
||||||||
3.50%, 10/1/2026 |
350,000 | 328,339 | ||||||
General Mills, Inc. |
||||||||
4.20%, 4/17/2028 |
142,000 | 137,266 | ||||||
2.88%, 4/15/2030 |
152,000 | 133,918 | ||||||
4.95%, 3/29/2033 |
150,000 | 148,246 | ||||||
Hershey Co. (The) |
||||||||
0.90%, 6/1/2025 |
351,000 | 325,317 | ||||||
4.25%, 5/4/2028 |
200,000 | 197,945 | ||||||
Hormel Foods Corp. |
||||||||
1.70%, 6/3/2028 |
351,000 | 305,240 | ||||||
J M Smucker Co. (The) |
||||||||
3.50%, 3/15/2025 |
50,000 | 48,414 | ||||||
2.38%, 3/15/2030 |
250,000 | 211,777 | ||||||
Kellogg Co. |
||||||||
Series B, 7.45%, 4/1/2031 |
252,000 | 286,865 | ||||||
Mondelez International, Inc. |
||||||||
2.63%, 3/17/2027 |
202,000 | 186,218 | ||||||
2.75%, 4/13/2030 |
93,000 | 81,230 | ||||||
1.50%, 2/4/2031 |
100,000 | 78,445 | ||||||
Unilever Capital Corp. |
||||||||
2.90%, 5/5/2027 |
151,000 | 141,516 | ||||||
3.50%, 3/22/2028 |
342,000 | 328,112 | ||||||
2.13%, 9/6/2029 |
505,000 | 440,030 | ||||||
|
|
|||||||
3,766,110 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Gas Utilities - 0.3% |
| |||||||
Atmos Energy Corp. |
||||||||
2.63%, 9/15/2029 |
200,000 | 176,849 | ||||||
Eastern Energy Gas Holdings LLC |
||||||||
Series A, 2.50%, 11/15/2024 |
50,000 | 47,926 | ||||||
3.60%, 12/15/2024 |
55,000 | 53,265 | ||||||
National Fuel Gas Co. |
||||||||
5.20%, 7/15/2025 |
151,000 | 148,136 | ||||||
5.50%, 1/15/2026 |
278,000 | 274,446 | ||||||
4.75%, 9/1/2028 |
101,000 | 95,689 | ||||||
Southern California Gas Co. |
||||||||
Series XX, 2.55%, 2/1/2030 |
50,000 | 42,966 | ||||||
5.20%, 6/1/2033 |
100,000 | 99,039 | ||||||
|
|
|||||||
938,316 | ||||||||
|
|
|||||||
Ground Transportation - 0.5% |
| |||||||
Canadian National Railway Co. |
||||||||
2.75%, 3/1/2026 |
251,000 | 236,780 | ||||||
3.85%, 8/5/2032 |
200,000 | 186,009 | ||||||
CSX Corp. |
||||||||
3.35%, 11/1/2025 |
200,000 | 192,849 | ||||||
3.25%, 6/1/2027 |
50,000 | 47,171 | ||||||
3.80%, 3/1/2028 |
101,000 | 96,637 | ||||||
4.25%, 3/15/2029 |
102,000 | 99,404 | ||||||
JB Hunt Transport Services, Inc. |
||||||||
3.88%, 3/1/2026 |
50,000 | 48,451 | ||||||
Norfolk Southern Corp. |
||||||||
3.15%, 6/1/2027 |
202,000 | 189,059 | ||||||
2.55%, 11/1/2029 |
150,000 | 130,525 | ||||||
Union Pacific Corp. |
||||||||
2.38%, 5/20/2031 |
100,000 | 84,507 | ||||||
|
|
|||||||
1,311,392 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.6% |
| |||||||
Boston Scientific Corp. |
||||||||
1.90%, 6/1/2025 |
250,000 | 234,974 | ||||||
DH Europe Finance II Sarl |
||||||||
2.20%, 11/15/2024 |
252,000 | 241,989 | ||||||
2.60%, 11/15/2029 |
152,000 | 134,930 | ||||||
Edwards Lifesciences Corp. |
||||||||
4.30%, 6/15/2028 |
150,000 | 145,428 | ||||||
Stryker Corp. |
||||||||
1.15%, 6/15/2025 |
402,000 | 372,447 | ||||||
3.38%, 11/1/2025 |
200,000 | 192,070 | ||||||
1.95%, 6/15/2030 |
50,000 | 41,718 | ||||||
Zimmer Biomet Holdings, Inc. |
||||||||
3.55%, 4/1/2025 |
200,000 | 193,588 | ||||||
|
|
|||||||
1,557,144 | ||||||||
|
|
|||||||
Health Care Providers & Services - 1.9% |
| |||||||
AmerisourceBergen Corp. |
||||||||
3.45%, 12/15/2027 |
111,000 | 104,295 | ||||||
2.80%, 5/15/2030 |
404,000 | 350,734 | ||||||
Cardinal Health, Inc. |
||||||||
3.41%, 6/15/2027 |
304,000 | 285,309 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Centene Corp. |
||||||||
4.63%, 12/15/2029 |
252,000 | 234,292 | ||||||
2.50%, 3/1/2031 |
222,000 | 177,633 | ||||||
Cigna Group (The) |
||||||||
2.38%, 3/15/2031 |
76,000 | 63,200 | ||||||
Elevance Health, Inc. |
||||||||
2.88%, 9/15/2029 |
200,000 | 177,829 | ||||||
HCA, Inc. |
||||||||
5.38%, 2/1/2025 |
200,000 | 198,814 | ||||||
3.63%, 3/15/2032(d) |
202,000 | 175,533 | ||||||
Humana, Inc. |
||||||||
3.85%, 10/1/2024 |
50,000 | 48,921 | ||||||
1.35%, 2/3/2027 |
404,000 | 353,760 | ||||||
5.75%, 3/1/2028 |
50,000 | 51,036 | ||||||
3.70%, 3/23/2029 |
202,000 | 187,055 | ||||||
4.88%, 4/1/2030 |
50,000 | 48,745 | ||||||
Laboratory Corp. of America Holdings |
||||||||
2.30%, 12/1/2024 |
150,000 | 143,241 | ||||||
3.60%, 2/1/2025 |
50,000 | 48,565 | ||||||
1.55%, 6/1/2026 |
252,000 | 227,203 | ||||||
2.95%, 12/1/2029 |
200,000 | 175,945 | ||||||
McKesson Corp. |
||||||||
1.30%, 8/15/2026 |
252,000 | 225,455 | ||||||
5.10%, 7/15/2033 |
130,000 | 130,425 | ||||||
Quest Diagnostics, Inc. |
||||||||
3.50%, 3/30/2025 |
200,000 | 193,478 | ||||||
2.95%, 6/30/2030 |
102,000 | 89,326 | ||||||
UnitedHealth Group, Inc. |
||||||||
2.38%, 8/15/2024 |
50,000 | 48,442 | ||||||
2.95%, 10/15/2027 |
452,000 | 420,377 | ||||||
4.25%, 1/15/2029 |
300,000 | 292,657 | ||||||
4.00%, 5/15/2029 |
200,000 | 192,558 | ||||||
2.88%, 8/15/2029 |
202,000 | 183,193 | ||||||
5.30%, 2/15/2030 |
200,000 | 205,197 | ||||||
5.35%, 2/15/2033 |
101,000 | 104,633 | ||||||
|
|
|||||||
5,137,851 | ||||||||
|
|
|||||||
Health Care REITs - 0.6% |
||||||||
National Health Investors, Inc. |
||||||||
REIT, 3.00%, 2/1/2031 |
100,000 | 77,997 | ||||||
Omega Healthcare Investors, Inc. |
||||||||
REIT, 5.25%, 1/15/2026 |
252,000 | 245,982 | ||||||
REIT, 4.50%, 4/1/2027 |
101,000 | 95,518 | ||||||
REIT, 4.75%, 1/15/2028 |
101,000 | 94,410 | ||||||
REIT, 3.63%, 10/1/2029 |
151,000 | 126,269 | ||||||
REIT, 3.38%, 2/1/2031 |
150,000 | 120,507 | ||||||
REIT, 3.25%, 4/15/2033 |
100,000 | 75,816 | ||||||
Physicians Realty LP |
||||||||
REIT, 4.30%, 3/15/2027 |
151,000 | 143,152 | ||||||
Sabra Health Care LP |
||||||||
REIT, 5.13%, 8/15/2026 |
202,000 | 194,600 | ||||||
REIT, 3.90%, 10/15/2029 |
151,000 | 124,980 | ||||||
Ventas Realty LP |
||||||||
REIT, 3.50%, 2/1/2025 |
50,000 | 48,022 | ||||||
Welltower OP LLC |
||||||||
REIT, 4.00%, 6/1/2025 |
202,000 | 195,651 | ||||||
|
|
|||||||
1,542,904 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Hotel & Resort REITs - 0.2% |
| |||||||
Host Hotels & Resorts LP |
||||||||
Series E, REIT, 4.00%, 6/15/2025 |
100,000 | 96,518 | ||||||
Series H, REIT, 3.38%, 12/15/2029 |
303,000 | 260,841 | ||||||
Series J, REIT, 2.90%, 12/15/2031 |
150,000 | 118,920 | ||||||
|
|
|||||||
476,279 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 1.4% |
||||||||
Booking Holdings, Inc. |
||||||||
3.60%, 6/1/2026 |
50,000 | 48,242 | ||||||
4.63%, 4/13/2030 |
300,000 | 294,094 | ||||||
Choice Hotels International, Inc. |
||||||||
3.70%, 12/1/2029 |
252,000 | 223,634 | ||||||
Marriott International, Inc. |
||||||||
Series EE, 5.75%, 5/1/2025 |
12,000 | 12,062 | ||||||
Series R, 3.13%, 6/15/2026 |
150,000 | 141,332 | ||||||
5.00%, 10/15/2027 |
303,000 | 301,317 | ||||||
Series X, 4.00%, 4/15/2028 |
252,000 | 238,344 | ||||||
4.90%, 4/15/2029 |
252,000 | 247,152 | ||||||
Series FF, 4.63%, 6/15/2030 |
202,000 | 193,077 | ||||||
Series HH, 2.85%, 4/15/2031 |
100,000 | 84,660 | ||||||
Series GG, 3.50%, 10/15/2032 |
100,000 | 86,537 | ||||||
McDonalds Corp. |
||||||||
3.70%, 1/30/2026 |
410,000 | 396,629 | ||||||
3.50%, 3/1/2027 |
200,000 | 190,675 | ||||||
3.50%, 7/1/2027 |
404,000 | 385,250 | ||||||
3.80%, 4/1/2028 |
341,000 | 327,677 | ||||||
2.63%, 9/1/2029 |
101,000 | 89,826 | ||||||
2.13%, 3/1/2030 |
251,000 | 213,085 | ||||||
3.60%, 7/1/2030 |
252,000 | 233,690 | ||||||
4.60%, 9/9/2032 |
130,000 | 128,500 | ||||||
|
|
|||||||
3,835,783 | ||||||||
|
|
|||||||
Household Durables - 0.8% |
||||||||
DR Horton, Inc. |
||||||||
2.50%, 10/15/2024 |
402,000 | 387,336 | ||||||
2.60%, 10/15/2025 |
50,000 | 47,141 | ||||||
1.30%, 10/15/2026 |
300,000 | 264,940 | ||||||
Lennar Corp. |
||||||||
4.75%, 5/30/2025 |
50,000 | 49,079 | ||||||
5.25%, 6/1/2026 |
200,000 | 198,376 | ||||||
4.75%, 11/29/2027 |
414,000 | 403,210 | ||||||
NVR, Inc. |
||||||||
3.00%, 5/15/2030 |
252,000 | 218,063 | ||||||
PulteGroup, Inc. |
||||||||
5.50%, 3/1/2026 |
141,000 | 140,442 | ||||||
5.00%, 1/15/2027 |
101,000 | 99,577 | ||||||
6.38%, 5/15/2033 |
150,000 | 158,097 | ||||||
Toll Brothers Finance Corp. |
||||||||
4.88%, 3/15/2027 |
303,000 | 295,577 | ||||||
|
|
|||||||
2,261,838 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Household Products - 0.6% |
||||||||
Church & Dwight Co., Inc. |
||||||||
5.60%, 11/15/2032 |
100,000 | 104,797 | ||||||
Clorox Co. (The) |
||||||||
3.90%, 5/15/2028 |
200,000 | 191,247 | ||||||
Colgate-Palmolive Co. |
||||||||
3.10%, 8/15/2025 |
350,000 | 337,869 | ||||||
Kimberly-Clark Corp. |
||||||||
3.10%, 3/26/2030 |
252,000 | 229,211 | ||||||
Procter & Gamble Co. (The) |
||||||||
2.45%, 11/3/2026 |
252,000 | 236,006 | ||||||
2.80%, 3/25/2027 |
96,000 | 90,261 | ||||||
3.00%, 3/25/2030 |
404,000 | 372,065 | ||||||
|
|
|||||||
1,561,456 | ||||||||
|
|
|||||||
Industrial Conglomerates - 0.8% |
||||||||
3M Co. |
||||||||
3.38%, 3/1/2029 |
202,000 | 186,150 | ||||||
2.38%, 8/26/2029 |
300,000 | 260,134 | ||||||
Honeywell International, Inc. |
||||||||
2.30%, 8/15/2024 |
50,000 | 48,442 | ||||||
1.35%, 6/1/2025 |
654,000 | 613,946 | ||||||
2.50%, 11/1/2026 |
252,000 | 235,567 | ||||||
1.10%, 3/1/2027 |
50,000 | 44,246 | ||||||
4.25%, 1/15/2029 |
101,000 | 98,765 | ||||||
2.70%, 8/15/2029 |
300,000 | 268,058 | ||||||
5.00%, 2/15/2033 |
260,000 | 264,192 | ||||||
Pentair Finance Sarl |
||||||||
4.50%, 7/1/2029 |
100,000 | 94,557 | ||||||
|
|
|||||||
2,114,057 | ||||||||
|
|
|||||||
Industrial REITs - 0.1% |
||||||||
Prologis LP |
||||||||
REIT, 2.25%, 4/15/2030 |
202,000 | 171,379 | ||||||
|
|
|||||||
Insurance - 3.7% |
||||||||
Aflac, Inc. |
||||||||
3.60%, 4/1/2030 |
302,000 | 276,679 | ||||||
Allied World Assurance Co. Holdings Ltd. |
||||||||
4.35%, 10/29/2025 |
100,000 | 96,299 | ||||||
Allstate Corp. (The) |
||||||||
0.75%, 12/15/2025 |
301,000 | 270,828 | ||||||
American International Group, Inc. |
||||||||
Series A-9, 5.75%, 4/1/2048(b) |
202,000 | 194,923 | ||||||
Aon Corp. |
||||||||
8.21%, 1/1/2027 |
100,000 | 108,048 | ||||||
2.85%, 5/28/2027 |
453,000 | 417,395 | ||||||
4.50%, 12/15/2028 |
150,000 | 145,732 | ||||||
3.75%, 5/2/2029 |
152,000 | 141,880 | ||||||
2.80%, 5/15/2030 |
202,000 | 174,905 | ||||||
2.05%, 8/23/2031 |
50,000 | 39,903 | ||||||
2.60%, 12/2/2031 |
100,000 | 82,893 | ||||||
5.35%, 2/28/2033 |
100,000 | 100,937 | ||||||
Aon Global Ltd. |
||||||||
3.88%, 12/15/2025 |
101,000 | 98,008 | ||||||
Arthur J Gallagher & Co. |
||||||||
5.50%, 3/2/2033 |
150,000 | 151,073 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Assurant, Inc. |
||||||||
3.70%, 2/22/2030 |
101,000 | 86,613 | ||||||
2.65%, 1/15/2032 |
100,000 | 75,005 | ||||||
Athene Holding Ltd. |
||||||||
4.13%, 1/12/2028 |
500,000 | 463,337 | ||||||
6.65%, 2/1/2033 |
100,000 | 101,944 | ||||||
AXIS Specialty Finance LLC |
||||||||
4.90%, 1/15/2040(b) |
202,000 | 161,833 | ||||||
Brown & Brown, Inc. |
||||||||
4.20%, 9/15/2024 |
151,000 | 148,132 | ||||||
2.38%, 3/15/2031 |
252,000 | 203,872 | ||||||
Chubb INA Holdings, Inc. |
||||||||
3.15%, 3/15/2025 |
500,000 | 483,214 | ||||||
CNO Financial Group, Inc. |
||||||||
5.25%, 5/30/2029 |
100,000 | 96,030 | ||||||
Enstar Finance LLC |
||||||||
5.50%, 1/15/2042(b) |
100,000 | 77,628 | ||||||
Enstar Group Ltd. |
||||||||
4.95%, 6/1/2029 |
202,000 | 189,241 | ||||||
F&G Annuities & Life, Inc. |
||||||||
7.40%, 1/13/2028(d) |
150,000 | 150,586 | ||||||
Fairfax Financial Holdings Ltd. |
||||||||
4.85%, 4/17/2028 |
252,000 | 244,899 | ||||||
4.63%, 4/29/2030 |
100,000 | 92,919 | ||||||
Fidelity National Financial, Inc. |
||||||||
3.40%, 6/15/2030 |
150,000 | 131,691 | ||||||
First American Financial Corp. |
||||||||
4.60%, 11/15/2024 |
202,000 | 197,072 | ||||||
2.40%, 8/15/2031 |
100,000 | 76,083 | ||||||
Globe Life, Inc. |
||||||||
4.55%, 9/15/2028 |
101,000 | 97,806 | ||||||
4.80%, 6/15/2032 |
100,000 | 95,068 | ||||||
Hanover Insurance Group, Inc. (The) |
||||||||
2.50%, 9/1/2030 |
200,000 | 158,253 | ||||||
Hartford Financial Services Group, Inc. (The) |
||||||||
2.80%, 8/19/2029 |
202,000 | 177,475 | ||||||
Manulife Financial Corp. |
||||||||
4.15%, 3/4/2026 |
202,000 | 196,947 | ||||||
2.48%, 5/19/2027 |
202,000 | 185,376 | ||||||
4.06%, 2/24/2032(b) |
151,000 | 141,550 | ||||||
Markel Group, Inc. |
||||||||
3.35%, 9/17/2029 |
200,000 | 180,226 | ||||||
Marsh & McLennan Cos., Inc. |
||||||||
3.50%, 3/10/2025 |
76,000 | 73,838 | ||||||
4.38%, 3/15/2029 |
505,000 | 493,239 | ||||||
2.25%, 11/15/2030 |
116,000 | 96,598 | ||||||
Old Republic International Corp. |
||||||||
4.88%, 10/1/2024 |
101,000 | 99,381 | ||||||
3.88%, 8/26/2026 |
101,000 | 95,437 | ||||||
Primerica, Inc. |
||||||||
2.80%, 11/19/2031 |
150,000 | 124,416 | ||||||
Principal Financial Group, Inc. |
||||||||
3.70%, 5/15/2029 |
200,000 | 184,163 | ||||||
5.38%, 3/15/2033 |
100,000 | 99,872 | ||||||
Progressive Corp. (The) |
||||||||
3.20%, 3/26/2030 |
101,000 | 90,543 | ||||||
4.95%, 6/15/2033 |
150,000 | 148,564 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Prudential Financial, Inc. |
||||||||
5.38%, 5/15/2045(b) |
252,000 | 248,243 | ||||||
3.70%, 10/1/2050(b) |
101,000 | 86,240 | ||||||
6.00%, 9/1/2052(b) |
100,000 | 95,965 | ||||||
Reinsurance Group of America, Inc. |
||||||||
3.90%, 5/15/2029 |
202,000 | 184,893 | ||||||
RenaissanceRe Holdings Ltd. |
||||||||
3.60%, 4/15/2029 |
200,000 | 180,025 | ||||||
Trinity Acquisition plc |
||||||||
4.40%, 3/15/2026 |
151,000 | 145,645 | ||||||
Willis North America, Inc. |
||||||||
4.65%, 6/15/2027 |
301,000 | 291,937 | ||||||
4.50%, 9/15/2028 |
140,000 | 133,803 | ||||||
2.95%, 9/15/2029 |
454,000 | 394,527 | ||||||
5.35%, 5/15/2033 |
140,000 | 136,367 | ||||||
|
|
|||||||
9,915,999 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.5% |
| |||||||
Meta Platforms, Inc. |
||||||||
3.50%, 8/15/2027 |
353,000 | 337,194 | ||||||
4.60%, 5/15/2028 |
200,000 | 199,381 | ||||||
3.85%, 8/15/2032 |
281,000 | 261,500 | ||||||
4.95%, 5/15/2033 |
450,000 | 453,149 | ||||||
Weibo Corp. |
||||||||
3.38%, 7/8/2030 |
252,000 | 204,450 | ||||||
|
|
|||||||
1,455,674 | ||||||||
|
|
|||||||
IT Services - 0.5% |
||||||||
CGI, Inc. |
||||||||
1.45%, 9/14/2026 |
101,000 | 89,224 | ||||||
Genpact Luxembourg Sarl |
||||||||
3.38%, 12/1/2024 |
352,000 | 338,656 | ||||||
International Business Machines Corp. |
||||||||
4.15%, 7/27/2027 |
142,000 | 138,267 | ||||||
3.50%, 5/15/2029 |
505,000 | 468,578 | ||||||
1.95%, 5/15/2030 |
100,000 | 82,737 | ||||||
VeriSign, Inc. |
||||||||
5.25%, 4/1/2025 |
250,000 | 247,973 | ||||||
4.75%, 7/15/2027 |
101,000 | 99,809 | ||||||
|
|
|||||||
1,465,244 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.1% |
| |||||||
Agilent Technologies, Inc. |
||||||||
2.75%, 9/15/2029 |
152,000 | 132,288 | ||||||
2.30%, 3/12/2031 |
201,000 | 165,272 | ||||||
|
|
|||||||
297,560 | ||||||||
|
|
|||||||
Machinery - 1.2% |
||||||||
Cummins, Inc. |
||||||||
1.50%, 9/1/2030 |
151,000 | 122,084 | ||||||
Dover Corp. |
||||||||
3.15%, 11/15/2025 |
151,000 | 143,240 | ||||||
Fortive Corp. |
||||||||
3.15%, 6/15/2026 |
251,000 | 236,612 | ||||||
IDEX Corp. |
||||||||
2.63%, 6/15/2031 |
200,000 | 166,610 | ||||||
Illinois Tool Works, Inc. |
||||||||
2.65%, 11/15/2026 |
302,000 | 283,671 | ||||||
nVent Finance Sarl |
||||||||
4.55%, 4/15/2028 |
252,000 | 239,646 | ||||||
5.65%, 5/15/2033 |
100,000 | 98,120 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Oshkosh Corp. |
||||||||
4.60%, 5/15/2028 |
200,000 | 196,254 | ||||||
Otis Worldwide Corp. |
||||||||
2.06%, 4/5/2025 |
302,000 | 285,473 | ||||||
2.29%, 4/5/2027 |
200,000 | 182,440 | ||||||
2.57%, 2/15/2030 |
303,000 | 261,089 | ||||||
Stanley Black & Decker, Inc. |
||||||||
4.00%, 3/15/2060(b) |
100,000 | 76,508 | ||||||
Westinghouse Air Brake Technologies Corp. |
||||||||
3.45%, 11/15/2026 |
300,000 | 282,631 | ||||||
4.95%, 9/15/2028(a) |
454,000 | 442,002 | ||||||
Xylem, Inc. |
||||||||
3.25%, 11/1/2026 |
350,000 | 330,318 | ||||||
|
|
|||||||
3,346,698 | ||||||||
|
|
|||||||
Media - 0.3% |
||||||||
Charter Communications Operating LLC |
||||||||
4.91%, 7/23/2025 |
100,000 | 98,231 | ||||||
Comcast Corp. |
||||||||
1.50%, 2/15/2031 |
152,000 | 120,401 | ||||||
Fox Corp. |
||||||||
4.71%, 1/25/2029 |
252,000 | 244,483 | ||||||
3.50%, 4/8/2030 |
102,000 | 91,555 | ||||||
Interpublic Group of Cos., Inc. (The) |
||||||||
4.75%, 3/30/2030 |
202,000 | 194,484 | ||||||
Omnicom Group, Inc. |
||||||||
4.20%, 6/1/2030 |
200,000 | 186,656 | ||||||
|
|
|||||||
935,810 | ||||||||
|
|
|||||||
Metals & Mining - 1.1% |
||||||||
AngloGold Ashanti Holdings plc |
||||||||
3.38%, 11/1/2028 |
252,000 | 223,187 | ||||||
ArcelorMittal SA |
||||||||
6.55%, 11/29/2027 |
452,000 | 467,114 | ||||||
4.25%, 7/16/2029 |
202,000 | 192,532 | ||||||
BHP Billiton Finance USA Ltd. |
||||||||
4.75%, 2/28/2028 |
300,000 | 298,908 | ||||||
Nucor Corp. |
||||||||
4.30%, 5/23/2027 |
252,000 | 245,289 | ||||||
Reliance Steel & Aluminum Co. |
||||||||
1.30%, 8/15/2025 |
252,000 | 231,431 | ||||||
Rio Tinto Alcan, Inc. |
||||||||
7.25%, 3/15/2031 |
50,000 | 56,995 | ||||||
Rio Tinto Finance USA Ltd. |
||||||||
7.13%, 7/15/2028 |
172,000 | 188,696 | ||||||
Steel Dynamics, Inc. |
||||||||
2.80%, 12/15/2024 |
351,000 | 335,965 | ||||||
3.45%, 4/15/2030 |
252,000 | 224,346 | ||||||
Vale Overseas Ltd. |
||||||||
3.75%, 7/8/2030 |
305,000 | 271,576 | ||||||
6.13%, 6/12/2033 |
150,000 | 150,757 | ||||||
|
|
|||||||
2,886,796 | ||||||||
|
|
|||||||
Multi-Utilities - 2.4% |
||||||||
Ameren Corp. |
||||||||
3.65%, 2/15/2026 |
303,000 | 289,166 | ||||||
1.75%, 3/15/2028 |
152,000 | 131,829 | ||||||
Berkshire Hathaway Energy Co. |
||||||||
4.05%, 4/15/2025 |
804,000 | 786,544 | ||||||
3.25%, 4/15/2028 |
200,000 | 184,751 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.70%, 7/15/2030 |
303,000 | 278,507 | ||||||
Black Hills Corp. |
||||||||
1.04%, 8/23/2024 |
50,000 | 47,495 | ||||||
5.95%, 3/15/2028 |
302,000 | 308,382 | ||||||
CenterPoint Energy, Inc. |
||||||||
2.95%, 3/1/2030 |
152,000 | 132,658 | ||||||
CMS Energy Corp. |
||||||||
4.75%, 6/1/2050(b) |
203,000 | 178,404 | ||||||
Consolidated Edison Co. of New York, Inc. |
||||||||
Series 20A, 3.35%, 4/1/2030 |
252,000 | 228,867 | ||||||
Dominion Energy, Inc. |
||||||||
5.75%, 10/1/2054(b) |
202,000 | 194,624 | ||||||
DTE Energy Co. |
||||||||
Series C, 2.53%, 10/1/2024(a) |
50,000 | 48,128 | ||||||
4.88%, 6/1/2028 |
300,000 | 296,328 | ||||||
Series C, 3.40%, 6/15/2029 |
102,000 | 91,939 | ||||||
NiSource, Inc. |
||||||||
2.95%, 9/1/2029 |
101,000 | 89,794 | ||||||
3.60%, 5/1/2030 |
300,000 | 271,030 | ||||||
Public Service Enterprise Group, Inc. |
||||||||
0.80%, 8/15/2025 |
152,000 | 138,173 | ||||||
5.85%, 11/15/2027 |
352,000 | 360,549 | ||||||
2.45%, 11/15/2031 |
150,000 | 120,926 | ||||||
Puget Energy, Inc. |
||||||||
4.10%, 6/15/2030 |
50,000 | 45,241 | ||||||
Sempra |
||||||||
3.30%, 4/1/2025 |
140,000 | 134,876 | ||||||
3.25%, 6/15/2027 |
50,000 | 46,319 | ||||||
3.40%, 2/1/2028 |
654,000 | 606,233 | ||||||
3.70%, 4/1/2029 |
353,000 | 324,830 | ||||||
4.12%, 4/1/2052(b) |
303,000 | 248,822 | ||||||
WEC Energy Group, Inc. |
||||||||
4.75%, 1/15/2028 |
350,000 | 344,333 | ||||||
2.20%, 12/15/2028 |
505,000 | 437,468 | ||||||
|
|
|||||||
6,366,216 | ||||||||
|
|
|||||||
Office REITs - 0.5% |
||||||||
Alexandria Real Estate Equities, Inc. |
||||||||
REIT, 3.38%, 8/15/2031 |
200,000 | 173,200 | ||||||
Boston Properties LP |
||||||||
REIT, 3.25%, 1/30/2031 |
192,000 | 158,259 | ||||||
Brandywine Operating Partnership LP |
||||||||
REIT, 4.10%, 10/1/2024 |
50,000 | 48,012 | ||||||
Corporate Office Properties LP |
||||||||
REIT, 2.25%, 3/15/2026 |
50,000 | 44,511 | ||||||
REIT, 2.00%, 1/15/2029 |
303,000 | 234,412 | ||||||
Highwoods Realty LP |
||||||||
REIT, 4.13%, 3/15/2028 |
202,000 | 181,386 | ||||||
REIT, 4.20%, 4/15/2029 |
101,000 | 86,273 | ||||||
Hudson Pacific Properties LP |
||||||||
REIT, 5.95%, 2/15/2028 |
50,000 | 41,484 | ||||||
Kilroy Realty LP |
||||||||
REIT, 4.38%, 10/1/2025 |
101,000 | 94,946 | ||||||
REIT, 4.25%, 8/15/2029 |
50,000 | 42,690 | ||||||
REIT, 3.05%, 2/15/2030 |
313,000 | 248,675 | ||||||
|
|
|||||||
1,353,848 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Oil, Gas & Consumable Fuels - 9.4% |
| |||||||
Boardwalk Pipelines LP |
||||||||
5.95%, 6/1/2026 |
100,000 | 100,507 | ||||||
4.80%, 5/3/2029 |
202,000 | 194,816 | ||||||
3.60%, 9/1/2032 |
100,000 | 85,281 | ||||||
BP Capital Markets America, Inc. |
||||||||
4.81%, 2/13/2033 |
50,000 | 49,171 | ||||||
Canadian Natural Resources Ltd. |
||||||||
3.85%, 6/1/2027 |
800,000 | 758,228 | ||||||
2.95%, 7/15/2030 |
150,000 | 128,981 | ||||||
Cenovus Energy, Inc. |
||||||||
2.65%, 1/15/2032 |
150,000 | 121,383 | ||||||
Cheniere Corpus Christi Holdings LLC |
||||||||
5.13%, 6/30/2027 |
50,000 | 49,477 | ||||||
3.70%, 11/15/2029 |
303,000 | 276,483 | ||||||
Cheniere Energy Partners LP |
||||||||
4.50%, 10/1/2029 |
505,000 | 469,493 | ||||||
4.00%, 3/1/2031 |
300,000 | 266,961 | ||||||
3.25%, 1/31/2032 |
100,000 | 83,214 | ||||||
5.95%, 6/30/2033(d) |
400,000 | 404,756 | ||||||
Cheniere Energy, Inc. |
||||||||
4.63%, 10/15/2028 |
252,000 | 236,491 | ||||||
Chevron Corp. |
||||||||
1.55%, 5/11/2025 |
303,000 | 284,703 | ||||||
2.00%, 5/11/2027 |
450,000 | 408,560 | ||||||
Chevron USA, Inc. |
||||||||
0.69%, 8/12/2025 |
252,000 | 230,926 | ||||||
3.85%, 1/15/2028 |
151,000 | 147,232 | ||||||
3.25%, 10/15/2029 |
50,000 | 46,258 | ||||||
ConocoPhillips |
||||||||
5.90%, 10/15/2032 |
200,000 | 215,184 | ||||||
ConocoPhillips Co. |
||||||||
6.95%, 4/15/2029 |
101,000 | 112,142 | ||||||
Continental Resources, Inc. |
||||||||
4.38%, 1/15/2028 |
293,000 | 277,417 | ||||||
Coterra Energy, Inc. |
||||||||
3.90%, 5/15/2027 |
202,000 | 192,457 | ||||||
4.38%, 3/15/2029 |
150,000 | 141,570 | ||||||
DCP Midstream Operating LP |
||||||||
5.63%, 7/15/2027 |
252,000 | 252,833 | ||||||
5.13%, 5/15/2029 |
50,000 | 49,018 | ||||||
8.13%, 8/16/2030 |
152,000 | 170,592 | ||||||
Devon Energy Corp. |
||||||||
4.50%, 1/15/2030 |
101,000 | 95,590 | ||||||
7.95%, 4/15/2032 |
150,000 | 172,442 | ||||||
Diamondback Energy, Inc. |
||||||||
3.50%, 12/1/2029 |
303,000 | 276,114 | ||||||
3.13%, 3/24/2031 |
1,000 | 868 | ||||||
6.25%, 3/15/2033 |
100,000 | 104,460 | ||||||
Eastern Gas Transmission & Storage, Inc. |
||||||||
3.00%, 11/15/2029 |
202,000 | 176,187 | ||||||
Enbridge, Inc. |
||||||||
5.70%, 3/8/2033 |
101,000 | 102,386 | ||||||
Series 16-A, 6.00%, 1/15/2077(b) |
150,000 | 141,694 | ||||||
5.50%, 7/15/2077(b) |
100,000 | 90,343 | ||||||
6.25%, 3/1/2078(b) |
202,000 | 186,952 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Series 20-A, 5.75%, 7/15/2080(b) |
202,000 | 184,649 | ||||||
Energy Transfer LP |
||||||||
4.20%, 4/15/2027 |
250,000 | 239,668 | ||||||
5.50%, 6/1/2027 |
252,000 | 251,826 | ||||||
4.95%, 5/15/2028 |
502,000 | 491,022 | ||||||
5.25%, 4/15/2029 |
202,000 | 200,165 | ||||||
4.15%, 9/15/2029 |
252,000 | 233,803 | ||||||
3.75%, 5/15/2030 |
300,000 | 271,732 | ||||||
Enterprise Products Operating LLC |
||||||||
3.75%, 2/15/2025 |
303,000 | 295,359 | ||||||
3.70%, 2/15/2026 |
270,000 | 260,783 | ||||||
3.95%, 2/15/2027 |
303,000 | 292,393 | ||||||
4.15%, 10/16/2028 |
281,000 | 269,249 | ||||||
3.13%, 7/31/2029 |
252,000 | 226,966 | ||||||
2.80%, 1/31/2030 |
457,000 | 400,725 | ||||||
5.35%, 1/31/2033 |
502,000 | 511,927 | ||||||
Series E, 5.25%, 8/16/2077(b) |
202,000 | 179,259 | ||||||
5.38%, 2/15/2078(b) |
251,000 | 210,665 | ||||||
EOG Resources, Inc. |
||||||||
4.38%, 4/15/2030 |
202,000 | 198,043 | ||||||
EQT Corp. |
||||||||
6.13%, 2/1/2025(a) |
391,000 | 391,207 | ||||||
3.90%, 10/1/2027 |
203,000 | 190,304 | ||||||
7.00%, 2/1/2030(a) |
152,000 | 159,959 | ||||||
Exxon Mobil Corp. |
||||||||
2.71%, 3/6/2025 |
151,000 | 145,317 | ||||||
2.99%, 3/19/2025 |
650,000 | 627,349 | ||||||
2.44%, 8/16/2029 |
252,000 | 223,216 | ||||||
3.48%, 3/19/2030 |
400,000 | 372,803 | ||||||
2.61%, 10/15/2030 |
101,000 | 88,148 | ||||||
Hess Corp. |
||||||||
4.30%, 4/1/2027 |
50,000 | 48,257 | ||||||
7.88%, 10/1/2029 |
178,000 | 197,917 | ||||||
7.30%, 8/15/2031 |
150,000 | 165,151 | ||||||
HF Sinclair Corp. |
||||||||
5.88%, 4/1/2026 |
50,000 | 50,206 | ||||||
4.50%, 10/1/2030 |
151,000 | 136,177 | ||||||
Kinder Morgan, Inc. |
||||||||
7.80%, 8/1/2031 |
252,000 | 286,332 | ||||||
Magellan Midstream Partners LP |
||||||||
5.00%, 3/1/2026 |
202,000 | 200,371 | ||||||
3.25%, 6/1/2030 |
200,000 | 176,194 | ||||||
Marathon Oil Corp. |
||||||||
4.40%, 7/15/2027 |
151,000 | 144,604 | ||||||
Marathon Petroleum Corp. |
||||||||
4.70%, 5/1/2025 |
252,000 | 248,699 | ||||||
3.80%, 4/1/2028 |
202,000 | 189,321 | ||||||
MPLX LP |
||||||||
4.88%, 12/1/2024 |
101,000 | 99,714 | ||||||
4.88%, 6/1/2025 |
404,000 | 398,651 | ||||||
1.75%, 3/1/2026 |
252,000 | 229,924 | ||||||
4.13%, 3/1/2027 |
252,000 | 242,169 | ||||||
4.00%, 3/15/2028 |
101,000 | 95,491 | ||||||
4.80%, 2/15/2029 |
100,000 | 97,047 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
2.65%, 8/15/2030 |
100,000 | 84,012 | ||||||
4.95%, 9/1/2032 |
101,000 | 96,540 | ||||||
5.00%, 3/1/2033 |
300,000 | 288,277 | ||||||
Occidental Petroleum Corp. |
||||||||
8.50%, 7/15/2027 |
200,000 | 216,920 | ||||||
8.88%, 7/15/2030 |
202,000 | 234,021 | ||||||
6.63%, 9/1/2030 |
303,000 | 317,777 | ||||||
6.13%, 1/1/2031 |
252,000 | 257,410 | ||||||
7.50%, 5/1/2031 |
505,000 | 554,490 | ||||||
7.88%, 9/15/2031 |
122,000 | 137,098 | ||||||
ONEOK, Inc. |
||||||||
4.00%, 7/13/2027 |
250,000 | 237,949 | ||||||
4.55%, 7/15/2028 |
150,000 | 142,827 | ||||||
4.35%, 3/15/2029 |
252,000 | 235,337 | ||||||
3.40%, 9/1/2029 |
200,000 | 176,096 | ||||||
3.10%, 3/15/2030 |
309,000 | 265,535 | ||||||
6.35%, 1/15/2031 |
50,000 | 51,498 | ||||||
6.10%, 11/15/2032 |
150,000 | 153,189 | ||||||
Phillips 66 Co. |
||||||||
3.61%, 2/15/2025 |
100,000 | 97,036 | ||||||
3.55%, 10/1/2026 |
100,000 | 94,231 | ||||||
5.30%, 6/30/2033 |
100,000 | 99,919 | ||||||
Pioneer Natural Resources Co. |
||||||||
1.13%, 1/15/2026 |
454,000 | 411,426 | ||||||
2.15%, 1/15/2031 |
150,000 | 122,814 | ||||||
Plains All American Pipeline LP |
||||||||
3.55%, 12/15/2029 |
252,000 | 222,673 | ||||||
3.80%, 9/15/2030 |
101,000 | 90,464 | ||||||
Sabine Pass Liquefaction LLC |
||||||||
5.00%, 3/15/2027 |
502,000 | 497,198 | ||||||
4.50%, 5/15/2030 |
300,000 | 284,775 | ||||||
Suncor Energy, Inc. |
||||||||
7.15%, 2/1/2032 |
150,000 | 161,348 | ||||||
Targa Resources Corp. |
||||||||
5.20%, 7/1/2027 |
250,000 | 248,211 | ||||||
4.20%, 2/1/2033 |
150,000 | 133,972 | ||||||
Targa Resources Partners LP |
||||||||
4.88%, 2/1/2031 |
50,000 | 46,435 | ||||||
4.00%, 1/15/2032 |
202,000 | 177,105 | ||||||
Tennessee Gas Pipeline Co. LLC |
||||||||
7.00%, 10/15/2028 |
100,000 | 106,707 | ||||||
Tosco Corp. |
||||||||
8.13%, 2/15/2030 |
152,000 | 176,677 | ||||||
TotalEnergies Capital International SA |
||||||||
2.43%, 1/10/2025 |
50,000 | 48,060 | ||||||
2.83%, 1/10/2030 |
252,000 | 225,085 | ||||||
Transcanada Trust |
||||||||
Series 16-A, 5.87%, 8/15/2076(b) |
50,000 | 46,649 | ||||||
5.50%, 9/15/2079(b) |
200,000 | 170,101 | ||||||
5.60%, 3/7/2082(b) |
50,000 | 42,119 | ||||||
Transcontinental Gas Pipe Line Co. LLC |
||||||||
4.00%, 3/15/2028 |
252,000 | 238,085 | ||||||
Valero Energy Corp. |
||||||||
2.80%, 12/1/2031 |
200,000 | 166,366 | ||||||
Valero Energy Partners LP |
||||||||
4.50%, 3/15/2028 |
200,000 | 193,669 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Western Midstream Operating LP |
||||||||
3.10%, 2/1/2025(a) |
200,000 | 191,171 | ||||||
4.65%, 7/1/2026 |
252,000 | 244,503 | ||||||
4.05%, 2/1/2030(a) |
350,000 | 318,073 | ||||||
6.15%, 4/1/2033 |
150,000 | 152,134 | ||||||
|
|
|||||||
25,479,914 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.1% |
||||||||
Suzano Austria GmbH |
||||||||
6.00%, 1/15/2029 |
252,000 | 251,519 | ||||||
|
|
|||||||
Personal Care Products - 0.7% |
||||||||
Conopco, Inc. |
||||||||
6.63%, 4/15/2028 |
200,000 | 214,851 | ||||||
Haleon US Capital LLC |
||||||||
3.38%, 3/24/2027 |
502,000 | 472,446 | ||||||
Kenvue, Inc. |
||||||||
5.50%, 3/22/2025(d) |
200,000 | 200,787 | ||||||
5.35%, 3/22/2026(d) |
202,000 | 203,502 | ||||||
5.05%, 3/22/2028(d) |
252,000 | 254,197 | ||||||
5.00%, 3/22/2030(d) |
202,000 | 203,841 | ||||||
4.90%, 3/22/2033(d) |
450,000 | 452,999 | ||||||
|
|
|||||||
2,002,623 | ||||||||
|
|
|||||||
Pharmaceuticals - 2.0% |
||||||||
Bristol-Myers Squibb Co. |
||||||||
2.95%, 3/15/2032 |
102,000 | 89,216 | ||||||
Eli Lilly & Co. |
||||||||
3.38%, 3/15/2029 |
353,000 | 333,322 | ||||||
4.70%, 2/27/2033 |
260,000 | 262,114 | ||||||
Merck & Co., Inc. |
||||||||
1.70%, 6/10/2027 |
151,000 | 135,474 | ||||||
1.90%, 12/10/2028 |
404,000 | 353,316 | ||||||
3.40%, 3/7/2029 |
555,000 | 519,594 | ||||||
4.30%, 5/17/2030 |
252,000 | 246,225 | ||||||
1.45%, 6/24/2030 |
250,000 | 202,895 | ||||||
2.15%, 12/10/2031 |
490,000 | 404,584 | ||||||
4.50%, 5/17/2033 |
350,000 | 344,486 | ||||||
Novartis Capital Corp. |
||||||||
2.20%, 8/14/2030 |
100,000 | 85,948 | ||||||
Pfizer Investment Enterprises Pte. Ltd. |
||||||||
4.45%, 5/19/2028 |
50,000 | 49,156 | ||||||
4.65%, 5/19/2030 |
808,000 | 799,802 | ||||||
4.75%, 5/19/2033 |
252,000 | 250,334 | ||||||
Pfizer, Inc. |
||||||||
3.45%, 3/15/2029 |
202,000 | 191,065 | ||||||
2.63%, 4/1/2030 |
126,000 | 111,341 | ||||||
Royalty Pharma plc |
||||||||
1.20%, 9/2/2025 |
502,000 | 456,360 | ||||||
Zoetis, Inc. |
||||||||
3.00%, 9/12/2027 |
96,000 | 89,602 | ||||||
3.90%, 8/20/2028 |
252,000 | 242,182 | ||||||
5.60%, 11/16/2032 |
200,000 | 208,858 | ||||||
|
|
|||||||
5,375,874 | ||||||||
|
|
|||||||
Professional Services - 0.6% |
||||||||
Automatic Data Processing, Inc. |
||||||||
3.38%, 9/15/2025 |
50,000 | 48,387 | ||||||
1.70%, 5/15/2028 |
433,000 | 380,069 | ||||||
1.25%, 9/1/2030 |
151,000 | 121,446 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Broadridge Financial Solutions, Inc. |
||||||||
2.90%, 12/1/2029 |
252,000 | 218,061 | ||||||
2.60%, 5/1/2031 |
200,000 | 164,820 | ||||||
Equifax, Inc. |
||||||||
2.60%, 12/1/2024 |
101,000 | 96,575 | ||||||
3.10%, 5/15/2030 |
202,000 | 173,556 | ||||||
2.35%, 9/15/2031 |
100,000 | 79,052 | ||||||
Verisk Analytics, Inc. |
||||||||
4.00%, 6/15/2025 |
100,000 | 97,474 | ||||||
4.13%, 3/15/2029 |
252,000 | 242,483 | ||||||
5.75%, 4/1/2033 |
100,000 | 103,406 | ||||||
|
|
|||||||
1,725,329 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.0%(e) |
| |||||||
CBRE Services, Inc. |
||||||||
2.50%, 4/1/2031 |
101,000 | 81,138 | ||||||
|
|
|||||||
Residential REITs - 1.2% |
||||||||
American Homes 4 Rent LP |
||||||||
REIT, 4.90%, 2/15/2029 |
162,000 | 157,287 | ||||||
AvalonBay Communities, Inc. |
||||||||
REIT, 3.45%, 6/1/2025 |
151,000 | 146,022 | ||||||
REIT, 3.50%, 11/15/2025 |
50,000 | 47,923 | ||||||
REIT, 2.30%, 3/1/2030 |
303,000 | 254,047 | ||||||
Camden Property Trust |
||||||||
REIT, 3.15%, 7/1/2029 |
50,000 | 44,894 | ||||||
ERP Operating LP |
||||||||
REIT, 3.25%, 8/1/2027 |
45,000 | 41,612 | ||||||
REIT, 3.00%, 7/1/2029 |
303,000 | 269,433 | ||||||
Essential Properties LP |
||||||||
REIT, 2.95%, 7/15/2031 |
100,000 | 75,653 | ||||||
Essex Portfolio LP |
||||||||
REIT, 3.63%, 5/1/2027 |
200,000 | 186,874 | ||||||
REIT, 4.00%, 3/1/2029 |
151,000 | 139,948 | ||||||
REIT, 3.00%, 1/15/2030 |
252,000 | 216,132 | ||||||
REIT, 1.65%, 1/15/2031 |
100,000 | 75,870 | ||||||
Invitation Homes Operating Partnership LP |
||||||||
REIT, 2.30%, 11/15/2028 |
300,000 | 255,383 | ||||||
Mid-America Apartments LP |
||||||||
REIT, 3.95%, 3/15/2029 |
303,000 | 286,075 | ||||||
REIT, 2.75%, 3/15/2030 |
151,000 | 131,418 | ||||||
Spirit Realty LP |
||||||||
REIT, 2.10%, 3/15/2028 |
252,000 | 214,793 | ||||||
REIT, 4.00%, 7/15/2029 |
100,000 | 89,413 | ||||||
REIT, 3.40%, 1/15/2030 |
202,000 | 173,671 | ||||||
REIT, 3.20%, 2/15/2031 |
100,000 | 81,782 | ||||||
Tanger Properties LP |
||||||||
REIT, 3.13%, 9/1/2026 |
200,000 | 179,740 | ||||||
REIT, 2.75%, 9/1/2031 |
100,000 | 74,600 | ||||||
|
|
|||||||
3,142,570 | ||||||||
|
|
|||||||
Retail REITs - 0.8% |
||||||||
Agree LP |
||||||||
REIT, 2.00%, 6/15/2028 |
202,000 | 168,786 | ||||||
REIT, 4.80%, 10/1/2032 |
150,000 | 139,627 | ||||||
Brixmor Operating Partnership LP |
||||||||
REIT, 4.13%, 6/15/2026 |
252,000 | 237,561 | ||||||
REIT, 4.13%, 5/15/2029 |
252,000 | 227,185 | ||||||
REIT, 4.05%, 7/1/2030 |
151,000 | 137,346 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
NNN REIT, Inc. |
||||||||
REIT, 4.00%, 11/15/2025 |
50,000 | 47,672 | ||||||
REIT, 3.60%, 12/15/2026 |
200,000 | 186,071 | ||||||
REIT, 3.50%, 10/15/2027 |
151,000 | 138,712 | ||||||
REIT, 4.30%, 10/15/2028 |
91,000 | 85,274 | ||||||
Realty Income Corp. |
||||||||
REIT, 4.63%, 11/1/2025 |
202,000 | 198,896 | ||||||
Regency Centers LP |
||||||||
REIT, 2.95%, 9/15/2029 |
150,000 | 129,011 | ||||||
REIT, 3.70%, 6/15/2030 |
252,000 | 226,127 | ||||||
SITE Centers Corp. |
||||||||
REIT, 3.63%, 2/1/2025 |
230,000 | 218,020 | ||||||
|
|
|||||||
2,140,288 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 2.9% |
| |||||||
Broadcom Corp. |
||||||||
3.88%, 1/15/2027 |
394,000 | 375,645 | ||||||
3.50%, 1/15/2028 |
553,000 | 511,741 | ||||||
Broadcom, Inc. |
||||||||
3.63%, 10/15/2024 |
50,000 | 48,711 | ||||||
3.15%, 11/15/2025 |
502,000 | 478,541 | ||||||
3.46%, 9/15/2026 |
151,000 | 143,098 | ||||||
1.95%, 2/15/2028(d) |
150,000 | 129,620 | ||||||
4.11%, 9/15/2028 |
405,000 | 383,685 | ||||||
4.00%, 4/15/2029(d) |
404,000 | 374,337 | ||||||
4.75%, 4/15/2029 |
505,000 | 488,823 | ||||||
5.00%, 4/15/2030 |
150,000 | 147,512 | ||||||
4.15%, 11/15/2030 |
150,000 | 137,904 | ||||||
2.45%, 2/15/2031(d) |
303,000 | 246,048 | ||||||
4.15%, 4/15/2032(d) |
250,000 | 226,046 | ||||||
4.30%, 11/15/2032 |
450,000 | 410,513 | ||||||
2.60%, 2/15/2033(d) |
300,000 | 233,655 | ||||||
3.42%, 4/15/2033(d) |
640,000 | 535,290 | ||||||
Microchip Technology, Inc. |
||||||||
0.98%, 9/1/2024 |
101,000 | 95,861 | ||||||
Micron Technology, Inc. |
||||||||
4.66%, 2/15/2030 |
300,000 | 284,236 | ||||||
NXP BV |
||||||||
3.88%, 6/18/2026 |
50,000 | 47,959 | ||||||
3.15%, 5/1/2027 |
200,000 | 184,956 | ||||||
4.30%, 6/18/2029 |
250,000 | 236,016 | ||||||
3.40%, 5/1/2030 |
252,000 | 223,337 | ||||||
Qorvo, Inc. |
||||||||
4.38%, 10/15/2029 |
202,000 | 185,298 | ||||||
Skyworks Solutions, Inc. |
||||||||
1.80%, 6/1/2026 |
101,000 | 90,488 | ||||||
3.00%, 6/1/2031 |
100,000 | 82,930 | ||||||
Texas Instruments, Inc. |
||||||||
1.38%, 3/12/2025 |
202,000 | 190,197 | ||||||
2.90%, 11/3/2027 |
252,000 | 235,266 | ||||||
3.65%, 8/16/2032 |
150,000 | 138,316 | ||||||
4.90%, 3/14/2033 |
200,000 | 203,101 | ||||||
TSMC Arizona Corp. |
||||||||
1.75%, 10/25/2026 |
500,000 | 449,637 | ||||||
3.88%, 4/22/2027 |
252,000 | 242,576 | ||||||
2.50%, 10/25/2031 |
200,000 | 166,957 | ||||||
|
|
|||||||
7,928,300 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Software - 2.0% |
| |||||||
Adobe, Inc. |
||||||||
3.25%, 2/1/2025 |
50,000 | 48,622 | ||||||
2.15%, 2/1/2027 |
252,000 | 231,936 | ||||||
2.30%, 2/1/2030 |
353,000 | 309,263 | ||||||
Autodesk, Inc. |
||||||||
3.50%, 6/15/2027 |
350,000 | 330,537 | ||||||
2.85%, 1/15/2030 |
50,000 | 43,766 | ||||||
2.40%, 12/15/2031 |
202,000 | 165,618 | ||||||
Fortinet, Inc. |
||||||||
1.00%, 3/15/2026 |
50,000 | 44,715 | ||||||
Intuit, Inc. |
||||||||
1.35%, 7/15/2027 |
200,000 | 175,679 | ||||||
Microsoft Corp. |
||||||||
3.13%, 11/3/2025 |
279,000 | 269,076 | ||||||
Oracle Corp. |
||||||||
2.80%, 4/1/2027 |
290,000 | 267,781 | ||||||
3.25%, 11/15/2027 |
150,000 | 139,817 | ||||||
2.30%, 3/25/2028 |
303,000 | 267,347 | ||||||
2.95%, 4/1/2030 |
458,000 | 399,653 | ||||||
4.65%, 5/6/2030 |
101,000 | 97,758 | ||||||
3.25%, 5/15/2030 |
50,000 | 44,400 | ||||||
2.88%, 3/25/2031 |
303,000 | 257,619 | ||||||
6.25%, 11/9/2032 |
150,000 | 158,621 | ||||||
Roper Technologies, Inc. |
||||||||
3.80%, 12/15/2026 |
50,000 | 47,913 | ||||||
1.40%, 9/15/2027 |
480,000 | 416,825 | ||||||
4.20%, 9/15/2028 |
301,000 | 290,334 | ||||||
2.95%, 9/15/2029 |
50,000 | 44,710 | ||||||
1.75%, 2/15/2031 |
252,000 | 199,645 | ||||||
VMware, Inc. |
||||||||
1.00%, 8/15/2024 |
252,000 | 239,722 | ||||||
1.40%, 8/15/2026 |
353,000 | 312,751 | ||||||
4.65%, 5/15/2027 |
50,000 | 48,733 | ||||||
3.90%, 8/21/2027 |
252,000 | 239,040 | ||||||
1.80%, 8/15/2028 |
164,000 | 137,934 | ||||||
4.70%, 5/15/2030 |
252,000 | 239,238 | ||||||
|
|
|||||||
5,469,053 | ||||||||
|
|
|||||||
Specialized REITs - 1.5% |
||||||||
American Tower Corp. |
||||||||
REIT, 2.40%, 3/15/2025 |
603,000 | 571,536 | ||||||
Crown Castle, Inc. |
||||||||
REIT, 3.10%, 11/15/2029 |
50,000 | 43,780 | ||||||
REIT, 2.25%, 1/15/2031 |
250,000 | 203,282 | ||||||
REIT, 2.10%, 4/1/2031 |
100,000 | 79,668 | ||||||
CubeSmart LP |
||||||||
REIT, 4.00%, 11/15/2025 |
101,000 | 95,675 | ||||||
REIT, 2.25%, 12/15/2028 |
150,000 | 127,113 | ||||||
REIT, 4.38%, 2/15/2029 |
150,000 | 140,965 | ||||||
REIT, 3.00%, 2/15/2030 |
200,000 | 170,712 | ||||||
REIT, 2.50%, 2/15/2032 |
150,000 | 119,121 | ||||||
EPR Properties |
||||||||
REIT, 4.50%, 6/1/2027 |
153,000 | 138,709 | ||||||
REIT, 4.95%, 4/15/2028 |
353,000 | 317,225 | ||||||
REIT, 3.60%, 11/15/2031 |
100,000 | 78,105 | ||||||
Equinix, Inc. |
||||||||
REIT, 1.45%, 5/15/2026 |
162,000 | 145,288 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
REIT, 3.20%, 11/18/2029 |
252,000 | 222,081 | ||||||
Extra Space Storage LP |
||||||||
REIT, 3.90%, 4/1/2029 |
200,000 | 184,251 | ||||||
Public Storage |
||||||||
REIT, 0.88%, 2/15/2026 |
50,000 | 45,045 | ||||||
REIT, 3.09%, 9/15/2027 |
202,000 | 189,116 | ||||||
REIT, 1.85%, 5/1/2028 |
503,000 | 437,399 | ||||||
REIT, 1.95%, 11/9/2028 |
151,000 | 130,113 | ||||||
Weyerhaeuser Co. |
||||||||
REIT, 4.00%, 11/15/2029 |
101,000 | 93,437 | ||||||
REIT, 4.00%, 4/15/2030 |
454,000 | 418,511 | ||||||
REIT, 3.38%, 3/9/2033 |
150,000 | 128,801 | ||||||
|
|
|||||||
4,079,933 | ||||||||
|
|
|||||||
Specialty Retail - 1.7% |
||||||||
AutoNation, Inc. |
||||||||
1.95%, 8/1/2028 |
222,000 | 183,251 | ||||||
4.75%, 6/1/2030 |
100,000 | 94,101 | ||||||
AutoZone, Inc. |
||||||||
3.25%, 4/15/2025 |
242,000 | 232,812 | ||||||
3.13%, 4/21/2026 |
25,000 | 23,677 | ||||||
3.75%, 6/1/2027 |
202,000 | 193,355 | ||||||
4.50%, 2/1/2028 |
200,000 | 194,799 | ||||||
4.00%, 4/15/2030 |
252,000 | 233,922 | ||||||
4.75%, 8/1/2032 |
140,000 | 135,128 | ||||||
4.75%, 2/1/2033 |
150,000 | 143,591 | ||||||
Best Buy Co., Inc. |
||||||||
4.45%, 10/1/2028 |
51,000 | 49,557 | ||||||
Home Depot, Inc. (The) |
||||||||
2.80%, 9/14/2027 |
353,000 | 328,921 | ||||||
2.95%, 6/15/2029 |
151,000 | 137,942 | ||||||
3.25%, 4/15/2032 |
328,000 | 293,963 | ||||||
Lowes Cos., Inc. |
||||||||
3.65%, 4/5/2029 |
252,000 | 234,762 | ||||||
4.50%, 4/15/2030 |
202,000 | 195,600 | ||||||
3.75%, 4/1/2032 |
202,000 | 183,166 | ||||||
OReilly Automotive, Inc. |
||||||||
3.55%, 3/15/2026 |
252,000 | 241,365 | ||||||
3.60%, 9/1/2027 |
301,000 | 285,261 | ||||||
4.35%, 6/1/2028 |
353,000 | 343,968 | ||||||
4.20%, 4/1/2030 |
50,000 | 47,100 | ||||||
4.70%, 6/15/2032 |
150,000 | 144,161 | ||||||
Ross Stores, Inc. |
||||||||
0.88%, 4/15/2026 |
200,000 | 177,452 | ||||||
1.88%, 4/15/2031 |
150,000 | 118,869 | ||||||
TJX Cos., Inc. (The) |
||||||||
2.25%, 9/15/2026 |
50,000 | 46,406 | ||||||
3.88%, 4/15/2030 |
151,000 | 143,690 | ||||||
Tractor Supply Co. |
||||||||
5.25%, 5/15/2033 |
150,000 | 148,301 | ||||||
|
|
|||||||
4,555,120 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 2.1% |
| |||||||
Apple, Inc. |
||||||||
2.75%, 1/13/2025 |
101,000 | 97,731 | ||||||
2.50%, 2/9/2025 |
101,000 | 97,259 | ||||||
1.13%, 5/11/2025 |
454,000 | 425,011 | ||||||
3.20%, 5/13/2025 |
252,000 | 244,123 | ||||||
0.55%, 8/20/2025 |
50,000 | 45,806 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.25%, 2/23/2026 |
723,000 | 697,520 | ||||||
2.45%, 8/4/2026 |
352,000 | 329,860 | ||||||
2.05%, 9/11/2026 |
302,000 | 279,289 | ||||||
3.35%, 2/9/2027 |
232,000 | 222,583 | ||||||
3.20%, 5/11/2027 |
565,000 | 539,744 | ||||||
2.90%, 9/12/2027 |
202,000 | 189,872 | ||||||
3.00%, 11/13/2027 |
242,000 | 228,000 | ||||||
1.20%, 2/8/2028 |
454,000 | 393,901 | ||||||
1.40%, 8/5/2028 |
444,000 | 384,153 | ||||||
3.25%, 8/8/2029 |
202,000 | 189,498 | ||||||
2.20%, 9/11/2029 |
102,000 | 89,929 | ||||||
4.15%, 5/10/2030 |
50,000 | 49,350 | ||||||
1.65%, 2/8/2031 |
252,000 | 207,878 | ||||||
HP, Inc. |
||||||||
3.00%, 6/17/2027 |
353,000 | 326,833 | ||||||
4.00%, 4/15/2029 |
202,000 | 190,857 | ||||||
3.40%, 6/17/2030 |
100,000 | 87,566 | ||||||
NetApp, Inc. |
||||||||
1.88%, 6/22/2025 |
151,000 | 140,843 | ||||||
2.38%, 6/22/2027 |
200,000 | 181,804 | ||||||
|
|
|||||||
5,639,410 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.0%(e) |
| |||||||
Tapestry, Inc. |
||||||||
4.13%, 7/15/2027 |
8,000 | 7,525 | ||||||
|
|
|||||||
Tobacco - 2.3% |
||||||||
Altria Group, Inc. |
||||||||
2.35%, 5/6/2025 |
212,000 | 200,181 | ||||||
4.40%, 2/14/2026 |
251,000 | 246,428 | ||||||
2.63%, 9/16/2026 |
151,000 | 140,827 | ||||||
4.80%, 2/14/2029 |
654,000 | 637,961 | ||||||
3.40%, 5/6/2030 |
303,000 | 268,025 | ||||||
2.45%, 2/4/2032 |
300,000 | 236,132 | ||||||
BAT Capital Corp. |
||||||||
3.22%, 9/6/2026 |
250,000 | 233,799 | ||||||
4.70%, 4/2/2027 |
133,000 | 129,471 | ||||||
3.56%, 8/15/2027 |
293,000 | 272,127 | ||||||
2.26%, 3/25/2028 |
151,000 | 130,543 | ||||||
3.46%, 9/6/2029 |
100,000 | 87,663 | ||||||
4.91%, 4/2/2030 |
252,000 | 238,707 | ||||||
2.73%, 3/25/2031 |
127,000 | 101,246 | ||||||
Philip Morris International, Inc. |
||||||||
1.50%, 5/1/2025 |
225,000 | 211,106 | ||||||
4.88%, 2/13/2026 |
351,000 | 348,666 | ||||||
2.75%, 2/25/2026 |
100,000 | 94,480 | ||||||
0.88%, 5/1/2026 |
151,000 | 135,141 | ||||||
5.13%, 11/17/2027 |
303,000 | 303,683 | ||||||
4.88%, 2/15/2028 |
553,000 | 547,503 | ||||||
3.38%, 8/15/2029 |
303,000 | 274,403 | ||||||
5.63%, 11/17/2029 |
200,000 | 204,604 | ||||||
5.13%, 2/15/2030 |
665,000 | 660,770 | ||||||
5.38%, 2/15/2033 |
530,000 | 528,438 | ||||||
|
|
|||||||
6,231,904 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.2% |
| |||||||
Air Lease Corp. |
||||||||
3.63%, 12/1/2027 |
202,000 | 187,212 | ||||||
3.13%, 12/1/2030 |
100,000 | 83,749 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Aircastle Ltd. |
||||||||
4.25%, 6/15/2026 |
252,000 | 239,431 | ||||||
|
|
|||||||
510,392 | ||||||||
|
|
|||||||
Water Utilities - 0.2% |
||||||||
American Water Capital Corp. |
||||||||
3.45%, 6/1/2029 |
202,000 | 186,726 | ||||||
2.80%, 5/1/2030 |
200,000 | 174,587 | ||||||
Essential Utilities, Inc. |
||||||||
2.70%, 4/15/2030 |
200,000 | 169,640 | ||||||
|
|
|||||||
530,953 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.1% |
| |||||||
America Movil SAB de CV |
||||||||
2.88%, 5/7/2030 |
252,000 | 218,465 | ||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
261,867,912 | ||||||
|
|
|||||||
Total Investments - 96.9% |
|
261,867,912 | ||||||
Other assets less liabilities - 3.1% |
|
8,250,421 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
270,118,333 | ||||||
|
|
(a) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of July 31, 2023. |
(b) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2023. |
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) | Represents less than 0.05% of net assets. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CME | Chicago Mercantile Exchange | |
OYJ | Public Limited Company | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Corporate Bond Index Fund (cont.)
Security Type |
% of Net Assets | |||
Corporate Bonds |
96.9 | % | ||
Others(1) |
3.1 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Credit-Scored US Long Corporate Bond Index Fund
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 96.1% |
| |||||||
Aerospace & Defense - 2.0% |
| |||||||
Boeing Co. (The) |
|
|||||||
5.81%, 5/1/2050 |
80,000 | 80,463 | ||||||
5.93%, 5/1/2060 |
25,000 | 24,970 | ||||||
L3Harris Technologies, Inc. |
|
|||||||
5.05%, 4/27/2045 |
50,000 | 46,951 | ||||||
Lockheed Martin Corp. |
|
|||||||
4.09%, 9/15/2052 |
125,000 | 108,074 | ||||||
4.15%, 6/15/2053 |
170,000 | 146,989 | ||||||
5.70%, 11/15/2054 |
50,000 | 54,781 | ||||||
5.20%, 2/15/2055 |
10,000 | 10,196 | ||||||
4.30%, 6/15/2062 |
10,000 | 8,668 | ||||||
5.90%, 11/15/2063 |
90,000 | 101,038 | ||||||
Northrop Grumman Corp. |
|
|||||||
4.95%, 3/15/2053 |
10,000 | 9,620 | ||||||
RTX Corp. |
|
|||||||
4.45%, 11/16/2038 |
10,000 | 9,108 | ||||||
4.20%, 12/15/2044 |
10,000 | 7,956 | ||||||
5.38%, 2/27/2053 |
30,000 | 30,136 | ||||||
|
|
|||||||
638,950 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.2% |
| |||||||
United Parcel Service, Inc. |
|
|||||||
5.05%, 3/3/2053 |
50,000 | 50,316 | ||||||
|
|
|||||||
Automobile Components - 0.3% |
| |||||||
Aptiv plc |
|
|||||||
4.15%, 5/1/2052 |
50,000 | 38,247 | ||||||
Lear Corp. |
|
|||||||
5.25%, 5/15/2049 |
50,000 | 44,204 | ||||||
|
|
|||||||
82,451 | ||||||||
|
|
|||||||
Automobiles - 0.0%(a) |
| |||||||
General Motors Co. |
|
|||||||
5.95%, 4/1/2049 |
10,000 | 9,364 | ||||||
|
|
|||||||
Banks - 7.3% |
| |||||||
Bank of America Corp. |
|
|||||||
7.75%, 5/14/2038 |
100,000 | 119,809 | ||||||
2.68%, 6/19/2041(b) |
50,000 | 35,412 | ||||||
3.31%, 4/22/2042(b) |
25,000 | 19,278 | ||||||
4.08%, 3/20/2051(b) |
50,000 | 41,679 | ||||||
Citigroup, Inc. |
|
|||||||
6.13%, 8/25/2036 |
100,000 | 103,316 | ||||||
2.90%, 11/3/2042(b) |
25,000 | 17,710 | ||||||
6.68%, 9/13/2043 |
75,000 | 81,053 | ||||||
5.30%, 5/6/2044 |
100,000 | 92,914 | ||||||
4.75%, 5/18/2046 |
135,000 | 116,099 | ||||||
4.28%, 4/24/2048(b) |
25,000 | 21,646 | ||||||
Cooperatieve Rabobank UA |
|
|||||||
5.25%, 5/24/2041 |
30,000 | 30,975 | ||||||
Fifth Third Bancorp |
|
|||||||
8.25%, 3/1/2038 |
20,000 | 23,437 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
HSBC Holdings plc |
|
|||||||
6.50%, 9/15/2037 |
100,000 | 101,017 | ||||||
6.33%, 3/9/2044(b) |
200,000 | 209,140 | ||||||
JPMorgan Chase & Co. |
|
|||||||
6.40%, 5/15/2038 |
35,000 | 39,187 | ||||||
4.95%, 6/1/2045 |
230,000 | 214,939 | ||||||
3.33%, 4/22/2052(b) |
50,000 | 36,719 | ||||||
Lloyds Banking Group plc |
|
|||||||
4.34%, 1/9/2048 |
200,000 | 154,593 | ||||||
Regions Financial Corp. |
|
|||||||
7.38%, 12/10/2037 |
50,000 | 53,486 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
|
|||||||
2.93%, 9/17/2041 |
10,000 | 6,918 | ||||||
6.18%, 7/13/2043 |
10,000 | 10,407 | ||||||
Wells Fargo & Co. |
|
|||||||
5.95%, 12/15/2036 |
25,000 | 24,685 | ||||||
3.07%, 4/30/2041(b) |
100,000 | 73,523 | ||||||
5.38%, 11/2/2043 |
100,000 | 95,005 | ||||||
5.61%, 1/15/2044 |
100,000 | 96,509 | ||||||
4.90%, 11/17/2045 |
150,000 | 131,863 | ||||||
4.40%, 6/14/2046 |
125,000 | 102,082 | ||||||
4.75%, 12/7/2046 |
150,000 | 128,483 | ||||||
5.01%, 4/4/2051(b) |
10,000 | 9,328 | ||||||
Westpac Banking Corp. |
|
|||||||
3.13%, 11/18/2041 |
250,000 | 167,098 | ||||||
|
|
|||||||
2,358,310 | ||||||||
|
|
|||||||
Beverages - 1.0% |
| |||||||
Brown-Forman Corp. |
|
|||||||
4.00%, 4/15/2038 |
50,000 | 43,893 | ||||||
Coca-Cola Co. (The) |
|
|||||||
2.50%, 6/1/2040 |
10,000 | 7,403 | ||||||
2.50%, 3/15/2051 |
10,000 | 6,699 | ||||||
2.75%, 6/1/2060 |
10,000 | 6,778 | ||||||
Constellation Brands, Inc. |
|
|||||||
5.25%, 11/15/2048 |
30,000 | 28,515 | ||||||
3.75%, 5/1/2050 |
30,000 | 23,421 | ||||||
Diageo Investment Corp. |
|
|||||||
4.25%, 5/11/2042 |
75,000 | 66,769 | ||||||
Keurig Dr Pepper, Inc. |
|
|||||||
4.50%, 11/15/2045 |
40,000 | 34,801 | ||||||
3.80%, 5/1/2050 |
40,000 | 31,020 | ||||||
4.50%, 4/15/2052 |
40,000 | 35,020 | ||||||
PepsiCo, Inc. |
|
|||||||
4.65%, 2/15/2053 |
50,000 | 49,635 | ||||||
|
|
|||||||
333,954 | ||||||||
|
|
|||||||
Biotechnology - 2.5% |
| |||||||
AbbVie, Inc. |
|
|||||||
4.55%, 3/15/2035 |
200,000 | 190,460 | ||||||
4.85%, 6/15/2044 |
200,000 | 185,588 | ||||||
4.88%, 11/14/2048 |
200,000 | 187,634 | ||||||
Amgen, Inc. |
|
|||||||
5.15%, 11/15/2041 |
60,000 | 57,326 | ||||||
5.65%, 3/2/2053 |
30,000 | 30,091 | ||||||
4.40%, 2/22/2062 |
60,000 | 49,035 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.75%, 3/2/2063 |
30,000 | 30,156 | ||||||
Biogen, Inc. |
|
|||||||
3.25%, 2/15/2051 |
10,000 | 6,877 | ||||||
Gilead Sciences, Inc. |
|
|||||||
4.15%, 3/1/2047 |
20,000 | 17,156 | ||||||
2.80%, 10/1/2050 |
15,000 | 10,008 | ||||||
Regeneron Pharmaceuticals, Inc. |
|
|||||||
2.80%, 9/15/2050 |
50,000 | 31,793 | ||||||
|
|
|||||||
796,124 | ||||||||
|
|
|||||||
Broadline Retail - 0.4% |
| |||||||
Alibaba Group Holding Ltd. |
|
|||||||
3.15%, 2/9/2051 |
200,000 | 126,594 | ||||||
|
|
|||||||
Building Products - 0.8% |
| |||||||
Carrier Global Corp. |
|
|||||||
3.58%, 4/5/2050 |
50,000 | 37,092 | ||||||
Johnson Controls International plc |
|
|||||||
4.50%, 2/15/2047 |
30,000 | 26,039 | ||||||
Masco Corp. |
|
|||||||
4.50%, 5/15/2047 |
50,000 | 40,069 | ||||||
Owens Corning |
|
|||||||
4.30%, 7/15/2047 |
40,000 | 32,761 | ||||||
4.40%, 1/30/2048 |
40,000 | 33,079 | ||||||
Trane Technologies Luxembourg Finance SA |
|
|||||||
4.50%, 3/21/2049 |
100,000 | 87,827 | ||||||
|
|
|||||||
256,867 | ||||||||
|
|
|||||||
Capital Markets - 1.9% |
| |||||||
CI Financial Corp. |
|
|||||||
4.10%, 6/15/2051 |
50,000 | 30,569 | ||||||
Goldman Sachs Group, Inc. (The) |
|
|||||||
4.02%, 10/31/2038(b) |
55,000 | 46,671 | ||||||
2.91%, 7/21/2042(b) |
55,000 | 38,940 | ||||||
4.75%, 10/21/2045 |
75,000 | 68,545 | ||||||
Moodys Corp. |
|
|||||||
2.75%, 8/19/2041 |
10,000 | 7,035 | ||||||
4.88%, 12/17/2048 |
10,000 | 9,317 | ||||||
3.25%, 5/20/2050 |
10,000 | 7,038 | ||||||
3.75%, 2/25/2052 |
60,000 | 46,808 | ||||||
2.55%, 8/18/2060 |
10,000 | 5,434 | ||||||
3.10%, 11/29/2061 |
70,000 | 45,005 | ||||||
Morgan Stanley |
|
|||||||
6.38%, 7/24/2042 |
50,000 | 56,054 | ||||||
4.30%, 1/27/2045 |
60,000 | 52,717 | ||||||
Nasdaq, Inc. |
|
|||||||
2.50%, 12/21/2040 |
10,000 | 6,672 | ||||||
3.25%, 4/28/2050 |
110,000 | 74,724 | ||||||
3.95%, 3/7/2052 |
60,000 | 46,150 | ||||||
6.10%, 6/28/2063 |
10,000 | 10,098 | ||||||
S&P Global, Inc. |
|
|||||||
6.55%, 11/15/2037 |
50,000 | 54,497 | ||||||
4.50%, 5/15/2048 |
10,000 | 8,840 | ||||||
3.90%, 3/1/2062 |
10,000 | 8,168 | ||||||
|
|
|||||||
623,282 | ||||||||
|
|
|||||||
Chemicals - 1.9% |
| |||||||
Albemarle Corp. |
|
|||||||
5.45%, 12/1/2044 |
50,000 | 46,372 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
CF Industries, Inc. |
|
|||||||
5.15%, 3/15/2034 |
40,000 | 38,342 | ||||||
5.38%, 3/15/2044 |
100,000 | 90,857 | ||||||
Dow Chemical Co. (The) |
|
|||||||
9.40%, 5/15/2039 |
48,000 | 64,976 | ||||||
5.55%, 11/30/2048 |
40,000 | 38,936 | ||||||
FMC Corp. |
|
|||||||
4.50%, 10/1/2049 |
50,000 | 38,137 | ||||||
LYB International Finance BV |
|
|||||||
5.25%, 7/15/2043 |
50,000 | 45,364 | ||||||
LYB International Finance III LLC |
|
|||||||
4.20%, 10/15/2049 |
50,000 | 38,386 | ||||||
4.20%, 5/1/2050 |
50,000 | 38,322 | ||||||
3.63%, 4/1/2051 |
100,000 | 69,304 | ||||||
LyondellBasell Industries NV |
|
|||||||
4.63%, 2/26/2055 |
50,000 | 40,624 | ||||||
Mosaic Co. (The) |
|
|||||||
5.63%, 11/15/2043 |
30,000 | 28,138 | ||||||
RPM International, Inc. |
|
|||||||
4.25%, 1/15/2048 |
20,000 | 15,154 | ||||||
Sherwin-Williams Co. (The) |
|
|||||||
2.90%, 3/15/2052 |
40,000 | 25,907 | ||||||
|
|
|||||||
618,819 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 0.2% |
| |||||||
Republic Services, Inc. |
|
|||||||
5.70%, 5/15/2041 |
25,000 | 26,003 | ||||||
Waste Management, Inc. |
|
|||||||
2.95%, 6/1/2041 |
40,000 | 29,539 | ||||||
|
|
|||||||
55,542 | ||||||||
|
|
|||||||
Communications Equipment - 1.3% |
| |||||||
Cisco Systems, Inc. |
|
|||||||
5.90%, 2/15/2039 |
200,000 | 220,252 | ||||||
5.50%, 1/15/2040 |
100,000 | 105,868 | ||||||
Juniper Networks, Inc. |
|
|||||||
5.95%, 3/15/2041 |
30,000 | 29,114 | ||||||
Motorola Solutions, Inc. |
|
|||||||
5.50%, 9/1/2044 |
30,000 | 28,607 | ||||||
Nokia OYJ |
|
|||||||
6.63%, 5/15/2039 |
50,000 | 48,560 | ||||||
|
|
|||||||
432,401 | ||||||||
|
|
|||||||
Construction & Engineering - 0.2% |
| |||||||
Quanta Services, Inc. |
|
|||||||
3.05%, 10/1/2041 |
20,000 | 13,798 | ||||||
Valmont Industries, Inc. |
|
|||||||
5.00%, 10/1/2044 |
50,000 | 43,277 | ||||||
|
|
|||||||
57,075 | ||||||||
|
|
|||||||
Construction Materials - 0.0%(a) |
| |||||||
Vulcan Materials Co. |
|
|||||||
4.50%, 6/15/2047 |
10,000 | 8,780 | ||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.6% |
| |||||||
Dollar General Corp. |
|
|||||||
5.50%, 11/1/2052 |
10,000 | 9,448 | ||||||
Dollar Tree, Inc. |
|
|||||||
3.38%, 12/1/2051 |
30,000 | 20,088 | ||||||
Sysco Corp. |
|
|||||||
6.60%, 4/1/2040 |
10,000 | 10,775 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
6.60%, 4/1/2050 |
120,000 | 135,973 | ||||||
3.15%, 12/14/2051 |
20,000 | 13,784 | ||||||
|
|
|||||||
190,068 | ||||||||
|
|
|||||||
Containers & Packaging - 0.3% |
| |||||||
International Paper Co. |
|
|||||||
6.00%, 11/15/2041 |
25,000 | 25,509 | ||||||
Packaging Corp. of America |
|
|||||||
3.05%, 10/1/2051 |
100,000 | 65,711 | ||||||
|
|
|||||||
91,220 | ||||||||
|
|
|||||||
Diversified REITs - 0.2% |
| |||||||
Simon Property Group LP |
|
|||||||
REIT, 5.85%, 3/8/2053 |
20,000 | 20,203 | ||||||
VICI Properties LP |
|
|||||||
REIT, 5.63%, 5/15/2052 |
50,000 | 45,818 | ||||||
|
|
|||||||
66,021 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 1.8% |
| |||||||
Bell Canada (The) |
|
|||||||
4.46%, 4/1/2048 |
60,000 | 51,101 | ||||||
4.30%, 7/29/2049 |
15,000 | 12,336 | ||||||
3.65%, 8/15/2052 |
60,000 | 44,361 | ||||||
Telefonica Emisiones SA |
|
|||||||
5.21%, 3/8/2047 |
150,000 | 130,071 | ||||||
TELUS Corp. |
|
|||||||
4.30%, 6/15/2049 |
50,000 | 39,979 | ||||||
Verizon Communications, Inc. |
|
|||||||
2.88%, 11/20/2050 |
80,000 | 50,829 | ||||||
3.55%, 3/22/2051 |
80,000 | 57,939 | ||||||
3.88%, 3/1/2052 |
80,000 | 61,714 | ||||||
2.99%, 10/30/2056 |
80,000 | 49,274 | ||||||
3.70%, 3/22/2061 |
120,000 | 85,032 | ||||||
|
|
|||||||
582,636 | ||||||||
|
|
|||||||
Electric Utilities - 3.2% |
| |||||||
AEP Texas, Inc. |
|
|||||||
5.25%, 5/15/2052 |
35,000 | 33,201 | ||||||
Arizona Public Service Co. |
|
|||||||
4.20%, 8/15/2048 |
10,000 | 7,824 | ||||||
4.25%, 3/1/2049 |
10,000 | 7,830 | ||||||
3.50%, 12/1/2049 |
60,000 | 41,833 | ||||||
3.35%, 5/15/2050 |
70,000 | 47,864 | ||||||
Cleco Corporate Holdings LLC |
|
|||||||
4.97%, 5/1/2046(c) |
10,000 | 8,268 | ||||||
Duke Energy Corp. |
|
|||||||
4.80%, 12/15/2045 |
55,000 | 49,109 | ||||||
3.75%, 9/1/2046 |
20,000 | 15,265 | ||||||
3.95%, 8/15/2047 |
50,000 | 38,332 | ||||||
Emera US Finance LP |
|
|||||||
4.75%, 6/15/2046 |
50,000 | 40,183 | ||||||
Georgia Power Co. |
|
|||||||
Series B, 3.70%, 1/30/2050 |
6,000 | 4,625 | ||||||
5.13%, 5/15/2052 |
15,000 | 14,441 | ||||||
Kentucky Utilities Co. |
|
|||||||
3.30%, 6/1/2050 |
100,000 | 71,445 | ||||||
MidAmerican Energy Co. |
|
|||||||
4.25%, 7/15/2049 |
50,000 | 42,101 | ||||||
Oklahoma Gas and Electric Co. |
|
|||||||
3.85%, 8/15/2047 |
45,000 | 34,903 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Pacific Gas and Electric Co. |
|
|||||||
4.95%, 7/1/2050 |
50,000 | 39,986 | ||||||
6.75%, 1/15/2053 |
50,000 | 50,066 | ||||||
6.70%, 4/1/2053 |
50,000 | 49,940 | ||||||
PacifiCorp |
|
|||||||
6.25%, 10/15/2037 |
100,000 | 102,372 | ||||||
2.90%, 6/15/2052 |
50,000 | 30,529 | ||||||
5.35%, 12/1/2053 |
25,000 | 22,226 | ||||||
PPL Electric Utilities Corp. |
|
|||||||
5.25%, 5/15/2053 |
50,000 | 50,211 | ||||||
Public Service Co. of Colorado |
|
|||||||
5.25%, 4/1/2053 |
30,000 | 28,714 | ||||||
Tucson Electric Power Co. |
|
|||||||
4.00%, 6/15/2050 |
60,000 | 46,080 | ||||||
Union Electric Co. |
|
|||||||
3.90%, 4/1/2052 |
50,000 | 40,576 | ||||||
Wisconsin Power and Light Co. |
|
|||||||
3.65%, 4/1/2050 |
70,000 | 52,215 | ||||||
Wisconsin Public Service Corp. |
|
|||||||
3.30%, 9/1/2049 |
40,000 | 28,473 | ||||||
2.85%, 12/1/2051 |
70,000 | 45,779 | ||||||
|
|
|||||||
1,044,391 | ||||||||
|
|
|||||||
Electrical Equipment - 0.4% |
| |||||||
ABB Finance USA, Inc. |
|
|||||||
4.38%, 5/8/2042 |
50,000 | 44,002 | ||||||
Eaton Corp. |
|
|||||||
4.70%, 8/23/2052 |
30,000 | 28,389 | ||||||
Emerson Electric Co. |
|
|||||||
2.80%, 12/21/2051 |
50,000 | 33,416 | ||||||
Rockwell Automation, Inc. |
|
|||||||
2.80%, 8/15/2061 |
25,000 | 15,874 | ||||||
|
|
|||||||
121,681 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.4% |
| |||||||
Corning, Inc. |
|
|||||||
4.38%, 11/15/2057 |
25,000 | 20,434 | ||||||
5.45%, 11/15/2079 |
80,000 | 73,443 | ||||||
Tyco Electronics Group SA |
|
|||||||
7.13%, 10/1/2037 |
40,000 | 45,871 | ||||||
|
|
|||||||
139,748 | ||||||||
|
|
|||||||
Entertainment - 0.3% |
| |||||||
Activision Blizzard, Inc. |
|
|||||||
2.50%, 9/15/2050 |
100,000 | 65,092 | ||||||
Electronic Arts, Inc. |
|
|||||||
2.95%, 2/15/2051 |
50,000 | 33,673 | ||||||
|
|
|||||||
98,765 | ||||||||
|
|
|||||||
Financial Services - 1.3% |
| |||||||
Fidelity National Information Services, Inc. |
|
|||||||
5.63%, 7/15/2052 |
25,000 | 24,420 | ||||||
Fiserv, Inc. |
|
|||||||
4.40%, 7/1/2049 |
80,000 | 67,160 | ||||||
Global Payments, Inc. |
|
|||||||
4.15%, 8/15/2049 |
10,000 | 7,530 | ||||||
5.95%, 8/15/2052 |
10,000 | 9,754 | ||||||
Mastercard, Inc. |
|
|||||||
3.65%, 6/1/2049 |
10,000 | 8,244 | ||||||
3.85%, 3/26/2050 |
20,000 | 17,073 | ||||||
2.95%, 3/15/2051 |
60,000 | 43,234 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
PayPal Holdings, Inc. |
|
|||||||
5.05%, 6/1/2052 |
10,000 | 9,853 | ||||||
Shell International Finance BV |
|
|||||||
6.38%, 12/15/2038 |
20,000 | 22,472 | ||||||
Visa, Inc. |
|
|||||||
2.70%, 4/15/2040 |
50,000 | 38,048 | ||||||
4.30%, 12/14/2045 |
100,000 | 92,675 | ||||||
Voya Financial, Inc. |
|
|||||||
4.80%, 6/15/2046 |
25,000 | 20,207 | ||||||
Western Union Co. (The) |
|
|||||||
6.20%, 6/21/2040 |
50,000 | 50,732 | ||||||
|
|
|||||||
411,402 | ||||||||
|
|
|||||||
Food Products - 1.3% |
| |||||||
Campbell Soup Co. |
|
|||||||
4.80%, 3/15/2048 |
50,000 | 45,026 | ||||||
Conagra Brands, Inc. |
|
|||||||
5.40%, 11/1/2048 |
50,000 | 47,021 | ||||||
General Mills, Inc. |
|
|||||||
5.40%, 6/15/2040 |
50,000 | 49,683 | ||||||
Hershey Co. (The) |
|
|||||||
2.65%, 6/1/2050 |
50,000 | 32,968 | ||||||
Hormel Foods Corp. |
|
|||||||
3.05%, 6/3/2051 |
50,000 | 34,969 | ||||||
Ingredion, Inc. |
|
|||||||
3.90%, 6/1/2050 |
50,000 | 36,911 | ||||||
J M Smucker Co. (The) |
|
|||||||
4.25%, 3/15/2035 |
25,000 | 22,576 | ||||||
2.75%, 9/15/2041 |
70,000 | 48,186 | ||||||
JM Smucker Co. (The) |
|
|||||||
3.55%, 3/15/2050 |
40,000 | 28,899 | ||||||
Kraft Heinz Foods Co. |
|
|||||||
5.50%, 6/1/2050 |
60,000 | 59,488 | ||||||
|
|
|||||||
405,727 | ||||||||
|
|
|||||||
Gas Utilities - 0.5% |
| |||||||
Atmos Energy Corp. |
|
|||||||
4.13%, 10/15/2044 |
55,000 | 46,327 | ||||||
5.75%, 10/15/2052 |
40,000 | 42,749 | ||||||
Piedmont Natural Gas Co., Inc. |
|
|||||||
3.64%, 11/1/2046 |
10,000 | 7,064 | ||||||
Southern California Gas Co. |
|
|||||||
6.35%, 11/15/2052 |
50,000 | 55,115 | ||||||
Spire Missouri, Inc. |
|
|||||||
3.30%, 6/1/2051 |
30,000 | 20,860 | ||||||
|
|
|||||||
172,115 | ||||||||
|
|
|||||||
Ground Transportation - 3.4% |
| |||||||
Burlington Northern Santa Fe LLC |
|
|||||||
4.40%, 3/15/2042 |
75,000 | 67,474 | ||||||
4.15%, 12/15/2048 |
100,000 | 86,165 | ||||||
3.05%, 2/15/2051 |
100,000 | 69,905 | ||||||
3.30%, 9/15/2051 |
150,000 | 110,894 | ||||||
2.88%, 6/15/2052 |
80,000 | 54,088 | ||||||
4.45%, 1/15/2053 |
50,000 | 45,473 | ||||||
5.20%, 4/15/2054 |
50,000 | 50,239 | ||||||
Canadian National Railway Co. |
|
|||||||
4.45%, 1/20/2049 |
10,000 | 9,021 | ||||||
4.40%, 8/5/2052 |
150,000 | 136,089 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Canadian Pacific Railway Co. |
|
|||||||
6.13%, 9/15/2115 |
30,000 | 30,678 | ||||||
CSX Corp. |
|
|||||||
4.50%, 11/15/2052 |
70,000 | 62,423 | ||||||
4.50%, 8/1/2054 |
40,000 | 35,386 | ||||||
4.65%, 3/1/2068 |
40,000 | 35,508 | ||||||
Norfolk Southern Corp. |
|
|||||||
4.05%, 8/15/2052 |
40,000 | 32,655 | ||||||
4.55%, 6/1/2053 |
40,000 | 35,639 | ||||||
3.16%, 5/15/2055 |
40,000 | 27,042 | ||||||
5.10%, 8/1/2118 |
40,000 | 34,038 | ||||||
4.10%, 5/15/2121 |
15,000 | 10,686 | ||||||
Union Pacific Corp. |
|
|||||||
3.84%, 3/20/2060 |
130,000 | 103,134 | ||||||
3.75%, 2/5/2070 |
100,000 | 75,528 | ||||||
|
|
|||||||
1,112,065 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.4% |
| |||||||
Boston Scientific Corp. |
|
|||||||
4.55%, 3/1/2039 |
50,000 | 46,207 | ||||||
4.70%, 3/1/2049 |
10,000 | 9,263 | ||||||
Stryker Corp. |
|
|||||||
2.90%, 6/15/2050 |
50,000 | 33,932 | ||||||
Zimmer Biomet Holdings, Inc. |
|
|||||||
4.25%, 8/15/2035 |
50,000 | 42,725 | ||||||
|
|
|||||||
132,127 | ||||||||
|
|
|||||||
Health Care Providers & Services - 3.3% |
| |||||||
AmerisourceBergen Corp. |
|
|||||||
4.30%, 12/15/2047 |
75,000 | 63,542 | ||||||
Cardinal Health, Inc. |
|
|||||||
4.37%, 6/15/2047 |
130,000 | 106,416 | ||||||
Elevance Health, Inc. |
|
|||||||
5.13%, 2/15/2053 |
20,000 | 19,253 | ||||||
HCA, Inc. |
|
|||||||
5.25%, 6/15/2049 |
50,000 | 44,996 | ||||||
4.63%, 3/15/2052(d) |
50,000 | 41,055 | ||||||
Humana, Inc. |
|
|||||||
4.95%, 10/1/2044 |
50,000 | 45,200 | ||||||
5.50%, 3/15/2053 |
50,000 | 49,377 | ||||||
Laboratory Corp. of America Holdings |
|
|||||||
4.70%, 2/1/2045 |
50,000 | 43,116 | ||||||
McKesson Corp. |
|
|||||||
5.10%, 7/15/2033 |
25,000 | 25,082 | ||||||
OhioHealth Corp. |
|
|||||||
2.83%, 11/15/2041 |
10,000 | 7,179 | ||||||
Series 2020, 3.04%, 11/15/2050 |
20,000 | 14,263 | ||||||
UnitedHealth Group, Inc. |
|
|||||||
6.63%, 11/15/2037 |
100,000 | 114,525 | ||||||
4.75%, 5/15/2052 |
30,000 | 28,256 | ||||||
5.88%, 2/15/2053 |
100,000 | 110,066 | ||||||
3.88%, 8/15/2059 |
100,000 | 79,799 | ||||||
3.13%, 5/15/2060 |
115,000 | 78,695 | ||||||
4.95%, 5/15/2062 |
75,000 | 71,701 | ||||||
6.05%, 2/15/2063 |
100,000 | 112,211 | ||||||
|
|
|||||||
1,054,732 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Hotels, Restaurants & Leisure - 2.1% |
| |||||||
Darden Restaurants, Inc. |
|
|||||||
4.55%, 2/15/2048 |
20,000 | 16,691 | ||||||
Marriott International, Inc. |
|
|||||||
Series II, 2.75%, 10/15/2033 |
25,000 | 19,850 | ||||||
McDonalds Corp. |
|
|||||||
4.70%, 12/9/2035 |
50,000 | 48,364 | ||||||
6.30%, 10/15/2037 |
50,000 | 54,996 | ||||||
4.88%, 12/9/2045 |
75,000 | 71,313 | ||||||
4.45%, 3/1/2047 |
100,000 | 89,209 | ||||||
4.45%, 9/1/2048 |
110,000 | 98,647 | ||||||
3.63%, 9/1/2049 |
130,000 | 100,936 | ||||||
4.20%, 4/1/2050 |
110,000 | 94,141 | ||||||
5.15%, 9/9/2052 |
75,000 | 74,249 | ||||||
|
|
|||||||
668,396 | ||||||||
|
|
|||||||
Household Durables - 0.1% |
| |||||||
MDC Holdings, Inc. |
|
|||||||
6.00%, 1/15/2043 |
50,000 | 44,743 | ||||||
|
|
|||||||
Household Products - 0.3% |
| |||||||
Church & Dwight Co., Inc. |
|
|||||||
5.00%, 6/15/2052 |
50,000 | 48,296 | ||||||
Kimberly-Clark Corp. |
|
|||||||
6.63%, 8/1/2037 |
50,000 | 57,908 | ||||||
|
|
|||||||
106,204 | ||||||||
|
|
|||||||
Insurance - 5.9% |
| |||||||
Aflac, Inc. |
|
|||||||
6.45%, 8/15/2040 |
50,000 | 53,571 | ||||||
Alleghany Corp. |
|
|||||||
4.90%, 9/15/2044 |
50,000 | 46,157 | ||||||
Allstate Corp. (The) |
|
|||||||
3.85%, 8/10/2049 |
20,000 | 15,485 | ||||||
American Financial Group, Inc. |
|
|||||||
4.50%, 6/15/2047 |
60,000 | 48,726 | ||||||
American International Group, Inc. |
|
|||||||
4.38%, 6/30/2050 |
20,000 | 17,073 | ||||||
Aon Corp. |
|
|||||||
3.90%, 2/28/2052 |
100,000 | 78,372 | ||||||
Aon Global Ltd. |
|
|||||||
4.60%, 6/14/2044 |
55,000 | 47,869 | ||||||
4.75%, 5/15/2045 |
100,000 | 88,425 | ||||||
Arch Capital Group Ltd. |
|
|||||||
7.35%, 5/1/2034 |
100,000 | 112,779 | ||||||
3.64%, 6/30/2050 |
75,000 | 54,905 | ||||||
Arthur J Gallagher & Co. |
|
|||||||
3.50%, 5/20/2051 |
70,000 | 49,986 | ||||||
3.05%, 3/9/2052 |
75,000 | 47,738 | ||||||
5.75%, 3/2/2053 |
10,000 | 10,016 | ||||||
Athene Holding Ltd. |
|
|||||||
3.95%, 5/25/2051 |
50,000 | 34,811 | ||||||
3.45%, 5/15/2052 |
10,000 | 6,401 | ||||||
Berkshire Hathaway Finance Corp. |
|
|||||||
4.20%, 8/15/2048 |
10,000 | 8,991 | ||||||
4.25%, 1/15/2049 |
85,000 | 77,721 | ||||||
2.85%, 10/15/2050 |
10,000 | 6,869 | ||||||
3.85%, 3/15/2052 |
190,000 | 155,512 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Brown & Brown, Inc. |
|
|||||||
4.95%, 3/17/2052 |
50,000 | 42,736 | ||||||
Chubb INA Holdings, Inc. |
|
|||||||
3.05%, 12/15/2061 |
20,000 | 13,398 | ||||||
Everest Reinsurance Holdings, Inc. |
|
|||||||
3.50%, 10/15/2050 |
10,000 | 7,041 | ||||||
3.13%, 10/15/2052 |
10,000 | 6,552 | ||||||
Fidelity National Financial, Inc. |
|
|||||||
3.20%, 9/17/2051 |
45,000 | 26,843 | ||||||
Hartford Financial Services Group, Inc. (The) |
|
|||||||
4.40%, 3/15/2048 |
20,000 | 16,733 | ||||||
3.60%, 8/19/2049 |
50,000 | 37,493 | ||||||
2.90%, 9/15/2051 |
75,000 | 49,280 | ||||||
Markel Group, Inc. |
|
|||||||
4.15%, 9/17/2050 |
125,000 | 96,727 | ||||||
3.45%, 5/7/2052 |
50,000 | 35,156 | ||||||
Marsh & McLennan Cos., Inc. |
|
|||||||
4.75%, 3/15/2039 |
100,000 | 94,192 | ||||||
4.90%, 3/15/2049 |
80,000 | 75,429 | ||||||
MetLife, Inc. |
|
|||||||
6.40%, 12/15/2036 |
20,000 | 19,997 | ||||||
10.75%, 8/1/2039 |
20,000 | 25,853 | ||||||
Old Republic International Corp. |
|
|||||||
3.85%, 6/11/2051 |
50,000 | 35,631 | ||||||
Principal Financial Group, Inc. |
|
|||||||
5.50%, 3/15/2053 |
50,000 | 47,408 | ||||||
Prudential Financial, Inc. |
|
|||||||
4.35%, 2/25/2050 |
50,000 | 42,693 | ||||||
Selective Insurance Group, Inc. |
|
|||||||
5.38%, 3/1/2049 |
25,000 | 22,654 | ||||||
Travelers Cos., Inc. (The) |
|
|||||||
6.25%, 6/15/2037 |
50,000 | 55,328 | ||||||
Trinity Acquisition plc |
|
|||||||
6.13%, 8/15/2043 |
25,000 | 23,700 | ||||||
Unum Group |
|
|||||||
4.13%, 6/15/2051 |
95,000 | 69,054 | ||||||
W R Berkley Corp. |
|
|||||||
4.00%, 5/12/2050 |
10,000 | 7,728 | ||||||
3.55%, 3/30/2052 |
60,000 | 41,819 | ||||||
3.15%, 9/30/2061 |
10,000 | 6,165 | ||||||
Willis North America, Inc. |
|
|||||||
5.05%, 9/15/2048 |
75,000 | 63,717 | ||||||
|
|
|||||||
1,924,734 | ||||||||
|
|
|||||||
Interactive Media & Services - 1.5% |
| |||||||
Alphabet, Inc. |
|
|||||||
2.25%, 8/15/2060 |
45,000 | 27,220 | ||||||
Meta Platforms, Inc. |
|
|||||||
4.45%, 8/15/2052 |
190,000 | 165,758 | ||||||
5.60%, 5/15/2053 |
70,000 | 72,078 | ||||||
4.65%, 8/15/2062 |
135,000 | 119,379 | ||||||
5.75%, 5/15/2063 |
105,000 | 108,893 | ||||||
|
|
|||||||
493,328 | ||||||||
|
|
|||||||
IT Services - 1.4% |
| |||||||
International Business Machines Corp. |
|
|||||||
4.15%, 5/15/2039 |
110,000 | 96,068 | ||||||
4.25%, 5/15/2049 |
310,000 | 263,915 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.90%, 7/27/2052 |
100,000 | 93,285 | ||||||
|
|
|||||||
453,268 | ||||||||
|
|
|||||||
Machinery - 0.5% |
| |||||||
Dover Corp. |
|
|||||||
5.38%, 3/1/2041 |
50,000 | 48,404 | ||||||
Fortive Corp. |
|
|||||||
4.30%, 6/15/2046 |
50,000 | 39,954 | ||||||
Otis Worldwide Corp. |
|
|||||||
3.11%, 2/15/2040 |
50,000 | 38,530 | ||||||
3.36%, 2/15/2050 |
50,000 | 36,339 | ||||||
|
|
|||||||
163,227 | ||||||||
|
|
|||||||
Media - 3.1% |
| |||||||
Charter Communications Operating LLC |
|
|||||||
6.48%, 10/23/2045 |
120,000 | 111,980 | ||||||
5.38%, 5/1/2047 |
120,000 | 98,046 | ||||||
5.75%, 4/1/2048 |
159,000 | 136,222 | ||||||
4.80%, 3/1/2050 |
80,000 | 60,624 | ||||||
3.70%, 4/1/2051 |
80,000 | 50,772 | ||||||
Comcast Corp. |
|
|||||||
5.35%, 5/15/2053 |
50,000 | 50,212 | ||||||
2.94%, 11/1/2056 |
70,000 | 45,083 | ||||||
2.99%, 11/1/2063 |
100,000 | 62,858 | ||||||
Fox Corp. |
|
|||||||
5.48%, 1/25/2039 |
100,000 | 92,533 | ||||||
5.58%, 1/25/2049 |
100,000 | 91,665 | ||||||
Interpublic Group of Cos., Inc. (The) |
|
|||||||
5.40%, 10/1/2048 |
50,000 | 46,255 | ||||||
Time Warner Cable LLC |
|
|||||||
7.30%, 7/1/2038 |
40,000 | 40,783 | ||||||
6.75%, 6/15/2039 |
60,000 | 57,826 | ||||||
5.88%, 11/15/2040 |
65,000 | 57,493 | ||||||
|
|
|||||||
1,002,352 | ||||||||
|
|
|||||||
Metals & Mining - 0.8% |
| |||||||
ArcelorMittal SA |
|
|||||||
6.75%, 3/1/2041(c) |
50,000 | 50,433 | ||||||
Freeport-McMoRan, Inc. |
|
|||||||
5.45%, 3/15/2043 |
20,000 | 18,622 | ||||||
Nucor Corp. |
|
|||||||
3.85%, 4/1/2052 |
30,000 | 23,456 | ||||||
Steel Dynamics, Inc. |
|
|||||||
3.25%, 10/15/2050 |
30,000 | 19,834 | ||||||
Vale Overseas Ltd. |
|
|||||||
6.88%, 11/21/2036 |
140,000 | 149,148 | ||||||
|
|
|||||||
261,493 | ||||||||
|
|
|||||||
Multi-Utilities - 4.4% |
| |||||||
Berkshire Hathaway Energy Co. |
|
|||||||
6.13%, 4/1/2036 |
200,000 | 210,255 | ||||||
4.45%, 1/15/2049 |
100,000 | 84,808 | ||||||
4.25%, 10/15/2050 |
150,000 | 121,206 | ||||||
2.85%, 5/15/2051 |
50,000 | 32,210 | ||||||
Black Hills Corp. |
|
|||||||
4.20%, 9/15/2046 |
25,000 | 19,429 | ||||||
Consolidated Edison Co. of New York, Inc. |
|
|||||||
Series 09-C, 5.50%, 12/1/2039 |
50,000 | 49,076 | ||||||
Series 20B, 3.95%, 4/1/2050 |
100,000 | 81,089 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
6.15%, 11/15/2052 |
100,000 | 109,892 | ||||||
4.63%, 12/1/2054 |
50,000 | 43,569 | ||||||
4.50%, 5/15/2058 |
50,000 | 41,960 | ||||||
3.70%, 11/15/2059 |
50,000 | 36,215 | ||||||
3.60%, 6/15/2061 |
50,000 | 35,722 | ||||||
NiSource, Inc. |
|
|||||||
5.40%, 6/30/2033 |
25,000 | 25,202 | ||||||
5.00%, 6/15/2052 |
50,000 | 45,607 | ||||||
Puget Sound Energy, Inc. |
|
|||||||
3.25%, 9/15/2049 |
10,000 | 7,024 | ||||||
5.45%, 6/1/2053 |
85,000 | 86,083 | ||||||
San Diego Gas & Electric Co. |
|
|||||||
4.30%, 4/1/2042 |
50,000 | 41,135 | ||||||
2.95%, 8/15/2051 |
125,000 | 84,447 | ||||||
5.35%, 4/1/2053 |
50,000 | 49,700 | ||||||
Sempra |
|
|||||||
3.80%, 2/1/2038 |
50,000 | 41,511 | ||||||
6.00%, 10/15/2039 |
50,000 | 50,798 | ||||||
4.00%, 2/1/2048 |
100,000 | 77,941 | ||||||
Southern Co. Gas Capital Corp. |
|
|||||||
4.40%, 5/30/2047 |
50,000 | 41,278 | ||||||
|
|
|||||||
1,416,157 | ||||||||
|
|
|||||||
Office REITs - 0.1% |
| |||||||
Alexandria Real Estate Equities, Inc. |
|
|||||||
REIT, 4.75%, 4/15/2035 |
20,000 | 18,658 | ||||||
Corporate Office Properties LP |
|
|||||||
REIT, 2.90%, 12/1/2033 |
30,000 | 21,460 | ||||||
|
|
|||||||
40,118 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 14.8% |
| |||||||
Canadian Natural Resources Ltd. |
|
|||||||
6.50%, 2/15/2037 |
100,000 | 101,866 | ||||||
6.25%, 3/15/2038 |
50,000 | 51,234 | ||||||
6.75%, 2/1/2039 |
75,000 | 78,237 | ||||||
Cenovus Energy, Inc. |
|
|||||||
6.80%, 9/15/2037 |
25,000 | 26,110 | ||||||
5.40%, 6/15/2047 |
50,000 | 46,040 | ||||||
3.75%, 2/15/2052 |
50,000 | 35,698 | ||||||
ConocoPhillips Co. |
|
|||||||
5.30%, 5/15/2053 |
50,000 | 50,520 | ||||||
4.03%, 3/15/2062 |
80,000 | 64,492 | ||||||
Continental Resources, Inc. |
|
|||||||
4.90%, 6/1/2044 |
50,000 | 39,620 | ||||||
Devon Energy Corp. |
|
|||||||
5.60%, 7/15/2041 |
50,000 | 47,542 | ||||||
5.00%, 6/15/2045 |
70,000 | 61,663 | ||||||
Diamondback Energy, Inc. |
|
|||||||
4.25%, 3/15/2052 |
45,000 | 34,951 | ||||||
6.25%, 3/15/2053 |
30,000 | 30,711 | ||||||
Eastern Gas Transmission & Storage, Inc. |
|
|||||||
4.60%, 12/15/2044 |
50,000 | 41,846 | ||||||
Energy Transfer LP |
|
|||||||
5.80%, 6/15/2038 |
50,000 | 47,981 | ||||||
6.50%, 2/1/2042 |
190,000 | 193,279 | ||||||
5.00%, 5/15/2044(c) |
50,000 | 41,695 | ||||||
6.13%, 12/15/2045 |
90,000 | 86,087 | ||||||
5.40%, 10/1/2047 |
50,000 | 44,221 | ||||||
6.25%, 4/15/2049 |
100,000 | 98,216 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.00%, 5/15/2050 |
160,000 | 135,385 | ||||||
Enterprise Products Operating LLC |
|
|||||||
5.95%, 2/1/2041 |
130,000 | 134,943 | ||||||
4.45%, 2/15/2043 |
100,000 | 87,592 | ||||||
4.85%, 3/15/2044 |
230,000 | 209,893 | ||||||
4.25%, 2/15/2048 |
85,000 | 71,383 | ||||||
3.70%, 1/31/2051 |
85,000 | 64,398 | ||||||
3.95%, 1/31/2060 |
100,000 | 76,311 | ||||||
Exxon Mobil Corp. |
|
|||||||
4.33%, 3/19/2050 |
10,000 | 8,946 | ||||||
3.45%, 4/15/2051 |
70,000 | 53,786 | ||||||
Hess Corp. |
|
|||||||
6.00%, 1/15/2040 |
50,000 | 49,890 | ||||||
5.80%, 4/1/2047 |
50,000 | 48,836 | ||||||
Kinder Morgan Energy Partners LP |
|
|||||||
6.95%, 1/15/2038 |
70,000 | 76,252 | ||||||
6.50%, 9/1/2039 |
50,000 | 51,056 | ||||||
6.38%, 3/1/2041 |
50,000 | 50,411 | ||||||
5.50%, 3/1/2044 |
50,000 | 45,798 | ||||||
Kinder Morgan, Inc. |
|
|||||||
5.55%, 6/1/2045 |
75,000 | 70,027 | ||||||
5.05%, 2/15/2046 |
50,000 | 43,507 | ||||||
5.20%, 3/1/2048 |
50,000 | 44,212 | ||||||
3.60%, 2/15/2051 |
50,000 | 34,828 | ||||||
5.45%, 8/1/2052 |
50,000 | 46,169 | ||||||
Magellan Midstream Partners LP |
|
|||||||
5.15%, 10/15/2043 |
15,000 | 12,956 | ||||||
4.20%, 10/3/2047 |
95,000 | 70,445 | ||||||
4.85%, 2/1/2049 |
100,000 | 82,195 | ||||||
3.95%, 3/1/2050 |
40,000 | 28,467 | ||||||
Marathon Oil Corp. |
|
|||||||
5.20%, 6/1/2045 |
45,000 | 39,019 | ||||||
Marathon Petroleum Corp. |
|
|||||||
6.50%, 3/1/2041 |
70,000 | 72,485 | ||||||
4.50%, 4/1/2048 |
65,000 | 51,427 | ||||||
MPLX LP |
|
|||||||
4.70%, 4/15/2048 |
75,000 | 62,142 | ||||||
5.50%, 2/15/2049 |
80,000 | 73,006 | ||||||
4.95%, 3/14/2052 |
50,000 | 42,469 | ||||||
4.90%, 4/15/2058 |
100,000 | 81,669 | ||||||
Occidental Petroleum Corp. |
|
|||||||
6.45%, 9/15/2036 |
70,000 | 73,490 | ||||||
7.95%, 6/15/2039 |
40,000 | 45,611 | ||||||
6.20%, 3/15/2040 |
40,000 | 40,326 | ||||||
6.60%, 3/15/2046 |
40,000 | 42,392 | ||||||
4.40%, 8/15/2049 |
40,000 | 29,474 | ||||||
ONEOK Partners LP |
|
|||||||
6.85%, 10/15/2037 |
100,000 | 103,329 | ||||||
6.13%, 2/1/2041 |
40,000 | 39,444 | ||||||
ONEOK, Inc. |
|
|||||||
4.95%, 7/13/2047 |
100,000 | 82,942 | ||||||
5.20%, 7/15/2048 |
110,000 | 94,703 | ||||||
4.45%, 9/1/2049 |
10,000 | 7,682 | ||||||
Ovintiv, Inc. |
|
|||||||
6.50%, 2/1/2038 |
30,000 | 30,016 | ||||||
Plains All American Pipeline LP |
|
|||||||
5.15%, 6/1/2042 |
100,000 | 84,483 | ||||||
4.70%, 6/15/2044 |
50,000 | 39,583 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Suncor Energy, Inc. |
|
|||||||
6.80%, 5/15/2038 |
50,000 | 52,989 | ||||||
6.50%, 6/15/2038 |
50,000 | 52,143 | ||||||
6.85%, 6/1/2039 |
50,000 | 53,473 | ||||||
3.75%, 3/4/2051 |
140,000 | 102,220 | ||||||
Targa Resources Corp. |
|
|||||||
6.25%, 7/1/2052 |
75,000 | 74,490 | ||||||
Transcontinental Gas Pipe Line Co. LLC |
|
|||||||
4.60%, 3/15/2048 |
50,000 | 42,964 | ||||||
Valero Energy Corp. |
|
|||||||
3.65%, 12/1/2051 |
75,000 | 52,651 | ||||||
4.00%, 6/1/2052 |
70,000 | 53,073 | ||||||
Western Midstream Operating LP |
|
|||||||
5.30%, 3/1/2048 |
60,000 | 51,434 | ||||||
5.25%, 2/1/2050(c) |
110,000 | 93,289 | ||||||
Williams Cos., Inc. (The) |
|
|||||||
6.30%, 4/15/2040 |
70,000 | 73,294 | ||||||
5.10%, 9/15/2045 |
90,000 | 81,340 | ||||||
3.50%, 10/15/2051 |
50,000 | 34,784 | ||||||
5.30%, 8/15/2052 |
50,000 | 46,241 | ||||||
|
|
|||||||
4,819,772 | ||||||||
|
|
|||||||
Personal Care Products - 0.6% |
| |||||||
Kenvue, Inc. |
|
|||||||
5.10%, 3/22/2043(d) |
100,000 | 100,287 | ||||||
5.05%, 3/22/2053(d) |
50,000 | 50,266 | ||||||
5.20%, 3/22/2063(d) |
50,000 | 50,427 | ||||||
|
|
|||||||
200,980 | ||||||||
|
|
|||||||
Pharmaceuticals - 4.6% |
| |||||||
Bristol-Myers Squibb Co. |
|
|||||||
4.25%, 10/26/2049 |
10,000 | 8,687 | ||||||
3.70%, 3/15/2052 |
10,000 | 7,919 | ||||||
3.90%, 3/15/2062 |
120,000 | 94,545 | ||||||
Eli Lilly & Co. |
|
|||||||
4.88%, 2/27/2053 |
90,000 | 91,040 | ||||||
4.15%, 3/15/2059 |
70,000 | 60,856 | ||||||
2.50%, 9/15/2060 |
10,000 | 6,194 | ||||||
4.95%, 2/27/2063 |
90,000 | 90,280 | ||||||
Merck & Co., Inc. |
|
|||||||
3.90%, 3/7/2039 |
100,000 | 89,421 | ||||||
4.00%, 3/7/2049 |
10,000 | 8,691 | ||||||
2.75%, 12/10/2051 |
145,000 | 97,819 | ||||||
5.00%, 5/17/2053 |
140,000 | 140,450 | ||||||
2.90%, 12/10/2061 |
75,000 | 48,717 | ||||||
5.15%, 5/17/2063 |
75,000 | 75,757 | ||||||
Pfizer Investment Enterprises Pte. Ltd. |
|
|||||||
5.11%, 5/19/2043 |
175,000 | 173,685 | ||||||
5.30%, 5/19/2053 |
100,000 | 102,754 | ||||||
5.34%, 5/19/2063 |
200,000 | 200,574 | ||||||
Pfizer, Inc. |
|
|||||||
5.60%, 9/15/2040 |
50,000 | 52,817 | ||||||
Royalty Pharma plc |
|
|||||||
3.55%, 9/2/2050 |
50,000 | 33,623 | ||||||
3.35%, 9/2/2051 |
50,000 | 31,916 | ||||||
Zoetis, Inc. |
|
|||||||
4.70%, 2/1/2043 |
50,000 | 46,185 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.45%, 8/20/2048 |
50,000 | 44,404 | ||||||
|
|
|||||||
1,506,334 | ||||||||
|
|
|||||||
Professional Services - 0.1% |
| |||||||
Verisk Analytics, Inc. |
|
|||||||
3.63%, 5/15/2050 |
50,000 | 36,357 | ||||||
|
|
|||||||
Real Estate Management & Development - 0.2% |
| |||||||
CBRE Services, Inc. |
|
|||||||
5.95%, 8/15/2034 |
60,000 | 60,439 | ||||||
|
|
|||||||
Residential REITs - 0.1% |
| |||||||
American Homes 4 Rent LP |
|
|||||||
REIT, 4.30%, 4/15/2052 |
20,000 | 15,639 | ||||||
Essex Portfolio LP |
|
|||||||
REIT, 4.50%, 3/15/2048 |
20,000 | 16,166 | ||||||
REIT, 2.65%, 9/1/2050 |
20,000 | 11,429 | ||||||
|
|
|||||||
43,234 | ||||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
NNN REIT, Inc. |
|
|||||||
REIT, 3.50%, 4/15/2051 |
74,000 | 50,631 | ||||||
REIT, 3.00%, 4/15/2052 |
50,000 | 31,175 | ||||||
Regency Centers LP |
|
|||||||
REIT, 4.40%, 2/1/2047 |
60,000 | 48,013 | ||||||
|
|
|||||||
129,819 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 4.2% |
| |||||||
Analog Devices, Inc. |
|
|||||||
2.95%, 10/1/2051 |
50,000 | 34,788 | ||||||
Broadcom, Inc. |
|
|||||||
3.47%, 4/15/2034(d) |
160,000 | 131,233 | ||||||
3.14%, 11/15/2035(d) |
210,000 | 161,107 | ||||||
3.19%, 11/15/2036(d) |
120,000 | 90,737 | ||||||
3.50%, 2/15/2041(d) |
210,000 | 156,336 | ||||||
3.75%, 2/15/2051(d) |
160,000 | 116,815 | ||||||
KLA Corp. |
|
|||||||
5.00%, 3/15/2049 |
10,000 | 9,639 | ||||||
4.95%, 7/15/2052 |
55,000 | 53,407 | ||||||
5.25%, 7/15/2062 |
95,000 | 94,826 | ||||||
Lam Research Corp. |
|
|||||||
4.88%, 3/15/2049 |
10,000 | 9,591 | ||||||
3.13%, 6/15/2060 |
60,000 | 39,980 | ||||||
Micron Technology, Inc. |
|
|||||||
3.37%, 11/1/2041 |
50,000 | 35,314 | ||||||
NVIDIA Corp. |
|
|||||||
3.50%, 4/1/2040 |
10,000 | 8,509 | ||||||
3.70%, 4/1/2060 |
20,000 | 16,260 | ||||||
NXP BV |
|
|||||||
3.25%, 5/11/2041 |
50,000 | 36,463 | ||||||
3.25%, 11/30/2051 |
50,000 | 33,241 | ||||||
QUALCOMM, Inc. |
|
|||||||
6.00%, 5/20/2053 |
80,000 | 88,962 | ||||||
Texas Instruments, Inc. |
|
|||||||
3.88%, 3/15/2039 |
20,000 | 17,715 | ||||||
4.15%, 5/15/2048 |
65,000 | 58,375 | ||||||
2.70%, 9/15/2051 |
20,000 | 13,667 | ||||||
4.10%, 8/16/2052 |
10,000 | 8,692 | ||||||
5.00%, 3/14/2053 |
70,000 | 69,854 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.05%, 5/18/2063 |
90,000 | 89,106 | ||||||
|
|
|||||||
1,374,617 | ||||||||
|
|
|||||||
Software - 2.9% |
| |||||||
Microsoft Corp. |
|
|||||||
2.53%, 6/1/2050 |
20,000 | 13,623 | ||||||
2.92%, 3/17/2052 |
120,000 | 87,666 | ||||||
2.68%, 6/1/2060 |
50,000 | 33,085 | ||||||
3.04%, 3/17/2062 |
260,000 | 185,953 | ||||||
Oracle Corp. |
|
|||||||
6.13%, 7/8/2039 |
105,000 | 107,937 | ||||||
3.65%, 3/25/2041 |
140,000 | 107,957 | ||||||
4.13%, 5/15/2045 |
225,000 | 176,989 | ||||||
3.60%, 4/1/2050 |
200,000 | 142,115 | ||||||
4.38%, 5/15/2055 |
39,000 | 30,865 | ||||||
3.85%, 4/1/2060 |
95,000 | 66,266 | ||||||
|
|
|||||||
952,456 | ||||||||
|
|
|||||||
Specialized REITs - 0.1% |
| |||||||
Weyerhaeuser Co. |
|
|||||||
REIT, 4.00%, 3/9/2052 |
50,000 | 39,476 | ||||||
|
|
|||||||
Specialty Retail - 2.5% |
| |||||||
Dicks Sporting Goods, Inc. |
|
|||||||
4.10%, 1/15/2052 |
50,000 | 34,264 | ||||||
Home Depot, Inc. (The) |
|
|||||||
3.30%, 4/15/2040 |
10,000 | 8,094 | ||||||
4.50%, 12/6/2048 |
10,000 | 9,199 | ||||||
3.13%, 12/15/2049 |
10,000 | 7,204 | ||||||
3.35%, 4/15/2050 |
10,000 | 7,560 | ||||||
3.63%, 4/15/2052 |
135,000 | 106,456 | ||||||
4.95%, 9/15/2052 |
120,000 | 117,824 | ||||||
Lowes Cos., Inc. |
|
|||||||
4.05%, 5/3/2047 |
50,000 | 40,107 | ||||||
4.55%, 4/5/2049 |
25,000 | 21,257 | ||||||
5.13%, 4/15/2050 |
50,000 | 46,925 | ||||||
3.00%, 10/15/2050 |
100,000 | 65,445 | ||||||
4.25%, 4/1/2052 |
100,000 | 80,939 | ||||||
5.63%, 4/15/2053 |
100,000 | 99,368 | ||||||
4.45%, 4/1/2062 |
100,000 | 80,351 | ||||||
5.80%, 9/15/2062 |
50,000 | 49,601 | ||||||
5.85%, 4/1/2063 |
50,000 | 50,164 | ||||||
|
|
|||||||
824,758 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 2.6% |
| |||||||
Apple, Inc. |
|
|||||||
4.38%, 5/13/2045 |
50,000 | 47,065 | ||||||
4.65%, 2/23/2046 |
190,000 | 186,408 | ||||||
2.70%, 8/5/2051 |
200,000 | 138,223 | ||||||
2.55%, 8/20/2060 |
100,000 | 64,967 | ||||||
2.80%, 2/8/2061 |
100,000 | 66,945 | ||||||
2.85%, 8/5/2061 |
100,000 | 66,986 | ||||||
4.10%, 8/8/2062 |
70,000 | 60,989 | ||||||
Dell International LLC |
|
|||||||
8.35%, 7/15/2046 |
50,000 | 62,719 | ||||||
3.45%, 12/15/2051(d) |
40,000 | 26,786 | ||||||
Hewlett Packard Enterprise Co. |
|
|||||||
6.35%, 10/15/2045(c) |
50,000 | 52,264 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
HP, Inc. |
|
|||||||
6.00%, 9/15/2041 |
80,000 | 81,279 | ||||||
|
|
|||||||
854,631 | ||||||||
|
|
|||||||
Tobacco - 3.8% |
| |||||||
Altria Group, Inc. |
|
|||||||
5.80%, 2/14/2039 |
100,000 | 98,384 | ||||||
3.40%, 2/4/2041 |
50,000 | 34,814 | ||||||
4.25%, 8/9/2042 |
140,000 | 108,552 | ||||||
4.50%, 5/2/2043 |
75,000 | 59,790 | ||||||
5.38%, 1/31/2044 |
125,000 | 118,215 | ||||||
5.95%, 2/14/2049 |
240,000 | 228,048 | ||||||
BAT Capital Corp. |
|
|||||||
4.54%, 8/15/2047 |
100,000 | 74,394 | ||||||
5.28%, 4/2/2050 |
100,000 | 82,051 | ||||||
Philip Morris International, Inc. |
|
|||||||
6.38%, 5/16/2038 |
50,000 | 54,287 | ||||||
4.13%, 3/4/2043 |
180,000 | 146,752 | ||||||
4.88%, 11/15/2043 |
50,000 | 44,884 | ||||||
4.25%, 11/10/2044 |
200,000 | 165,919 | ||||||
|
|
|||||||
1,216,090 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.1% |
| |||||||
WW Grainger, Inc. |
|
|||||||
4.20%, 5/15/2047 |
50,000 | 43,472 | ||||||
|
|
|||||||
Water Utilities - 0.2% |
| |||||||
American Water Capital Corp. |
|
|||||||
3.45%, 5/1/2050 |
20,000 | 14,851 | ||||||
3.25%, 6/1/2051 |
20,000 | 14,298 | ||||||
Essential Utilities, Inc. |
|
|||||||
5.30%, 5/1/2052 |
50,000 | 46,879 | ||||||
|
|
|||||||
76,028 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 1.3% |
| |||||||
America Movil SAB de CV |
|
|||||||
6.13%, 3/30/2040 |
100,000 | 105,593 | ||||||
Rogers Communications, Inc. |
|
|||||||
4.50%, 3/15/2042 |
30,000 | 24,730 | ||||||
5.00%, 3/15/2044 |
30,000 | 26,206 | ||||||
4.30%, 2/15/2048 |
30,000 | 23,027 | ||||||
4.35%, 5/1/2049 |
90,000 | 70,242 | ||||||
4.55%, 3/15/2052 |
60,000 | 47,518 | ||||||
T-Mobile USA, Inc. |
|
|||||||
4.50%, 4/15/2050 |
30,000 | 25,635 | ||||||
3.40%, 10/15/2052 |
30,000 | 21,068 | ||||||
5.75%, 1/15/2054 |
30,000 | 30,640 | ||||||
5.80%, 9/15/2062 |
30,000 | 30,157 | ||||||
|
|
|||||||
404,816 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
31,228,826 | ||||||
|
|
|||||||
Total Investments - 96.1% |
|
31,228,826 | ||||||
Other assets less liabilities - 3.9% |
|
1,257,780 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
32,486,606 | ||||||
|
|
(a) | Represents less than 0.05% of net assets. |
(b) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(c) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of July 31, 2023. |
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
Percentages shown are based on Net Assets.
Abbreviations
OYJ | Public Limited Company | |
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Credit-Scored US Long Corporate Bond Index Fund (cont.)
Security Type |
% of Net Assets | |||
Corporate Bonds |
96.1 | % | ||
Others(1) |
3.9 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® High Yield Value-Scored Bond Index Fund
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 97.4% |
| |||||||
Aerospace & Defense - 2.7% |
| |||||||
Bombardier, Inc. |
||||||||
7.13%, 6/15/2026(a) |
2,175,000 | 2,157,830 | ||||||
7.88%, 4/15/2027(a) |
750,000 | 747,611 | ||||||
BWX Technologies, Inc. |
||||||||
4.13%, 6/30/2028(a) |
790,000 | 719,046 | ||||||
4.13%, 4/15/2029(a) |
540,000 | 484,650 | ||||||
F-Brasile SpA |
||||||||
Series NR, 7.38%, 8/15/2026(a) |
1,650,000 | 1,516,733 | ||||||
Howmet Aerospace, Inc. |
||||||||
5.95%, 2/1/2037 |
685,000 | 696,431 | ||||||
Moog, Inc. |
||||||||
4.25%, 12/15/2027(a) |
665,000 | 616,216 | ||||||
Rolls-Royce plc |
||||||||
5.75%, 10/15/2027(a) |
1,000,000 | 985,465 | ||||||
Spirit AeroSystems, Inc. |
||||||||
7.50%, 4/15/2025(a) |
845,000 | 844,620 | ||||||
TransDigm UK Holdings plc |
||||||||
6.88%, 5/15/2026 |
850,000 | 845,825 | ||||||
TransDigm, Inc. |
||||||||
6.25%, 3/15/2026(a) |
1,625,000 | 1,616,251 | ||||||
7.50%, 3/15/2027 |
1,125,000 | 1,124,551 | ||||||
5.50%, 11/15/2027 |
5,830,000 | 5,525,762 | ||||||
6.75%, 8/15/2028(a) |
4,175,000 | 4,187,458 | ||||||
4.63%, 1/15/2029 |
3,835,000 | 3,422,738 | ||||||
4.88%, 5/1/2029 |
1,901,000 | 1,710,540 | ||||||
Triumph Group, Inc. |
||||||||
7.75%, 8/15/2025 |
2,300,000 | 2,221,036 | ||||||
9.00%, 3/15/2028(a) |
2,770,000 | 2,845,162 | ||||||
|
|
|||||||
32,267,925 | ||||||||
|
|
|||||||
Air Freight & Logistics - 0.3% |
| |||||||
Rand Parent LLC |
||||||||
8.50%, 2/15/2030(a) |
3,930,000 | 3,695,432 | ||||||
|
|
|||||||
Automobile Components - 2.2% |
| |||||||
Allison Transmission, Inc. |
||||||||
4.75%, 10/1/2027(a) |
515,000 | 486,721 | ||||||
3.75%, 1/30/2031(a) |
610,000 | 515,682 | ||||||
American Axle & Manufacturing, Inc. |
||||||||
6.25%, 3/15/2026 |
300,000 | 292,521 | ||||||
6.50%, 4/1/2027 |
1,390,000 | 1,353,116 | ||||||
6.88%, 7/1/2028 |
500,000 | 473,032 | ||||||
Dana, Inc. |
||||||||
4.25%, 9/1/2030 |
200,000 | 170,903 | ||||||
Dealer Tire LLC |
||||||||
8.00%, 2/1/2028(a) |
885,000 | 813,914 | ||||||
Icahn Enterprises LP |
||||||||
4.75%, 9/15/2024 |
1,250,000 | 1,209,256 | ||||||
6.38%, 12/15/2025 |
3,010,000 | 2,880,656 | ||||||
6.25%, 5/15/2026 |
4,250,000 | 3,984,117 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.25%, 5/15/2027 |
6,780,000 | 5,976,576 | ||||||
4.38%, 2/1/2029 |
1,465,000 | 1,188,251 | ||||||
IHO Verwaltungs GmbH |
||||||||
4.75%, 9/15/2026(a)(b) |
655,000 | 603,302 | ||||||
6.00%, 5/15/2027(a)(b) |
565,000 | 535,194 | ||||||
6.37%, 5/15/2029(a)(b) |
655,000 | 608,838 | ||||||
JB Poindexter & Co., Inc. |
|
|||||||
7.13%, 4/15/2026(a) |
1,010,000 | 997,102 | ||||||
Patrick Industries, Inc. |
||||||||
7.50%, 10/15/2027(a) |
535,000 | 525,637 | ||||||
4.75%, 5/1/2029(a) |
1,420,000 | 1,225,658 | ||||||
Real Hero Merger Sub 2, Inc. |
||||||||
6.25%, 2/1/2029(a) |
1,535,000 | 1,238,270 | ||||||
ZF North America Capital, Inc. |
||||||||
6.88%, 4/14/2028(a) |
335,000 | 340,238 | ||||||
7.13%, 4/14/2030(a) |
815,000 | 839,517 | ||||||
|
|
|||||||
26,258,501 | ||||||||
|
|
|||||||
Automobiles - 1.4% |
| |||||||
Ford Motor Co. |
||||||||
6.63%, 10/1/2028 |
775,000 | 798,188 | ||||||
6.38%, 2/1/2029 |
305,000 | 301,561 | ||||||
9.63%, 4/22/2030 |
130,000 | 151,724 | ||||||
3.25%, 2/12/2032 |
2,335,000 | 1,846,130 | ||||||
6.10%, 8/19/2032 |
1,295,000 | 1,252,879 | ||||||
4.75%, 1/15/2043 |
1,501,000 | 1,174,349 | ||||||
7.40%, 11/1/2046 |
485,000 | 505,732 | ||||||
5.29%, 12/8/2046 |
835,000 | 690,161 | ||||||
Jaguar Land Rover Automotive plc |
||||||||
7.75%, 10/15/2025(a) |
670,000 | 677,976 | ||||||
4.50%, 10/1/2027(a) |
1,735,000 | 1,552,797 | ||||||
5.88%, 1/15/2028(a) |
1,716,000 | 1,603,860 | ||||||
5.50%, 7/15/2029(a) |
2,307,000 | 2,041,432 | ||||||
Mclaren Finance plc |
||||||||
7.50%, 8/1/2026(a) |
1,690,000 | 1,504,688 | ||||||
PM General Purchaser LLC |
||||||||
9.50%, 10/1/2028(a) |
1,000,000 | 980,001 | ||||||
Thor Industries, Inc. |
||||||||
4.00%, 10/15/2029(a) |
930,000 | 798,896 | ||||||
Winnebago Industries, Inc. |
||||||||
6.25%, 7/15/2028(a) |
350,000 | 339,590 | ||||||
|
|
|||||||
16,219,964 | ||||||||
|
|
|||||||
Banks - 0.5% |
| |||||||
Intesa Sanpaolo SpA |
||||||||
5.71%, 1/15/2026(a) |
250,000 | 241,355 | ||||||
4.20%, 6/1/2032(a)(c) |
390,000 | 300,340 | ||||||
4.95%, 6/1/2042(a)(c) |
500,000 | 334,267 | ||||||
Pacific Western Bank |
||||||||
3.25%, 5/1/2031(c) |
750,000 | 630,000 | ||||||
Texas Capital Bancshares, Inc. |
||||||||
4.00%, 5/6/2031(c) |
1,180,000 | 944,133 | ||||||
UniCredit SpA |
||||||||
7.30%, 4/2/2034(a)(c) |
2,140,000 | 2,076,678 | ||||||
5.46%, 6/30/2035(a)(c) |
1,035,000 | 903,344 | ||||||
|
|
|||||||
5,430,117 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Beverages - 0.0%(d) |
| |||||||
Primo Water Holdings, Inc. |
||||||||
4.38%, 4/30/2029(a) |
475,000 | 417,069 | ||||||
|
|
|||||||
Biotechnology - 0.0%(d) |
| |||||||
Grifols SA |
||||||||
4.75%, 10/15/2028(a) |
690,000 | 604,933 | ||||||
|
|
|||||||
Broadline Retail - 0.8% |
| |||||||
ANGI Group LLC |
||||||||
3.88%, 8/15/2028(a) |
815,000 | 684,433 | ||||||
Go Daddy Operating Co. LLC |
||||||||
3.50%, 3/1/2029(a) |
500,000 | 429,949 | ||||||
Macys Retail Holdings LLC |
||||||||
6.13%, 3/15/2032(a) |
140,000 | 124,942 | ||||||
4.50%, 12/15/2034 |
66,000 | 48,150 | ||||||
Millennium Escrow Corp. |
||||||||
6.63%, 8/1/2026(a) |
3,855,000 | 2,872,597 | ||||||
NMG Holding Co., Inc. |
||||||||
7.13%, 4/1/2026(a) |
1,445,000 | 1,350,522 | ||||||
QVC, Inc. |
||||||||
4.45%, 2/15/2025 |
1,805,000 | 1,535,252 | ||||||
Rakuten Group, Inc. |
||||||||
10.25%, 11/30/2024(a) |
2,006,000 | 2,001,378 | ||||||
|
|
|||||||
9,047,223 | ||||||||
|
|
|||||||
Building Products - 1.8% |
| |||||||
Builders FirstSource, Inc. |
||||||||
4.25%, 2/1/2032(a) |
1,355,000 | 1,175,767 | ||||||
Camelot Return Merger Sub, Inc. |
||||||||
8.75%, 8/1/2028(a) |
1,735,000 | 1,692,120 | ||||||
Cornerstone Building Brands, Inc. |
||||||||
6.13%, 1/15/2029(a) |
595,000 | 492,362 | ||||||
CP Atlas Buyer, Inc. |
||||||||
7.00%, 12/1/2028(a) |
1,349,000 | 1,113,222 | ||||||
Eco Material Technologies, Inc. |
||||||||
7.88%, 1/31/2027(a) |
940,000 | 897,700 | ||||||
Emerald Debt Merger Sub LLC |
||||||||
6.63%, 12/15/2030(a) |
1,690,000 | 1,679,437 | ||||||
Griffon Corp. |
||||||||
5.75%, 3/1/2028 |
2,040,000 | 1,919,967 | ||||||
James Hardie International Finance DAC |
||||||||
5.00%, 1/15/2028(a) |
670,000 | 636,692 | ||||||
JELD-WEN, Inc. |
||||||||
4.88%, 12/15/2027(a) |
1,255,000 | 1,126,362 | ||||||
Masonite International Corp. |
||||||||
5.38%, 2/1/2028(a) |
930,000 | 885,825 | ||||||
MIWD Holdco II LLC |
||||||||
5.50%, 2/1/2030(a) |
1,190,000 | 1,005,550 | ||||||
New Enterprise Stone & Lime Co., Inc. |
||||||||
5.25%, 7/15/2028(a) |
965,000 | 897,450 | ||||||
Oscar Acquisition Co. LLC |
||||||||
9.50%, 4/15/2030(a) |
1,085,000 | 1,033,463 | ||||||
Smyrna Ready Mix Concrete LLC |
||||||||
6.00%, 11/1/2028(a) |
2,190,000 | 2,087,532 | ||||||
Standard Industries, Inc. |
||||||||
5.00%, 2/15/2027(a) |
1,125,000 | 1,077,428 | ||||||
4.75%, 1/15/2028(a) |
620,000 | 577,640 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.38%, 7/15/2030(a) |
1,340,000 | 1,163,234 | ||||||
3.38%, 1/15/2031(a) |
1,220,000 | 985,217 | ||||||
Victors Merger Corp. |
||||||||
6.38%, 5/15/2029(a) |
1,400,000 | 989,572 | ||||||
|
|
|||||||
21,436,540 | ||||||||
|
|
|||||||
Capital Markets - 0.6% |
| |||||||
Advisor Group Holdings, Inc. |
||||||||
10.75%, 8/1/2027(a) |
485,000 | 497,313 | ||||||
AG TTMT Escrow Issuer LLC |
||||||||
8.63%, 9/30/2027(a) |
585,000 | 603,193 | ||||||
Aretec Escrow Issuer, Inc. |
||||||||
7.50%, 4/1/2029(a) |
970,000 | 873,547 | ||||||
Brightsphere Investment Group, Inc. |
||||||||
4.80%, 7/27/2026 |
185,000 | 177,273 | ||||||
Coinbase Global, Inc. |
||||||||
3.38%, 10/1/2028(a) |
3,500,000 | 2,450,196 | ||||||
3.63%, 10/1/2031(a) |
2,039,000 | 1,286,677 | ||||||
Compass Group Diversified Holdings LLC |
||||||||
5.25%, 4/15/2029(a) |
730,000 | 664,596 | ||||||
Jane Street Group |
||||||||
4.50%, 11/15/2029(a) |
790,000 | 693,125 | ||||||
|
|
|||||||
7,245,920 | ||||||||
|
|
|||||||
Chemicals - 4.5% |
| |||||||
Ashland, Inc. |
||||||||
3.38%, 9/1/2031(a) |
2,040,000 | 1,654,175 | ||||||
6.88%, 5/15/2043 |
1,275,000 | 1,265,141 | ||||||
ASP Unifrax Holdings, Inc. |
||||||||
5.25%, 9/30/2028(a) |
3,406,000 | 2,537,470 | ||||||
7.50%, 9/30/2029(a) |
1,204,000 | 699,925 | ||||||
Cerdia Finanz GmbH |
||||||||
10.50%, 2/15/2027(a) |
945,000 | 930,847 | ||||||
Chemours Co. (The) |
||||||||
5.38%, 5/15/2027 |
825,000 | 785,109 | ||||||
5.75%, 11/15/2028(a) |
1,840,000 | 1,688,222 | ||||||
4.63%, 11/15/2029(a) |
1,745,000 | 1,472,902 | ||||||
Cornerstone Chemical Co. |
||||||||
10.25%, 9/1/2027(a)(b) |
500,000 | 437,663 | ||||||
CVR Partners LP |
||||||||
6.13%, 6/15/2028(a) |
3,005,000 | 2,713,790 | ||||||
Element Solutions, Inc. |
||||||||
3.88%, 9/1/2028(a) |
604,000 | 533,794 | ||||||
FXI Holdings, Inc. |
||||||||
12.25%, 11/15/2026(a) |
3,966,000 | 3,679,775 | ||||||
Gates Global LLC |
||||||||
6.25%, 1/15/2026(a) |
525,000 | 518,462 | ||||||
GPD Cos., Inc. |
||||||||
10.13%, 4/1/2026(a) |
2,490,000 | 2,313,213 | ||||||
HB Fuller Co. |
||||||||
4.00%, 2/15/2027 |
555,000 | 522,974 | ||||||
4.25%, 10/15/2028 |
295,000 | 262,794 | ||||||
Herens Holdco Sarl |
||||||||
4.75%, 5/15/2028(a) |
810,000 | 616,305 | ||||||
Illuminate Buyer LLC |
||||||||
9.00%, 7/1/2028(a) |
1,210,000 | 1,105,928 | ||||||
INEOS Finance plc |
||||||||
6.75%, 5/15/2028(a) |
210,000 | 200,330 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
INEOS Quattro Finance 2 plc |
||||||||
3.38%, 1/15/2026(a) |
260,000 | 236,455 | ||||||
Ingevity Corp. |
||||||||
3.88%, 11/1/2028(a) |
1,485,000 | 1,281,722 | ||||||
Iris Holding, Inc. |
||||||||
10.00%, 12/15/2028(a) |
1,050,000 | 826,875 | ||||||
LSB Industries, Inc. |
||||||||
6.25%, 10/15/2028(a) |
1,390,000 | 1,276,020 | ||||||
Methanex Corp. |
||||||||
5.25%, 12/15/2029 |
900,000 | 823,911 | ||||||
Minerals Technologies, Inc. |
||||||||
5.00%, 7/1/2028(a) |
505,000 | 466,729 | ||||||
NOVA Chemicals Corp. |
||||||||
5.00%, 5/1/2025(a) |
887,000 | 851,797 | ||||||
5.25%, 6/1/2027(a) |
4,865,000 | 4,381,524 | ||||||
4.25%, 5/15/2029(a) |
1,625,000 | 1,350,825 | ||||||
Olin Corp. |
||||||||
5.13%, 9/15/2027 |
870,000 | 831,633 | ||||||
Olympus Water US Holding Corp. |
||||||||
7.13%, 10/1/2027(a) |
910,000 | 828,501 | ||||||
4.25%, 10/1/2028(a) |
1,350,000 | 1,081,946 | ||||||
9.75%, 11/15/2028(a) |
1,175,000 | 1,136,812 | ||||||
6.25%, 10/1/2029(a) |
830,000 | 611,802 | ||||||
Polar US Borrower LLC |
||||||||
6.75%, 5/15/2026(a) |
1,500,000 | 870,000 | ||||||
SCIH Salt Holdings, Inc. |
||||||||
4.88%, 5/1/2028(a) |
1,593,000 | 1,425,292 | ||||||
SCIL IV LLC |
||||||||
5.38%, 11/1/2026(a) |
1,180,000 | 1,084,606 | ||||||
SK Invictus Intermediate II Sarl |
||||||||
5.00%, 10/30/2029(a) |
3,337,000 | 2,645,340 | ||||||
Trinseo Materials Operating SCA |
||||||||
5.38%, 9/1/2025(a) |
2,165,000 | 1,968,041 | ||||||
Tronox, Inc. |
||||||||
4.63%, 3/15/2029(a) |
890,000 | 737,791 | ||||||
Vibrantz Technologies, Inc. |
||||||||
9.00%, 2/15/2030(a) |
2,015,000 | 1,644,744 | ||||||
WR Grace Holdings LLC |
||||||||
4.88%, 6/15/2027(a) |
305,000 | 287,501 | ||||||
5.63%, 8/15/2029(a) |
3,145,000 | 2,654,034 | ||||||
|
|
|||||||
53,242,720 | ||||||||
|
|
|||||||
Commercial Services & Supplies - 4.4% |
| |||||||
ACCO Brands Corp. |
||||||||
4.25%, 3/15/2029(a) |
510,000 | 435,134 | ||||||
ADT Security Corp. (The) |
||||||||
4.13%, 8/1/2029(a) |
1,255,000 | 1,088,712 | ||||||
4.88%, 7/15/2032(a) |
601,000 | 516,109 | ||||||
Allied Universal Holdco LLC |
||||||||
6.63%, 7/15/2026(a) |
3,415,000 | 3,261,036 | ||||||
9.75%, 7/15/2027(a) |
2,715,000 | 2,489,896 | ||||||
4.63%, 6/1/2028(a) |
3,595,000 | 3,053,945 | ||||||
6.00%, 6/1/2029(a) |
2,000,000 | 1,525,650 | ||||||
Aptim Corp. |
||||||||
7.75%, 6/15/2025(a) |
900,000 | 729,000 | ||||||
APX Group, Inc. |
||||||||
6.75%, 2/15/2027(a) |
1,160,000 | 1,131,000 | ||||||
5.75%, 7/15/2029(a) |
3,845,000 | 3,337,905 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Cimpress plc |
||||||||
7.00%, 6/15/2026 |
880,000 | 830,500 | ||||||
CoreCivic, Inc. |
||||||||
4.75%, 10/15/2027 |
435,000 | 383,396 | ||||||
Covanta Holding Corp. |
||||||||
4.88%, 12/1/2029(a) |
400,000 | 353,245 | ||||||
5.00%, 9/1/2030 |
460,000 | 397,900 | ||||||
Deluxe Corp. |
||||||||
8.00%, 6/1/2029(a) |
2,325,000 | 1,953,000 | ||||||
Enviri Corp. |
||||||||
5.75%, 7/31/2027(a) |
1,345,000 | 1,161,744 | ||||||
Garda World Security Corp. |
||||||||
4.63%, 2/15/2027(a) |
710,000 | 655,805 | ||||||
9.50%, 11/1/2027(a) |
1,120,000 | 1,096,318 | ||||||
7.75%, 2/15/2028(a) |
460,000 | 457,581 | ||||||
GFL Environmental, Inc. |
||||||||
4.00%, 8/1/2028(a) |
1,670,000 | 1,494,553 | ||||||
4.75%, 6/15/2029(a) |
175,000 | 159,629 | ||||||
4.38%, 8/15/2029(a) |
550,000 | 490,416 | ||||||
Interface, Inc. |
||||||||
5.50%, 12/1/2028(a) |
1,405,000 | 1,178,168 | ||||||
Legends Hospitality Holding Co. LLC |
||||||||
5.00%, 2/1/2026(a) |
545,000 | 511,237 | ||||||
Neptune Bidco US, Inc. |
||||||||
9.29%, 4/15/2029(a) |
12,935,000 | 11,898,317 | ||||||
Prime Security Services Borrower LLC |
||||||||
5.75%, 4/15/2026(a) |
2,745,000 | 2,691,235 | ||||||
3.38%, 8/31/2027(a) |
2,330,000 | 2,056,801 | ||||||
6.25%, 1/15/2028(a) |
3,550,000 | 3,342,078 | ||||||
Steelcase, Inc. |
||||||||
5.13%, 1/18/2029 |
1,515,000 | 1,341,373 | ||||||
Stericycle, Inc. |
||||||||
3.88%, 1/15/2029(a) |
485,000 | 425,728 | ||||||
WASH Multifamily Acquisition, Inc. |
||||||||
5.75%, 4/15/2026(a) |
1,055,000 | 981,611 | ||||||
Waste Pro USA, Inc. |
||||||||
5.50%, 2/15/2026(a) |
785,000 | 743,787 | ||||||
|
|
|||||||
52,172,809 | ||||||||
|
|
|||||||
Communications Equipment - 0.0%(d) |
| |||||||
CommScope, Inc. |
||||||||
6.00%, 3/1/2026(a) |
250,000 | 229,379 | ||||||
|
|
|||||||
Construction & Engineering - 1.0% |
| |||||||
AECOM |
||||||||
5.13%, 3/15/2027 |
2,365,000 | 2,283,060 | ||||||
Arcosa, Inc. |
||||||||
4.38%, 4/15/2029(a) |
710,000 | 639,035 | ||||||
Artera Services LLC |
||||||||
9.03%, 12/4/2025(a) |
2,894,000 | 2,720,897 | ||||||
Brundage-Bone Concrete Pumping Holdings, Inc. |
||||||||
6.00%, 2/1/2026(a) |
995,000 | 955,707 | ||||||
Dycom Industries, Inc. |
||||||||
4.50%, 4/15/2029(a) |
730,000 | 659,648 | ||||||
Global Infrastructure Solutions, Inc. |
||||||||
5.63%, 6/1/2029(a) |
1,053,000 | 886,652 | ||||||
7.50%, 4/15/2032(a) |
1,241,000 | 1,050,116 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
HTA Group Ltd. |
||||||||
7.00%, 12/18/2025(a) |
665,000 | 633,851 | ||||||
Railworks Holdings LP |
||||||||
8.25%, 11/15/2028(a) |
485,000 | 457,290 | ||||||
VM Consolidated, Inc. |
||||||||
5.50%, 4/15/2029(a) |
395,000 | 362,450 | ||||||
Weekley Homes LLC |
||||||||
4.88%, 9/15/2028(a) |
680,000 | 610,330 | ||||||
|
|
|||||||
11,259,036 | ||||||||
|
|
|||||||
Consumer Finance - 2.4% |
| |||||||
Cobra Acquisition Co. LLC |
||||||||
6.38%, 11/1/2029(a) |
955,000 | 649,400 | ||||||
Credit Acceptance Corp. |
||||||||
6.63%, 3/15/2026 |
595,000 | 583,884 | ||||||
Enova International, Inc. |
||||||||
8.50%, 9/15/2025(a) |
670,000 | 660,017 | ||||||
Finance of America Funding LLC |
||||||||
7.88%, 11/15/2025(a) |
580,000 | 483,849 | ||||||
FirstCash, Inc. |
||||||||
5.63%, 1/1/2030(a) |
2,500,000 | 2,307,510 | ||||||
Ford Holdings LLC |
||||||||
9.30%, 3/1/2030 |
540,000 | 600,458 | ||||||
Ford Motor Credit Co. LLC |
||||||||
4.13%, 8/4/2025 |
250,000 | 238,449 | ||||||
3.38%, 11/13/2025 |
1,000,000 | 934,978 | ||||||
6.95%, 3/6/2026 |
2,550,000 | 2,575,143 | ||||||
4.54%, 8/1/2026 |
1,710,000 | 1,616,009 | ||||||
2.70%, 8/10/2026 |
235,000 | 210,657 | ||||||
4.27%, 1/9/2027 |
1,535,000 | 1,432,948 | ||||||
4.95%, 5/28/2027 |
2,205,000 | 2,092,444 | ||||||
4.13%, 8/17/2027 |
935,000 | 855,581 | ||||||
3.82%, 11/2/2027 |
1,240,000 | 1,113,084 | ||||||
7.35%, 11/4/2027 |
2,490,000 | 2,551,692 | ||||||
2.90%, 2/16/2028 |
435,000 | 374,290 | ||||||
6.80%, 5/12/2028 |
265,000 | 267,435 | ||||||
5.11%, 5/3/2029 |
2,037,000 | 1,902,089 | ||||||
7.35%, 3/6/2030 |
2,370,000 | 2,453,464 | ||||||
4.00%, 11/13/2030 |
195,000 | 167,513 | ||||||
goeasy Ltd. |
||||||||
4.38%, 5/1/2026(a) |
525,000 | 479,307 | ||||||
LFS Topco LLC |
||||||||
5.88%, 10/15/2026(a) |
390,000 | 347,241 | ||||||
Macquarie Airfinance Holdings Ltd. |
||||||||
8.38%, 5/1/2028(a) |
885,000 | 901,098 | ||||||
OneMain Finance Corp. |
||||||||
7.13%, 3/15/2026 |
1,360,000 | 1,347,228 | ||||||
3.88%, 9/15/2028 |
500,000 | 410,625 | ||||||
Synchrony Financial |
||||||||
7.25%, 2/2/2033 |
700,000 | 656,391 | ||||||
World Acceptance Corp. |
||||||||
7.00%, 11/1/2026(a) |
380,000 | 333,568 | ||||||
|
|
|||||||
28,546,352 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 0.5% |
| |||||||
C&S Group Enterprises LLC |
||||||||
5.00%, 12/15/2028(a) |
620,000 | 479,952 | ||||||
Ingles Markets, Inc. |
||||||||
4.00%, 6/15/2031(a) |
1,105,000 | 935,551 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Performance Food Group, Inc. |
||||||||
5.50%, 10/15/2027(a) |
140,000 | 135,561 | ||||||
4.25%, 8/1/2029(a) |
400,000 | 355,327 | ||||||
Rite Aid Corp. |
||||||||
7.50%, 7/1/2025(a) |
2,060,000 | 1,215,400 | ||||||
United Natural Foods, Inc. |
||||||||
6.75%, 10/15/2028(a) |
2,926,000 | 2,437,475 | ||||||
|
|
|||||||
5,559,266 | ||||||||
|
|
|||||||
Containers & Packaging - 2.0% |
| |||||||
Ardagh Metal Packaging Finance USA LLC |
||||||||
3.25%, 9/1/2028(a) |
500,000 | 431,884 | ||||||
4.00%, 9/1/2029(a) |
545,000 | 445,759 | ||||||
Cascades, Inc. |
||||||||
5.13%, 1/15/2026(a) |
190,000 | 182,405 | ||||||
5.38%, 1/15/2028(a) |
745,000 | 700,300 | ||||||
Clydesdale Acquisition Holdings, Inc. |
||||||||
6.63%, 4/15/2029(a) |
2,070,000 | 1,980,321 | ||||||
8.75%, 4/15/2030(a) |
5,209,000 | 4,722,034 | ||||||
Graham Packaging Co., Inc. |
||||||||
7.13%, 8/15/2028(a) |
2,235,000 | 1,956,720 | ||||||
Intelligent Packaging Ltd. Finco, Inc. |
||||||||
6.00%, 9/15/2028(a) |
1,825,000 | 1,614,997 | ||||||
LABL, Inc. |
||||||||
10.50%, 7/15/2027(a) |
1,305,000 | 1,242,844 | ||||||
8.25%, 11/1/2029(a) |
750,000 | 622,320 | ||||||
Mauser Packaging Solutions Holding Co. |
||||||||
7.88%, 8/15/2026(a) |
4,120,000 | 4,108,881 | ||||||
9.25%, 4/15/2027(a) |
2,572,000 | 2,389,516 | ||||||
Pactiv Evergreen Group Issuer LLC |
||||||||
4.38%, 10/15/2028(a) |
490,000 | 433,157 | ||||||
Pactiv LLC |
||||||||
7.95%, 12/15/2025 |
275,000 | 276,403 | ||||||
Sealed Air Corp. |
||||||||
6.88%, 7/15/2033(a) |
150,000 | 156,861 | ||||||
Trivium Packaging Finance BV |
||||||||
5.50%, 8/15/2026(a)(e) |
1,250,000 | 1,187,611 | ||||||
8.50%, 8/15/2027(a)(e) |
1,510,000 | 1,452,565 | ||||||
|
|
|||||||
23,904,578 | ||||||||
|
|
|||||||
Distributors - 0.4% |
| |||||||
American Builders & Contractors Supply Co., Inc. |
||||||||
4.00%, 1/15/2028(a) |
400,000 | 366,516 | ||||||
BCPE Empire Holdings, Inc. |
||||||||
7.63%, 5/1/2027(a) |
1,150,000 | 1,093,685 | ||||||
Resideo Funding, Inc. |
||||||||
4.00%, 9/1/2029(a) |
250,000 | 211,335 | ||||||
Windsor Holdings III LLC |
||||||||
8.50%, 6/15/2030(a) |
3,000,000 | 3,015,000 | ||||||
|
|
|||||||
4,686,536 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.6% |
| |||||||
Adtalem Global Education, Inc. |
||||||||
5.50%, 3/1/2028(a) |
1,305,000 | 1,214,078 | ||||||
Grand Canyon University |
||||||||
4.13%, 10/1/2024 |
2,732,000 | 2,579,008 | ||||||
5.13%, 10/1/2028 |
1,130,000 | 1,042,052 | ||||||
Service Corp. International |
||||||||
3.38%, 8/15/2030 |
525,000 | 437,738 | ||||||
4.00%, 5/15/2031 |
450,000 | 383,625 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Signal Parent, Inc. |
||||||||
6.13%, 4/1/2029(a) |
1,085,000 | 660,380 | ||||||
StoneMor, Inc. |
||||||||
8.50%, 5/15/2029(a) |
1,050,000 | 883,313 | ||||||
|
|
|||||||
7,200,194 | ||||||||
|
|
|||||||
Diversified REITs - 0.7% |
| |||||||
Global Net Lease, Inc. |
||||||||
REIT, 3.75%, 12/15/2027(a) |
2,110,000 | 1,683,776 | ||||||
Iron Mountain Information Management Services, Inc. |
||||||||
REIT, 5.00%, 7/15/2032(a) |
1,350,000 | 1,168,276 | ||||||
Uniti Group LP |
||||||||
REIT, 10.50%, 2/15/2028(a) |
4,855,000 | 4,825,968 | ||||||
|
|
|||||||
7,678,020 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 5.6% |
| |||||||
Altice France Holding SA |
||||||||
10.50%, 5/15/2027(a) |
4,580,000 | 1,937,994 | ||||||
6.00%, 2/15/2028(a) |
5,578,000 | 2,075,890 | ||||||
Altice France SA |
||||||||
8.13%, 2/1/2027(a) |
3,535,000 | 2,891,564 | ||||||
5.50%, 1/15/2028(a) |
2,250,000 | 1,651,009 | ||||||
5.13%, 1/15/2029(a) |
985,000 | 686,560 | ||||||
5.13%, 7/15/2029(a) |
4,420,000 | 3,095,394 | ||||||
5.50%, 10/15/2029(a) |
3,500,000 | 2,485,024 | ||||||
British Telecommunications plc |
||||||||
4.88%, 11/23/2081(a)(c) |
500,000 | 409,797 | ||||||
CCO Holdings LLC |
||||||||
5.13%, 5/1/2027(a) |
1,760,000 | 1,651,229 | ||||||
5.00%, 2/1/2028(a) |
1,050,000 | 970,338 | ||||||
5.38%, 6/1/2029(a) |
1,480,000 | 1,352,504 | ||||||
6.38%, 9/1/2029(a) |
2,455,000 | 2,347,424 | ||||||
4.75%, 3/1/2030(a) |
1,905,000 | 1,651,191 | ||||||
4.50%, 8/15/2030(a) |
1,135,000 | 961,682 | ||||||
4.25%, 2/1/2031(a) |
1,320,000 | 1,085,161 | ||||||
4.75%, 2/1/2032(a) |
680,000 | 561,414 | ||||||
4.50%, 5/1/2032 |
1,337,000 | 1,090,141 | ||||||
4.50%, 6/1/2033(a) |
2,260,000 | 1,788,338 | ||||||
Embarq Corp. |
||||||||
8.00%, 6/1/2036 |
4,095,000 | 2,314,985 | ||||||
Frontier California, Inc. |
||||||||
Series F, 6.75%, 5/15/2027 |
215,000 | 197,800 | ||||||
Frontier Communications Holdings LLC |
||||||||
5.00%, 5/1/2028(a) |
170,000 | 144,060 | ||||||
8.75%, 5/15/2030(a) |
1,530,000 | 1,476,120 | ||||||
Frontier Florida LLC |
||||||||
Series E, 6.86%, 2/1/2028 |
370,000 | 340,400 | ||||||
Iliad Holding SASU |
||||||||
7.00%, 10/15/2028(a) |
2,025,000 | 1,901,154 | ||||||
Intelsat Jackson Holdings SA |
||||||||
6.50%, 3/15/2030(a) |
3,295,000 | 3,009,905 | ||||||
Level 3 Financing, Inc. |
||||||||
4.63%, 9/15/2027(a) |
2,435,000 | 1,849,761 | ||||||
4.25%, 7/1/2028(a) |
2,370,000 | 1,677,358 | ||||||
3.63%, 1/15/2029(a) |
770,000 | 508,332 | ||||||
3.75%, 7/15/2029(a) |
868,000 | 569,131 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Lumen Technologies, Inc. |
||||||||
5.63%, 4/1/2025 |
490,000 | 377,300 | ||||||
5.13%, 12/15/2026(a) |
1,810,000 | 941,200 | ||||||
4.00%, 2/15/2027(a) |
4,510,000 | 2,965,956 | ||||||
Series G, 6.88%, 1/15/2028 |
750,000 | 337,500 | ||||||
4.50%, 1/15/2029(a) |
3,135,000 | 1,285,350 | ||||||
5.38%, 6/15/2029(a) |
2,000,000 | 887,080 | ||||||
Telecom Italia Capital SA |
||||||||
6.00%, 9/30/2034 |
840,000 | 679,471 | ||||||
7.20%, 7/18/2036 |
707,000 | 607,343 | ||||||
Telesat Canada |
||||||||
5.63%, 12/6/2026(a) |
1,335,000 | 801,000 | ||||||
4.88%, 6/1/2027(a) |
1,260,000 | 738,889 | ||||||
Virgin Media Finance plc |
||||||||
5.00%, 7/15/2030(a) |
3,835,000 | 3,146,817 | ||||||
Virgin Media Secured Finance plc |
||||||||
4.50%, 8/15/2030(a) |
505,000 | 432,575 | ||||||
Windstream Escrow LLC |
||||||||
7.75%, 8/15/2028(a) |
2,671,000 | 2,249,679 | ||||||
Zayo Group Holdings, Inc. |
||||||||
4.00%, 3/1/2027(a) |
7,010,000 | 5,013,243 | ||||||
6.13%, 3/1/2028(a) |
4,270,000 | 2,632,609 | ||||||
|
|
|||||||
65,777,672 | ||||||||
|
|
|||||||
Electric Utilities - 0.9% |
| |||||||
Edison International |
||||||||
8.12%, 6/15/2053(c) |
965,000 | 988,006 | ||||||
Leeward Renewable Energy Operations LLC |
||||||||
4.25%, 7/1/2029(a) |
445,000 | 393,923 | ||||||
NextEra Energy Operating Partners LP |
||||||||
3.88%, 10/15/2026(a) |
800,000 | 743,813 | ||||||
4.50%, 9/15/2027(a) |
1,720,000 | 1,611,124 | ||||||
NRG Energy, Inc. |
||||||||
5.75%, 1/15/2028 |
1,800,000 | 1,714,255 | ||||||
5.25%, 6/15/2029(a) |
980,000 | 884,425 | ||||||
3.63%, 2/15/2031(a) |
555,000 | 435,550 | ||||||
PG&E Corp. |
||||||||
5.25%, 7/1/2030 |
805,000 | 722,962 | ||||||
Vistra Operations Co. LLC |
||||||||
5.63%, 2/15/2027(a) |
2,000,000 | 1,933,858 | ||||||
5.00%, 7/31/2027(a) |
1,060,000 | 998,605 | ||||||
|
|
|||||||
10,426,521 | ||||||||
|
|
|||||||
Electrical Equipment - 0.0%(d) |
| |||||||
EnerSys |
||||||||
4.38%, 12/15/2027(a) |
535,000 | 496,049 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.0%(d) |
| |||||||
Likewize Corp. |
||||||||
9.75%, 10/15/2025(a) |
446,000 | 430,171 | ||||||
|
|
|||||||
Energy Equipment & Services - 1.7% |
| |||||||
Archrock Partners LP |
||||||||
6.88%, 4/1/2027(a) |
810,000 | 789,741 | ||||||
6.25%, 4/1/2028(a) |
2,155,000 | 2,031,088 | ||||||
CGG SA |
||||||||
8.75%, 4/1/2027(a) |
2,230,000 | 1,884,818 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Nabors Industries Ltd. |
||||||||
7.25%, 1/15/2026(a) |
245,000 | 235,876 | ||||||
Noble Finance II LLC |
||||||||
8.00%, 4/15/2030(a) |
1,640,000 | 1,687,150 | ||||||
Oceaneering International, Inc. |
||||||||
6.00%, 2/1/2028 |
500,000 | 473,750 | ||||||
Patterson-UTI Energy, Inc. |
||||||||
5.15%, 11/15/2029 |
325,000 | 301,682 | ||||||
Precision Drilling Corp. |
||||||||
6.88%, 1/15/2029(a) |
460,000 | 433,766 | ||||||
USA Compression Partners LP |
||||||||
6.88%, 4/1/2026 |
2,000,000 | 1,982,006 | ||||||
6.88%, 9/1/2027 |
3,693,000 | 3,557,506 | ||||||
Valaris Ltd. |
||||||||
8.38%, 4/30/2030(a) |
2,735,000 | 2,798,452 | ||||||
Weatherford International Ltd. |
||||||||
8.63%, 4/30/2030(a) |
3,265,000 | 3,346,223 | ||||||
|
|
|||||||
19,522,058 | ||||||||
|
|
|||||||
Entertainment - 0.5% |
| |||||||
Allen Media LLC |
||||||||
10.50%, 2/15/2028(a) |
1,895,000 | 1,075,413 | ||||||
Cinemark USA, Inc. |
||||||||
5.88%, 3/15/2026(a) |
725,000 | 686,249 | ||||||
5.25%, 7/15/2028(a) |
2,200,000 | 1,924,361 | ||||||
Lions Gate Capital Holdings LLC |
||||||||
5.50%, 4/15/2029(a) |
345,000 | 236,042 | ||||||
Live Nation Entertainment, Inc. |
||||||||
4.75%, 10/15/2027(a) |
1,975,000 | 1,834,281 | ||||||
WMG Acquisition Corp. |
||||||||
3.75%, 12/1/2029(a) |
500,000 | 436,621 | ||||||
|
|
|||||||
6,192,967 | ||||||||
|
|
|||||||
Financial Services - 2.0% |
| |||||||
Armor Holdco, Inc. |
||||||||
8.50%, 11/15/2029(a) |
960,000 | 812,955 | ||||||
Burford Capital Global Finance LLC |
||||||||
6.88%, 4/15/2030(a) |
40,000 | 36,394 | ||||||
Freedom Mortgage Corp. |
||||||||
8.25%, 4/15/2025(a) |
765,000 | 755,962 | ||||||
7.63%, 5/1/2026(a) |
900,000 | 823,334 | ||||||
6.63%, 1/15/2027(a) |
1,435,000 | 1,262,563 | ||||||
Home Point Capital, Inc. |
||||||||
5.00%, 2/1/2026(a) |
880,000 | 821,243 | ||||||
Jefferies Finance LLC |
||||||||
5.00%, 8/15/2028(a) |
1,640,000 | 1,401,432 | ||||||
Jefferson Capital Holdings LLC |
||||||||
6.00%, 8/15/2026(a) |
1,431,000 | 1,210,289 | ||||||
MGIC Investment Corp. |
||||||||
5.25%, 8/15/2028 |
1,615,000 | 1,537,673 | ||||||
Midcap Financial Issuer Trust |
||||||||
6.50%, 5/1/2028(a) |
2,350,000 | 2,071,872 | ||||||
5.63%, 1/15/2030(a) |
1,530,000 | 1,224,410 | ||||||
Nationstar Mortgage Holdings, Inc. |
||||||||
6.00%, 1/15/2027(a) |
1,000,000 | 955,620 | ||||||
5.50%, 8/15/2028(a) |
1,561,000 | 1,413,798 | ||||||
5.13%, 12/15/2030(a) |
275,000 | 231,744 | ||||||
5.75%, 11/15/2031(a) |
470,000 | 398,841 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
NMI Holdings, Inc. |
||||||||
7.38%, 6/1/2025(a) |
335,000 | 338,291 | ||||||
Oxford Finance LLC |
||||||||
6.38%, 2/1/2027(a) |
585,000 | 546,271 | ||||||
PennyMac Financial Services, Inc. |
||||||||
5.38%, 10/15/2025(a) |
1,170,000 | 1,118,064 | ||||||
4.25%, 2/15/2029(a) |
550,000 | 454,046 | ||||||
5.75%, 9/15/2031(a) |
505,000 | 427,200 | ||||||
PHH Mortgage Corp. |
||||||||
7.88%, 3/15/2026(a) |
1,025,000 | 922,705 | ||||||
Rocket Mortgage LLC |
||||||||
2.88%, 10/15/2026(a) |
1,000,000 | 890,000 | ||||||
3.63%, 3/1/2029(a) |
400,000 | 340,993 | ||||||
3.88%, 3/1/2031(a) |
960,000 | 789,600 | ||||||
4.00%, 10/15/2033(a) |
1,130,000 | 896,249 | ||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/2025(a) |
445,000 | 427,818 | ||||||
5.75%, 6/15/2027(a) |
565,000 | 528,631 | ||||||
5.50%, 4/15/2029(a) |
1,210,000 | 1,063,744 | ||||||
|
|
|||||||
23,701,742 | ||||||||
|
|
|||||||
Food Products - 1.1% |
| |||||||
B&G Foods, Inc. |
||||||||
5.25%, 4/1/2025 |
2,070,000 | 1,972,096 | ||||||
5.25%, 9/15/2027 |
1,115,000 | 961,521 | ||||||
Lamb Weston Holdings, Inc. |
||||||||
4.13%, 1/31/2030(a) |
900,000 | 794,291 | ||||||
4.38%, 1/31/2032(a) |
3,220,000 | 2,827,718 | ||||||
Post Holdings, Inc. |
||||||||
5.63%, 1/15/2028(a) |
1,680,000 | 1,623,451 | ||||||
5.50%, 12/15/2029(a) |
750,000 | 696,509 | ||||||
4.63%, 4/15/2030(a) |
879,000 | 774,598 | ||||||
4.50%, 9/15/2031(a) |
1,540,000 | 1,311,139 | ||||||
Sigma Holdco BV |
||||||||
7.88%, 5/15/2026(a) |
715,000 | 624,360 | ||||||
Simmons Foods, Inc. |
||||||||
4.63%, 3/1/2029(a) |
625,000 | 521,875 | ||||||
TreeHouse Foods, Inc. |
||||||||
4.00%, 9/1/2028 |
500,000 | 436,625 | ||||||
|
|
|||||||
12,544,183 | ||||||||
|
|
|||||||
Gas Utilities - 1.3% |
| |||||||
AmeriGas Partners LP |
||||||||
5.50%, 5/20/2025 |
2,205,000 | 2,139,742 | ||||||
5.88%, 8/20/2026 |
3,935,000 | 3,710,020 | ||||||
5.75%, 5/20/2027 |
2,482,000 | 2,267,062 | ||||||
9.38%, 6/1/2028(a) |
1,000,000 | 1,019,400 | ||||||
Ferrellgas LP |
||||||||
5.38%, 4/1/2026(a) |
1,345,000 | 1,266,514 | ||||||
5.88%, 4/1/2029(a) |
485,000 | 417,101 | ||||||
Suburban Propane Partners LP |
||||||||
5.88%, 3/1/2027 |
585,000 | 572,589 | ||||||
5.00%, 6/1/2031(a) |
3,070,000 | 2,620,092 | ||||||
Superior Plus LP |
||||||||
4.50%, 3/15/2029(a) |
1,595,000 | 1,401,916 | ||||||
|
|
|||||||
15,414,436 | ||||||||
|
|
|||||||
Ground Transportation - 1.2% |
| |||||||
Albion Financing 1 Sarl |
||||||||
6.13%, 10/15/2026(a) |
1,630,000 | 1,536,275 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Albion Financing 2SARL |
||||||||
8.75%, 4/15/2027(a) |
2,075,000 | 1,922,510 | ||||||
Avis Budget Car Rental LLC |
||||||||
5.75%, 7/15/2027(a) |
630,000 | 592,912 | ||||||
Carriage Purchaser, Inc. |
||||||||
7.88%, 10/15/2029(a) |
805,000 | 633,841 | ||||||
EquipmentShare.com, Inc. |
||||||||
9.00%, 5/15/2028(a) |
1,740,000 | 1,724,723 | ||||||
First Student Bidco, Inc. |
||||||||
4.00%, 7/31/2029(a) |
505,000 | 427,920 | ||||||
Hertz Corp. (The) |
||||||||
4.63%, 12/1/2026(a) |
800,000 | 722,760 | ||||||
5.00%, 12/1/2029(a) |
3,335,000 | 2,755,014 | ||||||
NESCO Holdings II, Inc. |
||||||||
5.50%, 4/15/2029(a) |
1,570,000 | 1,427,915 | ||||||
PECF USS Intermediate Holding III Corp. |
||||||||
8.00%, 11/15/2029(a) |
2,495,000 | 1,378,487 | ||||||
Uber Technologies, Inc. |
||||||||
4.50%, 8/15/2029(a) |
630,000 | 582,288 | ||||||
|
|
|||||||
13,704,645 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 0.3% |
| |||||||
Garden Spinco Corp. |
||||||||
8.63%, 7/20/2030(a) |
105,000 | 113,319 | ||||||
Hologic, Inc. |
||||||||
4.63%, 2/1/2028(a) |
608,000 | 577,928 | ||||||
Medline Borrower LP |
||||||||
5.25%, 10/1/2029(a) |
1,915,000 | 1,698,947 | ||||||
Teleflex, Inc. |
||||||||
4.63%, 11/15/2027 |
870,000 | 821,062 | ||||||
Varex Imaging Corp. |
||||||||
7.88%, 10/15/2027(a) |
9,000 | 9,000 | ||||||
|
|
|||||||
3,220,256 | ||||||||
|
|
|||||||
Health Care Providers & Services - 3.2% |
| |||||||
180 Medical, Inc. |
||||||||
3.88%, 10/15/2029(a) |
450,000 | 393,989 | ||||||
Acadia Healthcare Co., Inc. |
||||||||
5.50%, 7/1/2028(a) |
630,000 | 603,225 | ||||||
AdaptHealth LLC |
||||||||
6.13%, 8/1/2028(a) |
975,000 | 873,457 | ||||||
AHP Health Partners, Inc. |
||||||||
5.75%, 7/15/2029(a) |
1,617,000 | 1,407,922 | ||||||
Community Health Systems, Inc. |
||||||||
8.00%, 3/15/2026(a) |
790,000 | 775,773 | ||||||
6.88%, 4/15/2029(a) |
1,000,000 | 662,758 | ||||||
6.13%, 4/1/2030(a) |
665,000 | 419,165 | ||||||
DaVita, Inc. |
||||||||
4.63%, 6/1/2030(a) |
2,123,000 | 1,811,559 | ||||||
3.75%, 2/15/2031(a) |
1,615,000 | 1,291,414 | ||||||
Encompass Health Corp. |
||||||||
4.75%, 2/1/2030 |
485,000 | 440,833 | ||||||
4.63%, 4/1/2031 |
250,000 | 222,153 | ||||||
Global Medical Response, Inc. |
||||||||
6.50%, 10/1/2025(a) |
3,040,000 | 1,805,334 | ||||||
HealthEquity, Inc. |
||||||||
4.50%, 10/1/2029(a) |
600,000 | 537,460 | ||||||
Heartland Dental LLC |
||||||||
8.50%, 5/1/2026(a) |
600,000 | 540,074 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
10.50%, 4/30/2028(a) |
1,125,000 | 1,127,812 | ||||||
Kedrion SpA |
||||||||
6.50%, 9/1/2029(a) |
265,000 | 227,900 | ||||||
Legacy LifePoint Health LLC |
||||||||
6.75%, 4/15/2025(a) |
800,000 | 812,296 | ||||||
4.38%, 2/15/2027(a) |
2,745,000 | 2,367,562 | ||||||
LifePoint Health, Inc. |
||||||||
5.38%, 1/15/2029(a) |
1,825,000 | 1,291,726 | ||||||
ModivCare, Inc. |
||||||||
5.88%, 11/15/2025(a) |
1,174,000 | 1,088,885 | ||||||
Molina Healthcare, Inc. |
||||||||
4.38%, 6/15/2028(a) |
1,605,000 | 1,471,667 | ||||||
3.88%, 11/15/2030(a) |
3,010,000 | 2,574,839 | ||||||
3.88%, 5/15/2032(a) |
3,400,000 | 2,836,371 | ||||||
Option Care Health, Inc. |
||||||||
4.38%, 10/31/2029(a) |
300,000 | 264,866 | ||||||
Pediatrix Medical Group, Inc. |
||||||||
5.38%, 2/15/2030(a) |
25,000 | 22,574 | ||||||
Prime Healthcare Services, Inc. |
||||||||
7.25%, 11/1/2025(a) |
1,200,000 | 1,139,989 | ||||||
Radiology Partners, Inc. |
||||||||
9.25%, 2/1/2028(a) |
1,885,000 | 725,725 | ||||||
RegionalCare Hospital Partners Holdings, Inc. |
||||||||
9.75%, 12/1/2026(a) |
2,360,000 | 2,212,893 | ||||||
RP Escrow Issuer LLC |
||||||||
5.25%, 12/15/2025(a) |
4,055,000 | 2,764,849 | ||||||
Select Medical Corp. |
||||||||
6.25%, 8/15/2026(a) |
250,000 | 247,870 | ||||||
Team Health Holdings, Inc. |
||||||||
6.38%, 2/1/2025(a) |
955,000 | 487,050 | ||||||
Tenet Healthcare Corp. |
||||||||
5.13%, 11/1/2027 |
2,215,000 | 2,103,348 | ||||||
6.13%, 10/1/2028 |
250,000 | 238,148 | ||||||
6.88%, 11/15/2031 |
215,000 | 215,322 | ||||||
Toledo Hospital (The) |
||||||||
Series B, 5.33%, 11/15/2028 |
495,000 | 402,187 | ||||||
6.02%, 11/15/2048 |
500,000 | 343,035 | ||||||
US Acute Care Solutions LLC |
||||||||
6.38%, 3/1/2026(a) |
1,613,000 | 1,409,488 | ||||||
|
|
|||||||
38,161,518 | ||||||||
|
|
|||||||
Health Care REITs - 0.7% |
| |||||||
CTR Partnership LP |
||||||||
REIT, 3.88%, 6/30/2028(a) |
1,200,000 | 1,066,656 | ||||||
MPT Operating Partnership LP |
||||||||
REIT, 5.25%, 8/1/2026 |
1,120,000 | 1,030,868 | ||||||
REIT, 5.00%, 10/15/2027 |
3,490,000 | 3,058,751 | ||||||
REIT, 4.63%, 8/1/2029 |
2,150,000 | 1,707,768 | ||||||
REIT, 3.50%, 3/15/2031 |
1,125,000 | 811,909 | ||||||
|
|
|||||||
7,675,952 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.5% |
| |||||||
Park Intermediate Holdings LLC |
||||||||
REIT, 5.88%, 10/1/2028(a) |
1,380,000 | 1,273,050 | ||||||
REIT, 4.88%, 5/15/2029(a) |
1,325,000 | 1,157,719 | ||||||
Service Properties Trust |
||||||||
REIT, 5.25%, 2/15/2026 |
630,000 | 575,143 | ||||||
REIT, 4.75%, 10/1/2026 |
770,000 | 673,935 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
REIT, 4.95%, 2/15/2027 |
985,000 | 844,454 | ||||||
REIT, 3.95%, 1/15/2028 |
685,000 | 536,482 | ||||||
REIT, 4.95%, 10/1/2029 |
500,000 | 384,825 | ||||||
XHR LP |
||||||||
REIT, 4.88%, 6/1/2029(a) |
240,000 | 208,776 | ||||||
|
|
|||||||
5,654,384 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 5.5% |
| |||||||
Affinity Interactive |
||||||||
6.88%, 12/15/2027(a) |
995,000 | 880,257 | ||||||
Boyd Gaming Corp. |
||||||||
4.75%, 6/15/2031(a) |
400,000 | 357,910 | ||||||
Carnival Corp. |
||||||||
10.50%, 2/1/2026(a) |
600,000 | 632,469 | ||||||
CDI Escrow Issuer, Inc. |
||||||||
5.75%, 4/1/2030(a) |
1,010,000 | 938,038 | ||||||
CEC Entertainment LLC |
||||||||
6.75%, 5/1/2026(a) |
864,000 | 830,804 | ||||||
Cedar Fair LP |
||||||||
5.38%, 4/15/2027 |
2,280,000 | 2,155,399 | ||||||
6.50%, 10/1/2028 |
445,000 | 431,301 | ||||||
5.25%, 7/15/2029 |
1,166,000 | 1,045,758 | ||||||
Churchill Downs, Inc. |
||||||||
5.50%, 4/1/2027(a) |
1,100,000 | 1,064,045 | ||||||
4.75%, 1/15/2028(a) |
1,730,000 | 1,599,175 | ||||||
6.75%, 5/1/2031(a) |
250,000 | 244,350 | ||||||
Everi Holdings, Inc. |
||||||||
5.00%, 7/15/2029(a) |
600,000 | 528,000 | ||||||
Fertitta Entertainment LLC |
||||||||
4.63%, 1/15/2029(a) |
1,225,000 | 1,068,745 | ||||||
Genting New York LLC |
||||||||
3.30%, 2/15/2026(a) |
2,465,000 | 2,209,655 | ||||||
GPS Hospitality Holding Co. LLC |
||||||||
7.00%, 8/15/2028(a) |
870,000 | 571,757 | ||||||
Hilton Domestic Operating Co., Inc. |
||||||||
3.75%, 5/1/2029(a) |
250,000 | 222,742 | ||||||
4.88%, 1/15/2030 |
1,000,000 | 937,500 | ||||||
4.00%, 5/1/2031(a) |
1,370,000 | 1,194,994 | ||||||
3.63%, 2/15/2032(a) |
5,440,000 | 4,564,996 | ||||||
Hilton Grand Vacations Borrower Escrow LLC |
||||||||
5.00%, 6/1/2029(a) |
2,225,000 | 1,988,682 | ||||||
4.88%, 7/1/2031(a) |
2,255,000 | 1,927,618 | ||||||
Jacobs Entertainment, Inc. |
||||||||
6.75%, 2/15/2029(a) |
1,305,000 | 1,188,636 | ||||||
Las Vegas Sands Corp. |
||||||||
3.20%, 8/8/2024 |
390,000 | 378,572 | ||||||
3.90%, 8/8/2029 |
645,000 | 578,108 | ||||||
Life Time, Inc. |
||||||||
8.00%, 4/15/2026(a) |
1,315,000 | 1,314,880 | ||||||
Lindblad Expeditions Holdings, Inc. |
||||||||
9.00%, 5/15/2028(a) |
1,000,000 | 1,032,630 | ||||||
Lindblad Expeditions LLC |
||||||||
6.75%, 2/15/2027(a) |
570,000 | 546,986 | ||||||
MajorDrive Holdings IV LLC |
||||||||
6.38%, 6/1/2029(a) |
1,215,000 | 993,937 | ||||||
Marriott Ownership Resorts, Inc. |
||||||||
4.75%, 1/15/2028 |
735,000 | 664,786 | ||||||
4.50%, 6/15/2029(a) |
1,805,000 | 1,564,718 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Midwest Gaming Borrower LLC |
||||||||
4.88%, 5/1/2029(a) |
1,900,000 | 1,687,580 | ||||||
Mohegan Tribal Gaming Authority |
||||||||
8.00%, 2/1/2026(a) |
5,670,000 | 5,244,750 | ||||||
Penn Entertainment, Inc. |
||||||||
5.63%, 1/15/2027(a) |
660,000 | 620,760 | ||||||
4.13%, 7/1/2029(a) |
715,000 | 590,572 | ||||||
Raptor Acquisition Corp. |
||||||||
4.88%, 11/1/2026(a) |
385,000 | 360,952 | ||||||
Resorts World Las Vegas LLC |
||||||||
4.63%, 4/16/2029(a) |
4,450,000 | 3,687,639 | ||||||
4.63%, 4/6/2031(a) |
455,000 | 354,974 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
4.25%, 7/1/2026(a) |
1,180,000 | 1,096,784 | ||||||
5.50%, 8/31/2026(a) |
1,855,000 | 1,779,022 | ||||||
11.63%, 8/15/2027(a) |
2,670,000 | 2,915,429 | ||||||
Scientific Games International, Inc. |
||||||||
7.00%, 5/15/2028(a) |
500,000 | 498,200 | ||||||
SeaWorld Parks & Entertainment, Inc. |
||||||||
5.25%, 8/15/2029(a) |
1,085,000 | 976,500 | ||||||
Six Flags Entertainment Corp. |
||||||||
7.25%, 5/15/2031(a) |
420,000 | 401,221 | ||||||
Sizzling Platter LLC |
||||||||
8.50%, 11/28/2025(a) |
330,000 | 325,050 | ||||||
Speedway Motorsports LLC |
||||||||
4.88%, 11/1/2027(a) |
225,000 | 208,370 | ||||||
Station Casinos LLC |
||||||||
4.50%, 2/15/2028(a) |
305,000 | 276,656 | ||||||
TKC Holdings, Inc. |
||||||||
6.88%, 5/15/2028(a) |
930,000 | 818,692 | ||||||
10.50%, 5/15/2029(a) |
2,125,000 | 1,615,000 | ||||||
Travel + Leisure Co. |
||||||||
6.63%, 7/31/2026(a) |
1,175,000 | 1,169,642 | ||||||
6.00%, 4/1/2027(e) |
645,000 | 632,164 | ||||||
4.50%, 12/1/2029(a) |
610,000 | 524,213 | ||||||
4.63%, 3/1/2030(a) |
35,000 | 30,222 | ||||||
Viking Ocean Cruises Ship VII Ltd. |
||||||||
5.63%, 2/15/2029(a) |
390,000 | 362,790 | ||||||
VOC Escrow Ltd. |
||||||||
5.00%, 2/15/2028(a) |
815,000 | 757,247 | ||||||
Wynn Resorts Finance LLC |
||||||||
5.13%, 10/1/2029(a) |
180,000 | 162,878 | ||||||
Yum! Brands, Inc. |
||||||||
4.75%, 1/15/2030(a) |
710,000 | 662,224 | ||||||
3.63%, 3/15/2031 |
580,000 | 497,149 | ||||||
4.63%, 1/31/2032 |
720,000 | 652,225 | ||||||
5.38%, 4/1/2032 |
655,000 | 620,019 | ||||||
6.88%, 11/15/2037 |
565,000 | 605,246 | ||||||
5.35%, 11/1/2043 |
500,000 | 448,750 | ||||||
|
|
|||||||
64,240,368 | ||||||||
|
|
|||||||
Household Durables - 1.7% |
| |||||||
Ashton Woods USA LLC |
||||||||
6.63%, 1/15/2028(a) |
265,000 | 254,274 | ||||||
4.63%, 8/1/2029(a) |
875,000 | 757,155 | ||||||
4.63%, 4/1/2030(a) |
495,000 | 423,225 | ||||||
Beazer Homes USA, Inc. |
||||||||
5.88%, 10/15/2027 |
965,000 | 932,004 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
7.25%, 10/15/2029 |
835,000 | 820,645 | ||||||
Brookfield Residential Properties, Inc. |
||||||||
6.25%, 9/15/2027(a) |
3,390,000 | 3,134,055 | ||||||
CD&R Smokey Buyer, Inc. |
||||||||
6.75%, 7/15/2025(a) |
900,000 | 846,018 | ||||||
Empire Communities Corp. |
||||||||
7.00%, 12/15/2025(a) |
505,000 | 485,377 | ||||||
Installed Building Products, Inc. |
||||||||
5.75%, 2/1/2028(a) |
495,000 | 468,704 | ||||||
LGI Homes, Inc. |
||||||||
4.00%, 7/15/2029(a) |
615,000 | 516,663 | ||||||
M/I Homes, Inc. |
||||||||
3.95%, 2/15/2030 |
5,000 | 4,325 | ||||||
Mattamy Group Corp. |
||||||||
5.25%, 12/15/2027(a) |
720,000 | 680,822 | ||||||
4.63%, 3/1/2030(a) |
1,085,000 | 951,757 | ||||||
Newell Brands, Inc. |
||||||||
4.88%, 6/1/2025 |
870,000 | 841,768 | ||||||
4.70%, 4/1/2026(e) |
4,100,000 | 3,891,716 | ||||||
Shea Homes LP |
||||||||
4.75%, 2/15/2028 |
870,000 | 791,700 | ||||||
4.75%, 4/1/2029 |
245,000 | 217,489 | ||||||
SWF Escrow Issuer Corp. |
||||||||
6.50%, 10/1/2029(a) |
1,595,000 | 984,955 | ||||||
Taylor Morrison Communities, Inc. |
||||||||
5.75%, 1/15/2028(a) |
650,000 | 633,598 | ||||||
5.13%, 8/1/2030(a) |
460,000 | 429,410 | ||||||
Tempur Sealy International, Inc. |
||||||||
4.00%, 4/15/2029(a) |
500,000 | 433,406 | ||||||
TopBuild Corp. |
||||||||
4.13%, 2/15/2032(a) |
1,175,000 | 1,008,150 | ||||||
Tri Pointe Homes, Inc. |
||||||||
5.25%, 6/1/2027 |
550,000 | 531,437 | ||||||
5.70%, 6/15/2028 |
580,000 | 556,800 | ||||||
|
|
|||||||
20,595,453 | ||||||||
|
|
|||||||
Household Products - 0.3% |
| |||||||
Central Garden & Pet Co. |
||||||||
5.13%, 2/1/2028 |
545,000 | 514,469 | ||||||
4.13%, 10/15/2030 |
250,000 | 212,541 | ||||||
4.13%, 4/30/2031(a) |
100,000 | 83,483 | ||||||
Energizer Holdings, Inc. |
||||||||
6.50%, 12/31/2027(a) |
490,000 | 476,166 | ||||||
4.75%, 6/15/2028(a) |
820,000 | 736,549 | ||||||
4.38%, 3/31/2029(a) |
795,000 | 689,122 | ||||||
Kronos Acquisition Holdings, Inc. |
||||||||
5.00%, 12/31/2026(a) |
445,000 | 413,850 | ||||||
7.00%, 12/31/2027(a) |
915,000 | 805,401 | ||||||
|
|
|||||||
3,931,581 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.4% |
| |||||||
Atlantica Sustainable Infrastructure plc |
||||||||
4.13%, 6/15/2028(a) |
765,000 | 692,618 | ||||||
Calpine Corp. |
||||||||
5.13%, 3/15/2028(a) |
780,000 | 707,333 | ||||||
4.63%, 2/1/2029(a) |
978,000 | 842,092 | ||||||
3.75%, 3/1/2031(a) |
500,000 | 409,836 | ||||||
Clearway Energy Operating LLC |
||||||||
3.75%, 2/15/2031(a) |
795,000 | 658,892 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
3.75%, 1/15/2032(a) |
395,000 | 322,840 | ||||||
Talen Energy Supply LLC |
||||||||
8.63%, 6/1/2030(a) |
1,210,000 | 1,255,835 | ||||||
TransAlta Corp. |
||||||||
6.50%, 3/15/2040 |
240,000 | 229,542 | ||||||
|
|
|||||||
5,118,988 | ||||||||
|
|
|||||||
Insurance - 0.6% |
| |||||||
Acrisure LLC |
||||||||
4.25%, 2/15/2029(a) |
440,000 | 379,391 | ||||||
Assurant, Inc. |
||||||||
7.00%, 3/27/2048(c) |
665,000 | 647,416 | ||||||
Global Atlantic Fin Co. |
||||||||
4.70%, 10/15/2051(a)(c) |
2,575,000 | 1,852,745 | ||||||
Liberty Mutual Group, Inc. |
||||||||
7.80%, 3/15/2037(a) |
275,000 | 284,785 | ||||||
4.12%, 12/15/2051(a)(c) |
705,000 | 563,359 | ||||||
NFP Corp. |
||||||||
4.88%, 8/15/2028(a) |
790,000 | 710,916 | ||||||
6.88%, 8/15/2028(a) |
2,405,000 | 2,128,697 | ||||||
7.50%, 10/1/2030(a) |
215,000 | 209,130 | ||||||
Ohio National Financial Services, Inc. |
||||||||
6.80%, 1/24/2030(a)(e) |
220,000 | 204,598 | ||||||
|
|
|||||||
6,981,037 | ||||||||
|
|
|||||||
Interactive Media & Services - 0.3% |
| |||||||
Cars.com, Inc. |
||||||||
6.38%, 11/1/2028(a) |
745,000 | 702,696 | ||||||
Rackspace Technology Global, Inc. |
||||||||
3.50%, 2/15/2028(a) |
2,545,000 | 1,138,356 | ||||||
5.38%, 12/1/2028(a) |
2,310,000 | 639,627 | ||||||
Ziff Davis, Inc. |
||||||||
4.63%, 10/15/2030(a) |
200,000 | 175,252 | ||||||
ZipRecruiter, Inc. |
||||||||
5.00%, 1/15/2030(a) |
1,445,000 | 1,231,862 | ||||||
|
|
|||||||
3,887,793 | ||||||||
|
|
|||||||
IT Services - 0.7% |
| |||||||
Acuris Finance US, Inc. |
||||||||
5.00%, 5/1/2028(a) |
629,000 | 499,067 | ||||||
Cogent Communications Group, Inc. |
||||||||
3.50%, 5/1/2026(a) |
890,000 | 825,356 | ||||||
7.00%, 6/15/2027(a) |
755,000 | 728,676 | ||||||
Gartner, Inc. |
||||||||
4.50%, 7/1/2028(a) |
1,545,000 | 1,444,327 | ||||||
3.75%, 10/1/2030(a) |
505,000 | 440,209 | ||||||
ION Trading Technologies Sarl |
||||||||
5.75%, 5/15/2028(a) |
400,000 | 348,000 | ||||||
Newfold Digital Holdings Group, Inc. |
||||||||
6.00%, 2/15/2029(a) |
1,740,000 | 1,283,250 | ||||||
Northwest Fiber LLC |
||||||||
4.75%, 4/30/2027(a) |
55,000 | 47,869 | ||||||
6.00%, 2/15/2028(a) |
505,000 | 398,950 | ||||||
10.75%, 6/1/2028(a) |
354,000 | 324,181 | ||||||
Presidio Holdings, Inc. |
||||||||
8.25%, 2/1/2028(a) |
955,000 | 926,178 | ||||||
Unisys Corp. |
||||||||
6.88%, 11/1/2027(a) |
1,445,000 | 1,179,814 | ||||||
|
|
|||||||
8,445,877 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Leisure Products - 0.4% |
| |||||||
Universal Entertainment Corp. |
||||||||
8.75%, 12/11/2024(a)(e) |
2,984,000 | 3,007,872 | ||||||
Vista Outdoor, Inc. |
||||||||
4.50%, 3/15/2029(a) |
2,020,000 | 1,717,949 | ||||||
|
|
|||||||
4,725,821 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.0%(d) |
| |||||||
Fortrea Holdings, Inc. |
||||||||
7.50%, 7/1/2030(a) |
230,000 | 235,058 | ||||||
|
|
|||||||
Machinery - 1.2% |
| |||||||
Amsted Industries, Inc. |
||||||||
4.63%, 5/15/2030(a) |
200,000 | 177,482 | ||||||
Calderys Financing LLC |
||||||||
11.25%, 6/1/2028(a) |
1,330,000 | 1,367,905 | ||||||
Chart Industries, Inc. |
||||||||
9.50%, 1/1/2031(a) |
950,000 | 1,018,875 | ||||||
GrafTech Finance, Inc. |
||||||||
4.63%, 12/15/2028(a) |
1,645,000 | 1,367,373 | ||||||
Hillenbrand, Inc. |
||||||||
5.00%, 9/15/2026(e) |
540,000 | 528,738 | ||||||
Husky III Holding Ltd. |
||||||||
13.00%, 2/15/2025(a)(b) |
1,000,000 | 930,000 | ||||||
Interpipe Holdings plc |
||||||||
8.38%, 5/13/2026(a) |
500,000 | 311,000 | ||||||
Manitowoc Co., Inc. (The) |
||||||||
9.00%, 4/1/2026(a) |
200,000 | 199,000 | ||||||
Mueller Water Products, Inc. |
||||||||
4.00%, 6/15/2029(a) |
730,000 | 650,454 | ||||||
OT Merger Corp. |
||||||||
7.88%, 10/15/2029(a) |
1,230,000 | 794,753 | ||||||
Roller Bearing Co. of America, Inc. |
||||||||
4.38%, 10/15/2029(a) |
840,000 | 748,650 | ||||||
Terex Corp. |
||||||||
5.00%, 5/15/2029(a) |
925,000 | 860,685 | ||||||
Titan Acquisition Ltd. |
||||||||
7.75%, 4/15/2026(a) |
1,200,000 | 1,114,598 | ||||||
Titan International, Inc. |
||||||||
7.00%, 4/30/2028 |
875,000 | 843,071 | ||||||
TK Elevator US Newco, Inc. |
||||||||
5.25%, 7/15/2027(a) |
2,015,000 | 1,884,334 | ||||||
Wabash National Corp. |
||||||||
4.50%, 10/15/2028(a) |
1,045,000 | 880,412 | ||||||
|
|
|||||||
13,677,330 | ||||||||
|
|
|||||||
Media - 8.3% |
| |||||||
Advantage Sales & Marketing, Inc. |
||||||||
6.50%, 11/15/2028(a) |
1,275,000 | 1,109,250 | ||||||
Altice Financing SA |
||||||||
5.00%, 1/15/2028(a) |
1,495,000 | 1,160,062 | ||||||
5.75%, 8/15/2029(a) |
4,200,000 | 3,149,661 | ||||||
AMC Networks, Inc. |
||||||||
4.75%, 8/1/2025 |
510,000 | 451,705 | ||||||
4.25%, 2/15/2029 |
2,580,000 | 1,432,932 | ||||||
Belo Corp. |
||||||||
7.75%, 6/1/2027 |
625,000 | 617,005 | ||||||
7.25%, 9/15/2027 |
645,000 | 635,325 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Cable One, Inc. |
||||||||
4.00%, 11/15/2030(a) |
250,000 | 197,500 | ||||||
CMG Media Corp. |
||||||||
8.88%, 12/15/2027(a) |
2,940,000 | 2,294,847 | ||||||
CSC Holdings LLC |
||||||||
7.50%, 4/1/2028(a) |
365,000 | 225,503 | ||||||
Directv Financing LLC |
||||||||
5.88%, 8/15/2027(a) |
3,375,000 | 3,046,693 | ||||||
DISH DBS Corp. |
||||||||
5.88%, 11/15/2024 |
4,175,000 | 3,811,542 | ||||||
7.75%, 7/1/2026 |
9,092,000 | 5,877,978 | ||||||
5.25%, 12/1/2026(a) |
2,310,000 | 1,891,902 | ||||||
7.38%, 7/1/2028 |
4,704,000 | 2,646,000 | ||||||
5.75%, 12/1/2028(a) |
1,805,000 | 1,388,981 | ||||||
5.13%, 6/1/2029 |
7,219,000 | 3,627,548 | ||||||
DISH Network Corp. |
||||||||
11.75%, 11/15/2027(a) |
4,695,000 | 4,725,884 | ||||||
Gannett Holdings LLC |
||||||||
6.00%, 11/1/2026(a) |
605,000 | 520,748 | ||||||
GCI LLC |
||||||||
4.75%, 10/15/2028(a) |
1,625,000 | 1,412,494 | ||||||
Gray Escrow II, Inc. |
||||||||
5.38%, 11/15/2031(a) |
6,130,000 | 4,277,483 | ||||||
Gray Television, Inc. |
||||||||
7.00%, 5/15/2027(a) |
1,790,000 | 1,548,350 | ||||||
4.75%, 10/15/2030(a) |
695,000 | 488,974 | ||||||
Nexstar Media, Inc. |
||||||||
5.63%, 7/15/2027(a) |
3,530,000 | 3,318,587 | ||||||
4.75%, 11/1/2028(a) |
500,000 | 440,662 | ||||||
Paramount Global |
||||||||
6.25%, 2/28/2057(c) |
1,160,000 | 899,000 | ||||||
6.37%, 3/30/2062(c) |
2,490,000 | 2,052,881 | ||||||
Radiate Holdco LLC |
||||||||
4.50%, 9/15/2026(a) |
2,340,000 | 1,901,564 | ||||||
6.50%, 9/15/2028(a) |
2,520,000 | 1,510,609 | ||||||
Scripps Escrow II, Inc. |
||||||||
5.38%, 1/15/2031(a) |
390,000 | 297,278 | ||||||
Scripps Escrow, Inc. |
||||||||
5.88%, 7/15/2027(a) |
1,187,000 | 991,406 | ||||||
Sinclair Television Group, Inc. |
||||||||
5.13%, 2/15/2027(a) |
760,000 | 635,314 | ||||||
5.50%, 3/1/2030(a) |
2,415,000 | 1,274,565 | ||||||
4.13%, 12/1/2030(a) |
1,000,000 | 651,990 | ||||||
Sirius XM Radio, Inc. |
||||||||
3.13%, 9/1/2026(a) |
2,555,000 | 2,305,376 | ||||||
5.00%, 8/1/2027(a) |
2,570,000 | 2,387,761 | ||||||
4.00%, 7/15/2028(a) |
1,605,000 | 1,396,482 | ||||||
5.50%, 7/1/2029(a) |
2,385,000 | 2,179,101 | ||||||
4.13%, 7/1/2030(a) |
6,395,000 | 5,266,730 | ||||||
3.88%, 9/1/2031(a) |
7,295,000 | 5,711,670 | ||||||
Summer BC Bidco B LLC |
||||||||
5.50%, 10/31/2026(a) |
1,160,000 | 987,873 | ||||||
TEGNA, Inc. |
||||||||
4.75%, 3/15/2026(a) |
985,000 | 945,304 | ||||||
4.63%, 3/15/2028 |
2,237,000 | 2,002,115 | ||||||
5.00%, 9/15/2029 |
490,000 | 436,713 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Townsquare Media, Inc. |
||||||||
6.88%, 2/1/2026(a) |
1,020,000 | 983,025 | ||||||
Univision Communications, Inc. |
||||||||
6.63%, 6/1/2027(a) |
500,000 | 486,483 | ||||||
7.38%, 6/30/2030(a) |
545,000 | 530,457 | ||||||
UPC Broadband Finco BV |
||||||||
4.88%, 7/15/2031(a) |
1,500,000 | 1,259,765 | ||||||
UPC Holding BV |
||||||||
5.50%, 1/15/2028(a) |
934,000 | 831,260 | ||||||
Virgin Media Vendor Financing Notes IV DAC |
||||||||
5.00%, 7/15/2028(a) |
685,000 | 602,824 | ||||||
VZ Secured Financing BV |
||||||||
5.00%, 1/15/2032(a) |
6,710,000 | 5,452,696 | ||||||
Ziggo Bond Co. BV |
||||||||
5.13%, 2/28/2030(a) |
178,000 | 140,620 | ||||||
Ziggo BV |
||||||||
4.88%, 1/15/2030(a) |
4,420,000 | 3,742,639 | ||||||
|
|
|||||||
98,161,117 | ||||||||
|
|
|||||||
Metals & Mining - 2.1% |
| |||||||
Allegheny Ludlum LLC |
||||||||
6.95%, 12/15/2025 |
195,000 | 196,534 | ||||||
Baffinland Iron Mines Corp. |
||||||||
8.75%, 7/15/2026(a) |
960,000 | 931,200 | ||||||
Carpenter Technology Corp. |
||||||||
6.38%, 7/15/2028 |
1,080,000 | 1,063,498 | ||||||
Cleveland-Cliffs, Inc. |
||||||||
6.75%, 4/15/2030(a) |
335,000 | 325,887 | ||||||
Compass Minerals International, Inc. |
||||||||
6.75%, 12/1/2027(a) |
1,385,000 | 1,349,250 | ||||||
Eldorado Gold Corp. |
||||||||
6.25%, 9/1/2029(a) |
1,945,000 | 1,741,002 | ||||||
FMG Resources August 2006 Pty. Ltd. |
||||||||
4.50%, 9/15/2027(a) |
750,000 | 701,100 | ||||||
5.88%, 4/15/2030(a) |
375,000 | 359,650 | ||||||
4.38%, 4/1/2031(a) |
1,070,000 | 920,107 | ||||||
6.13%, 4/15/2032(a) |
2,615,000 | 2,510,640 | ||||||
Hecla Mining Co. |
||||||||
7.25%, 2/15/2028 |
1,025,000 | 1,014,801 | ||||||
Hudbay Minerals, Inc. |
||||||||
4.50%, 4/1/2026(a) |
1,280,000 | 1,213,797 | ||||||
IAMGOLD Corp. |
||||||||
5.75%, 10/15/2028(a) |
2,045,000 | 1,574,650 | ||||||
Kaiser Aluminum Corp. |
||||||||
4.63%, 3/1/2028(a) |
1,270,000 | 1,139,927 | ||||||
Mineral Resources Ltd. |
||||||||
8.13%, 5/1/2027(a) |
960,000 | 960,845 | ||||||
8.00%, 11/1/2027(a) |
850,000 | 852,322 | ||||||
8.50%, 5/1/2030(a) |
1,033,000 | 1,043,727 | ||||||
New Gold, Inc. |
||||||||
7.50%, 7/15/2027(a) |
1,805,000 | 1,724,677 | ||||||
Novelis Corp. |
||||||||
3.88%, 8/15/2031(a) |
500,000 | 416,352 | ||||||
SunCoke Energy, Inc. |
||||||||
4.88%, 6/30/2029(a) |
1,200,000 | 1,033,333 | ||||||
Taseko Mines Ltd. |
||||||||
7.00%, 2/15/2026(a) |
1,895,000 | 1,752,973 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
TMS International Corp. |
||||||||
6.25%, 4/15/2029(a) |
1,475,000 | 1,233,469 | ||||||
United States Steel Corp. |
||||||||
6.65%, 6/1/2037 |
240,000 | 234,992 | ||||||
Warrior Met Coal, Inc. |
||||||||
7.88%, 12/1/2028(a) |
805,000 | 812,124 | ||||||
|
|
|||||||
25,106,857 | ||||||||
|
|
|||||||
Mortgage Real Estate Investment Trusts (REITs) - 0.9% |
| |||||||
Apollo Commercial Real Estate Finance, Inc. |
||||||||
4.63%, 6/15/2029(a) |
160,000 | 128,171 | ||||||
Blackstone Mortgage Trust, Inc. |
||||||||
3.75%, 1/15/2027(a) |
1,045,000 | 898,520 | ||||||
Ladder Capital Finance Holdings LLLP |
||||||||
5.25%, 10/1/2025(a) |
654,000 | 626,900 | ||||||
4.25%, 2/1/2027(a) |
1,030,000 | 926,560 | ||||||
4.75%, 6/15/2029(a) |
2,625,000 | 2,213,186 | ||||||
Rithm Capital Corp. |
||||||||
6.25%, 10/15/2025(a) |
995,000 | 946,111 | ||||||
Starwood Property Trust, Inc. |
||||||||
3.75%, 12/31/2024(a) |
1,000,000 | 955,000 | ||||||
4.75%, 3/15/2025 |
890,000 | 859,088 | ||||||
3.63%, 7/15/2026(a) |
1,075,000 | 951,418 | ||||||
4.38%, 1/15/2027(a) |
1,840,000 | 1,633,000 | ||||||
|
|
|||||||
10,137,954 | ||||||||
|
|
|||||||
Multi-Utilities - 0.2% |
| |||||||
Algonquin Power & Utilities Corp. |
||||||||
4.75%, 1/18/2082(c) |
2,605,000 | 2,102,105 | ||||||
|
|
|||||||
Office REITs - 0.4% |
| |||||||
Office Properties Income Trust |
||||||||
REIT, 4.50%, 2/1/2025 |
3,150,000 | 2,775,245 | ||||||
REIT, 2.40%, 2/1/2027 |
1,400,000 | 947,360 | ||||||
REIT, 3.45%, 10/15/2031 |
2,250,000 | 1,182,542 | ||||||
|
|
|||||||
4,905,147 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 14.4% |
| |||||||
Aethon United BR LP |
||||||||
8.25%, 2/15/2026(a) |
1,050,000 | 1,042,021 | ||||||
Antero Midstream Partners LP |
||||||||
5.75%, 3/1/2027(a) |
1,145,000 | 1,107,558 | ||||||
5.75%, 1/15/2028(a) |
1,145,000 | 1,101,010 | ||||||
5.38%, 6/15/2029(a) |
2,015,000 | 1,888,992 | ||||||
Ascent Resources Utica Holdings LLC |
||||||||
7.00%, 11/1/2026(a) |
955,000 | 934,012 | ||||||
8.25%, 12/31/2028(a) |
470,000 | 466,761 | ||||||
5.88%, 6/30/2029(a) |
1,080,000 | 974,911 | ||||||
Athabasca Oil Corp. |
||||||||
9.75%, 11/1/2026(a) |
180,000 | 185,780 | ||||||
Baytex Energy Corp. |
||||||||
8.75%, 4/1/2027(a) |
860,000 | 881,341 | ||||||
8.50%, 4/30/2030(a) |
2,230,000 | 2,259,728 | ||||||
Berry Petroleum Co. LLC |
||||||||
7.00%, 2/15/2026(a) |
330,000 | 314,025 | ||||||
Buckeye Partners LP |
||||||||
4.13%, 3/1/2025(a) |
240,000 | 231,000 | ||||||
3.95%, 12/1/2026 |
805,000 | 738,587 | ||||||
4.13%, 12/1/2027 |
650,000 | 588,250 | ||||||
4.50%, 3/1/2028(a) |
1,335,000 | 1,205,719 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Callon Petroleum Co. |
||||||||
6.38%, 7/1/2026 |
535,000 | 524,208 | ||||||
8.00%, 8/1/2028(a) |
1,525,000 | 1,546,239 | ||||||
7.50%, 6/15/2030(a) |
1,055,000 | 1,024,212 | ||||||
Calumet Specialty Products Partners LP |
||||||||
8.13%, 1/15/2027(a) |
385,000 | 368,638 | ||||||
Chesapeake Energy Corp. |
||||||||
5.88%, 2/1/2029(a) |
710,000 | 679,019 | ||||||
6.75%, 4/15/2029(a) |
1,655,000 | 1,647,627 | ||||||
Chord Energy Corp. |
||||||||
6.38%, 6/1/2026(a) |
690,000 | 684,762 | ||||||
Citgo Holding, Inc. |
||||||||
9.25%, 8/1/2024(a) |
5,555,000 | 5,555,000 | ||||||
CITGO Petroleum Corp. |
||||||||
6.38%, 6/15/2026(a) |
985,000 | 955,450 | ||||||
Civitas Resources, Inc. |
||||||||
5.00%, 10/15/2026(a) |
665,000 | 627,594 | ||||||
8.38%, 7/1/2028(a) |
895,000 | 920,561 | ||||||
8.75%, 7/1/2031(a) |
6,430,000 | 6,655,050 | ||||||
CNX Midstream Partners LP |
||||||||
4.75%, 4/15/2030(a) |
1,260,000 | 1,092,117 | ||||||
CNX Resources Corp. |
||||||||
7.25%, 3/14/2027(a) |
1,100,000 | 1,096,945 | ||||||
6.00%, 1/15/2029(a) |
1,095,000 | 1,024,178 | ||||||
7.38%, 1/15/2031(a) |
780,000 | 773,402 | ||||||
Comstock Resources, Inc. |
||||||||
6.75%, 3/1/2029(a) |
3,084,000 | 2,876,658 | ||||||
5.88%, 1/15/2030(a) |
918,000 | 812,600 | ||||||
CQP Holdco LP |
||||||||
5.50%, 6/15/2031(a) |
1,465,000 | 1,332,446 | ||||||
Crescent Energy Finance LLC |
||||||||
7.25%, 5/1/2026(a) |
1,940,000 | 1,911,909 | ||||||
9.25%, 2/15/2028(a) |
2,205,000 | 2,242,926 | ||||||
Crestwood Midstream Partners LP |
||||||||
5.63%, 5/1/2027(a) |
1,060,000 | 1,007,000 | ||||||
6.00%, 2/1/2029(a) |
2,045,000 | 1,927,413 | ||||||
8.00%, 4/1/2029(a) |
1,040,000 | 1,057,369 | ||||||
7.38%, 2/1/2031(a) |
1,035,000 | 1,032,373 | ||||||
CVR Energy, Inc. |
||||||||
5.75%, 2/15/2028(a) |
1,240,000 | 1,119,100 | ||||||
Delek Logistics Partners LP |
||||||||
6.75%, 5/15/2025 |
340,000 | 333,428 | ||||||
7.13%, 6/1/2028(a) |
1,000,000 | 925,000 | ||||||
DT Midstream, Inc. |
||||||||
4.13%, 6/15/2029(a) |
725,000 | 642,802 | ||||||
4.38%, 6/15/2031(a) |
625,000 | 542,588 | ||||||
Earthstone Energy Holdings LLC |
||||||||
8.00%, 4/15/2027(a) |
1,445,000 | 1,429,985 | ||||||
Encino Acquisition Partners Holdings LLC |
||||||||
8.50%, 5/1/2028(a) |
3,180,000 | 2,916,944 | ||||||
EnLink Midstream Partners LP |
||||||||
5.60%, 4/1/2044 |
500,000 | 411,455 | ||||||
5.45%, 6/1/2047 |
135,000 | 111,670 | ||||||
EnQuest plc |
||||||||
11.63%, 11/1/2027(a) |
550,000 | 517,749 | ||||||
EQM Midstream Partners LP |
||||||||
7.50%, 6/1/2027(a) |
1,260,000 | 1,278,758 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
FTAI Infra Escrow Holdings LLC |
||||||||
10.50%, 6/1/2027(a) |
1,410,000 | 1,404,340 | ||||||
Genesis Energy LP |
||||||||
6.25%, 5/15/2026 |
315,000 | 300,596 | ||||||
8.00%, 1/15/2027 |
2,410,000 | 2,371,819 | ||||||
7.75%, 2/1/2028 |
1,210,000 | 1,176,773 | ||||||
8.88%, 4/15/2030 |
245,000 | 244,371 | ||||||
Global Partners LP |
||||||||
7.00%, 8/1/2027 |
1,060,000 | 1,036,141 | ||||||
6.88%, 1/15/2029 |
1,525,000 | 1,429,794 | ||||||
Gran Tierra Energy International Holdings Ltd. |
||||||||
6.25%, 2/15/2025(a) |
355,000 | 307,799 | ||||||
Gran Tierra Energy, Inc. |
||||||||
7.75%, 5/23/2027(a) |
1,360,000 | 1,083,171 | ||||||
Gulfport Energy Corp. |
||||||||
8.00%, 5/17/2026(a) |
879,000 | 887,627 | ||||||
Harbour Energy plc |
||||||||
5.50%, 10/15/2026(a) |
860,000 | 797,728 | ||||||
Harvest Midstream I LP |
||||||||
7.50%, 9/1/2028(a) |
1,510,000 | 1,484,007 | ||||||
Hess Midstream Operations LP |
||||||||
4.25%, 2/15/2030(a) |
405,000 | 355,388 | ||||||
Hilcorp Energy I LP |
||||||||
6.25%, 11/1/2028(a) |
825,000 | 789,744 | ||||||
5.75%, 2/1/2029(a) |
1,040,000 | 962,000 | ||||||
6.00%, 4/15/2030(a) |
2,150,000 | 1,987,316 | ||||||
6.00%, 2/1/2031(a) |
1,035,000 | 937,286 | ||||||
6.25%, 4/15/2032(a) |
200,000 | 181,785 | ||||||
Holly Energy Partners LP |
||||||||
6.38%, 4/15/2027(a) |
1,060,000 | 1,055,813 | ||||||
5.00%, 2/1/2028(a) |
690,000 | 645,383 | ||||||
Howard Midstream Energy Partners LLC |
||||||||
6.75%, 1/15/2027(a) |
535,000 | 516,079 | ||||||
Ithaca Energy North Sea plc |
||||||||
9.00%, 7/15/2026(a) |
2,708,000 | 2,572,540 | ||||||
ITT Holdings LLC |
||||||||
6.50%, 8/1/2029(a) |
5,617,000 | 4,803,917 | ||||||
Magnolia Oil & Gas Operating LLC |
||||||||
6.00%, 8/1/2026(a) |
330,000 | 323,400 | ||||||
Matador Resources Co. |
||||||||
5.88%, 9/15/2026 |
1,760,000 | 1,712,707 | ||||||
6.88%, 4/15/2028(a) |
1,335,000 | 1,326,732 | ||||||
Moss Creek Resources Holdings, Inc. |
||||||||
7.50%, 1/15/2026(a) |
3,215,000 | 3,002,709 | ||||||
10.50%, 5/15/2027(a) |
1,705,000 | 1,664,492 | ||||||
Murphy Oil Corp. |
||||||||
7.05%, 5/1/2029 |
420,000 | 425,322 | ||||||
5.87%, 12/1/2042(e) |
285,000 | 243,488 | ||||||
New Fortress Energy, Inc. |
||||||||
6.75%, 9/15/2025(a) |
3,735,000 | 3,556,888 | ||||||
6.50%, 9/30/2026(a) |
7,740,000 | 7,101,893 | ||||||
NGL Energy Operating LLC |
||||||||
7.50%, 2/1/2026(a) |
3,855,000 | 3,819,778 | ||||||
NGL Energy Partners LP |
||||||||
6.13%, 3/1/2025 |
100,000 | 97,912 | ||||||
7.50%, 4/15/2026 |
879,000 | 834,370 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Northern Oil and Gas, Inc. |
||||||||
8.13%, 3/1/2028(a) |
1,330,000 | 1,320,025 | ||||||
8.75%, 6/15/2031(a) |
495,000 | 498,736 | ||||||
Northriver Midstream Finance LP |
||||||||
5.63%, 2/15/2026(a) |
1,696,000 | 1,620,867 | ||||||
NuStar Logistics LP |
||||||||
5.75%, 10/1/2025 |
1,060,000 | 1,041,450 | ||||||
6.00%, 6/1/2026 |
865,000 | 851,299 | ||||||
5.63%, 4/28/2027 |
972,000 | 943,158 | ||||||
6.38%, 10/1/2030 |
1,040,000 | 1,003,028 | ||||||
Parkland Corp. |
||||||||
5.88%, 7/15/2027(a) |
875,000 | 851,399 | ||||||
4.50%, 10/1/2029(a) |
2,010,000 | 1,773,773 | ||||||
4.63%, 5/1/2030(a) |
940,000 | 824,899 | ||||||
PBF Holding Co. LLC |
||||||||
6.00%, 2/15/2028 |
1,595,000 | 1,506,063 | ||||||
Permian Resources Operating LLC |
||||||||
5.38%, 1/15/2026(a) |
470,000 | 451,200 | ||||||
Rockies Express Pipeline LLC |
||||||||
4.95%, 7/15/2029(a) |
245,000 | 225,013 | ||||||
4.80%, 5/15/2030(a) |
570,000 | 505,875 | ||||||
6.88%, 4/15/2040(a) |
340,000 | 307,700 | ||||||
SM Energy Co. |
||||||||
5.63%, 6/1/2025 |
1,000,000 | 979,974 | ||||||
6.75%, 9/15/2026 |
755,000 | 741,787 | ||||||
6.63%, 1/15/2027 |
720,000 | 708,139 | ||||||
6.50%, 7/15/2028 |
700,000 | 684,234 | ||||||
Strathcona Resources Ltd. |
||||||||
6.88%, 8/1/2026(a) |
2,775,000 | 2,436,531 | ||||||
Summit Midstream Holdings LLC |
||||||||
9.00%, 10/15/2026(a)(e) |
470,000 | 461,769 | ||||||
Sunoco LP |
||||||||
5.88%, 3/15/2028 |
1,235,000 | 1,201,175 | ||||||
4.50%, 5/15/2029 |
2,055,000 | 1,845,178 | ||||||
4.50%, 4/30/2030 |
2,095,000 | 1,857,453 | ||||||
Tallgrass Energy Partners LP |
||||||||
7.50%, 10/1/2025(a) |
275,000 | 275,481 | ||||||
6.00%, 3/1/2027(a) |
1,740,000 | 1,648,883 | ||||||
5.50%, 1/15/2028(a) |
3,250,000 | 2,990,000 | ||||||
6.00%, 12/31/2030(a) |
3,335,000 | 2,960,327 | ||||||
6.00%, 9/1/2031(a) |
2,000,000 | 1,739,921 | ||||||
Tap Rock Resources LLC |
||||||||
7.00%, 10/1/2026(a) |
500,000 | 516,401 | ||||||
Teine Energy Ltd. |
||||||||
6.88%, 4/15/2029(a) |
905,000 | 832,600 | ||||||
TerraForm Power Operating LLC |
||||||||
5.00%, 1/31/2028(a) |
1,305,000 | 1,211,076 | ||||||
4.75%, 1/15/2030(a) |
525,000 | 463,269 | ||||||
Topaz Solar Farms LLC |
||||||||
5.75%, 9/30/2039(a) |
1,824,852 | 1,760,982 | ||||||
Venture Global Calcasieu Pass LLC |
||||||||
3.88%, 8/15/2029(a) |
1,325,000 | 1,147,327 | ||||||
6.25%, 1/15/2030(a) |
845,000 | 826,260 | ||||||
4.13%, 8/15/2031(a) |
855,000 | 725,240 | ||||||
3.88%, 11/1/2033(a) |
820,000 | 665,452 | ||||||
Venture Global LNG, Inc. |
||||||||
8.13%, 6/1/2028(a) |
2,250,000 | 2,286,858 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
8.38%, 6/1/2031(a) |
3,625,000 | 3,678,349 | ||||||
Vermilion Energy, Inc. |
||||||||
6.88%, 5/1/2030(a) |
1,185,000 | 1,098,793 | ||||||
Vital Energy, Inc. |
||||||||
9.50%, 1/15/2025 |
1,040,000 | 1,034,800 | ||||||
10.13%, 1/15/2028 |
1,350,000 | 1,348,542 | ||||||
7.75%, 7/31/2029(a) |
1,245,000 | 1,064,475 | ||||||
W&T Offshore, Inc. |
||||||||
11.75%, 2/1/2026(a) |
1,235,000 | 1,260,923 | ||||||
|
|
|||||||
169,142,662 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.4% |
| |||||||
Clearwater Paper Corp. |
||||||||
4.75%, 8/15/2028(a) |
745,000 | 655,859 | ||||||
Domtar Corp. |
||||||||
6.75%, 10/1/2028(a) |
3,030,000 | 2,645,392 | ||||||
Louisiana-Pacific Corp. |
||||||||
3.63%, 3/15/2029(a) |
660,000 | 577,535 | ||||||
Mercer International, Inc. |
||||||||
5.50%, 1/15/2026 |
452,000 | 436,093 | ||||||
|
|
|||||||
4,314,879 | ||||||||
|
|
|||||||
Passenger Airlines - 0.9% |
| |||||||
Air Canada |
||||||||
3.88%, 8/15/2026(a) |
2,390,000 | 2,217,825 | ||||||
Allegiant Travel Co. |
||||||||
7.25%, 8/15/2027(a) |
900,000 | 887,889 | ||||||
American Airlines, Inc. |
||||||||
11.75%, 7/15/2025(a) |
735,000 | 810,076 | ||||||
5.50%, 4/20/2026(a) |
1,512,500 | 1,489,831 | ||||||
7.25%, 2/15/2028(a) |
2,060,000 | 2,045,161 | ||||||
Spirit Loyalty Cayman Ltd. |
||||||||
8.00%, 9/20/2025(a) |
1,115,000 | 1,124,845 | ||||||
United Airlines, Inc. |
||||||||
4.38%, 4/15/2026(a) |
500,000 | 473,419 | ||||||
4.63%, 4/15/2029(a) |
1,245,000 | 1,126,309 | ||||||
|
|
|||||||
10,175,355 | ||||||||
|
|
|||||||
Personal Care Products - 0.7% |
| |||||||
BellRing Brands, Inc. |
||||||||
7.00%, 3/15/2030(a) |
1,000,000 | 1,003,780 | ||||||
Edgewell Personal Care Co. |
||||||||
5.50%, 6/1/2028(a) |
1,440,000 | 1,364,400 | ||||||
4.13%, 4/1/2029(a) |
740,000 | 647,322 | ||||||
Herbalife Nutrition Ltd. |
||||||||
7.88%, 9/1/2025(a) |
997,000 | 947,135 | ||||||
Oriflame Investment Holding plc |
||||||||
5.13%, 5/4/2026(a) |
2,595,000 | 911,883 | ||||||
Prestige Brands, Inc. |
||||||||
5.13%, 1/15/2028(a) |
770,000 | 735,350 | ||||||
3.75%, 4/1/2031(a) |
2,735,000 | 2,297,400 | ||||||
|
|
|||||||
7,907,270 | ||||||||
|
|
|||||||
Pharmaceuticals - 1.6% |
| |||||||
Bausch Health Americas, Inc. |
||||||||
9.25%, 4/1/2026(a) |
1,119,000 | 956,044 | ||||||
Bausch Health Cos., Inc. |
||||||||
5.50%, 11/1/2025(a) |
2,250,000 | 2,025,000 | ||||||
9.00%, 12/15/2025(a) |
1,798,000 | 1,646,192 | ||||||
6.13%, 2/1/2027(a) |
3,565,000 | 2,340,623 | ||||||
5.75%, 8/15/2027(a) |
2,265,000 | 1,456,123 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.00%, 1/30/2028(a) |
835,000 | 384,039 | ||||||
4.88%, 6/1/2028(a) |
861,000 | 522,024 | ||||||
11.00%, 9/30/2028(a) |
4,360,000 | 3,214,416 | ||||||
5.25%, 1/30/2030(a) |
460,000 | 205,055 | ||||||
Cheplapharm Arzneimittel GmbH |
||||||||
5.50%, 1/15/2028(a) |
640,000 | 582,765 | ||||||
HLF Financing Sarl LLC |
||||||||
4.88%, 6/1/2029(a) |
2,505,000 | 1,903,800 | ||||||
Jazz Securities DAC |
||||||||
4.38%, 1/15/2029(a) |
185,000 | 164,486 | ||||||
Organon & Co. |
||||||||
4.13%, 4/30/2028(a) |
965,000 | 864,776 | ||||||
5.13%, 4/30/2031(a) |
1,557,000 | 1,319,851 | ||||||
P&L Development LLC |
||||||||
7.75%, 11/15/2025(a) |
745,000 | 642,927 | ||||||
Perrigo Finance Unlimited Co. |
||||||||
4.65%, 6/15/2030(e) |
390,000 | 349,505 | ||||||
|
|
|||||||
18,577,626 | ||||||||
|
|
|||||||
Professional Services - 0.4% |
| |||||||
AMN Healthcare, Inc. |
||||||||
4.63%, 10/1/2027(a) |
620,000 | 582,800 | ||||||
ASGN, Inc. |
||||||||
4.63%, 5/15/2028(a) |
880,000 | 806,921 | ||||||
CoreLogic, Inc. |
||||||||
4.50%, 5/1/2028(a) |
2,190,000 | 1,801,275 | ||||||
Dun & Bradstreet Corp. (The) |
||||||||
5.00%, 12/15/2029(a) |
235,000 | 206,850 | ||||||
KBR, Inc. |
||||||||
4.75%, 9/30/2028(a) |
170,000 | 155,550 | ||||||
Science Applications International Corp. |
||||||||
4.88%, 4/1/2028(a) |
665,000 | 625,097 | ||||||
TriNet Group, Inc. |
||||||||
3.50%, 3/1/2029(a) |
666,000 | 581,085 | ||||||
|
|
|||||||
4,759,578 | ||||||||
|
|
|||||||
Real Estate Management & Development - 0.9% |
| |||||||
Cushman & Wakefield US Borrower LLC |
||||||||
6.75%, 5/15/2028(a) |
875,000 | 802,060 | ||||||
Five Point Operating Co. LP |
||||||||
7.88%, 11/15/2025(a) |
325,000 | 307,125 | ||||||
Forestar Group, Inc. |
||||||||
3.85%, 5/15/2026(a) |
581,000 | 539,317 | ||||||
5.00%, 3/1/2028(a) |
1,315,000 | 1,219,432 | ||||||
Howard Hughes Corp. (The) |
||||||||
5.38%, 8/1/2028(a) |
250,000 | 229,375 | ||||||
4.13%, 2/1/2029(a) |
750,000 | 633,758 | ||||||
4.38%, 2/1/2031(a) |
220,000 | 181,012 | ||||||
Hunt Cos., Inc. |
||||||||
5.25%, 4/15/2029(a) |
1,815,000 | 1,439,923 | ||||||
Kennedy-Wilson, Inc. |
||||||||
4.75%, 3/1/2029 |
1,160,000 | 945,400 | ||||||
4.75%, 2/1/2030 |
3,245,000 | 2,531,846 | ||||||
5.00%, 3/1/2031 |
2,325,000 | 1,801,875 | ||||||
Realogy Group LLC |
||||||||
5.75%, 1/15/2029(a) |
80,000 | 59,197 | ||||||
WeWork Cos. LLC |
||||||||
12.00%, 8/15/2027(a)(b) |
3,213,750 | 449,925 | ||||||
|
|
|||||||
11,140,245 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Retail REITs - 0.5% |
| |||||||
Brookfield Property REIT, Inc. |
||||||||
REIT, 5.75%, 5/15/2026(a) |
3,380,000 | 3,170,991 | ||||||
REIT, 4.50%, 4/1/2027(a) |
3,780,000 | 3,269,700 | ||||||
|
|
|||||||
6,440,691 | ||||||||
|
|
|||||||
Software - 2.3% |
| |||||||
Alteryx, Inc. |
||||||||
8.75%, 3/15/2028(a) |
1,170,000 | 1,137,487 | ||||||
Clarivate Science Holdings Corp. |
||||||||
4.88%, 7/1/2029(a) |
1,075,000 | 954,924 | ||||||
Cloud Software Group, Inc. |
||||||||
6.50%, 3/31/2029(a) |
6,335,000 | 5,701,739 | ||||||
9.00%, 9/30/2029(a) |
2,840,000 | 2,543,628 | ||||||
Consensus Cloud Solutions, Inc. |
||||||||
6.00%, 10/15/2026(a) |
895,000 | 827,595 | ||||||
6.50%, 10/15/2028(a) |
1,300,000 | 1,124,505 | ||||||
CWT Travel Group, Inc. |
||||||||
8.50%, 11/19/2026(a) |
3,131,000 | 1,502,880 | ||||||
Gen Digital, Inc. |
||||||||
7.13%, 9/30/2030(a) |
410,000 | 413,171 | ||||||
GoTo Group, Inc. |
||||||||
5.50%, 9/1/2027(a) |
4,816,000 | 2,766,885 | ||||||
Helios Software Holdings, Inc. |
||||||||
4.63%, 5/1/2028(a) |
480,000 | 415,606 | ||||||
MicroStrategy, Inc. |
||||||||
6.13%, 6/15/2028(a) |
600,000 | 537,066 | ||||||
Open Text Corp. |
||||||||
3.88%, 12/1/2029(a) |
400,000 | 338,354 | ||||||
Open Text Holdings, Inc. |
||||||||
4.13%, 2/15/2030(a) |
320,000 | 274,320 | ||||||
4.13%, 12/1/2031(a) |
600,000 | 497,338 | ||||||
SS&C Technologies, Inc. |
||||||||
5.50%, 9/30/2027(a) |
935,000 | 903,285 | ||||||
Veritas US, Inc. |
||||||||
7.50%, 9/1/2025(a) |
8,540,000 | 7,002,293 | ||||||
|
|
|||||||
26,941,076 | ||||||||
|
|
|||||||
Specialized REITs - 0.2% |
| |||||||
Iron Mountain, Inc. |
||||||||
REIT, 5.25%, 7/15/2030(a) |
755,000 | 682,521 | ||||||
REIT, 4.50%, 2/15/2031(a) |
800,000 | 689,693 | ||||||
REIT, 5.63%, 7/15/2032(a) |
224,000 | 201,802 | ||||||
SBA Communications Corp. |
||||||||
REIT, 3.13%, 2/1/2029 |
250,000 | 210,774 | ||||||
|
|
|||||||
1,784,790 | ||||||||
|
|
|||||||
Specialty Retail - 3.6% |
| |||||||
99 Escrow Issuer, Inc. |
||||||||
7.50%, 1/15/2026(a) |
240,000 | 93,106 | ||||||
Arko Corp. |
||||||||
5.13%, 11/15/2029(a) |
1,885,000 | 1,566,992 | ||||||
At Home Group, Inc. |
||||||||
4.88%, 7/15/2028(a) |
1,260,000 | 715,050 | ||||||
Bath & Body Works, Inc. |
||||||||
6.95%, 3/1/2033 |
230,000 | 208,118 | ||||||
6.88%, 11/1/2035 |
805,000 | 747,107 | ||||||
6.75%, 7/1/2036 |
765,000 | 695,724 | ||||||
BCPE Ulysses Intermediate, Inc. |
||||||||
7.75%, 4/1/2027(a)(b) |
1,465,000 | 1,327,729 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
eG Global Finance plc |
||||||||
8.50%, 10/30/2025(a) |
1,410,000 | 1,396,196 | ||||||
Evergreen Acqco 1 LP |
||||||||
9.75%, 4/26/2028(a) |
914,000 | 952,845 | ||||||
Gap, Inc. (The) |
||||||||
3.63%, 10/1/2029(a) |
3,290,000 | 2,453,357 | ||||||
3.88%, 10/1/2031(a) |
1,233,000 | 881,731 | ||||||
GYP Holdings III Corp. |
||||||||
4.63%, 5/1/2029(a) |
370,000 | 330,484 | ||||||
Ken Garff Automotive LLC |
||||||||
4.88%, 9/15/2028(a) |
125,000 | 109,517 | ||||||
LBM Acquisition LLC |
||||||||
6.25%, 1/15/2029(a) |
1,535,000 | 1,323,554 | ||||||
LCM Investments Holdings II LLC |
||||||||
4.88%, 5/1/2029(a) |
600,000 | 523,492 | ||||||
LSF9 Atlantis Holdings LLC |
||||||||
7.75%, 2/15/2026(a) |
1,835,000 | 1,720,437 | ||||||
Michaels Cos., Inc. (The) |
||||||||
5.25%, 5/1/2028(a) |
3,595,000 | 3,055,894 | ||||||
7.88%, 5/1/2029(a) |
6,220,000 | 4,431,750 | ||||||
Murphy Oil USA, Inc. |
||||||||
3.75%, 2/15/2031(a) |
2,500,000 | 2,121,875 | ||||||
Park River Holdings, Inc. |
||||||||
5.63%, 2/1/2029(a) |
895,000 | 716,000 | ||||||
6.75%, 8/1/2029(a) |
615,000 | 498,226 | ||||||
Sonic Automotive, Inc. |
||||||||
4.63%, 11/15/2029(a) |
255,000 | 218,467 | ||||||
4.88%, 11/15/2031(a) |
420,000 | 348,667 | ||||||
Specialty Building Products Holdings LLC |
||||||||
6.38%, 9/30/2026(a) |
1,265,000 | 1,203,895 | ||||||
Staples, Inc. |
||||||||
7.50%, 4/15/2026(a) |
9,715,000 | 8,025,991 | ||||||
10.75%, 4/15/2027(a) |
4,608,000 | 2,634,900 | ||||||
Upbound Group, Inc. |
||||||||
6.38%, 2/15/2029(a) |
780,000 | 715,658 | ||||||
Valvoline, Inc. |
||||||||
3.63%, 6/15/2031(a) |
2,370,000 | 1,951,719 | ||||||
Victorias Secret & Co. |
||||||||
4.63%, 7/15/2029(a) |
775,000 | 581,494 | ||||||
White Cap Parent LLC |
||||||||
8.25%, 3/15/2026(a)(b) |
410,000 | 395,037 | ||||||
|
|
|||||||
41,945,012 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.4% |
| |||||||
Seagate HDD Cayman |
||||||||
9.63%, 12/1/2032(a) |
310,000 | 343,212 | ||||||
5.75%, 12/1/2034 |
325,000 | 288,230 | ||||||
Western Digital Corp. |
||||||||
4.75%, 2/15/2026 |
965,000 | 921,265 | ||||||
Xerox Corp. |
||||||||
4.80%, 3/1/2035 |
1,335,000 | 910,176 | ||||||
6.75%, 12/15/2039 |
1,775,000 | 1,368,198 | ||||||
Xerox Holdings Corp. |
||||||||
5.50%, 8/15/2028(a) |
1,465,000 | 1,285,646 | ||||||
|
|
|||||||
5,116,727 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Textiles, Apparel & Luxury Goods - 0.1% |
| |||||||
Eagle Intermediate Global Holding BV |
||||||||
7.50%, 5/1/2025(a) |
1,316,000 | 875,140 | ||||||
|
|
|||||||
Tobacco - 0.5% |
| |||||||
Turning Point Brands, Inc. |
||||||||
5.63%, 2/15/2026(a) |
155,000 | 144,100 | ||||||
Vector Group Ltd. |
||||||||
10.50%, 11/1/2026(a) |
2,385,000 | 2,384,388 | ||||||
5.75%, 2/1/2029(a) |
4,475,000 | 3,888,935 | ||||||
|
|
|||||||
6,417,423 | ||||||||
|
|
|||||||
Trading Companies & Distributors - 0.6% |
| |||||||
Alta Equipment Group, Inc. |
||||||||
5.63%, 4/15/2026(a) |
1,170,000 | 1,094,145 | ||||||
Beacon Roofing Supply, Inc. |
||||||||
4.50%, 11/15/2026(a) |
565,000 | 537,877 | ||||||
4.13%, 5/15/2029(a) |
895,000 | 790,598 | ||||||
BlueLinx Holdings, Inc. |
||||||||
6.00%, 11/15/2029(a) |
790,000 | 711,000 | ||||||
Herc Holdings, Inc. |
||||||||
5.50%, 7/15/2027(a) |
2,650,000 | 2,546,509 | ||||||
Imola Merger Corp. |
||||||||
4.75%, 5/15/2029(a) |
2,270,000 | 1,993,130 | ||||||
|
|
|||||||
7,673,259 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 1.1% |
| |||||||
C&W Senior Financing DAC |
||||||||
6.88%, 9/15/2027(a) |
840,000 | 762,485 | ||||||
Connect Finco Sarl |
||||||||
6.75%, 10/1/2026(a) |
1,690,000 | 1,620,235 | ||||||
Hughes Satellite Systems Corp. |
||||||||
5.25%, 8/1/2026 |
1,270,000 | 1,181,100 | ||||||
6.63%, 8/1/2026 |
3,590,000 | 3,241,303 | ||||||
Rogers Communications, Inc. |
||||||||
5.25%, 3/15/2082(a)(c) |
1,685,000 | 1,554,315 | ||||||
Vmed O2 UK Financing I plc |
||||||||
4.25%, 1/31/2031(a) |
1,165,000 | 964,699 | ||||||
4.75%, 7/15/2031(a) |
1,260,000 | 1,063,591 | ||||||
Vodafone Group plc |
||||||||
7.00%, 4/4/2079(c) |
460,000 | 472,883 | ||||||
4.12%, 6/4/2081(c) |
1,065,000 | 846,937 | ||||||
5.12%, 6/4/2081(c) |
965,000 | 701,848 | ||||||
|
|
|||||||
12,409,396 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
1,147,898,683 | ||||||
|
|
|||||||
Total Investments - 97.4% |
|
1,147,898,683 | ||||||
Other assets less liabilities - 2.6% |
|
30,347,918 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
1,178,246,601 | ||||||
|
|
(a) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) | Payment in-kind security. |
See Accompanying Notes to the Schedules of Investments.
FlexShares® High Yield Value-Scored Bond Index Fund (cont.)
(c) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(d) | Represents less than 0.05% of net assets. |
(e) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of July 31, 2023. |
Percentages shown are based on Net Assets.
Abbreviations
REIT | Real Estate Investment Trust | |
SCA | Limited partnership with share capital |
Security Type |
% of Net Assets | |||
Corporate Bonds |
97.4 | % | ||
Others(1) |
2.6 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 98.2% |
| |||||||
Air Freight & Logistics - 0.8% |
| |||||||
GXO Logistics, Inc. |
||||||||
1.65%, 7/15/2026 |
40,000 | 35,185 | ||||||
United Parcel Service, Inc. |
||||||||
4.45%, 4/1/2030 |
220,000 | 217,710 | ||||||
3.75%, 11/15/2047 |
30,000 | 25,086 | ||||||
5.05%, 3/3/2053 |
30,000 | 30,189 | ||||||
|
|
|||||||
308,170 | ||||||||
|
|
|||||||
Automobile Components - 0.1% |
| |||||||
Aptiv plc |
||||||||
3.10%, 12/1/2051 |
50,000 | 31,398 | ||||||
|
|
|||||||
Automobiles - 0.7% |
| |||||||
General Motors Co. |
||||||||
6.80%, 10/1/2027 |
150,000 | 156,563 | ||||||
5.15%, 4/1/2038 |
60,000 | 54,140 | ||||||
5.95%, 4/1/2049 |
45,000 | 42,138 | ||||||
|
|
|||||||
252,841 | ||||||||
|
|
|||||||
Banks - 15.6% |
| |||||||
Banco Santander SA |
||||||||
5.15%, 8/18/2025 |
200,000 | 197,341 | ||||||
4.17%, 3/24/2028(a) |
200,000 | 188,409 | ||||||
Bank of America Corp. |
||||||||
3.38%, 4/2/2026(a) |
300,000 | 288,556 | ||||||
5.08%, 1/20/2027(a) |
100,000 | 98,928 | ||||||
1.73%, 7/22/2027(a) |
150,000 | 134,397 | ||||||
3.42%, 12/20/2028(a) |
200,000 | 184,136 | ||||||
2.09%, 6/14/2029(a) |
190,000 | 163,016 | ||||||
4.27%, 7/23/2029(a) |
150,000 | 142,512 | ||||||
4.57%, 4/27/2033(a) |
100,000 | 94,010 | ||||||
2.68%, 6/19/2041(a) |
65,000 | 46,036 | ||||||
2.97%, 7/21/2052(a) |
35,000 | 23,986 | ||||||
Citigroup, Inc. |
||||||||
3.29%, 3/17/2026(a) |
50,000 | 47,977 | ||||||
3.11%, 4/8/2026(a) |
150,000 | 143,571 | ||||||
3.20%, 10/21/2026 |
100,000 | 93,756 | ||||||
4.45%, 9/29/2027 |
100,000 | 96,189 | ||||||
3.98%, 3/20/2030(a) |
100,000 | 92,716 | ||||||
2.67%, 1/29/2031(a) |
160,000 | 135,351 | ||||||
4.41%, 3/31/2031(a) |
150,000 | 140,984 | ||||||
2.57%, 6/3/2031(a) |
110,000 | 91,799 | ||||||
3.06%, 1/25/2033(a) |
115,000 | 96,018 | ||||||
8.13%, 7/15/2039 |
45,000 | 57,103 | ||||||
6.68%, 9/13/2043 |
25,000 | 27,018 | ||||||
HSBC Holdings plc |
||||||||
1.59%, 5/24/2027(a) |
200,000 | 178,077 | ||||||
7.39%, 11/3/2028(a) |
210,000 | 221,801 | ||||||
4.76%, 3/29/2033(a) |
200,000 | 182,271 | ||||||
5.40%, 8/11/2033(a) |
250,000 | 244,000 | ||||||
6.50%, 9/15/2037 |
150,000 | 153,805 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
ING Groep NV |
||||||||
4.02%, 3/28/2028(a) |
200,000 | 189,030 | ||||||
JPMorgan Chase & Co. |
||||||||
3.88%, 9/10/2024 |
150,000 | 147,163 | ||||||
1.58%, 4/22/2027(a) |
150,000 | 135,048 | ||||||
3.78%, 2/1/2028(a) |
150,000 | 142,179 | ||||||
4.45%, 12/5/2029(a) |
150,000 | 144,567 | ||||||
4.57%, 6/14/2030(a) |
150,000 | 144,317 | ||||||
2.74%, 10/15/2030(a) |
60,000 | 52,065 | ||||||
2.58%, 4/22/2032(a) |
20,000 | 16,590 | ||||||
4.91%, 7/25/2033(a) |
50,000 | 48,857 | ||||||
5.60%, 7/15/2041 |
75,000 | 78,175 | ||||||
5.63%, 8/16/2043 |
25,000 | 25,740 | ||||||
4.95%, 6/1/2045 |
50,000 | 46,726 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
||||||||
5.13%, 7/20/2033(a) |
200,000 | 196,086 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
5.35%, 12/2/2028(a) |
80,000 | 79,531 | ||||||
4.63%, 6/6/2033(a) |
75,000 | 68,677 | ||||||
Royal Bank of Canada |
||||||||
1.15%, 6/10/2025 |
150,000 | 138,860 | ||||||
4.88%, 1/12/2026 |
75,000 | 74,440 | ||||||
5.00%, 2/1/2033 |
15,000 | 14,729 | ||||||
Santander Holdings USA, Inc. |
||||||||
3.45%, 6/2/2025 |
180,000 | 171,127 | ||||||
Santander UK Group Holdings plc |
||||||||
6.53%, 1/10/2029(a) |
200,000 | 202,069 | ||||||
Toronto-Dominion Bank (The) |
||||||||
4.29%, 9/13/2024 |
150,000 | 147,722 | ||||||
4.11%, 6/8/2027 |
25,000 | 24,018 | ||||||
4.46%, 6/8/2032 |
115,000 | 108,270 | ||||||
Westpac Banking Corp. |
||||||||
4.42%, 7/24/2039 |
60,000 | 49,563 | ||||||
|
|
|||||||
6,009,312 | ||||||||
|
|
|||||||
Beverages - 1.6% |
| |||||||
Anheuser-Busch Cos. LLC |
||||||||
4.70%, 2/1/2036 |
107,000 | 103,741 | ||||||
Anheuser-Busch InBev Worldwide, Inc. |
||||||||
5.45%, 1/23/2039 |
17,000 | 17,503 | ||||||
5.80%, 1/23/2059 |
17,000 | 18,210 | ||||||
Molson Coors Beverage Co. |
||||||||
4.20%, 7/15/2046 |
20,000 | 16,422 | ||||||
PepsiCo, Inc. |
||||||||
2.25%, 3/19/2025 |
15,000 | 14,341 | ||||||
4.45%, 5/15/2028 |
100,000 | 100,283 | ||||||
2.63%, 7/29/2029 |
75,000 | 67,812 | ||||||
1.95%, 10/21/2031 |
120,000 | 98,772 | ||||||
3.50%, 3/19/2040 |
200,000 | 168,001 | ||||||
|
|
|||||||
605,085 | ||||||||
|
|
|||||||
Biotechnology - 1.5% |
| |||||||
Amgen, Inc. |
||||||||
1.90%, 2/21/2025 |
25,000 | 23,671 | ||||||
4.05%, 8/18/2029 |
40,000 | 38,009 | ||||||
2.80%, 8/15/2041 |
40,000 | 28,292 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.60%, 3/2/2043 |
|
180,000 |
|
|
179,004 |
| ||
4.66%, 6/15/2051 |
|
170,000 |
|
|
149,854 |
| ||
4.88%, 3/1/2053 |
|
40,000 |
|
|
36,397 |
| ||
2.77%, 9/1/2053 |
|
20,000 |
|
|
12,288 |
| ||
Biogen, Inc. |
||||||||
3.15%, 5/1/2050 |
|
50,000 |
|
|
33,716 |
| ||
Regeneron Pharmaceuticals, Inc. |
||||||||
1.75%, 9/15/2030 |
|
80,000 |
|
|
63,973 |
| ||
|
|
|||||||
|
565,204 |
| ||||||
|
|
|||||||
Broadline Retail - 0.5% |
| |||||||
Alibaba Group Holding Ltd. |
||||||||
2.70%, 2/9/2041 |
|
200,000 |
|
|
134,502 |
| ||
eBay, Inc. |
||||||||
2.70%, 3/11/2030 |
|
75,000 |
|
|
64,661 |
| ||
|
|
|||||||
|
199,163 |
| ||||||
|
|
|||||||
Building Products - 0.5% |
| |||||||
Carrier Global Corp. |
||||||||
3.38%, 4/5/2040 |
|
75,000 |
|
|
57,753 |
| ||
Johnson Controls International plc |
||||||||
4.63%, 7/2/2044(b) |
|
50,000 |
|
|
44,106 |
| ||
Owens Corning |
||||||||
4.30%, 7/15/2047 |
|
40,000 |
|
|
32,761 |
| ||
Trane Technologies Luxembourg Finance SA |
||||||||
3.80%, 3/21/2029 |
|
75,000 |
|
|
70,915 |
| ||
|
|
|||||||
|
205,535 |
| ||||||
|
|
|||||||
Capital Markets - 7.9% |
| |||||||
Bain Capital Specialty Finance, Inc. |
||||||||
2.55%, 10/13/2026 |
|
10,000 |
|
|
8,667 |
| ||
Bank of New York Mellon Corp. (The) |
||||||||
3.40%, 1/29/2028 |
|
100,000 |
|
|
93,390 |
| ||
3.99%, 6/13/2028(a) |
|
70,000 |
|
|
67,249 |
| ||
4.60%, 7/26/2030(a) |
|
50,000 |
|
|
48,516 |
| ||
4.29%, 6/13/2033(a) |
|
30,000 |
|
|
28,003 |
| ||
Barings BDC, Inc. |
||||||||
3.30%, 11/23/2026 |
|
10,000 |
|
|
8,766 |
| ||
Blackstone Private Credit Fund |
||||||||
2.63%, 12/15/2026 |
|
50,000 |
|
|
42,902 |
| ||
Blue Owl Capital Corp. |
||||||||
2.63%, 1/15/2027 |
|
50,000 |
|
|
43,164 |
| ||
Blue Owl Credit Income Corp. |
||||||||
5.50%, 3/21/2025 |
|
50,000 |
|
|
48,409 |
| ||
Deutsche Bank AG |
||||||||
3.74%, 1/7/2033(a) |
|
200,000 |
|
|
152,887 |
| ||
Eaton Vance Corp. |
||||||||
3.50%, 4/6/2027 |
|
5,000 |
|
|
4,675 |
| ||
Franklin BSP Lending Corp. |
||||||||
3.25%, 3/30/2026 |
|
10,000 |
|
|
8,943 |
| ||
Goldman Sachs Group, Inc. (The) |
||||||||
3.50%, 4/1/2025 |
|
200,000 |
|
|
192,900 |
| ||
4.48%, 8/23/2028(a) |
|
450,000 |
|
|
435,483 |
| ||
2.38%, 7/21/2032(a) |
|
25,000 |
|
|
19,976 |
| ||
6.13%, 2/15/2033 |
|
100,000 |
|
|
107,612 |
| ||
3.10%, 2/24/2033(a) |
|
105,000 |
|
|
88,478 |
| ||
6.75%, 10/1/2037 |
|
130,000 |
|
|
140,879 |
| ||
6.25%, 2/1/2041 |
|
40,000 |
|
|
42,919 |
| ||
5.15%, 5/22/2045 |
|
75,000 |
|
|
70,515 |
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Hercules Capital, Inc. |
||||||||
3.38%, 1/20/2027 |
|
20,000 |
|
|
17,592 |
| ||
Moodys Corp. |
||||||||
2.75%, 8/19/2041 |
|
50,000 |
|
|
35,174 |
| ||
3.75%, 2/25/2052 |
|
50,000 |
|
|
39,006 |
| ||
Morgan Stanley |
||||||||
2.63%, 2/18/2026(a) |
|
30,000 |
|
|
28,567 |
| ||
3.13%, 7/27/2026 |
|
150,000 |
|
|
140,839 |
| ||
0.98%, 12/10/2026(a) |
|
40,000 |
|
|
35,789 |
| ||
5.12%, 2/1/2029(a) |
|
200,000 |
|
|
197,963 |
| ||
2.70%, 1/22/2031(a) |
|
200,000 |
|
|
170,652 |
| ||
2.24%, 7/21/2032(a) |
|
45,000 |
|
|
35,798 |
| ||
5.30%, 4/20/2037(a) |
|
50,000 |
|
|
47,449 |
| ||
5.60%, 3/24/2051(a) |
|
95,000 |
|
|
99,070 |
| ||
Nasdaq, Inc. |
||||||||
3.85%, 6/30/2026 |
|
75,000 |
|
|
72,427 |
| ||
5.55%, 2/15/2034 |
|
60,000 |
|
|
60,539 |
| ||
3.95%, 3/7/2052 |
|
10,000 |
|
|
7,692 |
| ||
Prospect Capital Corp. |
||||||||
3.71%, 1/22/2026 |
|
50,000 |
|
|
45,481 |
| ||
S&P Global, Inc. |
||||||||
1.25%, 8/15/2030 |
|
75,000 |
|
|
59,007 |
| ||
2.90%, 3/1/2032 |
|
75,000 |
|
|
64,870 |
| ||
State Street Corp. |
||||||||
2.90%, 3/30/2026(a) |
|
75,000 |
|
|
71,780 |
| ||
5.82%, 11/4/2028(a) |
|
75,000 |
|
|
76,562 |
| ||
2.40%, 1/24/2030 |
|
95,000 |
|
|
81,561 |
| ||
|
|
|||||||
|
3,042,151 |
| ||||||
|
|
|||||||
Chemicals - 1.0% |
| |||||||
Air Products and Chemicals, Inc. |
||||||||
2.05%, 5/15/2030 |
|
60,000 |
|
|
51,054 |
| ||
Dow Chemical Co. (The) |
||||||||
6.90%, 5/15/2053 |
|
80,000 |
|
|
90,478 |
| ||
DuPont de Nemours, Inc. |
||||||||
5.32%, 11/15/2038 |
|
10,000 |
|
|
9,913 |
| ||
5.42%, 11/15/2048 |
|
20,000 |
|
|
19,701 |
| ||
Ecolab, Inc. |
||||||||
4.80%, 3/24/2030 |
|
50,000 |
|
|
49,953 |
| ||
1.30%, 1/30/2031 |
|
95,000 |
|
|
74,918 |
| ||
International Flavors & Fragrances, Inc. |
||||||||
5.00%, 9/26/2048 |
|
45,000 |
|
|
38,463 |
| ||
Nutrien Ltd. |
||||||||
5.25%, 1/15/2045 |
|
70,000 |
|
|
64,636 |
| ||
|
|
|||||||
|
399,116 |
| ||||||
|
|
|||||||
Commercial Services & Supplies - 0.4% |
| |||||||
RELX Capital, Inc. |
||||||||
3.00%, 5/22/2030 |
|
50,000 |
|
|
44,358 |
| ||
Waste Management, Inc. |
||||||||
4.63%, 2/15/2030 |
|
70,000 |
|
|
69,086 |
| ||
2.95%, 6/1/2041 |
|
50,000 |
|
|
36,924 |
| ||
|
|
|||||||
|
150,368 |
| ||||||
|
|
|||||||
Consumer Finance - 1.8% |
| |||||||
American Express Co. |
||||||||
3.13%, 5/20/2026 |
|
75,000 |
|
|
71,225 |
| ||
3.30%, 5/3/2027 |
|
75,000 |
|
|
70,260 |
| ||
4.42%, 8/3/2033(a) |
|
60,000 |
|
|
56,460 |
| ||
4.05%, 12/3/2042 |
|
20,000 |
|
|
17,367 |
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Capital One Financial Corp. |
||||||||
4.93%, 5/10/2028(a) |
35,000 | 33,634 | ||||||
3.27%, 3/1/2030(a) |
45,000 | 38,769 | ||||||
5.27%, 5/10/2033(a) |
85,000 | 80,970 | ||||||
General Motors Financial Co., Inc. |
||||||||
6.00%, 1/9/2028 |
50,000 | 50,752 | ||||||
5.85%, 4/6/2030 |
50,000 | 49,929 | ||||||
3.10%, 1/12/2032 |
100,000 | 81,728 | ||||||
John Deere Capital Corp. |
||||||||
4.35%, 9/15/2032 |
100,000 | 97,402 | ||||||
Synchrony Financial |
||||||||
2.88%, 10/28/2031 |
65,000 | 48,183 | ||||||
|
|
|||||||
696,679 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.5% |
| |||||||
Kroger Co. (The) |
||||||||
5.40%, 1/15/2049 |
12,000 | 11,861 | ||||||
3.95%, 1/15/2050 |
80,000 | 64,279 | ||||||
Target Corp. |
||||||||
2.25%, 4/15/2025 |
75,000 | 71,489 | ||||||
2.65%, 9/15/2030 |
220,000 | 192,052 | ||||||
Walgreens Boots Alliance, Inc. |
||||||||
3.45%, 6/1/2026 |
75,000 | 70,783 | ||||||
4.10%, 4/15/2050 |
25,000 | 17,807 | ||||||
Walmart, Inc. |
||||||||
1.80%, 9/22/2031 |
150,000 | 124,133 | ||||||
4.05%, 6/29/2048 |
40,000 | 36,430 | ||||||
|
|
|||||||
588,834 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
Avery Dennison Corp. |
||||||||
0.85%, 8/15/2024 |
150,000 | 142,202 | ||||||
International Paper Co. |
||||||||
6.00%, 11/15/2041 |
50,000 | 51,018 | ||||||
|
|
|||||||
193,220 | ||||||||
|
|
|||||||
Diversified Consumer Services - 0.0%(c) |
| |||||||
Howard University |
||||||||
Series 22A, 5.21%, 10/1/2052 |
5,000 | 4,125 | ||||||
|
|
|||||||
Diversified REITs - 0.5% |
| |||||||
Digital Realty Trust LP |
||||||||
REIT, 4.45%, 7/15/2028 |
50,000 | 47,487 | ||||||
Simon Property Group LP |
||||||||
REIT, 2.00%, 9/13/2024 |
40,000 | 38,413 | ||||||
REIT, 1.75%, 2/1/2028 |
30,000 | 25,877 | ||||||
REIT, 2.65%, 2/1/2032 |
75,000 | 60,919 | ||||||
REIT, 6.75%, 2/1/2040 |
25,000 | 27,174 | ||||||
|
|
|||||||
199,870 | ||||||||
|
|
|||||||
Diversified Telecommunication Services - 3.6% |
| |||||||
AT&T, Inc. |
||||||||
4.65%, 6/1/2044 |
80,000 | 67,406 | ||||||
Deutsche Telekom International Finance BV |
||||||||
8.75%, 6/15/2030(b) |
60,000 | 71,005 | ||||||
Orange SA |
||||||||
9.00%, 3/1/2031(b) |
85,000 | 103,719 | ||||||
Telefonica Emisiones SA |
||||||||
4.90%, 3/6/2048 |
150,000 | 124,147 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
TELUS Corp. |
||||||||
3.40%, 5/13/2032 |
10,000 | 8,469 | ||||||
Verizon Communications, Inc. |
||||||||
4.13%, 3/16/2027 |
150,000 | 145,147 | ||||||
4.33%, 9/21/2028 |
150,000 | 144,067 | ||||||
2.55%, 3/21/2031 |
150,000 | 124,512 | ||||||
2.36%, 3/15/2032 |
100,000 | 79,852 | ||||||
2.65%, 11/20/2040 |
240,000 | 163,993 | ||||||
3.40%, 3/22/2041 |
125,000 | 94,976 | ||||||
4.86%, 8/21/2046 |
75,000 | 68,136 | ||||||
3.88%, 3/1/2052 |
230,000 | 177,428 | ||||||
|
|
|||||||
1,372,857 | ||||||||
|
|
|||||||
Electric Utilities - 3.1% |
| |||||||
Avangrid, Inc. |
||||||||
3.80%, 6/1/2029 |
20,000 | 18,320 | ||||||
Commonwealth Edison Co. |
||||||||
3.00%, 3/1/2050 |
50,000 | 34,130 | ||||||
Connecticut Light and Power Co. (The) |
||||||||
Series A, 2.05%, 7/1/2031 |
175,000 | 141,857 | ||||||
4.00%, 4/1/2048 |
10,000 | 8,424 | ||||||
Edison International |
||||||||
4.13%, 3/15/2028 |
225,000 | 211,639 | ||||||
Emera US Finance LP |
||||||||
2.64%, 6/15/2031 |
50,000 | 40,066 | ||||||
Eversource Energy |
||||||||
4.60%, 7/1/2027 |
25,000 | 24,490 | ||||||
3.45%, 1/15/2050 |
45,000 | 33,075 | ||||||
Exelon Corp. |
||||||||
2.75%, 3/15/2027 |
250,000 | 229,863 | ||||||
4.95%, 6/15/2035 |
75,000 | 71,440 | ||||||
4.45%, 4/15/2046 |
50,000 | 42,788 | ||||||
5.60%, 3/15/2053 |
35,000 | 34,934 | ||||||
ITC Holdings Corp. |
||||||||
3.35%, 11/15/2027 |
30,000 | 27,956 | ||||||
PECO Energy Co. |
||||||||
4.90%, 6/15/2033 |
30,000 | 29,851 | ||||||
Public Service Electric and Gas Co. |
||||||||
3.60%, 12/1/2047 |
85,000 | 67,127 | ||||||
Southern California Edison Co. |
||||||||
5.95%, 11/1/2032 |
100,000 | 104,906 | ||||||
Series C, 4.13%, 3/1/2048 |
50,000 | 40,593 | ||||||
Series E, 5.45%, 6/1/2052 |
30,000 | 28,896 | ||||||
|
|
|||||||
1,190,355 | ||||||||
|
|
|||||||
Electrical Equipment - 0.1% |
| |||||||
ABB Finance USA, Inc. |
||||||||
3.80%, 4/3/2028 |
50,000 | 48,395 | ||||||
|
|
|||||||
Energy Equipment & Services - 0.3% |
| |||||||
Baker Hughes Holdings LLC |
||||||||
4.08%, 12/15/2047 |
60,000 | 49,261 | ||||||
Halliburton Co. |
||||||||
2.92%, 3/1/2030 |
15,000 | 13,245 | ||||||
4.85%, 11/15/2035 |
75,000 | 70,835 | ||||||
|
|
|||||||
133,341 | ||||||||
|
|
|||||||
Entertainment - 0.7% |
| |||||||
Walt Disney Co. (The) |
||||||||
6.40%, 12/15/2035 |
100,000 | 111,385 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
7.75%, 12/1/2045 |
|
20,000 |
|
|
25,847 |
| ||
4.75%, 11/15/2046 |
|
100,000 |
|
|
93,413 |
| ||
3.80%, 5/13/2060 |
|
75,000 |
|
|
58,499 |
| ||
|
|
|||||||
|
289,144 |
| ||||||
|
|
|||||||
Financial Services - 2.4% |
| |||||||
Equitable Holdings, Inc. |
||||||||
5.59%, 1/11/2033 |
|
20,000 |
|
|
19,787 |
| ||
Fidelity National Information Services, Inc. |
||||||||
4.50%, 7/15/2025 |
|
250,000 |
|
|
245,255 |
| ||
Mastercard, Inc. |
||||||||
3.30%, 3/26/2027 |
|
150,000 |
|
|
143,331 |
| ||
2.95%, 6/1/2029 |
|
140,000 |
|
|
128,032 |
| ||
2.00%, 11/18/2031 |
|
50,000 |
|
|
41,289 |
| ||
Shell International Finance BV |
||||||||
3.88%, 11/13/2028 |
|
75,000 |
|
|
72,634 |
| ||
6.38%, 12/15/2038 |
|
95,000 |
|
|
106,740 |
| ||
4.38%, 5/11/2045 |
|
100,000 |
|
|
89,828 |
| ||
4.00%, 5/10/2046 |
|
50,000 |
|
|
42,441 |
| ||
3.25%, 4/6/2050 |
|
5,000 |
|
|
3,663 |
| ||
Voya Financial, Inc. |
||||||||
4.70%, 1/23/2048(a) |
|
30,000 |
|
|
24,355 |
| ||
|
|
|||||||
|
917,355 |
| ||||||
|
|
|||||||
Food Products - 1.1% |
| |||||||
Bunge Ltd. Finance Corp. |
||||||||
1.63%, 8/17/2025 |
|
70,000 |
|
|
64,785 |
| ||
Campbell Soup Co. |
||||||||
4.15%, 3/15/2028 |
|
75,000 |
|
|
72,154 |
| ||
2.38%, 4/24/2030 |
|
25,000 |
|
|
20,975 |
| ||
General Mills, Inc. |
||||||||
2.88%, 4/15/2030 |
|
75,000 |
|
|
66,078 |
| ||
4.95%, 3/29/2033 |
|
20,000 |
|
|
19,766 |
| ||
3.00%, 2/1/2051 |
|
10,000 |
|
|
6,989 |
| ||
Ingredion, Inc. |
||||||||
2.90%, 6/1/2030 |
|
50,000 |
|
|
43,087 |
| ||
Kellogg Co. |
||||||||
2.10%, 6/1/2030 |
|
100,000 |
|
|
82,844 |
| ||
Mondelez International, Inc. |
||||||||
2.63%, 9/4/2050 |
|
75,000 |
|
|
48,740 |
| ||
Tyson Foods, Inc. |
||||||||
5.10%, 9/28/2048 |
|
10,000 |
|
|
9,003 |
| ||
|
|
|||||||
|
434,421 |
| ||||||
|
|
|||||||
Gas Utilities - 0.7% |
| |||||||
Atmos Energy Corp. |
||||||||
3.00%, 6/15/2027 |
|
50,000 |
|
|
46,681 |
| ||
5.75%, 10/15/2052 |
|
25,000 |
|
|
26,718 |
| ||
CenterPoint Energy Resources Corp. |
||||||||
5.40%, 3/1/2033 |
|
20,000 |
|
|
20,278 |
| ||
ONE Gas, Inc. |
||||||||
4.50%, 11/1/2048 |
|
70,000 |
|
|
59,243 |
| ||
Southern California Gas Co. |
||||||||
2.95%, 4/15/2027 |
|
100,000 |
|
|
93,589 |
| ||
Washington Gas Light Co. |
||||||||
3.65%, 9/15/2049 |
|
20,000 |
|
|
14,595 |
| ||
|
|
|||||||
|
261,104 |
| ||||||
|
|
|||||||
Ground Transportation - 2.3% |
| |||||||
Canadian National Railway Co. |
||||||||
4.45%, 1/20/2049 |
|
55,000 |
|
|
49,615 |
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.40%, 8/5/2052 |
|
10,000 |
|
|
9,073 |
| ||
Canadian Pacific Railway Co. |
||||||||
1.35%, 12/2/2024 |
|
75,000 |
|
|
70,855 |
| ||
5.75%, 3/15/2033 |
|
50,000 |
|
|
51,099 |
| ||
4.30%, 5/15/2043 |
|
15,000 |
|
|
13,002 |
| ||
4.80%, 8/1/2045 |
|
65,000 |
|
|
59,780 |
| ||
4.20%, 11/15/2069 |
|
25,000 |
|
|
19,478 |
| ||
CSX Corp. |
||||||||
3.40%, 8/1/2024 |
|
75,000 |
|
|
73,375 |
| ||
2.40%, 2/15/2030 |
|
50,000 |
|
|
43,122 |
| ||
4.30%, 3/1/2048 |
|
75,000 |
|
|
65,200 |
| ||
3.80%, 4/15/2050 |
|
50,000 |
|
|
39,769 |
| ||
4.65%, 3/1/2068 |
|
5,000 |
|
|
4,438 |
| ||
JB Hunt Transport Services, Inc. |
||||||||
3.88%, 3/1/2026 |
|
45,000 |
|
|
43,606 |
| ||
Norfolk Southern Corp. |
||||||||
3.00%, 3/15/2032 |
|
80,000 |
|
|
68,795 |
| ||
4.80%, 8/15/2043 |
|
50,000 |
|
|
43,529 |
| ||
Union Pacific Corp. |
||||||||
4.50%, 1/20/2033 |
|
120,000 |
|
|
117,376 |
| ||
3.80%, 4/6/2071 |
|
160,000 |
|
|
120,910 |
| ||
|
|
|||||||
|
893,022 |
| ||||||
|
|
|||||||
Health Care Equipment & Supplies - 1.6% |
| |||||||
Abbott Laboratories |
||||||||
1.40%, 6/30/2030 |
|
50,000 |
|
|
41,045 |
| ||
4.90%, 11/30/2046 |
|
95,000 |
|
|
94,863 |
| ||
Baxter International, Inc. |
||||||||
1.73%, 4/1/2031 |
|
75,000 |
|
|
58,098 |
| ||
3.13%, 12/1/2051 |
|
50,000 |
|
|
33,262 |
| ||
Boston Scientific Corp. |
||||||||
2.65%, 6/1/2030 |
|
75,000 |
|
|
64,980 |
| ||
GE HealthCare Technologies, Inc. |
||||||||
5.60%, 11/15/2025 |
|
100,000 |
|
|
100,287 |
| ||
5.86%, 3/15/2030 |
|
100,000 |
|
|
102,616 |
| ||
Medtronic, Inc. |
||||||||
4.00%, 4/1/2043 |
|
20,000 |
|
|
17,176 |
| ||
4.63%, 3/15/2045 |
|
30,000 |
|
|
28,744 |
| ||
Zimmer Biomet Holdings, Inc. |
||||||||
2.60%, 11/24/2031 |
|
75,000 |
|
|
62,165 |
| ||
|
|
|||||||
|
603,236 |
| ||||||
|
|
|||||||
Health Care Providers & Services - 5.4% |
| |||||||
Aetna, Inc. |
||||||||
3.88%, 8/15/2047 |
|
50,000 |
|
|
38,380 |
| ||
AmerisourceBergen Corp. |
||||||||
2.70%, 3/15/2031 |
|
75,000 |
|
|
63,833 |
| ||
Cardinal Health, Inc. |
||||||||
4.90%, 9/15/2045 |
|
50,000 |
|
|
43,023 |
| ||
Cigna Group (The) |
||||||||
4.38%, 10/15/2028 |
|
60,000 |
|
|
58,025 |
| ||
6.13%, 11/15/2041 |
|
50,000 |
|
|
52,361 |
| ||
3.88%, 10/15/2047 |
|
20,000 |
|
|
15,782 |
| ||
4.90%, 12/15/2048 |
|
100,000 |
|
|
92,270 |
| ||
3.40%, 3/15/2051 |
|
20,000 |
|
|
14,393 |
| ||
CVS Health Corp. |
||||||||
3.88%, 7/20/2025 |
|
75,000 |
|
|
72,892 |
| ||
3.63%, 4/1/2027 |
|
50,000 |
|
|
47,600 |
| ||
4.30%, 3/25/2028 |
|
150,000 |
|
|
145,273 |
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.25%, 2/21/2033 |
120,000 | 119,381 | ||||||
4.78%, 3/25/2038 |
60,000 | 55,362 | ||||||
5.05%, 3/25/2048 |
150,000 | 136,817 | ||||||
Elevance Health, Inc. |
||||||||
2.38%, 1/15/2025 |
150,000 | 143,408 | ||||||
2.25%, 5/15/2030 |
75,000 | 62,843 | ||||||
4.10%, 5/15/2032 |
80,000 | 74,443 | ||||||
4.75%, 2/15/2033 |
30,000 | 29,184 | ||||||
3.60%, 3/15/2051 |
78,000 | 59,650 | ||||||
6.10%, 10/15/2052 |
21,000 | 22,859 | ||||||
5.13%, 2/15/2053 |
31,000 | 29,843 | ||||||
HCA, Inc. |
||||||||
3.63%, 3/15/2032(d) |
200,000 | 173,794 | ||||||
7.50%, 11/6/2033 |
70,000 | 76,756 | ||||||
4.63%, 3/15/2052(d) |
115,000 | 94,427 | ||||||
Laboratory Corp. of America Holdings |
||||||||
1.55%, 6/1/2026 |
75,000 | 67,620 | ||||||
2.70%, 6/1/2031 |
75,000 | 63,058 | ||||||
Novant Health, Inc. |
||||||||
3.32%, 11/1/2061 |
35,000 | 23,759 | ||||||
Quest Diagnostics, Inc. |
||||||||
4.20%, 6/30/2029 |
50,000 | 48,071 | ||||||
UnitedHealth Group, Inc. |
||||||||
2.75%, 5/15/2040 |
65,000 | 47,985 | ||||||
5.88%, 2/15/2053 |
80,000 | 88,053 | ||||||
5.20%, 4/15/2063 |
45,000 | 44,341 | ||||||
|
|
|||||||
2,105,486 | ||||||||
|
|
|||||||
Health Care REITs - 0.5% |
| |||||||
Ventas Realty LP |
||||||||
REIT, 4.00%, 3/1/2028 |
80,000 | 74,381 | ||||||
REIT, 3.00%, 1/15/2030 |
50,000 | 42,714 | ||||||
Welltower OP LLC |
||||||||
REIT, 3.85%, 6/15/2032 |
100,000 | 88,751 | ||||||
|
|
|||||||
205,846 | ||||||||
|
|
|||||||
Hotel & Resort REITs - 0.2% |
| |||||||
Host Hotels & Resorts LP |
||||||||
Series F, REIT, 4.50%, 2/1/2026 |
75,000 | 72,650 | ||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 0.8% |
| |||||||
Marriott International, Inc. |
||||||||
5.00%, 10/15/2027 |
30,000 | 29,833 | ||||||
Series HH, 2.85%, 4/15/2031 |
50,000 | 42,330 | ||||||
Series II, 2.75%, 10/15/2033 |
5,000 | 3,970 | ||||||
McDonalds Corp. |
||||||||
3.50%, 7/1/2027 |
75,000 | 71,519 | ||||||
4.70%, 12/9/2035 |
50,000 | 48,364 | ||||||
4.88%, 12/9/2045 |
50,000 | 47,542 | ||||||
3.63%, 9/1/2049 |
65,000 | 50,468 | ||||||
5.15%, 9/9/2052 |
10,000 | 9,900 | ||||||
|
|
|||||||
303,926 | ||||||||
|
|
|||||||
Household Durables - 0.2% |
| |||||||
Lennar Corp. |
||||||||
5.00%, 6/15/2027 |
40,000 | 39,465 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
NVR, Inc. |
||||||||
3.00%, 5/15/2030 |
20,000 | 17,307 | ||||||
Whirlpool Corp. |
||||||||
4.50%, 6/1/2046 |
20,000 | 16,517 | ||||||
|
|
|||||||
73,289 | ||||||||
|
|
|||||||
Household Products - 0.3% |
| |||||||
Clorox Co. (The) |
||||||||
4.60%, 5/1/2032 |
20,000 | 19,534 | ||||||
Kimberly-Clark Corp. |
||||||||
3.10%, 3/26/2030 |
75,000 | 68,218 | ||||||
2.88%, 2/7/2050 |
50,000 | 35,417 | ||||||
|
|
|||||||
123,169 | ||||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers - 0.2% |
| |||||||
Constellation Energy Generation LLC |
||||||||
3.25%, 6/1/2025 |
75,000 | 71,807 | ||||||
|
|
|||||||
Industrial REITs - 0.2% |
| |||||||
Prologis LP |
||||||||
REIT, 4.63%, 1/15/2033 |
70,000 | 68,106 | ||||||
REIT, 3.00%, 4/15/2050 |
35,000 | 23,773 | ||||||
|
|
|||||||
91,879 | ||||||||
|
|
|||||||
Insurance - 3.1% |
| |||||||
Aflac, Inc. |
||||||||
3.60%, 4/1/2030 |
50,000 | 45,808 | ||||||
Allstate Corp. (The) |
||||||||
3.85%, 8/10/2049 |
40,000 | 30,969 | ||||||
American International Group, Inc. |
||||||||
4.75%, 4/1/2048 |
75,000 | 67,431 | ||||||
Arch Capital Finance LLC |
||||||||
5.03%, 12/15/2046 |
15,000 | 13,324 | ||||||
Chubb INA Holdings, Inc. |
||||||||
3.35%, 5/3/2026 |
150,000 | 144,053 | ||||||
1.38%, 9/15/2030 |
20,000 | 15,824 | ||||||
4.35%, 11/3/2045 |
20,000 | 17,877 | ||||||
Everest Reinsurance Holdings, Inc. |
||||||||
3.13%, 10/15/2052 |
50,000 | 32,761 | ||||||
Fidelity National Financial, Inc. |
||||||||
3.20%, 9/17/2051 |
20,000 | 11,930 | ||||||
Hartford Financial Services Group, Inc. (The) |
||||||||
3.60%, 8/19/2049 |
35,000 | 26,245 | ||||||
2.90%, 9/15/2051 |
20,000 | 13,142 | ||||||
Lincoln National Corp. |
||||||||
3.05%, 1/15/2030 |
30,000 | 25,059 | ||||||
4.38%, 6/15/2050 |
15,000 | 10,660 | ||||||
Manulife Financial Corp. |
||||||||
4.06%, 2/24/2032(a) |
75,000 | 70,306 | ||||||
MetLife, Inc. |
||||||||
4.55%, 3/23/2030 |
30,000 | 29,359 | ||||||
10.75%, 8/1/2039 |
50,000 | 64,631 | ||||||
4.60%, 5/13/2046 |
40,000 | 35,840 | ||||||
5.00%, 7/15/2052 |
35,000 | 32,819 | ||||||
5.25%, 1/15/2054 |
20,000 | 19,482 | ||||||
Principal Financial Group, Inc. |
||||||||
3.70%, 5/15/2029 |
50,000 | 46,041 | ||||||
2.13%, 6/15/2030 |
50,000 | 41,024 | ||||||
Prudential Financial, Inc. |
||||||||
1.50%, 3/10/2026 |
150,000 | 137,415 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.50%, 9/15/2047(a) |
75,000 | 68,669 | ||||||
4.35%, 2/25/2050 |
50,000 | 42,693 | ||||||
3.70%, 3/13/2051 |
20,000 | 15,310 | ||||||
6.00%, 9/1/2052(a) |
80,000 | 76,772 | ||||||
Travelers Cos., Inc. (The) |
||||||||
4.00%, 5/30/2047 |
60,000 | 50,093 | ||||||
Unum Group |
||||||||
4.13%, 6/15/2051 |
20,000 | 14,538 | ||||||
|
|
|||||||
1,200,075 | ||||||||
|
|
|||||||
Interactive Media & Services - 1.2% |
| |||||||
Alphabet, Inc. |
||||||||
0.80%, 8/15/2027 |
100,000 | 87,202 | ||||||
1.10%, 8/15/2030 |
15,000 | 12,144 | ||||||
2.05%, 8/15/2050 |
75,000 | 46,219 | ||||||
Meta Platforms, Inc. |
||||||||
4.60%, 5/15/2028 |
270,000 | 269,164 | ||||||
4.65%, 8/15/2062 |
60,000 | 53,057 | ||||||
|
|
|||||||
467,786 | ||||||||
|
|
|||||||
IT Services - 1.5% |
| |||||||
International Business Machines Corp. |
||||||||
4.00%, 7/27/2025 |
465,000 | 454,813 | ||||||
2.85%, 5/15/2040 |
175,000 | 126,875 | ||||||
|
|
|||||||
581,688 | ||||||||
|
|
|||||||
Leisure Products - 0.2% |
| |||||||
Hasbro, Inc. |
||||||||
3.90%, 11/19/2029 |
50,000 | 45,499 | ||||||
6.35%, 3/15/2040 |
15,000 | 15,288 | ||||||
|
|
|||||||
60,787 | ||||||||
|
|
|||||||
Machinery - 0.8% |
| |||||||
Cummins, Inc. |
||||||||
1.50%, 9/1/2030 |
75,000 | 60,638 | ||||||
Otis Worldwide Corp. |
||||||||
3.11%, 2/15/2040 |
75,000 | 57,795 | ||||||
Stanley Black & Decker, Inc. |
||||||||
3.40%, 3/1/2026 |
100,000 | 95,075 | ||||||
4.00%, 3/15/2060(a) |
145,000 | 110,937 | ||||||
|
|
|||||||
324,445 | ||||||||
|
|
|||||||
Marine Transportation - 0.1% |
| |||||||
Kirby Corp. |
||||||||
4.20%, 3/1/2028 |
30,000 | 28,332 | ||||||
|
|
|||||||
Media - 2.2% |
| |||||||
Comcast Corp. |
||||||||
2.65%, 2/1/2030 |
100,000 | 87,497 | ||||||
4.65%, 2/15/2033 |
100,000 | 98,754 | ||||||
4.00%, 3/1/2048 |
80,000 | 66,230 | ||||||
2.89%, 11/1/2051 |
490,000 | 325,954 | ||||||
2.99%, 11/1/2063 |
90,000 | 56,572 | ||||||
Fox Corp. |
||||||||
4.71%, 1/25/2029 |
75,000 | 72,763 | ||||||
Interpublic Group of Cos., Inc. (The) |
||||||||
3.38%, 3/1/2041 |
50,000 | 36,201 | ||||||
Paramount Global |
||||||||
4.38%, 3/15/2043 |
75,000 | 52,023 | ||||||
4.95%, 5/19/2050 |
60,000 | 44,461 | ||||||
|
|
|||||||
840,455 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Metals & Mining - 0.4% |
| |||||||
Newmont Corp. |
||||||||
5.88%, 4/1/2035 |
85,000 | 86,588 | ||||||
Nucor Corp. |
||||||||
3.13%, 4/1/2032 |
50,000 | 43,316 | ||||||
Yamana Gold, Inc. |
||||||||
2.63%, 8/15/2031 |
10,000 | 7,716 | ||||||
|
|
|||||||
137,620 | ||||||||
|
|
|||||||
Multi-Utilities - 2.4% |
| |||||||
CenterPoint Energy, Inc. |
||||||||
1.45%, 6/1/2026 |
120,000 | 107,621 | ||||||
Consolidated Edison Co. of New York, Inc. |
||||||||
2.40%, 6/15/2031 |
75,000 | 62,516 | ||||||
4.50%, 5/15/2058 |
100,000 | 83,921 | ||||||
3.60%, 6/15/2061 |
35,000 | 25,005 | ||||||
NiSource, Inc. |
||||||||
0.95%, 8/15/2025 |
250,000 | 229,031 | ||||||
1.70%, 2/15/2031 |
80,000 | 62,562 | ||||||
Public Service Enterprise Group, Inc. |
||||||||
5.85%, 11/15/2027 |
175,000 | 179,250 | ||||||
Puget Energy, Inc. |
||||||||
4.10%, 6/15/2030 |
70,000 | 63,338 | ||||||
San Diego Gas & Electric Co. |
||||||||
2.95%, 8/15/2051 |
125,000 | 84,447 | ||||||
Sempra |
||||||||
4.00%, 2/1/2048 |
50,000 | 38,971 | ||||||
|
|
|||||||
936,662 | ||||||||
|
|
|||||||
Office REITs - 0.6% |
| |||||||
Boston Properties LP |
||||||||
REIT, 3.25%, 1/30/2031 |
75,000 | 61,820 | ||||||
REIT, 2.45%, 10/1/2033 |
50,000 | 36,158 | ||||||
Brandywine Operating Partnership LP |
||||||||
REIT, 7.55%, 3/15/2028 |
20,000 | 18,407 | ||||||
Highwoods Realty LP |
||||||||
REIT, 3.05%, 2/15/2030 |
30,000 | 23,449 | ||||||
Hudson Pacific Properties LP |
||||||||
REIT, 5.95%, 2/15/2028 |
30,000 | 24,891 | ||||||
Kilroy Realty LP |
||||||||
REIT, 4.38%, 10/1/2025 |
75,000 | 70,504 | ||||||
|
|
|||||||
235,229 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 7.7% |
| |||||||
BP Capital Markets America, Inc. |
||||||||
3.38%, 2/8/2061 |
75,000 | 52,922 | ||||||
Canadian Natural Resources Ltd. |
||||||||
2.95%, 7/15/2030 |
130,000 | 111,783 | ||||||
Cheniere Corpus Christi Holdings LLC |
||||||||
3.70%, 11/15/2029 |
25,000 | 22,812 | ||||||
ConocoPhillips Co. |
||||||||
3.76%, 3/15/2042 |
70,000 | 58,601 | ||||||
5.95%, 3/15/2046 |
35,000 | 37,273 | ||||||
Devon Energy Corp. |
||||||||
5.00%, 6/15/2045 |
45,000 | 39,641 | ||||||
Enbridge, Inc. |
||||||||
2.50%, 8/1/2033 |
175,000 | 137,215 | ||||||
5.50%, 12/1/2046 |
20,000 | 18,979 | ||||||
5.50%, 7/15/2077(a) |
75,000 | 67,757 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Hess Corp. |
||||||||
6.00%, 1/15/2040 |
25,000 | 24,945 | ||||||
Kinder Morgan Energy Partners LP |
||||||||
6.95%, 1/15/2038 |
75,000 | 81,699 | ||||||
5.40%, 9/1/2044 |
30,000 | 26,727 | ||||||
Kinder Morgan, Inc. |
||||||||
4.30%, 6/1/2025 |
475,000 | 464,304 | ||||||
2.00%, 2/15/2031 |
20,000 | 15,930 | ||||||
5.55%, 6/1/2045 |
50,000 | 46,685 | ||||||
3.60%, 2/15/2051 |
15,000 | 10,448 | ||||||
Magellan Midstream Partners LP |
||||||||
3.95%, 3/1/2050 |
50,000 | 35,584 | ||||||
Marathon Petroleum Corp. |
||||||||
4.50%, 4/1/2048 |
70,000 | 55,384 | ||||||
MPLX LP |
||||||||
1.75%, 3/1/2026 |
75,000 | 68,430 | ||||||
2.65%, 8/15/2030 |
25,000 | 21,003 | ||||||
4.50%, 4/15/2038 |
100,000 | 86,192 | ||||||
5.50%, 2/15/2049 |
55,000 | 50,192 | ||||||
Occidental Petroleum Corp. |
||||||||
5.88%, 9/1/2025 |
450,000 | 450,763 | ||||||
6.60%, 3/15/2046 |
25,000 | 26,495 | ||||||
ONEOK, Inc. |
||||||||
4.50%, 3/15/2050 |
100,000 | 76,726 | ||||||
Plains All American Pipeline LP |
||||||||
4.50%, 12/15/2026 |
120,000 | 116,225 | ||||||
Sabine Pass Liquefaction LLC |
||||||||
4.50%, 5/15/2030 |
25,000 | 23,731 | ||||||
Suncor Energy, Inc. |
||||||||
3.75%, 3/4/2051 |
80,000 | 58,411 | ||||||
Targa Resources Corp. |
||||||||
6.13%, 3/15/2033 |
90,000 | 92,348 | ||||||
TotalEnergies Capital International SA |
||||||||
2.83%, 1/10/2030 |
75,000 | 66,990 | ||||||
3.13%, 5/29/2050 |
55,000 | 39,503 | ||||||
Transcanada Trust |
||||||||
5.60%, 3/7/2082(a) |
265,000 | 223,233 | ||||||
Transcontinental Gas Pipe Line Co. LLC |
||||||||
3.25%, 5/15/2030 |
50,000 | 44,544 | ||||||
Valero Energy Corp. |
||||||||
2.80%, 12/1/2031 |
75,000 | 62,387 | ||||||
4.00%, 6/1/2052 |
30,000 | 22,746 | ||||||
Western Midstream Operating LP |
||||||||
5.30%, 3/1/2048 |
35,000 | 30,003 | ||||||
Williams Cos., Inc. (The) |
||||||||
5.75%, 6/24/2044 |
50,000 | 48,944 | ||||||
5.10%, 9/15/2045 |
55,000 | 49,708 | ||||||
5.30%, 8/15/2052 |
20,000 | 18,496 | ||||||
|
|
|||||||
2,985,759 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.2% |
| |||||||
Suzano Austria GmbH |
||||||||
Series DM3N, 3.13%, 1/15/2032 |
75,000 | 60,169 | ||||||
|
|
|||||||
Personal Care Products - 1.3% |
| |||||||
Estee Lauder Cos., Inc. (The) |
||||||||
3.15%, 3/15/2027 |
75,000 | 71,295 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
4.38%, 5/15/2028 |
30,000 | 29,510 | ||||||
1.95%, 3/15/2031 |
50,000 | 40,905 | ||||||
Haleon US Capital LLC |
||||||||
3.38%, 3/24/2027 |
250,000 | 235,282 | ||||||
Kenvue, Inc. |
||||||||
5.00%, 3/22/2030(d) |
50,000 | 50,455 | ||||||
5.10%, 3/22/2043(d) |
60,000 | 60,172 | ||||||
|
|
|||||||
487,619 | ||||||||
|
|
|||||||
Pharmaceuticals - 5.2% |
| |||||||
AstraZeneca Finance LLC |
||||||||
4.88%, 3/3/2033 |
50,000 | 50,411 | ||||||
AstraZeneca plc |
||||||||
4.00%, 9/18/2042 |
30,000 | 26,472 | ||||||
4.38%, 11/16/2045 |
75,000 | 68,452 | ||||||
3.00%, 5/28/2051 |
20,000 | 14,608 | ||||||
Bristol-Myers Squibb Co. |
||||||||
3.90%, 3/15/2062 |
135,000 | 106,363 | ||||||
GlaxoSmithKline Capital plc |
||||||||
3.38%, 6/1/2029 |
50,000 | 46,604 | ||||||
GlaxoSmithKline Capital, Inc. |
||||||||
6.38%, 5/15/2038 |
25,000 | 28,404 | ||||||
Johnson & Johnson |
||||||||
3.63%, 3/3/2037 |
270,000 | 242,046 | ||||||
2.10%, 9/1/2040 |
15,000 | 10,508 | ||||||
3.70%, 3/1/2046 |
75,000 | 64,974 | ||||||
2.25%, 9/1/2050 |
30,000 | 19,560 | ||||||
2.45%, 9/1/2060 |
10,000 | 6,324 | ||||||
Merck & Co., Inc. |
||||||||
4.05%, 5/17/2028 |
200,000 | 196,731 | ||||||
3.40%, 3/7/2029 |
75,000 | 70,215 | ||||||
2.35%, 6/24/2040 |
200,000 | 142,367 | ||||||
2.75%, 12/10/2051 |
50,000 | 33,731 | ||||||
Mylan, Inc. |
||||||||
5.20%, 4/15/2048 |
55,000 | 43,756 | ||||||
Novartis Capital Corp. |
||||||||
2.00%, 2/14/2027 |
75,000 | 68,796 | ||||||
2.75%, 8/14/2050 |
75,000 | 53,329 | ||||||
Pfizer Investment Enterprises Pte. Ltd. |
||||||||
4.45%, 5/19/2028 |
185,000 | 181,877 | ||||||
5.34%, 5/19/2063 |
150,000 | 150,431 | ||||||
Pfizer, Inc. |
||||||||
0.80%, 5/28/2025 |
75,000 | 69,678 | ||||||
3.45%, 3/15/2029 |
75,000 | 70,940 | ||||||
1.75%, 8/18/2031 |
50,000 | 40,488 | ||||||
7.20%, 3/15/2039 |
85,000 | 104,072 | ||||||
2.55%, 5/28/2040 |
50,000 | 36,465 | ||||||
2.70%, 5/28/2050 |
50,000 | 34,934 | ||||||
Viatris, Inc. |
||||||||
3.85%, 6/22/2040 |
14,000 | 9,956 | ||||||
4.00%, 6/22/2050 |
35,000 | 23,657 | ||||||
|
|
|||||||
2,016,149 | ||||||||
|
|
|||||||
Professional Services - 0.4% |
| |||||||
Automatic Data Processing, Inc. |
||||||||
1.70%, 5/15/2028 |
80,000 | 70,221 | ||||||
Verisk Analytics, Inc. |
||||||||
4.13%, 3/15/2029 |
90,000 | 86,601 | ||||||
|
|
|||||||
156,822 | ||||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Real Estate Management & Development - 0.1% |
| |||||||
CBRE Services, Inc. |
||||||||
2.50%, 4/1/2031 |
30,000 | 24,100 | ||||||
|
|
|||||||
Residential REITs - 0.7% |
| |||||||
AvalonBay Communities, Inc. |
||||||||
REIT, 2.95%, 5/11/2026 |
150,000 | 141,456 | ||||||
REIT, 5.00%, 2/15/2033 |
50,000 | 49,958 | ||||||
ERP Operating LP |
||||||||
REIT, 3.00%, 7/1/2029 |
100,000 | 88,922 | ||||||
|
|
|||||||
280,336 | ||||||||
|
|
|||||||
Retail REITs - 0.4% |
| |||||||
Brixmor Operating Partnership LP |
||||||||
REIT, 3.90%, 3/15/2027 |
50,000 | 46,443 | ||||||
REIT, 2.50%, 8/16/2031 |
10,000 | 7,812 | ||||||
Federal Realty OP LP |
||||||||
REIT, 1.25%, 2/15/2026 |
70,000 | 62,931 | ||||||
Regency Centers LP |
||||||||
REIT, 3.70%, 6/15/2030 |
40,000 | 35,893 | ||||||
|
|
|||||||
153,079 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 1.8% |
| |||||||
Intel Corp. |
||||||||
3.75%, 3/25/2027 |
150,000 | 144,623 | ||||||
2.00%, 8/12/2031 |
70,000 | 56,991 | ||||||
5.63%, 2/10/2043 |
80,000 | 81,006 | ||||||
3.73%, 12/8/2047 |
70,000 | 54,666 | ||||||
4.75%, 3/25/2050 |
200,000 | 179,713 | ||||||
4.95%, 3/25/2060 |
50,000 | 45,968 | ||||||
Micron Technology, Inc. |
||||||||
5.88%, 9/15/2033 |
80,000 | 79,588 | ||||||
QUALCOMM, Inc. |
||||||||
3.45%, 5/20/2025 |
75,000 | 72,813 | ||||||
|
|
|||||||
715,368 | ||||||||
|
|
|||||||
Software - 2.9% |
| |||||||
Adobe, Inc. |
||||||||
2.30%, 2/1/2030 |
50,000 | 43,805 | ||||||
Autodesk, Inc. |
||||||||
2.85%, 1/15/2030 |
100,000 | 87,533 | ||||||
Microsoft Corp. |
||||||||
2.40%, 8/8/2026 |
90,000 | 84,323 | ||||||
3.30%, 2/6/2027 |
200,000 | 191,867 | ||||||
3.45%, 8/8/2036 |
50,000 | 45,139 | ||||||
2.53%, 6/1/2050 |
280,000 | 190,732 | ||||||
2.92%, 3/17/2052 |
60,000 | 43,833 | ||||||
2.68%, 6/1/2060 |
50,000 | 33,085 | ||||||
3.04%, 3/17/2062 |
30,000 | 21,456 | ||||||
Oracle Corp. |
||||||||
6.90%, 11/9/2052 |
50,000 | 56,017 | ||||||
Salesforce, Inc. |
||||||||
1.50%, 7/15/2028 |
75,000 | 64,680 | ||||||
2.90%, 7/15/2051 |
75,000 | 51,804 | ||||||
VMware, Inc. |
||||||||
1.40%, 8/15/2026 |
150,000 | 132,897 | ||||||
Workday, Inc. |
||||||||
3.70%, 4/1/2029 |
75,000 | 70,004 | ||||||
|
|
|||||||
1,117,175 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Specialized REITs - 0.4% |
| |||||||
Equinix, Inc. |
||||||||
REIT, 3.20%, 11/18/2029 |
75,000 | 66,095 | ||||||
REIT, 3.40%, 2/15/2052 |
50,000 | 34,641 | ||||||
Weyerhaeuser Co. |
||||||||
REIT, 3.38%, 3/9/2033 |
75,000 | 64,401 | ||||||
|
|
|||||||
165,137 | ||||||||
|
|
|||||||
Specialty Retail - 1.2% |
| |||||||
Dicks Sporting Goods, Inc. |
||||||||
4.10%, 1/15/2052 |
15,000 | 10,280 | ||||||
Lowes Cos., Inc. |
||||||||
2.50%, 4/15/2026 |
50,000 | 46,844 | ||||||
3.65%, 4/5/2029 |
75,000 | 69,870 | ||||||
2.63%, 4/1/2031 |
75,000 | 63,376 | ||||||
5.00%, 4/15/2033 |
115,000 | 113,875 | ||||||
5.50%, 10/15/2035 |
50,000 | 50,481 | ||||||
2.80%, 9/15/2041 |
50,000 | 35,212 | ||||||
3.00%, 10/15/2050 |
50,000 | 32,722 | ||||||
4.45%, 4/1/2062 |
40,000 | 32,140 | ||||||
5.85%, 4/1/2063 |
20,000 | 20,065 | ||||||
Tractor Supply Co. |
||||||||
1.75%, 11/1/2030 |
10,000 | 7,905 | ||||||
|
|
|||||||
482,770 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 3.4% |
| |||||||
Apple, Inc. |
||||||||
0.55%, 8/20/2025 |
420,000 | 384,773 | ||||||
3.25%, 2/23/2026 |
125,000 | 120,595 | ||||||
2.38%, 2/8/2041 |
130,000 | 94,576 | ||||||
3.85%, 5/4/2043 |
150,000 | 133,236 | ||||||
4.45%, 5/6/2044 |
170,000 | 164,078 | ||||||
4.65%, 2/23/2046 |
50,000 | 49,055 | ||||||
4.10%, 8/8/2062 |
70,000 | 60,989 | ||||||
Dell International LLC |
||||||||
8.10%, 7/15/2036 |
74,000 | 86,139 | ||||||
3.38%, 12/15/2041(d) |
50,000 | 35,541 | ||||||
Hewlett Packard Enterprise Co. |
||||||||
5.25%, 7/1/2028 |
75,000 | 74,647 | ||||||
HP, Inc. |
||||||||
2.65%, 6/17/2031 |
58,000 | 47,446 | ||||||
6.00%, 9/15/2041 |
50,000 | 50,800 | ||||||
|
|
|||||||
1,301,875 | ||||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.2% |
| |||||||
PVH Corp. |
||||||||
4.63%, 7/10/2025 |
30,000 | 29,099 | ||||||
Ralph Lauren Corp. |
||||||||
2.95%, 6/15/2030 |
20,000 | 17,677 | ||||||
Tapestry, Inc. |
||||||||
3.05%, 3/15/2032 |
10,000 | 7,986 | ||||||
VF Corp. |
||||||||
2.95%, 4/23/2030 |
40,000 | 33,140 | ||||||
|
|
|||||||
87,902 | ||||||||
|
|
|||||||
Water Utilities - 0.7% |
| |||||||
American Water Capital Corp. |
||||||||
3.40%, 3/1/2025 |
100,000 | 96,846 | ||||||
2.30%, 6/1/2031 |
150,000 | 124,525 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Essential Utilities, Inc. |
||||||||
2.70%, 4/15/2030 |
50,000 | 42,410 | ||||||
|
|
|||||||
263,781 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.5% |
| |||||||
T-Mobile USA, Inc. |
||||||||
3.88%, 4/15/2030 |
5,000 | 4,594 | ||||||
Vodafone Group plc |
||||||||
4.88%, 6/19/2049 |
25,000 | 21,957 | ||||||
5.63%, 2/10/2053 |
160,000 | 155,419 | ||||||
|
|
|||||||
181,970 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
37,935,443 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
ASSET-BACKED SECURITIES - 0.1% |
| |||||||
Oglethorpe Power Corp. |
||||||||
4.25%, 4/1/2046 (Cost $14,710) |
20,000 | 14,732 | ||||||
|
|
|||||||
Total Investments - 98.3% |
|
37,950,175 | ||||||
Other assets less liabilities - 1.7% |
|
671,657 | ||||||
|
|
|||||||
Net Assets - 100.0% |
|
38,621,832 | ||||||
|
|
(a) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(b) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of July 31, 2023. |
(c) | Represents less than 0.05% of net assets. |
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
Percentages shown are based on Net Assets.
Abbreviations | ||
REIT | Real Estate Investment Trust |
See Accompanying Notes to the Schedules of Investments.
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund (cont.)
Security Type |
% of Net Assets | |||
Corporate Bonds |
98.2 | % | ||
Asset-Backed Securities |
0.1 | |||
Others(1) |
1.7 | |||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund)
July 31, 2023 (Unaudited)
Investments |
Principal Amount ($) |
Value ($) | ||||||
CORPORATE BONDS - 76.3% |
| |||||||
Aerospace & Defense - 1.6% |
| |||||||
Boeing Co. (The) |
||||||||
1.95%, 2/1/2024 |
900,000 | 881,965 | ||||||
1.43%, 2/4/2024 |
3,000,000 | 2,931,096 | ||||||
L3Harris Technologies, Inc. |
||||||||
3.95%, 5/28/2024 |
4,065,000 | 4,002,323 | ||||||
RTX Corp. |
||||||||
3.20%, 3/15/2024 |
8,205,000 | 8,082,135 | ||||||
|
|
|||||||
15,897,519 | ||||||||
|
|
|||||||
Automobiles - 2.5% |
| |||||||
BMW US Capital LLC |
||||||||
(United States SOFR Compounded Index + 0.53%), 5.86%, 4/1/2024(a)(b) |
900,000 | 900,878 | ||||||
Hyundai Capital America |
||||||||
1.25%, 9/18/2023(b) |
910,000 | 904,403 | ||||||
0.80%, 1/8/2024(b) |
1,700,000 | 1,662,303 | ||||||
0.88%, 6/14/2024(b) |
1,000,000 | 958,129 | ||||||
Kia Corp. |
||||||||
2.38%, 2/14/2025(b) |
730,000 | 693,647 | ||||||
Mercedes-Benz Finance North America LLC |
||||||||
0.75%, 3/1/2024(b) |
2,350,000 | 2,276,869 | ||||||
(SOFR + 0.93%), 6.00%, 3/30/2025(a)(b) |
5,000,000 | 5,028,914 | ||||||
(SOFR + 0.57%), 5.90%, 8/1/2025(a)(b) |
7,000,000 | 7,000,000 | ||||||
Nissan Motor Acceptance Co. LLC |
||||||||
1.13%, 9/16/2024(b) |
900,000 | 847,477 | ||||||
Volkswagen Group of America Finance LLC |
||||||||
0.88%, 11/22/2023(b) |
2,000,000 | 1,968,442 | ||||||
(SOFR + 0.95%), 6.30%, 6/7/2024(a)(b) |
2,690,000 | 2,701,715 | ||||||
|
|
|||||||
24,942,777 | ||||||||
|
|
|||||||
Banks - 24.3% |
| |||||||
ANZ New Zealand Intl Ltd. |
||||||||
(SOFR + 0.60%), 5.96%, 2/18/2025(a)(b) |
1,450,000 | 1,449,889 | ||||||
Australia & New Zealand Banking Group Ltd. |
||||||||
5.38%, 7/3/2025 |
4,290,000 | 4,295,399 | ||||||
5.09%, 12/8/2025 |
1,505,000 | 1,498,000 | ||||||
Banco Santander SA |
||||||||
(SOFR + 1.24%), 6.34%, 5/24/2024(a) |
5,800,000 | 5,831,836 | ||||||
5.15%, 8/18/2025 |
1,400,000 | 1,381,386 | ||||||
Bank of America Corp. |
||||||||
4.13%, 1/22/2024 |
4,000,000 | 3,980,276 | ||||||
(SOFR + 0.73%), 6.03%, 10/24/2024(a) |
2,200,000 | 2,199,653 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Series 2025, (SOFR + 0.66%), 6.03%, 2/4/2025(a) |
2,000,000 | 1,996,475 | ||||||
Bank of Montreal |
||||||||
0.40%, 9/15/2023 |
6,000,000 | 5,962,547 | ||||||
2.50%, 6/28/2024 |
1,500,000 | 1,457,887 | ||||||
(United States SOFR Compounded Index + 0.62%), 5.95%, 9/15/2026(a) |
3,300,000 | 3,257,707 | ||||||
Bank of New Zealand |
||||||||
(SOFR + 0.81%), 6.11%, |
4,000,000 | 3,976,510 | ||||||
Bank of Nova Scotia (The) |
||||||||
0.40%, 9/15/2023 |
2,881,000 | 2,862,489 | ||||||
0.55%, 9/15/2023 |
3,000,000 | 2,981,130 | ||||||
(United States SOFR Compounded Index + 0.55%), 5.89%, 3/2/2026(a) |
5,000,000 | 4,942,769 | ||||||
Banque Federative du Credit Mutuel SA |
||||||||
0.65%, 2/27/2024(b) |
5,000,000 | 4,851,425 | ||||||
BNP Paribas SA |
||||||||
4.25%, 10/15/2024 |
1,000,000 | 979,226 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
(SOFR + 0.94%), 6.26%, 4/7/2025(a) |
5,174,000 | 5,185,940 | ||||||
Citibank NA |
||||||||
3.65%, 1/23/2024 |
540,000 | 534,892 | ||||||
Citigroup, Inc. |
||||||||
0.78%, 10/30/2024(c) |
3,500,000 | 3,453,294 | ||||||
(SOFR + 0.67%), 6.05%, 5/1/2025(a) |
900,000 | 898,688 | ||||||
(SOFR + 1.37%), 6.72%, 5/24/2025(a) |
1,300,000 | 1,306,516 | ||||||
(SOFR + 0.69%), 6.01%, 1/25/2026(a) |
2,400,000 | 2,394,727 | ||||||
Commonwealth Bank of Australia |
||||||||
(SOFR + 0.74%), 6.08%, |
5,000,000 | 5,013,159 | ||||||
(SOFR + 0.40%), 5.72%, |
1,800,000 | 1,793,057 | ||||||
(SOFR + 0.52%), 5.85%, |
1,900,000 | 1,887,890 | ||||||
Cooperatieve Rabobank UA |
||||||||
(United States SOFR Compounded Index + 0.30%), 5.61%, 1/12/2024(a) |
7,000,000 | 6,999,720 | ||||||
(United States SOFR Compounded Index + 0.38%), 5.71%, 1/10/2025(a) |
1,600,000 | 1,595,431 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Danske Bank A/S |
||||||||
6.47%, 1/9/2026(b)(c) |
1,280,000 | 1,285,420 | ||||||
Fifth Third Bank NA |
||||||||
5.85%, 10/27/2025(c) |
8,500,000 | 8,366,589 | ||||||
HSBC Holdings plc |
||||||||
0.73%, 8/17/2024(c) |
2,240,000 | 2,233,819 | ||||||
(SOFR + 1.43%), 6.51%, 3/10/2026(a) |
7,000,000 | 7,044,233 | ||||||
ING Groep NV |
||||||||
4.10%, 10/2/2023 |
3,300,000 | 3,287,971 | ||||||
(United States SOFR Compounded Index + 1.01%), 6.08%, 4/1/2027(a) |
3,800,000 | 3,741,644 | ||||||
JPMorgan Chase & Co. |
||||||||
4.02%, 12/5/2024(c) |
2,500,000 | 2,483,494 | ||||||
0.77%, 8/9/2025(c) |
1,000,000 | 946,569 | ||||||
(SOFR + 0.92%), 6.27%, 2/24/2026(a) |
7,000,000 | 7,013,057 | ||||||
(SOFR + 0.77%), 6.09%, 9/22/2027(a) |
2,500,000 | 2,464,254 | ||||||
KeyBank NA |
||||||||
(United States SOFR Compounded Index + 0.34%), 5.67%, 1/3/2024(a) |
4,800,000 | 4,789,440 | ||||||
(United States SOFR Compounded Index + 0.32%), 5.66%, 6/14/2024(a) |
2,000,000 | 1,956,587 | ||||||
Lloyds Banking Group plc |
||||||||
4.05%, 8/16/2023 |
4,729,000 | 4,725,596 | ||||||
3.90%, 3/12/2024 |
1,000,000 | 986,910 | ||||||
4.72%, 8/11/2026(c) |
2,300,000 | 2,252,111 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
||||||||
4.79%, 7/18/2025(c) |
2,000,000 | 1,977,261 | ||||||
(SOFR + 0.94%), 6.04%, 2/20/2026(a) |
5,000,000 | 5,000,231 | ||||||
(SOFR + 1.44%), 6.50%, 4/17/2026(a) |
2,500,000 | 2,520,067 | ||||||
Mizuho Financial Group, Inc. |
||||||||
(ICE LIBOR USD 3 Month + 0.61%), 6.12%, 9/8/2024(a) |
2,900,000 | 2,899,878 | ||||||
National Australia Bank Ltd. |
||||||||
(SOFR + 0.86%), 6.20%, |
5,200,000 | 5,222,474 | ||||||
(SOFR + 0.65%), 5.96%, 1/12/2027(a)(b) |
4,000,000 | 3,969,071 | ||||||
National Bank of Canada |
||||||||
0.75%, 8/6/2024 |
900,000 | 854,984 | ||||||
NatWest Markets plc |
||||||||
(SOFR + 0.53%), 5.89%, 8/12/2024(a)(b) |
600,000 | 597,360 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Nordea Bank Abp |
||||||||
(SOFR + 0.96%), 6.31%, |
2,000,000 | 2,004,523 | ||||||
PNC Financial Services Group, Inc. (The) |
||||||||
3.50%, 1/23/2024 |
6,500,000 | 6,435,272 | ||||||
Royal Bank of Canada |
||||||||
3.97%, 7/26/2024 |
3,000,000 | 2,949,102 | ||||||
(United States SOFR Compounded Index + 0.44%), 5.75%, 1/21/2025(a) |
3,000,000 | 2,988,304 | ||||||
4.95%, 4/25/2025 |
3,000,000 | 2,967,557 | ||||||
(United States SOFR Compounded Index + 0.53%), 5.83%, 1/20/2026(a) |
2,750,000 | 2,724,045 | ||||||
(United States SOFR Compounded Index + 0.57%), 5.87%, 4/27/2026(a) |
2,000,000 | 1,978,893 | ||||||
Skandinaviska Enskilda Banken AB |
||||||||
0.55%, 9/1/2023(b) |
5,000,000 | 4,977,600 | ||||||
(ICE LIBOR USD 3 Month + 0.32%), 5.82%, 9/1/2023(a)(b) |
2,800,000 | 2,800,012 | ||||||
0.65%, 9/9/2024(b) |
500,000 | 472,464 | ||||||
(SOFR + 0.96%), 6.30%, |
1,000,000 | 1,003,402 | ||||||
Societe Generale SA |
||||||||
2.63%, 10/16/2024(b) |
1,000,000 | 958,852 | ||||||
Standard Chartered plc |
||||||||
6.17%, 1/9/2027(b)(c) |
2,100,000 | 2,118,063 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
||||||||
0.51%, 1/12/2024 |
300,000 | 292,616 | ||||||
(SOFR + 0.88%), 5.94%, 1/14/2027(a) |
1,480,000 | 1,463,086 | ||||||
Sumitomo Mitsui Trust Bank Ltd. |
||||||||
0.80%, 9/12/2023(b) |
900,000 | 894,890 | ||||||
0.85%, 3/25/2024(b) |
400,000 | 387,234 | ||||||
Svenska Handelsbanken AB |
||||||||
3.90%, 11/20/2023 |
1,500,000 | 1,491,471 | ||||||
(United States SOFR Compounded Index + 0.91%), 6.26%, |
7,000,000 | 7,018,620 | ||||||
Swedbank AB |
||||||||
(United States SOFR Compounded Index + 1.38%), 6.71%, |
3,000,000 | 3,024,378 | ||||||
Toronto-Dominion Bank (The) |
||||||||
0.45%, 9/11/2023 |
2,606,000 | 2,590,965 | ||||||
2.65%, 6/12/2024 |
2,000,000 | 1,947,369 | ||||||
(SOFR + 0.41%), 5.74%, 1/10/2025(a) |
2,777,000 | 2,762,448 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
(SOFR + 0.59%), 5.94%, 9/10/2026(a) |
2,000,000 | 1,974,217 | ||||||
Truist Financial Corp. |
||||||||
(SOFR + 0.40%), 5.74%, 6/9/2025(a) |
3,750,000 | 3,666,828 | ||||||
US Bancorp |
||||||||
3.70%, 1/30/2024 |
3,000,000 | 2,966,550 | ||||||
2.40%, 7/30/2024 |
2,913,000 | 2,821,697 | ||||||
Wells Fargo & Co. |
||||||||
(SOFR + 1.32%), 6.63%, 4/25/2026(a) |
5,600,000 | 5,647,275 | ||||||
Westpac Banking Corp. |
||||||||
3.30%, 2/26/2024 |
2,200,000 | 2,172,344 | ||||||
(SOFR + 1.00%), 6.35%, 8/26/2025(a) |
5,000,000 | 5,042,163 | ||||||
(SOFR + 0.52%), 5.87%, 6/3/2026(a) |
2,568,000 | 2,549,332 | ||||||
|
|
|||||||
244,678,510 | ||||||||
|
|
|||||||
Beverages - 1.2% |
| |||||||
Constellation Brands, Inc. |
||||||||
3.60%, 5/9/2024 |
1,590,000 | 1,562,367 | ||||||
Diageo Capital plc |
||||||||
3.50%, 9/18/2023 |
2,775,000 | 2,766,774 | ||||||
Keurig Dr Pepper, Inc. |
||||||||
3.13%, 12/15/2023 |
4,000,000 | 3,968,225 | ||||||
0.75%, 3/15/2024 |
3,500,000 | 3,393,845 | ||||||
|
|
|||||||
11,691,211 | ||||||||
|
|
|||||||
Biotechnology - 2.2% |
| |||||||
AbbVie, Inc. |
||||||||
2.60%, 11/21/2024 |
6,373,000 | 6,135,173 | ||||||
Amgen, Inc. |
||||||||
3.63%, 5/22/2024 |
8,000,000 | 7,865,993 | ||||||
Gilead Sciences, Inc. |
||||||||
0.75%, 9/29/2023 |
6,624,000 | 6,573,098 | ||||||
3.70%, 4/1/2024 |
1,100,000 | 1,085,693 | ||||||
|
|
|||||||
21,659,957 | ||||||||
|
|
|||||||
Capital Markets - 6.8% |
| |||||||
Bank of New York Mellon Corp. (The) |
||||||||
0.35%, 12/7/2023 |
4,312,000 | 4,234,524 | ||||||
Series 0012, 3.65%, 2/4/2024 |
3,000,000 | 2,968,407 | ||||||
Series J, (SOFR + 0.20%), 5.51%, 10/25/2024(a) |
2,800,000 | 2,783,338 | ||||||
Blackstone Private Credit Fund |
||||||||
2.70%, 1/15/2025 |
800,000 | 753,248 | ||||||
Charles Schwab Corp. (The) |
||||||||
(United States SOFR Compounded Index + 0.50%), 5.59%, 3/18/2024(a) |
1,390,000 | 1,387,130 | ||||||
(United States SOFR Compounded Index + 0.52%), 5.89%, 5/13/2026(a) |
1,000,000 | 986,680 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
(United States SOFR Compounded Index + 1.05%), 6.40%, 3/3/2027(a) |
7,000,000 | 6,943,536 | ||||||
Credit Suisse AG |
||||||||
3.63%, 9/9/2024 |
1,500,000 | 1,456,214 | ||||||
Deutsche Bank AG |
||||||||
0.90%, 5/28/2024 |
1,100,000 | 1,053,807 | ||||||
FS KKR Capital Corp. |
||||||||
1.65%, 10/12/2024 |
980,000 | 918,804 | ||||||
Goldman Sachs Group, Inc. (The) |
||||||||
3.00%, 3/15/2024 |
2,500,000 | 2,456,402 | ||||||
0.66%, 9/10/2024(c) |
2,600,000 | 2,583,362 | ||||||
5.70%, 11/1/2024 |
3,000,000 | 2,996,319 | ||||||
3.50%, 4/1/2025 |
1,500,000 | 1,446,750 | ||||||
Macquarie Group Ltd. |
||||||||
(SOFR + 0.71%), 6.02%, 10/14/2025(a)(b) |
5,000,000 | 4,969,094 | ||||||
Moodys Corp. |
||||||||
4.88%, 2/15/2024 |
2,400,000 | 2,382,830 | ||||||
Morgan Stanley |
||||||||
(SOFR + 0.46%), 5.76%, 1/25/2024(a) |
2,200,000 | 2,199,144 | ||||||
1.16%, 10/21/2025(c) |
500,000 | 469,927 | ||||||
(SOFR + 0.95%), 6.30%, 2/18/2026(a) |
7,000,000 | 7,008,125 | ||||||
State Street Corp. |
||||||||
(United States SOFR Compounded Index + 0.85%), 6.18%, 8/3/2026(a) |
10,000,000 | 10,000,000 | ||||||
UBS AG |
||||||||
0.70%, 8/9/2024(b) |
200,000 | 190,050 | ||||||
UBS Group AG |
||||||||
(SOFR + 1.58%), 6.94%, 5/12/2026(a)(b) |
6,000,000 | 6,063,000 | ||||||
6.37%, 7/15/2026(b)(c) |
1,900,000 | 1,901,780 | ||||||
|
|
|||||||
68,152,471 | ||||||||
|
|
|||||||
Chemicals - 0.3% |
| |||||||
Ecolab, Inc. |
||||||||
0.90%, 12/15/2023 |
2,525,000 | 2,480,130 | ||||||
Sherwin-Williams Co. (The) |
||||||||
4.05%, 8/8/2024 |
700,000 | 688,180 | ||||||
Westlake Corp. |
||||||||
0.88%, 8/15/2024 |
300,000 | 284,416 | ||||||
|
|
|||||||
3,452,726 | ||||||||
|
|
|||||||
Consumer Finance - 3.8% |
| |||||||
AerCap Ireland Capital DAC |
||||||||
(SOFR + 0.68%), 6.00%, 9/29/2023(a) |
900,000 | 899,143 | ||||||
1.65%, 10/29/2024 |
4,750,000 | 4,488,307 | ||||||
American Express Co. |
||||||||
3.40%, 2/22/2024 |
2,500,000 | 2,466,693 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
(United States SOFR Compounded Index + 0.72%), 6.09%, 5/3/2024(a) |
3,000,000 | 3,004,544 | ||||||
2.50%, 7/30/2024 |
2,000,000 | 1,938,581 | ||||||
(SOFR + 0.93%), 6.28%, 3/4/2025(a) |
1,914,000 | 1,921,758 | ||||||
American Honda Finance Corp. |
||||||||
(ICE LIBOR USD 3 Month + 0.42%), 5.93%, 9/8/2023(a) |
600,000 | 600,214 | ||||||
0.55%, 7/12/2024 |
2,000,000 | 1,907,668 | ||||||
0.75%, 8/9/2024 |
2,000,000 | 1,905,579 | ||||||
Capital One Financial Corp. |
||||||||
(SOFR + 1.35%), 6.71%, 5/9/2025(a) |
2,000,000 | 1,985,089 | ||||||
General Motors Financial Co., Inc. |
||||||||
1.70%, 8/18/2023 |
380,000 | 379,236 | ||||||
(SOFR + 0.76%), 6.10%, 3/8/2024(a) |
800,000 | 799,797 | ||||||
3.50%, 11/7/2024 |
2,600,000 | 2,525,331 | ||||||
John Deere Capital Corp. |
||||||||
(SOFR + 0.20%), 5.26%, 10/11/2024(a) |
2,500,000 | 2,496,900 | ||||||
(SOFR + 0.56%), 5.65%, 3/7/2025(a) |
1,720,000 | 1,723,956 | ||||||
(United States SOFR Compounded Index + 0.79%), 5.88%, 6/8/2026(a) |
1,300,000 | 1,305,253 | ||||||
Synchrony Financial |
||||||||
4.88%, 6/13/2025 |
1,493,000 | 1,442,607 | ||||||
Toyota Motor Credit Corp. |
||||||||
(SOFR + 0.32%), 5.63%, 1/13/2025(a) |
7,000,000 | 6,981,342 | ||||||
|
|
|||||||
38,771,998 | ||||||||
|
|
|||||||
Consumer Staples Distribution & Retail - 1.4% |
| |||||||
7-Eleven, Inc. |
||||||||
0.80%, 2/10/2024(b) |
5,000,000 | 4,865,029 | ||||||
Dollar General Corp. |
||||||||
4.25%, 9/20/2024 |
840,000 | 826,947 | ||||||
Kroger Co. (The) |
||||||||
3.85%, 8/1/2023 |
945,000 | 945,000 | ||||||
4.00%, 2/1/2024 |
6,200,000 | 6,149,257 | ||||||
Walgreens Boots Alliance, Inc. |
||||||||
0.95%, 11/17/2023 |
1,770,000 | 1,745,421 | ||||||
|
|
|||||||
14,531,654 | ||||||||
|
|
|||||||
Containers & Packaging - 0.5% |
| |||||||
Avery Dennison Corp. |
||||||||
0.85%, 8/15/2024 |
1,040,000 | 985,933 | ||||||
Graphic Packaging International LLC |
||||||||
0.82%, 4/15/2024(b) |
4,000,000 | 3,855,613 | ||||||
|
|
|||||||
4,841,546 | ||||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Diversified Telecommunication Services - 2.2% |
| |||||||
AT&T, Inc. |
||||||||
(ICE LIBOR USD 3 Month + 1.18%), 6.72%, 6/12/2024(a) |
3,550,000 | 3,573,509 | ||||||
Bell Canada (The) |
||||||||
Series US-3, 0.75%, 3/17/2024 |
5,050,000 | 4,888,359 | ||||||
British Telecommunications plc |
||||||||
4.50%, 12/4/2023 |
5,500,000 | 5,471,514 | ||||||
Verizon Communications, Inc. |
||||||||
0.75%, 3/22/2024 |
2,000,000 | 1,935,403 | ||||||
(ICE LIBOR USD 3 Month + 1.10%), 6.42%, 5/15/2025(a) |
1,000,000 | 1,007,850 | ||||||
(United States SOFR Compounded Index + 0.79%), 5.88%, 3/20/2026(a) |
5,000,000 | 5,050,686 | ||||||
|
|
|||||||
21,927,321 | ||||||||
|
|
|||||||
Electric Utilities - 2.0% |
| |||||||
American Electric Power Co., Inc. |
||||||||
Series A, (ICE LIBOR USD 3 Month + 0.48%), 5.78%, 11/1/2023(a) |
1,400,000 | 1,399,514 | ||||||
Entergy Louisiana LLC |
||||||||
0.62%, 11/17/2023 |
846,000 | 833,372 | ||||||
Eversource Energy |
||||||||
Series T, (United States SOFR Compounded Index + 0.25%), 5.62%, 8/15/2023(a) |
1,500,000 | 1,498,860 | ||||||
Series N, 3.80%, 12/1/2023 |
3,000,000 | 2,981,034 | ||||||
Florida Power & Light Co. |
||||||||
(United States SOFR Compounded Index + 0.38%), 5.69%, 1/12/2024(a) |
4,400,000 | 4,400,000 | ||||||
Mississippi Power Co. |
||||||||
Series A, (SOFR + 0.30%), 5.62%, 6/28/2024(a) |
950,000 | 944,041 | ||||||
NextEra Energy Capital Holdings, Inc. |
||||||||
2.94%, 3/21/2024 |
2,000,000 | 1,963,722 | ||||||
Southern Co. (The) |
||||||||
Series 21-A, 0.60%, 2/26/2024 |
1,840,000 | 1,786,091 | ||||||
Xcel Energy, Inc. |
||||||||
0.50%, 10/15/2023 |
4,000,000 | 3,957,811 | ||||||
|
|
|||||||
19,764,445 | ||||||||
|
|
|||||||
Electronic Equipment, Instruments & Components - 0.1% |
| |||||||
Tyco Electronics Group SA |
||||||||
3.45%, 8/1/2024 |
1,347,000 | 1,318,065 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Energy Equipment & Services - 0.7% |
| |||||||
Baker Hughes Holdings LLC |
||||||||
1.23%, 12/15/2023 |
3,000,000 | 2,952,550 | ||||||
Schlumberger Investment SA |
||||||||
3.65%, 12/1/2023 |
4,546,000 | 4,514,000 | ||||||
|
|
|||||||
7,466,550 | ||||||||
|
|
|||||||
Entertainment - 0.2% |
| |||||||
Take-Two Interactive Software, Inc. |
||||||||
3.30%, 3/28/2024 |
1,939,000 | 1,904,929 | ||||||
3.55%, 4/14/2025 |
240,000 | 231,822 | ||||||
|
|
|||||||
2,136,751 | ||||||||
|
|
|||||||
Financial Services - 2.3% |
| |||||||
Corebridge Financial, Inc. |
||||||||
3.50%, 4/4/2025 |
2,300,000 | 2,207,231 | ||||||
Element Fleet Management Corp. |
||||||||
1.60%, 4/6/2024(b) |
5,500,000 | 5,323,865 | ||||||
6.27%, 6/26/2026(b) |
2,820,000 | 2,833,200 | ||||||
Fidelity National Information Services, Inc. |
||||||||
0.60%, 3/1/2024 |
4,110,000 | 3,982,920 | ||||||
Fiserv, Inc. |
||||||||
3.80%, 10/1/2023 |
5,200,000 | 5,180,707 | ||||||
Global Payments, Inc. |
||||||||
1.50%, 11/15/2024 |
240,000 | 226,730 | ||||||
Jackson Financial, Inc. |
||||||||
1.13%, 11/22/2023 |
950,000 | 936,018 | ||||||
NTT Finance Corp. |
||||||||
0.58%, 3/1/2024(b) |
2,650,000 | 2,570,171 | ||||||
|
|
|||||||
23,260,842 | ||||||||
|
|
|||||||
Food Products - 2.2% |
| |||||||
Conagra Brands, Inc. |
||||||||
0.50%, 8/11/2023 |
560,000 | 559,236 | ||||||
Danone SA |
||||||||
2.59%, 11/2/2023(b) |
3,025,000 | 3,000,401 | ||||||
General Mills, Inc. |
||||||||
(CME Term SOFR 3 Month + 1.27%), 6.58%, 10/17/2023(a) |
650,000 | 650,410 | ||||||
3.65%, 2/15/2024 |
6,000,000 | 5,930,614 | ||||||
Hormel Foods Corp. |
||||||||
0.65%, 6/3/2024 |
280,000 | 268,613 | ||||||
Kellogg Co. |
||||||||
2.65%, 12/1/2023 |
2,000,000 | 1,981,403 | ||||||
McCormick & Co., Inc. |
||||||||
0.90%, 2/15/2026 |
620,000 | 554,842 | ||||||
Mondelez International, Inc. |
||||||||
2.13%, 3/17/2024 |
3,500,000 | 3,420,831 | ||||||
Tyson Foods, Inc. |
||||||||
3.95%, 8/15/2024 |
6,250,000 | 6,138,328 | ||||||
|
|
|||||||
22,504,678 | ||||||||
|
|
|||||||
Ground Transportation - 1.1% |
| |||||||
Burlington Northern Santa Fe LLC |
||||||||
3.75%, 4/1/2024 |
5,000,000 | 4,937,102 | ||||||
Canadian Pacific Railway Co. |
||||||||
1.35%, 12/2/2024 |
910,000 | 859,709 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
Ryder System, Inc. |
||||||||
3.65%, 3/18/2024 |
5,000,000 | 4,931,221 | ||||||
|
|
|||||||
10,728,032 | ||||||||
|
|
|||||||
Health Care Equipment & Supplies - 2.6% |
| |||||||
Baxter International, Inc. |
||||||||
0.87%, 12/1/2023 |
1,800,000 | 1,771,249 | ||||||
(United States SOFR Compounded Index + 0.44%), 5.54%, 11/29/2024(a) |
1,435,000 | 1,424,237 | ||||||
Becton Dickinson & Co. |
||||||||
3.36%, 6/6/2024 |
6,800,000 | 6,661,314 | ||||||
Boston Scientific Corp. |
||||||||
3.45%, 3/1/2024 |
6,127,000 | 6,044,018 | ||||||
GE HealthCare Technologies, Inc. |
||||||||
5.55%, 11/15/2024 |
3,000,000 | 2,996,631 | ||||||
Stryker Corp. |
||||||||
0.60%, 12/1/2023 |
6,910,000 | 6,790,445 | ||||||
Zimmer Biomet Holdings, Inc. |
||||||||
1.45%, 11/22/2024 |
650,000 | 615,672 | ||||||
|
|
|||||||
26,303,566 | ||||||||
|
|
|||||||
Health Care Providers & Services - 1.1% |
| |||||||
Cigna Group (The) |
||||||||
0.61%, 3/15/2024 |
2,400,000 | 2,322,102 | ||||||
3.50%, 6/15/2024 |
2,078,000 | 2,040,716 | ||||||
HCA, Inc. |
||||||||
5.00%, 3/15/2024 |
400,000 | 397,963 | ||||||
McKesson Corp. |
||||||||
3.80%, 3/15/2024 |
5,000,000 | 4,936,730 | ||||||
UnitedHealth Group, Inc. |
||||||||
0.55%, 5/15/2024 |
1,580,000 | 1,519,412 | ||||||
|
|
|||||||
11,216,923 | ||||||||
|
|
|||||||
Hotels, Restaurants & Leisure - 0.5% |
| |||||||
Hyatt Hotels Corp. |
||||||||
1.30%, 10/1/2023 |
500,000 | 496,218 | ||||||
Starbucks Corp. |
||||||||
3.85%, 10/1/2023 |
2,000,000 | 1,993,329 | ||||||
(United States SOFR Compounded Index + 0.42%), 5.79%, 2/14/2024(a) |
2,370,000 | 2,370,110 | ||||||
|
|
|||||||
4,859,657 | ||||||||
|
|
|||||||
Household Durables - 0.4% |
| |||||||
Lennar Corp. |
||||||||
4.88%, 12/15/2023 |
3,940,000 | 3,927,158 | ||||||
|
|
|||||||
Household Products - 0.1% |
| |||||||
Colgate-Palmolive Co. |
||||||||
3.10%, 8/15/2025 |
1,480,000 | 1,428,701 | ||||||
|
|
|||||||
Industrial Conglomerates - 0.6% |
| |||||||
3M Co. |
||||||||
3.25%, 2/14/2024 |
3,062,000 | 3,027,510 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
General Electric Co. |
||||||||
Series A, (CME Term SOFR 3 Month + 0.56%), 5.87%, 5/13/2024(a) |
3,000,000 | 2,991,298 | ||||||
|
|
|||||||
6,018,808 | ||||||||
|
|
|||||||
Insurance - 1.0% |
| |||||||
Athene Global Funding |
||||||||
1.20%, 10/13/2023(b) |
1,900,000 | 1,879,049 | ||||||
(ICE LIBOR USD 3 Month + 0.73%), 6.27%, 1/8/2024(a)(b) |
1,000,000 | 995,962 | ||||||
MetLife, Inc. |
||||||||
3.60%, 4/10/2024 |
3,500,000 | 3,442,620 | ||||||
New York Life Global Funding |
||||||||
(United States SOFR Compounded Index + 0.33%), 5.64%, 1/14/2025(a)(b) |
2,000,000 | 1,995,426 | ||||||
Protective Life Global Funding |
||||||||
0.63%, 10/13/2023(b) |
900,000 | 890,365 | ||||||
Security Benefit Global Funding |
||||||||
1.25%, 5/17/2024(b) |
650,000 | 621,088 | ||||||
|
|
|||||||
9,824,510 | ||||||||
|
|
|||||||
IT Services - 0.9% |
| |||||||
International Business Machines Corp. |
||||||||
3.38%, 8/1/2023 |
7,000,000 | 7,000,000 | ||||||
3.63%, 2/12/2024 |
1,500,000 | 1,483,782 | ||||||
3.00%, 5/15/2024 |
500,000 | 490,573 | ||||||
|
|
|||||||
8,974,355 | ||||||||
|
|
|||||||
Life Sciences Tools & Services - 0.8% |
| |||||||
Thermo Fisher Scientific, Inc. |
||||||||
0.80%, 10/18/2023 |
1,000,000 | 989,571 | ||||||
1.22%, 10/18/2024 |
6,090,000 | 5,781,383 | ||||||
(United States SOFR Compounded Index + 0.53%), 5.85%, 10/18/2024(a) |
1,018,000 | 1,018,000 | ||||||
|
|
|||||||
7,788,954 | ||||||||
|
|
|||||||
Machinery - 1.6% |
| |||||||
CNH Industrial Capital LLC |
||||||||
3.95%, 5/23/2025 |
1,290,000 | 1,252,662 | ||||||
Daimler Truck Finance North America LLC |
||||||||
(SOFR + 0.60%), 5.93%, 12/14/2023(a)(b) |
2,000,000 | 2,000,771 | ||||||
Illinois Tool Works, Inc. |
||||||||
3.50%, 3/1/2024 |
4,330,000 | 4,274,229 | ||||||
Parker-Hannifin Corp. |
||||||||
3.65%, 6/15/2024 |
7,000,000 | 6,875,356 | ||||||
Stanley Black & Decker, Inc. |
||||||||
6.27%, 3/6/2026 |
2,020,000 | 2,027,764 | ||||||
|
|
|||||||
16,430,782 | ||||||||
|
|
|||||||
Media - 0.4% |
| |||||||
Fox Corp. |
||||||||
4.03%, 1/25/2024 |
4,000,000 | 3,963,037 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Multi-Utilities - 0.9% |
| |||||||
Black Hills Corp. |
||||||||
1.04%, 8/23/2024 |
960,000 | 911,899 | ||||||
CenterPoint Energy, Inc. |
||||||||
(United States SOFR Compounded Index + 0.65%), 6.02%, 5/13/2024(a) |
760,000 | 758,997 | ||||||
Consolidated Edison, Inc. |
||||||||
Series A, 0.65%, 12/1/2023 |
3,600,000 | 3,540,742 | ||||||
Dominion Energy, Inc. |
||||||||
Series D, (ICE LIBOR USD 3 Month + 0.53%), 6.08%, 9/15/2023(a) |
2,000,000 | 2,000,096 | ||||||
DTE Energy Co. |
||||||||
4.22%, 11/1/2024(d) |
1,700,000 | 1,667,256 | ||||||
|
|
|||||||
8,878,990 | ||||||||
|
|
|||||||
Office REITs - 0.6% |
| |||||||
Boston Properties LP |
||||||||
REIT, 3.13%, 9/1/2023 |
5,575,000 | 5,560,030 | ||||||
REIT, 3.80%, 2/1/2024 |
1,000,000 | 980,608 | ||||||
|
|
|||||||
6,540,638 | ||||||||
|
|
|||||||
Oil, Gas & Consumable Fuels - 3.0% |
| |||||||
ConocoPhillips Co. |
||||||||
2.13%, 3/8/2024 |
5,000,000 | 4,894,799 | ||||||
Enbridge, Inc. |
||||||||
(United States SOFR Compounded Index + 0.63%), 6.00%, 2/16/2024(a) |
4,700,000 | 4,702,082 | ||||||
Enterprise Products Operating LLC |
||||||||
5.05%, 1/10/2026 |
720,000 | 719,462 | ||||||
Kinder Morgan Energy Partners LP |
||||||||
3.50%, 9/1/2023 |
4,410,000 | 4,401,460 | ||||||
Kinder Morgan, Inc. |
||||||||
5.63%, 11/15/2023(b) |
1,150,000 | 1,148,974 | ||||||
Phillips 66 |
||||||||
0.90%, 2/15/2024 |
5,000,000 | 4,869,544 | ||||||
Saudi Arabian Oil Co. |
||||||||
1.25%, 11/24/2023(b) |
200,000 | 196,803 | ||||||
TotalEnergies Capital International SA |
||||||||
3.75%, 4/10/2024 |
5,600,000 | 5,526,715 | ||||||
TransCanada PipeLines Ltd. |
||||||||
3.75%, 10/16/2023 |
2,000,000 | 1,991,417 | ||||||
1.00%, 10/12/2024 |
2,010,000 | 1,900,959 | ||||||
|
|
|||||||
30,352,215 | ||||||||
|
|
|||||||
Paper & Forest Products - 0.2% |
| |||||||
Georgia-Pacific LLC |
||||||||
0.63%, 5/15/2024(b) |
2,200,000 | 2,115,438 | ||||||
|
|
|||||||
Personal Care Products - 0.2% |
| |||||||
Kenvue, Inc. |
||||||||
5.50%, 3/22/2025(b) |
2,305,000 | 2,314,073 | ||||||
|
|
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
Pharmaceuticals - 0.9% |
| |||||||
AstraZeneca plc |
||||||||
(ICE LIBOR USD 3 Month + 0.67%), 6.00%, 8/17/2023(a) |
480,000 | 479,827 | ||||||
Bayer US Finance II LLC |
||||||||
3.88%, 12/15/2023(b) |
5,000,000 | 4,966,499 | ||||||
Bristol-Myers Squibb Co. |
||||||||
0.54%, 11/13/2023 |
700,000 | 690,242 | ||||||
Shire Acquisitions Investments Ireland DAC |
||||||||
2.88%, 9/23/2023 |
2,925,000 | 2,911,406 | ||||||
|
|
|||||||
9,047,974 | ||||||||
|
|
|||||||
Semiconductors & Semiconductor Equipment - 0.1% |
| |||||||
Analog Devices, Inc. |
||||||||
(SOFR + 0.25%), 5.58%, 10/1/2024(a) |
610,000 | 609,462 | ||||||
Microchip Technology, Inc. |
||||||||
0.98%, 9/1/2024 |
870,000 | 825,735 | ||||||
|
|
|||||||
1,435,197 | ||||||||
|
|
|||||||
Software - 1.6% |
| |||||||
Autodesk, Inc. |
||||||||
4.38%, 6/15/2025 |
2,000,000 | 1,955,838 | ||||||
Oracle Corp. |
||||||||
2.40%, 9/15/2023 |
4,350,000 | 4,333,041 | ||||||
2.95%, 11/15/2024 |
1,980,000 | 1,918,736 | ||||||
Roper Technologies, Inc. |
||||||||
3.65%, 9/15/2023 |
4,727,000 | 4,713,698 | ||||||
VMware, Inc. |
||||||||
0.60%, 8/15/2023 |
3,590,000 | 3,582,954 | ||||||
|
|
|||||||
16,504,267 | ||||||||
|
|
|||||||
Specialized REITs - 0.6% |
| |||||||
Public Storage |
||||||||
REIT, (SOFR + 0.47%), 5.79%, 4/23/2024(a) |
4,000,000 | 4,000,065 | ||||||
REIT, (United States SOFR Compounded Index + 0.60%), 5.90%, 7/25/2025(a) |
1,990,000 | 1,991,834 | ||||||
|
|
|||||||
5,991,899 | ||||||||
|
|
|||||||
Specialty Retail - 1.3% |
| |||||||
AutoZone, Inc. |
||||||||
3.13%, 4/18/2024 |
3,993,000 | 3,907,658 | ||||||
Lowes Cos., Inc. |
||||||||
3.88%, 9/15/2023 |
4,012,000 | 4,002,939 | ||||||
Ross Stores, Inc. |
||||||||
4.60%, 4/15/2025 |
5,011,000 | 4,913,308 | ||||||
|
|
|||||||
12,823,905 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals - 0.3% |
| |||||||
Hewlett Packard Enterprise Co. |
||||||||
5.90%, 10/1/2024 |
3,200,000 | 3,202,743 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods - 0.5% |
| |||||||
VF Corp. |
||||||||
2.40%, 4/23/2025 |
5,000,000 | 4,707,162 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
Trading Companies & Distributors - 0.2% |
| |||||||
Air Lease Corp. |
||||||||
4.25%, 2/1/2024 |
1,000,000 | 991,354 | ||||||
0.80%, 8/18/2024 |
980,000 | 928,922 | ||||||
|
|
|||||||
1,920,276 | ||||||||
|
|
|||||||
Wireless Telecommunication Services - 0.5% |
| |||||||
Rogers Communications, Inc. |
||||||||
4.10%, 10/1/2023 |
2,000,000 | 1,993,314 | ||||||
Sprint LLC |
||||||||
7.13%, 6/15/2024 |
3,000,000 | 3,028,233 | ||||||
|
|
|||||||
5,021,547 | ||||||||
|
|
|||||||
TOTAL CORPORATE BONDS |
|
769,319,828 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
ASSET-BACKED SECURITIES - 4.1% |
| |||||||
BMW Vehicle Lease Trust |
||||||||
Series 2021-2, Class A3, 0.33%, 12/26/2024 |
1,073,545 | 1,063,128 | ||||||
Series 2023-1, Class A2, 5.27%, 2/25/2025 |
479,361 | 478,421 | ||||||
Series 2022-1, Class A3, 1.10%, 3/25/2025 |
238,068 | 234,483 | ||||||
Capital One Multi-Asset Execution Trust |
||||||||
Series 2021-A3, Class A3, 1.04%, 11/15/2026 |
2,900,000 | 2,741,792 | ||||||
Carmax Auto Owner Trust |
||||||||
Series 2022-3, Class A2A, 3.81%, 9/15/2025 |
839,844 | 833,734 | ||||||
Dell Equipment Finance Trust |
||||||||
Series 2023-1, Class A2, 5.65%, 9/22/2028(b) |
2,000,000 | 1,989,401 | ||||||
Ford Credit Auto Lease Trust |
||||||||
Series 2022-A, Class A2A, 2.78%, 10/15/2024 |
153,784 | 153,436 | ||||||
Series 2022-A, Class A3, 3.23%, 5/15/2025 |
1,000,000 | 989,085 | ||||||
Ford Credit Auto Owner Trust |
||||||||
Series 2022-C, Class A2A, 4.52%, 4/15/2025 |
2,175,529 | 2,167,100 | ||||||
Series 2022-D, Class A2A, 5.37%, 8/15/2025 |
874,642 | 872,751 | ||||||
Series 2023-A, Class A2A, 5.14%, 3/15/2026 |
580,000 | 577,396 | ||||||
Series 2023-B, Class A2A, 5.57%, 6/15/2026 |
1,200,000 | 1,198,913 | ||||||
GM Financial Automobile Leasing Trust |
||||||||
Series 2022-3, Class A2A, 4.01%, 10/21/2024 |
1,439,399 | 1,433,446 | ||||||
Series 2022-2, Class A3, 3.42%, 6/20/2025 |
1,000,000 | 984,503 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
GM Financial Consumer Automobile Receivables Trust |
||||||||
Series 2020-1, Class A4, 1.90%, 3/17/2025 |
387,779 | 386,109 | ||||||
Series 2022-3, Class A2A, 3.50%, 9/16/2025 |
1,120,058 | 1,111,152 | ||||||
Series 2023-1, Class A2A, 5.19%, 3/16/2026 |
770,000 | 767,269 | ||||||
Series 2021-2, Class A3, 0.51%, 4/16/2026 |
927,723 | 898,395 | ||||||
Series 2021-3, Class A3, 0.48%, 6/16/2026 |
1,173,842 | 1,129,606 | ||||||
Series 2023-3, Class A2A, 5.74%, 9/16/2026 |
400,000 | 400,103 | ||||||
Honda Auto Receivables Owner Trust |
||||||||
Series 2022-2, Class A2, 3.81%, 3/18/2025 |
977,795 | 971,004 | ||||||
Hyundai Auto Receivables Trust |
||||||||
Series 2022-A, Class A2A, 1.81%, 2/18/2025 |
347,441 | 345,216 | ||||||
Series 2022-B, Class A2A, 3.64%, 5/15/2025 |
584,949 | 580,810 | ||||||
Series 2021-A, Class A3, 0.38%, 9/15/2025 |
953,692 | 930,337 | ||||||
Series 2020-B, Class A4, 0.62%, 12/15/2025 |
1,439,000 | 1,409,663 | ||||||
Mercedes-Benz Auto Lease Trust |
||||||||
Series 2021-B, Class A4, 0.51%, 3/15/2027 |
700,000 | 678,712 | ||||||
Mercedes-Benz Auto Receivables Trust |
||||||||
Series 2022-1, Class A2, 5.26%, 10/15/2025 |
1,178,943 | 1,176,134 | ||||||
Series 2023-1, Class A2, 5.09%, 1/15/2026 |
599,610 | 597,434 | ||||||
Nissan Auto Lease Trust |
||||||||
Series 2021-A, Class A3, 0.52%, 8/15/2024 |
740,952 | 736,183 | ||||||
Nissan Auto Receivables Owner Trust |
||||||||
Series 2022-B, Class A2, 4.50%, 8/15/2025 |
2,460,590 | 2,446,515 | ||||||
Santander Drive Auto Receivables Trust |
||||||||
Series 2022-7, Class A2, 5.81%, 1/15/2026 |
756,712 | 756,275 | ||||||
Series 2023-1, Class A2, 5.36%, 5/15/2026 |
1,676,927 | 1,672,947 | ||||||
Series 2023-3, Class A2, 6.08%, 8/17/2026 |
1,400,000 | 1,399,982 | ||||||
Toyota Auto Receivables Owner Trust |
||||||||
Series 2020-B, Class A3, 1.36%, 8/15/2024 |
35,864 | 35,790 | ||||||
Series 2022-D, Class A2A, 5.27%, 1/15/2026 |
1,084,976 | 1,081,829 | ||||||
Verizon Master Trust |
||||||||
Series 2021-1, Class A, 0.50%, 5/20/2027 |
3,000,000 | 2,875,385 |
Investments |
Principal Amount ($) |
Value ($) | ||||||
World Omni Auto Receivables Trust |
||||||||
Series 2022-C, Class A2, 3.73%, 3/16/2026 |
1,425,783 | 1,411,780 | ||||||
Series 2021-B, Class A3, 0.42%, 6/15/2026 |
1,374,883 | 1,327,068 | ||||||
|
|
|||||||
TOTAL ASSET-BACKED SECURITIES |
|
40,843,287 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
MUNICIPAL BONDS - 0.4% |
| |||||||
University of Missouri, System Facilities Revenue Bonds |
||||||||
Series 2020-A, 1.47%, 11/1/2023 |
1,000,000 | 989,562 | ||||||
|
|
|||||||
City of New York |
||||||||
Series 2021-D, 0.59%, 8/1/2023 |
1,800,000 | 1,800,000 | ||||||
|
|
|||||||
Anaheim Public Financing Authority |
||||||||
Series 2021-A, 0.63%, 7/1/2024 |
500,000 | 477,203 | ||||||
New York City Transitional Finance Authority, Building Aid |
||||||||
Series 2022 Subseries S-1B, 0.64%, 7/15/2024 |
1,000,000 | 953,655 | ||||||
|
|
|||||||
1,430,858 | ||||||||
|
|
|||||||
TOTAL MUNICIPAL BONDS |
|
4,220,420 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 19.6%(e) |
| |||||||
U.S. TREASURY OBLIGATIONS - 19.6% |
| |||||||
U.S. Treasury Bills |
||||||||
5.21%, 8/15/2023 |
15,000,000 | 14,969,251 | ||||||
5.05%, 8/22/2023 |
20,000,000 | 19,938,706 | ||||||
5.22%, 9/7/2023 |
20,000,000 | 19,891,801 | ||||||
5.27%, 9/19/2023 |
10,000,000 | 9,928,406 | ||||||
4.79%, 9/28/2023 |
20,000,000 | 19,829,732 | ||||||
4.95%, 10/19/2023 |
20,000,000 | 19,769,144 | ||||||
4.97%, 10/26/2023 |
20,000,000 | 19,748,557 | ||||||
4.91%, 11/2/2023 |
15,000,000 | 14,795,265 | ||||||
5.40%, 11/9/2023 |
15,000,000 | 14,780,104 | ||||||
5.41%, 11/30/2023 |
15,000,000 | 14,735,439 | ||||||
5.22%, 12/14/2023 |
10,000,000 | 9,802,506 |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
Investments |
Principal Amount ($) |
Value ($) | ||||||
5.31%, 12/21/2023 |
20,000,000 | 19,584,519 | ||||||
|
|
|||||||
TOTAL U.S. TREASURY OBLIGATIONS |
|
197,773,430 | ||||||
|
|
|||||||
Total Investments - 100.4% |
|
1,012,156,965 | ||||||
Liabilities in excess of other assets - (0.4%) |
|
(4,309,636 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
1,007,847,329 | ||||||
|
|
(a) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2023. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end. |
(d) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future at a contingent upon predetermined trigger. The interest rate shown was the current rate as of July 31, 2023. |
(e) | The rate shown was the current yield as of July 31, 2023. |
Percentages shown are based on Net Assets.
Abbreviations | ||
CME | Chicago Mercantile Exchange | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate | |
USD | US Dollar |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Ultra-Short Income Fund (Formerly FlexShares® Ready Access Variable Income Fund) (cont.)
FlexShares® Ultra-Short Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of July 31, 2023:
Australia |
3.8 | % | ||
Canada |
7.4 | |||
Denmark |
0.1 | |||
Finland |
0.2 | |||
France |
1.5 | |||
Germany |
2.8 | |||
Ireland |
0.5 | |||
Japan |
1.8 | |||
Netherlands |
1.6 | |||
New Zealand |
0.5 | |||
Saudi Arabia |
0.0 | | ||
South Korea |
0.1 | |||
Spain |
0.7 | |||
Sweden |
2.1 | |||
Switzerland |
1.0 | |||
United Kingdom |
2.8 | |||
United States |
73.5 | |||
Other1 |
(0.4 | ) | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
1 | Includes any non-fixed-income securities and net other assets (liabilities). |
Security Type |
% of Net Assets | |||
Corporate Bonds |
76.3 | % | ||
Asset-Backed Securities |
4.1 | |||
Municipal Bonds |
0.4 | |||
Short-Term Investments |
19.6 | |||
Others(1) |
(0.4 | ) | ||
|
|
|||
100.0 | % | |||
|
|
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
Schedule of Investments
FlexShares® Core Select Bond Fund
July 31, 2023 (Unaudited)
Investments |
Shares | Value ($) | ||||||
EXCHANGE TRADED FUNDS - 97.9% |
| |||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund(a) |
304,090 | 14,325,680 | ||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund(a) |
23,082 | 1,002,871 | ||||||
FlexShares® Disciplined Duration MBS Index Fund(a) |
503,925 | 10,239,756 | ||||||
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund(a) |
172,921 | 4,063,643 | ||||||
FlexShares® Ultra-Short Income Fund(a) |
139,797 | 10,495,959 | ||||||
iShares 10+ Year Investment Grade Corporate Bond ETF |
361,640 | 18,541,283 | ||||||
iShares 20+ Year Treasury Bond ETF |
135,682 | 13,574,984 | ||||||
iShares 3-7 Year Treasury Bond ETF(b) |
331,588 | 38,172,411 | ||||||
iShares 5-10 Year Investment Grade Corporate Bond ETF(b) |
141,127 | 7,141,026 | ||||||
iShares 7-10 Year Treasury Bond ETF |
142,282 | 13,622,079 | ||||||
iShares MBS ETF |
529,324 | 49,184,786 | ||||||
iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF(b) |
326,172 | 16,409,713 | ||||||
|
|
|||||||
TOTAL EXCHANGE TRADED FUNDS |
|
196,774,191 | ||||||
|
|
Investments |
Principal Amount ($) |
Value ($) | ||||||
SECURITIES LENDING REINVESTMENTS - 4.3%(c) |
| |||||||
REPURCHASE AGREEMENTS - 4.3% |
| |||||||
CF Secured LLC, 5.28%, dated 7/31/2023, due 8/1/2023, repurchase price $8,593,659, collateralized by various U.S. Treasury Securities, ranging from 0.00% - 6.75%, maturing 10/31/2023 - 11/15/2052; total market value $8,748,403 (Cost $8,592,399) |
8,592,399 | 8,592,399 | ||||||
|
|
|||||||
Investments |
Principal Amount ($) |
Value ($) | ||||||
SHORT-TERM INVESTMENTS - 0.0%(d) (e) (f) |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.0% |
| |||||||
U.S. Treasury Bills |
||||||||
4.91%, 10/26/2023 |
80,000 | 78,994 | ||||||
|
|
|||||||
Total Investments - 102.2% |
|
205,445,584 | ||||||
Liabilities in excess of other assets - (2.2%) |
|
(4,421,123 | ) | |||||
|
|
|||||||
Net Assets - 100.0% |
|
201,024,461 | ||||||
|
|
(a) | Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds. |
(b) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 was $8,603,037, collateralized in the form of cash with a value of $8,592,399 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $194,492 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.13% 4.50%, and maturity dates ranging from January 15, 2024 February 15, 2052; a total value of $8,786,891. |
(c) | The security was purchased with cash collateral held from securities on loan at July 31, 2023. The total value of securities purchased was $8,592,399. |
(d) | Represents less than 0.05% of net assets. |
(e) | The rate shown was the current yield as of July 31, 2023. |
(f) | All or a portion of the security pledged as collateral for Futures Contracts. |
Percentages shown are based on Net Assets.
See Accompanying Notes to the Schedules of Investments.
FlexShares® Core Select Bond Fund (cont.)
For the period ended July 31, 2023, the FlexShares® Core Select Bond Fund was invested in securities of affiliated FlexShares® Funds. The Schedules of Investments of the affiliated FlexShares® Funds are located elsewhere in this Report.
Investment in a company which was affiliated for the period ended July 31, 2023, was as follows:
Security | Value October 31, 2022 |
Purchases at Cost |
Sales Proceeds |
Shares July 31, 2023 |
Value July 31, 2023 |
Change in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Gain/(Loss) |
||||||||||||||||||||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund |
$ | 11,170,323 | $ | 3,365,796 | $ | 673,962 | 304,090 | $ | 14,325,680 | $ | 450,558 | $ | 316,707 | $ | 12,965 | |||||||||||||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund |
797,284 | 234,235 | 110,459 | 23,082 | 1,002,871 | 82,113 | 33,113 | (302 | ) | |||||||||||||||||||||||
FlexShares® Disciplined Duration MBS Index Fund |
21,492,612 | 4,121,100 | 15,992,094 | 503,925 | 10,239,756 | 1,528,942 | 400,927 | (910,804 | ) | |||||||||||||||||||||||
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund |
6,398,688 | 1,725,331 | 4,130,358 | 172,921 | 4,063,643 | 300,068 | 134,969 | (230,086 | ) | |||||||||||||||||||||||
FlexShares® Ultra-Short Income Fund |
16,002,325 | 3,695,992 | 9,344,643 | 139,797 | 10,495,959 | 125,724 | 398,083 | 16,561 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
$ | 55,861,232 | $ | 13,142,454 | $ | 30,251,516 | 1,143,815 | $ | 40,127,909 | $ | 2,487,405 | $ | 1,283,799 | $ | (1,111,666 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
FlexShares® Core Select Bond Fund had the following open futures contracts as of July 31, 2023:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value and Unrealized Depreciation |
||||||||||||||
Long Contracts |
||||||||||||||||||
U.S. Treasury 2 Year Note |
51 | 09/29/2023 | USD | $ | 10,354,594 | $ | (156,382 | ) |
Abbreviations: | ||||
USD US Dollar |
Security Type |
% of Net Assets | |||
Exchange Traded Funds |
97.9 | % | ||
Securities Lending Reinvestments |
4.3 | |||
Short-Term Investments |
0.0 | | ||
Others(1) |
(2.2 | ) | ||
|
|
|||
100.0 | % | |||
|
|
| Amount represents less than 0.05%. |
(1) | Includes any other net assets/(liabilities). |
See Accompanying Notes to the Schedules of Investments.
FlexShares® Trust
Notes to the Schedules of Investments
July 31, 2023 (Unaudited)
Investment Valuation
Various inputs are used in determining the value of each Funds investments. These inputs are summarized in three levels listed below:
| Level 1Quoted prices in active markets for identical assets on the measurement date. |
| Level 2Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3Significant unobservable inputs (including the Funds own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt securities may be valued at amortized cost, as long as amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
The following is a summary of the valuations as of July 31, 2023 for each Fund based upon the three levels defined above. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type where applicable.
See Accompanying Notes to the Schedules of Investments.
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® US Quality Low Volatility Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 199,140,848 | $ | | $ | | $ | 199,140,848 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 285,399 | | 285,399 | ||||||||||||
Short-Term Investments |
| 59,246 | | 59,246 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 199,140,848 | $ | 344,645 | $ | | $ | 199,485,493 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 41,824 | $ | | $ | | $ | 41,824 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 41,824 | $ | | $ | | $ | 41,824 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 71,744,326 | $ | | $ | | $ | 71,744,326 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 372,493 | | 372,493 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 71,744,326 | $ | 372,493 | $ | | $ | 72,116,819 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 24,986 | $ | | $ | | $ | 24,986 | ||||||||
Forward Foreign Currency Contracts |
| 9,509 | | 9,509 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (17,638 | ) | | (17,638 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 24,986 | $ | (8,129 | ) | $ | | $ | 16,857 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Emerging Markets Quality Low Volatility Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 18,749,142 | $ | | $ | | $ | 18,749,142 | ||||||||
Rights |
| 56 | | 56 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 18,749,142 | $ | 56 | $ | | $ | 18,749,198 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 19,890 | $ | | $ | | $ | 19,890 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 19,890 | $ | | $ | | $ | 19,890 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Morningstar US Market Factor Tilt Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks |
||||||||||||||||
Life Sciences Tools & Services |
$ | 18,214,185 | $ | | $ | 239 | $ | 18,214,424 | ||||||||
Other* |
1,503,107,249 | | | 1,503,107,249 | ||||||||||||
Rights |
| | 62,081 | 62,081 | ||||||||||||
Warrants |
175,674 | | | 175,674 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Certificates of Deposit |
| 38,007,601 | | 38,007,601 | ||||||||||||
Commercial Paper |
| 6,000,816 | | 6,000,816 | ||||||||||||
Investment Companies |
| 52,000,000 | | 52,000,000 | ||||||||||||
Repurchase Agreements |
| 88,659,787 | | 88,659,787 | ||||||||||||
Time Deposits |
| 1,300,000 | | 1,300,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 1,521,497,108 | $ | 185,968,204 | $ | 62,320 | $ | 1,707,527,632 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 469,918 | $ | | $ | | $ | 469,918 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 469,918 | $ | | $ | | $ | 469,918 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Closed End Funds |
$ | 69,863 | $ | | $ | | $ | 69,863 | ||||||||
Common Stocks |
||||||||||||||||
Health Care Providers & Services |
2,568,112 | | | 2,568,112 | ||||||||||||
Metals & Mining |
27,696,459 | | 19,449 | 27,715,908 | ||||||||||||
Oil, Gas & Consumable Fuels |
34,661,468 | 38,789 | | 34,700,257 | ||||||||||||
Personal Care Products |
5,671,055 | 84,260 | | 5,755,315 | ||||||||||||
Other* |
472,822,311 | | | 472,822,311 | ||||||||||||
Rights |
| | | | ||||||||||||
Warrants |
| | | | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 6,722,131 | | 6,722,131 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 543,489,268 | $ | 6,845,180 | $ | 19,449 | $ | 550,353,897 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 322,932 | $ | | $ | | $ | 322,932 | ||||||||
Forward Foreign Currency Contracts |
| 10,868 | | 10,868 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (17,809 | ) | | (17,809 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 322,932 | $ | (6,941 | ) | $ | | $ | 315,991 | |||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks |
||||||||||||||||
Capital Markets |
$ | 5,440,054 | $ | 177,682 | $ | | $ | 5,617,736 | ||||||||
Commercial Services & Supplies |
407,418 | 36,571 | | 443,989 | ||||||||||||
Construction & Engineering |
3,201,434 | | 2,372 | 3,203,806 | ||||||||||||
Consumer Staples Distribution & Retail |
2,990,304 | 511 | | 2,990,815 | ||||||||||||
Electrical Equipment |
2,939,727 | 2,417 | | 2,942,144 | ||||||||||||
Entertainment |
2,231,577 | 819 | 1,903 | 2,234,299 | ||||||||||||
Food Products |
7,017,938 | 15,897 | | 7,033,835 | ||||||||||||
Hotels, Restaurants & Leisure |
5,390,774 | 2,209 | | 5,392,983 | ||||||||||||
Marine Transportation |
993,265 | 20,063 | | 1,013,328 | ||||||||||||
Real Estate Management & Development |
8,506,900 | | 64,173 | 8,571,073 | ||||||||||||
Retail REITs |
906,388 | 14,172 | | 920,560 | ||||||||||||
Water Utilities |
1,930,589 | 989 | | 1,931,578 | ||||||||||||
Other* |
209,817,374 | | | 209,817,374 | ||||||||||||
Corporate Bonds* |
| 4,945 | | 4,945 | ||||||||||||
Rights |
| 33,601 | | 33,601 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 579,572 | | 579,572 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 251,773,742 | $ | 889,448 | $ | 68,448 | $ | 252,731,638 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 226,192 | $ | | $ | | $ | 226,192 | ||||||||
Forward Foreign Currency Contracts |
| 3,163 | | 3,163 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (6,421 | ) | | (6,421 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 226,192 | $ | (3,258 | ) | $ | | $ | 222,934 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® US Quality Large Cap Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 152,100,297 | $ | | $ | | $ | 152,100,297 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 152,100,297 | $ | | $ | | $ | 152,100,297 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 77,059 | $ | | $ | | $ | 77,059 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 77,059 | $ | | $ | | $ | 77,059 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® STOXX® US ESG Select Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 182,445,043 | $ | | $ | | $ | 182,445,043 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 6,048 | | 6,048 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 182,445,043 | $ | 6,048 | $ | | $ | 182,451,091 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 93,824 | $ | | $ | | $ | 93,824 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 93,824 | $ | | $ | | $ | 93,824 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® STOXX® Global ESG Select Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 164,716,327 | $ | | $ | | $ | 164,716,327 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 295,707 | | 295,707 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 164,716,327 | $ | 295,707 | $ | | $ | 165,012,034 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 74,564 | $ | | $ | | $ | 74,564 | ||||||||
Forward Foreign Currency Contracts |
| 4,918 | | 4,918 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (5,286 | ) | | (5,286 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 74,564 | $ | (368 | ) | $ | | $ | 74,196 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate US Large Cap Core Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 37,463,004 | $ | | $ | | $ | 37,463,004 | ||||||||
Short-Term Investments |
| 24,686 | | 24,686 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 37,463,004 | $ | 24,686 | $ | | $ | 37,487,690 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 19,925 | $ | | $ | | $ | 19,925 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 19,925 | $ | | $ | | $ | 19,925 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 39,465,985 | $ | | $ | | $ | 39,465,985 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 39,465,985 | $ | | $ | | $ | 39,465,985 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 13,454 | $ | | $ | | $ | 13,454 | ||||||||
Forward Foreign Currency Contracts |
| 2,270 | | 2,270 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (6,502 | ) | | (6,502 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 13,454 | $ | (4,232 | ) | $ | | $ | 9,222 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate Emerging Markets Core Index Fund |
|
|||||||||||||||
Investments |
||||||||||||||||
Common Stocks |
||||||||||||||||
Capital Markets |
$ | 23,215 | $ | 3,114 | $ | | $ | 26,329 | ||||||||
Other* |
4,772,205 | | | 4,772,205 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 4,795,420 | $ | 3,114 | $ | | $ | 4,798,534 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 2,283 | $ | | $ | | $ | 2,283 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 2,283 | $ | | $ | | $ | 2,283 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
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* |
$ | 7,551,922,046 | $ | | $ | | $ | 7,551,922,046 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Certificates of Deposit |
| 34,007,608 | | 34,007,608 | ||||||||||||
Commercial Paper |
| 2,000,272 | | 2,000,272 | ||||||||||||
Investment Companies |
| 44,000,000 | | 44,000,000 | ||||||||||||
Repurchase Agreements |
| 113,531,906 | | 113,531,906 | ||||||||||||
Time Deposits |
| 1,500,000 | | 1,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 7,551,922,046 | $ | 195,039,786 | $ | | $ | 7,746,961,832 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 2,234,187 | $ | | $ | | $ | 2,234,187 | ||||||||
Forward Foreign Currency Contracts |
| 279,426 | | 279,426 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (552,433 | ) | | (552,433 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 2,234,187 | $ | (273,007 | ) | $ | | $ | 1,961,180 | |||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® STOXX® Global Broad Infrastructure Index Fund |
| |||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 2,254,741,324 | $ | | $ | | $ | 2,254,741,324 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Investment Companies |
| 5,000,000 | | 5,000,000 | ||||||||||||
Repurchase Agreements |
| 45,638,719 | | 45,638,719 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 2,254,741,324 | $ | 50,638,719 | $ | | $ | 2,305,380,043 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 871,713 | $ | | $ | | $ | 871,713 | ||||||||
Forward Foreign Currency Contracts |
| 9,447 | | 9,447 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (53,679 | ) | | (53,679 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 871,713 | $ | (44,232 | ) | $ | | $ | 827,481 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Global Quality Real Estate Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 315,296,824 | $ | | $ | | $ | 315,296,824 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 6,501,408 | | 6,501,408 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 315,296,824 | $ | 6,501,408 | $ | | $ | 321,798,232 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 222,203 | $ | | $ | | $ | 222,203 | ||||||||
Forward Foreign Currency Contracts |
| 2,719 | | 2,719 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (9,790 | ) | | (9,790 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 222,203 | $ | (7,071 | ) | $ | | $ | 215,132 | |||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Real Assets Allocation Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
Exchange Traded Funds |
$ | 20,018,271 | $ | | $ | | $ | 20,018,271 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 20,018,271 | $ | | $ | | $ | 20,018,271 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Unobservable Inputs |
Total | |||||||||||||
FlexShares® Quality Dividend Index Fund |
||||||||||||||||
Investments |
||||||||||||||||
Common Stocks* |
$ | 1,645,933,832 | $ | | $ | | $ | 1,645,933,832 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Certificates of Deposit |
| 24,005,601 | | 24,005,601 | ||||||||||||
Commercial Paper |
| 2,000,272 | | 2,000,272 | ||||||||||||
Investment Companies |
| 15,000,000 | | 15,000,000 | ||||||||||||
Repurchase Agreements |
| 67,998,128 | | 67,998,128 | ||||||||||||
Time Deposits |
| 1,000,000 | | 1,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 1,645,933,832 | $ | 110,004,001 | $ | | $ | 1,755,937,833 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 490,551 | $ | | $ | | $ | 490,551 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 490,551 | $ | | $ | | $ | 490,551 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Quality Dividend Defensive Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 344,608,757 | $ | | $ | | $ | 344,608,757 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 19,092,151 | | 19,092,151 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 344,608,757 | $ | 19,092,151 | $ | | $ | 363,700,908 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
| |||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 134,839 | $ | | $ | | $ | 134,839 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 134,839 | $ | | $ | | $ | 134,839 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® International Quality Dividend Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 557,354,894 | $ | | $ | | $ | 557,354,894 | ||||||||
Rights |
| 151 | | 151 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 6,608,276 | | 6,608,276 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 557,354,894 | $ | 6,608,427 | $ | | $ | 563,963,321 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 650,493 | $ | | $ | | $ | 650,493 | ||||||||
Forward Foreign Currency Contracts |
| 117,617 | | 117,617 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (165,297 | ) | | (165,297 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 650,493 | $ | (47,680 | ) | $ | | $ | 602,813 | |||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Unobservable Inputs |
Total | |||||||||||||
FlexShares® International Quality Dividend Defensive Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 27,955,942 | $ | | $ | | $ | 27,955,942 | ||||||||
Rights |
| 74 | | 74 | ||||||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 27,911 | | 27,911 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 27,955,942 | $ | 27,985 | $ | | $ | 27,983,927 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 40,292 | $ | | $ | | $ | 40,292 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 40,292 | $ | | $ | | $ | 40,292 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® International Quality Dividend Dynamic Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Common Stocks* |
$ | 75,559,636 | $ | | $ | | $ | 75,559,636 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 915,429 | | 915,429 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 75,559,636 | $ | 915,429 | $ | | $ | 76,475,065 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 63,365 | $ | | $ | | $ | 63,365 | ||||||||
Forward Foreign Currency Contracts |
| 10,424 | | 10,424 | ||||||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Contracts |
| (6,719 | ) | | (6,719 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | 63,365 | $ | 3,705 | $ | | $ | 67,070 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
U.S. Treasury Obligations |
$ | | $ | 1,877,705,802 | $ | | $ | 1,877,705,802 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 1,877,705,802 | $ | | $ | 1,877,705,802 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
U.S. Treasury Obligations |
$ | | $ | 685,438,710 | $ | | $ | 685,438,710 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 685,438,710 | $ | | $ | 685,438,710 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Unobservable Inputs |
Total | |||||||||||||
FlexShares® Disciplined Duration MBS Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Mortgage-Backed Securities |
$ | | $ | 72,510,086 | $ | | $ | 72,510,086 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 72,510,086 | $ | | $ | 72,510,086 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Credit-Scored US Corporate Bond Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Bonds* |
$ | | $ | 261,867,912 | $ | | $ | 261,867,912 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 261,867,912 | $ | | $ | 261,867,912 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Credit-Scored US Long Corporate Bond Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Bonds* |
$ | | $ | 31,228,826 | $ | | $ | 31,228,826 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 31,228,826 | $ | | $ | 31,228,826 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® High Yield Value-Scored Bond Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Corporate Bonds* |
$ | | $ | 1,147,898,683 | $ | | $ | 1,147,898,683 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 1,147,898,683 | $ | | $ | 1,147,898,683 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Asset-Backed Securities |
$ | | $ | 14,732 | $ | | $ | 14,732 | ||||||||
Corporate Bonds* |
| 37,935,443 | | 37,935,443 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 37,950,175 | $ | | $ | 37,950,175 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Ultra-Short Income Fund Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Asset-Backed Securities |
$ | | $ | 40,843,287 | $ | | $ | 40,843,287 | ||||||||
Corporate Bonds* |
| 769,319,828 | | 769,319,828 | ||||||||||||
Municipal Bonds |
| 4,220,420 | | 4,220,420 | ||||||||||||
Short-Term Investments |
| 197,773,430 | | 197,773,430 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | | $ | 1,012,156,965 | $ | | $ | 1,012,156,965 | ||||||||
|
|
|
|
|
|
|
|
Level 1 Quoted Prices |
Level 2 Other Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
Total | |||||||||||||
FlexShares® Core Select Bond Fund |
| |||||||||||||||
Investments |
| |||||||||||||||
Exchange Traded Funds |
$ | 196,774,191 | $ | | $ | | $ | 196,774,191 | ||||||||
Securities Lending Reinvestments |
||||||||||||||||
Repurchase Agreements |
| 8,592,399 | | 8,592,399 | ||||||||||||
Short-Term Investments |
| 78,994 | | 78,994 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
$ | 196,774,191 | $ | 8,671,393 | $ | | $ | 205,445,584 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Other Financial Instruments |
||||||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
$ | (156,382 | ) | $ | | $ | | $ | (156,382 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
Total Other Financial Instruments |
$ | (156,382 | ) | $ | | $ | | $ | (156,382 | ) | ||||||
|
|
|
|
|
|
|
|
* | See Schedules of Investments for segregation by industry type. |