FlexShares Trust

Dear Shareholder,

The past year reminded investors of the cyclicality – and resilience – of the capital markets. Despite the ongoing challenges of inflation, rising interest rates, and geopolitical uncertainty, we see reason for optimism as we move forward.

Having emerged from the pandemic with greater momentum than its peers, we believe the U.S. economy can keep growing at a modest pace through the year ahead. We believe the Federal Reserve’s rate hiking cycle appears to be near, if not at, its peak.

Looking abroad, although growth in the Eurozone area has been tepid, unemployment is holding at record lows. Inflation is falling across categories and countries, which may allow workers to achieve real wage gains. Meanwhile, as China’s economy slows after four decades of remarkable growth, other emerging markets are benefiting from improving labor market conditions, fiscal support and excess private savings accumulated through the pandemic.

There are, of course, variables that could potentially mitigate these positive trends – not the least of which being geopolitical tensions and the ongoing movement toward global

decoupling. Given the increase in global macro instability, there is higher potential for market volatility. The short-and long-term ramifications should not be underestimated.

We are pleased to provide this update for the FlexShares exchange-traded funds, sponsored and managed by Northern Trust Asset Management (“NTAM”), for the year ended October 31, 2023. In addition to financial results for each fund, NTAM explains the factors that have influenced its investment decisions and fund performance. As always, we encourage you to make the Insights Section on our website a destination for up to date analysis and perspective.

On behalf of all of us at Northern Trust, I want to thank you for your ongoing confidence and support. We are proud to share our insight and acumen to help you navigate this multifaceted environment.

Best wishes to you and yours for a joyful, safe, and prosperous new year.

Sincerely,

Darek Wojnar, CFA

Senior Advisor, Registered Funds, Northern Trust

Asset Management

All data as of 10/31/23. Total returns based on market price do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, these returns would be lower. Total returns based on market price and net asset value (“NAV”) assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively. NAV is calculated by dividing the total value of all the securities in the Fund’s portfolio plus cash, interest and receivables less any liabilities by the number of Fund shares outstanding. Market price is determined by the midpoint of the bid/ask spread at 4:00 p.m. Eastern Time from the primary listing exchange. Market price returns may vary from NAV returns.

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

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.23% and the net expense ratio is 0.22%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Low Volatility Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess lower overall absolute volatility characteristics relative to the Northern Trust 1250 Index (the “Parent Index”), a float-adjusted market capitalization weighted index of U.S. domiciled large- and mid-capitalization companies. In addition, the Underlying Index is designed to select companies from the Parent Index that exhibit financial strength, stability and enhanced risk-return characteristics, which Northern Trust Investments, Inc. (“NTI”) believes can provide equity-market participation while seeking to protect against downside risks during certain market environments. As of October 31, 2023, there were 117 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on domestic equity securities generally traded higher. Through Q4 of 2022, U.S. equity markets moved modestly lower as inflation remained elevated and the U.S. Federal Reserve (the “Fed”) continued to tighten monetary conditions through rate hikes. U.S. equities rose over the first half of 2023 as investors looked past the collapse of Silicon Valley Bank and the potential of a banking crisis, as inflation declined while Gross Domestic Product (GDP)¹ growth was more resilient than expected. The Fed continued to hike interest rates through the first three meetings of the year, but lowered the magnitude of those hikes to one-quarter percent each before pausing at the June 2023

meeting. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven large cap growth companies contributing a large portion of equity market gains. Domestic equity securities declined in Q3 of 2023 as inflation increased in July and August of 2023, and the Fed reiterated their outlook of “higher rates for longer” than we believe markets had priced in at the beginning of Q3 of 2023. U.S. equity markets continued to decline in October of 2023 as inflation remained resilient, and there were increased concerns of slowing global growth due to weakness in China’s economy.

Because U.S. domestic investments trended higher, and higher volatile securities outperformed less volatile securities during the 12 months ended October 31, 2023, we believe the low volatility² approach was a negative driver of Fund performance for the 12-month period. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor³ companies, resulting in the high-quality factor exposure augmenting Fund performance over the 12-month period. Overall, the positive performance derived from the quality factor exposure was not enough to offset the negative performance of the low volatility approach, which was the primary source of the Underlying Index’s underperformance against the Russell 1000^® Index⁴ by -4.71%. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -21 basis points (“bps”)⁵, which is reflective of the management fee (-22 bps) and securities lending (+1 bp).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.33% and the net expense ratio is 0.32%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess lower overall absolute volatility characteristics relative to a broad universe of securities domiciled in developed market countries, excluding the U.S. (the “Parent Index”). The Parent Index is a subset of the Northern Trust Global Index, where eligible securities are limited to those securities domiciled in non-U.S. developed market countries and designated as large- and midcapitalization companies by Northern Trust Investments, Inc. (“NTI”), acting in its capacity as the index provider. In addition, the Underlying Index is designed to select companies from the Parent Index that exhibit financial strength, stability and enhanced risk-return characteristics, which NTI believes can provide equity-market participation while seeking to protect against downside risks during certain market environments. As of October 31, 2023, there were 166 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on developed international equity securities generally traded higher. Over the course of the 12-month period, the U.S. dollar (USD) declined and positively impacted U.S. investors as returns in international currencies generally were aided by the falling USD. Through Q4 of 2022, developed international markets rose as falling inflation in Europe, a stabilized fiscal environment in the United Kingdom and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported

equity security prices. Developed international equities continued higher in Q1 of 2023 as investors looked past concerns in the banking sector to falling energy prices, lower inflation in Europe, and strength in the technology and consumer discretionary sectors. Developed international equity securities continued higher in Q2 of 2023, but, in the aggregate, lagged U.S. equity markets as regional performance varied greatly between different markets. Japanese equity markets moved higher on the back of corporate governance reform while Eurozone equities benefited from technology and semiconductor companies connected to artificial intelligence. Equity markets in the United Kingdom traded lower in local currency terms, but were positive in USD terms as falling energy prices and monetary tightening by the Bank of England impacted equities. Asia Pacific equity markets excluding Japan were lower as concerns over growth in China due to weak consumer spending as well as increased geopolitical tensions between the U.S. and China impacted the region. Developed international equities declined in Q3 of 2023 as higher energy prices and concerns on consumer spending in China and Europe weighed on investors’ global growth outlook. Developed equities continued lower in October of 2023 as slowing global growth and increased geopolitical tensions weighed on markets.

Because developed international investments trended higher, and higher volatile securities outperformed less volatile securities during the 12 months ended October 31, 2023, we believe the low volatility¹ approach was a negative driver of Fund performance for the 12-month period. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor² companies, resulting

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.41% and the net expense ratio is 0.40%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Emerging Markets Quality Low Volatility Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess lower overall absolute volatility characteristics relative to a broad universe of securities domiciled in emerging market countries (the “Parent Index”). The Parent Index is a subset of the Northern Trust Global Index, limited to those securities domiciled in emerging markets and designated as large- and mid- capitalization companies by Northern Trust Investments, Inc. (“NTI”), acting in its capacity as the index provider. In addition, the Underlying Index is designed to select companies from the Parent Index that exhibit financial strength, stability and enhanced risk-return characteristics, which NTI believes can provide equity-market participation while seeking to protect against downside risks during certain market environments. As of October 31, 2023, there were 163 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on emerging market equities generally traded higher. Over the course of the 12-month period, the U.S. dollar (USD) declined and positively impacted U.S. investors as returns in international currencies generally were aided by the falling USD. Through Q4 of 2022, emerging equities traded higher as China relaxed some pandemic-related restrictions, boosting investors’ expectations that increased spending could aid global growth, and that a global recession may be less severe than previously expected. Emerging market equity securities continued to rise in Q1 of 2023 but lagged

behind developed markets as continued monetary tightening across global central banks and increased U.S. and China geopolitical tensions weighed on the region. Emerging market equities continued higher in Q2 of 2023, but again trailed developed equity securities as optimism around China’s reopening was dampened by worse than expected consumer spending. Tensions between the U.S. and China increased as new restrictions around chip manufacturing in both the U.S. and Europe limited Chinese access to these technologies. Emerging equities declined in Q3 of 2023 as weakness in China’s property sector and overall economy negatively impacted global growth. We believe continued economic strength in the U.S. could result in global interest rates remaining at higher levels for longer than anticipated, also impinging on the growth outlook for emerging markets. Emerging markets continued lower in October of 2023 as slowing global growth, weak energy prices and increased geopolitical tensions weighed on markets.

Because emerging investments trended higher, and higher volatile securities outperformed less volatile securities during the 12 months ended October 31, 2023, we believe the low volatility¹ approach was a negative driver of Fund performance for the 12-month period. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor² companies, resulting in the highquality factor exposure augmenting Fund performance over the 12 months. Overall, the positive performance derived from the quality factor exposure was not enough to offset the negative performance of the low volatility factor, which was the primary source of the Underlying Index’s underperformance against the

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.26% and the net expense ratio is 0.25%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar^® US Market Factor Tilt Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess greater exposure to size and value factors relative to the Morningstar US Market Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of U.S.-incorporated large-, mid-, small- and micro- capitalization companies. The Underlying Index seeks to achieve increased exposures to size and value factors, or a “factor tilt,” by adjusting the Parent Index’s constituent weights to achieve a slightly greater weight on companies with smaller market capitalizations or lower valuations, as determined by Morningstar, Inc. pursuant to its index methodology. The Underlying Index is designed to measure the performance of U.S. equity markets with increased exposure toward small-capitalization and value stocks. As of October 31, 2023, there were 2,373 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

Gross Domestic Product (GDP)¹ growth was more resilient than expected. The Fed continued to hike interest rates through the first three meetings of the year, but lowered the magnitude of those hikes to one-quarter percent each before pausing at the June meeting. Over the first six months of 2023 technology companies led all sectors, as artificial intelligence related companies drew interest with seven large cap growth companies contributing a large portion of equity market gains. Domestic equity securities declined in Q3 of 2023 as inflation increased in July and August of 2023, and the Fed reiterated their outlook of “higher rates for longer” than we believe markets had priced in at the beginning of Q3 of 2023. U.S. equity markets continued to decline in October of 2023 as inflation remained resilient and there were increased concerns of slowing global growth due to weakness in China’s economy.

Because of the resiliency of the economic data, the falling inflation environment and the rising rate environment, U.S. domestic investments trended higher during the 12 months ended October 31, 2023; however, a large portion of the overall return for market weighted indices was concentrated in seven mega cap growth companies. We believe the value factor² was a negative driver of Fund performance during the fiscal year ended October 31, 2023, as U.S. value stocks underperformed U.S. growth stocks³. The size factor⁴ was also impacted by the outsized performance of those mega cap growth companies that contributed outsized performance over the 12 months, resulting in size being a negative driver of Fund performance. Overall, the negative performance derived from both the value and size factors of the Underlying Index were the primary drivers behind the Underlying Index’s

underperformance against the Russell 3000 Index^®⁵ by -2.55%. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -16 basis points (“bps”)⁶, which is reflective of the management fee (-25 bps), stock selection/futures (+4 bps) and securities lending (+5 bps).

The Morningstar U.S. Market Factor Tilt Index is the intellectual property (including registered trademarks) of Morningstar and/or its licensors (“Licensors”), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by Morningstar and its Licensors and neither of the Licensors shall have any liability with respect thereto.

¹	GDP is seen as a comprehensive measure of U.S. economic activity which measures the value of the final goods and services produced in the United States.

²	The Morningstar value factor seeks to identify stocks that are inexpensive relative to some measure of fundamental value (e.g., low price/book, low price/earnings, high dividend yields, etc.), which could result in outperformance relative to those that are pricier.

³	Growth stocks are defined as those issued by companies that are anticipated to grow at a rate significantly above the average for the market.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.40% and the net expense ratio is 0.39%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar^® Developed Markets ex-US Factor Tilt Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess greater exposure to size and value factors relative to the Morningstar Developed Markets ex-US Index (the “Parent Index”), a float adjusted market-capitalization weighted index of companies incorporated in Developed-market countries, excluding the U.S. The Underlying Index seeks to achieve increased exposures to size and value factors, or a “factor tilt”, by adjusting the Parent Index’s constituent weights to achieve a slightly greater weight on companies with smaller market capitalizations or lower valuations, as determined by Morningstar, Inc. pursuant to its index methodology. The Underlying Index is designed to include companies with enhanced risk-return characteristics relative to the broader developed international equity market by featuring size and value risk premiums, which Northern Trust Investments, Inc. (“NTI”) believes have been historically demonstrated over a full market cycle. As of October 31, 2023, there were 3,189 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on Developed international equity securities generally traded higher. Over the course of the 12-month period the U.S. dollar (USD) declined and positively impacted U.S. investors as returns in international currencies generally were aided by the falling USD. Through Q4 of 2022, Developed international markets rose as falling inflation in Europe, a stabilized fiscal environment in the United Kingdom, and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported equity security prices. Developed international equities continued higher in Q1 of

2023 as investors looked past concerns in the banking sector to falling energy prices, lower inflation in Europe, and strength in the technology and consumer discretionary sectors. Developed international equity securities continued higher in Q2 of 2023, but, in the aggregate, lagged U.S. equity markets as regional performance varied greatly between different markets. Japanese equity markets moved higher on the back of corporate governance reform, while Eurozone equities benefited from technology and semiconductor companies connected to artificial intelligence. Equity markets in the United Kingdom traded lower in local currency terms, but were positive in USD terms as falling energy prices and monetary tightening by the Bank of England impacted equities. Asia Pacific equity markets excluding Japan were lower, as concerns over growth in China due to weak consumer spending as well as increased geopolitical tensions between the U.S. and China impacted the region. Developed international equities declined in Q3 of 2023, as higher energy prices and concerns on consumer spending in China and Europe weighed on investors’ global growth outlook. Developed equities continued lower in October as slowing global growth and increased geopolitical tensions weighed on markets.

Because of the improved inflation outlook over the 12-month period, developed international investments trended higher during the 12 months ended October 31, 2023. We believe that the rising rate environment was beneficial to international value stocks relative to international growth stocks over the 12-month period and the value factor¹ was a positive driver of Fund performance during the fiscal year ended October 31, 2023, as international value stocks outperformed international growth stocks². The size

factor³, however, was a negative driver of Fund performance over the 12 months, as developed market small cap stocks underperformed developed market large cap stocks. Overall, the positive performance derived from the value factor exposures of the Underlying Index offset the negative performance of its size factor, leading to the Underlying Index’s outperformance against the MSCI World ex-USA IMI Index⁴ by 1.74%. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -10 basis points (“bps”)⁵, which is reflective of the Fund’s management fee (-39 bps), securities lending (+9 bps) and dividend tax differential (+20 bps).

The Morningstar Developed Markets ex-US Factor Tilt Index is the intellectual property (including registered trademarks) of Morningstar and/or its licensors (“Licensors”), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by Morningstar and its Licensors and neither of the Licensors shall have any liability with respect thereto.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.60% and the net expense ratio is 0.59%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar^® Emerging Markets Factor Tilt Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess greater exposure to size and value factors relative to the Morningstar Emerging Markets Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of companies incorporated in emerging-market countries. The Underlying Index seeks to achieve increased exposures to size and value factors, or a “factor tilt,” by adjusting the Parent Index’s constituent weights to achieve a slightly greater weight on companies with smaller market capitalizations or lower valuations, as determined by Morningstar, Inc., pursuant to its index methodology. The Underlying Index is designed to include companies with enhanced risk-return characteristics relative to the broader emerging equity market by featuring size and value risk premiums, which Northern Trust Investments, Inc. (“NTI”) believes have been historically demonstrated over a full market cycle. As of October 31, 2023, there were 3,701 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund reserves the right to invest in substantially all of the securities in its Underlying Index in approximately the same proportions (i.e., replication) if NTI determines that it is in the best interest of the Fund.

Through Q4 of 2022, emerging equities traded higher as China relaxed some pandemic-related restrictions, boosting investors’ expectations that increased spending could aid global growth, and that a global recession may be less severe than previously expected. Emerging market equity securities continued to rise in Q1 of 2023, but lagged behind Developed markets as continued monetary tightening across global central banks and increased U.S.China geopolitical tensions weighed on the region. Emerging market equities continued higher in Q2 of 2023, but again trailed Developed equity securities as optimism around China’s reopening was dampened by worse than expected consumer spending. Tensions between the U.S. and China increased as new restrictions around chip manufacturing in both the U.S. and Europe limited Chinese access to these technologies. Emerging equities declined in Q3 of 2023 as weakness in China’s property sector and overall economy negatively impacted global growth. We believe that continued economic strength in the U.S. could result in global interest rates remaining at higher levels for longer than anticipated, also impinging on the growth outlook for emerging markets. Emerging markets continued lower in October of 2023 as slowing global growth, weak energy prices, and increased geopolitical tensions weighed on markets.

Investors showed a preference for value companies in emerging markets for the 12 months ending October 31, 2023, resulting in the high value factor¹ exposure being a positive driver of Fund performance as emerging market value stocks outperformed emerging market growth stocks.² In addition, the size factor³ was a positive driver of Fund performance over the 12 months, as emerging market small cap stocks outperformed emerging market large cap stocks. Overall, the positive performance derived from the value and size factor exposures of the Underlying Index was the primary source of the Underlying Index’s outperformance against the MSCI Emerging Markets Investable Market Index (IMI)⁴ by 2.91%. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.26% and the net expense ratio is 0.25%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Quality Large Cap Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess greater exposure to quality, value and momentum factors relative to a universe of publicly traded U.S. large-capitalization equity securities. The universe is comprised of the 600 largest companies in the Northern Trust 1250 Index, a floatadjusted market-capitalization weighted index of U.S. domiciled companies. The Underlying Index is designed to include companies with enhanced risk-return characteristics relative to the broader U.S. large-cap equity market by featuring quality, value and momentum risk premiums, which Northern Trust Investments, Inc. (“NTI”) believes have been historically demonstrated over a full market cycle. As of October 31, 2023, there were 183 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on domestic equity securities generally traded higher. Through Q4 of 2022, U.S. equity markets moved modestly lower as inflation remained elevated and the U.S. Federal Reserve (the “Fed”) continued to tighten monetary conditions through rate hikes. U.S. equities rose over the first half of 2023, as investors looked past the collapse of Silicon Valley Bank and the potential of a banking crisis, as inflation declined while Gross Domestic Product (GDP)¹ growth was more resilient than expected. The Fed continued to hike interest rates through May 2023, but lowered the magnitude of those hikes to one-quarter percent each before pausing at the June 2023 meeting. Over the first six months of 2023, technology

companies led all sectors as artificial intelligence related companies drew interest, with seven large cap growth companies contributing a large portion of equity market gains. Domestic equity securities declined in Q3 of 2023 as inflation increased in July and August of 2023, and the Fed reiterated their outlook of “higher rates for longer” than we believe markets had priced in at the beginning of Q3 of 2023. U.S. equity markets continued to decline in October of 2023 as inflation remained resilient and there were increased concerns of slowing global growth due to weakness in China’s economy.

Because of the resiliency of the economic data, the falling inflation environment and the rising rate environment, U.S. domestic investments trended higher during the 12 months ended October 31, 2023; however, a large portion of the overall return for market weighted indices was concentrated in seven mega cap² growth companies. Because of the outsized performance of these large cap growth names, we believe the value factor³ was a negative driver of Fund performance during the fiscal year ended October 31, 2023, as U.S. value stocks underperformed U.S. growth stocks⁴. We believe that investors showed a preference for high quality factor⁵ companies within the large cap universe utilized by the Underlying Index, resulting in the high-quality factor exposure enhancing Fund performance over the 12 months. The momentum factor exposure⁶ of the Underlying Index was also a positive driver of Fund performance as positive momentum companies outperformed negative momentum companies over the 12 months. Overall, the positive performance from the quality and momentum exposures of the Underlying Index was not enough to offset the negative performance of the value factor of the Underlying Index,

¹	GDP is seen as a comprehensive measure of U.S. economic activity which measures the value of the final goods and services produced in the United States.

²	Size is measured by a stock’s total capitalization which can be found by multiplying the current share price by all the outstanding shares of stock.

³	The value factor is a factor reflecting the current worth of a company relative to its own historical value, book value, or valuation versus peers.

⁴	Growth stocks are defined as those issued by companies that are anticipated to grow at a rate significantly above the average for the market.

⁵	The quality factor is a factor that seeks to identify companies that exhibit financial strength and stability relative to the market.

⁶	The momentum factor is a factor that reflects market sentiment and changes in security price over a given time period.

⁷	The Standard & Poor’s 500 Index is a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S.

⁸	A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.33% and the net expense ratio is 0.32%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXX^® USA ESG Select KPIs Index^SM (“Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, score better with respect to a set of environmental, social and governance (“ESG”) key performance indicators relative to the U.S. companies in the STOXX^® Global 1800 Index, a float adjusted market-capitalization weighted index of companies incorporated in the U.S. and in developed international markets. As of October 31, 2023, there were 263 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on domestic equity securities generally traded higher. Through Q4 of 2022, U.S. equity markets moved modestly lower as inflation remained elevated, and the U.S. Federal Reserve (the “Fed”) continued to tighten monetary conditions through rate hikes. U.S. equities rose over the first half of 2023, as investors looked past the collapse of Silicon Valley Bank and the potential of a banking crisis, as inflation declined while Gross Domestic Product (GDP)¹ growth was more resilient than expected. The Fed continued to hike interest rates through the first three meetings of the year, but lowered the magnitude of those hikes to one-quarter percent each before pausing at the June meeting. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven large cap growth companies contributing a large portion of equity market gains. Domestic equity securities declined in

Q3 of 2023 as inflation increased in July and August of 2023, and the Fed reiterated their outlook of “higher rates for longer” than we believe markets had priced in at the beginning of Q3 of 2023. U.S. equity markets continued to decline in October of 2023 as inflation remained resilient and there were increased concerns of slowing global growth due to weakness in China’s economy.

The Underlying Index had a positive total return during the 12 months ended October 31, 2023, and outperformed domestic equity markets, as defined by the Russell 1000^® Index² by 2.35%. The Underlying Index’s ESG-tilted approach led to underweight Fund exposure to the utilities, real estate and industrials sectors, which benefited Fund performance. Likewise, the ESG tilt led to differences in security weights within the communication services, financials and health care sectors that were also positive drivers of Fund performance. Overall, the only sector within the Underlying Index that contributed negatively to relative performance was the energy sector.

Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was +8 basis points (“bps”)³, which is reflective of the management fee (-32 bps), stock selection/futures (-7 bps) and dividend tax differential (+47 bps). The STOXX USA ESG Select KPIs Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors (“Licensors”), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.43% and the net expense ratio is 0.42%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXX^® Global ESG Select KPIs Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, score better with respect to a set of environmental, social and governance (“ESG”) key performance indicators relative to the STOXX^® Global 1800 Index, a float-adjusted market-capitalization weighted index of companies incorporated in the U.S. and in developed international markets. As of October 31, 2023, there were 865 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on global equity securities generally traded higher. Through Q4 of 2022 global markets rose as falling inflation and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported equity securities prices. Global equities continued higher over the first half of 2023, as investors looked past concerns in the banking sector to falling energy prices, lower inflation, and global growth was more resilient than expected. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven U.S. large cap growth companies contributing a large portion of equity market gains. Global equities declined in Q3 of 2023 as higher energy prices, consumer spending concerns in China, and the U.S. Federal Reserve’s outlook of “higher rates for longer” weighed on investors’ global growth outlook. Global equities continued lower in October of 2023 as slowing global growth concerns and increased geopolitical tensions weighed on markets.

October 31, 2023, and outperformed global equity markets, as defined by the MSCI World Index¹, by 3.82%. The Underlying Index’s ESG-tilted approach led to underweights to the utilities and real estate sectors as well as overweights to the technology and energy sectors that benefited Fund performance. The ESG tilt also led to overweights to the healthcare and energy sectors as well as an underweight to the communication services sector that detracted from performance. Likewise, the ESG tilt led to differences in security weights within the communication services, financials and industrials sectors that were positive drivers of Fund performance as well as security selections within the technology and energy sectors that detracted from performance. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -13 basis points (“bps”)², which is reflective of the management fee (-42 bps), stock selection/futures (-10 bps), securities lending (+1 bps), and dividend tax differential (+38 bps).

The STOXX Global ESG Select KPIs Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors (“Licensors”), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.10% and the net expense ratio is 0.09%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG & Climate US Large Cap Core Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to publicly traded U.S. large capitalization equity securities, i.e., the 600 largest companies in the Northern Trust 1250 Index^SM (the “Starting Universe”), as measured by largest float adjusted market capitalization. The Underlying Index is designed to minimize tracking differences relative to the Starting Universe, while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Starting Universe. As of October 31, 2023, there were 166 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on domestic equity securities generally traded higher. Through Q4 of 2022 U.S. equity markets moved modestly lower as inflation remained elevated, and the U.S. Federal Reserve (the “Fed”) continued to tighten monetary conditions through rate hikes. U.S. equities rose over the first half of 2023, as investors looked past the collapse of Silicon Valley Bank and the potential of a banking crisis, as inflation declined while Gross Domestic Product (GDP)¹ growth was more resilient than expected. The Fed con-

tinued to hike interest rates through the first three meetings of the year, but lowered the magnitude of those hikes to one-quarter percent each before pausing at the June meeting. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven large cap growth companies contributing a large portion of equity market gains. Domestic equity securities declined in Q3 of 2023, as inflation increased in July and August of 2023, and the Fed reiterated their outlook of “higher rates for longer” than we believe markets had priced in at the beginning of Q3 of 2023. U.S. equity markets continued to decline in October of 2023, as inflation remained resilient and there were increased concerns of slowing global growth due to weakness in China’s economy.

The Underlying Index had a positive total return during the 12 months ended October 31, 2023, and underperformed the U.S. large cap equity market, as defined by the S&P 500 Index² by -0.67%. The Underlying Index’s Climate and ESG focused approach led to differences in security weights within the healthcare, industrials, communication services and consumer staples sectors that negatively impacted performance. Overall, it was the differences in these sectors that were the primary source of the Underlying Index’s underperformance. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was - 14 basis point (“bps”)³, which is reflective of the management fee (-9 bps), stock selection/futures (-4 bps), and compounding of tracking error over time (-1 bps).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.13% and the net expense ratio is 0.12%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG & Climate Developed Markets ex-US Core Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to publicly traded equity securities issued by companies domiciled in developed market countries, excluding the U.S. The Underlying Index is designed to minimize tracking differences relative to the Northern Trust Developed Markets ex-US Large Cap Index^SM (the “Parent Index”), while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Parent Index. As of October 31, 2023, there were 281 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on developed international equity securities generally traded higher. Over the course of the 12-month period the U.S. dollar (USD) declined and positively impacted U.S. investors as returns in international currencies generally were aided by the falling USD. Through Q4 of 2022, developed international markets rose as falling inflation in Europe, a stabilized fiscal environment in the United Kingdom, and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported equity security prices. Developed international equities continued higher in Q1 of 2023, as investors looked past concerns in the banking sector to falling energy prices, lower inflation in Europe,

and strength in the technology and consumer discretionary sectors. Developed international equity securities continued higher in Q2 of 2023, but, in the aggregate, lagged U.S. equity markets as regional performance varied greatly between different markets. Japanese equity markets moved higher on the back of corporate governance reform, while Eurozone equities benefited from technology and semiconductor companies connected to artificial intelligence. Equity markets in the United Kingdom traded lower in local currency terms, but were positive in USD terms as falling energy prices and monetary tightening by the Bank of England impacted equities. Asia Pacific equity markets excluding Japan were lower as concerns over growth in China due to weak consumer spending, as well as increased geopolitical tensions between the U.S. and China impact the region. Developed international equities declined in Q3 of 2023, as higher energy prices and concerns on consumer spending in China and Europe weighed on investors’ global growth outlook. Developed equities continued lower in October of 2023 as slowing global growth and increased geopolitical tensions weighed on markets.

The Underlying Index had a positive total return during the 12 months ended October 31, 2023, and underperformed the developed international equity market, as defined by the MSCI World ex-US Index¹ by -0.35%. The Underlying Index’s Climate and ESG focused approach led to differences in security weights within the utilities, financials and consumer discretionary sectors that negatively impacted performance. Overall, it was the differences in these sectors that were the primary source of the Underlying Index’s underperformance. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -13 basis points (“bps”)², which is reflective of the management fee (-12 bps), stock selection/futures (-5 bps), and dividend tax differential (+4 bps).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.19% and the net expense ratio is 0.18%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG & Climate Emerging Markets Core Index^SM (the “Underlying Index”) The Underlying Index is designed to reflect the performance of a selection of companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to publicly traded equity securities issued by companies domiciled in emerging market countries. The Underlying Index is designed to minimize tracking differences relative to the Northern Trust Emerging Markets Large Cap Index^SM (the “Parent Index”), while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Parent Index. As of October 31, 2023, there were 265 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on emerging market equities generally traded higher. Over the course of the 12-month period the U.S. dollar (USD) declined and positively impacted U.S. investors as returns in international currencies generally were aided by the falling USD. Through Q4 of 2022, emerging equities traded higher as China relaxed some pandemic-related restrictions, boosting investors’ expectations that increased spending could aid global growth, and that a global recession may be less severe than previously expected. Emerging market equity securities continued to rise in Q1 of 2023, but lagged behind developed markets as continued monetary tightening across global central banks and increased U.S.China geopolitical

tensions weighed on the region. Emerging market equities continued higher in Q2 of 2023, but again trailed developed equity securities as optimism around China’s reopening was dampened by worse than expected consumer spending. Tensions between the U.S. and China increased as new restrictions around chip manufacturing in both the U.S. and Europe limited Chinese access to these technologies. Emerging equities declined in Q3 of 2023, as weakness in China’s property sector and overall economy negatively impacted global growth. We believe continued economic strength in the U.S. could result in global interest rates remaining at higher levels for longer than anticipated, also impinging on the growth outlook for emerging markets. Emerging markets continued lower in October of 2023 as slowing global growth, weak energy prices and increased geopolitical tensions weighed on markets.

The Underlying Index had a positive total return during the 12 months ended October 31, 2023, and outperformed the emerging equity market, as defined by the MSCI Emerging Markets Index¹ by 0.99% The Underlying Index’s Climate and ESG focused approach led to differences in security weights within the financials, consumer discretionary and materials sectors that positively impacted performance. Overall, it was the differences in these sectors that were the primary source of the Underlying Index’s outperformance. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -65 basis points (“bps”)², which is reflective of the management fee (-18 bps), stock selection/futures (-45 bps), dividend tax differential (-1 bps), and India Capital Gains Taxes (-1 bps).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.47% and the net expense ratio is 0.46%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar Global Upstream Natural Resources Index^SM (the “Underlying Index”). The Underlying Index reflects the performance of a selection of equity securities that are traded in or are issued by companies classified as developed or emerging markets (including the U.S.), as determined by Morningstar, Inc., the index provider, pursuant to its index methodology. To be eligible for inclusion in the Underlying Index, a security must be issued by a company that has significant economic interests in one of the following natural resource categories: energy, agriculture, precious or industrial metals, timber or water, as determined by the Index Provider pursuant to its index methodology (collectively, the “Natural Resources sector”). As of October 31, 2023, there were 120 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective and a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on global equity securities generally traded higher. Through Q4 of 2022 global markets rose as falling inflation and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported equity security prices. Global equities continued higher over the first half of 2023, as investors looked past concerns in the banking sector to falling energy prices, lower inflation and global growth was more resilient than expected. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven U.S. large cap growth companies contributing a large portion of equity market gains. Global equities declined in Q3 of 2023 as higher energy prices, consumer spending concerns in China, and the U.S. Federal Reserve’s outlook of “higher rates for longer” weighed on

investors’ global growth outlook. Global equities continued lower in October of 2023, as slowing global growth concerns and increased geopolitical tensions weighed on markets.

For the 12-month period ended October 31, 2023, the Underlying Index underperformed the global natural resource equity markets, as defined by the S&P Global Natural Resources Index¹, by -4.28%. Due to the Underlying Index’s focus on the upstream section of the natural resource supply chain, security selection in Energy and Metals detracted from performance. Sector allocation within Agriculture and Metals also detracted from performance versus the benchmark. The Water Resources sector was a drag on performance, as higher interest rates negatively impacted returns due to the capital intensive nature of the sector. Relative performance in Timber did not aid or detract from the Underlying Index’s relative performance, as negative performance attributed to allocation was offset by positive security selection within the sector. Tracking difference for the period between the Fund’s NAV and the Underlying Index was -60 basis points (bps)², which is reflective of the Fund’s management fee (-46 bps), stock selection/futures (-20 bps), securities lending (+3 bps), and dividend tax differential (+3 bps).

The Morningstar Global Upstream Natural Resources Index is the intellectual property (including registered trademarks) of Morningstar and/or its licensors (“Licensors”), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by Morningstar and its Licensors and neither of the Licensors shall have any liability with respect thereto.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.48% and the net expense ratio is 0.47%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the STOXX^® Global Broad Infrastructure Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, offer broad exposure to publicly traded developed- and emerging-market infrastructure companies, including U.S. companies, as defined by STOXX Ltd. (“STOXX”) pursuant to its index methodology. As of October 31, 2023, there were 172 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on global equity securities generally traded higher. Through Q4 of 2022 global markets rose as falling inflation and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported equity security prices. Global equities continued higher over the first half of 2023, as investors looked past concerns in the banking sector to falling energy prices, lower inflation and global growth was more resilient than expected. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven U.S. large cap growth companies contributing a large portion of equity market gains. Global equities declined in Q3 of 2023, as higher energy prices, consumer spending concerns in China, and the U.S. Federal Reserve’s outlook of “higher rates for longer” weighed on investors’ global growth outlook. Global equities continued lower in October of 2023, as slowing global growth concerns and increased geopolitical tensions weighed on markets.

The Underlying Index had a positive total return during the 12 months ended October 31, 2023, and outperformed the global infrastructure market, as defined by the S&P Global Infrastructure Index¹, by 3.33%. The Underlying Index’s exposures to the communication, energy, utilities and social infrastructure sectors positively benefited Fund performance, while exposure to transportation infrastructure negatively contributed to Fund performance. The tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was +14 basis points (“bps”)², which is reflective of the Fund’s management fee (-47 bps), stock selection/futures (+2 bps), securities lending (+4 bps), dividend tax differential (+54 bps), and India Capital Gain taxes (+1 bps).

The STOXX Global Infrastructure Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors (“Licensors”), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.46% and the net expense ratio is 0.45%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Global Quality Real Estate Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, possess greater exposure to quality, value and momentum factors relative to the Northern Trust Global Real Estate Index (the “Parent Index”), a float-adjusted market-capitalization weighted index of publicly traded equity securities of U.S. and non-U.S. real estate investment trusts (“REITs”) and real estate operating companies. In addition, the Underlying Index is designed to include companies with enhanced risk-return characteristics relative to the global publicly traded real-estate market by featuring quality, value and momentum risk premiums, which Northern Trust Investments, Inc. (“NTI”) believes have been historically demonstrated over a full market cycle. As of October 31, 2023, there were 137 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on global equity securities generally traded higher. Through Q4 of 2022 global markets rose as falling inflation and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported equity security prices. Global equities continued higher over the first half of 2023, as investors looked past concerns in the banking sector to falling energy prices, lower inflation, and global growth was more resilient than expected. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven U.S. large cap growth companies contributing a large portion of equity market gains. Global equities declined in Q3 of 2023, as higher energy prices, consumer spending concerns in

China, and the U.S. Federal Reserve’s outlook of “higher rates for longer” weighed on investors’ global growth outlook. Global equities continued lower in October of 2023, as slowing global growth concerns and increased geopolitical tensions weighed on markets.

The Underlying Index had a negative total return during the 12 months ended October 31, 2023, and underperformed the global equity real estate markets, as defined by the FTSE EPRA/NAREIT Developed Net Index¹, by -1.35%. The value² and quality³ factor exposures of the Underlying Index were negative drivers of Fund performance, while the momentum⁴ factor exposure was a positive driver of Fund performance. Overall, the positive exposure to momentum was not enough to offset the headwinds from the negative performance derived from the value and quality exposures. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the period was +22 basis points (“bps”)⁵, which is reflective of the Fund’s management fee (-45 bps), stock selection/futures (+8 bps), securities lending (+2 bps), dividend tax differential (+58 bps), and compounding of tracking error over time (-1 bps).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. Prior to September 1, 2023, the gross expense ratio of the Fund was 1.04% and the net expense ratio was 0.57%. Effective September 1, 2023, the gross expense ratio of the Fund is 0.96% and the net expense ratio is 0.49%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust Real Assets Allocation Index^SM (the “Underlying Index”). The Fund is a fund of funds and seeks to achieve its investment objective by investing primarily in the shares of other FlexShares ETFs (each an “Underlying Fund,” and together, the “Underlying Funds”) that are eligible for inclusion in the Underlying Index, rather than in securities of individual companies. The Underlying Funds themselves seek investment results corresponding to their own respective underlying indexes. The Underlying Funds invest primarily in separate sets of securities representing or providing exposures to global “real assets.” Real assets are defined by the index provider as physical or tangible assets. Examples of real assets include but are not limited to commodities, precious metals, oil, and real estate. Each Underlying Fund has its own risk profile and will contribute differently to the overall risk profile of the Fund. Each of the Underlying Funds invests in equity securities that are traded in or are issued by companies domiciled in global developed or emerging markets (including the U.S.). Certain of the Underlying Funds may invest in publicly traded units of master limited partnerships and real estate investment trusts. As of October 31, 2023, there were three Underlying Funds in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI generally intends to replicate the constituent securities of the Underlying Index to manage the Fund but may use representative sampling in certain circumstances. “Representative sampling” means investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. When the Fund uses representative sampling, it may or may not hold all of the securities that are included in the Underlying Index.

resulting from the re-opening of China’s economy all supported equity security prices. Global equities continued higher over the first half of 2023, as investors looked past concerns in the banking sector to falling energy prices, lower inflation and global growth was more resilient than expected. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven U.S. large cap growth companies contributing a large portion of equity market gains. Global equities declined in Q3 of 2023, as higher energy prices, consumer spending concerns in China, and the U.S. Federal Reserve’s outlook of “higher rates for longer” weighed on investors’ global growth outlook. Global equities continued lower in October of 2023, as slowing global growth concerns and increased geopolitical tensions weighed on markets.

The Underlying Index had a negative total return during the 12 months ended October 31, 2023, underperforming global equity markets, as defined by the MSCI All Country World Index (ACWI)¹ by -12.19%. All three asset classes within reals assets underperformed global equities. Global real estate and natural resources had negative performance over the 12-month period as rising global interest rates and falling energy prices negatively impacted each asset class, respectively. Infrastructure delivered positive performance for the 12-month period, but still trailed global equities as it was also negatively impacted by the rising rate environment. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the period was -9 basis points (“bps”)², which is largely reflective of the Fund’s management fee (-57 bps), a reimbursement amount equal to the Acquired Fund Fees and Expenses attributable to the Fund’s investments in the Underlying Funds (+47 bps) and performance calculation differences between the Underlying Index and the Fund (+1 bp).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.38% and the net expense ratio is 0.37%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of the Northern Trust Quality Dividend Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, provide exposure to a high-quality income-oriented universe of long-only U.S. equity securities, with an emphasis on long-term capital growth and a targeted overall beta¹ that is similar to that of the Northern Trust 1250 Index². As of October 31, 2023, there were 138 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

more resilient than expected. The Fed continued to hike interest rates through the first three meetings of the year, but lowered the magnitude of those hikes to one-quarter percent each before pausing at the June meeting. Over the first six months of 2023, technology companies led all sectors as artificial intelligence related companies drew interest, with seven large cap growth companies contributing a large portion of equity market gains. Domestic equity securities declined in Q3 of 2023, as inflation increased in July and August of 2023, and the Fed reiterated their outlook of “higher rates for longer” than we believe markets had priced in at the beginning of Q3 of 2023. U.S. equity markets continued to decline in October of 2023, as inflation remained resilient and there were increased concerns of slowing global growth due to weakness in China’s economy.

Because of the resiliency of the economic data, the falling inflation environment, and the rising rate environment, U.S. domestic investments trended higher during the 12 months ended October 31, 2023; however, a large portion of the overall return for market weighted indices was concentrated in seven mega cap growth companies⁴. We believe the dividend yield factor⁵ was a negative driver of Fund performance as higher yielding investments underperformed lower yielding and non-dividend paying investments. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor⁶ companies, resulting in the high-quality factor exposure augmenting Fund performance over the 12 months. Overall, the positive performance derived from the quality factor exposure was not enough to offset the negative performance from the dividend yield factor of the Underlying Index and was the primary source of the Underlying Index’s underperformance against the Russell 1000^® Index⁷ by

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.38% and the net expense ratio is 0.37%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of the Northern Trust Quality Dividend Defensive Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, provide exposure to a high-quality income-oriented universe of long-only U.S. equity securities, with an emphasis on long-term capital growth and a targeted overall beta¹ that is generally between 0.5 to 1.0 times that of the Northern Trust 1250 Index². As of October 31, 2023, there were 127 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

Because of the resiliency of the economic data, the falling inflation environment, and the rising rate environment, U.S. domestic investments trended higher during the 12 months ended October 31, 2023; however, a large portion of the overall return for market weighted indices was concentrated in seven mega cap growth companies⁴. We believe the dividend yield factor⁵ was a negative driver of Fund performance as higher yielding investments underperformed lower yielding and non-dividend paying investments. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor⁶ companies, resulting in the high-quality factor exposure augmenting Fund performance over the 12 months. Though equity markets were generally higher over the full 12-month period, there were several downturns within the year, and we believe the lower beta exposure benefited the Underlying Index. Overall, the positive performance derived from the quality factor exposure was not enough to offset the negative performance from the dividend yield factor of the Underlying Index, and was the primary source of the Underlying Index’s underperformance against the Russell 1000^® Index⁷ by -1.28%.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.48% and the net expense ratio is 0.47%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of the Northern Trust International Quality Dividend Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, provide exposure to a high-quality income-oriented universe of long-only international securities issued by non-U.S. based companies, with an emphasis on long-term capital growth and a targeted overall beta¹ that is similar to that of the Northern Trust International Large Cap Index². As of October 31, 2023, there were 191 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

During the 12 months ending October 31, 2023, prices on international equity securities generally traded higher. Over the course of the 12-month period the U.S. dollar (USD) declined and positively impacted U.S. investors as returns in international currencies generally were aided by the falling USD. Through Q4 of 2022, international markets rose as falling inflation and the anticipated boost to global growth resulting from the re-opening of China’s economy all supported equity security prices. International equities continued higher over the first half of 2023, as investors looked past concerns in the

banking sector to falling energy prices, lower inflation, and strength in the technology and consumer discretionary sectors. International equities declined in Q3 of 2023, as higher energy prices and consumer spending concerns in China and Europe weighed on investors’ global growth outlook. International equities continued lower in October of 2023, as slowing global growth concerns and increased geopolitical tensions weighed on markets.

Because of the improved inflation outlook over the 12-month period, developed international investments trended higher during the 12 months ended October 31, 2023, and we believe the dividend yield factor³ was a positive driver of Fund performance as higher yielding investments outperformed lower yielding and non-dividend paying investments. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor⁴ companies, resulting in the high-quality factor exposure augmenting Fund performance over the 12 months. Overall, the positive performance derived from the dividend and quality factor exposures of the Underlying Index were the primary sources of the Underlying Index’s outperformance against the MSCI All Country World Index Ex-U.S. Index⁵ by 6.17%. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -79 basis points (“bps”)⁶, which is reflective of the Fund’s management fee (-47 bps), stock selection/futures (-16 bps), securities lending (+5 bps), India Capital Gains Taxes (-20 bps), and compounding of tracking error over time (-1 bps).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.48% and the net expense ratio is 0.47%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of the Northern Trust International Quality Dividend Defensive Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, provide exposure to a high-quality income-oriented universe of long-only international securities issued by non-U.S. based companies, with an emphasis on long-term capital growth and a targeted overall beta¹ that is generally between 0.5 to 1.0 times that of the Northern Trust International Large Cap Index². As of October 31, 2023, there were 197 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

continued higher over the first half of 2023, as investors looked past concerns in the banking sector to falling energy prices, lower inflation, and strength in the technology and consumer discretionary sectors. International equities declined in Q3 of 2023, as higher energy prices and consumer spending concerns in China and Europe weighed on investors’ global growth outlook. International equities continued lower in October of 2023, as slowing global growth concerns and increased geopolitical tensions weighed on markets.

Because of the improved inflation outlook over the 12-month period, developed international investments trended higher during the 12 months ended October 31, 2023, and we believe the dividend yield factor³ was a positive driver of Fund performance as higher yielding investments outperformed lower yielding and non-dividend paying investments. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor⁴ companies, resulting in the high-quality factor exposure augmenting Fund performance over the 12 months. Because international equities moved higher over the 12 months, we believe that the low beta exposure detracted from Fund performance. Overall, the positive performance derived from the dividend and quality factor exposures of the Underlying Index were the primary sources of the Underlying Index’s outperformance against the MSCI All Country World Index Ex-U.S. Index⁵ by 1.20%.Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -73 basis points (“bps”)⁶, which is reflective of the Fund’s

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.48% and the net expense ratio is 0.47%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally, before fees and expenses, to the price and yield performance of the Northern Trust International Quality Dividend Dynamic Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of companies that, in the aggregate, provide exposure to a high-quality income-oriented universe of long-only international securities issued by non-U.S. based companies, with an emphasis on long-term capital growth and a targeted overall beta¹ that is generally between 1.0 to 1.5 times that of the Northern Trust International Large Cap Index². As of October 31, 2023, there were 171 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

Because of the improved inflation outlook over the 12-month period, developed international investments trended higher during the 12 months ended October 31, 2023 and we believe the dividend yield factor³ was a positive driver of Fund performance as higher yielding investments outperformed lower yielding and non-dividend paying investments. In addition, we believe that the changes experienced in the macroeconomic environment as well as the increase in interest rates were conducive to high quality factor⁴ companies, resulting in the high-quality factor exposure augmenting Fund performance over the 12 months. Because international equities moved higher over the 12 months, we believe that the high beta exposure also positively contributed to Fund performance. Overall, the positive performance derived from the dividend and quality factor exposures of the Underlying Index were the primary sources of the Underlying Index’s outperformance against the MSCI All Country World Index Ex-U.S. Index⁵ by 8.29%.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.19% and the net expense ratio is 0.18%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the iBoxx 3-Year Target Duration TIPS Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS”, with a targeted average modified adjusted duration¹ as defined by S&P Dow Jones Indices LLC as the index provider, of approximately three years. The Underlying Index includes publicly issued TIPS that have maturity dates of at least one year but not more than ten years from an index rebalancing date. As of October 31, 2023, there were 27 TIPS in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to achieve the Fund’s investment objective. NTI generally intends to replicate the constituent securities of the Underlying Index to manage the Fund but may use representative sampling in certain circumstances. “Representative sampling” means investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. When the Fund uses representative sampling, it may or may not hold all of the securities that are included in the Underlying Index.

well as a rescue of a Swiss Bank. The ICE BofA MOVE Index², which measures bond market volatility, spiked on March 15, 2023 to a price of 198, which was a level last seen during the Great Financial Crisis. As Q1 of 2023 came to a close, fixed income investments rallied as investors sought relative safety, and systemic banking concerns were diminishing.

By the summer of 2023, treasury rates increased as inflation remained elevated as strength persisted in the U.S. labor market amidst the rising rate environment. During Q2 of 2023, the 2-year treasury yields rose 0.87%, the 10-year treasury yields rose 0.37%, and the 30-year treasury yields rose by 0.21%. While the Fed did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve³ with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

During October of 2023, fixed income investments were under pressure as we observed a continuation in the rise of interest rates, which we believe was driven not by the changing expectations for inflation or the Fed, but instead an increase in the required term premium, or the compensation that investors require for bearing the risk that interest rates may change over the life of the bond, given economic uncertainty and interest rate volatility.

TIPS inflation breakeven⁴ spreads moved lower during the fiscal year as investors weighed the impact of Fed actions and geopolitical events on future inflation potential. Headline inflation measures receded, though core services components remained elevated. The disinflationary period post the pandemic-era inflation shocks coincided with longer-term, structural forces such as labor market demographics, supply chain orientation, and green transition. Inflation expectations diminished, but remained modestly elevated against Fed policy levels. By the end of the fiscal year 2023, the 12-month change in TIPs breakeven spreads were: 1-year: -50 basis points (“bps”)⁵, 5-year: -28 bps, 10-year: -10 bps and 30-year: -2 bps.

Despite rising real interest rates, or an interest rate that has been adjusted for inflation, during the fiscal year 2023, both the Fund and the Underlying Index displayed positive total return performance. For the 12-month period, the NAV performance of the Fund outperformed the Bloomberg U.S. TIPS 1-10 Year Index⁶by 79 bps, due in part to lower overall duration in the 1-3-year section of the TIPS yield curve with rising real interest rates. Tracking difference between the Fund’s NAV and the Underlying Index for the 12-month period was -15 bps, reflective of the Fund’s management fee (-18 bps), duration and yield curve positioning (+2 bps), security selection (+1 bps), trading costs (-2 bps), and other factors (+2 bps).

²	The ICE BofA MOVE Index measures U.S. bond market volatility by tracking a basket of OTC options on U.S. interest rate swaps.

³	A yield curve is constructed by plotting a session’s final yields for various maturities including 1-month, 3-month, 6-month, 1-year, 2-year, 3-year, 5-year, 7-year, 10-year, 20-year, and 30-year maturities.

⁴	Bloomberg. In this analysis we are making a comparison between the difference in the nominal yield and real yield rates of the 1-year, 5-year, 10-year and 30-year maturities using data available as of October 31, 2022 and October 31, 2023.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.19% and the net expense ratio is 0.18%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the iBoxx 5-Year Target Duration TIPS Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of inflation protected public obligations of the U.S. Treasury, commonly known as “TIPS”, with a targeted average modified adjusted duration¹, as defined by S&P Dow Jones Indices LLC as the index provider, of approximately five years. The Underlying Index includes publicly issued TIPS that have maturity dates of at least three years but not more than twenty years from an index rebalancing date. As of October 31, 2023, there were 25 TIPS in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to achieve the Fund’s investment objective. NTI generally intends to replicate the constituent securities of the Underlying Index to manage the Fund but may use representative sampling in certain circumstances. “Representative sampling” means investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. When the Fund uses representative sampling, it may or may not hold all of the securities that are included in the Underlying Index.

BofA MOVE Index², which measures bond market volatility, spiked on March 15, 2023 to a price of 198, which was a level last seen during the Great Financial Crisis. As Q1 of 2023 came to a close, fixed income investments rallied as investors sought relative safety, and systemic banking concerns were diminishing.

Rising real interest rates, or an interest rate that has been adjusted for inflation, during the fiscal year led to nearly flat total return performance for both the Fund and the Underlying Index. For the 12-month period, the NAV performance of the Fund outperformed the Bloomberg U.S. TIPS 1-10 Year Index⁶ by 61 bps against the backdrop of rising real interest rates. Tracking difference between the Fund’s NAV and the Underlying Index for the 12-month period was -30 bps, reflective of the Fund’s management fee (-18 bps), duration and yield curve positioning (+2 bps), security selection (-2 bp), trading costs (-3 bps), and other factors (-9 bps).

The iBoxx 5-Year Target Duration TIPS Index is the intellectual property (including registered trademarks) of Markit iBoxx and/or its licensors (“Licensors”), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by Markit iBoxx and its Licensors and neither of the Licensors shall have any liability with respect thereto.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.21% and the net expense ratio is 0.20%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE BofA^® Constrained Duration US Mortgage Backed Securities Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of investment-grade US agency residential mortgage-backed pass-through securities (“MBS”). Pursuant to the Underlying Index’s methodology, the Underlying Index constituents are capitalization-weighted, based on their outstanding face value times price plus accrued interest, adjusted by the index provider to achieve an effective duration¹ that is generally between 3.25 and 4.25 years. As of October 31, 2023, there were 117 securities in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

of extreme volatility in March of 2023, following the regional banking disruptions as well as a rescue of a Swiss Bank. The ICE BofA MOVE Index², which measures bond market volatility, spiked on March 15, 2023 to a price of 198, which was a level last seen during the Great Financial Crisis. As Q1 of 2023 came to a close, fixed income investments rallied as investors sought relative safety, and systemic banking concerns were diminishing.

By the summer of 2023, treasury rates increased as inflation remained elevated as strength persisted in the U.S. labor market amidst the rising rate environment. During Q2 of 2023, the 2 year treasury yields rose 0.87%, the 10-year treasury yields rose 0.37%, and the 30-year treasury yields rose by 0.21%. While the Fed did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve³ with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

The average 30-year mortgage rates (Freddie Mac Index⁴) dipped to 5.95% in January of 2023, and subsequently rose the remainder of the fiscal year to finish at 7.79%.

Despite rising interest rates and an inverted yield curve during the fiscal year, the Fund and the Underlying Index achieved a positive total return. For the 12-month period, the NAV performance of the Fund outperformed the Bloomberg U.S. Mortgage Backed Securities Index⁵ by 180 basis points (“bps”)⁶due to the Underlying Index’s exposure to a selection of higher coupon⁷, more seasoned MBS securities, which were both higher yielding and shorter duration and outperformed the newer MBS that skewed heavily toward lower coupon and longer duration. Tracking difference between the Fund’s NAV and the Underlying Index’s total return for the 12-month period was -59 bps, reflective of the Fund’s management fee (-20 bps), trading costs and fees (-46 bps), yield curve positioning (+23 bps), sector allocation (+3 bps), security selection (-74 bps), and other factors (+55 bps).

The ICE BofA® Constrained Duration US Mortgage Backed Securities Index is the intellectual property (including registered trademarks) of ICE BofA® and/or its licensors ("Licensors"), which is used under license. The securities based on the Index are in no way sponsored, endorsed, sold or promoted by ICE BofA® and its Licensors and neither of the Licensors shall have any liability with respect thereto.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust US Corporate Bond Quality Value Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a diversified universe of intermediate maturity, US-dollar denominated bonds of companies with investment grade credit quality, favorable valuations, and enhanced short-term and long-term solvency. As of October 31, 2023, there were 2,851 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

In the beginning of the fiscal year ending October 31, 2023, fixed income investments moved higher coming off extremely depressed levels, as market implied odds over a soft landing versus hard landing fluctuated. The beginning of the 2023 calendar year saw fixed income assets continue to post positive results despite significant interest rate volatility. Ultimately, the 2-year and 10-year treasury yields dropped in parallel down 0.40% in Q1 of 2023, while the U.S. Federal Reserve (the “Fed”) raised the Fed Funds rate twice. Overall, the markets entered a period of extreme volatility in March of 2023, following the regional banking disruptions as well as a rescue of a Swiss Bank. The ICE BofA MOVE Index¹, which measures bond market volatility, spiked on March 15, 2023 to a price of 198, which was a level last seen during the Great Financial Crisis. As Q1 of 2023 came to a close, fixed income investments rallied as investors sought relative safety, and systemic banking concerns were diminishing.

By the summer of 2023, treasury rates increased as inflation remained elevated as strength persisted in the U.S. labor market amidst the rising rate environment. During Q2 of 2023, the 2-year treasury yields rose 0.87%, the 10-year treasury yields rose 0.37%, and the 30-year treasury yields rose by 0.21%. While the Fed did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve² with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

(“bps”)⁶ on March 15, 2023 amidst the extreme market volatility centered around regional bank uncertainty, then declined to a low of 104 bps at the end of July 2023. OAS then held relatively steady around these period low levels until October of 2023, which saw spreads mildly widen back out to finish the fiscal year at 119 bps. Credit spreads in the U.S. high yield⁷ market followed a similar path, as investment grade spreads during the fiscal year spiked up to 520 bps in March, measured by the OAS of the ICE BofA U.S. High Yield Index⁸. High yield spreads then tightened to a period low at the end of July 2023, and subsequently widened gently to finish the fiscal year at 448 bps.

During the fiscal year, the Fund’s NAV outperformed the Bloomberg U.S. Intermediate Corporate Bond Index⁹ by 17 bps. Overall, credit performed well as investment grade spreads generally tightened throughout the trailing 12-month period. The Fund is designed to be sector neutral with performance predominantly driven by security selection within sectors and industries. The tracking difference between the Fund’s NAV and the Underlying Index’s total return for the period was -49 bps, which is reflective of the Fund’s management fee (-22 bps), trading costs (-15 bps), sampling (-15 bps), and other factors (+3 bps).

²	A yield curve is constructed by plotting a session’s final yields for various maturities including 1-month, 3-month, 6-month, 1-year, 2-year, 3-year, 5-year, 7-year, 10-year, 20-year, and 30-year maturities.

³	Credit spread is the difference in yield between one debt security and another debt security with the same maturity but of lesser quality.

⁴	The option-adjusted spread (OAS) is the measurement of the spread of a fixed-income security rate or portfolio and typically the Treasury securities yield (often referred to as the riskfree rate) and that spread is added to the fixed-income security for comparison purposes.

⁵	Bloomberg U.S. Credit Index measures the investment grade, US dollar-denominated, taxable corporate and government related bond markets.

⁶	A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

⁷	High yield are fixed income securities that are rated in the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.

⁸	The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market.

⁹	Bloomberg U.S. Intermediate Corporate Bond Index measures the investment grade, fixedrate, taxable corporate bond market that have between 1 and up to, but not including, 10 years to maturity.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust US Long Corporate Bond Quality Value Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a diversified universe of longer term maturity, US-dollar denominated bonds of companies with investment grade credit quality, favorable valuations, and enhanced short-term and long-term solvency. As of October 31, 2023, there were 1,463 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

By the summer of 2023, treasury rates increased as inflation remained elevated as

strength persisted in the U.S. labor market amidst the rising rate environment. During Q2 of 2023, the 2-year treasury yields rose 0.87%, the 10-year treasury yields rose 0.37%, and the 30-year treasury yields rose by 0.21%. While the Fed did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve² with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

on March 15, 2023 amidst the extreme market volatility centered around regional bank uncertainty, then declined to a low of 104 bps at the end of July 2023. OAS then held relatively steady around these period low levels until October of 2023, which saw spreads mildly widen back out to finish the fiscal year at 119 bps. Credit spreads in the U.S. high yield⁷ market followed a similar path, as investment grade spreads during the fiscal year spiked up to 520 bps in March, measured by the OAS of the ICE BofA U.S. High Yield Index⁸. High yield spreads then tightened to a period low at the end of July 2023, and subsequently widened gently to finish the fiscal year at 448 bps.

During the fiscal year, the Fund’s NAV outperformed the Bloomberg U.S. Long Corporate Bond Index⁹ by 109 bps. Overall, credit performed well as investment grade spreads generally tightened throughout the trailing 12-month period. The Fund is designed to be sector neutral with performance predominantly driven by security selection within sectors and industries. The tracking difference between the Fund’s NAV and the Underlying Index’s total return for the period was -79 bps, which is reflective of the Fund’s management fee (-22 bps), trading costs (-19 bps), sampling (-33 bps), and other factors (-5 bps).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.38% and the net expense ratio is 0.37%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust High Yield Value-Scored US Corporate Bond Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a diversified universe of U.S.-dollar denominated bonds of companies exhibiting favorable fundamental qualities, market valuations and liquidity, as defined by Northern Trust Investments, Inc.’s (“NTI”) proprietary scoring models. The securities included in the Underlying Index are a subset of the securities included in the Northern Trust High Yield US Corporate Bond Index^SM (the “Parent Index”)¹. The Underlying Index begins with the Parent Index and then follows a rules-based methodology to select and weight securities, subject to certain constraints, to optimize exposure to a proprietary value score², credit-score³, and

liquidity score⁴, each as determined by NTI, acting in its capacity as index provider. The primary objective of the optimization process is to maximize exposure to the value score relative to the Underlying Index’s eligible universe. As of October 31, 2023, there were 952 issues in the Underlying Index. NTI uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

In the beginning of the fiscal year ending October 31, 2023, fixed income investments moved higher coming off extremely depressed levels, as market implied odds over a soft landing versus hard landing fluctuated. The beginning of the 2023 calendar year saw fixed income assets continue to post positive results despite significant interest rate volatility. Ultimately, the 2-year and 10-year treasury yields dropped in parallel down 0.40% in Q1 of 2023, while the U.S. Federal Reserve (the “Fed”) raised the Fed Funds rate twice. Overall, the markets entered a period of extreme volatility in March of 2023, following the regional banking disruptions as well as a rescue of a Swiss Bank. The ICE BofA MOVE Index⁵, which measures bond market volatility, spiked on March 15, 2023 to a price of 198, which was a level last seen during the Great Financial Crisis. As Q1 of 2023 came to a close, fixed income investments rallied as investors sought relative safety, and systemic banking concerns were diminishing.

did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve⁶ with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

(“bps”)¹⁰ on March 15, 2023 amidst the extreme market volatility centered around regional bank uncertainty, then declined to a low of 104 bps at the end of July 2023. OAS then held relatively steady around these period low levels until October of 2023, which saw spreads mildly widen back out to finish the

fiscal year at 119 bps. Credit spreads in the U.S. high yield¹¹ market followed a similar path, as investment grade spreads during the fiscal year spiked up to 520 bps in March, measured by the OAS of the ICE BofA U.S. High Yield Index¹². High yield spreads then tightened to a period low at the end of July 2023, and subsequently widened gently to finish the fiscal year at 448 bps.

During the fiscal year, the Fund’s NAV underperformed the ICE^® BofA^®U.S. High Yield Index by -37 bps. Both the Fund and the market index posted mid-single digit total returns for the fiscal year period. The Fund is designed to be sector neutral with performance predominantly driven by security selection within sectors and industries. The tracking difference between the Fund’s NAV and the Underlying Index’s total return for the period was -169 bps, which is reflective of the Fund’s management fee (-37 bps), trading costs (-53 bps), sampling (-60 bps), and other factors (-19 bps).

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.13% and the net expense ratio is 0.12%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index^SM (the “Underlying Index”). The Underlying Index is designed to reflect the performance of a selection of U.S.-dollar-denominated corporate bonds issued by companies that exhibit certain environmental, social and governance (“ESG”) characteristics, while also seeking to provide broad-market, core exposure to U.S.-dollar-denominated investment grade corporate bonds of U.S. and non-U.S. issuers. The Underlying Index is designed to minimize tracking differences relative to the Northern Trust US Corporate Bond Index^SM (the “Parent Index”) while also seeking (a) an aggregate higher scoring of certain ESG characteristics, as measured by the Northern Trust ESG Vector Score, and (b) reduction of aggregate climate-related risk, as measured by certain carbon-related risk metrics, each relative to the Parent Index. As of October 31, 2023, there were 3,667 issues in the Underlying Index. Northern Trust Investments, Inc. (“NTI”) uses a “passive” or indexing approach to try to achieve the Fund’s investment objective. NTI uses a representative sampling strategy to manage the Fund. This means that the Fund invests in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The Fund may or may not hold all of the securities that are included in the Underlying Index.

BofA MOVE Index¹, which measures bond market volatility, spiked on March 15, 2023 to a price of 198, which was a level last seen during the Great Financial Crisis. As Q1 of 2023 came to a close, fixed income investments rallied as investors sought relative safety, and systemic banking concerns were diminishing.

By the summer of 2023, treasury rates increased as inflation remained elevated as strength persisted in the U.S. labor market amidst the rising rate environment. During Q2 of 2023, the 2year treasury yields rose 0.87%, the 10-year treasury yields rose 0.37%, and the 30-year treasury yields rose by 0.21%. While the Fed did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve² with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

Credit fundamentals remained relatively stable throughout the year as the U.S. economy was resilient, and fears of a recession seemed to subside or at least pushed out further into the future. Investment grade credit spreads³ generally tightened throughout the fiscal year with a short-lived spike wider in March of 2023. The option adjusted spread (“OAS”)⁴ of the Bloomberg U.S. Credit Index⁵ peaked at 150 basis points (“bps”)⁶ on March 15, 2023 amidst the extreme market volatility centered around regional bank uncertainty, then declined to a low of 104 bps at the end of July 2023. OAS then held relatively steady around these period low levels until October of 2023, which saw spreads mildly widen back out to finish the fiscal year at 119 bps. Credit spreads in the U.S. high yield⁷ market followed a similar path, as investment grade spreads during the fiscal year spiked up to 520 bps in March, measured by the OAS of the ICE BofA U.S. High Yield Index⁸. High yield spreads then tightened to a period low at the end of July 2023, and subsequently widened gently to finish the fiscal year at 448 bps.

During the fiscal year, the Fund’s NAV underperformed the Bloomberg U.S. Corporate Bond Index⁹ by -36 bps. Overall, credit performed well as investment grade spreads generally tightened throughout the trailing 12-month period. The Fund is designed to be sector neutral with security selection predominantly driven by ESG and carbon-related risk characteristics within sectors and industries. The tracking difference between the Fund’s NAV and the Underlying Index’s total return for the period was -47 bps, which is reflective of the Fund’s management fee (-12 bps), trading costs (-7 bps), sampling (-29 bps), and other factors (+1 bps).

¹	^{The ICE BofA MOVE Index measures U.S. bond market volatility by tracking a basket of OTC options on U.S. interest rate swaps.}

²	A yield curve is constructed by plotting a session’s final yields for various maturities including 1-month, 3-month, 6-month, 1-year, 2-year, 3-year, 5-year, 7-year, 10-year, 20-year, and 30-year maturities.

³	Credit spread is the difference in yield between one debt security and another debt security with the same maturity but of lesser quality.

⁴	The option-adjusted spread (OAS) is the measurement of the spread of a fixed-income security rate or portfolio and typically the Treasury securities yield (often referred to as the risk-free rate) and that spread is added to the fixed-income security for comparison purposes.

⁵	Bloomberg U.S. Credit Index measures the investment grade, US dollar-denominated, taxable corporate and government related bond markets.

⁶	A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

⁷	High yield are fixed income securities that are rated in the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.

⁸	The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market.

⁹	Bloomberg U.S. Corporate Bond Index measures the investment grade, taxable corporate bond market.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.26% and the net expense ratio is 0.25%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks maximum current income consistent with the preservation of capital and liquidity. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its total assets in a portfolio of fixed-income instruments, including bonds, debt securities and other similar instruments issued by U.S. and non-U.S. public and private sector entities. Such issuers include, without limitation, U.S. and non-U.S. governments and their agencies, instrumentalities or sponsored enterprises, U.S. state and local governments and municipalities, and U.S. and non-U.S. private-sector entities, such as corporations and banks. The average effective duration¹ of the Fund will vary based on The Northern Trust Company Investment Policy Committee’s forecast for interest rates and will normally not exceed one year. The dollar-weighted average portfolio maturity of the Fund is normally not expected to exceed two years.

By the summer of 2023, treasury rates increased as inflation remained elevated as strength persisted in the U.S. labor market amidst the rising rate environment. During Q2 of 2023, the 2year treasury yields rose 0.87%, the 10-year treasury yields rose 0.37%, and the 30-year treasury yields rose by 0.21%. While the Fed did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve³ with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

Credit fundamentals remained relatively stable throughout the year as the U.S. economy was resilient, and

fears of a recession seemed to subside or at least pushed out further into the future. Investment grade credit spreads⁴ generally tightened throughout the fiscal year with a short-lived spike wider in March of 2023. The option adjusted spread (“OAS”)⁵ of the Bloomberg U.S. Credit Index⁶ peaked at 150 basis points (“bps”)⁷ on March 15, 2023 amidst the extreme market volatility centered around regional bank uncertainty, then declined to a low of 104 bps at the end of July 2023. OAS then held relatively steady around these period low levels until October of 2023, which saw spreads mildly widen back out to finish the fiscal year at 119 bps. Credit spreads in the U.S. high yield⁸ market followed a similar path, as investment grade spreads during the fiscal year spiked up to 520 bps in March, measured by the OAS of the ICE BofA U.S. High Yield Index⁹. High yield spreads then tightened to a period low at the end of July 2023, and subsequently widened gently to finish the fiscal year at 448 bps.

For the 12 months ended October 31, 2023, the Fund outperformed the generic Treasury Bill index, as defined by the Bloomberg 1-3 Month U.S. Treasury Bill Index¹⁰,by 39 basis points (“bps”)¹¹. During this period, 1-3 month Treasury yields rose drastically (1-month Treasury Bill yields rose by 179 bps and 3-month Bill yields rose by 141 bps). The Fund’s underweight to Treasuries, as well as its long to duration positioning, detracted slightly from performance as short-term rates rose, while the Fund’s curve positioning contributed positively to performance. The Fund’s exposure to corporate credit securities positively impacted performance versus the benchmark index.

²	The ICE BofA MOVE Index measures U.S. bond market volatility by tracking a basket of OTC options on U.S. interest rate swaps.

³	A yield curve is constructed by plotting a session’s final yields for various maturities including 1-month, 3-month, 6-month, 1-year, 2-year, 3-year, 5-year, 7-year, 10-year, 20-year, and 30year maturities.

⁴	Credit spread is the difference in yield between one debt security and another debt security with the same maturity but of lesser quality.

⁵	The option-adjusted spread (OAS) is the measurement of the spread of a fixed-income security rate or portfolio and typically the Treasury securities yield (often referred to as the riskfree rate) and that spread is added to the fixed-income security for comparison purposes.

⁶	Bloomberg U.S. Credit Index measures the investment grade, US dollar-denominated, taxable corporate and government related bond markets.

⁷	A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

⁸	High yield are fixed income securities that are rated in the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.

⁹	The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market.

¹⁰	The Bloomberg 1-3 Month U.S. Treasury Bill Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months.

¹¹	A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

Performance reflects contractual reimbursements in effect until March 1, 2024. In the absence of such reimbursements, performance would be reduced. The gross expense ratio of the Fund is 0.56% and the net expense ratio is 0.35%. The gross and net expense ratios disclosed are as reported in the Fund’s prospectus, which may differ from the gross and net expense ratios presented in the Fund’s financial reports. Current performance may be higher or lower than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed or sold in the market.

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

The Fund seeks total return and preservation of capital. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets in U.S. dollar-denominated investment-grade fixed-income securities either directly or indirectly through exchange-traded funds (“ETFs”) and other registered investment companies (together with ETFs, “Underlying Funds”). The Fund primarily invests in fixed-rate securities of varying maturities, including bonds, debt securities and other similar instruments issued by U.S. public and U.S and non-U.S. private sector entities. Such issuers include, without limitation, U.S. governments and their agencies, instrumentalities or sponsored enterprises, and U.S. and non-U.S. private-sector entities, such as corporations and banks. The Fund may invest in fixed income securities of any maturity.

The Fund seeks to provide attractive risk-adjusted performance by investing in a portfolio of fixed-income securities and Underlying Funds. The Fund generally adjusts its allocations to securities based on Northern Trust Investment Inc.’s (“NTI”) assessment of potential changes in interest rate levels, the shape of the yield curve¹ and credit spread relationships, which is the difference in yield between one debt security and another debt security with the same maturity but of lesser quality. The Fund also seeks to balance the potential for return and risk while emphasizing liquidity and diversification across a spectrum of U.S. dollar-denominated investment-grade fixed income securities.

results despite significant interest rate volatility. Ultimately, the 2-year and 10-year treasury yields dropped in parallel down 0.40% in Q1 of 2023, while the U.S. Federal Reserve (the “Fed”) raised the Fed Funds rate twice. Overall, the markets entered a period of extreme volatility in March of 2023, following the regional banking disruptions as well as a rescue of a Swiss Bank. The ICE BofA MOVE Index², which measures bond market volatility, spiked on March 15, 2023 to a price of 198, which was a level last seen during the Great Financial Crisis. As Q1 of 2023 came to a close, fixed income investments rallied as investors sought relative safety, and systemic banking concerns were diminishing.

By the summer of 2023, treasury rates increased as inflation remained elevated as strength persisted in the U.S. labor market amidst the rising rate environment. During Q2 of 2023, the 2year treasury yields rose 0.87%, the 10-year treasury yields rose 0.37%, and the 30-year treasury yields rose by 0.21%. While the Fed did hike rates heading into the summer, they chose to pause in June of 2023. Inflation remained elevated into Q3 of 2023, and the labor market remained resilient. The Fed left rates unchanged at their September 2023 meeting, though market participants interpreted that decision as a hawkish pause to allow time to further evaluate the influence of the overall tightening on the U.S. economy. Treasuries sold off throughout Q3 of 2023, specifically in the middle to long end of the yield curve with 10-year and 30-year treasury yields rising to 4.57% and 4.70%, respectively.

Fed, but instead an increase in the required term premium, or the compensation that investors require for bearing the risk that interest rates may change over the life of the bond, given economic uncertainty and interest rate volatility.

During the fiscal year, the Fund was generally positioned neutral in comparison to the Bloomberg U.S. Aggregate Bond Index⁹ from a bond sector standpoint. The Fund did have a modest overweight to mortgage-backed securities (“MBS”) where we saw opportunity, given how cheap MBS spreads were trading relative to historical averages. While MBS spreads rallied through most of the fiscal year, they have sold off since July 2023 on the back of increased interest rate volatility,

²	The ICE BofA MOVE Index measures U.S. bond market volatility by tracking a basket of OTC options on U.S. interest rate swaps.

³	Credit spread is the difference in yield between one debt security and another debt security with the same maturity but of lesser quality.

⁴	The option-adjusted spread (OAS) is the measurement of the spread of a fixed-income security rate or portfolio and typically the Treasury securities yield (often referred to as the riskfree rate) and that spread is added to the fixed-income security for comparison purposes.

⁵	Bloomberg U.S. Credit Index measures the investment grade, US dollar-denominated, taxable corporate and government related bond markets.

⁶	A unit that is equal to 1/100th of 1% and is used to denote the change in a financial instrument.

⁷	High yield are fixed income securities that are rated in the middle rating of Moody’s, Fitch and S&P is Ba1/BB+/BB+ or below.

⁸	The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as “junk”) corporate debt publicly issued in the U.S. domestic market.

⁹

Bloomberg U.S. Aggregate Bond Index is a broad based benchmark that measures the investment grade, US dollar denominated, taxable bond market that includes treasuries, government related and corporate securities, mortgage backed securities, asset backed securities and collateralized mortgage backed securities.

which was followed by MBS spread widening. Overall, the allocation to MBS was a modest positive contributor to Fund performance, which was offset by selection effects. Toward the end of the fiscal year, we changed the Fund’s duration positioning, moving from neutral on duration and yield curve positioning to a modest overweight position at the portfolio level. Treasury yields have risen significantly over the last several weeks of the fiscal year with the bulk of the move driven by wider term premiums. Our view is that the current level of term premium, or the added compensation we believe investors expect for the unknowns associated with holding longer-term debt, we see (in 10 year rates) is not justified by relevant macroeconomic factors such as long term growth and inflation expectations. We believe that the term premium could compress closer to our expectations of fair value. Over the fiscal year, the Fund underperformed the broader bond index, as defined by the Bloomberg U.S. Aggregate Bond Index, by -51 basis points.


Investments	Shares		Value

COMMON STOCKS – 99.8%

Aerospace & Defense – 2.8%

General Dynamics Corp.		1,872	$	451,732

Huntington Ingalls Industries, Inc.(a)		4,608		1,012,931

Lockheed Martin Corp.		5,184		2,356,854

Northrop Grumman Corp.		2,880		1,357,718
				5,179,235

Air Freight & Logistics – 1.7%

CH Robinson Worldwide, Inc.		14,400		1,178,352

Expeditors International of Washington, Inc.		13,392		1,463,076

United Parcel Service, Inc., Class B		4,176		589,860
				3,231,288

Automobiles – 0.5%

Tesla, Inc.*		4,896		983,313

Banks – 0.0%(b)

JPMorgan Chase & Co.		432		60,074

Beverages – 2.0%

PepsiCo, Inc.		22,320		3,644,410

Biotechnology – 6.4%

AbbVie, Inc.		3,024		426,928

Amgen, Inc.		12,384		3,166,589

Biogen, Inc.*		6,192		1,470,848

BioMarin Pharmaceutical, Inc.*		6,336		516,067

Gilead Sciences, Inc.		28,512		2,239,333

Regeneron Pharmaceuticals, Inc.*		2,461		1,919,309

Vertex Pharmaceuticals, Inc.*		5,904		2,137,897
				11,876,971

Broadline Retail – 0.3%

Dillard’s, Inc., Class A(a)		1,728		536,458

Capital Markets – 1.0%

CME Group, Inc.		8,784		1,875,033


Investments	Shares		Value

Chemicals – 0.5%

Ashland, Inc.		9,360	$	717,257

Linde plc		576		220,124
				937,381

Commercial Services & Supplies – 2.4%

Republic Services, Inc., Class A		7,632		1,133,276

Tetra Tech, Inc.(a)		6,336		956,166

Waste Connections, Inc.		8,208		1,062,936

Waste Management, Inc.		7,920		1,301,493
				4,453,871

Consumer Staples Distribution & Retail – 1.7%

Costco Wholesale Corp.		2,889		1,595,999

Kroger Co. (The)		32,400		1,469,988
				3,065,987

Containers & Packaging – 1.7%

AptarGroup, Inc.		7,488		915,558

Packaging Corp. of America		10,368		1,586,822

Sonoco Products Co.		12,960		671,458
				3,173,838

Diversified Consumer Services – 1.0%

Grand Canyon Education, Inc.*		8,496		1,005,331

Service Corp. International(a)		15,264		830,667
				1,835,998

Diversified Telecommunication Services – 2.3%

AT&T, Inc.		101,520		1,563,408

Iridium Communications, Inc.		26,640		987,012

Verizon Communications, Inc.		48,528		1,704,789
				4,255,209

Electric Utilities – 3.2%

American Electric Power Co., Inc.		13,104		989,876

Constellation Energy Corp.		2,880		325,210

Duke Energy Corp.		19,008		1,689,621

Eversource Energy		14,256		766,830

Pinnacle West Capital Corp.		12,960		961,373

Xcel Energy, Inc.		19,296		1,143,674
				5,876,584


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – 0.7%

Electronic Arts, Inc.		3,168	$	392,167

Madison Square Garden Sports Corp.*		5,616		944,274
				1,336,441

Financial Services – 5.2%

Berkshire Hathaway, Inc., Class B*		15,264		5,210,061

Visa, Inc., Class A(a)		18,576		4,367,218
				9,577,279

Food Products – 2.4%

Flowers Foods, Inc.		17,280		378,950

General Mills, Inc.		1,440		93,946

Hershey Co. (The)		5,040		944,244

Hormel Foods Corp.		22,608		735,890

J M Smucker Co. (The)		7,344		836,041

Lancaster Colony Corp.		8,064		1,364,187
				4,353,258

Gas Utilities – 0.8%

Atmos Energy Corp.(a)		6,480		697,637

Spire, Inc.(a)		13,536		753,007
				1,450,644

Ground Transportation – 2.0%

JB Hunt Transport Services, Inc.		5,328		915,724

Landstar System, Inc.(a)		7,776		1,281,329

Old Dominion Freight Line, Inc.		4,032		1,518,693
				3,715,746

Health Care Equipment & Supplies – 1.3%

Abbott Laboratories		26,352		2,491,582

Health Care Providers & Services – 1.2%

Chemed Corp.(a)		2,892		1,627,184

Laboratory Corp. of America Holdings		1,008		201,328

UnitedHealth Group, Inc.		576		308,482
				2,136,994


Investments	Shares		Value

Hotels, Restaurants & Leisure – 3.0%

McDonald’s Corp.		15,552	$	4,077,268

Restaurant Brands International, Inc.(a)		22,320		1,499,904
				5,577,172

Household Products – 3.1%

Clorox Co. (The)		8,640		1,016,928

Procter & Gamble Co. (The)		25,920		3,888,778

WD-40 Co.(a)		4,320		913,248
				5,818,954

Insurance – 6.3%

Allstate Corp. (The)		14,976		1,918,875

American Financial Group, Inc.		12,960		1,417,305

Assurant, Inc.		10,512		1,565,237

Chubb Ltd.		6,624		1,421,643

Erie Indemnity Co., Class A		3,600		994,284

Markel Group, Inc.*		720		1,058,774

RLI Corp.		7,488		997,701

Travelers Cos., Inc. (The)		7,056		1,181,457

W R Berkley Corp.		16,704		1,126,184
				11,681,460

Interactive Media & Services – 2.0%

Alphabet, Inc., Class A*		12,240		1,518,739

Alphabet, Inc., Class C*		9,072		1,136,722

Meta Platforms, Inc., Class A*		3,600		1,084,572
				3,740,033

IT Services – 1.7%

Amdocs Ltd.		17,280		1,385,165

International Business Machines Corp.		11,808		1,707,909
				3,093,074

Life Sciences Tools & Services – 0.5%

ICON plc*		144		35,130

QIAGEN NV*		23,184		867,777
				902,907

Metals & Mining – 0.8%

Newmont Corp.		41,760		1,564,747


Investments	Shares		Value

COMMON STOCKS – (continued)

Multi-Utilities – 2.5%

Ameren Corp.		13,248	$	1,003,006

CMS Energy Corp.(a)		18,432		1,001,595

Consolidated Edison, Inc.		17,856		1,567,578

WEC Energy Group, Inc.		12,816		1,043,094
				4,615,273

Oil, Gas & Consumable Fuels – 1.3%

Chesapeake Energy Corp.(a)		5,328		458,634

Chevron Corp.		2,160		314,777

Coterra Energy, Inc.		42,480		1,168,200

Exxon Mobil Corp.		4,032		426,787
				2,368,398

Pharmaceuticals – 7.9%

Eli Lilly & Co.		12,096		6,700,337

Johnson & Johnson		20,592		3,054,617

Merck & Co., Inc.		47,952		4,924,671
				14,679,625

Professional Services – 2.2%

Automatic Data Processing, Inc.		7,344		1,602,608

CACI International, Inc., Class A*		3,024		982,074

Verisk Analytics, Inc., Class A		6,336		1,440,553
				4,025,235

Residential REITs – 0.2%

Essex Property Trust, Inc., REIT		1,872		400,458

Semiconductors & Semiconductor Equipment – 2.7%

Broadcom, Inc.		715		601,579

NVIDIA Corp.		7,275		2,966,745

Texas Instruments, Inc.		10,368		1,472,360
				5,040,684

Software – 12.8%

Cadence Design Systems, Inc.*		3,024		725,306

Check Point Software Technologies Ltd.*		11,376		1,527,228

Dolby Laboratories, Inc., Class A		8,640		699,322

Microsoft Corp.		45,792		15,482,733

Qualys, Inc.* (a)		9,360		1,431,612

Roper Technologies, Inc.		3,456		1,688,498


Investments	Shares		Value

Software – (continued)

SPS Commerce, Inc.*		2,016	$	323,245

Tyler Technologies, Inc.*		4,032		1,503,533

VMware, Inc., Class A*		2,465		359,027
				23,740,504

Specialized REITs – 1.4%

Equinix, Inc., REIT		1,728		1,260,818

Public Storage, REIT		5,472		1,306,221
				2,567,039

Specialty Retail – 3.0%

AutoZone, Inc.*		176		435,975

Home Depot, Inc. (The)		8,496		2,418,726

O’Reilly Automotive, Inc.*		1,837		1,709,218

Tractor Supply Co.		5,040		970,503
				5,534,422

Technology Hardware, Storage & Peripherals – 5.7%

Apple, Inc.		61,632		10,524,897

Tobacco – 0.8%

Altria Group, Inc.		36,000		1,446,120

Wireless Telecommunication Services – 0.8%

T-Mobile US, Inc.*		9,792		1,408,677
Total Common Stocks (Cost $173,325,857)				184,777,273
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 1.5%(c)

REPURCHASE AGREEMENTS – 1.5%

CF Secured LLC, 5.30%, dated 10/31/2023, due 11/1/2023, repurchase price $2,684,389, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 11/15/2023 – 5/15/2051; total market value $2,706,537 (Cost $2,683,994)	$	2,683,994		2,683,994


Investments	Principal Amount		Value

SHORT-TERM INVESTMENTS – 0.0%(b)(d)(e)

U.S. TREASURY OBLIGATIONS – 0.0%

U.S. Treasury Bills 5.43%, 4/11/2024 (Cost $19,524)	$	20,000	$	19,522
Total Investments – 101.3% (Cost $176,029,375)				187,480,789

Liabilities in excess of other assets – (1.3%)				(2,476,169	)
NET ASSETS – 100.0%			$	185,004,620

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $13,821,520, collateralized in the form of cash with a value of $2,683,994 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $11,006,326 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053 and $327,945 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% –

4.25%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $14,018,264.

^(b)

Represents less than 0.05% of net assets.

^(c)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $2,683,994.

^(d)

All or a portion of the security pledged as collateral for Futures Contracts.

^(e)

The rate shown was the current yield as of October 31, 2023.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

As of October 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative instruments, if applicable) for federal income tax purposes was as follows:



Aggregate gross unrealized appreciation	$	19,540,583
Aggregate gross unrealized depreciation		(8,248,947	)
Net unrealized appreciation	$	11,291,636
Federal income tax cost	$	176,191,118

FlexShares^® US Quality Low Volatility Index Fund had the following open futures contracts as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 97.6%

Aerospace & Defense – 2.3%

BAE Systems plc(a)		51,828	$	694,313

Dassault Aviation SA		1,400		277,463

Thales SA		3,976		584,796
				1,556,572

Air Freight & Logistics – 0.8%

Yamato Holdings Co. Ltd.		30,800		509,249

Automobile Components – 0.2%

Bridgestone Corp.		2,800		104,775

Automobiles – 1.0%

Ferrari NV		2,212		667,523

Banks – 12.8%

Bank Hapoalim BM		67,676		482,952

Bank Leumi Le-Israel BM		69,664		447,545

Banque Cantonale Vaudoise (Registered)		5,012		565,058

BOC Hong Kong Holdings Ltd.		210,000		555,556

DBS Group Holdings Ltd.		30,800		738,499

Hang Seng Bank Ltd.		22,400		256,647

HSBC Holdings plc		10,696		76,875

Japan Post Bank Co. Ltd.		70,000		646,868

Mizrahi Tefahot Bank Ltd.		14,952		461,989

Mizuho Financial Group, Inc.		39,200		658,877

Oversea-Chinese Banking Corp. Ltd.		56,000		518,288

Resona Holdings, Inc.		53,200		282,256

Royal Bank of Canada		12,292		980,704

Sumitomo Mitsui Financial Group, Inc.		21,300		1,015,458

Toronto-Dominion Bank (The)		6,944		387,453

United Overseas Bank Ltd.		19,600		386,549
				8,461,574

Beverages – 0.7%

Budweiser Brewing Co. APAC Ltd.(b)		168,000		319,485

Suntory Beverage & Food Ltd.		5,600		165,583
				485,068


Investments	Shares		Value

Biotechnology – 0.2%

Genmab A/S*		532	$	149,926

Broadline Retail – 2.2%

Dollarama, Inc.		5,208		355,266

Pan Pacific International Holdings Corp.		28,000		537,370

Wesfarmers Ltd.		18,088		578,576
				1,471,212

Capital Markets – 1.7%

Deutsche Boerse AG		3,640		597,129

Singapore Exchange Ltd.		78,400		541,913
				1,139,042

Chemicals – 2.3%

Air Liquide SA		6,692		1,143,635

ICL Group Ltd.		84,672		410,221
				1,553,856

Commercial Services & Supplies – 1.6%

Brambles Ltd.		26,936		223,585

Dai Nippon Printing Co. Ltd.		9,500		245,208

Secom Co. Ltd.		8,400		579,616
				1,048,409

Construction & Engineering – 0.3%

Obayashi Corp.		11,200		95,253

Taisei Corp.		2,800		94,273
				189,526

Consumer Staples Distribution & Retail – 2.7%

Carrefour SA		1,400		24,535

Jeronimo Martins SGPS SA		13,692		315,210

Koninklijke Ahold Delhaize NV		19,992		591,683

Loblaw Cos. Ltd.		3,276		267,649

Metro, Inc., Class A		11,312		573,973
				1,773,050

Containers & Packaging – 0.3%

CCL Industries, Inc., Class B		5,096		199,031

Diversified Consumer Services – 0.1%

Pearson plc		3,892		44,942


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – 5.0%

BCE, Inc.		784	$	29,110

Deutsche Telekom AG (Registered)		21,112		456,907

Elisa OYJ		11,312		479,228

Koninklijke KPN NV		164,752		552,904

Nippon Telegraph & Telephone Corp.		498,400		581,842

Orange SA		32,760		384,709

Singapore Telecommunications Ltd.		81,200		141,058

Swisscom AG (Registered)		980		585,814

Telefonica Deutschland Holding AG		72,184		122,345
				3,333,917

Electric Utilities – 4.7%

Chubu Electric Power Co., Inc.		14,000		168,477

CLP Holdings Ltd.		41,000		299,983

Emera, Inc.(a)		1,568		51,301

Fortis, Inc.(a)		7,732		306,662

Hydro One Ltd.(a) (b)		20,020		518,580

Iberdrola SA		59,556		660,982

Kansai Electric Power Co., Inc. (The)		22,400		284,946

Power Assets Holdings Ltd.		51,000		243,770

Redeia Corp. SA		35,280		548,364
				3,083,065

Entertainment – 0.5%

Nintendo Co. Ltd.		2,800		115,017

Toho Co. Ltd.		6,600		223,610
				338,627

Food Products – 5.7%

JDE Peet’s NV(a)		4,060		112,607

MEIJI Holdings Co. Ltd.		10,400		255,322

Nestle SA (Registered)		26,376		2,842,075

Nissin Foods Holdings Co. Ltd.		2,200		191,026

Yakult Honsha Co. Ltd.		16,200		380,491
				3,781,521

Gas Utilities – 1.4%

Naturgy Energy Group SA(a)		3,668		103,518

Osaka Gas Co. Ltd.		16,800		315,267

Snam SpA		51,548		235,925

Tokyo Gas Co. Ltd.		12,400		276,666
				931,376


Investments	Shares		Value

Ground Transportation – 4.3%

Canadian National Railway Co.		8,568	$	905,588

Central Japan Railway Co.		12,500		280,300

East Japan Railway Co.		5,600		291,084

Hankyu Hanshin Holdings, Inc.		8,400		262,186

Keisei Electric Railway Co. Ltd.		7,100		265,210

Kintetsu Group Holdings Co. Ltd.		8,400		235,119

Tobu Railway Co. Ltd.(a)		19,600		469,018

West Japan Railway Co.		3,400		129,000
				2,837,505

Health Care Providers & Services – 0.2%

Fresenius Medical Care AG & Co. KGaA		3,080		101,964

Hotels, Restaurants & Leisure – 0.7%

Compass Group plc		3,220		80,998

Genting Singapore Ltd.		352,800		221,458

La Francaise des Jeux SAEM(b)		952		30,610

Sodexo SA		1,512		159,627
				492,693

Household Durables – 1.1%

Sekisui Chemical Co. Ltd.		35,800		485,544

Sekisui House Ltd.		14,000		271,689
				757,233

Household Products – 0.8%

Henkel AG & Co. KGaA		168		10,594

Reckitt Benckiser Group plc		7,504		500,997
				511,591

Independent Power and Renewable Electricity Producers – 0.0%(c)

Meridian Energy Ltd.		11,480		32,252

Industrial Conglomerates – 1.7%

CK Hutchison Holdings Ltd.		56,000		283,056

Jardine Cycle & Carriage Ltd.		22,400		461,063

Jardine Matheson Holdings Ltd.		5,600		226,520

Keppel Corp. Ltd.		30,800		139,607
				1,110,246

Insurance – 3.4%

Fairfax Financial Holdings Ltd.		364		302,587

Hannover Rueck SE		1,400		308,242


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Insurance Australia Group Ltd.		45,416	$	163,042

Medibank Pvt Ltd.		249,872		542,648

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		196		78,415

Sampo OYJ, Class A		12,376		485,452

Talanx AG		1,764		110,847

Zurich Insurance Group AG		588		278,219
				2,269,452

IT Services – 2.1%

CGI, Inc.*		3,416		329,432

Obic Co. Ltd.		3,400		499,409

Otsuka Corp.		400		15,908

SCSK Corp.		30,800		522,367
				1,367,116

Machinery – 0.9%

Hoshizaki Corp.		4,000		128,046

Kone OYJ, Class B		10,976		474,391
				602,437

Marine Transportation – 0.5%

Kuehne + Nagel International AG (Registered)		1,232		330,997

Metals & Mining – 0.7%

BHP Group Ltd.		2,072		58,379

Franco-Nevada Corp.		3,228		392,266
				450,645

Multi-Utilities – 1.1%

Canadian Utilities Ltd., Class A(a)		18,704		395,300

National Grid plc		29,176		346,460
				741,760

Office REITs – 0.0%(c)

Keppel REIT, REIT		6,160		3,575

Oil, Gas & Consumable Fuels – 3.5%

ENEOS Holdings, Inc.		75,600		278,399

Galp Energia SGPS SA		22,624		339,812

Idemitsu Kosan Co. Ltd.		11,200		252,849

Pembina Pipeline Corp.		4,368		134,288


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Shell plc		30,940	$	993,606

TotalEnergies SE		4,480		299,275
				2,298,229

Passenger Airlines – 0.8%

Cathay Pacific Airways Ltd.*		504,000		506,280

Personal Care Products – 2.7%

Beiersdorf AG		952		124,827

Unilever plc		35,336		1,667,544
				1,792,371

Pharmaceuticals – 11.0%

AstraZeneca plc		2,828		351,743

GSK plc		44,296		783,367

Novartis AG (Registered)		7,056		655,474

Novo Nordisk A/S, Class B		10,528		1,009,362

Otsuka Holdings Co. Ltd.		2,800		93,367

Roche Holding AG		84		22,817

Roche Holding AG – BR		9,436		2,424,712

Sanofi SA		19,124		1,732,346

UCB SA		3,304		241,180
				7,314,368

Professional Services – 2.6%

RELX plc		6,608		229,970

SGS SA (Registered)		5,908		480,274

Thomson Reuters Corp.		2,632		314,930

Wolters Kluwer NV		5,544		709,647
				1,734,821

Real Estate Management & Development – 1.6%

CK Asset Holdings Ltd.		102,000		509,700

Sino Land Co. Ltd.		11,163		11,142

Sun Hung Kai Properties Ltd.		52,000		533,983
				1,054,825

Retail REITs – 0.6%

Link REIT, REIT		81,200		372,553

Semiconductors & Semiconductor Equipment – 0.8%

ASML Holding NV		868		518,649

Software – 1.7%

Constellation Software, Inc.(a)		28		56,071

Oracle Corp. Japan		7,600		535,455


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

SAP SE		4,004	$	536,393
				1,127,919

Specialty Retail – 1.0%

Industria de Diseno Textil SA(a)		18,844		648,334

Technology Hardware, Storage & Peripherals – 0.6%

Canon, Inc.		16,800		393,917

Textiles, Apparel & Luxury Goods – 0.6%

LVMH Moet Hennessy Louis Vuitton SE		560		399,250

Tobacco – 0.4%

Japan Tobacco, Inc.		10,200		237,144

Trading Companies & Distributors – 2.2%

Bunzl plc		7,392		262,995

Ferguson plc		3,528		527,854

ITOCHU Corp.		19,600		695,373
				1,486,222

Transportation Infrastructure – 0.8%

Aena SME SA(b)		1,988		287,355

Auckland International Airport Ltd.		1,098		4,688

Flughafen Zurich AG (Registered)		1,372		255,087

Getlink SE		28		451
				547,581

Wireless Telecommunication Services – 2.7%

KDDI Corp.		25,200		746,623

Rogers Communications, Inc., Class B		4,844		179,279

SoftBank Corp.		47,600		535,891

Vodafone Group plc		362,516		333,001
				1,794,794
Total Common Stocks (Cost $65,665,911)				64,658,984


Investments	Number of Warrants		Value

WARRANTS – 0.0%

Software – 0.0%

Constellation Software, Inc., expiring 3/31/2040, price 11.50 CAD* ‡ (Cost $–)		28	$	—
Total Investments – 97.6% (Cost $65,665,911)				64,658,984

Other assets less liabilities – 2.4%				1,604,367
NET ASSETS – 100.0%			$	66,263,351

*	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 October 31, 2023. The total value of securities on loan at October 31, 2023 was $2,212,131, collateralized by $1,823,311 in U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from November 16, 2023 – August 15, 2053 and $627,612 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $2,450,923.

^(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.

Percentages shown are based on Net Assets.

Abbreviations

OYJ – Public Limited Company

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	4,588,367
Aggregate gross unrealized depreciation		(5,879,577	)
Net unrealized depreciation	$	(1,291,210	)
Federal income tax cost	$	65,879,973

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of October 31, 2023:

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 October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 99.1%

Automobile Components – 1.1%

Cheng Shin Rubber Industry Co. Ltd.		48,000	$	65,337

Hyundai Mobis Co. Ltd.		24		3,705

MRF Ltd.		54		70,240
				139,282

Automobiles – 2.4%

Bajaj Auto Ltd.		1,938		123,694

Hero MotoCorp Ltd.		2,064		76,561

Maruti Suzuki India Ltd.		864		107,844
				308,099

Banks – 18.3%

Abu Dhabi Islamic Bank PJSC		22,170		62,170

Agricultural Bank of China Ltd., Class H		372,000		137,397

Al Rajhi Bank		2,106		37,667

Axis Bank Ltd.		738		8,703

Banco BBVA Peru SA		5,514		2,013

Bank Central Asia Tbk. PT		117,600		64,778

Bank of China Ltd., Class H		408,000		142,872

Bank of Communications Co. Ltd., Class H		138,000		81,658

Boubyan Bank KSCP		36,360		68,832

Chang Hwa Commercial Bank Ltd.		126,000		66,623

China CITIC Bank Corp. Ltd., Class H		174,000		77,609

China Construction Bank Corp., Class H		443,000		251,376

China Zheshang Bank Co. Ltd., Class H		234,000		58,017

Dubai Islamic Bank PJSC		71,100		104,530

Emirates NBD Bank PJSC		18,090		83,481

First Financial Holding Co. Ltd.		120,000		95,822

Grupo Financiero Banorte SAB de CV, Class O		600		4,863

HDFC Bank Ltd.		528		9,364

Hong Leong Bank Bhd.		16,800		68,406

Hong Leong Financial Group Bhd.		15,000		55,284

ICICI Bank Ltd.		7,194		79,091

Industrial & Commercial Bank of China Ltd., Class H		570,000		273,905


Investments	Shares		Value

Banks – (continued)

Itau Unibanco Holding SA (Preference)		3,000	$	15,955

Kuwait Finance House KSCP		43,728		96,624

Malayan Banking Bhd.		44,400		84,057

National Bank of Kuwait SAKP		39,480		111,853

Qatar International Islamic Bank QSC		26,130		66,384

Qatar National Bank QPSC		24,612		100,652

Saudi Investment Bank (The)		15,870		62,184

Sberbank of Russia PJSC‡		12,360		—
				2,372,170

Beverages – 0.7%

Emperador, Inc.		181,200		66,425

Nongfu Spring Co. Ltd., Class H(a)		4,800		27,329
				93,754

Broadline Retail – 3.7%

Alibaba Group Holding Ltd., ADR*		4,950		408,573

PDD Holdings, Inc., ADR*		576		58,418

Prosus NV*		170		4,749

Robinson PCL* ‡		600		—

Vipshop Holdings Ltd., ADR*		222		3,166
				474,906

Capital Markets – 0.8%

Macquarie Korea Infrastructure Fund		12,084		107,549

Chemicals – 3.8%

Asian Paints Ltd.		2,952		106,215

Berger Paints India Ltd.		2,181		14,633

Fertiglobe plc		105,726		92,399

Mesaieed Petrochemical Holding Co.		137,448		60,022

PhosAgro PJSC‡		1,158		—

Pidilite Industries Ltd.		2,538		74,928

SABIC Agri-Nutrients Co.		3,192		113,842

Saudi Basic Industries Corp.		1,740		35,713
				497,752

Construction & Engineering – 0.4%

China Railway Group Ltd., Class H		102,000		48,102

Larsen & Toubro Ltd.		156		5,488
				53,590


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction Materials – 0.8%

Asia Cement Corp.		32,000	$	39,464

LafargeHolcim Maroc SA		396		71,723
				111,187

Consumer Finance – 0.6%

Bajaj Finance Ltd.		78		7,019

Samsung Card Co. Ltd.		3,030		70,335
				77,354

Consumer Staples Distribution & Retail – 0.8%

Nahdi Medical Co.		162		6,123

President Chain Store Corp.		12,000		95,268

Wal-Mart de Mexico SAB de CV		1,200		4,289
				105,680

Diversified Telecommunication Services – 4.3%

Chunghwa Telecom Co. Ltd.		39,000		139,479

Emirates Integrated Telecommunications Co. PJSC		46,146		67,592

Itissalat Al-Maghrib		8,532		79,501

LG Uplus Corp.		7,902		59,153

Ooredoo QPSC		6,852		18,612

Saudi Telecom Co.		8,334		85,304

Telkom Indonesia Persero Tbk. PT		511,200		112,313
				561,954

Electric Utilities – 3.7%

CPFL Energia SA		15,000		99,465

CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference)		4,800		20,169

Manila Electric Co.		11,340		70,950

Power Grid Corp. of India Ltd.		54,280		131,790

Saudi Electricity Co.		13,404		63,597

Transmissora Alianca de Energia Eletrica SA		14,400		96,485
				482,456

Electrical Equipment – 0.8%

ABB India Ltd.		2,028		100,094

Electronic Equipment, Instruments & Components – 0.7%

MOG Digitech Holdings Ltd.*		6,000		1,687

WPG Holdings Ltd.		42,000		92,715
				94,402


Investments	Shares		Value

Entertainment – 0.8%

NetEase, Inc., ADR		1,020	$	109,058

Food Products – 4.4%

Almarai Co. JSC		4,266		63,565

Nestle India Ltd.		114		33,183

Nestle Malaysia Bhd.		3,600		93,542

Orion Corp.		600		53,223

Tingyi Cayman Islands Holding Corp.		74,000		98,167

Uni-President China Holdings Ltd.		60,000		40,871

Uni-President Enterprises Corp.		42,000		87,924

Want Want China Holdings Ltd.		156,000		96,894
				567,369

Gas Utilities – 0.8%

Petronas Gas Bhd.		28,200		101,803

Health Care Providers & Services – 3.6%

Bangkok Dusit Medical Services PCL, NVDR		102,000		75,203

Bumrungrad Hospital PCL, NVDR		15,000		108,507

Dr Sulaiman Al Habib Medical Services Group Co.		1,134		76,172

Mitra Keluarga Karyasehat Tbk. PT(b)		523,200		90,247

Mouwasat Medical Services Co.		2,328		62,053

Sinopharm Group Co. Ltd., Class H		24,000		57,358
				469,540

Hotels, Restaurants & Leisure – 0.8%

Kangwon Land, Inc.		2,490		27,047

Meituan, Class B* (b)		4,200		59,366

Yum China Holdings, Inc.		228		11,984
				98,397

Household Products – 0.6%

Unilever Indonesia Tbk. PT		346,200		78,895

Independent Power and Renewable Electricity Producers – 0.8%

ACWA Power Co.		648		39,209

Engie Brasil Energia SA		1,800		14,027

NTPC Ltd.		18,318		51,879

Unipro PJSC* ‡		726,000		—
				105,115


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – 2.1%

Alpha Dhabi Holding PJSC*		14,796	$	76,054

Far Eastern New Century Corp.		72,000		65,485

Samsung C&T Corp.		780		61,624

Sime Darby Bhd.		139,200		66,905
				270,068

Insurance – 2.2%

Bupa Arabia for Cooperative Insurance Co.		1,356		76,988

DB Insurance Co. Ltd.		246		16,011

PICC Property & Casualty Co. Ltd., Class H		72,000		82,264

Ping An Insurance Group Co. of China Ltd., Class H		6,000		30,749

Samsung Fire & Marine Insurance Co. Ltd.		420		80,389
				286,401

Interactive Media & Services – 3.4%

Tencent Holdings Ltd.		11,800		436,132

IT Services – 4.4%

Arabian Internet & Communications Services Co.		798		66,535

HCL Technologies Ltd.		2,184		33,471

Infosys Ltd.		4,644		76,327

Samsung SDS Co. Ltd.		726		74,291

Tata Consultancy Services Ltd.		7,806		315,840
				566,464

Life Sciences Tools & Services – 0.1%

Divi’s Laboratories Ltd.		72		2,930

Samsung Biologics Co. Ltd.* (b)		24		12,599
				15,529

Marine Transportation – 0.5%

MISC Bhd.		45,600		69,388

Metals & Mining – 0.5%

China Steel Corp.		12,000		8,935

Industrias CH SAB de CV, Class B, Series B*		350		3,742

Polyus PJSC* ‡		546		—


Investments	Shares		Value

Metals & Mining – (continued)

Vale SA		3,600	$	49,256
				61,933

Multi-Utilities – 0.6%

Dubai Electricity & Water Authority PJSC		113,886		73,795

Office REITs – 0.2%

Embassy Office Parks REIT, REIT		6,396		23,942

Oil, Gas & Consumable Fuels – 3.2%

China Shenhua Energy Co. Ltd., Class H		6,000		18,404

PetroChina Co. Ltd., Class H		36,000		23,464

Petroleo Brasileiro SA		1,800		13,506

Petroleo Brasileiro SA (Preference)		3,600		24,800

Petronas Dagangan Bhd.		13,800		66,212

Petronet LNG Ltd.		1,554		3,726

Qatar Fuel QSC		23,838		97,224

Qatar Gas Transport Co. Ltd.		68,034		65,773

Reliance Industries Ltd.		2,964		81,449

Surgutneftegas PJSC (Preference)‡		156,600		—

United Tractors Tbk. PT		13,800		21,827
				416,385

Personal Care Products – 2.2%

Colgate-Palmolive India Ltd.		348		8,835

Hengan International Group Co. Ltd.		28,500		95,430

Hindustan Unilever Ltd.		6,318		188,496
				292,761

Pharmaceuticals – 3.4%

Alkem Laboratories Ltd.		414		18,507

Cipla Ltd.		7,806		112,507

Dr Reddy’s Laboratories Ltd.		1,638		105,599

Kalbe Farma Tbk. PT		508,800		54,131

Sun Pharmaceutical Industries Ltd.		6,786		88,726

Torrent Pharmaceuticals Ltd.		192		4,437

Yuhan Corp.		1,332		56,612
				440,519

Real Estate Management & Development – 0.3%

Aldar Properties PJSC		26,538		37,571


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – 6.3%

MediaTek, Inc.		1,200	$	31,152

Taiwan Semiconductor Manufacturing Co. Ltd.		48,000		782,857
				814,009

Specialty Retail – 2.1%

Abu Dhabi National Oil Co. for Distribution PJSC		68,688		62,835

Home Product Center PCL, NVDR		181,200		59,993

Jarir Marketing Co.		26,376		101,803

MR DIY Group M Bhd.(b)		148,200		46,035
				270,666

Technology Hardware, Storage & Peripherals – 4.2%

Compal Electronics, Inc.		102,000		88,210

Pegatron Corp.		25,000		58,116

Samsung Electronics Co. Ltd.		7,938		393,212
				539,538

Textiles, Apparel & Luxury Goods – 0.7%

Titan Co. Ltd.		2,520		96,541

Tobacco – 0.6%

KT&G Corp.		1,236		78,065

Transportation Infrastructure – 2.0%

Airports of Thailand PCL, NVDR*		42,000		77,999

Salik Co. PJSC		112,398		97,618

Taiwan High Speed Rail Corp.		93,000		84,298
				259,915

Water Utilities – 0.7%

Emirates Central Cooling Systems Corp.		200,406		97,666

Wireless Telecommunication Services – 4.7%

Advanced Info Service PCL, NVDR		18,000		110,176

America Movil SAB de CV, Series B		35,400		29,198

Etihad Etisalat Co.		8,010		98,427

Far EasTone Telecommunications Co. Ltd.		43,000		100,623

Intouch Holdings PCL, NVDR		48,000		94,818

Mobile Telecommunications Co. KSCP		43,584		67,724


Investments	Shares		Value

Wireless Telecommunication Services – (continued)

Taiwan Mobile Co. Ltd.		37,000	$	109,283
				610,249
Total Common Stocks (Cost $13,811,847)				12,867,943

Total Investments – 99.1% (Cost $13,811,847)				12,867,943

Other assets less liabilities – 0.9%				111,903
NET ASSETS – 100.0%			$	12,979,846

*	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 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)

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company

Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	727,786
Aggregate gross unrealized depreciation		(1,776,759	)
Net unrealized depreciation	$	(1,048,973	)
Federal income tax cost	$	13,904,379

FlexShares^® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® Emerging Markets Quality Low Volatility Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 99.1%

Aerospace & Defense – 1.4%

AAR Corp.*		2,565	$	152,259

AeroVironment, Inc.* (a)		1,197		137,248

Axon Enterprise, Inc.* (a)		1,539		314,710

Boeing Co. (The)*		16,830		3,144,181

BWX Technologies, Inc.(a)		3,933		292,143

Curtiss-Wright Corp.		2,210		439,370

Ducommun, Inc.*		513		24,542

General Dynamics Corp.		6,669		1,609,296

HEICO Corp.(a)		1,360		215,438

HEICO Corp., Class A		1,710		217,392

Hexcel Corp.		3,060		189,475

Howmet Aerospace, Inc.		10,880		479,808

Huntington Ingalls Industries, Inc.		1,197		263,125

Kratos Defense & Security Solutions, Inc.*		3,933		67,058

L3Harris Technologies, Inc.		4,930		884,491

Lockheed Martin Corp.		6,630		3,014,263

Mercury Systems, Inc.* (a)		1,020		36,700

Moog, Inc., Class A		2,040		236,742

Northrop Grumman Corp.		3,570		1,683,005

Parsons Corp.*		3,238		183,109

Rocket Lab USA, Inc.* (a)		22,610		95,640

RTX Corp.		37,060		3,016,313

Spirit AeroSystems Holdings, Inc., Class A* (a)		4,104		92,750

Textron, Inc.		6,120		465,120

TransDigm Group, Inc.*		1,360		1,126,202

Triumph Group, Inc.*		6,498		48,475

V2X, Inc.* (a)		850		43,410

Woodward, Inc.(a)		3,078		383,827
				18,856,092

Air Freight & Logistics – 0.5%

Air Transport Services Group, Inc.* (a)		13,600		266,152

CH Robinson Worldwide, Inc.(a)		3,591		293,852

Expeditors International of Washington, Inc.(a)		4,250		464,312

FedEx Corp.		7,310		1,755,131


Investments	Shares		Value

Air Freight & Logistics – (continued)

Forward Air Corp.		855	$	55,071

GXO Logistics, Inc.* (a)		6,800		343,468

Hub Group, Inc., Class A* (a)		7,820		537,625

United Parcel Service, Inc., Class B		21,590		3,049,587
				6,765,198

Automobile Components – 0.5%

Adient plc* (a)		21,930		738,822

American Axle & Manufacturing Holdings, Inc.* (a)		13,430		90,652

Aptiv plc*		7,011		611,359

Autoliv, Inc.(a)		3,570		327,190

BorgWarner, Inc.		7,990		294,831

Dana, Inc.		6,120		70,257

Dorman Products, Inc.* (a)		850		52,853

Fox Factory Holding Corp.* (a)		1,870		152,349

Garrett Motion, Inc.* (a)		23,290		164,427

Gentex Corp.		11,050		316,914

Gentherm, Inc.* (a)		1,026		41,266

Goodyear Tire & Rubber Co. (The)*		57,782		687,606

LCI Industries(a)		5,130		556,554

Lear Corp.		2,380		308,829

Mobileye Global, Inc., Class A* (a)		4,080		145,534

Modine Manufacturing Co.*		9,520		376,040

Patrick Industries, Inc.(a)		5,440		408,816

QuantumScape Corp., Class A* (a)		72,250		377,145

Standard Motor Products, Inc.		4,420		154,391

Stoneridge, Inc.*		6,669		108,505

Visteon Corp.*		1,700		195,721

XPEL, Inc.* (b)		1,197		55,421
				6,235,482

Automobiles – 1.4%

Fisker, Inc., Class A* (a)		15,810		71,145

Ford Motor Co.		120,336		1,173,276

General Motors Co.		39,610		1,117,002


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobiles – (continued)

Harley-Davidson, Inc.		28,560	$	766,836

Lucid Group, Inc.* (a)		31,620		130,274

Rivian Automotive, Inc., Class A* (a)		22,780		369,492

Tesla, Inc.*		68,170		13,691,263

Thor Industries, Inc.(a)		11,050		971,626

Winnebago Industries, Inc.(a)		5,440		315,248
				18,606,162

Banks – 5.6%

1st Source Corp.		2,210		100,820

Amalgamated Financial Corp.(a)		6,120		111,629

Amerant Bancorp, Inc., Class A		8,500		154,955

Ameris Bancorp		14,790		551,667

Associated Banc-Corp.		36,890		597,987

Atlantic Union Bankshares Corp.(a)		16,150		465,282

Axos Financial, Inc.* (a)		11,286		406,635

Banc of California, Inc.		18,020		202,004

BancFirst Corp.(a)		1,535		124,504

Bancorp, Inc. (The)*		4,760		169,694

Bank of America Corp.		206,720		5,445,005

Bank of Hawaii Corp.		170		8,396

Bank OZK(a)		24,650		882,717

BankUnited, Inc.		19,890		433,801

Banner Corp.		9,520		401,839

Berkshire Hills Bancorp, Inc.		7,310		143,349

BOK Financial Corp.		5,270		345,290

Brookline Bancorp, Inc.		11,970		97,436

Byline Bancorp, Inc.(a)		7,480		141,896

Cadence Bank(a)		35,870		759,727

Camden National Corp.(a)		340		9,914

Capitol Federal Financial, Inc.(a)		19,890		103,428

Cathay General Bancorp(a)		15,130		513,058

Central Pacific Financial Corp.(a)		2,550		40,239

Citigroup, Inc.		57,120		2,255,669


Investments	Shares		Value

Banks – (continued)

Citizens Financial Group, Inc.(a)		17,170	$	402,293

City Holding Co.(a)		342		31,047

Coastal Financial Corp.*		3,400		126,378

Columbia Banking System, Inc.		50,150		986,451

Comerica, Inc.		30,770		1,212,338

Commerce Bancshares, Inc.(a)		3,740		164,036

Community Bank System, Inc.(a)		1,530		61,123

Community Trust Bancorp, Inc.		1,881		70,650

ConnectOne Bancorp, Inc.		12,750		207,698

CrossFirst Bankshares, Inc.* (a)		5,780		61,152

Cullen/Frost Bankers, Inc.		2,040		185,620

Customers Bancorp, Inc.*		5,301		213,153

CVB Financial Corp.(a)		26,520		414,242

Dime Community Bancshares, Inc.(a)		11,900		218,841

Eagle Bancorp, Inc.		10,370		202,008

East West Bancorp, Inc.(a)		5,130		275,071

Eastern Bankshares, Inc.		36,040		396,800

Enterprise Financial Services Corp.		3,230		112,307

Farmers National Banc Corp.(a)		9,350		105,562

FB Financial Corp.		1,020		29,957

Fifth Third Bancorp		22,059		523,019

First Bancorp/NC(a)		3,249		94,286

First Bancorp/PR(a)		43,883		585,838

First Bancshares, Inc. (The)(a)		9,350		226,457

First Busey Corp.(a)		15,810		313,987

First Citizens BancShares, Inc., Class A		342		472,213

First Commonwealth Financial Corp.(a)		23,256		283,258

First Financial Bancorp(a)		17,271		319,514

First Financial Bankshares, Inc.(a)		3,060		73,593

First Financial Corp.		1,020		35,098

First Hawaiian, Inc.(a)		32,640		585,235

First Horizon Corp.		19,040		204,680


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

First Interstate BancSystem, Inc., Class A		14,620	$	337,283

First Merchants Corp.		16,150		441,056

First Mid Bancshares, Inc.		7,310		199,709

FNB Corp.(a)		71,570		765,083

Fulton Financial Corp.(a)		36,550		474,785

Glacier Bancorp, Inc.(a)		2,210		66,720

Great Southern Bancorp, Inc.(a)		340		16,905

Hancock Whitney Corp.		17,613		606,416

Hanmi Financial Corp.		11,900		174,692

HarborOne Bancorp, Inc.		1,881		18,509

Heartland Financial USA, Inc.		11,390		312,086

Heritage Commerce Corp.		23,290		190,512

Heritage Financial Corp.		2,720		44,254

Hilltop Holdings, Inc.(a)		4,760		131,471

Home BancShares, Inc.(a)		37,060		757,877

Hope Bancorp, Inc.		17,850		156,366

Horizon Bancorp, Inc.		5,440		51,626

Huntington Bancshares, Inc.		46,410		447,857

Independent Bank Corp.		10,880		530,944

Independent Bank Group, Inc.		5,610		198,314

International Bancshares Corp.		12,312		539,635

JPMorgan Chase & Co.		88,230		12,269,264

KeyCorp		23,800		243,236

Lakeland Bancorp, Inc.		11,115		125,377

Lakeland Financial Corp.		684		33,687

Live Oak Bancshares, Inc.		680		19,618

M&T Bank Corp.(a)		5,723		645,268

Mercantile Bank Corp.(a)		2,210		72,797

Midland States Bancorp, Inc.		4,446		97,012

National Bank Holdings Corp., Class A		7,990		249,128

NBT Bancorp, Inc.(a)		340		11,380

New York Community Bancorp, Inc.(a)		156,910		1,487,507

Nicolet Bankshares, Inc.(a)		1,499		109,157

Northfield Bancorp, Inc.		4,420		38,012


Investments	Shares		Value

Banks – (continued)

Northwest Bancshares, Inc.(a)		26,010	$	271,024

OceanFirst Financial Corp.(a)		14,535		184,013

OFG Bancorp		12,410		367,584

Old National Bancorp(a)		63,070		864,059

Old Second Bancorp, Inc.(a)		4,250		57,630

Origin Bancorp, Inc.(a)		3,570		105,636

Pacific Premier Bancorp, Inc.		18,639		354,141

PacWest Bancorp		32,470		229,888

Park National Corp.(a)		342		34,675

Pathward Financial, Inc.		2,736		123,913

Peoples Bancorp, Inc.(a)		5,472		150,918

Pinnacle Financial Partners, Inc.(a)		17,850		1,113,126

PNC Financial Services Group, Inc. (The)		11,730		1,342,733

Popular, Inc.		16,320		1,061,453

Preferred Bank(a)		4,250		253,172

Premier Financial Corp.		12,580		218,263

Prosperity Bancshares, Inc.		19,152		1,044,550

Provident Financial Services, Inc.(a)		20,740		291,397

QCR Holdings, Inc.		1,881		89,253

Regions Financial Corp.(a)		30,600		444,618

Renasant Corp.(a)		10,370		252,924

S&T Bancorp, Inc.(a)		7,310		188,306

Sandy Spring Bancorp, Inc.		7,140		146,013

Seacoast Banking Corp. of Florida(a)		7,650		154,607

ServisFirst Bancshares, Inc.(a)		3,910		184,396

Simmons First National Corp., Class A		24,795		352,337

Southern Missouri Bancorp, Inc.(a)		4,250		171,912

Southside Bancshares, Inc.(a)		4,250		113,475

SouthState Corp.(a)		15,300		1,011,330

Stellar Bancorp, Inc.(a)		9,180		199,573

Stock Yards Bancorp, Inc.(a)		513		20,063

Synovus Financial Corp.(a)		34,680		904,108

Texas Capital Bancshares, Inc.* (a)		3,060		168,484

Tompkins Financial Corp.(a)		171		8,564


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Towne Bank		12,996	$	311,124

TriCo Bancshares(a)		513		16,596

Triumph Financial, Inc.* (a)		2,210		137,573

Truist Financial Corp.		43,520		1,234,227

TrustCo Bank Corp. NY(a)		3,249		82,947

Trustmark Corp.		17,000		341,870

UMB Financial Corp.		9,690		607,757

United Bankshares, Inc.(a)		8,160		232,070

United Community Banks, Inc.(a)		23,800		525,742

Univest Financial Corp.		5,472		91,164

US Bancorp(a)		47,430		1,512,068

Valley National Bancorp(a)		86,665		674,254

Veritex Holdings, Inc.(a)		6,970		120,023

WaFd, Inc.(a)		15,640		385,995

Washington Trust Bancorp, Inc.		2,209		51,227

Webster Financial Corp.		38,930		1,478,172

Wells Fargo & Co.		111,690		4,441,911

WesBanco, Inc.		11,799		287,778

Westamerica Bancorp		5,780		273,047

Western Alliance Bancorp		24,650		1,013,115

Wintrust Financial Corp.		12,483		932,355

WSFS Financial Corp.(a)		11,900		421,260

Zions Bancorp NA(a)		34,680		1,069,878
				74,244,680

Beverages – 1.1%

Boston Beer Co., Inc. (The), Class A*		340		113,543

Brown-Forman Corp., Class A		1,368		78,551

Brown-Forman Corp., Class B(a)		3,740		210,038

Celsius Holdings, Inc.* (a)		1,881		286,081

Coca-Cola Co. (The)		94,350		5,329,832

Coca-Cola Consolidated, Inc.		340		216,379

Constellation Brands, Inc., Class A		4,080		955,332

Duckhorn Portfolio, Inc. (The)*		7,650		79,790


Investments	Shares		Value

Beverages – (continued)

Keurig Dr Pepper, Inc.(a)		27,880	$	845,600

MGP Ingredients, Inc.		170		16,092

Molson Coors Beverage Co., Class B(a)		6,327		365,511

Monster Beverage Corp.*		18,810		961,191

National Beverage Corp.*		1,026		47,586

PepsiCo, Inc.		34,000		5,551,520

Vita Coco Co., Inc. (The)* (a)		4,080		110,568
				15,167,614

Biotechnology – 2.4%

AbbVie, Inc.		53,720		7,584,190

ACADIA Pharmaceuticals, Inc.*		6,800		153,476

Agios Pharmaceuticals, Inc.*		4,695		98,642

Akero Therapeutics, Inc.*		2,380		28,370

Alkermes plc*		5,440		131,594

Alnylam Pharmaceuticals, Inc.*		3,060		464,508

Amgen, Inc.		16,490		4,216,493

Amicus Therapeutics, Inc.*		6,669		73,159

Anavex Life Sciences Corp.* (a)		10,370		57,865

Apellis Pharmaceuticals, Inc.* (a)		3,400		165,444

Arrowhead Pharmaceuticals, Inc.*		5,610		137,950

Aurinia Pharmaceuticals, Inc.* (a)		13,430		98,576

BioCryst Pharmaceuticals, Inc.* (a)		17,170		94,263

Biogen, Inc.*		3,740		888,400

Biohaven Ltd.* (a)		14,280		378,563

BioMarin Pharmaceutical, Inc.*		4,760		387,702

Blueprint Medicines Corp.*		3,230		190,118

Bridgebio Pharma, Inc.* (a)		5,270		137,231

CareDx, Inc.*		21,930		118,641

Catalyst Pharmaceuticals, Inc.* (a)		9,153		113,589

Cerevel Therapeutics Holdings, Inc.*		2,907		68,750

CRISPR Therapeutics AG* (a)		18,020		701,519

Cytokinetics, Inc.* (a)		2,890		100,745


Investments	Shares		Value

COMMON STOCKS – (continued)

Biotechnology – (continued)

Deciphera Pharmaceuticals, Inc.*		2,907	$	34,855

Denali Therapeutics, Inc.*		3,400		64,022

Dynavax Technologies Corp.* (a)		25,479		362,057

Editas Medicine, Inc.* (a)		11,390		76,085

EQRx, Inc.* (a)		89,080		194,194

Exact Sciences Corp.*		5,440		335,050

Exelixis, Inc.*		17,850		367,531

Geron Corp.* (a)		14,877		28,266

Gilead Sciences, Inc.		37,060		2,910,692

Halozyme Therapeutics, Inc.*		7,140		241,832

ImmunoGen, Inc.* (a)		5,440		80,838

Immunovant, Inc.*		2,210		73,040

Incyte Corp.*		3,570		192,530

Inhibrx, Inc.*		513		7,936

Insmed, Inc.* (a)		9,690		242,831

Intellia Therapeutics, Inc.* (a)		5,270		132,013

Ionis Pharmaceuticals, Inc.* (a)		6,840		302,807

Iovance Biotherapeutics, Inc.*		2,736		10,451

Ironwood Pharmaceuticals, Inc., Class A* (a)		20,230		181,463

Karuna Therapeutics, Inc.* (a)		1,020		169,942

Karyopharm Therapeutics, Inc.* (a)		6,669		5,802

Krystal Biotech, Inc.* (a)		1,700		198,679

Kura Oncology, Inc.* (a)		25,160		212,602

Lyell Immunopharma, Inc.* (a)		28,220		46,704

Madrigal Pharmaceuticals, Inc.*		340		44,669

MannKind Corp.* (a)		7,182		30,811

Mirati Therapeutics, Inc.*		3,570		198,242

Moderna, Inc.* (a)		10,540		800,618

Morphic Holding, Inc.*		2,890		57,655

Myriad Genetics, Inc.* (a)		2,907		45,291

Natera, Inc.* (a)		4,959		195,732

Neurocrine Biosciences, Inc.*		2,052		227,649


Investments	Shares		Value

Biotechnology – (continued)

Novavax, Inc.* (a)		12,070	$	80,386

OmniAb, Inc.* ‡ (a)		281		149

Prothena Corp. plc* (a)		1,700		61,982

PTC Therapeutics, Inc.*		3,249		60,919

Recursion Pharmaceuticals, Inc., Class A* (a)		14,450		76,296

Regeneron Pharmaceuticals, Inc.*		2,720		2,121,301

Relay Therapeutics, Inc.*		9,520		62,832

Replimune Group, Inc.*		15,980		232,829

REVOLUTION Medicines, Inc.* (a)		6,120		121,176

Rocket Pharmaceuticals, Inc.*		6,460		116,926

Sarepta Therapeutics, Inc.* (a)		2,720		183,083

Seagen, Inc.* (a)		3,230		687,376

Seres Therapeutics, Inc.* (a)		2,052		3,140

SpringWorks Therapeutics, Inc.* (a)		4,080		93,432

TG Therapeutics, Inc.* (a)		7,353		56,839

Travere Therapeutics, Inc.*		1,710		11,081

Twist Bioscience Corp.*		1,530		24,113

Ultragenyx Pharmaceutical, Inc.*		1,530		54,162

uniQure NV* (a)		5,270		30,039

United Therapeutics Corp.*		1,530		340,976

Vaxcyte, Inc.* (a)		18,870		907,647

Veracyte, Inc.* (a)		3,249		67,319

Vertex Pharmaceuticals, Inc.*		6,460		2,339,231

Vir Biotechnology, Inc.*		10,200		80,886

Zymeworks, Inc.*		15,130		106,213
				32,383,010

Broadline Retail – 2.6%

Amazon.com, Inc.*		224,400		29,865,396

Coupang, Inc., Class A*		31,620		537,540

Dillard’s, Inc., Class A(a)		510		158,329

eBay, Inc.		17,340		680,248

Etsy, Inc.* (a)		2,550		158,865

Kohl’s Corp.(a)		21,930		494,521

Macy’s, Inc.(a)		52,020		633,604

MercadoLibre, Inc.*		1,190		1,476,481


Investments	Shares		Value

COMMON STOCKS – (continued)

Broadline Retail – (continued)

Nordstrom, Inc.(a)		24,990	$	349,360

Ollie’s Bargain Outlet Holdings, Inc.* (a)		3,078		237,745
				34,592,089

Building Products – 0.8%

A O Smith Corp.		3,249		226,650

AAON, Inc.(a)		3,591		195,638

Advanced Drainage Systems, Inc.(a)		2,720		290,578

Allegion plc(a)		1,870		183,933

American Woodmark Corp.*		4,080		274,298

Apogee Enterprises, Inc.(a)		2,720		116,742

Armstrong World Industries, Inc.		850		64,507

AZEK Co., Inc. (The), Class A*		4,080		106,896

AZZ, Inc.(a)		7,140		337,508

Builders FirstSource, Inc.*		4,420		479,658

Carlisle Cos., Inc.(a)		1,368		347,595

Carrier Global Corp.		22,230		1,059,482

Fortune Brands Innovations, Inc.(a)		3,933		219,461

Gibraltar Industries, Inc.* (a)		855		52,035

Griffon Corp.		9,747		389,295

Hayward Holdings, Inc.* (a)		11,730		123,165

Insteel Industries, Inc.(a)		2,550		71,171

JELD-WEN Holding, Inc.*		12,070		136,753

Johnson Controls International plc		19,380		950,008

Lennox International, Inc.		1,020		377,951

Masco Corp.		6,840		356,296

Masonite International Corp.*		4,250		336,345

Masterbrand, Inc.*		24,650		273,862

Owens Corning		3,400		385,458

PGT Innovations, Inc.*		5,780		173,053

Quanex Building Products Corp.(a)		4,275		114,784

Resideo Technologies, Inc.* (a)		28,557		413,505


Investments	Shares		Value

Building Products – (continued)

Simpson Manufacturing Co., Inc.		1,539	$	204,964

Trane Technologies plc		5,472		1,041,376

Trex Co., Inc.* (a)		6,120		344,005

UFP Industries, Inc.		12,654		1,204,281

Zurn Elkay Water Solutions Corp.(a)		4,446		117,641
				10,968,894

Capital Markets – 2.8%

Affiliated Managers Group, Inc.		8,330		1,022,591

Ameriprise Financial, Inc.		2,720		855,630

Ares Management Corp., Class A		3,420		337,178

Artisan Partners Asset Management, Inc., Class A(a)		2,040		67,320

Avantax, Inc.*		4,590		118,468

B. Riley Financial, Inc.(a)		3,591		130,030

Bank of New York Mellon Corp. (The)		21,760		924,800

BGC Group, Inc., Class A(a)		69,530		408,141

BlackRock, Inc.		4,250		2,602,190

Blackstone, Inc.(a)		16,660		1,538,551

Blue Owl Capital, Inc., Class A(a)		18,468		227,710

Brightsphere Investment Group, Inc.		5,130		80,336

Carlyle Group, Inc. (The)(a)		5,100		140,454

Charles Schwab Corp. (The)		36,210		1,884,368

CME Group, Inc.		8,500		1,814,410

Cohen & Steers, Inc.(a)		1,530		79,927

Coinbase Global, Inc., Class A* (a)		5,100		393,312

Donnelley Financial Solutions, Inc.*		1,190		64,772

Evercore, Inc., Class A(a)		1,870		243,437

FactSet Research Systems, Inc.		855		369,266

Federated Hermes, Inc., Class B		5,610		177,837

Franklin Resources, Inc.(a)		10,089		229,928


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Goldman Sachs Group, Inc. (The)		10,030	$	3,045,208

Hamilton Lane, Inc., Class A		2,550		214,506

Houlihan Lokey, Inc., Class A(a)		1,710		171,889

Interactive Brokers Group, Inc., Class A		3,570		285,850

Intercontinental Exchange, Inc.		14,096		1,514,474

Invesco Ltd.		13,509		175,212

Janus Henderson Group plc(a)		29,410		678,489

Jefferies Financial Group, Inc.		37,910		1,219,944

KKR & Co., Inc.		18,190		1,007,726

LPL Financial Holdings, Inc.		2,210		496,189

MarketAxess Holdings, Inc.		855		182,756

Moelis & Co., Class A(a)		3,249		135,288

Moody’s Corp.		4,080		1,256,640

Morgan Stanley		39,780		2,817,220

Morningstar, Inc.(a)		513		129,912

MSCI, Inc., Class A		1,881		886,986

Nasdaq, Inc.		8,208		407,117

Northern Trust Corp.(c)		6,970		459,393

Oppenheimer Holdings, Inc., Class A		342		11,994

Piper Sandler Cos.(a)		1,190		166,421

PJT Partners, Inc., Class A		342		26,799

Raymond James Financial, Inc.(a)		5,440		519,194

Robinhood Markets, Inc., Class A* (a)		19,210		175,579

S&P Global, Inc.		8,160		2,850,370

SEI Investments Co.		2,907		155,990

State Street Corp.		10,431		674,155

Stifel Financial Corp.(a)		21,590		1,230,630

StoneX Group, Inc.* (a)		4,250		405,110

T. Rowe Price Group, Inc.(a)		5,440		492,320

TPG, Inc., Class A(a)		2,223		61,444

Tradeweb Markets, Inc., Class A		5,610		504,956

Victory Capital Holdings, Inc., Class A		5,472		161,205

Virtu Financial, Inc., Class A		22,780		421,202


Investments	Shares		Value

Capital Markets – (continued)

Virtus Investment Partners, Inc.(a)		1,190	$	219,234

WisdomTree, Inc.(a)		171		1,060
				36,873,118

Chemicals – 1.6%

AdvanSix, Inc.		7,650		210,758

Air Products and Chemicals, Inc.		5,270		1,488,459

Albemarle Corp.(a)		3,400		431,052

Ashland, Inc.		1,881		144,141

Avient Corp.		20,230		639,673

Axalta Coating Systems Ltd.*		8,721		228,752

Balchem Corp.		1,881		218,647

Cabot Corp.		3,570		237,334

Celanese Corp., Class A(a)		3,420		391,624

CF Industries Holdings, Inc.		6,630		528,941

Chase Corp.(a)		171		21,727

Chemours Co. (The)		34,170		823,839

Corteva, Inc.		16,660		802,012

Dow, Inc.		22,440		1,084,750

DuPont de Nemours, Inc.(a)		11,390		830,103

Eastman Chemical Co.		3,933		293,913

Ecolab, Inc.		5,780		969,537

Ecovyst, Inc.*		1,197		11,012

Element Solutions, Inc.(a)		13,167		240,034

FMC Corp.		3,570		189,924

Ginkgo Bioworks Holdings, Inc., Class A* (a)		77,860		106,668

Hawkins, Inc.(a)		513		29,462

HB Fuller Co.		1,539		101,805

Huntsman Corp.		39,270		916,169

Innospec, Inc.		684		67,032

International Flavors & Fragrances, Inc.(a)		5,100		348,585

Koppers Holdings, Inc.		3,570		130,555

Kronos Worldwide, Inc.		3,230		22,287

Linde plc		12,240		4,677,638

Livent Corp.* (a)		7,182		104,785

LSB Industries, Inc.* (a)		13,770		125,445

LyondellBasell Industries NV, Class A		7,695		694,397

Mativ Holdings, Inc.(a)		5,780		75,718


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Minerals Technologies, Inc.		3,060	$	165,424

Mosaic Co. (The)		11,730		380,990

NewMarket Corp.(a)		510		245,896

Olin Corp.		5,270		225,134

Perimeter Solutions SA* (a)		19,210		61,472

PPG Industries, Inc.		5,270		646,998

PureCycle Technologies, Inc.* (a)		29,750		132,387

Quaker Chemical Corp.		855		122,881

RPM International, Inc.		2,736		249,715

Scotts Miracle-Gro Co. (The)(a)		3,400		151,096

Sensient Technologies Corp.(a)		2,210		124,688

Sherwin-Williams Co. (The)		5,610		1,336,358

Stepan Co.		1,530		114,444

Trinseo plc		4,250		26,308

Tronox Holdings plc(a)		21,546		230,327

Westlake Corp.(a)		510		58,834
				21,459,730

Commercial Services & Supplies – 0.8%

ABM Industries, Inc.(a)		12,240		481,522

ACCO Brands Corp.		28,900		146,234

ACV Auctions, Inc., Class A* (a)		7,820		104,241

Brady Corp., Class A		1,026		52,798

BrightView Holdings, Inc.*		7,011		47,254

Brink’s Co. (The)		9,918		663,117

Casella Waste Systems, Inc., Class A* (a)		2,052		154,823

Cimpress plc*		5,100		304,317

Cintas Corp.		2,052		1,040,610

Clean Harbors, Inc.* (a)		1,870		287,363

Copart, Inc.*		21,760		946,995

CoreCivic, Inc.*		17,000		215,900

Deluxe Corp.(a)		10,370		176,809

Ennis, Inc.(a)		4,590		98,042

Enviri Corp.* (a)		21,250		121,975

GEO Group, Inc. (The)* (a)		22,780		199,097

Healthcare Services Group, Inc.		6,290		59,755


Investments	Shares		Value

Commercial Services & Supplies – (continued)

HNI Corp.		3,420	$	118,640

Interface, Inc., Class A		21,590		191,935

Liquidity Services, Inc.*		513		9,886

Matthews International Corp., Class A(a)		3,400		120,496

MillerKnoll, Inc.(a)		21,590		507,365

Montrose Environmental Group, Inc.*		2,890		66,817

MSA Safety, Inc.(a)		2,210		348,915

OPENLANE, Inc.*		3,060		41,096

Republic Services, Inc., Class A		5,130		761,754

Rollins, Inc.		6,327		237,958

SP Plus Corp.*		3,230		163,212

Steelcase, Inc., Class A(a)		30,260		330,137

Stericycle, Inc.* (a)		5,440		224,346

Tetra Tech, Inc.(a)		1,710		258,056

UniFirst Corp.(a)		1,026		168,705

Viad Corp.* (a)		2,223		53,863

Waste Management, Inc.		9,234		1,517,423
				10,221,456

Communications Equipment – 0.8%

ADTRAN Holdings, Inc.(a)		22,270		146,314

Arista Networks, Inc.*		6,120		1,226,264

Calix, Inc.*		3,591		118,934

Ciena Corp.* (a)		6,120		258,264

Cisco Systems, Inc.		122,060		6,362,988

CommScope Holding Co., Inc.*		56,950		84,286

Digi International, Inc.* (a)		3,420		86,116

Extreme Networks, Inc.* (a)		9,350		192,797

F5, Inc.*		1,368		207,375

Harmonic, Inc.* (a)		2,565		27,676

Infinera Corp.* (a)		6,669		19,540

Juniper Networks, Inc.		10,370		279,160

Lumentum Holdings, Inc.* (a)		1,190		46,660

Motorola Solutions, Inc.		4,275		1,190,417

NetScout Systems, Inc.* (a)		5,359		116,987

Viasat, Inc.* (a)		15,810		291,537

Viavi Solutions, Inc.*		6,630		51,581
				10,706,896


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – 0.4%

AECOM(a)		4,330	$	331,462

Ameresco, Inc., Class A* (a)		1,197		31,302

API Group Corp.* (a)		6,630		171,518

Arcosa, Inc.		1,368		94,488

Argan, Inc.		1,710		78,215

Comfort Systems USA, Inc.(a)		2,040		370,974

Construction Partners, Inc., Class A*		855		32,875

Dycom Industries, Inc.* (a)		1,368		116,526

EMCOR Group, Inc.		1,530		316,174

Fluor Corp.*		5,814		193,548

Granite Construction, Inc.(a)		3,420		138,442

IES Holdings, Inc.*		1,870		116,370

MasTec, Inc.*		3,570		212,201

MDU Resources Group, Inc.		42,221		785,733

MYR Group, Inc.*		1,360		157,529

Primoris Services Corp.		10,431		313,556

Quanta Services, Inc.(a)		3,910		653,439

Sterling Infrastructure, Inc.* (a)		5,985		436,007

Valmont Industries, Inc.		850		167,373

WillScot Mobile Mini Holdings Corp.*		6,815		268,579
				4,986,311

Construction Materials – 0.1%

Eagle Materials, Inc.		1,710		263,186

Martin Marietta Materials, Inc.		1,539		629,359

Summit Materials, Inc., Class A*		5,050		166,145

Vulcan Materials Co.(a)		3,078		604,796
				1,663,486

Consumer Finance – 0.7%

Ally Financial, Inc.(a)		11,050		267,300

American Express Co.		17,510		2,556,985

Bread Financial Holdings, Inc.		11,900		321,657

Capital One Financial Corp.		12,335		1,249,412

Credit Acceptance Corp.*		286		115,095

Discover Financial Services		7,820		641,866


Investments	Shares		Value

Consumer Finance – (continued)

Encore Capital Group, Inc.* (a)		6,290	$	237,007

Enova International, Inc.*		7,353		293,238

EZCORP, Inc., Class A* (a)		3,400		27,880

FirstCash Holdings, Inc.		1,368		149,003

Green Dot Corp., Class A* (a)		13,940		155,849

LendingClub Corp.*		6,290		32,645

Navient Corp.(a)		23,256		370,003

Nelnet, Inc., Class A		1,530		129,759

NerdWallet, Inc., Class A* (a)		10,540		113,621

OneMain Holdings, Inc.		25,500		916,215

PROG Holdings, Inc.* (a)		7,650		209,533

SLM Corp.		55,590		722,670

SoFi Technologies, Inc.* (a)		43,350		327,293

Synchrony Financial		10,030		281,342

Upstart Holdings, Inc.* (a)		4,080		98,042

World Acceptance Corp.*		342		33,728
				9,250,143

Consumer Staples Distribution & Retail – 1.5%

Albertsons Cos., Inc., Class A		8,670		188,139

Andersons, Inc. (The)		6,800		340,884

BJ’s Wholesale Club Holdings, Inc.* (a)		4,185		285,082

Casey’s General Stores, Inc.(a)		1,190		323,573

Chefs’ Warehouse, Inc. (The)*		3,570		67,937

Costco Wholesale Corp.		11,050		6,104,462

Dollar General Corp.		5,100		607,104

Dollar Tree, Inc.* (a)		4,930		547,674

Grocery Outlet Holding Corp.* (a)		2,907		80,437

Ingles Markets, Inc., Class A(a)		1,360		109,099

Kroger Co. (The)		21,080		956,400

Performance Food Group Co.*		3,740		216,022

PriceSmart, Inc.		342		21,371

SpartanNash Co.		8,160		183,518

Sprouts Farmers Market, Inc.* (a)		24,310		1,021,506


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – (continued)

Sysco Corp.		12,312	$	818,625

Target Corp.		14,280		1,582,081

United Natural Foods, Inc.*		13,600		198,288

US Foods Holding Corp.*		7,140		278,032

Walgreens Boots Alliance, Inc.(a)		20,400		430,032

Walmart, Inc.		34,680		5,667,059

Weis Markets, Inc.(a)		1,676		109,108
				20,136,433

Containers & Packaging – 0.6%

Amcor plc		34,510		306,794

AptarGroup, Inc.		2,210		270,217

Avery Dennison Corp.		1,710		297,660

Ball Corp.(a)		9,180		442,017

Berry Global Group, Inc.		25,330		1,393,150

Crown Holdings, Inc.		4,250		342,550

Graphic Packaging Holding Co.(a)		63,410		1,363,949

Greif, Inc., Class A(a)		5,643		358,331

Greif, Inc., Class B		170		10,890

International Paper Co.		7,990		269,503

Myers Industries, Inc.		171		2,868

O-I Glass, Inc.* (a)		29,920		462,264

Packaging Corp. of America		2,907		444,916

Pactiv Evergreen, Inc.		13,260		114,301

Sealed Air Corp.		4,590		141,326

Silgan Holdings, Inc.(a)		5,440		217,926

Sonoco Products Co.(a)		20,060		1,039,309

TriMas Corp.(a)		1,368		33,119

Westrock Co.		5,440		195,459
				7,706,549

Distributors – 0.1%

Genuine Parts Co.		3,910		503,843

LKQ Corp.		9,234		405,557

Pool Corp.(a)		1,190		375,766
				1,285,166

Diversified Consumer Services – 0.2%

Adtalem Global Education, Inc.* (a)		4,080		211,344

Bright Horizons Family Solutions, Inc.* (a)		3,400		251,804


Investments	Shares		Value

Diversified Consumer Services – (continued)

Coursera, Inc.*		7,820	$	135,599

Duolingo, Inc., Class A* (a)		1,020		148,971

Frontdoor, Inc.*		2,380		68,853

Graham Holdings Co., Class B		855		494,806

Grand Canyon Education, Inc.*		1,190		140,813

H&R Block, Inc.(a)		9,010		369,861

Laureate Education, Inc.		9,180		129,805

OneSpaWorld Holdings Ltd.* (a)		8,721		91,396

Perdoceo Education Corp.		11,970		216,537

Rover Group, Inc., Class A* (a)		18,360		118,422

Service Corp. International(a)		4,446		241,951

Strategic Education, Inc.(a)		1,710		140,750

Stride, Inc.* (a)		3,719		204,471

Udemy, Inc.* (a)		1,368		12,216
				2,977,599

Diversified REITs – 0.1%

Alexander & Baldwin, Inc., REIT		2,907		45,931

Armada Hoffler Properties, Inc., REIT		1,360		13,546

Broadstone Net Lease, Inc., REIT		2,890		40,893

Empire State Realty Trust, Inc., Class A, REIT(a)		15,470		125,152

Essential Properties Realty Trust, Inc., REIT(a)		8,037		176,412

Global Net Lease, Inc., REIT(a)		48,791		387,401

WP Carey, Inc., REIT		5,440		291,856
				1,081,191

Diversified Telecommunication Services – 0.7%

Anterix, Inc.* (a)		3,230		98,483

AT&T, Inc.		210,800		3,246,320

ATN International, Inc.		680		21,046

Cogent Communications Holdings, Inc.		3,060		198,839

Consolidated Communications Holdings, Inc.*		12,996		54,193


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – (continued)

EchoStar Corp., Class A*		6,290	$	87,179

Frontier Communications Parent, Inc.* (a)		15,640		280,269

Iridium Communications, Inc.		6,840		253,422

Liberty Latin America Ltd., Class A*		10,880		74,310

Liberty Latin America Ltd., Class C*		15,300		104,805

Lumen Technologies, Inc.* (a)		159,290		232,563

Verizon Communications, Inc.		124,950		4,389,494
				9,040,923

Electric Utilities – 1.3%

ALLETE, Inc.		1,700		91,018

Alliant Energy Corp.		7,182		350,410

American Electric Power Co., Inc.		15,980		1,207,129

Constellation Energy Corp.		7,480		844,642

Duke Energy Corp.		23,970		2,130,693

Edison International		10,710		675,373

Entergy Corp.		5,950		568,760

Evergy, Inc.		5,950		292,383

Eversource Energy		7,140		384,061

Exelon Corp.		26,520		1,032,689

FirstEnergy Corp.(a)		16,758		596,585

Hawaiian Electric Industries, Inc.		6,156		79,905

IDACORP, Inc.(a)		2,736		259,126

MGE Energy, Inc.		1,026		73,492

NextEra Energy, Inc.		51,000		2,973,300

NRG Energy, Inc.(a)		8,721		369,596

OGE Energy Corp.		7,728		264,298

Otter Tail Corp.(a)		3,060		235,436

PG&E Corp.*		58,480		953,224

Pinnacle West Capital Corp.		3,591		266,380

PNM Resources, Inc.		4,788		202,341

Portland General Electric Co.		5,610		224,512

PPL Corp.		15,810		388,452

Southern Co. (The)		32,640		2,196,672

Xcel Energy, Inc.		13,770		816,148
				17,476,625


Investments	Shares		Value

Electrical Equipment – 0.8%

Acuity Brands, Inc.(a)		1,870	$	302,884

AMETEK, Inc.		5,270		741,858

Array Technologies, Inc.* (a)		4,080		70,706

Atkore, Inc.* (a)		8,840		1,098,635

Blink Charging Co.* (a)		17,680		42,078

Bloom Energy Corp., Class A* (a)		15,130		157,352

ChargePoint Holdings, Inc.* (a)		1,190		3,023

Eaton Corp. plc		9,747		2,026,499

Emerson Electric Co.		14,790		1,315,866

Encore Wire Corp.(a)		3,933		703,338

EnerSys		1,026		87,805

Enovix Corp.* (a)		10,030		89,367

Fluence Energy, Inc., Class A* (a)		6,669		115,507

FREYR Battery SA* (a)		25,840		82,946

FuelCell Energy, Inc.* (a)		42,330		46,140

Generac Holdings, Inc.* (a)		3,230		271,546

Hubbell, Inc., Class B		1,197		323,310

NEXTracker, Inc., Class A* (a)		3,060		106,366

nVent Electric plc		9,010		433,651

Plug Power, Inc.* (a)		29,920		176,229

Preformed Line Products Co.		170		23,010

Regal Rexnord Corp.(a)		2,052		242,977

Rockwell Automation, Inc.		2,736		719,048

Sensata Technologies Holding plc		6,460		205,945

Shoals Technologies Group, Inc., Class A* (a)		6,290		96,615

Stem, Inc.* (a)		35,360		119,517

SunPower Corp.* (a)		5,985		25,556

Sunrun, Inc.* (a)		43,931		423,934

Vertiv Holdings Co., Class A		13,430		527,396

Vicor Corp.* (a)		2,210		85,616
				10,664,720

Electronic Equipment, Instruments & Components – 1.2%

Advanced Energy Industries, Inc.(a)		1,026		89,529

Amphenol Corp., Class A		13,940		1,122,867

Arrow Electronics, Inc.*		11,730		1,330,299


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Avnet, Inc.		19,836	$	919,002

Badger Meter, Inc.		1,870		259,088

Bel Fuse, Inc., Class B		680		36,842

Belden, Inc.		2,720		192,848

Benchmark Electronics, Inc.		8,208		198,716

CDW Corp.		3,078		616,831

Cognex Corp.(a)		5,270		189,667

Coherent Corp.*		28,221		835,329

Corning, Inc.		21,250		568,650

Crane NXT Co.(a)		9,180		477,360

CTS Corp.		855		31,986

ePlus, Inc.*		6,460		403,750

Fabrinet* (a)		2,052		318,060

Flex Ltd.*		17,271		444,210

Insight Enterprises, Inc.* (a)		6,970		998,801

IPG Photonics Corp.*		2,040		175,236

Itron, Inc.*		1,881		107,744

Jabil, Inc.(a)		4,760		584,528

Keysight Technologies, Inc.*		4,446		542,634

Kimball Electronics, Inc.*		3,400		89,080

Knowles Corp.* (a)		2,565		33,319

Lightwave Logic, Inc.* (a)		855		3,873

Littelfuse, Inc.		1,020		221,003

Methode Electronics, Inc.		3,400		77,758

Mirion Technologies, Inc., Class A* (a)		28,390		196,743

nLight, Inc.*		8,160		67,973

Novanta, Inc.*		1,881		248,405

OSI Systems, Inc.*		510		53,178

PC Connection, Inc.		171		9,162

Plexus Corp.* (a)		680		66,858

Rogers Corp.*		680		83,565

Sanmina Corp.* (a)		13,260		674,536

ScanSource, Inc.*		3,933		119,563

SmartRent, Inc., Class A* (a)		33,490		80,711

TD SYNNEX Corp.		684		62,709

TE Connectivity Ltd.		8,500		1,001,725

Teledyne Technologies, Inc.*		1,197		448,384

Trimble, Inc.*		6,156		290,132

TTM Technologies, Inc.*		20,691		237,740


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Vishay Intertechnology, Inc.(a)		25,308	$	562,850

Vontier Corp.		33,150		979,914

Zebra Technologies Corp., Class A* (a)		1,190		249,222
				16,302,380

Energy Equipment & Services – 0.8%

Archrock, Inc.		12,825		162,493

Atlas Energy Solutions, Inc.(a)		2,720		49,531

Baker Hughes Co., Class A		22,572		776,928

Cactus, Inc., Class A(a)		4,275		200,669

ChampionX Corp.(a)		11,220		345,576

Dril-Quip, Inc.*		171		3,704

Halliburton Co.		27,710		1,090,111

Helix Energy Solutions Group, Inc.*		13,940		136,612

Helmerich & Payne, Inc.(a)		23,630		935,039

Liberty Energy, Inc., Class A(a)		38,930		766,921

Nabors Industries Ltd.*		850		83,019

NOV, Inc.		21,760		434,330

Oceaneering International, Inc.*		8,330		183,177

Oil States International, Inc.*		513		3,724

Patterson-UTI Energy, Inc.(a)		75,835		963,105

ProPetro Holding Corp.* (a)		27,370		286,838

RPC, Inc.(a)		12,240		101,837

Schlumberger NV		41,820		2,327,701

Select Water Solutions, Inc., Class A		12,410		92,330

Tidewater, Inc.* (a)		1,360		92,956

Transocean Ltd.* (a)		143,310		948,712

US Silica Holdings, Inc.*		17,000		205,190

Valaris Ltd.*		1,700		112,268

Weatherford International plc* (a)		4,080		379,807
				10,682,578

Entertainment – 1.0%

AMC Entertainment Holdings, Inc., Class A*		271		2,894


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – (continued)

Atlanta Braves Holdings, Inc., Class C* (a)		203	$	7,060

Cinemark Holdings, Inc.* (a)		9,860		162,591

Electronic Arts, Inc.		6,120		757,595

Endeavor Group Holdings, Inc., Class A		10,200		232,152

IMAX Corp.*		1,881		34,253

Liberty Media Corp-Liberty Formula One, Class A*		1,710		98,411

Liberty Media Corp-Liberty Formula One, Class C*		5,301		342,922

Lions Gate Entertainment Corp., Class B*		10,200		76,092

Live Nation Entertainment, Inc.*		4,420		353,688

Madison Square Garden Sports Corp.*		510		85,751

Netflix, Inc.*		11,050		4,549,175

Playtika Holding Corp.*		8,670		72,828

ROBLOX Corp., Class A* (a)		10,880		346,093

Roku, Inc., Class A* (a)		5,440		324,061

Sphere Entertainment Co.*		6,630		218,193

Take-Two Interactive Software, Inc.*		4,250		568,438

TKO Group Holdings, Inc.(a)		2,380		195,112

Walt Disney Co. (The)*		44,710		3,647,889

Warner Bros Discovery, Inc.*		72,760		723,234

Warner Music Group Corp., Class A		4,080		127,704
				12,926,136

Financial Services – 4.1%

Affirm Holdings, Inc., Class A* (a)		47,940		844,223

A-Mark Precious Metals, Inc.(a)		2,736		74,091

Apollo Global Management, Inc.		14,280		1,105,843

AvidXchange Holdings, Inc.* (a)		14,620		126,317

Berkshire Hathaway, Inc., Class B*		55,590		18,974,535

Block, Inc., Class A*		11,900		478,975


Investments	Shares		Value

Financial Services – (continued)

Cantaloupe, Inc.*		2,550	$	16,779

Compass Diversified Holdings		3,740		64,253

Enact Holdings, Inc.		3,570		98,389

Equitable Holdings, Inc.		12,750		338,768

Essent Group Ltd.(a)		21,590		1,019,912

Euronet Worldwide, Inc.*		1,870		143,691

EVERTEC, Inc.(a)		5,100		162,078

Federal Agricultural Mortgage Corp., Class C		1,020		151,531

Fidelity National Information Services, Inc.		17,340		851,567

Fiserv, Inc.*		19,040		2,165,800

FleetCor Technologies, Inc.*		1,530		344,510

Flywire Corp.* (a)		5,270		141,710

Global Payments, Inc.		7,310		776,468

International Money Express, Inc.*		2,394		38,208

Jack Henry & Associates, Inc.(a)		1,881		265,202

Jackson Financial, Inc., Class A(a)		13,770		505,497

Marqeta, Inc., Class A*		24,820		128,319

Mastercard, Inc., Class A		20,570		7,741,520

Merchants Bancorp(a)		3,078		92,001

MGIC Investment Corp.		58,480		984,803

Mr Cooper Group, Inc.*		16,320		922,570

NMI Holdings, Inc., Class A*		18,810		514,454

PayPal Holdings, Inc.*		31,960		1,655,528

PennyMac Financial Services, Inc.(a)		7,480		502,656

Radian Group, Inc.(a)		36,908		935,249

Remitly Global, Inc.* (a)		8,840		238,061

Repay Holdings Corp., Class A* (a)		27,370		163,946

Rocket Cos., Inc., Class A* (a)		7,140		52,765

Shift4 Payments, Inc., Class A* (a)		2,040		90,821

Toast, Inc., Class A* (a)		13,600		217,464

Visa, Inc., Class A(a)		39,950		9,392,245

Voya Financial, Inc.(a)		21,930		1,464,266

Walker & Dunlop, Inc.(a)		6,630		429,624


Investments	Shares		Value

COMMON STOCKS – (continued)

Financial Services – (continued)

Western Union Co. (The)		75,140	$	848,331

WEX, Inc.*		1,530		254,714
				55,317,684

Food Products – 0.9%

Archer-Daniels-Midland Co.		17,000		1,216,690

B&G Foods, Inc.(a)		7,650		61,736

Beyond Meat, Inc.* (a)		8,500		50,745

Bunge Ltd.		3,910		414,382

Calavo Growers, Inc.		171		4,333

Cal-Maine Foods, Inc.(a)		7,480		338,919

Campbell Soup Co.(a)		5,985		241,854

Conagra Brands, Inc.		15,048		411,713

Darling Ingredients, Inc.*		4,446		196,913

Flowers Foods, Inc.		11,286		247,502

Freshpet, Inc.* (a)		2,210		126,854

General Mills, Inc.		15,640		1,020,354

Hershey Co. (The)		3,420		640,737

Hormel Foods Corp.		5,440		177,072

Hostess Brands, Inc., Class A*		3,910		130,594

Ingredion, Inc.		13,851		1,296,177

J & J Snack Foods Corp.(a)		1,197		187,462

J M Smucker Co. (The)		3,060		348,350

John B Sanfilippo & Son, Inc.		1,190		121,689

Kellogg Co.		6,120		308,876

Kraft Heinz Co. (The)		22,780		716,659

Lamb Weston Holdings, Inc.		3,591		322,472

Lancaster Colony Corp.		1,190		201,312

McCormick & Co., Inc. (Non-Voting)		5,440		347,616

Mondelez International, Inc., Class A		34,510		2,284,907

Pilgrim’s Pride Corp.*		5,270		134,385

Post Holdings, Inc.* (a)		3,078		247,102

Seaboard Corp.(a)		62		217,431

Simply Good Foods Co. (The)* (a)		2,394		89,272

Tootsie Roll Industries, Inc.		2,455		76,376

TreeHouse Foods, Inc.*		1,020		42,524

Tyson Foods, Inc., Class A		7,140		330,939

Utz Brands, Inc.(a)		7,353		89,633
				12,643,580


Investments	Shares		Value

Gas Utilities – 0.2%

Atmos Energy Corp.(a)		3,078	$	331,377

Chesapeake Utilities Corp.(a)		513		45,457

National Fuel Gas Co.		21,590		1,100,011

New Jersey Resources Corp.		5,780		234,552

ONE Gas, Inc.(a)		3,420		206,568

Southwest Gas Holdings, Inc.		2,223		130,290

Spire, Inc.(a)		3,570		198,599

UGI Corp.(a)		49,640		1,032,512
				3,279,366

Ground Transportation – 1.0%

ArcBest Corp.(a)		4,788		521,317

Avis Budget Group, Inc.*		1,020		166,056

CSX Corp.		52,139		1,556,349

Heartland Express, Inc.(a)		5,301		61,810

Hertz Global Holdings, Inc.* (a)		23,800		200,634

JB Hunt Transport Services, Inc.(a)		2,052		352,677

Knight-Swift Transportation Holdings, Inc., Class A		4,446		217,365

Landstar System, Inc.(a)		1,710		281,774

Lyft, Inc., Class A*		19,210		176,156

Marten Transport Ltd.		2,565		45,093

Norfolk Southern Corp.		6,460		1,232,503

Old Dominion Freight Line, Inc.		2,394		901,724

RXO, Inc.*		850		14,883

Ryder System, Inc.		9,918		967,402

Saia, Inc.* (a)		1,197		429,113

Schneider National, Inc., Class B(a)		7,140		180,856

Uber Technologies, Inc.*		52,360		2,266,141

U-Haul Holding Co.* (a)		171		8,399

U-Haul Holding Co.		2,040		96,308

Union Pacific Corp.		14,960		3,105,846

Werner Enterprises, Inc.		13,090		475,429

XPO, Inc.*		5,270		399,519
				13,657,354

Health Care Equipment & Supplies – 2.0%

Abbott Laboratories		41,990		3,970,155

Align Technology, Inc.*		1,870		345,183


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Alphatec Holdings, Inc.* (a)		171	$	1,570

AtriCure, Inc.*		3,740		129,554

Avanos Medical, Inc.*		1,026		18,837

Axonics, Inc.* (a)		2,736		140,111

Baxter International, Inc.		14,790		479,640

Becton Dickinson & Co.		7,140		1,804,849

Boston Scientific Corp.*		36,380		1,862,292

CONMED Corp.(a)		2,040		198,818

Cooper Cos., Inc. (The)		1,197		373,165

Dentsply Sirona, Inc.		7,480		227,467

Dexcom, Inc.*		9,576		850,636

Edwards Lifesciences Corp.*		15,300		974,916

Enovis Corp.* (a)		3,740		171,682

Envista Holdings Corp.* (a)		8,840		205,707

Establishment Labs Holdings, Inc.* (a)		1,368		40,055

GE HealthCare Technologies, Inc.(a)		9,690		645,063

Glaukos Corp.* (a)		2,394		163,271

Globus Medical, Inc., Class A* (a)		3,751		171,458

Haemonetics Corp.*		2,736		233,189

Hologic, Inc.*		6,970		461,205

ICU Medical, Inc.* (a)		510		50,011

IDEXX Laboratories, Inc.*		2,040		814,919

Inari Medical, Inc.* (a)		3,230		196,093

Inspire Medical Systems, Inc.*		1,368		201,315

Insulet Corp.*		1,539		204,025

Integer Holdings Corp.* (a)		855		69,400

Integra LifeSciences Holdings Corp.* (a)		1,530		55,019

Intuitive Surgical, Inc.*		8,840		2,318,025

iRhythm Technologies, Inc.* (a)		1,870		146,832

Lantheus Holdings, Inc.*		4,167		269,188

LeMaitre Vascular, Inc.		171		8,307

LivaNova plc*		2,040		100,062

Masimo Corp.* (a)		1,700		137,921

Medtronic plc		39,270		2,770,891

Merit Medical Systems, Inc.*		1,700		116,858

Neogen Corp.* (a)		12,070		179,722


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

Novocure Ltd.* (a)		2,394	$	31,840

Omnicell, Inc.*		2,210		78,543

OrthoPediatrics Corp.* (a)		2,550		62,373

Penumbra, Inc.* (a)		1,190		227,469

PROCEPT BioRobotics Corp.* (a)		1,710		45,811

Pulmonx Corp.* (a)		7,480		65,749

QuidelOrtho Corp.*		1,360		83,069

ResMed, Inc.		3,420		482,972

Shockwave Medical, Inc.*		1,190		245,449

STAAR Surgical Co.*		510		21,328

STERIS plc(a)		2,736		574,505

Stryker Corp.		8,330		2,250,933

Tandem Diabetes Care, Inc.* (a)		5,950		102,935

Teleflex, Inc.(a)		850		157,038

TransMedics Group, Inc.* (a)		1,368		51,273

Treace Medical Concepts, Inc.*		2,394		24,012

Zimmer Biomet Holdings, Inc.		5,643		589,186
				26,201,896

Health Care Providers & Services – 2.9%

Acadia Healthcare Co., Inc.*		3,060		224,941

Accolade, Inc.*		9,350		60,775

AdaptHealth Corp., Class A* (a)		23,290		170,716

Addus HomeCare Corp.* (a)		1,020		80,478

Agiliti, Inc.* (a)		342		1,925

agilon health, Inc.* (a)		4,420		79,560

Amedisys, Inc.*		1,700		155,533

AMN Healthcare Services, Inc.* (a)		9,234		700,491

Apollo Medical Holdings, Inc.* (a)		2,720		84,891

Brookdale Senior Living, Inc.* (a)		49,745		194,503

Cardinal Health, Inc.		8,670		788,970

Cencora, Inc.(a)		4,959		918,159

Centene Corp.*		17,680		1,219,566

Chemed Corp.(a)		342		192,426

Cigna Group (The)		9,350		2,891,020


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – (continued)

Community Health Systems, Inc.* (a)		24,795	$	53,061

Cross Country Healthcare, Inc.*		7,353		170,296

CVS Health Corp.		38,760		2,674,828

DaVita, Inc.* (a)		2,380		183,807

Elevance Health, Inc.		7,353		3,309,512

Encompass Health Corp.		3,570		223,339

Ensign Group, Inc. (The)(a)		1,870		180,642

Guardant Health, Inc.*		6,120		158,386

HCA Healthcare, Inc.		5,950		1,345,533

HealthEquity, Inc.* (a)		3,762		269,660

Henry Schein, Inc.*		4,275		277,790

Humana, Inc.		3,740		1,958,601

Laboratory Corp. of America Holdings		2,907		580,615

McKesson Corp.		4,250		1,935,280

ModivCare, Inc.* (a)		170		7,181

Molina Healthcare, Inc.*		1,530		509,414

National Research Corp.(a)		2,223		93,944

NeoGenomics, Inc.* (a)		3,249		45,551

OPKO Health, Inc.* (a)		134,980		168,725

Option Care Health, Inc.*		9,234		256,059

Owens & Minor, Inc.* (a)		12,580		180,271

Patterson Cos., Inc.		18,639		567,744

Pediatrix Medical Group, Inc.* (a)		23,800		272,748

Premier, Inc., Class A(a)		22,270		428,029

Privia Health Group, Inc.* (a)		5,440		114,349

Progyny, Inc.*		3,570		110,170

Quest Diagnostics, Inc.		3,400		442,340

R1 RCM, Inc.* (a)		3,933		46,370

RadNet, Inc.*		1,026		27,661

Select Medical Holdings Corp.(a)		4,080		92,738

Surgery Partners, Inc.*		3,249		75,149

Tenet Healthcare Corp.* (a)		23,290		1,250,673

UnitedHealth Group, Inc.		22,780		12,200,057

Universal Health Services, Inc., Class B		1,870		235,414

US Physical Therapy, Inc.		171		14,383
				38,224,274


Investments	Shares		Value

Health Care REITs – 0.2%

CareTrust REIT, Inc., REIT		7,182	$	154,557

Community Healthcare Trust, Inc., REIT(a)		3,230		92,604

Healthcare Realty Trust, Inc., Class A, REIT(a)		13,770		197,600

Healthpeak Properties, Inc., REIT		17,850		277,567

Medical Properties Trust, Inc., REIT(a)		117,640		562,319

National Health Investors, Inc., REIT		680		34,027

Omega Healthcare Investors, Inc., REIT(a)		8,500		281,350

Physicians Realty Trust, REIT(a)		16,490		179,081

Sabra Health Care REIT, Inc., REIT		11,220		153,041

Ventas, Inc., REIT		9,520		404,219

Welltower, Inc., REIT		12,070		1,009,173
				3,345,538

Health Care Technology – 0.1%

Doximity, Inc., Class A* (a)		7,310		149,343

Evolent Health, Inc., Class A* (a)		5,780		141,205

Health Catalyst, Inc.*		10,200		76,398

HealthStream, Inc.		171		4,344

Multiplan Corp.* (a)		63,070		106,588

NextGen Healthcare, Inc.*		513		12,271

Phreesia, Inc.* (a)		4,590		62,699

Teladoc Health, Inc.* (a)		3,570		59,048

Veeva Systems, Inc., Class A*		3,570		687,975

Veradigm, Inc.* (a)		9,442		124,540
				1,424,411

Hotel & Resort REITs – 0.2%

Apple Hospitality REIT, Inc., REIT(a)		6,290		98,627

Chatham Lodging Trust, REIT		7,011		64,852

DiamondRock Hospitality Co., REIT(a)		17,606		136,094

Host Hotels & Resorts, Inc., REIT		16,245		251,473


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotel & Resort REITs – (continued)

Park Hotels & Resorts, Inc., REIT(a)		15,597	$	179,833

Pebblebrook Hotel Trust, REIT(a)		31,620		377,227

RLJ Lodging Trust, REIT		15,470		145,418

Ryman Hospitality Properties, Inc., REIT(a)		3,249		278,114

Service Properties Trust, REIT		37,740		273,615

Summit Hotel Properties, Inc., REIT(a)		38,930		219,565

Sunstone Hotel Investors, Inc., REIT(a)		8,550		79,515

Xenia Hotels & Resorts, Inc., REIT(a)		9,601		111,660
				2,215,993

Hotels, Restaurants & Leisure – 2.0%

Airbnb, Inc., Class A*		10,030		1,186,449

Aramark		5,814		156,571

Bally’s Corp.* (a)		6,120		55,814

BJ’s Restaurants, Inc.*		2,052		52,778

Bloomin’ Brands, Inc.(a)		17,271		403,105

Booking Holdings, Inc.*		850		2,371,126

Boyd Gaming Corp.		3,933		217,298

Brinker International, Inc.* (a)		7,650		259,488

Caesars Entertainment, Inc.*		6,970		278,033

Carnival Corp.* (a)		25,330		290,282

Cheesecake Factory, Inc. (The)(a)		3,060		95,074

Chipotle Mexican Grill, Inc., Class A*		684		1,328,465

Choice Hotels International, Inc.		1,026		113,373

Churchill Downs, Inc.(a)		1,710		187,826

Cracker Barrel Old Country Store, Inc.(a)		1,020		67,687

Darden Restaurants, Inc.		2,736		398,170

Dave & Buster’s Entertainment, Inc.* (a)		3,740		130,676

Denny’s Corp.* (a)		1,539		13,266

Dine Brands Global, Inc.		3,570		175,965

Domino’s Pizza, Inc.		680		230,513


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

DoorDash, Inc., Class A* (a)		6,460	$	484,177

DraftKings, Inc., Class A*		14,110		389,718

Dutch Bros, Inc., Class A*		2,720		66,205

Everi Holdings, Inc.*		7,695		83,029

Expedia Group, Inc.*		3,910		372,584

Hilton Grand Vacations, Inc.* (a)		17,955		645,482

Hilton Worldwide Holdings, Inc.		6,327		958,730

Hyatt Hotels Corp., Class A(a)		2,890		296,052

Jack in the Box, Inc.(a)		342		21,608

Las Vegas Sands Corp.		7,140		338,864

Life Time Group Holdings, Inc.*		7,480		88,414

Light & Wonder, Inc.* (a)		5,270		385,290

Lindblad Expeditions Holdings, Inc.*		8,500		52,870

Marriott International, Inc., Class A		6,630		1,250,153

Marriott Vacations Worldwide Corp.		2,210		198,591

McDonald’s Corp.		18,126		4,752,094

MGM Resorts International(a)		9,010		314,629

Norwegian Cruise Line Holdings Ltd.* (a)		14,110		191,896

Papa John’s International, Inc.(a)		510		33,160

Penn Entertainment, Inc.* (a)		29,920		590,322

Planet Fitness, Inc., Class A*		3,910		216,106

Red Rock Resorts, Inc., Class A(a)		2,052		81,157

Royal Caribbean Cruises Ltd.* (a)		6,970		590,568

Sabre Corp.*		57,460		201,110

SeaWorld Entertainment, Inc.*		3,230		139,148

Shake Shack, Inc., Class A*		680		38,107

Six Flags Entertainment Corp.*		18,530		368,747

Starbucks Corp.		27,370		2,524,609

Sweetgreen, Inc., Class A* (a)		9,180		94,829


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

Texas Roadhouse, Inc., Class A		3,910	$	397,021

Travel + Leisure Co.		15,810		538,014

Vail Resorts, Inc.(a)		1,026		217,769

Wendy’s Co. (The)(a)		11,220		213,404

Wingstop, Inc.		1,881		343,790

Wyndham Hotels & Resorts, Inc.		3,249		235,228

Wynn Resorts Ltd.(a)		3,060		268,607

Yum! Brands, Inc.		7,480		904,033
				26,898,074

Household Durables – 1.1%

Beazer Homes USA, Inc.* (a)		3,400		82,246

Cavco Industries, Inc.* (a)		1,530		381,750

Century Communities, Inc.		7,182		441,693

Cricut, Inc., Class A(a)		684		5,835

DR Horton, Inc.		9,747		1,017,587

Dream Finders Homes, Inc., Class A* (a)		1,700		33,473

Ethan Allen Interiors, Inc.(a)		4,275		112,261

Garmin Ltd.		4,104		420,783

GoPro, Inc., Class A* (a)		12,750		32,003

Green Brick Partners, Inc.* (a)		7,650		296,055

Helen of Troy Ltd.* (a)		4,930		484,718

Hovnanian Enterprises, Inc., Class A*		340		23,623

Installed Building Products, Inc.		684		76,382

iRobot Corp.*		1,368		45,048

KB Home		18,700		826,540

La-Z-Boy, Inc.(a)		7,866		230,002

Leggett & Platt, Inc.		2,720		63,730

Lennar Corp., Class A		8,160		870,509

Lennar Corp., Class B(a)		513		50,587

LGI Homes, Inc.* (a)		4,959		468,675

M/I Homes, Inc.* (a)		7,182		589,427

MDC Holdings, Inc.(a)		12,312		467,240

Meritage Homes Corp.		8,208		935,876

Mohawk Industries, Inc.*		12,410		997,516

Newell Brands, Inc.		74,630		501,514

NVR, Inc.*		104		562,912


Investments	Shares		Value

Household Durables – (continued)

PulteGroup, Inc.		7,820	$	575,474

Skyline Champion Corp.*		3,570		209,309

Sonos, Inc.*		6,630		71,471

Taylor Morrison Home Corp., Class A* (a)		24,820		951,102

Tempur Sealy International, Inc.(a)		9,690		386,922

Toll Brothers, Inc.(a)		22,780		1,610,774

TopBuild Corp.*		1,190		272,224

Tri Pointe Homes, Inc.*		24,140		604,948

Vizio Holding Corp., Class A*		10,540		53,649

Whirlpool Corp.(a)		2,052		214,557
				14,968,415

Household Products – 1.0%

Central Garden & Pet Co.* (a)		1,539		67,147

Central Garden & Pet Co., Class A*		4,080		161,935

Church & Dwight Co., Inc.		6,630		602,932

Clorox Co. (The)		3,230		380,171

Colgate-Palmolive Co.		20,060		1,506,907

Energizer Holdings, Inc.(a)		11,730		370,433

Kimberly-Clark Corp.		7,990		955,924

Procter & Gamble Co. (The)		58,650		8,799,260

Reynolds Consumer Products, Inc.(a)		340		8,646

Spectrum Brands Holdings, Inc.		2,720		204,870

WD-40 Co.(a)		340		71,876
				13,130,101

Independent Power and Renewable Electricity Producers – 0.1%

AES Corp. (The)(a)		20,910		311,559

Clearway Energy, Inc., Class A		510		10,389

Clearway Energy, Inc., Class C(a)		1,360		29,525

Ormat Technologies, Inc.(a)		1,530		94,156

Vistra Corp.		13,090		428,305
				873,934


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – 0.5%

3M Co.		15,810	$	1,437,919

General Electric Co.		26,520		2,880,868

Honeywell International, Inc.		15,810		2,897,341
				7,216,128

Industrial REITs – 0.3%

Americold Realty Trust, Inc., REIT		5,610		147,094

EastGroup Properties, Inc., REIT		1,469		239,814

First Industrial Realty Trust, Inc., REIT		7,182		303,799

Innovative Industrial Properties, Inc., REIT		340		24,422

LXP Industrial Trust, REIT		5,780		45,720

Plymouth Industrial REIT, Inc., REIT(a)		5,440		108,474

Prologis, Inc., REIT		22,928		2,309,996

Rexford Industrial Realty, Inc., REIT(a)		4,617		199,639

STAG Industrial, Inc., REIT(a)		10,200		338,844

Terreno Realty Corp., REIT		3,933		209,550
				3,927,352

Insurance – 2.8%

Aflac, Inc.		17,510		1,367,706

Allstate Corp. (The)		7,140		914,848

Ambac Financial Group, Inc.*		6,630		80,422

American Equity Investment Life Holding Co.(a)		15,130		801,285

American Financial Group, Inc.(a)		2,565		280,508

American International Group, Inc.		22,950		1,407,065

AMERISAFE, Inc.		342		17,432

Aon plc, Class A		5,130		1,587,222

Arch Capital Group Ltd.*		12,410		1,075,699

Argo Group International Holdings Ltd.(a)		8,330		248,567

Arthur J Gallagher & Co.		4,930		1,160,966

Assurant, Inc.		11,560		1,721,284

Assured Guaranty Ltd.		3,910		243,984


Investments	Shares		Value

Insurance – (continued)

Axis Capital Holdings Ltd.		15,390	$	878,769

Brighthouse Financial, Inc.*		15,980		723,894

Brown & Brown, Inc.		5,643		391,737

BRP Group, Inc., Class A* (a)		1,539		32,211

Chubb Ltd.		12,920		2,772,890

Cincinnati Financial Corp.		3,762		374,959

CNO Financial Group, Inc.		27,374		634,529

Employers Holdings, Inc.		684		25,992

Enstar Group Ltd.*		2,720		644,558

Erie Indemnity Co., Class A(a)		340		93,905

Everest Group Ltd.		1,026		405,906

F&G Annuities & Life, Inc.(a)		680		20,869

Fidelity National Financial, Inc.		9,918		387,695

First American Financial Corp.		21,717		1,117,122

Genworth Financial, Inc., Class A* (a)		85,850		514,242

Globe Life, Inc.		2,394		278,566

Goosehead Insurance, Inc., Class A* (a)		2,210		143,363

Hanover Insurance Group, Inc. (The)		2,040		239,108

Hartford Financial Services Group, Inc. (The)		10,540		774,163

Horace Mann Educators Corp.		510		16,182

Kemper Corp.(a)		4,420		176,270

Kinsale Capital Group, Inc.(a)		680		227,059

Lincoln National Corp.		37,060		806,796

Loews Corp.		6,970		446,150

Markel Group, Inc.*		422		620,559

Marsh & McLennan Cos., Inc.		12,580		2,385,797

MBIA, Inc.* (a)		5,985		41,177

Mercury General Corp.(a)		8,330		257,230

MetLife, Inc.		20,400		1,224,204

National Western Life Group, Inc., Class A		342		163,784

Old Republic International Corp.		11,050		302,549

Oscar Health, Inc., Class A*		27,370		140,134


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Primerica, Inc.		1,360	$	259,978

Principal Financial Group, Inc.(a)		7,820		529,258

ProAssurance Corp.(a)		1,539		26,163

Progressive Corp. (The)		14,790		2,338,151

Prudential Financial, Inc.		11,286		1,031,992

Reinsurance Group of America, Inc.(a)		1,530		228,689

RenaissanceRe Holdings Ltd.		2,040		447,964

RLI Corp.		1,360		181,206

Ryan Specialty Holdings, Inc., Class A* (a)		2,550		110,160

Safety Insurance Group, Inc.		170		12,779

Selective Insurance Group, Inc.		3,570		371,673

SiriusPoint Ltd.* (a)		13,851		136,432

Stewart Information Services Corp.		6,327		276,300

Travelers Cos., Inc. (The)		7,480		1,252,451

Trupanion, Inc.* (a)		510		10,506

Universal Insurance Holdings, Inc.(a)		5,440		85,190

Unum Group		5,780		282,642

W R Berkley Corp.		4,617		311,278

White Mountains Insurance Group Ltd.(a)		170		243,228

Willis Towers Watson plc		2,736		645,395
				36,950,792

Interactive Media & Services – 4.0%

Alphabet, Inc., Class A*		147,390		18,288,151

Alphabet, Inc., Class C*		124,950		15,656,235

Bumble, Inc., Class A* (a)		7,990		107,385

Cargurus, Inc., Class A*		3,910		67,369

Cars.com, Inc.*		6,630		100,975

IAC, Inc.*		15,300		651,015

Match Group, Inc.*		5,270		182,342

Meta Platforms, Inc., Class A*		54,910		16,542,736

Pinterest, Inc., Class A*		13,940		416,527

QuinStreet, Inc.*		1,539		17,406

Shutterstock, Inc.(a)		1,360		55,325


Investments	Shares		Value

Interactive Media & Services – (continued)

Snap, Inc., Class A* (a)		25,330	$	253,553

Taboola.com Ltd.* (a)		39,440		144,745

TripAdvisor, Inc.* (a)		5,643		83,291

Vimeo, Inc.*		54,400		167,552

Yelp, Inc., Class A*		4,590		193,652

Ziff Davis, Inc.*		680		41,113

ZipRecruiter, Inc., Class A*		7,140		76,041

ZoomInfo Technologies, Inc., Class A*		7,480		96,941
				53,142,354

IT Services – 1.2%

Accenture plc, Class A		15,810		4,696,993

Akamai Technologies, Inc.*		3,420		353,389

Cloudflare, Inc., Class A*		6,156		348,984

Cognizant Technology Solutions Corp., Class A		16,150		1,041,190

DigitalOcean Holdings, Inc.* (a)		2,380		48,695

DXC Technology Co.* (a)		47,600		960,092

EPAM Systems, Inc.*		1,530		332,882

Fastly, Inc., Class A* (a)		4,760		69,829

Gartner, Inc.*		2,040		677,362

GoDaddy, Inc., Class A* (a)		3,933		288,014

International Business Machines Corp.(a)		27,030		3,909,619

Kyndryl Holdings, Inc.* (a)		48,280		706,336

MongoDB, Inc., Class A*		1,539		530,324

Okta, Inc., Class A*		3,249		219,015

Perficient, Inc.* (a)		2,380		138,492

Snowflake, Inc., Class A*		8,500		1,233,605

Squarespace, Inc., Class A*		1,710		48,581

Twilio, Inc., Class A* (a)		4,420		226,569

VeriSign, Inc.*		2,394		477,986
				16,307,957

Leisure Products – 0.3%

Acushnet Holdings Corp.(a)		1,026		52,285

Brunswick Corp.(a)		15,903		1,104,781

Funko, Inc., Class A* (a)		7,820		60,292

Hasbro, Inc.(a)		4,760		214,914

Malibu Boats, Inc., Class A* (a)		3,762		164,099


Investments	Shares		Value

COMMON STOCKS – (continued)

Leisure Products – (continued)

MasterCraft Boat Holdings, Inc.*		2,890	$	59,072

Mattel, Inc.*		15,980		304,898

Peloton Interactive, Inc., Class A* (a)		19,550		93,058

Polaris, Inc.(a)		11,050		954,941

Smith & Wesson Brands, Inc.		7,695		113,347

Sturm Ruger & Co., Inc.		1,360		75,276

Topgolf Callaway Brands Corp.* (a)		8,330		101,793

Vista Outdoor, Inc.* (a)		10,944		274,913

YETI Holdings, Inc.* (a)		2,040		86,741
				3,660,410

Life Sciences Tools & Services – 1.0%

10X Genomics, Inc., Class A*		4,760		167,933

Agilent Technologies, Inc.		6,630		685,343

Avantor, Inc.*		19,890		346,683

Azenta, Inc.* (a)		4,420		200,889

Bio-Rad Laboratories, Inc., Class A*		510		140,393

Bio-Techne Corp.		3,060		167,168

Bruker Corp.		2,394		136,458

Charles River Laboratories International, Inc.* (a)		1,700		286,212

CryoPort, Inc.* (a)		1,539		14,928

Danaher Corp.		15,980		3,068,480

Illumina, Inc.*		3,400		372,028

IQVIA Holdings, Inc.*		4,930		891,492

Maravai LifeSciences Holdings, Inc., Class A*		10,880		74,637

Medpace Holdings, Inc.*		1,026		248,979

Mesa Laboratories, Inc.(a)		850		79,755

Mettler-Toledo International, Inc.*		513		505,408

OmniAb, Inc.* ‡ (a)		281		90

Pacific Biosciences of California, Inc.* (a)		8,500		52,530

Repligen Corp.* (a)		1,368		184,078

Revvity, Inc.		3,910		323,943

Sotera Health Co.* (a)		10,200		129,132


Investments	Shares		Value

Life Sciences Tools & Services – (continued)

Thermo Fisher Scientific, Inc.		9,520	$	4,234,210

Waters Corp.* (a)		1,539		367,098

West Pharmaceutical Services, Inc.		2,040		649,312
				13,327,179

Machinery – 2.0%

3D Systems Corp.* (a)		11,220		41,851

AGCO Corp.(a)		2,394		274,496

Alamo Group, Inc.		342		54,823

Albany International Corp., Class A(a)		2,052		167,464

Allison Transmission Holdings, Inc.		18,190		917,140

Astec Industries, Inc.		1,539		61,622

Barnes Group, Inc.		1,368		28,441

Caterpillar, Inc.		15,300		3,458,565

Chart Industries, Inc.* (a)		1,530		177,832

Columbus McKinnon Corp.		513		15,682

Crane Co.		1,190		115,823

Cummins, Inc.		4,275		924,682

Deere & Co.		8,160		2,981,338

Desktop Metal, Inc., Class A* (a)		58,650		50,814

Donaldson Co., Inc.(a)		6,630		382,286

Douglas Dynamics, Inc.(a)		342		8,304

Dover Corp.		3,420		444,429

Energy Recovery, Inc.* (a)		170		2,584

Enerpac Tool Group Corp., Class A		4,788		135,500

EnPro Industries, Inc.(a)		1,197		132,939

Esab Corp.		3,740		236,742

ESCO Technologies, Inc.		340		33,055

Federal Signal Corp.		1,710		99,248

Flowserve Corp.		6,840		251,165

Fortive Corp.		7,650		499,392

Franklin Electric Co., Inc.(a)		1,190		103,197

Gates Industrial Corp. plc*		21,760		237,619

Gorman-Rupp Co. (The)(a)		1,539		45,477

Graco, Inc.		5,156		383,349

Greenbrier Cos., Inc. (The)(a)		6,800		235,212

Helios Technologies, Inc.(a)		2,550		131,886

Hillenbrand, Inc.		5,100		193,953


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Hillman Solutions Corp.*		8,330	$	54,645

Hyster-Yale Materials Handling, Inc.		2,210		88,422

IDEX Corp.		2,040		390,476

Illinois Tool Works, Inc.		6,970		1,562,116

Ingersoll Rand, Inc.		9,010		546,727

ITT, Inc.(a)		4,446		415,034

John Bean Technologies Corp.(a)		1,368		142,299

Kadant, Inc.(a)		342		75,240

Kennametal, Inc.(a)		4,788		110,651

Lincoln Electric Holdings, Inc.(a)		1,870		326,876

Lindsay Corp.		342		42,723

Luxfer Holdings plc		5,950		49,206

Middleby Corp. (The)* (a)		1,710		193,008

Mueller Industries, Inc.(a)		25,836		974,276

Mueller Water Products, Inc., Class A(a)		4,959		61,343

Nikola Corp.* (a)		24,650		26,622

Nordson Corp.		1,197		254,470

Oshkosh Corp.		13,851		1,215,148

Otis Worldwide Corp.		10,431		805,377

PACCAR, Inc.		15,300		1,262,709

Parker-Hannifin Corp.		3,078		1,135,505

Pentair plc		4,590		266,771

RBC Bearings, Inc.* (a)		1,020		224,237

REV Group, Inc.		6,498		92,532

Shyft Group, Inc. (The)		4,590		50,398

Snap-on, Inc.		1,539		396,970

SPX Technologies, Inc.*		1,368		109,604

Standex International Corp.		171		24,550

Stanley Black & Decker, Inc.		2,720		231,336

Tennant Co.		1,870		138,791

Terex Corp.(a)		13,509		618,712

Timken Co. (The)		3,910		270,259

Titan International, Inc.*		11,900		135,184

Toro Co. (The)(a)		3,078		248,825

Trinity Industries, Inc.		2,736		56,991

Wabash National Corp.(a)		8,160		168,830

Watts Water Technologies, Inc., Class A		855		147,924


Investments	Shares		Value

Machinery – (continued)

Westinghouse Air Brake Technologies Corp.		4,617	$	489,494

Xylem, Inc.		6,800		636,072
				26,867,263

Marine Transportation – 0.1%

Eagle Bulk Shipping, Inc.(a)		3,230		131,784

Genco Shipping & Trading Ltd.(a)		11,900		156,723

Kirby Corp.*		3,740		279,378

Matson, Inc.(a)		6,800		591,940
				1,159,825

Media – 1.0%

Altice USA, Inc., Class A* (a)		26,520		76,643

Cable One, Inc.(a)		170		93,478

Charter Communications, Inc., Class A* (a)		3,230		1,301,044

Clear Channel Outdoor Holdings, Inc.* (a)		119,340		131,274

Comcast Corp., Class A		126,990		5,243,417

DISH Network Corp., Class A* (a)		39,610		194,089

EW Scripps Co. (The), Class A* (a)		4,590		25,107

Fox Corp., Class A		9,860		299,645

Fox Corp., Class B		1,870		52,192

Gray Television, Inc.		11,560		75,371

Integral Ad Science Holding Corp.* (a)		6,800		78,064

Interpublic Group of Cos., Inc. (The)(a)		10,431		296,240

John Wiley & Sons, Inc., Class A(a)		11,220		339,629

Liberty Broadband Corp., Class A*		1,360		113,315

Liberty Broadband Corp., Class C*		2,550		212,441

Liberty Media Corp-Liberty SiriusXM* (a)		4,446		109,149

Liberty Media Corp-Liberty SiriusXM, Class A*		1,881		46,066

Magnite, Inc.* (a)		13,090		86,918

New York Times Co. (The), Class A		9,234		372,223


Investments	Shares		Value

COMMON STOCKS – (continued)

Media – (continued)

News Corp., Class A		8,892	$	183,887

News Corp., Class B(a)		2,907		62,326

Nexstar Media Group, Inc., Class A(a)		7,990		1,119,239

Omnicom Group, Inc.		6,498		486,765

Paramount Global, Class B(a)		11,730		127,622

PubMatic, Inc., Class A* (a)		6,630		74,720

Scholastic Corp.(a)		684		25,240

Sinclair, Inc.(a)		10,710		116,418

Sirius XM Holdings, Inc.(a)		28,010		119,883

Stagwell, Inc., Class A*		24,140		99,457

TechTarget, Inc.* (a)		1,026		25,835

TEGNA, Inc.(a)		44,710		648,742

Thryv Holdings, Inc.* (a)		850		14,815

Trade Desk, Inc. (The), Class A*		10,431		740,184

WideOpenWest, Inc.*		6,156		43,338
				13,034,776

Metals & Mining – 0.9%

Alcoa Corp.(a)		9,860		252,810

Alpha Metallurgical Resources, Inc.(a)		3,060		673,078

Arch Resources, Inc.		3,933		593,214

ATI, Inc.* (a)		7,650		288,940

Carpenter Technology Corp.		3,400		213,248

Century Aluminum Co.* (a)		9,234		61,037

Cleveland-Cliffs, Inc.*		17,442		292,677

Coeur Mining, Inc.* (a)		6,327		15,881

Commercial Metals Co.		26,520		1,121,531

Compass Minerals International, Inc.		855		21,067

Freeport-McMoRan, Inc.		44,880		1,516,046

Hecla Mining Co.(a)		13,680		55,678

Materion Corp.		513		49,751

MP Materials Corp.* (a)		10,370		170,068

Newmont Corp.(a)		28,560		1,070,143

Nucor Corp.		8,160		1,205,966

Olympic Steel, Inc.		340		17,262

Piedmont Lithium, Inc.*		3,078		84,553


Investments	Shares		Value

Metals & Mining – (continued)

Reliance Steel & Aluminum Co.		2,040	$	518,935

Royal Gold, Inc.(a)		2,380		248,305

Ryerson Holding Corp.		3,570		103,709

Schnitzer Steel Industries, Inc., Class A		3,230		73,353

Southern Copper Corp.(a)		1,710		121,239

Steel Dynamics, Inc.		5,610		597,521

SunCoke Energy, Inc.		9,350		88,918

TimkenSteel Corp.* (a)		8,550		173,822

United States Steel Corp.(a)		46,580		1,578,596

Warrior Met Coal, Inc.		9,520		463,910

Worthington Industries, Inc.		7,480		460,918
				12,132,176

Mortgage Real Estate Investment Trusts (REITs) – 0.6%

AGNC Investment Corp.(a)		124,610		919,622

Annaly Capital Management, Inc.(a)		10,880		169,837

Apollo Commercial Real Estate Finance, Inc.(a)		20,400		203,184

Arbor Realty Trust, Inc.(a)		41,650		525,206

Ares Commercial Real Estate Corp.		20,230		185,509

ARMOUR Residential REIT, Inc.(a)		12,648		184,281

Blackstone Mortgage Trust, Inc., Class A(a)		34,000		678,300

BrightSpire Capital, Inc., Class A(a)		27,030		152,990

Chimera Investment Corp.(a)		36,890		177,072

Claros Mortgage Trust, Inc.(a)		34,000		354,620

Ellington Financial, Inc.(a)		14,706		176,913

Franklin BSP Realty Trust, Inc.(a)		17,510		220,801

Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		7,820		134,035

Invesco Mortgage Capital, Inc.		1		4

KKR Real Estate Finance Trust, Inc.(a)		16,490		172,156


Investments	Shares		Value

COMMON STOCKS – (continued)

Mortgage Real Estate Investment Trusts (REITs) – (continued)

Ladder Capital Corp., Class A		31,280	$	316,241

MFA Financial, Inc.(a)		19,380		172,288

New York Mortgage Trust, Inc.(a)		7,310		56,945

PennyMac Mortgage Investment Trust(a)		19,720		249,458

Ready Capital Corp.(a)		26,010		245,274

Redwood Trust, Inc.(a)		18,700		117,436

Rithm Capital Corp.(a)		110,330		1,029,379

Starwood Property Trust, Inc.(a)		63,580		1,128,545

TPG RE Finance Trust, Inc.		2,210		12,177

Two Harbors Investment Corp.		18,870		219,081
				7,801,354

Multi-Utilities – 0.5%

Ameren Corp.		5,985		453,124

Avista Corp.(a)		5,950		188,555

Black Hills Corp.		1,700		82,195

CenterPoint Energy, Inc.		17,340		466,099

CMS Energy Corp.		5,780		314,085

Consolidated Edison, Inc.		9,350		820,837

Dominion Energy, Inc.		27,200		1,096,704

DTE Energy Co.		5,270		507,923

NiSource, Inc.(a)		12,166		306,097

Northwestern Energy Group, Inc.(a)		3,910		187,719

Public Service Enterprise Group, Inc.(a)		13,090		806,998

Sempra		18,020		1,261,941

Unitil Corp.		2,040		93,167

WEC Energy Group, Inc.		6,800		553,452
				7,138,896

Office REITs – 0.2%

Alexandria Real Estate Equities, Inc., REIT		3,060		284,978

Boston Properties, Inc., REIT(a)		4,930		264,100

Brandywine Realty Trust, REIT(a)		40,460		151,321


Investments	Shares		Value

Office REITs – (continued)

COPT Defense Properties, REIT		2,890	$	65,892

Cousins Properties, Inc., REIT		2,890		51,644

Douglas Emmett, Inc., REIT(a)		14,110		158,173

Easterly Government Properties, Inc., Class A, REIT(a)		9,350		100,606

Equity Commonwealth, REIT		2,210		41,857

Highwoods Properties, Inc., REIT(a)		8,670		155,106

Hudson Pacific Properties, Inc., REIT(a)		40,460		180,452

Kilroy Realty Corp., REIT		7,310		208,920

Paramount Group, Inc., REIT(a)		37,230		159,344

Piedmont Office Realty Trust, Inc., Class A, REIT		13,090		68,199

SL Green Realty Corp., REIT(a)		16,150		473,034

Vornado Realty Trust, REIT(a)		35,360		678,912
				3,042,538

Oil, Gas & Consumable Fuels – 5.4%

Antero Midstream Corp.		22,440		276,910

Antero Resources Corp.*		63,070		1,856,781

APA Corp.		11,390		452,411

Berry Corp.		24,990		208,667

California Resources Corp.(a)		14,280		750,985

Callon Petroleum Co.* (a)		9,918		370,437

Cheniere Energy, Inc.		7,695		1,280,602

Chesapeake Energy Corp.(a)		3,609		310,663

Chevron Corp.		54,174		7,894,777

Chord Energy Corp.		8,670		1,433,324

Civitas Resources, Inc.(a)		17,850		1,346,432

Clean Energy Fuels Corp.* (a)		2,907		10,145

CNX Resources Corp.* (a)		39,270		852,944

Comstock Resources, Inc.(a)		16,416		206,842

ConocoPhillips		37,060		4,402,728

CONSOL Energy, Inc.(a)		5,950		546,746

Coterra Energy, Inc.		24,796		681,889

Crescent Energy Co., Class A		18,360		223,625


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

CVR Energy, Inc.(a)		7,990	$	261,673

Delek US Holdings, Inc.(a)		11,900		313,565

Denbury, Inc.*		3,060		272,003

Devon Energy Corp.		17,680		823,358

Diamondback Energy, Inc.(a)		5,814		932,100

Dorian LPG Ltd.(a)		7,695		246,009

DT Midstream, Inc.(a)		5,950		321,121

Earthstone Energy, Inc., Class A*		9,860		208,736

EOG Resources, Inc.		17,000		2,146,250

EQT Corp.(a)		11,115		471,054

Equitrans Midstream Corp.		93,160		826,329

Exxon Mobil Corp.		122,230		12,938,045

Green Plains, Inc.* (a)		4,617		135,647

Gulfport Energy Corp.* (a)		1,870		231,151

Hess Corp.		7,310		1,055,564

HF Sinclair Corp.		5,610		310,682

HighPeak Energy, Inc.(a)		5,950		105,374

International Seaways, Inc.		6,120		294,311

Kinder Morgan, Inc.(a)		56,610		917,082

Kosmos Energy Ltd.* (a)		89,401		647,263

Magnolia Oil & Gas Corp., Class A(a)		37,570		843,447

Marathon Oil Corp.		21,590		589,623

Marathon Petroleum Corp.		12,750		1,928,437

Matador Resources Co.(a)		23,460		1,447,247

Murphy Oil Corp.		30,600		1,373,022

New Fortress Energy, Inc.(a)		16,660		504,798

NextDecade Corp.* (a)		3,078		13,512

Northern Oil and Gas, Inc.(a)		16,830		645,262

Occidental Petroleum Corp.(a)		20,060		1,239,909

ONEOK, Inc.		17,680		1,152,736

Ovintiv, Inc.		9,023		433,104

Par Pacific Holdings, Inc.*		10,200		334,764

PBF Energy, Inc., Class A		23,651		1,124,132

Peabody Energy Corp.(a)		23,769		560,711

Permian Resources Corp., Class A(a)		61,200		891,684

Phillips 66		13,940		1,590,136


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Pioneer Natural Resources Co.		6,800	$	1,625,200

Range Resources Corp.(a)		50,150		1,797,376

SandRidge Energy, Inc.		1,700		26,945

SilverBow Resources, Inc.* (a)		1,020		34,782

Sitio Royalties Corp., Class A		1,190		29,417

SM Energy Co.(a)		27,370		1,103,558

Southwestern Energy Co.* (a)		253,810		1,809,665

Talos Energy, Inc.* (a)		18,190		281,945

Targa Resources Corp.(a)		6,460		540,121

Tellurian, Inc.* (a)		166,090		114,602

Texas Pacific Land Corp.(a)		171		315,657

Uranium Energy Corp.* (a)		3,249		19,332

VAALCO Energy, Inc.(a)		12,580		56,233

Valero Energy Corp.(a)		11,390		1,446,530

Vertex Energy, Inc.* (a)		20,570		88,657

Vital Energy, Inc.* (a)		2,720		136,109

Vitesse Energy, Inc.		2,380		56,382

W&T Offshore, Inc.* (a)		28,390		117,818

Williams Cos., Inc. (The)		31,620		1,087,728

World Kinect Corp.(a)		12,141		224,608
				72,149,414

Paper & Forest Products – 0.0%(d)

Clearwater Paper Corp.*		2,223		75,160

Louisiana-Pacific Corp.		4,420		226,658

Mercer International, Inc.(a)		9,576		76,033

Sylvamo Corp.(a)		5,814		257,560
				635,411

Passenger Airlines – 0.2%

Alaska Air Group, Inc.* (a)		26,350		833,450

Allegiant Travel Co.(a)		1,360		90,603

American Airlines Group, Inc.* (a)		25,500		284,325

Delta Air Lines, Inc.		18,639		582,469

Frontier Group Holdings, Inc.* (a)		7,053		23,910

Hawaiian Holdings, Inc.* (a)		9,690		40,795

JetBlue Airways Corp.* (a)		64,093		240,990

Joby Aviation, Inc.* (a)		11,390		60,025

SkyWest, Inc.*		11,220		473,147


Investments	Shares		Value

COMMON STOCKS – (continued)

Passenger Airlines – (continued)

Southwest Airlines Co.(a)		16,320	$	362,794

United Airlines Holdings, Inc.*		7,990		279,730
				3,272,238

Personal Care Products – 0.2%

BellRing Brands, Inc.*		4,788		209,379

Coty, Inc., Class A* (a)		16,320		152,918

Edgewell Personal Care Co.(a)		4,262		148,744

elf Beauty, Inc.* (a)		1,870		173,218

Estee Lauder Cos., Inc. (The), Class A		5,270		679,145

Herbalife Ltd.* (a)		15,810		225,293

Inter Parfums, Inc.		513		65,207

Medifast, Inc.(a)		3,400		235,144

Nu Skin Enterprises, Inc., Class A		5,270		100,077

USANA Health Sciences, Inc.*		1,530		69,692
				2,058,817

Pharmaceuticals – 3.1%

Aclaris Therapeutics, Inc.* (a)		684		3,406

Amphastar Pharmaceuticals, Inc.* (a)		1,026		46,447

ANI Pharmaceuticals, Inc.* (a)		171		10,558

Arvinas, Inc.* (a)		5,440		87,693

Axsome Therapeutics, Inc.* (a)		1,710		106,499

Bristol-Myers Squibb Co.		62,730		3,232,477

Catalent, Inc.*		4,590		157,850

Collegium Pharmaceutical, Inc.* (a)		9,405		204,653

Corcept Therapeutics, Inc.* (a)		4,159		116,785

Elanco Animal Health, Inc.* (a)		112,540		991,477

Eli Lilly & Co.		19,720		10,923,500

Evolus, Inc.*		1,881		14,296

Harmony Biosciences Holdings, Inc.*		684		16,101


Investments	Shares		Value

Pharmaceuticals – (continued)

Innoviva, Inc.* (a)		18,020	$	223,628

Intra-Cellular Therapies, Inc.*		2,890		143,806

Jazz Pharmaceuticals plc*		2,550		323,901

Johnson & Johnson		59,500		8,826,230

Ligand Pharmaceuticals, Inc.*		684		35,766

Merck & Co., Inc.		63,410		6,512,207

Organon & Co.		51,510		761,833

Perrigo Co. plc		6,120		169,157

Pfizer, Inc.		173,740		5,309,494

Prestige Consumer Healthcare, Inc.*		3,740		222,007

Revance Therapeutics, Inc.* (a)		2,907		22,936

Royalty Pharma plc, Class A		14,620		392,839

Scilex Holding Co.*		14,036		26,247

Supernus Pharmaceuticals, Inc.*		4,420		105,417

Tilray Brands, Inc.*		171,190		308,142

Viatris, Inc.		30,940		275,366

Zoetis, Inc., Class A		11,900		1,868,300
				41,439,018

Professional Services – 1.2%

Alight, Inc., Class A*		75,480		501,187

ASGN, Inc.* (a)		10,540		879,668

Automatic Data Processing, Inc.		10,370		2,262,941

Barrett Business Services, Inc.		855		78,198

Booz Allen Hamilton Holding Corp., Class A		3,078		369,145

Broadridge Financial Solutions, Inc.		2,550		435,132

CACI International, Inc., Class A*		1,190		386,464

CBIZ, Inc.*		1,710		88,852

Ceridian HCM Holding, Inc.* (a)		4,760		304,688

Clarivate plc* (a)		84,150		536,877

Concentrix Corp.(a)		8,330		634,829

Conduent, Inc.*		44,273		141,231

CSG Systems International, Inc.(a)		2,736		128,209


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – (continued)

Dun & Bradstreet Holdings, Inc.(a)		52,360	$	458,674

Equifax, Inc.(a)		3,230		547,711

ExlService Holdings, Inc.*		5,950		155,355

Exponent, Inc.		1,870		137,052

First Advantage Corp.		684		8,899

FTI Consulting, Inc.* (a)		1,190		252,589

Genpact Ltd.		3,591		120,442

Heidrick & Struggles International, Inc.		5,610		136,547

Huron Consulting Group, Inc.*		513		50,972

ICF International, Inc.(a)		513		65,013

Insperity, Inc.		1,190		125,950

Jacobs Solutions, Inc.		3,570		475,881

KBR, Inc.(a)		4,760		276,794

Kelly Services, Inc., Class A		7,524		134,304

Kforce, Inc.(a)		342		20,876

Korn Ferry		9,860		448,827

Legalzoom.com, Inc.*		11,220		111,863

Leidos Holdings, Inc.		3,591		355,940

ManpowerGroup, Inc.		9,860		689,904

Maximus, Inc.		3,570		266,751

NV5 Global, Inc.*		170		16,040

Paychex, Inc.		7,695		854,530

Paycom Software, Inc.		1,197		293,229

Paylocity Holding Corp.*		1,026		184,064

Resources Connection, Inc.		5,472		73,708

Robert Half, Inc.(a)		3,420		255,713

Science Applications International Corp.(a)		3,060		334,274

SS&C Technologies Holdings, Inc.		5,301		266,375

Sterling Check Corp.* (a)		8,160		91,229

TransUnion		3,740		164,111

TriNet Group, Inc.*		1,870		192,143

TrueBlue, Inc.*		1,870		20,701

TTEC Holdings, Inc.		340		6,997

Upwork, Inc.*		11,900		124,355

Verisk Analytics, Inc., Class A		3,762		855,328

Verra Mobility Corp., Class A*		10,260		202,840
				15,523,402


Investments	Shares		Value

Real Estate Management & Development – 0.4%

Anywhere Real Estate, Inc.* (a)		28,730	$	134,169

CBRE Group, Inc., Class A*		9,918		687,714

Compass, Inc., Class A* (a)		76,500		151,470

CoStar Group, Inc.*		10,030		736,302

Cushman & Wakefield plc* (a)		47,430		349,559

DigitalBridge Group, Inc.		8,840		140,114

eXp World Holdings, Inc.(a)		2,565		34,038

Forestar Group, Inc.* (a)		7,140		169,575

Howard Hughes Holdings, Inc.* (a)		2,040		135,313

Jones Lang LaSalle, Inc.* (a)		10,370		1,326,530

Kennedy-Wilson Holdings, Inc.(a)		7,310		94,080

Newmark Group, Inc., Class A(a)		38,590		218,805

Opendoor Technologies, Inc.* (a)		132,430		251,617

Redfin Corp.* (a)		4,930		22,974

Seritage Growth Properties, Class A, REIT* (a)		13,338		96,567

St Joe Co. (The)		513		23,926

Zillow Group, Inc., Class A*		513		18,227

Zillow Group, Inc., Class C* (a)		5,610		203,363
				4,794,343

Residential REITs – 0.3%

American Homes 4 Rent, Class A, REIT		6,156		201,548

Apartment Income REIT Corp., Class A, REIT		9,010		263,182

AvalonBay Communities, Inc., REIT		3,230		535,340

Camden Property Trust, REIT		3,060		259,733

Equity LifeStyle Properties, Inc., REIT(a)		4,446		292,547

Equity Residential, REIT		7,310		404,462

Essex Property Trust, Inc., REIT(a)		1,530		327,298

Independence Realty Trust, Inc., REIT(a)		6,290		77,933


Investments	Shares		Value

COMMON STOCKS – (continued)

Residential REITs – (continued)

Invitation Homes, Inc., REIT(a)		12,996	$	385,851

Mid-America Apartment Communities, Inc., REIT		2,736		323,258

NexPoint Residential Trust, Inc., REIT		2,720		73,413

Sun Communities, Inc., REIT(a)		3,740		416,038

UDR, Inc., REIT		9,520		302,831
				3,863,434

Retail REITs – 0.4%

Acadia Realty Trust, REIT(a)		9,690		138,761

Agree Realty Corp., REIT(a)		5,780		323,333

Alexander’s, Inc., REIT(a)		510		95,875

Brixmor Property Group, Inc., REIT(a)		10,431		216,860

CBL & Associates Properties, Inc., REIT(a)		3,740		77,530

Federal Realty Investment Trust, REIT(a)		1,710		155,935

Getty Realty Corp., REIT		171		4,552

Kimco Realty Corp., REIT		18,126		325,180

Kite Realty Group Trust, REIT(a)		46,070		982,212

Macerich Co. (The), REIT(a)		51,680		502,330

NNN REIT, Inc., REIT(a)		2,907		105,611

Phillips Edison & Co., Inc., REIT(a)		3,230		114,051

Realty Income Corp., REIT(a)		16,660		789,351

Regency Centers Corp., REIT		4,456		268,519

Retail Opportunity Investments Corp., REIT		11,900		139,706

RPT Realty, REIT		8,550		92,255

Simon Property Group, Inc., REIT		7,480		821,977

SITE Centers Corp., REIT		4,959		57,822

Spirit Realty Capital, Inc., REIT		5,950		214,141

Tanger Factory Outlet Centers, Inc., REIT(a)		8,330		187,841

Urban Edge Properties, REIT(a)		4,617		73,226


Investments	Shares		Value

Retail REITs – (continued)

Whitestone REIT, REIT(a)		3,060	$	30,447
				5,717,515

Semiconductors & Semiconductor Equipment – 5.5%

ACM Research, Inc., Class A*		10,540		143,344

Advanced Micro Devices, Inc.*		39,827		3,922,960

Allegro MicroSystems, Inc.*		1,700		44,132

Alpha & Omega Semiconductor Ltd.*		3,910		92,745

Ambarella, Inc.*		850		38,242

Amkor Technology, Inc.		18,810		392,377

Analog Devices, Inc.		12,920		2,032,704

Applied Materials, Inc.		21,250		2,812,437

Axcelis Technologies, Inc.*		1,026		130,815

Broadcom, Inc.		12,578		10,582,752

Cirrus Logic, Inc.* (a)		2,040		136,537

Cohu, Inc.*		1,197		36,078

Credo Technology Group Holding Ltd.* (a)		5,780		82,192

Diodes, Inc.* (a)		9,234		600,949

Enphase Energy, Inc.* (a)		2,890		229,986

Entegris, Inc.(a)		3,910		344,236

First Solar, Inc.*		2,210		314,815

FormFactor, Inc.*		2,223		75,315

Ichor Holdings Ltd.* (a)		3,740		90,732

Impinj, Inc.* (a)		1,368		88,386

indie Semiconductor, Inc., Class A* (a)		9,180		44,890

Intel Corp.		100,980		3,685,770

KLA Corp.		3,570		1,676,829

Kulicke & Soffa Industries, Inc.(a)		4,250		176,843

Lam Research Corp.		4,250		2,499,935

Lattice Semiconductor Corp.*		4,250		236,342

MACOM Technology Solutions Holdings, Inc.* (a)		1,368		96,499

Magnachip Semiconductor Corp.*		4,959		36,647

Marvell Technology, Inc.		20,691		977,029

MaxLinear, Inc., Class A*		340		5,168


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Microchip Technology, Inc.		12,750	$	908,948

Micron Technology, Inc.		28,050		1,875,703

MKS Instruments, Inc.(a)		3,570		234,406

Monolithic Power Systems, Inc.		1,190		525,671

Navitas Semiconductor Corp., Class A*		13,600		71,264

NVIDIA Corp.		61,200		24,957,360

NXP Semiconductors NV		7,650		1,319,089

ON Semiconductor Corp.*		11,560		724,118

Onto Innovation, Inc.*		2,890		324,749

PDF Solutions, Inc.* (a)		342		9,073

Photronics, Inc.*		14,877		273,142

Power Integrations, Inc.		2,550		176,791

Qorvo, Inc.*		2,720		237,782

QUALCOMM, Inc.		33,150		3,613,018

Rambus, Inc.* (a)		3,420		185,809

Semtech Corp.* (a)		4,760		66,450

Silicon Laboratories, Inc.* (a)		1,870		172,377

Skyworks Solutions, Inc.		5,610		486,611

SMART Global Holdings, Inc.* (a)		13,260		181,662

SolarEdge Technologies, Inc.* (a)		1,368		103,900

Synaptics, Inc.* (a)		9,690		810,665

Teradyne, Inc.(a)		3,570		297,274

Texas Instruments, Inc.		21,760		3,090,138

Ultra Clean Holdings, Inc.*		4,760		113,574

Universal Display Corp.(a)		2,565		356,997

Veeco Instruments, Inc.* (a)		1,368		32,750

Wolfspeed, Inc.* (a)		5,610		189,842
				72,966,849

Software – 8.5%

ACI Worldwide, Inc.* (a)		4,959		101,015

Adeia, Inc.(a)		20,740		174,838

Adobe, Inc.*		11,220		5,969,713

Agilysys, Inc.* (a)		342		29,340

Alarm.com Holdings, Inc.* (a)		850		43,461

Alkami Technology, Inc.* (a)		7,140		128,163

Altair Engineering, Inc., Class A* (a)		3,400		211,208


Investments	Shares		Value

Software – (continued)

Alteryx, Inc., Class A* (a)		510	$	16,325

Amplitude, Inc., Class A*		9,860		98,206

ANSYS, Inc.*		2,380		662,259

Appfolio, Inc., Class A*		1,360		255,095

Appian Corp., Class A* (a)		680		26,833

AppLovin Corp., Class A* (a)		6,800		247,792

Asana, Inc., Class A* (a)		3,230		59,658

Aspen Technology, Inc.*		855		151,976

Atlassian Corp., Class A*		4,080		737,011

Aurora Innovation, Inc., Class A* (a)		59,670		104,423

Autodesk, Inc.*		5,100		1,007,913

Bentley Systems, Inc., Class B(a)		6,630		322,483

BILL Holdings, Inc.* (a)		2,052		187,327

Blackbaud, Inc.*		2,736		178,934

BlackLine, Inc.*		680		33,388

Box, Inc., Class A*		4,959		123,281

Braze, Inc., Class A* (a)		3,910		166,488

C3.ai, Inc., Class A* (a)		4,420		107,848

Cadence Design Systems, Inc.*		6,669		1,599,560

CCC Intelligent Solutions Holdings, Inc.* (a)		12,410		133,656

Cerence, Inc.* (a)		4,420		67,670

CommVault Systems, Inc.*		2,736		178,798

Confluent, Inc., Class A* (a)		6,800		196,588

Crowdstrike Holdings, Inc., Class A*		5,610		991,680

Datadog, Inc., Class A*		7,650		623,245

Digital Turbine, Inc.*		8,500		40,290

DocuSign, Inc., Class A*		3,230		125,582

Dolby Laboratories, Inc., Class A		2,720		220,157

DoubleVerify Holdings, Inc.* (a)		5,780		160,857

Dropbox, Inc., Class A* (a)		10,370		272,731

Dynatrace, Inc.*		6,460		288,827

Ebix, Inc.(a)		5,950		36,235

Elastic NV*		4,590		344,434

Enfusion, Inc., Class A* (a)		684		5,677

EngageSmart, Inc.* (a)		4,760		107,814

Envestnet, Inc.*		1,530		56,610


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

Everbridge, Inc.*		3,400	$	70,074

EverCommerce, Inc.* (a)		8,500		81,430

Fair Isaac Corp.*		684		578,575

Five9, Inc.* (a)		4,250		245,948

Fortinet, Inc.*		16,245		928,727

Freshworks, Inc., Class A* (a)		9,690		173,839

Gen Digital, Inc.		17,000		283,220

Gitlab, Inc., Class A* (a)		3,910		169,225

Guidewire Software, Inc.*		4,590		413,697

HashiCorp, Inc., Class A*		5,780		113,808

HubSpot, Inc.* (a)		1,360		576,327

Informatica, Inc., Class A*		5,780		110,860

Intapp, Inc.* (a)		684		23,393

InterDigital, Inc.(a)		680		51,170

Intuit, Inc.		7,140		3,533,943

Jamf Holding Corp.* (a)		4,590		73,715

JFrog Ltd.*		6,290		141,462

LiveRamp Holdings, Inc.*		3,249		89,867

Manhattan Associates, Inc.* (a)		2,040		397,759

Marathon Digital Holdings, Inc.* (a)		7,480		65,899

Matterport, Inc.* (a)		36,040		73,522

MeridianLink, Inc.* (a)		4,930		80,951

Microsoft Corp.		183,770		62,134,475

MicroStrategy, Inc., Class A* (a)		342		144,799

Mitek Systems, Inc.* (a)		855		9,131

Model N, Inc.*		684		16,484

nCino, Inc.* (a)		680		19,108

NCR Voyix Corp.* (a)		26,690		408,090

New Relic, Inc.*		2,550		221,008

Nutanix, Inc., Class A* (a)		8,330		301,463

Olo, Inc., Class A* (a)		12,410		63,415

ON24, Inc.(a)		12,070		74,230

OneSpan, Inc.* (a)		1,368		10,807

Oracle Corp.		38,080		3,937,472

PagerDuty, Inc.* (a)		7,820		157,729

Palantir Technologies, Inc., Class A*		46,410		686,868

Palo Alto Networks, Inc.*		7,650		1,859,103

Pegasystems, Inc.		680		29,063


Investments	Shares		Value

Software – (continued)

PowerSchool Holdings, Inc., Class A* (a)		2,052	$	40,876

Procore Technologies, Inc.*		3,060		186,935

Progress Software Corp.(a)		680		34,938

PTC, Inc.*		2,380		334,200

Q2 Holdings, Inc.* (a)		4,250		127,628

Qualys, Inc.* (a)		1,368		209,236

Rapid7, Inc.* (a)		2,890		134,356

RingCentral, Inc., Class A*		15,640		415,711

Riot Platforms, Inc.* (a)		7,820		76,480

Roper Technologies, Inc.		2,550		1,245,853

Salesforce, Inc.*		23,800		4,779,754

Samsara, Inc., Class A*		7,990		184,329

SentinelOne, Inc., Class A* (a)		13,430		209,911

ServiceNow, Inc.*		4,930		2,868,521

Smartsheet, Inc., Class A*		6,120		241,985

SolarWinds Corp.*		10,880		100,205

Splunk, Inc.*		3,740		550,378

Sprinklr, Inc., Class A* (a)		9,350		127,066

Sprout Social, Inc., Class A* (a)		3,740		161,867

SPS Commerce, Inc.*		1,190		190,805

Synopsys, Inc.*		3,740		1,755,706

Tenable Holdings, Inc.*		5,270		221,920

Teradata Corp.*		2,890		123,461

Tyler Technologies, Inc.*		1,190		443,751

UiPath, Inc., Class A* (a)		15,470		240,249

Unity Software, Inc.* (a)		3,910		99,197

Varonis Systems, Inc., Class B* (a)		4,590		154,408

Verint Systems, Inc.*		1,881		35,382

VMware, Inc., Class A*		5,780		841,857

Workday, Inc., Class A*		5,440		1,151,702

Workiva, Inc., Class A* (a)		2,890		251,690

Yext, Inc.*		11,560		69,707

Zoom Video Communications, Inc., Class A* (a)		7,480		448,650

Zscaler, Inc.*		1,710		271,360
				113,276,119


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialized REITs – 0.8%

American Tower Corp., REIT		12,070	$	2,150,753

Crown Castle, Inc., REIT		9,860		916,783

CubeSmart, REIT		6,669		227,346

Digital Realty Trust, Inc., REIT(a)		6,800		845,648

EPR Properties, REIT(a)		5,130		219,051

Equinix, Inc., REIT		2,223		1,621,990

Extra Space Storage, Inc., REIT(a)		5,697		590,152

Four Corners Property Trust, Inc., REIT(a)		1,539		32,781

Gaming and Leisure Properties, Inc., REIT(a)		6,669		302,706

Gladstone Land Corp., REIT(a)		7,140		97,532

Iron Mountain, Inc., REIT(a)		6,840		404,039

Lamar Advertising Co., Class A, REIT(a)		2,736		225,091

National Storage Affiliates Trust, REIT(a)		1,360		38,787

PotlatchDeltic Corp., REIT		3,910		167,543

Public Storage, REIT(a)		3,762		898,027

Rayonier, Inc., REIT(a)		8,208		207,170

SBA Communications Corp., Class A, REIT		3,060		638,408

Uniti Group, Inc., REIT(a)		70,210		322,966

VICI Properties, Inc., Class A, REIT		27,370		763,623

Weyerhaeuser Co., REIT		15,300		438,957
				11,109,353

Specialty Retail – 2.5%

Aaron’s Co., Inc. (The)		7,990		59,206

Abercrombie & Fitch Co., Class A* (a)		3,910		237,806

Academy Sports & Outdoors, Inc.(a)		17,442		782,099

Advance Auto Parts, Inc.(a)		340		17,690

American Eagle Outfitters, Inc.(a)		44,710		781,084

America’s Car-Mart, Inc.* (a)		340		22,773

Arko Corp.(a)		2,565		19,366


Investments	Shares		Value

Specialty Retail – (continued)

Asbury Automotive Group, Inc.* (a)		4,446	$	850,831

AutoNation, Inc.* (a)		6,460		840,317

AutoZone, Inc.*		459		1,137,003

Bath & Body Works, Inc.		7,353		218,016

Best Buy Co., Inc.(a)		6,840		457,049

Boot Barn Holdings, Inc.* (a)		2,380		165,410

Buckle, Inc. (The)(a)		6,498		219,437

Burlington Stores, Inc.*		1,539		186,265

Caleres, Inc.(a)		8,840		226,127

Camping World Holdings, Inc., Class A(a)		10,370		173,697

CarMax, Inc.* (a)		4,080		249,247

Carvana Co., Class A* (a)		22,780		615,060

Chewy, Inc., Class A* (a)		5,130		99,163

Chico’s FAS, Inc.*		23,970		179,296

Designer Brands, Inc., Class A(a)		18,020		182,182

Dick’s Sporting Goods, Inc.(a)		2,550		272,723

Five Below, Inc.* (a)		1,026		178,503

Floor & Decor Holdings, Inc., Class A* (a)		3,400		280,160

Foot Locker, Inc.(a)		18,020		378,240

GameStop Corp., Class A* (a)		11,560		159,181

Gap, Inc. (The)(a)		38,930		498,304

Group 1 Automotive, Inc.(a)		3,400		857,922

Guess?, Inc.(a)		6,669		143,384

Haverty Furniture Cos., Inc.		340		8,857

Hibbett, Inc.		1,360		62,655

Home Depot, Inc. (The)		24,820		7,066,006

Lithia Motors, Inc., Class A(a)		5,950		1,441,150

Lowe’s Cos., Inc.		18,020		3,434,071

MarineMax, Inc.* (a)		5,643		154,505

Monro, Inc.(a)		513		12,733

Murphy USA, Inc.		850		308,287

National Vision Holdings, Inc.*		3,078		47,832

ODP Corp. (The)*		9,350		420,002

O’Reilly Automotive, Inc.*		1,530		1,423,573

Overstock.com, Inc.* (a)		11,900		185,640

Penske Automotive Group, Inc.(a)		1,190		170,265


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

Petco Health & Wellness Co., Inc., Class A*		5,780	$	19,999

RH* (a)		1,020		222,319

Ross Stores, Inc.		8,037		932,051

Sally Beauty Holdings, Inc.* (a)		15,130		128,605

Shoe Carnival, Inc.(a)		7,480		171,142

Signet Jewelers Ltd.(a)		8,721		608,987

Sleep Number Corp.* (a)		4,250		69,147

Sonic Automotive, Inc., Class A(a)		4,760		227,766

TJX Cos., Inc. (The)		28,050		2,470,364

Tractor Supply Co.(a)		2,736		526,844

Ulta Beauty, Inc.*		1,197		456,428

Upbound Group, Inc.(a)		12,312		320,851

Urban Outfitters, Inc.* (a)		10,370		359,009

Valvoline, Inc.(a)		8,037		238,458

Victoria’s Secret & Co.* (a)		18,020		322,198

Warby Parker, Inc., Class A* (a)		9,860		127,983

Wayfair, Inc., Class A* (a)		18,360		782,320

Williams-Sonoma, Inc.(a)		2,223		333,984
				33,541,572

Technology Hardware, Storage & Peripherals – 5.1%

Apple, Inc.		363,290		62,039,033

Dell Technologies, Inc., Class C		6,290		420,864

Hewlett Packard Enterprise Co.		40,853		628,319

HP, Inc.		29,070		765,413

IonQ, Inc.* (a)		12,070		116,355

NetApp, Inc.		6,156		448,034

Pure Storage, Inc., Class A*		11,050		373,601

Seagate Technology Holdings plc(a)		6,120		417,690

Super Micro Computer, Inc.*		10,260		2,456,962

Western Digital Corp.*		9,690		389,053

Xerox Holdings Corp.(a)		21,250		272,850
				68,328,174


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – 0.8%

Capri Holdings Ltd.*		24,820	$	1,270,288

Carter’s, Inc.(a)		9,180		616,529

Columbia Sportswear Co.(a)		1,881		138,818

Crocs, Inc.* (a)		12,996		1,160,803

Deckers Outdoor Corp.*		855		510,486

Figs, Inc., Class A*		10,200		56,202

G-III Apparel Group Ltd.* (a)		11,730		299,701

Kontoor Brands, Inc.(a)		9,010		418,515

Lululemon Athletica, Inc.*		2,736		1,076,561

NIKE, Inc., Class B		29,580		3,039,937

Oxford Industries, Inc.(a)		1,026		86,594

PVH Corp.		13,680		1,017,108

Ralph Lauren Corp., Class A		2,550		286,951

Skechers USA, Inc., Class A*		5,985		288,597

Steven Madden Ltd.(a)		3,570		117,060

Tapestry, Inc.		8,840		243,630

Under Armour, Inc., Class A* (a)		29,580		202,623

Under Armour, Inc., Class C* (a)		30,940		198,944

VF Corp.(a)		8,840		130,213

Wolverine World Wide, Inc.		10,370		83,479
				11,243,039

Tobacco – 0.5%

Altria Group, Inc.		52,020		2,089,644

Philip Morris International, Inc.		46,070		4,107,601

Universal Corp.(a)		6,460		290,700

Vector Group Ltd.(a)		27,030		277,868
				6,765,813

Trading Companies & Distributors – 0.9%

Air Lease Corp., Class A		20,570		712,339

Applied Industrial Technologies, Inc.(a)		2,210		339,257

Beacon Roofing Supply, Inc.* (a)		12,070		859,022

BlueLinx Holdings, Inc.* (a)		1,881		133,758

Boise Cascade Co.		8,208		769,500

Core & Main, Inc., Class A* (a)		19,380		582,950

DXP Enterprises, Inc.*		2,040		66,504


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

Fastenal Co.		12,996	$	758,187

Ferguson plc		4,420		663,884

FTAI Aviation Ltd.(a)		2,040		76,724

GATX Corp.(a)		2,210		231,122

GMS, Inc.* (a)		10,200		596,496

H&E Equipment Services, Inc.		6,800		276,896

Herc Holdings, Inc.		5,610		599,092

McGrath RentCorp		1,870		188,122

MRC Global, Inc.*		17,340		182,243

MSC Industrial Direct Co., Inc., Class A(a)		2,890		273,828

NOW, Inc.*		11,223		123,677

Rush Enterprises, Inc., Class A		11,730		417,353

Rush Enterprises, Inc., Class B(a)		766		30,977

SiteOne Landscape Supply, Inc.* (a)		2,223		306,263

Titan Machinery, Inc.*		3,230		80,233

United Rentals, Inc.		1,870		759,725

Veritiv Corp.		2,550		431,996

Watsco, Inc.(a)		684		238,641

WESCO International, Inc.		9,747		1,249,565

WW Grainger, Inc.		1,026		748,806
				11,697,160

Water Utilities – 0.1%

American States Water Co.		2,394		186,852

American Water Works Co., Inc.		4,275		502,954

California Water Service Group(a)		3,420		166,485

Essential Utilities, Inc.		4,420		147,893

Middlesex Water Co.		513		32,591

SJW Group		513		32,052

York Water Co. (The)		2,040		73,583
				1,142,410

Wireless Telecommunication Services – 0.2%

Gogo, Inc.* (a)		8,037		84,389

Shenandoah Telecommunications Co.(a)		2,052		48,550


Investments	Shares		Value

Wireless Telecommunication Services – (continued)

Telephone and Data Systems, Inc.		21,760	$	395,814

T-Mobile US, Inc.* (a)		16,150		2,323,339
				2,852,092
Total Common Stocks (Cost $854,268,940)				1,323,526,454
	Number of Warrants

WARRANTS – 0.0%(d)

Oil, Gas & Consumable Fuels – 0.0%(d)

Occidental Petroleum Corp., expiring 8/3/2027, price 22.00* (Cost $21,117)		4,266		170,043
	Number of Rights

RIGHTS – 0.0%(d)

Biotechnology – 0.0%(d)

Achillion Pharmaceuticals, Inc., CVR* ‡		44,344		62,082

Financial Services – 0.0%

Resolute Forest Products, Inc., CVR* ‡		6,734		—

Health Care Equipment & Supplies – 0.0%

ABIOMED, Inc., CVR* ‡		1,110		—
Total Rights (Cost $1,132)				62,082
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 12.5%(e)

CERTIFICATES OF DEPOSIT – 3.8%

Barclays Bank plc, New York
(SOFR + 0.32%), 5.48%, 11/24/2023(f)	$	2,000,000		2,000,186

Citibank NA, New York
(SOFR + 0.40%), 5.62%, 12/15/2023(f)		5,000,000		5,000,540


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – (continued)

CERTIFICATES OF DEPOSIT – (continued)

Credit Industriel et Commercial, London
5.69%, 1/16/2024	$	3,000,000	$	2,964,270

Mizuho Bank Ltd., New York
(SOFR + 0.40%), 5.71%, 3/12/2024(f)		4,000,000		4,001,152

MUFG Bank Ltd., London Branch
5.63%, 11/27/2023		4,000,000		4,000,000

National Westminster Bank PLC
5.88%, 5/2/2024		4,000,000		4,002,680

Nordea Bank Abp, New York Branch
(SOFR + 0.47%), 5.78%, 4/26/2024(f)		4,000,000		4,003,104

Oversea-Chinese Banking Corp. Ltd., New York
(SOFR + 0.37%), 5.68%, 11/16/2023(f)		3,000,000		3,000,000

Royal Bank of Canada, New York
(SOFR + 0.53%), 5.84%, 5/23/2024(f)		3,000,000		3,002,712

Sumitomo Mitsui Trust Bank Ltd., New York
(SOFR + 0.23%), 5.54%, 11/22/2023(f)		4,000,000		4,000,000

Svenska Handelsbanken, New York 5.80%, 4/4/2024		1,000,000		999,882
(SOFR + 0.33%), 5.64%, 4/4/2024(f)		1,000,000		999,870

The Sumitomo Bank Ltd., New York
(SOFR + 0.47%), 5.60%, 1/9/2024(f)		3,000,000		3,001,839

Toronto-Dominion Bank, New York 5.64%, 2/28/2024		2,000,000		2,000,000


Investments	Principal Amount		Value

CERTIFICATES OF DEPOSIT – (continued)

(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(f)	$	4,000,000	$	4,001,992

Wells Fargo Bank (San Francisco) NA
(SOFR + 0.37%), 5.62%, 12/12/2023(f)		4,000,000		4,000,290
Total Certificates Of Deposit (Cost $50,967,462)				50,978,517



COMMERCIAL PAPER – 0.4%(f)

Bank of Montreal, Montreal
(SOFR + 0.35%), 5.66%, 11/9/2023 (Cost $6,000,000)		6,000,000		6,000,000

INVESTMENT COMPANIES – 1.3%

BlackRock Liquidity FedFund, Institutional Shares 5.35%, 11/1/2023		2,000,000		2,000,000

Dreyfus Treasury Obligations Cash Management Fund 5.38%, 11/1/2023		5,000,000		5,000,000

Fidelity Government Portfolio, Institutional Class 5.34%, 11/1/2023		2,000,000		2,000,000

Goldman Sachs Financial Square Government Fund, Institutional Class 5.36%, 11/1/2023		5,000,000		5,000,000

Morgan Stanley Institutional Liquidity Fund – Government Portfolio 5.35%, 11/1/2023		3,000,000		3,000,000
Total Investment Companies (Cost $17,000,000)				17,000,000


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – (continued)

REPURCHASE AGREEMENTS – 7.0%

BofA Securities, Inc., 5.77%, dated 10/31/2023, due 1/31/2024, repurchase price $6,088,473, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.13%, maturing 7/15/2024 – 11/15/2044; total market value $6,042,385	$	6,000,000	$	6,000,000

CF Secured LLC, 5.30%, dated 10/31/2023, due 11/1/2023, repurchase price $5,000,736, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 11/15/2023 – 5/15/2051; total market value $5,041,997		5,000,000		5,000,000

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $5,173,914, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $5,231,980		5,173,156		5,173,156


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

MetLife, Inc., 5.32%, dated 10/31/2023, due 11/1/2023, repurchase price $30,004,433, collateralized by various U.S. Treasury Securities, 0.00%, maturing 8/15/2041 – 11/15/2050; total market value $30,216,462	$	30,000,000	$	30,000,000

TD Prime Services LLC, 5.42%, dated 10/31/2023, due 11/1/2023, repurchase price $47,007,076, collateralized by various Common Stocks; total market value $52,052,944		47,000,000		47,000,000
Total Repurchase Agreements (Cost $93,173,156)				93,173,156
Total Securities Lending Reinvestments (Cost $167,140,618)				167,151,673
Total Investments – 111.6% (Cost $1,021,431,807)				1,490,910,252

Liabilities in excess of other assets – (11.6%)				(154,899,191	)
NET ASSETS – 100.0%			$	1,336,011,061

*	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 October 31, 2023. The total value of securities on loan at October 31, 2023 was $206,017,475, collateralized in the form of cash with a value of $167,151,893 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $36,526,260 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053 and $5,775,820 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 4.50%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $209,453,973.

^(b)

^(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 October 31, 2023. The total value of securities purchased was $167,151,673.

^(f)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2023.

Percentages shown are based on Net Assets.

Abbreviations

CVR – Contingent Value Rights

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	524,557,601
Aggregate gross unrealized depreciation		(54,592,043	)
Net unrealized appreciation	$	469,965,558
Federal income tax cost	$	1,020,214,088

Investment in a company which was affiliated for the period ended October 31, 2023, was as follows:

FlexShares^® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.4%

Aerospace & Defense – 1.0%

Airbus SE		9,087	$	1,212,914

Babcock International Group plc* (a)		29,289		138,893

BAE Systems plc		46,839		627,478

Bombardier, Inc., Class B*		1,886		60,442

CAE, Inc.*		4,716		98,380

Chemring Group plc		15,334		52,007

Dassault Aviation SA		369		73,131

Elbit Systems Ltd.		412		76,411

Hensoldt AG		800		23,592

INVISIO AB		2,552		38,282

Kongsberg Gruppen ASA		1,540		62,859

Leonardo SpA		8,715		131,129

LISI SA		880		20,324

Melrose Industries plc		22,161		125,582

Montana Aerospace AG* (b)		1,496		17,951

MTU Aero Engines AG		702		131,337

QinetiQ Group plc		14,473		58,131

Rheinmetall AG		741		211,787

Rolls-Royce Holdings plc*		130,611		341,387

Saab AB, Class B		1,596		81,710

Safran SA		5,148		800,000

Senior plc		16,810		31,903

Singapore Technologies Engineering Ltd.		17,900		49,125

Thales SA		1,521		223,711
				4,688,466

Air Freight & Logistics – 0.7%

bpost SA(a)		33,228		179,825

Cargojet, Inc.		943		53,663

Cia de Distribucion Integral Logista Holdings SA		2,419		59,269

Deutsche Post AG		20,124		781,925

DSV A/S		2,730		406,715

Freightways Group Ltd.(a)		12,878		55,804

Hamakyorex Co. Ltd.		3,900		96,699

ID Logistics Group SACA*		81		21,918

InPost SA*		3,608		35,574


Investments	Shares		Value

Air Freight & Logistics – (continued)

International Distributions Services plc*		14,455	$	44,307

Kerry Logistics Network Ltd.		18,500		15,676

Konoike Transport Co. Ltd.(a)		11,700		153,275

Mainfreight Ltd.(a)		1,312		43,681

Mitsui-Soko Holdings Co. Ltd.		7,800		220,436

Nippon Express Holdings, Inc.		1,600		81,550

PostNL NV(a)		25,992		48,312

Sankyu, Inc.		1,333		39,758

SBS Holdings, Inc.(a)		7,800		137,309

Senko Group Holdings Co. Ltd.		46,800		319,839

SG Holdings Co. Ltd.		8,000		112,622

Trancom Co. Ltd.		900		41,183

Yamato Holdings Co. Ltd.		6,200		102,511
				3,051,851

Automobile Components – 1.4%

Aisan Industry Co. Ltd.(a)		12,000		93,975

Aisin Corp.		4,100		140,831

ARB Corp. Ltd.(a)		4,845		89,482

Brembo SpA		1,435		15,396

Bridgestone Corp.		11,700		437,808

CIE Automotive SA		2,091		53,177

Cie Generale des Etablissements Michelin SCA		14,274		422,755

Cie Plastic Omnium SE		19,227		215,423

Continental AG		2,223		144,366

Denso Corp.		31,200		453,131

Dometic Group AB(c)		5,962		36,660

Dowlais Group plc		75,855		92,046

Eagle Industry Co. Ltd.(a)		8,200		88,419

Exedy Corp.		11,700		193,371

FCC Co. Ltd.		11,700		137,515

Forvia SE*		2,542		42,561

Gestamp Automocion SA(b)		50,388		184,919

G-Tekt Corp.		8,000		92,284

GUD Holdings Ltd.(a)		6,543		44,078

Hella GmbH & Co. KGaA		328		24,927

Johnson Electric Holdings Ltd.(a)		136,500		169,042

JTEKT Corp.		6,700		54,261

Koito Manufacturing Co. Ltd.		5,000		73,938

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobile Components – (continued)

KYB Corp.(a)		7,800	$	227,390

Linamar Corp.		1,066		46,042

Magna International, Inc.(a)		5,499		263,968

Musashi Seimitsu Industry Co. Ltd.		4,100		38,849

NHK Spring Co. Ltd.		2,900		20,240

Nifco, Inc.		2,400		55,482

Niterra Co. Ltd.		2,700		59,725

NOK Corp.(a)		4,100		47,837

Nokian Renkaat OYJ(a)		8,364		63,017

Pacific Industrial Co. Ltd.		23,400		211,526

Pirelli & C SpA(b)		3,854		17,114

PWR Holdings Ltd.		3,772		23,453

Schaeffler AG (Preference)		55,380		285,893

Seiren Co. Ltd.		4,100		60,182

Shoei Co. Ltd.(a)		1,600		21,056

Stanley Electric Co. Ltd.		4,100		64,690

Sumitomo Electric Industries Ltd.		19,500		202,024

Tokai Rika Co. Ltd.(a)		18,000		278,596

Topre Corp.(a)		19,500		206,530

Toyo Tire Corp.		4,500		65,846

Toyoda Gosei Co. Ltd.		2,000		39,156

Toyota Boshoku Corp.		2,700		46,300

TS Tech Co. Ltd.		4,700		52,091

Valeo SE		4,746		62,406

Vitesco Technologies Group AG*		7,254		706,175

Yokohama Rubber Co. Ltd. (The)		4,100		74,625
				6,540,578

Automobiles – 2.3%

Aston Martin Lagonda Global Holdings plc* (b)		16,400		43,542

Bayerische Motoren Werke AG		5,850		541,856

Bayerische Motoren Werke AG (Preference)		1,198		101,493

Ferrari NV		1,872		564,920

Honda Motor Co. Ltd.		105,300		1,047,472

Isuzu Motors Ltd.		15,600		171,044

Mazda Motor Corp.		12,400		116,594

Mercedes-Benz Group AG		16,575		971,121

Mitsubishi Motors Corp.		13,500		43,020


Investments	Shares		Value

Automobiles – (continued)

Nissan Motor Co. Ltd.		42,900	$	160,728

Piaggio & C SpA		48,438		129,943

PIERER Mobility AG		440		25,190

Porsche Automobil Holding SE (Preference)		3,432		152,904

Renault SA		4,056		141,692

Stellantis NV		46,176		859,021

Subaru Corp.		12,100		204,496

Suzuki Motor Corp.		7,800		297,898

Toyota Motor Corp.(a)		261,300		4,468,731

Trigano SA		2,769		362,342

Volkswagen AG (Preference)		3,549		374,492

Volvo Car AB, Class B* (a)		10,332		35,428

Yamaha Motor Co. Ltd.(a)		7,800		187,320
				11,001,247

Banks – 11.2%

77 Bank Ltd. (The)		27,300		601,179

ABN AMRO Bank NV, CVA(b)		8,612		115,470

AIB Group plc		18,788		81,302

Aktia Bank OYJ(a)		19,734		186,061

Alior Bank SA*		2,640		41,461

AMCO - Asset Management Co. SpA* ‡ (a)		239		—

ANZ Group Holdings Ltd.		43,329		677,888

Aozora Bank Ltd.(a)		2,900		58,710

Awa Bank Ltd. (The)(a)		15,600		256,386

Banca Popolare di Sondrio SpA		154,596		841,551

Banco Bilbao Vizcaya Argentaria SA(a)		123,318		967,436

Banco BPM SpA		30,638		156,190

Banco Comercial Portugues SA, Class R*		189,546		58,021

Banco de Sabadell SA		119,847		148,340

Banco Santander SA(a)		347,958		1,274,766

Bank Hapoalim BM		25,779		183,965

Bank Leumi Le-Israel BM		31,902		204,949

Bank Millennium SA*		25,740		44,712

Bank of Cyprus Holdings plc		129,480		395,936

Bank of East Asia Ltd. (The)		24,600		29,176

Bank of Georgia Group plc		13,104		529,505

Bank of Ireland Group plc		21,021		187,752

Bank of Montreal		15,171		1,145,161

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Bank of Nova Scotia (The)		25,194	$	1,019,012

Bank of Queensland Ltd.(a)		13,492		43,567

Bank Polska Kasa Opieki SA		3,907		118,397

Bankinter SA(a)		13,940		87,848

Banque Cantonale de Geneve		663		163,920

Banque Cantonale Vaudoise (Registered)(a)		410		46,224

Barclays plc		303,849		485,217

BAWAG Group AG(b)		2,105		93,316

Bendigo & Adelaide Bank Ltd.		16,482		90,790

Berner Kantonalbank AG (Registered)		328		85,780

BNP Paribas SA		22,464		1,289,086

BPER Banca		28,167		91,372

CaixaBank SA		80,145		324,875

Canadian Imperial Bank of Commerce		19,865		699,872

Canadian Western Bank		33,891		670,862

Chiba Bank Ltd. (The)		17,000		125,666

Chugin Financial Group, Inc.		66,300		524,683

Close Brothers Group plc(a)		52,338		506,171

Commerzbank AG		21,489		230,546

Commonwealth Bank of Australia		24,726		1,511,673

Concordia Financial Group Ltd.		30,921		142,207

Credit Agricole SA		22,230		267,350

Credito Emiliano SpA		26,715		216,019

Dah Sing Banking Group Ltd.		149,440		97,977

Dah Sing Financial Holdings Ltd.		62,400		140,995

Daishi Hokuetsu Financial Group, Inc.		15,600		403,275

Danske Bank A/S		13,845		324,001

DBS Group Holdings Ltd.		27,356		655,921

DNB Bank ASA		19,344		348,555

EQB, Inc.		9,048		448,538

Erste Group Bank AG		7,020		250,430

FIBI Holdings Ltd.		533		18,735

FinecoBank Banca Fineco SpA		8,736		102,635

First International Bank of Israel Ltd. (The)		1,144		38,882

Fukuoka Financial Group, Inc.		2,800		73,159

Graubuendner Kantonalbank		7		12,692


Investments	Shares		Value

Banks – (continued)

Gunma Bank Ltd. (The)		16,400	$	78,619

Hachijuni Bank Ltd. (The)		15,500		87,343

Hang Seng Bank Ltd.		11,700		134,052

Heartland Group Holdings Ltd.(a)		222,222		197,761

Hirogin Holdings, Inc.		9,200		57,960

Hokkoku Financial Holdings, Inc.		1,300		42,619

Hokuhoku Financial Group, Inc.		42,900		495,300

HSBC Holdings plc		417,651		3,001,768

Hyakugo Bank Ltd. (The)		85,800		321,229

ING Bank Slaski SA*		1,281		66,421

ING Groep NV		74,334		945,052

Intesa Sanpaolo SpA(a)		331,695		861,253

Israel Discount Bank Ltd., Class A		28,410		124,650

Iyogin Holdings, Inc.		8,200		58,504

Japan Post Bank Co. Ltd.		27,300		252,279

Judo Capital Holdings Ltd.* (a)		31,857		17,044

Juroku Financial Group, Inc.(a)		11,700		312,886

Jyske Bank A/S (Registered)*		1,292		90,789

KBC Ancora		803		30,301

KBC Group NV		7,098		389,384

Keiyo Bank Ltd. (The)		42,900		192,908

Kiyo Bank Ltd. (The)(a)		21,700		221,807

Kyoto Financial Group, Inc.		1,600		89,907

Kyushu Financial Group, Inc.		12,000		74,807

Laurentian Bank of Canada(a)		15,054		275,434

Liechtensteinische Landesbank AG		1,025		70,845

Lloyds Banking Group plc		1,377,207		667,466

Luzerner Kantonalbank AG (Registered)		697		54,685

Mebuki Financial Group, Inc.(a)		28,010		84,153

Mediobanca Banca di Credito Finanziario SpA(a)		13,104		156,100

Mitsubishi UFJ Financial Group, Inc.		269,100		2,233,542

Mizrahi Tefahot Bank Ltd.		3,510		108,452

Mizuho Financial Group, Inc.		54,600		917,721

Musashino Bank Ltd. (The)		11,700		218,402

Nanto Bank Ltd. (The)		11,700		208,591

National Australia Bank Ltd.		47,502		843,629

National Bank of Canada		5,460		339,104

NatWest Group plc		115,986		250,804

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Nishi-Nippon Financial Holdings, Inc.		46,800	$	551,915

Nordea Bank Abp		71,799		753,807

Norion Bank AB*		1,353		4,366

North Pacific Bank Ltd.		101,400		257,777

Oberbank AG		902		60,637

Ogaki Kyoritsu Bank Ltd. (The)		15,600		216,007

Oversea-Chinese Banking Corp. Ltd.		78,000		721,901

Powszechna Kasa Oszczednosci Bank Polski SA*		15,902		164,228

Raiffeisen Bank International AG*		1,107		15,995

Resona Holdings, Inc.		46,800		248,300

Ringkjoebing Landbobank A/S		492		66,923

Royal Bank of Canada		20,814		1,660,622

San-In Godo Bank Ltd. (The)		54,600		372,785

Santander Bank Polska SA*		836		90,544

Senshu Ikeda Holdings, Inc.(a)		101,400		236,351

Seven Bank Ltd.		28,700		56,530

Shiga Bank Ltd. (The)		16,600		435,155

Shizuoka Financial Group, Inc.		13,100		110,417

Skandinaviska Enskilda Banken AB, Class A		35,763		397,877

Skandinaviska Enskilda Banken AB, Class C		684		7,849

Societe Generale SA		15,561		347,792

Spar Nord Bank A/S		25,311		382,818

SpareBank 1 Nord Norge		32,253		272,535

Sparebank 1 Oestlandet		1,329		14,751

SpareBank 1 SMN		3,103		37,608

SpareBank 1 Sorost-Norge		25,506		135,616

SpareBank 1 SR-Bank ASA		4,796		52,031

Sparebanken Vest		32,136		294,559

St Galler Kantonalbank AG (Registered)		41		22,233

Standard Chartered plc		47,814		365,525

Sumitomo Mitsui Financial Group, Inc.		28,600		1,363,478

Sumitomo Mitsui Trust Holdings, Inc.		7,800		288,937

Suruga Bank Ltd.(a)		67,100		284,448


Investments	Shares		Value

Banks – (continued)

Svenska Handelsbanken AB, Class A		31,590	$	268,607

Svenska Handelsbanken AB, Class B(a)		908		9,346

Swedbank AB, Class A		18,681		305,563

Sydbank A/S		19,656		851,783

TBC Bank Group plc		14,586		475,228

Tokyo Kiraboshi Financial Group, Inc.(a)		11,700		340,312

Toronto-Dominion Bank (The)		38,844		2,167,373

Unicaja Banco SA(a) (b)		441,129		457,880

UniCredit SpA		37,947		947,598

United Overseas Bank Ltd.		31,226		615,836

Valiant Holding AG (Registered)		5,499		598,210

Virgin Money UK plc		30,176		54,541

Walliser Kantonalbank (Registered)		485		58,090

Westpac Banking Corp.(a)		50,739		661,783

Yamaguchi Financial Group, Inc.		4,100		37,198

Zuger Kantonalbank AG		10		86,369
				52,737,770

Beverages – 1.0%

Anheuser-Busch InBev SA/NV		15,483		877,683

Asahi Group Holdings Ltd.		6,700		240,491

Britvic plc		3,520		35,794

Budweiser Brewing Co. APAC Ltd.(b)		22,600		42,978

C&C Group plc(a)		27,840		47,025

Carlsberg A/S, Class B		1,521		180,934

Coca-Cola Europacific Partners plc(a)		3,092		180,913

Coca-Cola HBC AG		3,806		98,464

Davide Campari-Milano NV(a)		9,602		105,857

Diageo plc		33,306		1,255,699

Fevertree Drinks plc		5,658		68,932

Heineken Holding NV		1,391		105,567

Heineken NV		3,627		324,871

Ito En Ltd.		800		25,868

Kirin Holdings Co. Ltd.		11,700		163,744

Pernod Ricard SA		3,042		538,578

Primo Water Corp.		8,385		109,263

Remy Cointreau SA		398		45,077

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Beverages – (continued)

Royal Unibrew A/S		836	$	60,356

Sapporo Holdings Ltd.		1,900		66,543

Suntory Beverage & Food Ltd.		1,800		53,223

Takara Holdings, Inc.		4,100		33,868

Treasury Wine Estates Ltd.		8,668		66,407
				4,728,135

Biotechnology – 0.5%

Argenx SE*		897		421,064

Bavarian Nordic A/S* (a)		3,730		70,914

BioGaia AB, Class B		5,670		50,546

BoneSupport Holding AB* (b)		2,665		34,634

Clinuvel Pharmaceuticals Ltd.(a)		1,368		12,724

CSL Ltd.		7,137		1,049,941

Galapagos NV* (a)		2,964		97,842

Genmab A/S*		975		274,770

Genus plc		3,640		94,435

Grifols SA*		6,478		72,478

Idorsia Ltd.* (a)		7,462		14,079

Imugene Ltd.*		411,693		11,208

Nykode Therapeutics ASA*		11,562		17,770

PeptiDream, Inc.*		2,500		18,002

Pharma Mar SA		824		28,045

PureTech Health plc*		12,751		23,457

Swedish Orphan Biovitrum AB*		3,561		73,115

Takara Bio, Inc.		400		3,500

Telix Pharmaceuticals Ltd.*		4,018		22,489

Valneva SE* (a)		3,485		19,707

Vitrolife AB(a)		880		11,429

Zealand Pharma A/S, Class A*		2,519		104,451
				2,526,600

Broadline Retail – 0.6%

Allegro.eu SA* (b)		6,278		44,917

ASKUL Corp.(a)		1,000		12,922

B&M European Value Retail SA		16,102		103,322

Belluna Co. Ltd.(a)		15,600		63,041

Boozt AB* (b)		2,508		17,509

Canadian Tire Corp. Ltd., Class A(a)		1,108		106,758

Dollarama, Inc.(a)		3,939		268,701

Europris ASA(b)		12,997		73,584


Investments	Shares		Value

Broadline Retail – (continued)

Harvey Norman Holdings Ltd.(a)		17,952	$	41,714

Isetan Mitsukoshi Holdings Ltd.		5,000		55,928

Izumi Co. Ltd.		1,300		32,645

J Front Retailing Co. Ltd.		4,100		38,727

Mercari, Inc.* (a)		1,900		37,650

Next plc		2,106		175,923

Pan Pacific International Holdings Corp.		7,800		149,696

Prosus NV*		22,659		633,013

Rakuten Group, Inc.		35,100		129,048

Ryohin Keikaku Co. Ltd.		6,000		84,050

Seria Co. Ltd.		1,000		13,853

Takashimaya Co. Ltd.		4,300		58,007

THG plc, Class B* (a)		50,904		43,189

Tokmanni Group Corp.(a)		14,664		197,623

Warehouse Group Ltd. (The)(a)		30,712		30,726

Wesfarmers Ltd.		15,834		506,478
				2,919,024

Building Products – 1.0%

AGC, Inc.		4,800		161,992

Arbonia AG		3,837		32,634

Assa Abloy AB, Class B		14,118		300,110

Belimo Holding AG (Registered)		123		51,495

Bunka Shutter Co. Ltd.		21,200		177,501

Carel Industries SpA(b)		840		17,474

Central Glass Co. Ltd.		7,800		146,374

Cie de Saint-Gobain SA		11,076		601,757

Daikin Industries Ltd.		4,200		599,861

dormakaba Holding AG		126		57,320

Fletcher Building Ltd.(a)		3,362		8,448

Forbo Holding AG (Registered)		41		45,052

Geberit AG (Registered)		468		216,914

Genuit Group plc		15,480		49,872

Inwido AB		20,748		211,516

James Halstead plc		18,023		41,881

Kingspan Group plc		2,341		157,077

Lindab International AB		4,346		66,789

Lixil Corp.		6,000		65,410

Munters Group AB(b)		4,428		53,821

Nibe Industrier AB, Class B(a)		22,581		129,714

Nichias Corp.(a)		20,300		398,909

Nichiha Corp.		11,700		228,677

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Building Products – (continued)

Nitto Boseki Co. Ltd.		1,900	$	42,154

Reliance Worldwide Corp. Ltd.(a)		13,860		30,626

ROCKWOOL A/S, Class A		88		19,441

ROCKWOOL A/S, Class B		174		38,637

Sanwa Holdings Corp.		5,400		71,973

Schweiter Technologies AG		56		31,260

Sekisui Jushi Corp.(a)		11,700		189,045

Systemair AB		4,018		22,009

Takara Standard Co. Ltd.(a)		19,500		235,115

Takasago Thermal Engineering Co. Ltd.		4,100		80,378

TOTO Ltd.		3,000		71,769

Uponor OYJ		3,440		103,846

Volution Group plc		11,378		50,063
				4,806,914

Capital Markets – 3.0%

3i Group plc		19,968		468,733

abrdn plc		16,031		30,473

AJ Bell plc		21,520		66,119

Allfunds Group plc		4,048		20,615

Alpha Group International plc		1,804		34,149

Altshuler Shaham Finance Ltd.(a)		22,509		25,260

Amundi SA(b)		1,312		68,258

Anima Holding SpA(b)		65,754		268,000

Ashmore Group plc		22,554		46,389

ASX Ltd.(a)		3,471		123,355

Avanza Bank Holding AB(a)		2,704		45,500

Azimut Holding SpA		2,501		52,554

Banca Generali SpA		1,397		45,214

Brederode SA(a)		285		25,305

Bridgepoint Group plc(b)		16,760		36,912

Brookfield Asset Management Ltd., Class A		5,265		150,754

Brookfield Corp., Class A(a)		29,914		870,524

Bure Equity AB		968		19,286

CI Financial Corp.		51,441		465,776

Cie Financiere Tradition SA		615		78,391

Daiwa Securities Group, Inc.		27,300		155,748

Deutsche Bank AG (Registered)		43,563		476,853

Deutsche Boerse AG		2,808		460,642


Investments	Shares		Value

Capital Markets – (continued)

EFG International AG		1,680	$	20,085

EQT AB(a)		4,756		86,371

Euronext NV(b)		1,394		96,954

Fairfax India Holdings Corp.* (a) (b)		4,510		54,977

flatexDEGIRO AG*		4,400		44,424

Flow Traders Ltd.(a)		11,193		204,321

Gimv NV(a)		6,456		249,076

GMO Financial Holdings, Inc.(a)		8,200		36,981

Hargreaves Lansdown plc		5,061		43,394

Hong Kong Exchanges & Clearing Ltd.		17,358		610,057

HUB24 Ltd.		4,532		86,743

iFAST Corp. Ltd.		16,400		79,004

IG Group Holdings plc		8,448		65,403

IGM Financial, Inc.(a)		2,200		49,475

Impax Asset Management Group plc		2,132		9,960

Insignia Financial Ltd.(a)		223,002		290,859

IntegraFin Holdings plc(b)		15,498		41,148

Intermediate Capital Group plc		6,435		101,863

Investec plc		16,636		92,073

IP Group plc		362,154		192,701

JAFCO Group Co. Ltd.		5,000		53,452

Japan Exchange Group, Inc.		7,800		152,683

JTC plc(b)		7,558		58,558

Julius Baer Group Ltd.		4,446		261,860

Jupiter Fund Management plc		181,233		172,635

Kingkey Financial International Holdings Ltd.* (a)		410,000		45,587

Leonteq AG		2,964		126,859

London Stock Exchange Group plc		6,162		619,119

Macquarie Group Ltd.		5,304		540,607

Magellan Financial Group Ltd.		7,995		32,853

Man Group plc		32,340		86,138

Matsui Securities Co. Ltd.		8,200		40,609

Monex Group, Inc.(a)		12,300		53,360

Ninety One plc(a)		15,252		29,260

Nomura Holdings, Inc.		66,300		253,870

Nordnet AB publ		2,420		34,115

Okasan Securities Group, Inc.		78,000		348,681

Onex Corp.		1,394		78,042

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Partners Group Holding AG		312	$	328,028

Perpetual Ltd.(a)		5,289		64,128

Pinnacle Investment Management Group Ltd.(a)		10,281		50,383

Quilter plc(a) (b)		475,137		460,667

Rathbones Group plc		3,608		65,584

Ratos AB, Class B		71,097		197,395

SBI Holdings, Inc.		4,800		102,279

Schroders plc		12,054		54,017

Singapore Exchange Ltd.		12,300		85,020

Sprott, Inc.(a)		1,056		30,587

St James’s Place plc		7,920		61,469

Swissquote Group Holding SA (Registered)		205		39,173

Tamburi Investment Partners SpA		6,642		55,533

Tel Aviv Stock Exchange Ltd.*		4,141		18,425

Tikehau Capital SCA(a)		1,672		34,462

TMX Group Ltd.		4,180		86,957

Tokai Tokyo Financial Holdings, Inc.		28,700		96,649

TP ICAP Group plc		265,473		506,079

UBS Group AG (Registered)		63,882		1,489,562

UOB-Kay Hian Holdings Ltd.		5,767		5,514

Van Lanschot Kempen NV, CVA		13,494		361,571

Vontobel Holding AG (Registered)		339		19,743

VZ Holding AG		285		27,935

WealthNavi, Inc.* (a)		2,400		17,416

XTB SA(b)		13,760		106,841

Yangzijiang Financial Holding Ltd.		881,400		205,867
				14,050,251

Chemicals – 3.1%

ADEKA Corp.		2,300		37,952

Aica Kogyo Co. Ltd.		1,500		34,250

Air Liquide SA		7,683		1,312,992

Air Water, Inc.		4,100		51,343

Akzo Nobel NV		2,730		182,544

Arkema SA		1,521		142,088

Asahi Kasei Corp.		35,100		214,014

ASAHI YUKIZAI Corp.		4,000		96,669


Investments	Shares		Value

Chemicals – (continued)

BASF SE		18,252	$	839,893

Borregaard ASA		1,692		22,930

C Uyemura & Co. Ltd.		600		32,329

Chr Hansen Holding A/S		1,546		105,200

Clariant AG (Registered)		5,002		70,739

Corbion NV		3,321		57,323

Covestro AG* (b)		2,730		137,644

Croda International plc		2,262		120,168

Daicel Corp.		8,900		74,899

Denka Co. Ltd.		1,400		25,084

DIC Corp.		2,899		45,319

DSM-Firmenich AG		3,198		289,319

Elementis plc*		41,976		60,308

Elkem ASA(b)		5,870		9,079

EMS-Chemie Holding AG (Registered)(a)		126		85,841

Essentra plc		16,940		30,546

Evonik Industries AG		4,160		76,334

FUCHS SE		711		23,823

FUCHS SE (Preference)		1,182		47,876

Fujimori Kogyo Co. Ltd.		4,000		99,838

Fuso Chemical Co. Ltd.		1,100		29,453

Givaudan SA (Registered)		117		388,264

Grupa Azoty SA*		3,720		19,421

Hexpol AB		5,784		51,096

ICL Group Ltd.		18,163		87,997

Incitec Pivot Ltd.		36,784		63,814

Israel Corp. Ltd.*		104		22,396

JCU Corp.		1,400		30,090

Johnson Matthey plc		4,320		78,317

JSR Corp.		3,100		82,267

K+S AG (Registered)		4,961		83,219

Kaneka Corp.		1,300		31,495

Kansai Paint Co. Ltd.		5,300		76,957

Kanto Denka Kogyo Co. Ltd.(a)		19,500		101,720

Kemira OYJ		2,992		48,324

KH Neochem Co. Ltd.(a)		11,700		175,139

Kumiai Chemical Industry Co. Ltd.(a)		31,200		224,969

Kuraray Co. Ltd.		8,000		90,858

Kureha Corp.		800		47,067

LANXESS AG		2,156		49,224

Lenzing AG* (a)		1,068		41,486

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Lintec Corp.		15,600	$	255,665

Methanex Corp.		1,290		53,208

Mitsubishi Chemical Group Corp.		31,200		174,722

Mitsubishi Gas Chemical Co., Inc.		6,200		83,004

Mitsui Chemicals, Inc.		5,300		131,691

Nihon Nohyaku Co. Ltd.		16,400		69,306

Nihon Parkerizing Co. Ltd.		4,100		29,347

Nippon Kayaku Co. Ltd.		3,800		32,343

Nippon Paint Holdings Co. Ltd.		15,600		103,729

Nippon Pillar Packing Co. Ltd.		7,800		191,594

Nippon Sanso Holdings Corp.(a)		2,800		69,720

Nippon Shokubai Co. Ltd.		1,400		51,629

Nippon Soda Co. Ltd.		9,539		338,868

Nissan Chemical Corp.		2,900		116,712

Nitto Denko Corp.(a)		1,800		115,087

NOF Corp.		1,200		47,011

Novozymes A/S, Class B(a)		3,393		152,127

Nufarm Ltd.(a)		20,418		55,977

Nutrien Ltd.		10,218		548,198

OCI NV(a)		1,933		44,970

Okamoto Industries, Inc.(a)		5,700		195,715

Orica Ltd.(a)		6,731		62,477

Osaka Soda Co. Ltd.(a)		8,400		486,989

Recticel SA(a)		2,200		19,743

Resonac Holdings Corp.		4,200		67,183

Sanyo Chemical Industries Ltd.		3,900		103,136

Shikoku Kasei Holdings Corp.		3,200		35,836

Shin-Etsu Chemical Co. Ltd.		42,900		1,265,655

Shin-Etsu Polymer Co. Ltd.		800		7,163

Sika AG (Registered)		2,262		539,122

SOL SpA		3,009		86,510

Solvay SA		1,599		168,575

Sumitomo Chemical Co. Ltd.(a)		46,800		118,047

Symrise AG, Class A		2,067		210,180

T Hasegawa Co. Ltd.		900		18,541

Taiyo Holdings Co. Ltd.(a)		1,800		29,001

Teijin Ltd.		4,100		36,764

Tessenderlo Group SA(a)		8,931		259,602

Toagosei Co. Ltd.		42,900		389,639


Investments	Shares		Value

Chemicals – (continued)

Tokai Carbon Co. Ltd.		6,600	$	49,986

Tokuyama Corp.		23,400		350,896

Tokyo Ohka Kogyo Co. Ltd.		700		39,838

Toray Industries, Inc.		19,500		93,325

Tosoh Corp.		7,800		94,638

Toyo Gosei Co. Ltd.(a)		300		12,321

Toyo Ink SC Holdings Co. Ltd.(a)		13,300		224,382

Toyobo Co. Ltd.		27,300		181,886

UBE Corp.		4,100		62,646

Umicore SA		3,034		71,996

Victrex plc		5,289		88,375

Wacker Chemie AG		256		31,253

W-Scope Corp.*		4,100		23,364

Yara International ASA		2,583		84,391

Zeon Corp.		3,600		29,417
				14,353,417

Commercial Services & Supplies – 1.1%

Aker Carbon Capture ASA*		23,288		22,054

Befesa SA(b)		1,394		40,579

Big Technologies plc*		11,924		26,044

Bilfinger SE		9,360		342,514

Boyd Group Services, Inc.		372		63,354

Brambles Ltd.		22,737		188,731

Bravida Holding AB(b)		984		6,139

Caverion OYJ		8,888		80,136

Cleanaway Waste Management Ltd.(a)		35,024		49,673

Coor Service Management Holding AB(b)		6,692		23,048

Dai Nippon Printing Co. Ltd.(a)		3,900		100,664

Daiseki Co. Ltd.(a)		1,499		40,928

Derichebourg SA		30,264		130,579

DO & CO AG		369		43,060

Downer EDI Ltd.(a)		229,515		547,847

Duskin Co. Ltd.		4,100		88,987

Elis SA		4,777		77,785

GFL Environmental, Inc.		2,416		69,526

Intrum AB(a)		26,715		136,771

ISS A/S		2,508		36,228

Japan Elevator Service Holdings Co. Ltd.		4,200		55,050

Kokuyo Co. Ltd.		4,100		63,025

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Commercial Services & Supplies – (continued)

Loomis AB, Class B		984	$	25,488

Matsuda Sangyo Co. Ltd.		4,100		70,795

Mitie Group plc		481,455		575,458

Mitsubishi Pencil Co. Ltd.		1,800		22,036

Nippon Kanzai Holdings Co. Ltd.		1,300		21,426

Okamura Corp.		29,100		410,238

Park24 Co. Ltd.*		2,200		24,565

Prestige International, Inc.		4,000		16,085

Prosegur Cash SA(b)		90,528		49,184

Prosegur Cia de Seguridad SA		57,195		85,363

RB Global, Inc.		2,691		175,911

Rentokil Initial plc		35,256		178,313

Sdiptech AB, Class B*		1,958		38,309

Secom Co. Ltd.		2,700		186,305

Securitas AB, Class B(a)		11,275		90,078

Serco Group plc		59,046		102,459

Smart Metering Systems plc		7,215		55,945

Societe BIC SA		328		20,542

Sohgo Security Services Co. Ltd.		9,500		55,302

SPIE SA		2,992		78,557

Takkt AG		2,728		34,890

TOPPAN Holdings, Inc.		4,100		93,454

Veridis Environment Ltd.* (a)		2,870		14,855

Waste Connections, Inc.		3,744		484,259
				5,142,539

Communications Equipment – 0.2%

Nokia OYJ		79,911		265,223

Spirent Communications plc		25,338		29,901

Telefonaktiebolaget LM Ericsson, Class A		3,789		17,703

Telefonaktiebolaget LM Ericsson, Class B		65,169		291,703

VTech Holdings Ltd.		54,600		317,848
				922,378

Construction & Engineering – 2.0%

Ackermans & van Haaren NV		454		67,327

ACS Actividades de Construccion y Servicios SA		4,873		176,002

AF Gruppen ASA		704		7,335


Investments	Shares		Value

Construction & Engineering – (continued)

Ashtrom Group Ltd.(a)		1,861	$	20,019

Balfour Beatty plc		18,286		68,609

Bouygues SA		2,760		96,884

Burkhalter Holding AG		615		57,307

Chiyoda Corp.* (a)		58,500		136,356

Chudenko Corp.		4,100		66,382

Daiho Corp.		3,900		99,016

Eiffage SA		1,560		141,313

Elco Ltd.		3,666		87,428

Elecnor SA		14,781		248,414

Electra Ltd.		15		4,745

EXEO Group, Inc.		4,100		84,629

Ferrovial SE		6,772		203,574

Fugro NV*		6,864		113,109

Gold Finance Holdings Ltd.* ‡		89,827		—

Hazama Ando Corp.		57,000		437,723

HOCHTIEF AG		442		45,598

INFRONEER Holdings, Inc.		4,100		42,951

Instalco AB(a) (b)		11,606		32,389

JGC Holdings Corp.		5,400		65,679

Johns Lyng Group Ltd.(a)		4,879		18,844

Kajima Corp.		11,800		193,154

Kinden Corp.		2,300		34,611

Kumagai Gumi Co. Ltd.		12,500		311,169

Kvutzat Acro Ltd.(a)		4,223		34,082

Kyudenko Corp.		2,100		62,191

Maire Tecnimont SpA		53,820		249,737

MIRAIT ONE Corp.		35,100		462,144

Monadelphous Group Ltd.(a)		7,216		64,192

Morgan Sindall Group plc		14,898		339,866

NCC AB, Class B		25,467		260,308

Nippon Densetsu Kogyo Co. Ltd.		1,700		22,933

Nippon Road Co. Ltd. (The)		6,900		90,029

Nishimatsu Construction Co. Ltd.		1,700		40,781

NRW Holdings Ltd.(a)		161,694		255,941

NYAB OYJ(a)		33,784		16,926

Obayashi Corp.		12,000		102,057

Okumura Corp.		11,700		355,377

Peab AB, Class B(a)		63,102		234,275

Penta-Ocean Construction Co. Ltd.		9,700		56,588

Raito Kogyo Co. Ltd.		3,200		41,203

Raiznext Corp.(a)		11,700		108,776

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – (continued)

Sacyr SA(a)		29,203	$	84,145

Sanki Engineering Co. Ltd.(a)		17,200		199,093

Shapir Engineering and Industry Ltd.(a)		2,525		13,531

Shikun & Binui Ltd.* (a)		20,336		45,945

Shimizu Corp.		12,000		84,863

Shinnihon Corp.		12,300		98,030

SHO-BOND Holdings Co. Ltd.		1,200		46,908

Skanska AB, Class B		8,190		122,674

SNC-Lavalin Group, Inc.		2,068		57,381

Stantec, Inc.		1,758		107,449

Sumitomo Densetsu Co. Ltd.(a)		6,400		111,312

Sumitomo Mitsui Construction Co. Ltd.		62,400		164,812

Sweco AB, Class B		4,708		43,192

Taihei Dengyo Kaisha Ltd.		5,200		134,940

Taikisha Ltd.		1,000		28,855

Taisei Corp.		4,400		148,144

Takamatsu Construction Group Co. Ltd.		7,800		141,224

Toa Corp.		7,800		193,139

Toda Corp.		5,200		28,691

Toenec Corp.		4,000		108,290

Toyo Construction Co. Ltd.		8,200		66,544

Veidekke ASA		3,088		26,646

Ventia Services Group Pty. Ltd.(a)		28,618		49,829

Vinci SA		7,683		848,475

Webuild SpA(a)		28,249		50,820

Worley Ltd.		7,728		80,196

WSP Global, Inc.		1,677		219,239

Yokogawa Bridge Holdings Corp.		14,200		232,815
				9,195,155

Construction Materials – 0.7%

Adbri Ltd.* (a)		123,864		154,496

Boral Ltd.* (a)		3,476		9,904

Breedon Group plc		97,165		368,453

Brickworks Ltd.(a)		1,435		22,269

Buzzi SpA		3,148		83,186

Cementir Holding NV		17,199		143,071


Investments	Shares		Value

Construction Materials – (continued)

CSR Ltd.		24,887	$	88,398

Heidelberg Materials AG		2,925		211,721

Holcim AG		11,583		713,779

Ibstock plc(b)		27,720		41,205

Imerys SA		1,103		29,170

James Hardie Industries plc, CHDI*		5,889		145,752

Marshalls plc		88,491		220,987

Mitani Sekisan Co. Ltd.(a)		1,200		35,894

RHI Magnesita NV(a)		11,037		343,660

Sumitomo Osaka Cement Co. Ltd.		1,700		39,210

Taiheiyo Cement Corp.		2,200		37,312

Titan Cement International SA(a)		12,324		232,913

Vicat SACA		5,226		160,193

Wienerberger AG		2,596		62,947
				3,144,520

Consumer Finance – 0.3%

Acom Co. Ltd.		20,500		47,770

AEON Financial Service Co. Ltd.		4,100		33,516

Cembra Money Bank AG		1,638		112,404

Credit Corp. Group Ltd.(a)		6,068		46,372

Credit Saison Co. Ltd.		2,100		31,137

Direct Finance of Direct Group 2006 Ltd.(a)		574		43,558

goeasy Ltd.(a)		4,290		339,924

Gruppo MutuiOnline SpA		1,056		29,691

Isracard Ltd.		15,211		47,375

J Trust Co. Ltd.(a)		32,800		102,659

Jaccs Co. Ltd.		9,500		323,055

KRUK SA		738		81,506

Latitude Group Holdings Ltd.(a)		88,452		66,084

Marui Group Co. Ltd.		3,200		50,067

Orient Corp.		4,100		30,402

Sun Hung Kai & Co. Ltd.		246,000		82,057
				1,467,577

Consumer Staples Distribution & Retail – 1.6%

Aeon Co. Ltd.		13,213		276,309

Ain Holdings, Inc.		800		22,408

Alimentation Couche-Tard, Inc.		11,271		612,892

Arcs Co. Ltd.		18,418		349,887

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – (continued)

Axfood AB		1,496	$	33,019

Axial Retailing, Inc.		7,800		198,032

Belc Co. Ltd.		800		37,294

Carrefour SA		11,934		209,144

Casino Guichard Perrachon SA* (a)		14,640		13,927

Coles Group Ltd.		20,046		193,809

Cosmos Pharmaceutical Corp.(a)		200		20,727

Create SD Holdings Co. Ltd.		500		10,647

Dino Polska SA* (b)		988		93,431

Distribuidora Internacional de Alimentacion SA*		3,367,945		43,431

Empire Co. Ltd., Class A		3,918		107,246

Endeavour Group Ltd.		17,056		53,347

Etablissements Franz Colruyt NV		1,044		43,114

Fuji Co. Ltd.		4,200		52,859

George Weston Ltd.		1,092		118,321

GrainCorp Ltd., Class A(a)		74,841		328,856

HelloFresh SE*		2,970		64,544

Inageya Co. Ltd.(a)		2,998		31,634

J Sainsbury plc		36,677		114,513

Jeronimo Martins SGPS SA		4,905		112,920

Kansai Food Market Ltd.(a)		8,200		72,771

Kato Sangyo Co. Ltd.		700		19,505

Kesko OYJ, Class A		2,248		38,683

Kesko OYJ, Class B		4,715		79,566

Kobe Bussan Co. Ltd.(a)		1,900		46,959

Koninklijke Ahold Delhaize NV		20,865		617,521

Kusuri no Aoki Holdings Co. Ltd.		600		38,988

Life Corp.		7,800		182,324

Loblaw Cos. Ltd.		2,340		191,178

Marks & Spencer Group plc*		46,416		122,109

MARR SpA		4,018		47,567

MatsukiyoCocokara & Co.		7,100		123,674

Maxvalu Tokai Co. Ltd.		500		9,865

Metcash Ltd.		18,048		42,052

METRO AG*		4,346		27,562

Metro, Inc., Class A		3,432		174,140

Mitsubishi Shokuhin Co. Ltd.		7,800		203,698

North West Co., Inc. (The)		2,419		61,614

Ocado Group plc*		13,301		75,100

Oisix ra daichi, Inc.* (a)		2,000		15,055


Investments	Shares		Value

Consumer Staples Distribution & Retail – (continued)

Olam Group Ltd.		28,700	$	20,739

Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		574		30,931

Redcare Pharmacy NV* (b)		748		83,214

Seven & i Holdings Co. Ltd.		12,000		435,247

Sheng Siong Group Ltd.		17,900		20,251

Shufersal Ltd.*		3,578		15,062

Sugi Holdings Co. Ltd.		800		32,165

Sundrug Co. Ltd.		1,600		43,253

Tesco plc		143,715		470,332

Tsuruha Holdings, Inc.		900		65,667

United Super Markets Holdings, Inc.(a)		2,000		14,144

Valor Holdings Co. Ltd.		15,600		242,480

Welcia Holdings Co. Ltd.		2,300		37,960

Woolworths Group Ltd.		19,383		432,232
				7,275,919

Containers & Packaging – 0.3%

Billerud Aktiebolag		5,485		50,811

CCL Industries, Inc., Class B		2,625		102,523

DS Smith plc		26,376		91,281

FP Corp.		1,200		22,907

Fuji Seal International, Inc.		2,000		22,094

Huhtamaki OYJ		2,051		70,262

Mayr Melnhof Karton AG(a)		275		32,265

Metsa Board OYJ, Class B(a)		3,813		28,777

Orora Ltd.		26,585		41,407

Rengo Co. Ltd.		5,200		34,240

SIG Group AG		5,850		128,500

Smurfit Kappa Group plc(a)		5,499		178,675

Toyo Seikan Group Holdings Ltd.		5,600		93,367

Transcontinental, Inc., Class A		24,141		177,547

Verallia SA(b)		1,364		44,319

Vidrala SA		560		41,494

Winpak Ltd.		1,716		46,675
				1,207,144

Distributors – 0.1%

Arata Corp.		5,700		210,017

Bapcor Ltd.(a)		17,917		60,578

D’ieteren Group		343		50,793

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Distributors – (continued)

Inchcape plc		6,396	$	51,690

Inter Cars SA		205		27,729

PALTAC Corp.		800		25,672
				426,479

Diversified Consumer Services – 0.1%

AcadeMedia AB(b)		29,406		121,702

Auction Technology Group plc*		2,583		17,584

G8 Education Ltd.(a)		51,492		30,972

IDP Education Ltd.(a)		2,501		34,283

InvoCare Ltd.		6,933		55,573

Pearson plc		12,792		147,711
				407,825

Diversified REITs – 0.5%

Argosy Property Ltd., REIT		68,432		42,192

British Land Co. plc (The), REIT		12,400		44,764

Centuria Capital Group, REIT(a)		55,661		40,352

Charter Hall Group, REIT(a)		8,140		44,684

Charter Hall Long Wale REIT, REIT(a)		20,910		39,982

Cromwell European REIT, REIT(b)		93,674		113,865

Daiwa House REIT Investment Corp., REIT		42		74,213

GPT Group (The), REIT		14,186		32,514

Growthpoint Properties Australia Ltd., REIT(a)		27,019		33,701

H&R REIT, REIT		45,942		282,287

Hankyu Hanshin REIT, Inc., REIT(a)		82		76,886

Heiwa Real Estate REIT, Inc., REIT(a)		43		40,119

Hulic Reit, Inc., REIT		24		24,437

ICADE, REIT		836		27,216

Land Securities Group plc, REIT		6,027		41,614

LXI REIT plc, REIT(b)		107,679		112,044

Merlin Properties Socimi SA, REIT		7,011		58,248

Mirvac Group, REIT		36,859		42,474

Mori Trust Reit, Inc., REIT		82		39,905

NIPPON REIT Investment Corp., REIT		18		41,480


Investments	Shares		Value

Diversified REITs – (continued)

Nomura Real Estate Master Fund, Inc., REIT		82	$	90,368

NTT UD REIT Investment Corp., REIT(a)		24		19,762

OUE Commercial REIT, REIT		175,177		30,048

Reit 1 Ltd., REIT		65,325		235,913

Sekisui House Reit, Inc., REIT(a)		55		28,908

Sella Capital Real Estate Ltd., REIT		81,042		143,832

Star Asia Investment Corp., REIT		240		90,330

Stockland, REIT		23,534		52,748

Stride Property Group, REIT(a)		33,231		26,287

Suntec REIT, REIT		43,500		34,926

Takara Leben Real Estate Investment Corp., REIT(a)		312		203,955

Tokyu REIT, Inc., REIT		22		26,206

United Urban Investment Corp., REIT		40		40,252
				2,276,512

Diversified Telecommunication Services – 1.2%

BCE, Inc.(a)		3,549		131,606

Bezeq The Israeli Telecommunication Corp. Ltd.		38,130		46,881

BT Group plc(a)		121,173		165,785

Cellnex Telecom SA(b)		8,502		249,109

Chorus Ltd.(a)		8,733		36,446

Deutsche Telekom AG (Registered)		72,540		1,569,916

Elisa OYJ		2,262		95,829

Gamma Communications plc		4,867		61,775

Helios Towers plc*		26,527		19,491

HKBN Ltd.		51,500		17,837

HKT Trust & HKT Ltd.		53,400		55,280

Infrastrutture Wireless Italiane SpA(b)		5,179		56,494

Internet Initiative Japan, Inc.		2,000		32,018

Koninklijke KPN NV		50,934		170,933

Nippon Telegraph & Telephone Corp.		460,200		537,247

NOS SGPS SA		9,348		34,128

Orange Polska SA		38,417		71,145

Orange SA		35,568		417,685

PCCW Ltd.		77,035		37,707

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – (continued)

Proximus SADP		3,640	$	30,095

Quebecor, Inc., Class B(a)		2,728		56,220

RAI Way SpA(b)		8,120		40,339

Singapore Telecommunications Ltd.		101,400		176,148

Spark New Zealand Ltd.		29,930		86,522

Swisscom AG (Registered)		429		256,443

Telecom Italia SpA*		69,160		17,969

Telecom Italia SpA* (a)		169,960		43,852

Telefonica Deutschland Holding AG		10,209		17,303

Telefonica SA(a)		115,869		446,538

Telekom Austria AG, Class A		4,091		28,540

Telenor ASA		7,093		72,475

Telia Co. AB		35,720		75,483

Telstra Group Ltd.		60,801		146,670

TELUS Corp.		8,385		135,054

TPG Telecom Ltd.		11,890		38,996

United Internet AG (Registered)		1,720		35,724
				5,511,683

Electric Utilities – 1.5%

Acciona SA		369		46,414

BKW AG		440		73,781

Chubu Electric Power Co., Inc.		15,600		187,732

Chugoku Electric Power Co., Inc. (The)		4,206		26,142

CK Infrastructure Holdings Ltd.		11,000		50,961

CLP Holdings Ltd.		24,500		179,258

Contact Energy Ltd.		11,528		52,234

EDP – Energias de Portugal SA		44,655		187,385

Elia Group SA/NV		640		60,646

Emera, Inc.(a)		3,978		130,150

Endesa SA(a)		4,510		84,687

Enea SA*		80,808		139,889

Enel SpA		160,875		1,018,229

EVN AG		748		20,280

Fortis, Inc.(a)		7,017		278,304

Fortum OYJ		10,023		118,656

Genesis Energy Ltd.		16,699		22,437

HK Electric Investments & HK Electric Investments Ltd.(b)		44,500		24,682


Investments	Shares		Value

Electric Utilities – (continued)

Hokkaido Electric Power Co., Inc.		74,100	$	309,523

Hokuriku Electric Power Co.*		70,200		346,121

Hydro One Ltd.(a) (b)		4,407		114,155

Iberdrola SA		82,797		918,922

Kansai Electric Power Co., Inc. (The)		15,600		198,444

Kyushu Electric Power Co., Inc.*		9,100		57,913

Manawa Energy Ltd.(a)		5,123		12,724

Mercury NZ Ltd.		11,013		37,794

Origin Energy Ltd.		25,077		144,962

Orsted A/S		2,730		131,371

PGE Polska Grupa Energetyczna SA*		25,070		43,417

Power Assets Holdings Ltd.		22,500		107,545

Redeia Corp. SA		6,474		100,627

Romande Energie Holding SA (Registered)		525		32,652

Shikoku Electric Power Co., Inc.		70,200		476,745

SSE plc		15,591		308,946

Tauron Polska Energia SA*		377,520		331,383

Terna—Rete Elettrica Nazionale		20,372		155,599

Tohoku Electric Power Co., Inc.		10,900		67,662

Tokyo Electric Power Co. Holdings, Inc.*		22,400		94,218

Verbund AG		1,326		114,930
				6,807,520

Electrical Equipment – 1.2%

ABB Ltd. (Registered)		24,687		825,748

Accelleron Industries AG		4,290		105,311

Alfen N.V.* (a) (b)		1,230		38,574

Ballard Power Systems, Inc.* (a)		13,202		44,031

Ceres Power Holdings plc* (a)		5,412		13,003

Daihen Corp.(a)		7,800		243,098

DiscoverIE Group plc		4,796		35,908

Energiekontor AG		410		30,206

Fagerhult Group AB		6,336		31,984

Fuji Electric Co. Ltd.		1,500		56,238

Fujikura Ltd.		8,200		57,989

Furukawa Electric Co. Ltd.		23,400		346,569

GS Yuasa Corp.		4,100		65,150

Hexatronic Group AB		2,337		5,432

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Huber + Suhner AG (Registered)		867	$	59,162

Idec Corp.		2,200		38,961

Legrand SA		4,056		349,320

Mabuchi Motor Co. Ltd.		1,600		45,366

Mersen SA		8,580		283,862

Mitsubishi Electric Corp.		31,200		345,591

NEL ASA*		12,688		8,314

Nexans SA		451		31,796

Nidec Corp.(a)		7,910		283,140

NKT A/S*		3,217		161,275

Nordex SE*		7,130		74,806

PNE AG		2,173		27,516

Prysmian SpA		3,744		139,657

Sanyo Denki Co. Ltd.(a)		3,900		142,666

Schneider Electric SE		8,073		1,237,138

Siemens Energy AG*		6,229		55,109

Signify NV(b)		2,730		70,582

TKH Group NV, CVA		2,141		78,030

Varta AG*		1,008		20,340

Vestas Wind Systems A/S*		14,859		320,396
				5,672,268

Electronic Equipment, Instruments & Components – 1.9%

Ai Holdings Corp.		4,100		62,808

Alps Alpine Co. Ltd.		5,348		43,400

ALSO Holding AG (Registered)		369		93,664

Amano Corp.		800		16,222

Anritsu Corp.		8,200		60,751

AT&S Austria Technologie & Systemtechnik AG(a)		8,307		207,922

Azbil Corp.		2,100		61,206

Barco NV		3,731		57,144

Canon Electronics, Inc.		8,000		101,317

Canon Marketing Japan, Inc.		1,500		35,647

Celestica, Inc.* (a)		38,727		903,002

Citizen Watch Co. Ltd.		8,200		47,269

Codan Ltd.(a)		7,304		35,979

Comet Holding AG (Registered)		440		86,110

Daiwabo Holdings Co. Ltd.		4,100		76,981

Dexerials Corp.(a)		19,500		436,624

Elematec Corp.		8,000		90,066

FIH Mobile Ltd.*		328,000		24,313


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

FIT Hon Teng Ltd.* (a) (b)		600,000	$	80,515

Halma plc		6,201		138,829

Hamamatsu Photonics KK		2,700		99,072

Hexagon AB, Class B		29,289		237,769

Hioki EE Corp.		700		30,136

Hirose Electric Co. Ltd.(a)		582		65,139

Horiba Ltd.		800		39,919

Hosiden Corp.		19,500		226,746

Ibiden Co. Ltd.		2,800		117,236

Inficon Holding AG (Registered)		82		88,753

Iriso Electronics Co. Ltd.		1,200		28,010

Japan Display, Inc.* (a)		80,000		19,545

Jenoptik AG		2,585		61,095

Kaga Electronics Co. Ltd.(a)		7,900		311,420

Keyence Corp.		3,000		1,151,903

Kitron ASA		9,471		24,924

Koa Corp.(a)		4,100		38,984

Kyocera Corp.		5,500		267,800

Lagercrantz Group AB, Class B		2,640		24,031

Landis+Gyr Group AG		1,102		81,374

LEM Holding SA (Registered)		27		54,590

Macnica Holdings, Inc.		1,600		63,653

Maxell Ltd.(a)		15,600		165,636

Meiko Electronics Co. Ltd.		7,800		158,632

MOG Digitech Holdings Ltd.*		30,000		8,435

Murata Manufacturing Co. Ltd.		27,000		441,695

Mycronic AB		924		20,179

NCAB Group AB		9,298		44,357

Nichicon Corp.		3,200		26,370

Nissha Co. Ltd.(a)		15,600		160,074

Nohmi Bosai Ltd.		2,500		29,813

Omron Corp.		2,800		98,858

Optex Group Co. Ltd.		4,100		45,536

Oxford Instruments plc		3,036		66,386

PAX Global Technology Ltd.		234,000		161,491

Renishaw plc		880		32,932

Restar Holdings Corp.		7,800		126,751

Riken Keiki Co. Ltd.		1,200		48,414

Ryosan Co. Ltd.(a)		7,800		243,098

Sensirion Holding AG* (a) (b)		733		54,771

Sesa SpA		294		29,600

SES-imagotag SA* (a)		246		24,546

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Shimadzu Corp.		4,700	$	110,017

Siix Corp.		11,700		107,772

Softwareone Holding AG		5,917		115,863

Spectris plc		2,112		79,447

Taiyo Yuden Co. Ltd.(a)		2,500		55,070

TDK Corp.		6,500		238,549

Tokyo Electron Device Ltd.		5,600		141,437

Topcon Corp.		4,100		36,859

Vaisala OYJ, Class A		836		28,454

Venture Corp. Ltd.		4,500		38,429

VSTECS Holdings Ltd.		238,000		120,147

Yokogawa Electric Corp.		4,900		87,763
				8,839,249

Energy Equipment & Services – 0.5%

Aker Solutions ASA(b)		7,560		30,127

Borr Drilling Ltd.* (a)		4,018		24,960

BW Offshore Ltd.		23,042		48,098

John Wood Group plc*		33,661		57,961

Lapidoth Capital Ltd.(a)		7,527		101,698

Modec, Inc.*		8,000		86,949

Odfjell Drilling Ltd.		33,899		118,340

PGS ASA*		303,108		273,760

Saipem SpA*		24,641		37,415

SBM Offshore NV(a)		60,996		757,555

Schoeller-Bleckmann Oilfield Equipment AG		615		31,008

Secure Energy Services, Inc.		82,290		456,426

Subsea 7 SA		3,608		47,281

Technip Energies NV		3,977		86,806

Tenaris SA		9,321		146,208

TGS ASA		1,927		26,253

Vallourec SACA*		5,740		68,712
				2,399,557

Entertainment – 0.5%

Bollore SE		12,858		69,993

Capcom Co. Ltd.		3,400		108,638

CD Projekt SA		1,193		29,726

COLOPL, Inc.* (a)		8,200		31,296

CTS Eventim AG & Co. KGaA		704		42,453


Investments	Shares		Value

Entertainment – (continued)

Daiichikosho Co. Ltd.		2,200	$	32,220

DeNA Co. Ltd.		1,100		10,659

Embracer Group AB, Class B* (a)		13,161		21,328

EVT Ltd.(a)		6,232		40,997

Kahoot! ASA*		22,755		71,086

Kinepolis Group NV(a)		1,030		50,625

Koei Tecmo Holdings Co. Ltd.		2,492		32,317

Konami Group Corp.		1,000		51,200

Modern Times Group MTG AB, Class B*		7,040		56,300

Nexon Co. Ltd.		7,800		141,404

Nintendo Co. Ltd.		17,200		706,535

Paradox Interactive AB		952		18,064

Shochiku Co. Ltd.(a)		800		50,521

Square Enix Holdings Co. Ltd.		1,800		59,428

Stillfront Group AB*		152,529		157,476

Toei Animation Co. Ltd.(a)		200		17,842

Toho Co. Ltd.		1,200		40,656

Ubisoft Entertainment SA*		1,425		40,487

Universal Music Group NV		10,920		266,630
				2,147,881

Financial Services – 1.5%

Adyen NV* (b)		468		313,575

AMP Ltd.(a)		65,142		43,101

Banca Mediolanum SpA		4,444		36,197

BFF Bank SpA(b)		58,110		557,407

Burford Capital Ltd.		3,280		40,478

Challenger Ltd.		9,812		36,343

Creades AB, Class A		22,464		119,632

Deutsche Pfandbriefbank AG(b)		45,903		305,673

Edenred SE		3,861		205,033

Element Fleet Management Corp.		7,332		99,080

Eurazeo SE		1,144		64,269

EXOR NV(a)		2,496		213,542

Financial Partners Group Co. Ltd.(a)		19,500		182,710

First National Financial Corp.		123		3,066

Fuyo General Lease Co. Ltd.		1,000		80,425

GMO Payment Gateway, Inc.		1,000		39,526

GRENKE AG		1,804		38,518

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Financial Services – (continued)

Groupe Bruxelles Lambert NV		1,326	$	96,709

HAL Trust		1,131		127,198

Helia Group Ltd.		104,013		238,398

Hypoport SE*		252		30,659

Industrivarden AB, Class A		5,109		131,787

Industrivarden AB, Class C(a)		2,173		55,858

Investment AB Oresund		9,198		81,914

Investor AB, Class A(a)		9,789		177,597

Investor AB, Class B(a)		25,311		463,057

Japan Securities Finance Co. Ltd.		4,700		46,272

Kinnevik AB, Class A*		2,665		23,042

Kinnevik AB, Class B*		902		7,668

L E Lundbergforetagen AB, Class B		1,348		54,860

Liberty Financial Group Ltd.(a) (b)		14,555		35,940

M&G plc		46,020		110,681

Mitsubishi HC Capital, Inc.		19,529		127,520

Mizuho Leasing Co. Ltd.		11,838		372,857

Network International Holdings plc* (b)		14,574		68,582

Nexi SpA* (b)		14,840		85,896

Nuvei Corp.(a) (b)		1,328		18,472

ORIX Corp.		24,900		446,390

OSB Group plc		147,381		536,161

Paragon Banking Group plc		81,159		436,868

PEUGEOT INVEST		308		29,853

Plus500 Ltd.		22,659		387,962

Ricoh Leasing Co. Ltd.(a)		5,200		154,340

Sofina SA		316		59,788

Tokyo Century Corp.		600		22,796

Tyro Payments Ltd.* (a)		8,888		4,840

Washington H Soul Pattinson & Co. Ltd.(a)		2,856		60,433

Wendel SE		497		37,088

Wise plc, Class A*		9,328		75,340

Worldline SA* (b)		3,978		50,373

Zenkoku Hosho Co. Ltd.		600		19,076
				7,054,850

Food Products – 2.6%

a2 Milk Co. Ltd. (The)* (a)		12,579		30,583

AAK AB		2,860		54,268


Investments	Shares		Value

Food Products – (continued)

Agrana Beteiligungs AG(a)		5,742	$	91,343

Ajinomoto Co., Inc.		7,800		282,241

Ariake Japan Co. Ltd.		800		25,144

Aryzta AG*		62,524		114,255

Associated British Foods plc		4,797		117,932

Ausnutria Dairy Corp. Ltd.		98,000		34,443

Austevoll Seafood ASA		3,432		23,440

Bakkafrost P/F		820		36,957

Barry Callebaut AG (Registered)		78		117,851

Bega Cheese Ltd.(a)		2,583		4,546

Bell Food Group AG (Registered)		123		36,492

Bumitama Agri Ltd.		269,100		111,957

Calbee, Inc.		600		11,509

Chocoladefabriken Lindt & Spruengli AG		24		265,040

Chocoladefabriken Lindt & Spruengli AG (Registered)		2		217,570

Costa Group Holdings Ltd.(a)		28,801		56,530

Cranswick plc		2,860		121,258

Danone SA		9,165		543,948

DyDo Group Holdings, Inc.		500		19,281

Ebro Foods SA		1,618		27,500

Elders Ltd.(a)		56,199		211,004

Emmi AG (Registered)		41		38,655

First Pacific Co. Ltd.		780,000		295,069

First Resources Ltd.		5,100		5,621

Fuji Oil Holdings, Inc.		1,200		18,941

Glanbia plc(a)		3,500		55,049

Golden Agri-Resources Ltd.		213,400		42,055

Grieg Seafood ASA		3,299		21,896

Hilton Food Group plc		25,779		204,268

Hokuto Corp.		4,100		49,137

House Foods Group, Inc.		2,400		50,442

Inghams Group Ltd.(a)		17,712		41,269

Itoham Yonekyu Holdings, Inc.		1,240		34,102

JDE Peet’s NV(a)		1,804		50,035

Kagome Co. Ltd.(a)		900		18,631

Kameda Seika Co. Ltd.		900		24,246

Kerry Group plc, Class A		2,457		189,273

Kikkoman Corp.		3,400		191,300

Kotobuki Spirits Co. Ltd.		2,500		32,900

Leroy Seafood Group ASA		5,456		21,586

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Lotus Bakeries NV		6	$	44,394

Maple Leaf Foods, Inc.(a)		3,772		75,019

Maruha Nichiro Corp.(a)		15,600		265,863

Megmilk Snow Brand Co. Ltd.		17,600		282,516

MEIJI Holdings Co. Ltd.		3,400		83,471

Morinaga & Co. Ltd.		1,100		39,571

Morinaga Milk Industry Co. Ltd.		1,200		46,742

Mowi ASA		5,412		87,829

Nestle SA (Registered)		39,507		4,256,971

Neto Malinda Trading Ltd.* (a)		615		5,585

NH Foods Ltd.		3,200		95,718

Nichirei Corp.		1,600		34,526

Nippn Corp.		4,000		60,722

Nisshin Oillio Group Ltd. (The)(a)		8,900		247,410

Nisshin Seifun Group, Inc.		2,690		40,445

Nissin Foods Holdings Co. Ltd.		1,500		130,245

Nissui Corp.		109,200		527,235

Orkla ASA		8,856		60,992

Premier Foods plc		46,494		66,122

Premium Brands Holdings Corp., Class A		660		42,445

Prima Meat Packers Ltd.		11,700		177,147

Riken Vitamin Co. Ltd.		1,800		26,742

S Foods, Inc.		7,200		150,946

Sakata Seed Corp.		1,400		37,393

Salmar ASA		788		37,299

Saputo, Inc.		4,403		88,805

Savencia SA		1,676		98,143

Schouw & Co. A/S		656		40,412

Societe LDC SADIR		1,326		173,796

Strauss Group Ltd.*		952		17,616

Suedzucker AG		1,979		29,913

SunOpta, Inc.* (a)		4,428		16,905

Tate & Lyle plc		5,494		42,033

Toyo Suisan Kaisha Ltd.		1,800		82,723

United Malt Grp Ltd.*		15,129		47,895

Viscofan SA		943		54,423

Vitasoy International Holdings Ltd.(a)		60,000		73,921

WH Group Ltd.(b)		214,500		128,021

Wilmar International Ltd.		66,300		172,277

Yakult Honsha Co. Ltd.		4,900		115,087


Investments	Shares		Value

Food Products – (continued)

Yamazaki Baking Co. Ltd.		2,900	$	61,372
				12,106,257

Gas Utilities – 0.3%

AltaGas Ltd.(a)		5,772		107,104

APA Group		15,548		81,116

Brookfield Infrastructure Corp., Class A(a)		1,506		38,739

Enagas SA(a)		4,223		70,504

Hong Kong & China Gas Co. Ltd.		156,000		108,657

Italgas SpA		6,908		35,034

K&O Energy Group, Inc.		4,100		63,837

Keppel Infrastructure Trust		114,394		36,738

Naturgy Energy Group SA(a)		3,034		85,625

Nippon Gas Co. Ltd.		1,900		28,360

Osaka Gas Co. Ltd.		9,100		170,770

Rubis SCA		3,034		65,871

Saibu Gas Holdings Co. Ltd.		1,400		17,647

Shizuoka Gas Co. Ltd.(a)		15,600		105,068

Snam SpA		28,002		128,160

Superior Plus Corp.		10,208		68,531

Toho Gas Co. Ltd.		2,000		34,243

Tokyo Gas Co. Ltd.		7,800		174,032
				1,420,036

Ground Transportation – 1.2%

ALD SA(b)		2,214		14,825

Aurizon Holdings Ltd.(a)		15,826		34,269

Canadian National Railway Co.(a)		8,814		931,589

Canadian Pacific Kansas City Ltd.		13,533		959,812

Central Japan Railway Co.		14,200		318,421

ComfortDelGro Corp. Ltd.		73,800		71,104

East Japan Railway Co.		5,300		275,490

Firstgroup plc		31,646		60,635

Hankyu Hanshin Holdings, Inc.		4,100		127,972

Jungfraubahn Holding AG (Registered)		287		48,630

Keikyu Corp.		5,700		48,101

Keio Corp.(a)		1,800		53,128

Keisei Electric Railway Co. Ltd.		2,900		108,325

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Ground Transportation – (continued)

Kelsian Group Ltd.(a)		14,850	$	56,602

Kintetsu Group Holdings Co. Ltd.		2,200		61,579

Kyushu Railway Co.		2,100		42,722

Maruzen Showa Unyu Co. Ltd.		7,800		195,200

Mobico Group plc		193,128		146,469

MTR Corp. Ltd.		25,264		94,442

Mullen Group Ltd.(a)		29,211		276,907

Nagoya Railroad Co. Ltd.		4,400		61,230

Nankai Electric Railway Co. Ltd.		3,000		57,149

Nikkon Holdings Co. Ltd.(a)		22,100		465,217

Nishi-Nippon Railroad Co. Ltd.		1,100		17,643

NTG Nordic Transport Group A/S* (a)		792		31,349

Odakyu Electric Railway Co. Ltd.(a)		4,600		65,031

Redde Northgate plc		81,471		332,173

Seibu Holdings, Inc.		6,700		65,011

Seino Holdings Co. Ltd.		3,100		44,818

Sixt SE		308		26,468

Sixt SE (Preference)		298		17,104

Stef SA		1,326		142,401

TFI International, Inc.		1,209		133,602

Tobu Railway Co. Ltd.(a)		3,900		93,325

Tokyu Corp.		8,300		93,169

West Japan Railway Co.		3,900		147,970
				5,719,882

Health Care Equipment & Supplies – 1.1%

Alcon, Inc.		7,410		527,791

Ambu A/S, Class B* (a)		3,172		31,211

Ansell Ltd.		2,200		29,558

Arjo AB, Class B		11,562		38,558

Asahi Intecc Co. Ltd.		3,200		53,067

BioMerieux		825		78,918

Carl Zeiss Meditec AG		715		61,775

Cochlear Ltd.		942		143,644

Coloplast A/S, Class B		1,443		150,199

ConvaTec Group plc(b)		26,387		65,383

Demant A/S*		1,980		75,343

DiaSorin SpA		293		26,170

Eckert & Ziegler Strahlen- und Medizintechnik AG		820		32,191


Investments	Shares		Value

Health Care Equipment & Supplies – (continued)

Eiken Chemical Co. Ltd.		1,600	$	15,689

El.En. SpA		2,684		24,994

Elekta AB, Class B		6,069		41,229

EssilorLuxottica SA		1,622		292,554

EssilorLuxottica SA		2,629		473,016

Fisher & Paykel Healthcare Corp. Ltd.		9,617		116,405

Fukuda Denshi Co. Ltd.		7,800		277,091

Getinge AB, Class B		2,980		53,451

Hogy Medical Co. Ltd.		1,200		25,871

Hoya Corp.		5,600		530,067

Japan Lifeline Co. Ltd.		3,000		22,642

Koninklijke Philips NV* (a)		14,001		264,874

Medacta Group SA(b)		336		38,472

Medistim ASA		1,188		20,577

Medmix AG(b)		1,517		31,439

Menicon Co. Ltd.		1,900		21,773

Nagaileben Co. Ltd.		1,500		20,522

Nanosonics Ltd.* (a)		16,777		39,621

Nihon Kohden Corp.		2,300		54,035

Nipro Corp.		4,100		31,039

Olympus Corp.		19,500		257,390

Paramount Bed Holdings Co. Ltd.		1,600		26,983

PolyNovo Ltd.* (a)		32,604		23,843

Revenio Group OYJ		574		13,324

Siemens Healthineers AG(b)		4,485		219,587

Smith & Nephew plc		10,881		121,578

Sonova Holding AG (Registered)		747		176,069

STRATEC SE		308		14,194

Straumann Holding AG (Registered)		1,738		204,252

Surgical Science Sweden AB*		1,584		17,935

Sysmex Corp.		2,700		127,526

Terumo Corp.		11,700		316,131

Xvivo Perfusion AB*		1,892		39,287

Ypsomed Holding AG (Registered)		123		33,789
				5,301,057

Health Care Providers & Services – 0.4%

Alfresa Holdings Corp.		1,500		23,652

Amplifon SpA		2,112		59,471

Arvida Group Ltd.		256,833		168,807

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – (continued)

As One Corp.		800	$	25,245

BML, Inc.(a)		7,800		146,528

Chartwell Retirement Residences(a)		5,472		40,047

Clariane SE(a)		24,180		91,039

CVS Group plc		4,250		75,552

dentalcorp Holdings Ltd.* (a)		6,768		26,814

EBOS Group Ltd.(a)		2,066		42,047

Fagron		3,775		66,157

Fresenius Medical Care AG & Co. KGaA		2,574		85,213

Fresenius SE & Co. KGaA		8,346		213,839

Galenica AG(b)		792		59,658

H.U. Group Holdings, Inc.		4,100		68,561

Healius Ltd.*		27,347		31,340

Medicover AB, Class B		3,403		38,317

Medipal Holdings Corp.		5,100		85,199

NMC Health plc* ‡		2,074		—

Raffles Medical Group Ltd.		4,124		3,582

Ramsay Health Care Ltd.(a)		2,894		89,198

Ryman Healthcare Ltd.(a)		11,375		37,580

Ship Healthcare Holdings, Inc.		1,900		29,169

Sonic Healthcare Ltd.		7,098		129,205

Spire Healthcare Group plc(b)		14,036		36,363

Summerset Group Holdings Ltd.(a)		13,895		78,719

Suzuken Co. Ltd.		1,880		57,277

Terveystalo OYJ(b)		4,480		30,922

Tokai Corp.		4,100		51,384

Uniphar plc(a)		15,050		33,327

Well Health Technologies Corp.* (a)		10,947		29,176
				1,953,388

Health Care REITs – 0.1%

Aedifica SA, REIT		832		45,246

Assura plc, REIT		174,391		86,635

Cofinimmo SA, REIT		41		2,544

NorthWest Healthcare Properties REIT, REIT(a)		46,683		134,845

Parkway Life REIT, REIT		12,500		30,656


Investments	Shares		Value

Health Care REITs – (continued)

Primary Health Properties plc, REIT		79,089	$	86,134

Vital Healthcare Property Trust, REIT(a)		30,155		35,079
				421,139

Health Care Technology – 0.1%

CompuGroup Medical SE & Co. KGaA		1,599		58,378

M3, Inc.		6,500		99,317

Medley, Inc.*		1,000		28,558

Nexus AG		984		47,896

Pro Medicus Ltd.(a)		1,100		51,914

Sectra AB, Class B*		2,948		31,821
				317,884

Hotel & Resort REITs – 0.0%(d)

CapitaLand Ascott Trust, REIT		32,566		21,393

CDL Hospitality Trusts, REIT		38,294		27,112

Far East Hospitality Trust, REIT		53,976		23,244

Frasers Hospitality Trust, REIT		39,200		14,592

Hoshino Resorts REIT, Inc., REIT(a)		12		47,067

Invincible Investment Corp., REIT		121		46,420

Japan Hotel REIT Investment Corp., REIT		77		34,930
				214,758

Hotels, Restaurants & Leisure – 1.7%

Accor SA		2,133		67,795

Amadeus IT Group SA		6,435		366,073

AmRest Holdings SE*		6,191		39,226

Aristocrat Leisure Ltd.		8,619		210,263

Atom Corp.*		5,800		34,736

Basic-Fit NV* (a) (b)		2,632		67,102

Betsson AB, Class B*		7,708		77,407

Cafe de Coral Holdings Ltd.		4,000		5,035

Carnival plc*		8,307		84,411

Colowide Co. Ltd.(a)		3,500		54,148

Compass Group plc		25,818		649,447

Corporate Travel Management Ltd.(a)		3,366		35,250

Create Restaurants Holdings, Inc.		4,400		30,332

Dalata Hotel Group plc		8,159		34,582

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

Deliveroo plc, Class A* (a) (b)		60,106	$	94,816

Delivery Hero SE* (b)		3,315		83,990

Domino’s Pizza Enterprises Ltd.(a)		1,408		45,287

Domino’s Pizza Group plc		22,191		92,362

Entain plc		9,087		102,592

Evolution AB(b)		2,886		256,217

Flight Centre Travel Group Ltd.(a)		4,576		53,977

Flutter Entertainment plc*		2,691		421,144

Food & Life Cos. Ltd.		2,000		33,411

Fuji Kyuko Co. Ltd.		1,000		27,964

Galaxy Entertainment Group Ltd.		36,000		201,748

Genting Singapore Ltd.		104,400		65,533

Greggs plc		1,558		44,806

Heiwa Corp.(a)		2,450		34,490

Hongkong & Shanghai Hotels Ltd. (The)*		61,500		47,395

Ichibanya Co. Ltd.		1,000		35,128

InterContinental Hotels Group plc		2,769		195,219

J D Wetherspoon plc*		6,583		50,485

Jumbo Interactive Ltd.		3,476		30,504

Just Eat Takeaway.com NV* (a) (b)		3,403		41,170

Kappa Create Co. Ltd.* (a)		4,100		42,910

Kindred Group plc, SDR		5,043		41,192

KOMEDA Holdings Co. Ltd.		1,200		21,790

Kyoritsu Maintenance Co. Ltd.(a)		1,100		41,793

La Francaise des Jeux SAEM(b)		1,897		60,996

Lottery Corp. Ltd. (The)		31,280		89,716

Mandarin Oriental International Ltd.		8,000		12,000

McDonald’s Holdings Co. Japan Ltd.(a)		1,100		42,781

Melco International Development Ltd.*		41,000		28,557

Melia Hotels International SA*		9,988		55,373

Mitchells & Butlers plc*		22,924		57,693

Monogatari Corp. (The)		1,500		40,312

MOS Food Services, Inc.(a)		2,100		45,690

MTY Food Group, Inc.		1,452		54,576


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

NagaCorp Ltd.*		40,372	$	17,336

Ohsho Food Service Corp.		704		32,447

Oriental Land Co. Ltd.		17,200		551,622

Playtech plc*		16,197		77,163

Resorttrust, Inc.		4,100		58,585

Restaurant Brands International, Inc.(a)		4,251		285,237

Restaurant Brands New Zealand Ltd.		1,154		2,524

Round One Corp.(a)		78,000		279,666

Royal Holdings Co. Ltd.		1,600		27,120

Saizeriya Co. Ltd.		1,800		72,739

Sands China Ltd.*		38,800		104,133

Scandic Hotels Group AB* (a) (b)		9,870		33,172

SkiStar AB		2,828		26,831

SKYCITY Entertainment Group Ltd.(a)		56,129		61,051

Skylark Holdings Co. Ltd.* (a)		3,700		54,372

Societe des Bains de Mer et du Cercle des Etrangers a Monaco		451		49,578

Sodexo SA		1,326		139,990

SSP Group plc*		41,223		90,040

Star Entertainment Grp Ltd. (The)*		146,381		49,121

Tabcorp Holdings Ltd.		125,870		61,763

Tokyotokeiba Co. Ltd.		1,200		30,823

Toridoll Holdings Corp.		1,100		26,468

Trainline plc* (b)		31,585		99,803

TUI AG*		153,660		771,164

Webjet Ltd.*		20,377		78,571

Whitbread plc		2,446		98,778

Wynn Macau Ltd.*		12,800		11,304

Yoshinoya Holdings Co. Ltd.		4,900		114,278

Zensho Holdings Co. Ltd.(a)		1,800		94,193
				7,749,296

Household Durables – 1.2%

Ariston Holding NV		5,411		30,256

Azorim-Investment Development & Construction Co. Ltd.* (a)		5,535		17,307

Barratt Developments plc		21,567		108,320

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – (continued)

Bellway plc		2,640	$	66,889

Berkeley Group Holdings plc		1,312		64,255

Breville Group Ltd.(a)		2,420		32,483

Cairn Homes plc(a)		198,042		231,903

Casio Computer Co. Ltd.		3,600		28,573

Danya Cebus Ltd.		2,870		71,510

De’ Longhi SpA		1,012		22,592

Dom Development SA		2,244		83,391

Duniec Brothers Ltd.* (a)		451		16,722

Electra Consumer Products 1970 Ltd.(a)		656		9,499

Electrolux AB, Class B*		3,198		26,792

Fiskars OYJ Abp		574		8,773

Fujitsu General Ltd.		2,100		37,162

GN Store Nord A/S*		2,064		34,286

Haseko Corp.		3,500		42,766

Iida Group Holdings Co. Ltd.		5,400		83,044

JM AB(a)		22,815		242,594

JS Global Lifestyle Co. Ltd.(a) (b)		22,000		3,458

JVCKenwood Corp.		8,200		34,870

Ki-Star Real Estate Co. Ltd.(a)		3,300		91,954

Man Wah Holdings Ltd.		52,000		32,298

Maytronics Ltd.(a)		2,870		26,674

Nagawa Co. Ltd.		500		20,205

Nikon Corp.		5,800		54,230

Open House Group Co. Ltd.(a)		1,800		58,572

Panasonic Holdings Corp.		50,700		438,221

Persimmon plc		2,091		25,779

Pressance Corp.		8,000		85,364

Redrow plc		100,269		592,053

Rinnai Corp.		1,800		32,846

Sangetsu Corp.		2,256		42,053

SEB SA		616		60,651

Sekisui Chemical Co. Ltd.		10,100		136,983

Sekisui House Ltd.		15,600		302,740

Sony Group Corp.		18,400		1,509,591

Sumitomo Forestry Co. Ltd.		3,300		77,006

Tama Home Co. Ltd.(a)		4,400		98,782

Tamron Co. Ltd.		7,800		209,878

Taylor Wimpey plc		49,487		66,535

Token Corp.(a)		2,600		135,627


Investments	Shares		Value

Household Durables – (continued)

Victoria plc* (a)		5,192	$	20,287

Vistry Group plc		7,920		67,946

YIT OYJ(a)		56,628		100,678

Zojirushi Corp.		5,400		54,982
				5,639,380

Household Products – 0.3%

Earth Corp.		600		19,651

Essity AB, Class A		2,009		45,942

Essity AB, Class B		7,332		166,883

Henkel AG & Co. KGaA		1,148		72,394

Henkel AG & Co. KGaA (Preference)		2,613		188,033

Lion Corp.		8,200		78,592

Pigeon Corp.(a)		2,400		25,364

Reckitt Benckiser Group plc		10,686		713,440

Sano-Brunos Enterprises Ltd.(a)		308		18,637

Unicharm Corp.		7,800		263,751
				1,592,687

Independent Power and Renewable Electricity Producers – 0.3%

Boralex, Inc., Class A		2,081		38,689

Brookfield Renewable Corp., Class A		2,068		46,998

Capital Power Corp.		1,845		47,167

Corp. ACCIONA Energias Renovables SA		1,276		34,501

Doral Group Renewable Energy Resources Ltd.* (a)		34,563		46,271

Drax Group plc		9,389		48,147

EDP Renovaveis SA		3,946		63,356

Electric Power Development Co. Ltd.(a)		3,100		47,274

Encavis AG*		2,296		29,863

Enlight Renewable Energy Ltd.*		1,428		19,206

ERG SpA		704		17,264

Greenvolt-Energias Renovaveis SA* (a)		6,900		46,021

Grenergy Renovables SA* (a)		861		20,422

Innergex Renewable Energy, Inc.		9,635		59,271

Meridian Energy Ltd.		20,828		58,514

Neoen SA(b)		1,514		39,815

Northland Power, Inc.(a)		3,566		50,064

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Independent Power and Renewable Electricity Producers – (continued)

RENOVA, Inc.*		1,000	$	7,125

RWE AG		10,062		384,262

Scatec ASA(b)		8,405		42,357

Solaria Energia y Medio Ambiente SA* (a)		4,811		71,956

TransAlta Corp.		11,271		82,406

Uniper SE*		7,462		38,206

Voltalia SA (Registered)*		2,112		17,614
				1,356,769

Industrial Conglomerates – 1.0%

Aker ASA, Class A		264		15,833

Arad Investment & Industrial Development Ltd.(a)		920		89,486

Bonheur ASA		5,889		101,843

Brookfield Business Corp., Class A(a)		9,438		133,386

CK Hutchison Holdings Ltd.		58,856		297,492

DCC plc		2,028		112,339

Hikari Tsushin, Inc.		400		57,103

Hitachi Ltd.		14,500		907,369

Infratil Ltd.		8,272		47,248

Investment AB Latour, Class B(a)		2,024		34,918

Italmobiliare SpA(a)		1,024		25,814

Jardine Matheson Holdings Ltd.		3,900		157,755

Keihan Holdings Co. Ltd.		2,500		60,600

Keppel Corp. Ltd.		20,500		92,920

Lifco AB, Class B		4,576		83,471

Nisshinbo Holdings, Inc.		54,100		387,232

Nolato AB, Class B		11,029		48,666

Noritsu Koki Co. Ltd.		7,800		163,525

NWS Holdings Ltd.		44,000		52,072

Siemens AG (Registered)		11,232		1,483,553

Smiths Group plc		5,109		100,029

Storskogen Group AB, Class B(a)		531,609		313,370

TOKAI Holdings Corp.(a)		4,100		26,342
				4,792,366

Industrial REITs – 0.3%

AIMS APAC REIT, REIT		55,165		48,318


Investments	Shares		Value

Industrial REITs – (continued)

ARGAN SA, REIT		533	$	36,394

CapitaLand Ascendas REIT, REIT		57,235		108,617

Centuria Industrial REIT, REIT(a)		20,824		37,445

CRE Logistics REIT, Inc., REIT(a)		44		46,195

Dream Industrial REIT, REIT(a)		7,125		60,100

ESR-LOGOS REIT, REIT		188,600		37,856

GLP J-REIT, REIT		74		66,209

Goodman Group, REIT(a)		24,453		321,105

Goodman Property Trust, REIT(a)		19,085		22,313

Granite REIT, REIT(a)		484		22,017

Japan Logistics Fund, Inc., REIT		19		35,116

LaSalle Logiport REIT, REIT		44		43,057

LondonMetric Property plc, REIT		60,255		120,934

Mapletree Industrial Trust, REIT		35,086		55,060

Mapletree Logistics Trust, REIT		62,253		66,795

Montea NV, REIT		672		47,377

Nippon Prologis REIT, Inc., REIT(a)		41		72,771

Property for Industry Ltd., REIT		26,697		32,765

Segro plc, REIT		20,514		177,435

Tritax Big Box REIT plc, REIT		33,836		56,168

Urban Logistics REIT plc, REIT		29,257		36,993

Warehouses De Pauw CVA, REIT		3,077		75,846
				1,626,886

Insurance – 4.3%

Admiral Group plc		4,173		123,707

Aegon Ltd.		29,562		143,236

Ageas SA/NV		3,510		134,527

AIA Group Ltd.		170,800		1,481,070

Allianz SE (Registered)		8,385		1,957,824

Alm Brand A/S		57,708		83,358

ASR Nederland NV		3,210		119,432

Assicurazioni Generali SpA		24,843		492,226

AUB Group Ltd.(a)		5,730		97,701

Aviva plc		57,681		278,292

AXA SA		35,451		1,047,522

Baloise Holding AG (Registered)		936		133,913

Beazley plc		14,268		89,078

Clal Insurance Enterprises Holdings Ltd.*		4,387		54,741

Coface SA		36,387		437,687

Conduit Holdings Ltd.		55,770		296,413

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Dai-ichi Life Holdings, Inc.		19,500	$	408,940

Definity Financial Corp.		1,025		28,308

Direct Line Insurance Group plc*		28,600		52,508

Fairfax Financial Holdings Ltd.(a)		507		421,461

Gjensidige Forsikring ASA		4,360		65,292

Great-West Lifeco, Inc.		5,624		155,645

Grupo Catalana Occidente SA		704		22,510

Hannover Rueck SE		975		214,669

Harel Insurance Investments & Financial Services Ltd.(a)		3,957		25,372

Helvetia Holding AG (Registered)		838		112,157

Hiscox Ltd.		5,060		57,594

iA Financial Corp., Inc.		2,262		131,475

Insurance Australia Group Ltd.		40,287		144,629

Intact Financial Corp.		2,652		372,206

Japan Post Holdings Co. Ltd.		42,900		377,884

Japan Post Insurance Co. Ltd.		4,400		84,153

Just Group plc		349,050		320,207

Lancashire Holdings Ltd.		83,616		576,315

Legal & General Group plc		121,758		312,338

Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(a)		40,084		34,488

Manulife Financial Corp.		37,986		660,531

Mapfre SA		22,440		46,537

Medibank Pvt Ltd.		46,515		101,017

Menora Mivtachim Holdings Ltd.		492		9,790

Migdal Insurance & Financial Holdings Ltd.		135,252		127,043

MS&AD Insurance Group Holdings, Inc.		9,200		333,689

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		2,886		1,154,615

nib holdings Ltd.(a)		11,260		51,616

NN Group NV		5,817		186,056

Phoenix Group Holdings plc		19,656		108,238

Phoenix Holdings Ltd. (The)		5,085		43,151

Poste Italiane SpA(b)		10,869		107,303

Power Corp. of Canada		11,475		276,160


Investments	Shares		Value

Insurance – (continued)

Powszechny Zaklad Ubezpieczen SA		11,833	$	133,690

Protector Forsikring ASA		4,092		64,099

Prudential plc		39,624		412,445

PSC Insurance Group Ltd.		14,212		40,043

QBE Insurance Group Ltd.		29,484		291,218

Sampo OYJ, Class A		6,357		249,355

SCOR SE		3,124		92,953

Sompo Holdings, Inc.		7,800		335,135

Steadfast Group Ltd.		17,908		61,228

Storebrand ASA		12,259		102,205

Sun Life Financial, Inc.		11,934		544,498

Suncorp Group Ltd.		25,974		220,040

Swiss Life Holding AG (Registered)		624		398,927

Swiss Re AG		5,967		649,908

T&D Holdings, Inc.		11,700		206,466

Talanx AG		968		60,828

Tokio Marine Holdings, Inc.		42,900		946,975

Topdanmark A/S		880		39,381

Trisura Group Ltd.*		3,061		67,228

Tryg A/S		4,880		95,128

Unipol Gruppo SpA		6,080		32,853

UnipolSai Assicurazioni SpA		11,528		27,270

Wuestenrot & Wuerttembergische AG		6,669		92,485

Zurich Insurance Group AG		2,262		1,070,290
				20,329,272

Interactive Media & Services – 0.2%

Adevinta ASA*		1,107		9,716

Auto Trader Group plc(b)		14,118		106,421

Baltic Classifieds Group plc		16,280		38,996

Better Collective A/S*		2,464		59,545

carsales.com Ltd.		6,510		113,885

Domain Holdings Australia Ltd.(a)		12,956		27,726

Hemnet Group AB		2,993		51,890

Infocom Corp.		1,600		26,381

Kakaku.com, Inc.		1,600		15,309

Karnov Group AB*		5,418		23,762

LY Corp.		38,600		97,440

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Interactive Media & Services – (continued)

Moneysupermarket.com Group plc		29,179	$	91,705

New Work SE		159		11,361

REA Group Ltd.(a)		1,030		93,720

Rightmove plc		13,244		76,015

Scout24 SE(b)		1,232		75,555

SEEK Ltd.(a)		5,397		70,427

Wirtualna Polska Holding SA(b)		1,107		28,213
				1,018,067

IT Services – 1.1%

Addnode Group AB, Class B		9,440		58,680

Adesso SE		220		20,719

Alten SA		616		72,469

Atea ASA		2,420		25,171

Atos SE* (a)		38,610		268,861

Bechtle AG		1,364		60,669

BIPROGY, Inc.		1,100		27,238

CANCOM SE		1,981		49,249

Capgemini SE		2,262		398,091

CGI, Inc.*		3,081		297,125

Change Holdings, Inc.(a)		3,500		35,175

Computacenter plc		1,092		34,002

Data#3 Ltd.(a)		12,760		54,695

Digital Garage, Inc.		1,300		25,752

DTS Corp.		2,100		42,639

Econocom Group SA/NV		34,295		83,918

FDM Group Holdings plc		5,818		30,816

Formula Systems 1985 Ltd.		389		22,029

Fujitsu Ltd.		2,600		333,316

Future Corp.		3,400		38,368

GFT Technologies SE		924		27,523

GMO internet group, Inc.		1,200		17,293

Indra Sistemas SA(a)		39,507		553,305

Kainos Group plc		4,469		60,845

Keywords Studios plc		4,346		68,821

KNOW IT AB		1,144		14,335

Kontron AG		3,168		63,623

Matrix IT Ltd.		11,427		192,834

Megaport Ltd.* (a)		10,561		63,591

NEC Corp.		3,900		185,543


Investments	Shares		Value

IT Services – (continued)

NEC Networks & System Integration Corp.		2,400	$	32,186

NET One Systems Co. Ltd.		2,300		34,869

Netcompany Group A/S* (a) (b)		1,886		58,813

NEXTDC Ltd.*		12,078		89,854

Nomura Research Institute Ltd.		6,245		162,635

NS Solutions Corp.		800		23,084

NTT Data Group Corp.		9,400		114,424

Obic Co. Ltd.		800		117,508

One Software Technologies Ltd.		3,880		39,351

Otsuka Corp.		2,500		99,426

Reply SpA		484		45,455

SCSK Corp.		2,700		45,792

Secunet Security Networks AG		123		16,667

SHIFT, Inc.*		300		53,782

Shopify, Inc., Class A*		17,940		846,311

Simplex Holdings, Inc.		4,100		67,952

Societe pour l’Informatique Industrielle		656		31,133

Softcat plc		369		5,664

Sopra Steria Group SACA		396		70,864

SUNeVision Holdings Ltd.		90,000		33,471

TechMatrix Corp.		3,300		32,380

TietoEVRY OYJ		2,254		47,125

TIS, Inc.		4,600		97,349
				5,392,790

Leisure Products – 0.5%

Bandai Namco Holdings, Inc.		11,700		239,724

Beneteau SACA		13,143		158,093

BRP, Inc.(a)		12,207		824,176

Games Workshop Group plc		684		81,962

MIPS AB(b)		1,517		37,271

Mizuno Corp.		7,800		226,102

Sanlorenzo SpA(a)		984		34,947

Sega Sammy Holdings, Inc.		2,600		40,276

Shimano, Inc.		1,100		156,562

Spin Master Corp.(b)		1,936		46,230

Technogym SpA(b)		4,905		36,836

Thule Group AB(b)		2,024		45,887

Tomy Co. Ltd.		4,600		62,920

Universal Entertainment Corp.		300		4,241

Yamaha Corp.		2,800		73,566

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Leisure Products – (continued)

Yonex Co. Ltd.(a)		5,600	$	60,088
				2,128,881

Life Sciences Tools & Services – 0.3%

AddLife AB, Class B		6,847		44,553

Bachem Holding AG(a)		328		23,644

Biotage AB		3,690		37,585

Chemometec A/S		902		37,172

Eurofins Scientific SE(a)		1,950		98,585

Evotec SE*		3,042		52,314

Gerresheimer AG		574		53,331

Lonza Group AG (Registered)		1,092		380,139

Oxford Nanopore Technologies plc*		35,096		86,708

QIAGEN NV*		3,377		125,360

Sartorius AG (Preference)		390		97,369

Sartorius Stedim Biotech		390		72,779

Siegfried Holding AG (Registered)		88		69,574

SKAN Group AG		451		33,749

Tecan Group AG (Registered)		220		62,950

Wuxi Biologics Cayman, Inc.* (b)		55,500		344,720
				1,620,532

Machinery – 3.4%

Aalberts NV		1,454		45,215

Alfa Laval AB		4,680		151,048

Alstom SA(a)		6,346		85,523

Amada Co. Ltd.		7,200		68,936

ANDRITZ AG		1,517		69,591

Atlas Copco AB, Class A		38,142		492,280

Atlas Copco AB, Class B		24,609		275,437

ATS Corp.*		1,476		49,652

AutoStore Holdings Ltd.* (b)		15,006		16,548

Beijer Alma AB		2,304		36,583

Bodycote plc		11,283		78,588

Bucher Industries AG (Registered)		82		29,140

Burckhardt Compression Holding AG		132		66,722

Bystronic AG		55		26,229


Investments	Shares		Value

Machinery – (continued)

Cargotec OYJ, Class B		684	$	26,910

CKD Corp.		4,100		50,978

CNH Industrial NV		19,227		212,680

Concentric AB		902		12,643

Construcciones y Auxiliar de Ferrocarriles SA(a)		5,967		177,861

Daetwyler Holding AG		176		30,905

Daifuku Co. Ltd.		6,900		112,376

Daimler Truck Holding AG		11,154		349,213

Danieli & C Officine Meccaniche SpA(a)		4,095		108,210

Danieli & C Officine Meccaniche SpA (Retirement Savings Plan)		13,221		266,356

DMG Mori Co. Ltd.		2,100		34,243

Duerr AG		3,240		66,336

Ebara Corp.		1,100		47,938

Electrolux Professional AB, Class B		13,038		52,583

Epiroc AB, Class A		9,048		148,605

Epiroc AB, Class B		6,280		86,955

FANUC Corp.		14,900		359,402

FLSmidth & Co. A/S(a)		2,730		102,143

Fluidra SA		912		16,021

Fuji Corp.		1,000		14,900

Fujitec Co. Ltd.		2,400		51,551

GEA Group AG		2,886		98,318

Georg Fischer AG (Registered)		1,517		78,213

Giken Ltd.(a)		1,200		14,104

Glory Ltd.		4,200		77,555

Harmonic Drive Systems, Inc.		1,500		32,091

Hitachi Construction Machinery Co. Ltd.		2,800		71,218

Hitachi Zosen Corp.		58,500		301,684

Hoshizaki Corp.		2,400		76,828

Husqvarna AB, Class B		7,480		48,270

IHI Corp.		2,500		47,278

IMI plc		3,784		67,268

Indutrade AB		4,894		86,358

Interpump Group SpA		1,584		65,967

Iveco Group NV*		68,328		574,459

Japan Steel Works Ltd. (The)		900		14,399

Jungheinrich AG (Preference)		3,036		81,317

Kardex Holding AG (Registered)		264		50,882

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Kawasaki Heavy Industries Ltd.		2,800	$	60,864

KION Group AG		1,419		43,257

Kitz Corp.(a)		27,300		182,246

Komatsu Ltd.		19,500		445,895

Komax Holding AG (Registered)		258		50,973

Kone OYJ, Class B		5,460		235,985

Konecranes OYJ		1,394		45,545

Krones AG		246		23,870

KSB SE & Co. KGaA (Preference)		273		152,360

Kubota Corp.		15,600		207,458

Kurita Water Industries Ltd.		2,500		74,912

Kyokuto Kaihatsu Kogyo Co. Ltd.		11,700		141,146

Makino Milling Machine Co. Ltd.(a)		7,800		321,384

Makita Corp.		4,400		112,175

Manitou BF SA		3,958		83,421

Max Co. Ltd.		2,800		46,758

Meidensha Corp.		15,600		241,759

METAWATER Co. Ltd.		4,100		51,194

Metso OYJ		12,051		105,801

MINEBEA MITSUMI, Inc.		7,311		112,457

MISUMI Group, Inc.		4,100		61,170

Mitsubishi Heavy Industries Ltd.		7,800		396,168

Mitsubishi Logisnext Co. Ltd.		4,300		33,334

Mitsuboshi Belting Ltd.		1,300		37,169

Miura Co. Ltd.		2,100		40,261

Morgan Advanced Materials plc		19,516		53,284

Morita Holdings Corp.		15,600		158,632

Nabtesco Corp.		2,900		50,745

Nachi-Fujikoshi Corp.		7,800		192,624

NGK Insulators Ltd.		4,100		49,597

Nikkiso Co. Ltd.		4,100		25,908

Nitta Corp.		7,800		174,598

Noritake Co. Ltd.(a)		3,900		150,649

NTN Corp.		175,500		307,208

OC Oerlikon Corp. AG (Registered)(a)		60,723		241,010

Organo Corp.		7,800		253,141

OSG Corp.		1,600		18,066

Palfinger AG		787		19,008

Pfeiffer Vacuum Technology AG		220		33,904


Investments	Shares		Value

Machinery – (continued)

Rational AG		55	$	31,248

Rotork plc		13,640		48,463

Sandvik AB		16,224		275,321

Schindler Holding AG		626		126,019

Schindler Holding AG (Registered)		400		77,578

Seatrium Ltd.*		649,543		53,099

SFS Group AG		220		21,854

Shibaura Machine Co. Ltd.(a)		7,800		190,049

Shibuya Corp.		7,800		126,081

Shima Seiki Manufacturing Ltd.		4,100		41,286

Shinmaywa Industries Ltd.(a)		19,500		154,383

SKF AB, Class A		1,408		22,709

SKF AB, Class B		5,760		92,850

SMC Corp.		900		408,148

Spirax-Sarco Engineering plc		1,092		108,551

Stabilus SE		1,516		95,985

Stadler Rail AG		1,056		35,647

Star Micronics Co. Ltd.		11,700		139,138

Sulzer AG (Registered)		280		22,983

Sumitomo Heavy Industries Ltd.		3,300		74,587

Tadano Ltd.		8,900		65,966

Takeuchi Manufacturing Co. Ltd.		2,600		72,964

Takuma Co. Ltd.(a)		27,500		263,660

Techtronic Industries Co. Ltd.		19,500		177,690

THK Co. Ltd.		1,700		29,971

Tocalo Co. Ltd.		3,800		33,949

TOMRA Systems ASA		3,872		30,604

Toyota Industries Corp.		3,900		284,688

Trelleborg AB, Class B		4,454		112,260

Troax Group AB		1,806		28,837

Tsubakimoto Chain Co.		10,000		250,586

Tsugami Corp.		19,500		137,773

Union Tool Co.		500		11,753

Valmet OYJ(a)		3,228		72,198

VAT Group AG(b)		429		151,179

Vesuvius plc		74,763		365,606

Volvo AB, Class A		3,212		64,225

Volvo AB, Class B		33,150		655,425

Wacker Neuson SE		10,023		183,282

Wartsila OYJ Abp		5,720		67,958

Weir Group plc (The)		3,920		81,197

Yaskawa Electric Corp.		3,900		125,592
				16,055,788

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Marine Transportation – 0.8%

AP Moller – Maersk A/S, Class A		65	$	105,858

AP Moller – Maersk A/S, Class B		117		194,272

Clarkson plc		1,408		45,191

D/S Norden A/S		7,839		444,717

Dfds A/S		11,154		321,604

Golden Ocean Group Ltd.		4,796		35,417

Gram Car Carriers ASA		4,879		89,529

Hoegh Autoliners ASA		25,350		204,902

Iino Kaiun Kaisha Ltd.		35,100		248,455

Irish Continental Group plc		7,708		35,034

Kawasaki Kisen Kaisha Ltd.(a)		5,900		200,361

Kuehne + Nagel International AG (Registered)(a)		780		209,560

Mitsui OSK Lines Ltd.(a)		8,900		228,193

MPC Container Ships ASA		111,618		157,610

Nippon Yusen KK(a)		11,700		284,070

NS United Kaiun Kaisha Ltd.(a)		4,000		112,780

Odfjell SE, Class A		11,760		124,740

Pacific Basin Shipping Ltd.		1,755,000		506,901

SITC International Holdings Co. Ltd.		24,000		36,930

Stolt-Nielsen Ltd.		1,435		47,205

Wallenius Wilhelmsen ASA		2,952		24,772

Wilh Wilhelmsen Holding ASA, Class A		5,187		145,790

Wilh Wilhelmsen Holding ASA, Class B		2,091		58,771
				3,862,662

Media – 1.0%

4imprint Group plc		1,517		92,408

Ascential plc*		26,292		83,525

Atresmedia Corp. de Medios de Comunicacion SA		32,019		119,740

Cogeco Communications, Inc.		5,460		214,821

CyberAgent, Inc.		6,300		32,851

Dentsu Group, Inc.		3,900		112,021

Eutelsat Communications SACA(a)		48,594		206,996

Future plc		38,649		414,818

Hakuhodo DY Holdings, Inc.		4,700		37,660

Informa plc		18,720		161,646


Investments	Shares		Value

Media – (continued)

IPSOS SA		12,909	$	625,751

ITV plc		84,280		65,309

JCDecaux SE*		968		15,102

Kadokawa Corp.		2,200		41,902

Lagardere SA(a)		1,722		34,110

Metropole Television SA		23,322		291,626

MFE-MediaForEurope NV, Class A(a)		59,459		107,748

MFE-MediaForEurope NV, Class B(a)		21,558		57,081

Next 15 Group plc		5,104		39,143

Nine Entertainment Co. Holdings Ltd.(a)		34,440		40,231

oOh!media Ltd.(a)		47,520		39,264

ProSiebenSat.1 Media SE		60,333		336,588

Publicis Groupe SA		3,627		274,956

RTL Group SA(a)		1,056		36,790

S4 Capital plc* (a)		22,509		17,330

Sanoma OYJ		3,895		30,095

Schibsted ASA, Class A		2,870		57,340

SES SA, Class A, ADR		17,940		104,389

SKY Perfect JSAT Holdings, Inc.		54,600		250,206

Stroeer SE & Co. KGaA		620		28,337

Television Francaise 1 SA(a)		29,796		209,752

TV Asahi Holdings Corp.		8,400		89,799

TX Group AG		205		19,035

Viaplay Group AB, Class B* (a)		1,188		2,533

Vivendi SE		11,795		105,424

WPP plc		21,684		185,924

YouGov plc		4,715		48,632
				4,630,883

Metals & Mining – 5.0%

Acerinox SA		66,924		650,654

Agnico Eagle Mines Ltd.		7,421		347,676

Alamos Gold, Inc., Class A		4,007		49,559

Alleima AB		73,788		448,435

Allkem Ltd.* (a)		8,316		50,231

Alumina Ltd.*		7,667		3,786

AMG Critical Materials NV		10,920		283,713

Anglo American plc		27,456		698,480

Antofagasta plc		5,371		87,660

Aperam SA(a)		1,640		45,330

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

ArcelorMittal SA		10,881	$	240,145

ARE Holdings, Inc.(a)		27,300		344,303

Aurubis AG		738		60,580

AVZ Minerals Ltd.* ‡ (a)		111,012		13,355

Aya Gold & Silver, Inc.*		5,002		27,059

B2Gold Corp.		28,059		89,740

Barrick Gold Corp.		25,662		411,585

Bekaert SA		11,817		477,140

Bellevue Gold Ltd.* (a)		49,941		45,691

BHP Group Ltd.		107,757		3,036,072

BlueScope Steel Ltd.		9,711		115,592

Boliden AB		5,577		142,637

Capricorn Metals Ltd.* (a)		19,272		57,716

Capstone Copper Corp.*		7,626		25,928

Centamin plc		402,129		402,326

Centerra Gold, Inc.		17,010		86,382

Chalice Mining Ltd.* (a)		6,068		6,877

Champion Iron Ltd.(a)		6,468		29,158

Chubu Steel Plate Co. Ltd.		7,800		105,222

Core Lithium Ltd.* (a)		98,236		22,391

De Grey Mining Ltd.* (a)		86,240		65,250

Deterra Royalties Ltd.		29,807		88,700

Dowa Holdings Co. Ltd.		1,100		33,252

Dundee Precious Metals, Inc.(a)		66,222		433,609

Eldorado Gold Corp.*		9,840		106,321

Emerald Resources NL*		21,402		35,096

Endeavour Mining plc		3,344		68,982

Equinox Gold Corp.* (a)		14,247		62,294

Eramet SA		3,627		250,151

ERO Copper Corp.* (a)		4,268		57,860

Evolution Mining Ltd.		35,786		80,889

Falcon Metals Ltd.*		1		—	(e)

Ferrexpo plc*		104,040		95,632

Filo Corp.*		4,428		57,605

First Majestic Silver Corp.(a)		14,596		75,070

First Quantum Minerals Ltd.(a)		8,697		100,674

Fortescue Metals Group Ltd.(a)		35,958		507,700

Fortuna Silver Mines, Inc.*		9,512		26,653

Franco-Nevada Corp.		2,821		342,808

Fresnillo plc		3,872		26,020

Glencore plc		233,571		1,233,331


Investments	Shares		Value

Metals & Mining – (continued)

Gold Road Resources Ltd.(a)		59,580	$	71,485

Granges AB		37,167		356,945

Grupa Kety SA		308		51,894

Hill & Smith plc		3,280		65,592

Hudbay Minerals, Inc.		119,301		519,914

IAMGOLD Corp.*		25,911		66,259

IGO Ltd.		10,332		62,212

Iluka Resources Ltd.		9,909		45,423

Imdex Ltd.		25,872		27,028

Ivanhoe Mines Ltd., Class A* (a)		10,250		75,458

Jastrzebska Spolka Weglowa SA*		18,681		221,388

JFE Holdings, Inc.		11,700		161,040

K92 Mining, Inc.* (a)		16,544		59,586

KGHM Polska Miedz SA		3,160		84,174

Kinross Gold Corp.		21,865		114,030

Kobe Steel Ltd.(a)		10,800		125,654

Kyoei Steel Ltd.(a)		7,800		97,754

Labrador Iron Ore Royalty Corp.		22,074		484,968

Liontown Resources Ltd.* (a)		27,470		28,002

Lithium Americas Corp.* (a)		2,508		13,857

Lundin Gold, Inc.		6,342		76,383

Lundin Mining Corp.		12,726		79,386

Lynas Rare Earths Ltd.* (a)		13,899		62,041

MAG Silver Corp.*		4,656		46,518

Maruichi Steel Tube Ltd.		2,000		49,166

Mineral Resources Ltd.(a)		2,808		102,691

Mitsubishi Materials Corp.		4,100		65,164

Mitsui Mining & Smelting Co. Ltd.		19,500		502,034

Nickel Industries Ltd.(a)		886,548		418,182

Nippon Light Metal Holdings Co. Ltd.		19,500		212,453

Nippon Steel Corp.		19,415		414,337

Nittetsu Mining Co. Ltd.(a)		3,900		121,420

Norsk Hydro ASA		28,470		162,282

Northern Star Resources Ltd.		16,700		123,605

Novagold Resources, Inc.*		7,749		26,960

OceanaGold Corp.		237,716		397,264

Orla Mining Ltd.* (a)		10,780		33,002

OSAKA Titanium Technologies Co. Ltd.(a)		1,300		27,297

Osisko Gold Royalties Ltd.		8,590		104,881

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Osisko Mining, Inc.*		17,794	$	34,479

Outokumpu OYJ(a)		7,392		30,261

Pan American Silver Corp.(a)		6,630		96,758

Perseus Mining Ltd.		37,802		40,808

Pilbara Minerals Ltd.(a)		34,446		80,041

Regis Resources Ltd.*		40,098		43,921

Resolute Mining Ltd.*		109,347		24,924

Rio Tinto Ltd.		7,761		577,774

Rio Tinto plc		23,517		1,499,604

Salzgitter AG		13,221		328,683

Sandfire Resources Ltd.* (a)		11,931		45,098

Sandstorm Gold Ltd.		13,772		62,995

Sanyo Special Steel Co. Ltd.		8,200		137,691

Sayona Mining Ltd.* (a)		407,175		19,335

Seabridge Gold, Inc.*		5,588		61,062

Silver Lake Resources Ltd.* (a)		2,337		1,554

SilverCrest Metals, Inc.* (a)		9,416		46,597

Sims Ltd.(a)		3,192		25,222

South32 Ltd.		97,266		204,459

SSAB AB, Class A		6,150		36,792

SSAB AB, Class B		12,333		71,442

SSR Mining, Inc.		3,864		53,413

Stelco Holdings, Inc.		11,856		333,753

Straits Trading Co. Ltd.		53,300		74,695

Sumitomo Metal Mining Co. Ltd.		5,700		158,679

Teck Resources Ltd., Class B		9,438		333,126

thyssenkrupp AG		8,316		57,645

Toho Titanium Co. Ltd.(a)		1,700		21,822

Tokyo Steel Manufacturing Co. Ltd.		4,100		46,890

UACJ Corp.		10,700		215,491

voestalpine AG		1,880		46,817

Vulcan Energy Resources Ltd.* (a)		6,732		8,823

Wesdome Gold Mines Ltd.*		8,888		47,505

West African Resources Ltd.* (a)		335,049		156,981

Wheaton Precious Metals Corp.(a)		6,591		278,073

Yamato Kogyo Co. Ltd.		1,300		61,616

Yodogawa Steel Works Ltd.		10,700		247,991

Zimplats Holdings Ltd.		2,255		28,541
				23,552,410


Investments	Shares		Value

Multi-Utilities – 0.7%

A2A SpA		29,479	$	55,183

ACEA SpA		1,552		18,652

AGL Energy Ltd.		12,344		84,018

Algonquin Power & Utilities Corp.(a)		11,661		58,630

Atco Ltd., Class I		1,968		50,396

Canadian Utilities Ltd., Class A		1,628		34,407

Centrica plc		126,555		241,563

E.ON SE		48,633		576,765

Engie SA		38,454		609,851

Hera SpA		19,272		54,063

Iren SpA		210,717		420,733

National Grid plc		53,469		634,935

REN – Redes Energeticas Nacionais SGPS SA		17,917		46,588

Sembcorp Industries Ltd.		16,300		54,609

Telecom Plus plc		4,728		88,582

Veolia Environnement SA		12,675		346,057
				3,375,032

Office REITs – 0.3%

Allied Properties REIT, REIT(a)		22,464		256,477

Centuria Office REIT, REIT(a)		187,161		129,759

Champion REIT, REIT		108,000		34,092

CLS Holdings plc, REIT		14,403		15,153

Covivio SA, REIT		760		32,454

Cromwell Property Group, REIT(a)		581,100		117,736

Derwent London plc, REIT		2,870		63,488

Dexus, REIT		14,476		59,392

Gecina SA, REIT		440		43,066

Global One Real Estate Investment Corp., REIT		48		36,386

Great Portland Estates plc, REIT		12,800		60,575

Ichigo Office REIT Investment Corp., REIT		41		22,985

Japan Excellent, Inc., REIT(a)		41		35,898

Japan Prime Realty Investment Corp., REIT		13		30,387

Japan Real Estate Investment Corp., REIT		24		88,904

KDX Realty Investment Corp., REIT(a)		143		148,833

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Office REITs – (continued)

Keppel REIT, REIT		73,833	$	42,843

Mirai Corp., REIT(a)		88		26,526

Mori Hills REIT Investment Corp., REIT		16		14,949

Nippon Building Fund, Inc., REIT(a)		24		96,193

One REIT, Inc., REIT		14		24,202

Orix JREIT, Inc., REIT		49		56,233

Precinct Properties Group, REIT(a)		103,566		66,865

Workspace Group plc, REIT		8,954		52,392
				1,555,788

Oil, Gas & Consumable Fuels – 7.2%

Advantage Energy Ltd.*		59,046		428,304

Africa Oil Corp.		140,972		259,959

Aker BP ASA		6,011		172,770

Ampol Ltd.		5,226		105,420

ARC Resources Ltd.		14,313		230,018

Athabasca Oil Corp.*		204,633		607,303

Baytex Energy Corp.		232,323		1,004,097

Beach Energy Ltd.		39,336		38,479

Birchcliff Energy Ltd.(a)		88,842		490,207

Bluenord ASA*		8,424		447,151

Boss Energy Ltd.*		21,197		57,978

BP plc		361,686		2,205,851

BRIGHTOIL* ‡		50,147		—

BW Energy Ltd.*		31,818		79,462

BW LPG Ltd.(b)		25,545		361,280

Cameco Corp.(a)		6,435		262,962

Canadian Natural Resources Ltd.		23,166		1,469,475

Cardinal Energy Ltd.(a)		39,585		211,576

Cenovus Energy, Inc.(a)		28,275		538,106

Cool Co. Ltd.		7,917		103,111

Cosmo Energy Holdings Co. Ltd.(a)		1,600		58,107

Crescent Point Energy Corp.		12,163		97,427

CropEnergies AG		9,640		82,739

Denison Mines Corp.*		53,196		85,068

Diversified Energy Co. plc(a) (b)		326,079		264,512

DNO ASA		290,667		295,826

Enbridge, Inc.		31,551		1,009,996


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

ENEOS Holdings, Inc.		66,300	$	244,151

Energean plc		4,182		43,236

Energy Fuels, Inc.* (a)		10,296		82,249

Enerplus Corp.		5,535		93,496

Eni SpA		51,519		840,141

Equinor ASA		20,982		703,269

Equital Ltd.* (a)		6,201		134,717

Etablissements Maurel et Prom SA		20,428		121,241

Euronav NV		2,829		50,505

FLEX LNG Ltd.		1,176		36,001

Freehold Royalties Ltd.(a)		5,060		52,049

Frontera Energy Corp.*		17,667		149,659

Galp Energia SGPS SA		11,154		167,533

Gaztransport Et Technigaz SA		410		52,308

Gibson Energy, Inc.		7,137		108,321

Hafnia Ltd.		7,872		51,650

Harbour Energy plc		13,992		43,092

Headwater Exploration, Inc.(a)		78,195		420,194

Idemitsu Kosan Co. Ltd.		5,882		132,791

Imperial Oil Ltd.(a)		4,134		235,339

Inpex Corp.		21,500		309,840

International Petroleum Corp.* (a)		28,977		302,450

Itochu Enex Co. Ltd.(a)		19,600		191,542

Iwatani Corp.		1,397		66,306

Japan Petroleum Exploration Co. Ltd.(a)		1,700		57,810

Karoon Energy Ltd.*		188,916		301,423

Keyera Corp.		3,108		72,201

Koninklijke Vopak NV		1,558		52,385

MEG Energy Corp.*		4,928		97,264

Naphtha Israel Petroleum Corp. Ltd.(a)		10,742		41,183

Neste OYJ(a)		6,045		202,613

New Hope Corp. Ltd.		17,010		62,142

NexGen Energy Ltd.*		21,987		132,563

NuVista Energy Ltd.*		57,798		559,973

Oil Refineries Ltd.		814,086		222,963

Okeanis Eco Tankers Corp.(b)		4,680		134,681

OMV AG(a)		2,691		117,644

ORLEN SA		11,503		181,526

Paladin Energy Ltd.* (a)		151,044		90,374

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Paramount Resources Ltd., Class A		2,772	$	66,552

Parex Resources, Inc.		36,075		690,707

Parkland Corp.		3,878		117,241

Paz Oil Co. Ltd.* (a)		575		40,815

Pembina Pipeline Corp.		7,956		244,597

Peyto Exploration & Development Corp.(a)		59,787		628,770

PrairieSky Royalty Ltd.		3,977		69,757

Repsol SA		26,871		392,667

San-Ai Obbli Co. Ltd.(a)		19,500		208,076

Santos Ltd.		66,105		321,023

Saras SpA(a)		151,281		219,468

Serica Energy plc		96,486		272,564

Shell plc		140,088		4,498,780

Spartan Delta Corp.(a)		8,979		28,847

Strike Energy Ltd.* (a)		129,355		31,941

Suncor Energy, Inc.		27,690		895,774

Tamarack Valley Energy Ltd.(a)		183,963		555,235

TC Energy Corp.(a)		15,054		517,903

Topaz Energy Corp.		3,731		56,976

TORM plc, Class A(a)		10,764		328,041

TotalEnergies SE		48,594		3,246,196

Tourmaline Oil Corp.		6,334		334,574

United Energy Group Ltd.(a)		358,000		57,191

Var Energi ASA		7,339		24,720

VERBIO Vereinigte BioEnergie AG		1,107		37,291

Vermilion Energy, Inc.(a)		54,951		792,054

Viva Energy Group Ltd.(b)		17,630		31,590

Whitecap Resources, Inc.		12,245		94,467

Whitehaven Coal Ltd.(a)		16,702		78,254

Woodside Energy Group Ltd.		39,859		864,608
				33,672,688

Paper & Forest Products – 0.5%

Altri SGPS SA		21,115		101,951

Canfor Corp.*		20,241		206,748

Daio Paper Corp.		3,745		30,564

Ence Energia y Celulosa SA		11,726		34,977

Hokuetsu Corp.(a)		54,600		415,327

Holmen AB, Class B		1,540		57,988


Investments	Shares		Value

Paper & Forest Products – (continued)

Interfor Corp.*		2,378	$	29,308

Mondi plc		11,778		189,941

Navigator Co. SA (The)		5,269		20,941

Nippon Paper Industries Co. Ltd.*		39,000		336,835

Oji Holdings Corp.(a)		23,400		99,413

Semapa-Sociedade de Investimento e Gestao		4,873		68,814

Stella-Jones, Inc.(a)		2,574		134,684

Stora Enso OYJ, Class A(a)		2,501		30,533

Stora Enso OYJ, Class R		9,711		116,246

Svenska Cellulosa AB SCA, Class A		2,068		28,208

Svenska Cellulosa AB SCA, Class B(a)		6,314		86,437

UPM-Kymmene OYJ(a)		7,956		267,170

West Fraser Timber Co. Ltd.(a)		1,271		85,685
				2,341,770

Passenger Airlines – 0.2%

Air Canada*		5,192		62,570

Air France-KLM*		3,677		41,408

Air New Zealand Ltd.(a)		11,968		4,664

ANA Holdings, Inc.*		2,400		46,781

Deutsche Lufthansa AG (Registered)*		11,462		80,010

easyJet plc*		6,806		30,227

Exchange Income Corp.		2,255		69,278

Finnair OYJ* (a)		82,324		5,012

Japan Airlines Co. Ltd.		2,800		51,102

JET2 plc		4,018		48,854

Norwegian Air Shuttle ASA*		158,886		113,977

Qantas Airways Ltd.*		22,968		71,402

Singapore Airlines Ltd.		16,799		74,918

Wizz Air Holdings plc* (b)		1,394		26,160
				726,363

Personal Care Products – 1.0%

Beiersdorf AG		1,560		204,548

Best World International Ltd.*		57,400		70,805

euglena Co. Ltd.* (a)		4,400		21,180

Fancl Corp.		400		5,955

Haleon plc		72,774		290,974

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Personal Care Products – (continued)

Interparfums SA		159	$	7,487

Jamieson Wellness, Inc.(b)		2,330		38,217

Kao Corp.		7,300		264,824

Kobayashi Pharmaceutical Co. Ltd.		900		36,964

Kose Corp.		700		45,792

L’Occitane International SA		4,500		11,560

L’Oreal SA		3,471		1,453,414

Mandom Corp.		4,100		37,414

Milbon Co. Ltd.		1,000		26,260

Noevir Holdings Co. Ltd.(a)		1,000		34,864

Pola Orbis Holdings, Inc.		2,000		19,994

PZ Cussons plc		17,220		27,958

Rohto Pharmaceutical Co. Ltd.		4,000		92,231

Shiseido Co. Ltd.		6,200		194,951

Unilever plc		37,011		1,746,558
				4,631,950

Pharmaceuticals – 4.9%

ALK-Abello A/S, Class B*		7,913		87,575

Almirall SA		4,564		41,439

Astellas Pharma, Inc.		27,300		342,501

AstraZeneca plc		23,166		2,881,355

Bausch Health Cos., Inc.* (a)		97,851		665,380

Bayer AG (Registered)		20,748		891,700

Camurus AB*		1,435		42,950

Chugai Pharmaceutical Co. Ltd.		8,900		262,102

COSMO Pharmaceuticals NV		741		28,132

Daiichi Sankyo Co. Ltd.		28,400		723,479

Dechra Pharmaceuticals plc		2,142		98,978

Eisai Co. Ltd.		4,300		226,038

Euroapi SA*		3,444		18,001

Faes Farma SA		17,897		56,089

Financiere de Tubize SA		510		34,932

GSK plc		60,879		1,076,634

H Lundbeck A/S, Class A		5,650		25,540

Haw Par Corp. Ltd.		8,200		57,218

Hikma Pharmaceuticals plc		2,800		64,607

Hutchmed China Ltd.* (a)		27,388		106,016

Indivior plc*		7,254		138,637

Ipsen SA		751		88,509

JCR Pharmaceuticals Co. Ltd.		2,400		18,129


Investments	Shares		Value

Pharmaceuticals – (continued)

Kaken Pharmaceutical Co. Ltd.		1,500	$	33,012

Kissei Pharmaceutical Co. Ltd.		1,400		29,351

Kyowa Kirin Co. Ltd.		4,300		66,951

Laboratorios Farmaceuticos Rovi SA		1,435		76,522

Merck KGaA		1,989		299,273

Mochida Pharmaceutical Co. Ltd.		900		19,671

Nippon Shinyaku Co. Ltd.		1,400		56,335

Novartis AG (Registered)		30,888		2,869,371

Novo Nordisk A/S, Class B		48,282		4,628,989

Ono Pharmaceutical Co. Ltd.		7,800		133,987

Orion OYJ, Class A		352		13,952

Orion OYJ, Class B		1,855		73,606

Otsuka Holdings Co. Ltd.		7,900		263,429

Recordati Industria Chimica e Farmaceutica SpA		1,628		75,027

Roche Holding AG		429		116,531

Roche Holding AG—BR		10,530		2,705,830

Sanofi SA		16,692		1,512,043

Santen Pharmaceutical Co. Ltd.		4,500		38,851

Sawai Group Holdings Co. Ltd.		15,600		495,055

Shionogi & Co. Ltd.		4,200		193,769

Sumitomo Pharma Co. Ltd.(a)		3,600		10,935

Taisho Pharmaceutical Holdings Co. Ltd.		600		23,617

Takeda Pharmaceutical Co. Ltd.		23,400		627,780

Teva Pharmaceutical Industries Ltd.*		23,868		201,833

Torii Pharmaceutical Co. Ltd.		800		19,228

Towa Pharmaceutical Co. Ltd.		9,200		168,090

Tsumura & Co.		900		16,028

UCB SA		2,067		150,884

Vetoquinol SA		308		25,947

Virbac SACA(a)		132		37,811

ZERIA Pharmaceutical Co. Ltd.		1,800		23,723
				22,983,372

Professional Services – 1.6%

Adecco Group AG (Registered)		3,549		133,529

AFRY AB		2,640		27,646

ALS Ltd.		8,712		59,187

APM Human Services International Ltd.(a)		211,185		279,458

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – (continued)

Applus Services SA		44,577	$	468,823

Arcadis NV		1,189		50,170

BayCurrent Consulting, Inc.		1,400		34,749

Bell System24 Holdings, Inc.(a)		12,900		131,602

Benefit One, Inc.		1,000		7,085

Bureau Veritas SA		4,797		108,964

Computershare Ltd.		8,463		132,833

Danel Adir Yeoshua Ltd.(a)		533		38,194

dip Corp.		1,400		27,456

DKSH Holding AG		660		40,396

en Japan, Inc.		2,000		29,450

Experian plc		14,157		427,924

Funai Soken Holdings, Inc.		2,700		43,911

GlobalData plc		17,900		32,581

Hays plc		567,918		662,264

Hilan Ltd.		1,025		43,984

Infomart Corp.		17,600		41,488

Insource Co. Ltd.		3,800		22,081

Intertek Group plc		2,106		97,698

IPH Ltd.		14,227		61,433

JAC Recruitment Co. Ltd.		1,300		20,481

Learning Technologies Group plc		32,868		24,668

Link Administration Holdings Ltd.(a)		180,570		136,050

McMillan Shakespeare Ltd.		3,198		33,936

MEITEC Group Holdings, Inc.		2,400		41,821

Nihon M&A Center Holdings, Inc.		4,800		21,727

Nomura Co. Ltd.		6,000		34,191

Open Up Group, Inc.(a)		4,400		53,865

Outsourcing, Inc.(a)		35,100		256,566

Pagegroup plc		21,372		97,408

Persol Holdings Co. Ltd.		42,000		62,205

Randstad NV		2,301		118,787

Recruit Holdings Co. Ltd.		26,100		746,748

RELX plc		28,860		1,004,378

RWS Holdings plc(a)		105,144		264,871

SGS SA (Registered)		3,315		269,484

SmartGroup Corp. Ltd.(a)		7,766		42,188

SMS Co. Ltd.		2,000		31,298

Synergie SE		2,870		89,946

TechnoPro Holdings, Inc.		1,100		21,354


Investments	Shares		Value

Professional Services – (continued)

Teleperformance SE		780	$	89,165

TELUS International CDA, Inc.*		2,214		14,162

Thomson Reuters Corp.(a)		2,223		265,991

Tinexta Spa		1,056		18,138

Transcosmos, Inc.(a)		7,800		157,344

Wolters Kluwer NV		3,705		474,250
				7,393,928

Real Estate Management & Development – 2.5%

Aeon Mall Co. Ltd.		1,990		22,509

AFI Properties Ltd.* (a)		2,460		66,341

Africa Israel Residences Ltd.(a)		2,120		89,819

Airport City Ltd.*		1,928		25,311

Allreal Holding AG (Registered)		366		58,637

Alony Hetz Properties & Investments Ltd.		7,216		35,085

Altus Group Ltd.		2,578		87,465

Amot Investments Ltd.		5,448		22,786

Aroundtown SA* (a)		317,109		712,937

Atrium Ljungberg AB, Class B		792		12,150

Aura Investments Ltd.(a)		44,280		91,941

Azrieli Group Ltd.		532		22,842

Big Shopping Centers Ltd.*		287		20,077

Blue Square Real Estate Ltd.(a)		1,833		89,712

Bukit Sembawang Estates Ltd.		8,200		21,666

CA Immobilien Anlagen AG		572		19,287

Capitaland India Trust		55,054		38,577

CapitaLand Investment Ltd.		42,131		90,409

Castellum AB		10,335		98,562

Catena AB		924		30,517

Cibus Nordic Real Estate AB publ		21,762		203,642

City Developments Ltd.		9,400		43,362

Citycon OYJ		7,298		38,524

CK Asset Holdings Ltd.		39,000		194,885

Colliers International Group, Inc.(a)		748		67,734

Corem Property Group AB, Class B(a)		184,002		118,412

Daito Trust Construction Co. Ltd.		1,500		159,959

Daiwa House Industry Co. Ltd.		14,700		400,587

Deutsche EuroShop AG		4,592		83,193

Deutsche Wohnen SE		1,012		21,715

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Dios Fastigheter AB		7,480	$	40,404

Electra Real Estate Ltd.(a)		1,476		11,876

Entra ASA(b)		2,068		16,132

ESR Group Ltd.(b)		32,800		42,087

Fabege AB(a)		5,412		40,234

Fastighets AB Balder, Class B* (a)		12,348		52,154

FastPartner AB, Class A		3,124		10,849

FirstService Corp.		676		95,553

G City Ltd.(a)		28,290		68,285

Gav-Yam Lands Corp. Ltd.		593		3,349

Goldcrest Co. Ltd.		4,100		58,044

Grainger plc		39,273		108,369

Grand City Properties SA*		27,417		244,444

Great Eagle Holdings Ltd.(a)		79,451		129,362

GuocoLand Ltd.*		95,200		104,925

Hang Lung Group Ltd.		273,000		363,553

Hang Lung Properties Ltd.		44,000		58,032

Heiwa Real Estate Co. Ltd.(a)		1,300		33,005

Henderson Land Development Co. Ltd.		33,239		86,660

Ho Bee Land Ltd.		75,000		99,084

Hufvudstaden AB, Class A		2,610		27,752

Hulic Co. Ltd.		11,700		106,381

Ichigo, Inc.		17,800		38,551

IES Holdings Ltd.*		943		45,500

IMMOFINANZ AG*		2,132		42,817

Intershop Holding AG		76		50,358

Israel Canada T.R Ltd.(a)		44,720		93,960

Isras Investment Co. Ltd.		533		90,064

IWG plc*		41,041		65,738

Jeudan A/S		3,237		104,976

K Wah International Holdings Ltd.		390,000		104,670

Katitas Co. Ltd.		1,100		14,578

Keihanshin Building Co. Ltd.		4,100		37,333

Kerry Properties Ltd.		16,500		27,751

Kojamo OYJ		3,579		30,491

Kowloon Development Co. Ltd.		117,000		103,175

LEG Immobilien SE*		1,120		69,657

Lendlease Corp. Ltd.(a)		14,582		57,334

Lifestyle Communities Ltd.(a)		6,920		68,218


Investments	Shares		Value

Real Estate Management & Development – (continued)

Mega Or Holdings Ltd., REIT(a)		2,542	$	34,773

Melisron Ltd.		460		24,890

Mitsubishi Estate Co. Ltd.		19,500		246,446

Mitsui Fudosan Co. Ltd.		15,600		334,466

Mivne Real Estate KD Ltd.		14,248		30,715

Mobimo Holding AG (Registered)		352		97,085

Morguard Corp.		1,025		74,949

New World Development Co. Ltd.(a)		33,590		61,560

Nexity SA(a)		14,898		207,548

Nomura Real Estate Holdings, Inc.		1,400		32,401

NP3 Fastigheter AB		1,462		19,484

Nyfosa AB(a)		48,945		235,686

OUE Ltd.		140,400		105,552

Pandox AB, Class B		5,412		53,090

PEXA Group Ltd.*		7,380		50,792

Platzer Fastigheter Holding AB, Class B		3,080		16,127

Prashkovsky Investments and Construction Ltd.(a)		3,040		55,276

PSP Swiss Property AG (Registered)		736		90,337

Relo Group, Inc.		2,270		22,289

Sagax AB, Class B(a)		2,420		43,645

Samhallsbyggnadsbolaget i Norden AB(a)		22,748		6,588

SAMTY Co. Ltd.(a)		15,600		255,047

Savills plc(a)		48,867		466,969

Sino Land Co. Ltd.		73,785		73,647

Sirius Real Estate Ltd.		58,680		56,822

Starts Corp., Inc.(a)		11,700		219,947

StorageVault Canada, Inc.		12,833		39,749

Sumitomo Realty & Development Co. Ltd.(a)		10,800		267,709

Summit Real Estate Holdings Ltd.*		2,706		25,832

Sun Frontier Fudousan Co. Ltd.(a)		11,700		112,484

Sun Hung Kai Properties Ltd.		33,500		344,008

Swire Pacific Ltd., Class A		10,500		67,230

Swire Properties Ltd.		16,400		31,733

Swiss Prime Site AG (Registered)		1,197		111,012

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

TAG Immobilien AG*		59,709	$	649,111

Tokyo Tatemono Co. Ltd.		5,200		68,294

Tokyu Fudosan Holdings Corp.		11,200		64,473

Tosei Corp.(a)		8,000		93,605

Tricon Residential, Inc.(a)		16,263		107,659

UOL Group Ltd.		6,799		29,279

VGP NV		738		59,870

Villar International Ltd.		1,599		59,999

Vonovia SE		17,004		390,019

Wallenstam AB, Class B(a)		8,888		29,943

Wharf Holdings Ltd. (The)		17,000		43,105

Wharf Real Estate Investment Co. Ltd.		25,000		87,385

Wihlborgs Fastigheter AB		7,304		47,167

Wing Tai Holdings Ltd.		57,400		56,560

Yanlord Land Group Ltd.*		192,000		79,180

YH Dimri Construction & Development Ltd.(a)		452		24,256
				11,640,141

Residential REITs – 0.1%

Advance Residence Investment Corp., REIT(a)		18		39,044

Altarea SCA, REIT		92		6,535

Boardwalk REIT, REIT(a)		1,000		46,649

Canadian Apartment Properties REIT, REIT(a)		1,012		29,757

Comforia Residential REIT, Inc., REIT		19		40,272

Daiwa Securities Living Investments Corp., REIT		26		19,194

Ingenia Communities Group, REIT		20,254		50,013

InterRent REIT, REIT		4,600		38,967

Killam Apartment REIT, REIT		2,624		29,618

Nippon Accommodations Fund, Inc., REIT		8		32,170

UNITE Group plc (The), REIT		8,364		88,146

Xior Student Housing NV, REIT(b)		1,581		45,371
				465,736


Investments	Shares		Value

Retail REITs – 0.7%

AEON REIT Investment Corp., REIT		29	$	27,574

BWP Trust, REIT		32,513		66,903

CapitaLand China Trust, REIT		44,000		25,371

CapitaLand Integrated Commercial Trust, REIT		75,746		97,305

Carmila SA, REIT* (a)		20,748		289,923

Charter Hall Retail REIT, REIT		35,342		68,249

Choice Properties REIT, REIT		3,957		34,318

Crombie REIT, REIT(a)		3,256		28,567

Eurocommercial Properties NV, REIT		15,249		326,232

First Capital REIT, REIT		5,822		54,687

Fortune REIT, REIT		41,000		22,951

Frasers Centrepoint Trust, REIT		12,749		19,262

Fukuoka REIT Corp., REIT		82		88,148

Hammerson plc, REIT(a)		237,021		63,390

HMC Capital Ltd., REIT(a)		9,954		26,785

HomeCo Daily Needs REIT, REIT(a) (b)		636,012		430,879

Japan Metropolitan Fund Invest, REIT		103		66,311

Kiwi Property Group Ltd., REIT		37,660		16,976

Klepierre SA, REIT		3,861		93,457

Lendlease Global Commercial REIT, REIT		143,500		53,418

Link REIT, REIT		38,323		175,829

Mapletree Pan Asia Commercial Trust, REIT		30,462		29,572

Mercialys SA, REIT(a)		31,200		265,146

Primaris REIT, REIT(a)		2,706		24,229

Region RE Ltd., REIT(a)		19,923		24,787

Retail Estates NV, REIT		3,978		241,773

Scentre Group, REIT		82,290		126,608

Shaftesbury Capital plc, REIT		109,824		138,597

SmartCentres REIT, REIT(a)		1,558		24,118

Starhill Global REIT, REIT		80,696		26,211

Unibail-Rodamco-Westfield, REIT*		2,145		105,791

Unibail-Rodamco-Westfield, REIT, CHDI*		5		12

Vicinity Ltd., REIT		65,692		70,708

Waypoint REIT Ltd., REIT		47,560		63,839
				3,217,926

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – 2.1%

Advantest Corp.		12,100	$	304,807

AEM Holdings Ltd.		13,200		33,336

AIXTRON SE		2,337		65,362

Alphawave IP Group plc* (a)		19,492		23,179

ams-OSRAM AG* (a)		87,360		309,967

ASM International NV		702		288,272

ASML Holding NV		6,084		3,635,324

ASMPT Ltd.		5,000		42,175

BE Semiconductor Industries NV		1,400		143,985

Camtek Ltd.*		1,025		53,080

Disco Corp.		1,200		207,244

Elmos Semiconductor SE		410		26,739

Ferrotec Holdings Corp.(a)		15,600		269,365

Furuya Metal Co. Ltd.		1,000		63,786

Infineon Technologies AG		19,149		556,108

Japan Material Co. Ltd.		2,500		34,583

Lasertec Corp.		1,300		216,359

Megachips Corp.		4,900		124,890

Melexis NV		495		36,285

Meyer Burger Technology AG* (a)		187,149		50,054

Nordic Semiconductor ASA*		3,828		30,893

Nova Ltd.*		352		33,490

Optorun Co. Ltd.		2,900		33,032

REC Silicon ASA*		22,352		29,021

Renesas Electronics Corp.*		21,900		282,779

Rohm Co. Ltd.		6,300		99,256

Rorze Corp.(a)		400		29,291

SCREEN Holdings Co. Ltd.		2,200		100,728

Shinko Electric Industries Co. Ltd.		1,400		44,104

Siltronic AG		5,421		463,557

SMA Solar Technology AG*		328		20,022

Socionext, Inc.(a)		600		57,130

SOITEC*		369		54,800

STMicroelectronics NV		9,672		367,834

SUMCO Corp.(a)		5,700		72,828

Tokyo Electron Ltd.		7,300		952,237

Tokyo Seimitsu Co. Ltd.		1,600		73,775

Tower Semiconductor Ltd.*		2,139		49,484

Tri Chemical Laboratories, Inc.		1,800		37,558

u-blox Holding AG* (a)		2,418		227,705


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Ulvac, Inc.		1,000	$	33,880

Weebit Nano Ltd.* (a)		9,758		20,450

X-Fab Silicon Foundries SE* (b)		4,480		40,440
				9,639,194

Software – 1.1%

Altium Ltd.		1,716		42,894

Appier Group, Inc.*		4,100		33,191

Asseco Poland SA		3,362		61,472

Atoss Software AG		176		37,020

BlackBerry Ltd.*		28,587		102,755

Bytes Technology Group plc		15,205		90,813

Constellation Software, Inc.		312		624,789

Crayon Group Holding ASA* (b)		4,100		23,635

Darktrace plc*		19,721		83,757

Dassault Systemes SE		10,035		411,710

Descartes Systems Group, Inc. (The)*		1,375		99,273

Enghouse Systems Ltd.		2,552		59,855

Fortnox AB		7,995		31,586

Fuji Soft, Inc.		1,400		49,919

GB Group plc		8,897		25,803

Hansen Technologies Ltd.		5,576		18,323

IRESS Ltd.(a)		10,123		31,983

Kinaxis, Inc.* (a)		520		50,725

Lectra		1,762		44,512

Lightspeed Commerce, Inc.*		7,761		96,771

Money Forward, Inc.*		1,100		27,397

Nemetschek SE		884		65,781

Nice Ltd.*		937		144,665

Open Text Corp.		5,577		186,000

Oracle Corp. Japan		800		56,364

QT Group OYJ* (a)		308		17,938

Rakus Co. Ltd.(a)		1,600		19,608

Sage Group plc (The)		16,731		197,053

SAP SE		15,132		2,027,146

Sinch AB* (b)		14,637		23,063

SiteMinder Ltd.*		17,179		44,269

Systena Corp.		24,600		41,421

TeamViewer SE* (b)		3,239		49,625

Technology One Ltd.		5,166		47,493

Temenos AG (Registered)		779		55,760

TomTom NV*		6,776		40,467

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

Trend Micro, Inc.		2,500	$	93,136

Truecaller AB, Class B* (a)		16,113		38,852

Vitec Software Group AB, Class B		1,025		40,807

WiseTech Global Ltd.		3,081		113,455
				5,351,086

Specialized REITs – 0.0%(d)

Arena REIT, REIT		15,269		30,646

Big Yellow Group plc, REIT		4,224		48,950

Charter Hall Social Infrastructure REIT, REIT		16,831		25,363

Keppel DC REIT, REIT		21,100		26,027

National Storage REIT, REIT(a)		20,921		26,492

Safestore Holdings plc, REIT		4,488		37,223
				194,701

Specialty Retail – 1.4%

ABC-Mart, Inc.		2,100		32,316

Accent Group Ltd.		42,845		50,864

Alpen Co. Ltd.(a)		4,600		59,381

ARCLANDS Corp.(a)		19,518		207,881

Aritzia, Inc.*		1,716		26,662

Autobacs Seven Co. Ltd.		2,100		21,507

Bic Camera, Inc.(a)		4,200		31,699

Bilia AB, Class A		22,854		211,712

Carasso Motors Ltd.(a)		11,193		32,897

CECONOMY AG*		64,623		122,269

Currys plc		366,912		199,285

DCM Holdings Co. Ltd.		4,100		31,891

Delek Automotive Systems Ltd.		18,837		86,885

Dufry AG (Registered)* (a)		1,330		46,343

Dunelm Group plc		3,649		43,194

Eagers Automotive Ltd.(a)		4,180		34,061

EDION Corp.(a)		27,300		271,477

Fast Retailing Co. Ltd.		3,000		654,099

Fenix Outdoor International AG		369		21,864

Fielmann Group AG		607		26,062

Fnac Darty SA(a)		7,051		165,305

Fox Wizel Ltd.(a)		533		30,237

Frasers Group plc*		4,620		45,017

Geo Holdings Corp.(a)		8,000		123,768


Investments	Shares		Value

Specialty Retail – (continued)

H & M Hennes & Mauritz AB, Class B		7,596	$	101,505

Hornbach Holding AG & Co. KGaA		3,081		183,348

Hour Glass Ltd. (The)		93,600		112,726

IDOM, Inc.		19,600		117,254

Industria de Diseno Textil SA(a)		16,380		563,560

JB Hi-Fi Ltd.(a)		1,722		49,248

JD Sports Fashion plc		53,934		83,444

JINS Holdings, Inc.(a)		900		24,662

Joyful Honda Co. Ltd.		2,000		23,348

Kingfisher plc		39,898		101,573

KMD Brands Ltd.(a)		64,862		31,313

Kohnan Shoji Co. Ltd.(a)		9,300		240,107

Komeri Co. Ltd.		11,700		241,811

K’s Holdings Corp.		6,100		56,592

Leon’s Furniture Ltd.		6,840		83,514

Luk Fook Holdings International Ltd.		117,672		291,450

MEKO AB		14,235		114,414

Musti Group OYJ		492		9,678

Nick Scali Ltd.(a)		1,599		10,914

Nishimatsuya Chain Co. Ltd.		15,600		199,835

Nitori Holdings Co. Ltd.		1,600		173,370

Nojima Corp.		23,400		207,045

Pet Valu Holdings Ltd.(a)		1,716		30,704

Pets at Home Group plc		24,204		82,472

Premier Investments Ltd.(a)		1,517		21,813

Sanrio Co. Ltd.		1,800		76,067

Shimamura Co. Ltd.		500		49,176

Super Retail Group Ltd.(a)		5,324		44,428

T-Gaia Corp.		5,100		60,515

USS Co. Ltd.		5,600		97,120

VT Holdings Co. Ltd.		35,100		117,506

Watches of Switzerland Group plc*(c)		13,640		82,923

WH Smith plc		6,786		95,520

Yamada Holdings Co. Ltd.		17,300		54,580

Yellow Hat Ltd.		11,900		143,088

Zalando SE* (b)		3,444		80,050

ZOZO, Inc.(a)		2,800		52,813
				6,686,162

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Technology Hardware, Storage & Peripherals – 0.3%

Brother Industries Ltd.		4,000	$	61,778

Canon, Inc.(a)		15,600		365,780

Eizo Corp.(a)		1,500		47,691

Elecom Co. Ltd.		1,600		17,982

FUJIFILM Holdings Corp.		6,200		335,822

Konica Minolta, Inc.*		14,200		39,343

Logitech International SA (Registered)		2,759		215,736

MCJ Co. Ltd.		23,400		167,336

Ricoh Co. Ltd.(a)		12,100		96,875

Riso Kagaku Corp.		1,700		26,222

Seiko Epson Corp.		7,800		106,948

Toshiba TEC Corp.		1,100		23,642
				1,505,155

Textiles, Apparel & Luxury Goods – 1.7%

adidas AG		2,574		454,904

Asics Corp.		3,400		106,168

Brunello Cucinelli SpA		660		52,914

Burberry Group plc		5,889		120,910

Canada Goose Holdings, Inc.* (a)		2,464		27,298

Chow Sang Sang Holdings International Ltd.		137,000		157,580

Cie Financiere Richemont SA (Registered)		7,605		893,329

Coats Group plc		93,931		77,051

Crystal International Group Ltd.(b)		209,500		63,456

Delta Galil Ltd.		3,588		113,257

Descente Ltd.		1,200		33,002

Dr. Martens plc		33,087		46,734

Gildan Activewear, Inc.		2,703		76,695

Goldwin, Inc.		1,000		62,425

Hermes International SCA		507		942,968

HUGO BOSS AG		1,232		71,753

Japan Wool Textile Co. Ltd. (The)		21,900		197,967

Kering SA		1,053		426,510

LPP SA		24		77,228

LVMH Moet Hennessy Louis Vuitton SE		3,861		2,752,686


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

Moncler SpA		2,925	$	151,309

New Wave Group AB, Class B		5,104		33,216

Pandora A/S		1,170		132,254

Puma SE		1,599		90,085

Samsonite International SA* (b)		24,600		76,083

Seiko Group Corp.		1,200		18,526

Stella International Holdings Ltd.		175,500		198,275

Swatch Group AG (The)		429		109,460

Swatch Group AG (The) (Registered)		792		38,205

Tod’s SpA*		778		25,986

Wacoal Holdings Corp.		4,100		92,886

Yue Yuen Industrial Holdings Ltd.		273,000		319,592
				8,040,712

Tobacco – 0.5%

British American Tobacco plc		46,761		1,392,452

Imperial Brands plc		19,461		413,498

Japan Tobacco, Inc.		15,600		362,690

Scandinavian Tobacco Group A/S(b)		19,734		292,600
				2,461,240

Trading Companies & Distributors – 2.3%

AddTech AB, Class B		4,180		61,133

Ashtead Group plc		6,591		376,219

Azelis Group NV		1,148		19,536

BayWa AG		828		27,569

Beijer Ref AB, Class B(a)		6,100		57,710

Bossard Holding AG (Registered), Class A		220		45,255

Brenntag SE		2,228		165,132

Bufab AB		968		22,908

Bunzl plc		5,304		188,708

Chori Co. Ltd.		4,100		78,673

Daiichi Jitsugyo Co. Ltd.		11,700		149,644

Diploma plc		1,979		68,248

Finning International, Inc.		2,562		68,578

Grafton Group plc		11,661		109,111

Hanwa Co. Ltd.		14,500		431,807

Howden Joinery Group plc		11,221		86,816

IMCD NV		936		112,291

Inaba Denki Sangyo Co. Ltd.		4,100		84,737

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

Inabata & Co. Ltd.(a)		15,600	$	322,414

ITOCHU Corp.(a)		31,200		1,106,921

Japan Pulp & Paper Co. Ltd.		3,900		121,420

Kanamoto Co. Ltd.(a)		11,700		188,118

Kanematsu Corp.		27,300		365,214

Kloeckner & Co. SE		26,793		165,956

Marubeni Corp.		35,100		504,789

Mitani Corp.		11,700		106,999

Mitsubishi Corp.		29,500		1,354,766

Mitsui & Co. Ltd.		32,800		1,173,215

MonotaRO Co. Ltd.		5,600		44,391

Nagase & Co. Ltd.		2,200		33,027

Nishio Holdings Co. Ltd.		8,100		177,837

OEM International AB, Class B		9,061		58,797

Reece Ltd.(a)		3,403		37,620

Rexel SA		4,415		89,763

Richelieu Hardware Ltd.		3,422		102,247

RS GROUP plc		4,346		35,713

Russel Metals, Inc.		21,489		534,806

Scope Metals Group Ltd.* (a)		1,845		47,476

Seven Group Holdings Ltd.(a)		3,036		53,323

Sojitz Corp.		3,999		82,016

Sumitomo Corp.		25,600		496,719

Theme International Holdings Ltd.* (a)		1,560,000		115,635

Thermador Groupe(a)		396		28,086

Toromont Industries Ltd.		1,230		92,499

Toyota Tsusho Corp.		4,800		250,578

Travis Perkins plc		74,568		669,224

Trusco Nakayama Corp.		1,800		26,873

Yamazen Corp.		23,400		187,886

Yellow Cake plc* (b)		7,602		50,920

Yuasa Trading Co. Ltd.(a)		7,800		211,681
				10,991,004

Transportation Infrastructure – 0.3%

Aena SME SA(b)		975		140,931

Aeroports de Paris SA		555		62,066

Atlas Arteria Ltd.		18,448		62,023

Auckland International Airport Ltd.		21,921		93,588

Dalrymple Bay Infrastructure Ltd.		15,200		26,081


Investments	Shares		Value

Transportation Infrastructure – (continued)

Enav SpA(b)		12,657	$	42,062

Flughafen Zurich AG (Registered)		320		59,496

Fraport AG Frankfurt Airport Services Worldwide*		890		43,960

Getlink SE		6,552		105,509

Hamburger Hafen und Logistik AG		9,009		159,407

Japan Airport Terminal Co. Ltd.		1,200		52,534

Kamigumi Co. Ltd.		3,100		62,432

Mitsubishi Logistics Corp.		1,700		44,014

Port of Tauranga Ltd.		5,225		15,499

Qube Holdings Ltd.(a)		36,652		61,728

SATS Ltd.*		8,200		14,723

Sumitomo Warehouse Co. Ltd. (The)		4,100		65,191

Transurban Group		41,106		307,630

Westshore Terminals Investment Corp.(a)		1,647		27,750
				1,446,624

Water Utilities – 0.1%

Pennon Group plc		6,109		53,855

Severn Trent plc		3,666		118,153

United Utilities Group plc		9,945		128,280
				300,288

Wireless Telecommunication Services – 0.7%

1&1 AG		13,338		228,674

Airtel Africa plc(b)		34,804		47,850

Freenet AG		4,141		104,786

KDDI Corp.		23,400		693,293

Millicom International Cellular SA, SDR*		4,102		64,251

Okinawa Cellular Telephone Co.		7,800		164,555

Orange Belgium SA*		1,188		17,002

Partner Communications Co. Ltd.*		10,619		38,559

Rogers Communications, Inc., Class B		5,811		215,069

SoftBank Corp.		42,900		482,977

SoftBank Group Corp.(a)		15,600		630,819

StarHub Ltd.		61,500		46,236

Tele2 AB, Class B		8,052		57,035

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


Investments	Shares		Value

COMMON STOCKS – (continued)

Wireless Telecommunication Services – (continued)

Vodafone Group plc		474,123	$	435,521
				3,226,627
Total Common Stocks (Cost $439,086,097)				461,953,866



CLOSED END FUNDS – 0.0%(d)

Independent Power and Renewable Electricity Producers – 0.0%(d)

Renewables Infrastructure Group Ltd. (The) (Cost $70,852)		47,630		58,143
	Number of Rights

RIGHTS – 0.0%(d)

Containers & Packaging – 0.0%(d)

Vidrala SA, expiring 11/2/2023*		560		2,063

Passenger Airlines – 0.0%(d)

Finnair OYJ, expiring 11/3/2023, price 0.03 EUR*		82,324		32,422
Total Rights (Cost $36,380)				34,485
	Number of Warrants

WARRANTS – 0.0%

Construction & Engineering – 0.0%

Webuild SpA, expiring 8/2/2030*‡(a)		10,785		—

Software – 0.0%

Constellation Software, Inc., expiring 3/31/2040, price 11.50 CAD* ‡		280		—
Total Warrants (Cost $–)				—


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 1.9%(f)

INVESTMENT COMPANIES – 0.2%

Dreyfus Treasury Obligations Cash Management Fund 5.38%, 11/1/2023 (Cost $1,000,000)	$	1,000,000	$	1,000,000



REPURCHASE AGREEMENTS – 1.7%

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $7,382,140, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $7,464,989		7,381,058		7,381,058

TD Prime Services LLC, 5.42%, dated 10/31/2023, due 11/1/2023, repurchase price $379,451, collateralized by various Common Stocks; total market value $420,182		379,394		379,394
Total Repurchase Agreements (Cost $7,760,452)				7,760,452
Total Securities Lending Reinvestments (Cost $8,760,452)				8,760,452
Total Investments – 100.3% (Cost $447,953,781)				470,806,946

Liabilities in excess of other assets – (0.3%)				(1,568,121	)
NET ASSETS – 100.0%			$	469,238,825

*	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 October 31, 2023. The total value of securities on loan at October 31, 2023 was $53,104,871, collateralized in the form of cash with a value of $8,760,452 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $38,403,500 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 15, 2023 –

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

August 15, 2053 and $11,001,357 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from November 13, 2023 – October 22, 2073; a total value of $58,165,309.

^(b)

^(c)

^(d)

Represents less than 0.05% of net assets.

^(e)

Amount less than one dollar.

^(f)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $8,760,452.

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

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

SDR – Swedish Depositary Receipt

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of October 31, 2023:

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

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of October 31, 2023:

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 October 31, 2023:

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


Investments	Shares		Value

COMMON STOCKS – 100.1%

Aerospace & Defense – 0.3%

AECC Aviation Power Co. Ltd., Class A		4,700	$	22,703

Aselsan Elektronik Sanayi ve Ticaret A/S		34,545		50,475

AviChina Industry & Technology Co. Ltd., Class H(a)		81,000		36,646

Bharat Dynamics Ltd.(b)		705		8,249

Bharat Electronics Ltd.		59,406		95,075

Colt CZ Group SE		3,149		75,292

Data Patterns India Ltd.		588		13,188

Embraer SA*		9,400		32,787

Hanwha Aerospace Co. Ltd.		564		42,178

Hanwha Systems Co. Ltd.		689		6,479

Hindustan Aeronautics Ltd.(b)		3,279		71,798

Korea Aerospace Industries Ltd.		1,128		36,917

Kuang-Chi Technologies Co. Ltd., Class A		5,600		10,706

LIG Nex1 Co. Ltd.		250		16,123

Mazagon Dock Shipbuilders Ltd.		1,175		27,757

United Aircraft Corp. PAO* ‡		25,155,036		—
				546,373

Air Freight & Logistics – 0.3%

Abu Dhabi Aviation Co.		5,978		10,953

Agility Public Warehousing Co. KSC*		26,571		45,151

Allcargo Logistics Ltd.		29,563		90,810

Aramex PJSC		32,940		20,627

Blue Dart Express Ltd.		245		19,361

CJ Logistics Corp.		245		13,769

Delhivery Ltd.*		7,008		34,792

Hyundai Glovis Co. Ltd.		658		83,361

JD Logistics, Inc.* (a) (b)		28,200		33,373

Kerry Express Thailand PCL, NVDR*		8,700		1,123

Kerry TJ Logistics Co. Ltd.		8,000		9,151

SCGJWD Logistics PCL, NVDR		29,300		9,456

SF Holding Co. Ltd., Class A		7,300		39,203

Sinotrans Ltd., Class A		4,700		2,820


Investments	Shares		Value

Air Freight & Logistics – (continued)

Sinotrans Ltd., Class H		47,000	$	15,437

YTO Express Group Co. Ltd., Class A		4,700		8,722

Yunda Holding Co. Ltd., Class A		5,800		7,220

ZTO Express Cayman, Inc.		7,050		164,974
				610,303

Automobile Components – 1.2%

Apollo Tyres Ltd.		4,465		20,448

Asahi India Glass Ltd.		4,900		32,905

Balkrishna Industries Ltd.		1,225		37,574

Bharat Forge Ltd.		3,791		46,414

Bosch Ltd.		147		34,342

Ceat Ltd.		799		20,235

Cheng Shin Rubber Industry Co. Ltd.		34,272		46,650

CIE Automotive India Ltd.		1,715		9,478

Cub Elecparts, Inc.		3,269		13,203

Depo Auto Parts Ind Co. Ltd.		43,152		172,954

DN Automotive Corp.		1,457		85,335

Endurance Technologies Ltd.(b)		350		6,711

Exide Industries Ltd.		8,526		26,154

Fuyao Glass Industry Group Co. Ltd., Class A		4,800		24,400

Fuyao Glass Industry Group Co. Ltd., Class H(b)		8,400		38,272

Hankook & Co. Co Ltd.		907		8,247

Hankook Tire & Technology Co. Ltd.		2,392		67,657

Hanon Systems		2,756		14,040

HL Mando Co. Ltd.		1,045		25,341

Hota Industrial Manufacturing Co. Ltd.		12,134		23,157

Huayu Automotive Systems Co. Ltd., Class A		9,400		22,530

Hyundai Mobis Co. Ltd.		1,692		261,214

Hyundai Wia Corp.		583		24,174

Iljin Hysolus Co. Ltd.*		383		5,445

JBM Auto Ltd.		784		11,305

Kordsa Teknik Tekstil A/S		23,265		68,662

Kumho Tire Co., Inc.*		5,635		17,545


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobile Components – (continued)

Minda Corp. Ltd.		3,724	$	14,572

Minth Group Ltd.		22,000		49,035

Motherson Sumi Wiring India Ltd.		30,126		21,692

MRF Ltd.		38		49,428

Myoung Shin Industrial Co. Ltd.*		11,609		134,696

Nan Kang Rubber Tire Co. Ltd.*		14,000		15,798

Nexen Tire Corp.		12,517		69,047

Nexteer Automotive Group Ltd.		282,000		135,871

Ningbo Tuopu Group Co. Ltd., Class A		1,200		10,567

Samvardhana Motherson International Ltd.		37,565		41,486

Sebang Global Battery Co. Ltd.		2,115		77,283

SL Corp.		550		12,095

SNT Motiv Co. Ltd.		3,290		98,294

Sona Blw Precision Forgings Ltd.(b)		5,145		33,462

Sri Trang Agro-Industry PCL, NVDR		305,500		122,395

Sundram Fasteners Ltd.		1,504		22,663

Sungwoo Hitech Co. Ltd.		2,205		12,865

Tianneng Power International Ltd.(a)		264,000		238,203

Tong Yang Industry Co. Ltd.		9,072		20,502

Tube Investments of India Ltd.		1,645		62,241

Tung Thih Electronic Co. Ltd.		2,872		11,732

TVS Holdings Ltd.		2,115		137,547

TVS Holdings Pvt Ltd.*		2,160		26,496

UNO Minda Ltd.		3,740		26,175

Weifu High-Technology Group Co. Ltd., Class A		4,700		10,372
				2,618,909

Automobiles – 2.0%

Bajaj Auto Ltd.		1,105		70,528

Brilliance China Automotive Holdings Ltd.		96,000		44,046

BYD Co. Ltd., Class A		2,600		84,749

BYD Co. Ltd., Class H		15,000		455,103


Investments	Shares		Value

Automobiles – (continued)

China Motor Corp.		7,000	$	18,711

Chongqing Changan Automobile Co. Ltd., Class A		17,108		35,370

Chongqing Changan Automobile Co. Ltd., Class B		4,890		2,250

Dongfeng Motor Group Co. Ltd., Class H		940,000		413,261

DRB-Hicom Bhd.		347,800		101,468

Eicher Motors Ltd.		2,370		93,809

Ford Otomotiv Sanayi A/S		1,736		48,246

Geely Automobile Holdings Ltd.		141,000		159,838

Great Wall Motor Co. Ltd., Class A		4,700		18,869

Great Wall Motor Co. Ltd., Class H		47,000		65,593

Guangzhou Automobile Group Co. Ltd., Class A		13,500		18,484

Guangzhou Automobile Group Co. Ltd., Class H		94,000		43,969

Hero MotoCorp Ltd.		2,021		74,966

Hyundai Motor Co.		3,713		466,548

Hyundai Motor Co. (2nd Preference)		893		66,187

Hyundai Motor Co. (3rd Preference)		54		3,978

Hyundai Motor Co. (Preference)		624		46,019

Kia Corp.		6,815		388,045

Li Auto, Inc., Class A*		18,100		309,277

Mahindra & Mahindra Ltd.		15,134		265,131

Maruti Suzuki India Ltd.		2,115		263,993

NIO, Inc., Class A* (a)		22,090		163,460

Oriental Holdings Bhd.		8,500		11,239

SAIC Motor Corp. Ltd., Class A		23,500		46,627

Sanyang Motor Co. Ltd.		10,824		22,192

Seres Group Co. Ltd., Class A*		4,800		53,450

Tata Motors Ltd.		26,461		199,795

Tata Motors Ltd., Class A		8,059		40,663

Tofas Turk Otomobil Fabrikasi A/S		3,233		27,505

TVS Motor Co. Ltd.		3,351		64,027

UMW Holdings Bhd.		14,100		14,353

XPeng, Inc., Class A* (a)		18,800		138,875


Investments	Shares		Value

COMMON STOCKS – (continued)

Automobiles – (continued)

Yadea Group Holdings Ltd.(b)		16,000	$	29,241

Yulon Motor Co. Ltd.		18,120		41,396
				4,411,261

Banks – 13.7%

Absa Group Ltd.		22,889		207,464

Abu Dhabi Commercial Bank PJSC		84,698		185,169

Abu Dhabi Islamic Bank PJSC		39,950		112,030

AFFIN Bank Bhd.		6,973		2,956

Agricultural Bank of China Ltd., Class A		377,100		184,992

Agricultural Bank of China Ltd., Class H		799,000		295,109

Akbank TAS, ADR(a)		37,378		75,130

Al Ahli Bank of Kuwait KSCP		12,693		8,775

Al Rajhi Bank		30,033		537,161

Alinma Bank		15,169		133,026

Alliance Bank Malaysia Bhd.		27,600		19,869

Alpha Services and Holdings SA*		60,442		90,081

AMMB Holdings Bhd.		51,700		41,451

AU Small Finance Bank Ltd.(b)		4,794		38,526

Axis Bank Ltd.		36,049		425,117

BAC Holding International Corp.		98,352		4,945

Banco Bradesco SA		43,800		106,742

Banco Bradesco SA (Preference)		145,700		404,193

Banco de Bogota SA		3,242		19,514

Banco de Chile		1,145,202		117,275

Banco de Credito e Inversiones SA		2,081		49,597

Banco del Bajio SA(b)		18,800		57,463

Banco do Brasil SA		37,600		360,492

Banco do Estado do Rio Grande do Sul SA (Preference), Class B		79,900		172,697

Banco Itau Chile SA		2,352		20,588

Banco Santander Chile		1,814,341		78,846

Bancolombia SA		8,460		60,021

Bancolombia SA (Preference)		13,187		84,154


Investments	Shares		Value

Banks – (continued)

Bandhan Bank Ltd.(b)		11,877	$	30,549

Bangkok Bank PCL, NVDR		14,400		63,101

Bank Aladin Syariah Tbk. PT*		279,300		18,286

Bank AlBilad		8,024		79,564

Bank Al-Jazira*		6,066		26,453

Bank BTPN Syariah Tbk. PT		949,400		94,133

Bank Central Asia Tbk. PT		836,600		460,828

Bank Ina Perdana PT*		14,100		3,675

Bank Islam Malaysia Bhd.		44,100		19,900

Bank Jago Tbk. PT*		9,800		972

Bank Mandiri Persero Tbk. PT		1,226,700		438,245

Bank Negara Indonesia Persero Tbk. PT		413,600		124,718

Bank OCBC Nisp Tbk. PT		1,217,300		85,062

Bank of Ayudhya PCL, NVDR		51,600		40,915

Bank of Baroda		30,406		71,652

Bank of Beijing Co. Ltd., Class A		67,200		41,873

Bank of Changsha Co. Ltd., Class A		9,400		9,441

Bank of Chengdu Co. Ltd., Class A		10,600		17,903

Bank of China Ltd., Class A		192,700		102,695

Bank of China Ltd., Class H		2,303,000		806,459

Bank of Chongqing Co. Ltd., Class A		14,700		15,306

Bank of Communications Co. Ltd., Class A		98,100		75,471

Bank of Communications Co. Ltd., Class H		564,000		333,732

Bank of Hangzhou Co. Ltd., Class A		18,800		27,488

Bank of India		21,338		24,565

Bank of Jiangsu Co. Ltd., Class A		41,780		39,393

Bank of Nanjing Co. Ltd., Class A		31,200		33,425

Bank of Ningbo Co. Ltd., Class A		15,750		53,783

Bank of Qingdao Co. Ltd., Class H(b)		23,500		5,977

Bank of Shanghai Co. Ltd., Class A		45,000		37,325

Bank of the Philippine Islands		30,534		54,083


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Bank of Xi’an Co. Ltd., Class A		4,900	$	2,323

Bank of Zhengzhou Co. Ltd., Class A*		19,239		5,495

Bank Pan Indonesia Tbk. PT*		71,500		5,109

Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT		2,331,200		166,567

Bank Pembangunan Daerah Jawa Timur Tbk. PT		1,311,300		49,943

Bank Rakyat Indonesia Persero Tbk. PT		1,137,400		355,147

Bank Tabungan Negara Persero Tbk. PT		2,293,624		176,877

Banque Saudi Fransi		16,121		154,051

BDO Unibank, Inc.		32,900		73,929

BNK Financial Group, Inc.		8,037		40,347

BOC Hong Kong Holdings Ltd.		94,000		248,677

Boubyan Bank KSCP		20,257		38,348

Burgan Bank SAK		31,504		16,589

Canara Bank		9,343		43,130

Capitec Bank Holdings Ltd.		1,432		126,410

Chang Hwa Commercial Bank Ltd.		113,791		60,167

China Banking Corp.		44,100		23,511

China Bohai Bank Co. Ltd., Class H* (a) (b)		1,057,500		155,423

China CITIC Bank Corp. Ltd., Class H		235,000		104,817

China Construction Bank Corp., Class A		28,200		24,161

China Construction Bank Corp., Class H		2,679,000		1,520,175

China Everbright Bank Co. Ltd., Class A		112,800		45,779

China Everbright Bank Co. Ltd., Class H		53,000		15,105

China Merchants Bank Co. Ltd., Class A		42,300		177,799

China Merchants Bank Co. Ltd., Class H		94,000		357,999

China Minsheng Banking Corp. Ltd., Class A		79,900		40,615


Investments	Shares		Value

Banks – (continued)

China Minsheng Banking Corp. Ltd., Class H(a)		141,000	$	46,852

China Zheshang Bank Co. Ltd., Class A		61,100		21,290

China Zheshang Bank Co. Ltd., Class H		68,900		17,083

Chongqing Rural Commercial Bank Co. Ltd., Class A		18,800		10,918

Chongqing Rural Commercial Bank Co. Ltd., Class H		47,000		17,780

CIMB Group Holdings Bhd.		199,640		239,258

City Union Bank Ltd.		9,675		16,048

CNPC Capital Co. Ltd., Class A		28,800		23,337

Commercial Bank PSQC (The)		87,561		123,273

Commercial International Bank Egypt SAE		65,326		127,483

Credicorp Ltd.		1,786		223,179

Credit Agricole Egypt SAE*		200,173		118,712

Credit Bank of Moscow PJSC* ‡		229,590		—

CTBC Financial Holding Co. Ltd.		517,000		388,129

DGB Financial Group, Inc.		5,243		30,514

Doha Bank QPSC		885,292		368,365

Dubai Islamic Bank PJSC		80,981		119,057

Dukhan Bank		40,138		39,973

E.Sun Financial Holding Co. Ltd.		255,160		187,623

Emirates NBD Bank PJSC		69,560		321,002

Equitas Small Finance Bank Ltd.(b)		23,177		25,819

Eurobank Ergasias Services and Holdings SA*		57,716		94,071

Faisal Islamic Bank of Egypt		60,912		60,364

Far Eastern International Bank		111,625		39,577

Federal Bank Ltd.		29,186		49,304

First Abu Dhabi Bank PJSC		66,599		229,914

First Financial Holding Co. Ltd.		183,520		146,544

Grupo Aval Acciones y Valores SA (Preference)		116,179		12,918

Grupo Bolivar SA		1,518		18,626

Grupo Elektra SAB de CV(a)		940		60,072

Grupo Financiero Banorte SAB de CV, Class O		65,800		533,311


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Grupo Financiero Inbursa SAB de CV, Class O* (a)		27,946	$	57,555

Grupo Security SA		458,250		104,072

Gulf Bank KSCP		45,156		34,573

Haci Omer Sabanci Holding A/S		30,173		57,055

Hana Financial Group, Inc.		7,990		231,911

HDFC Bank Ltd.		86,809		1,539,460

Hong Leong Bank Bhd.		14,100		57,412

Hong Leong Financial Group Bhd.		4,900		18,059

Hua Nan Financial Holdings Co. Ltd.		155,065		97,050

Huaxia Bank Co. Ltd., Class A		47,000		35,966

ICICI Bank Ltd.		79,665		875,840

IDFC First Bank Ltd.*		44,885		44,584

Indian Bank		7,425		37,460

IndusInd Bank Ltd.		9,135		158,137

Industrial & Commercial Bank of China Ltd., Class A		244,400		157,966

Industrial & Commercial Bank of China Ltd., Class H		1,927,000		925,992

Industrial Bank Co. Ltd., Class A		51,700		106,535

Industrial Bank of Korea		7,144		59,086

Intercorp Financial Services, Inc.(b)		1,040		19,594

Itau Unibanco Holding SA (Preference)		131,600		699,883

Itausa SA*		2,548		4,337

Itausa SA		28,065		48,862

Itausa SA (Preference)		136,300		233,518

JB Financial Group Co. Ltd.		3,370		25,202

Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A		6,700		6,738

KakaoBank Corp.		5,029		67,622

Karur Vysya Bank Ltd. (The)		156,416		268,838

Kasikornbank PCL, NVDR		32,800		120,003

KB Financial Group, Inc.		10,152		387,122

Kiatnakin Phatra Bank PCL, NVDR		9,800		13,428

King’s Town Bank Co. Ltd.		24,000		27,489


Investments	Shares		Value

Banks – (continued)

Komercni Banka A/S		2,068	$	60,473

Kotak Mahindra Bank Ltd.		16,638		347,593

Krung Thai Bank PCL, NVDR		108,000		56,490

Kuwait Finance House KSCP		133,292		294,530

Kuwait International Bank KSCP		38,492		18,279

Kuwait Projects Co. Holding KSCP*		56,513		19,352

LH Financial Group PCL, NVDR		1,616,800		44,533

Malayan Banking Bhd.		192,700		364,814

Malaysia Building Society Bhd.		14,100		2,146

Masraf Al Rayan QSC		83,848		48,361

Mega Financial Holding Co. Ltd.		182,269		206,236

Metropolitan Bank & Trust Co.		30,870		28,454

Moneta Money Bank A/S(b)		143,115		552,052

National Bank of Greece SA* (a)		14,852		84,772

National Bank of Kuwait SAKP		121,119		343,148

Nedbank Group Ltd.		12,267		131,243

O-Bank Co. Ltd.		47,000		13,505

OTP Bank Nyrt.		5,875		218,132

Ping An Bank Co. Ltd., Class A		45,300		64,749

Piraeus Financial Holdings SA*		15,328		45,203

Postal Savings Bank of China Co. Ltd., Class A		65,800		41,091

Postal Savings Bank of China Co. Ltd., Class H(a) (b)		188,000		85,776

Public Bank Bhd.		418,300		365,228

Punjab National Bank		59,188		51,895

Qatar International Islamic Bank QSC		14,288		36,299

Qatar Islamic Bank SAQ		25,331		121,055

Qatar National Bank QPSC		121,307		496,089

Qingdao Rural Commercial Bank Corp., Class A*		18,800		6,962

RBL Bank Ltd.(b)		171,080		452,980

Regional SAB de CV		4,900		37,226

RHB Bank Bhd.		42,300		49,540

Riyad Bank		36,942		261,438

Saudi Awwal Bank		6,674		59,507

Saudi Investment Bank (The)		13,489		52,854

Saudi National Bank (The)		80,088		716,215


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Sberbank of Russia PJSC‡		369,050	$	—

Sberbank of Russia PJSC (Preference)‡		39,708		—

SCB X PCL, NVDR		23,400		64,127

Security Bank Corp.		122,200		165,834

Shanghai Commercial & Savings Bank Ltd. (The)		74,888		99,050

Shanghai Pudong Development Bank Co. Ltd., Class A		70,500		65,702

Shanghai Rural Commercial Bank Co. Ltd., Class A		38,400		31,274

Sharjah Islamic Bank		516,765		329,221

Shinhan Financial Group Co. Ltd.		13,724		353,122

SinoPac Financial Holdings Co. Ltd.		358,191		197,124

Standard Bank Group Ltd.		35,709		348,368

State Bank of India		26,602		180,699

Taichung Commercial Bank Co. Ltd.		54,149		24,541

Taishin Financial Holding Co. Ltd.		356,238		189,459

Taiwan Business Bank		92,269		36,270

Taiwan Cooperative Financial Holding Co. Ltd.		148,350		115,030

Thanachart Capital PCL, NVDR		19,300		26,312

Tisco Financial Group PCL, NVDR		9,300		24,904

TMBThanachart Bank PCL, NVDR		1,236,200		57,438

Turkiye Garanti Bankasi A/S		13,849		23,006

Turkiye Halk Bankasi A/S*		15,557		7,236

Turkiye Is Bankasi A/S, Class C		94,423		70,018

Union Bank of India Ltd.		42,770		52,192

Union Bank of Taiwan		52,500		21,366

Union Bank of the Philippines		7,980		8,368

VTB Bank PJSC* ‡		136,511,531		—

Warba Bank KSCP		13,740		7,635

Woori Financial Group, Inc.		18,573		163,651


Investments	Shares		Value

Banks – (continued)

Yapi ve Kredi Bankasi A/S		76,200	$	46,432

Yes Bank Ltd.*		228,275		43,731
				29,920,923

Beverages – 1.1%

Ambev SA		65,800		167,795

Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B		5,350		18,881

Anhui Gujing Distillery Co. Ltd., Class A		700		26,689

Anhui Gujing Distillery Co. Ltd., Class B		2,200		34,302

Arca Continental SAB de CV		6,572		58,854

Becle SAB de CV(a)		4,700		8,276

Carabao Group PCL, NVDR		4,600		8,639

Carlsberg Brewery Malaysia Bhd.		4,900		20,466

China Foods Ltd.		282,000		97,669

China Resources Beer Holdings Co. Ltd.		23,107		122,259

Chongqing Brewery Co. Ltd., Class A		600		6,436

Cia Cervecerias Unidas SA		2,156		12,217

Coca-Cola Femsa SAB de CV		9,400		71,225

Coca-Cola Icecek A/S		1,269		16,497

Embotelladora Andina SA (Preference), Class B		5,243		10,627

Emperador, Inc.		28,200		10,338

Fomento Economico Mexicano SAB de CV		28,714		324,565

Fraser & Neave Holdings Bhd.		3,700		20,269

Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A		2,300		7,480

Heineken Malaysia Bhd.		3,800		19,014

Hite Jinro Co. Ltd.		1,274		20,046

Jiangsu King’s Luck Brewery JSC Ltd., Class A		2,300		18,386

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,100		35,038

JiuGui Liquor Co. Ltd., Class A		500		5,225

Kweichow Moutai Co. Ltd., Class A		1,600		368,310

Lotte Chilsung Beverage Co. Ltd.		47		5,064


Investments	Shares		Value

COMMON STOCKS – (continued)

Beverages – (continued)

Luzhou Laojiao Co. Ltd., Class A		2,400	$	70,382

Nongfu Spring Co. Ltd., Class H(a) (c)		28,800		163,975

Osotspa PCL, NVDR		31,700		20,726

Radico Khaitan Ltd.		3,384		49,460

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		1,960		66,207

Tsingtao Brewery Co. Ltd., Class A		1,100		12,562

Tsingtao Brewery Co. Ltd., Class H		10,000		75,787

United Breweries Ltd.		1,379		26,751

United Spirits Ltd.*		5,358		66,426

Varun Beverages Ltd.		7,144		77,979

Vina Concha y Toro SA		190,397		211,237

Wuliangye Yibin Co. Ltd., Class A		4,700		100,190

ZJLD Group, Inc.* (b)		9,800		14,253
				2,470,502

Biotechnology – 0.6%

3SBio, Inc.(b)		47,000		41,807

ABLBio, Inc.*		1,585		18,672

AIM Vaccine Co. Ltd.*		4,200		4,917

Akeso, Inc.* (a) (b)		7,000		39,274

Alteogen, Inc.*		384		17,742

BeiGene Ltd.* (a)		12,600		182,448

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		1,421		8,517

Biocon Ltd.		6,644		17,528

Bioneer Corp.*		392		9,201

Blau Farmaceutica SA		14,100		42,498

Bloomage Biotechnology Corp. Ltd., Class A		611		6,384

CARsgen Therapeutics Holdings Ltd.* (b)		24,500		32,501

Celltrion, Inc.		1,700		188,183

Daan Gene Co. Ltd., Class A		4,700		6,255

Ever Supreme Bio Technology Co. Ltd.		2,480		15,254


Investments	Shares		Value

Biotechnology – (continued)

GC Cell Corp.		329	$	7,028

Genexine, Inc.*		441		2,570

Green Cross Corp.		163		11,586

Green Cross Holdings Corp.		11,844		118,743

Hugel, Inc.*		126		13,248

InnoCare Pharma Ltd.* (b)		31,000		24,484

Innovent Biologics, Inc.* (a) (b)		23,500		138,304

Keymed Biosciences, Inc.* (b)		3,000		22,314

L&C Bio Co. Ltd.		605		12,677

Medigen Vaccine Biologics Corp.*		11,148		23,922

Medytox, Inc.		48		7,304

Naturecell Co. Ltd.*		1,833		9,501

OBI Pharma, Inc.*		10,354		25,729

PharmaEngine, Inc.		6,816		23,851

PharmaEssentia Corp.*		4,000		39,772

PharmaResearch Co. Ltd.		349		30,079

Pharmicell Co. Ltd.*		980		4,484

Remegen Co. Ltd., Class A*		245		2,176

Seegene, Inc.		637		8,999

Shanghai Junshi Biosciences Co. Ltd., Class A*		1,113		6,978

Shanghai Junshi Biosciences Co. Ltd., Class H* (b)		2,200		6,101

Shanghai RAAS Blood Products Co. Ltd., Class A		9,400		8,966

SillaJen, Inc.*		4,263		13,715

SK Bioscience Co. Ltd.*		468		20,999

TaiMed Biologics, Inc.*		6,192		16,513

Vaxcell-Bio Therapeutics Co. Ltd.*		371		6,208

Voronoi, Inc.*		384		9,511

Zai Lab Ltd.*		9,800		24,849
				1,271,792

Broadline Retail – 3.4%

Alibaba Group Holding Ltd.*		420,400		4,300,925

Bukalapak.com PT Tbk.*		700,000		9,254

Central Retail Corp. PCL, NVDR		51,475		52,631

Easyhome New Retail Group Co. Ltd., Class A		14,400		6,887


Investments	Shares		Value

COMMON STOCKS – (continued)

Broadline Retail – (continued)

El Puerto de Liverpool SAB de CV, Class C1		6,185	$	31,403

Falabella SA*		20,645		41,904

Far Eastern Department Stores Ltd.		49,000		36,182

Global Digital Niaga Tbk. PT*		387,100		11,063

GoTo Gojek Tokopedia Tbk. PT, Class A*		13,789,800		52,086

Hyundai Department Store Co. Ltd.		224		8,857

Hyundai Home Shopping Network Corp.		1,956		60,104

JD.com, Inc., Class A		65,800		839,256

Lotte Shopping Co. Ltd.		245		13,080

Magazine Luiza SA*		52,300		13,793

MINISO Group Holding Ltd., ADR		3,431		86,839

Mitra Adiperkasa Tbk. PT		171,500		18,732

momo.com, Inc.		1,716		28,199

Naspers Ltd., Class N*		2,961		459,517

PDD Holdings, Inc., ADR* (a)		10,716		1,086,817

Shinsegae, Inc.		212		26,497

Shoppers Stop Ltd.*		1,421		10,925

Vipshop Holdings Ltd., ADR*		7,943		113,267

Woolworths Holdings Ltd.		12,502		46,275

Zhejiang China Commodities City Group Co. Ltd., Class A		5,500		5,848
				7,360,341

Building Products – 0.3%

Astral Ltd.		2,214		49,215

Beijing New Building Materials plc, Class A		5,300		17,736

Blue Star Ltd.		5,405		57,430

Cera Sanitaryware Ltd.		245		24,963

China Lesso Group Holdings Ltd.		33,000		17,713

Dynasty Ceramic PCL, NVDR		215,500		9,533

Kajaria Ceramics Ltd.		1,150		17,422

KCC Glass Corp.		4,277		128,258

Kyung Dong Navien Co. Ltd.		2,585		91,682

Prince Pipes & Fittings Ltd.*		1,960		14,837


Investments	Shares		Value

Building Products – (continued)

Qua Granite Hayal*		19,943	$	3,891

Ras Al Khaimah Ceramics		165,111		109,235

Saudi Ceramic Co.		935		5,932

Taiwan Glass Industry Corp.*		37,152		20,904

Xinyi Glass Holdings Ltd.(a)		59,975		68,908

Zhuzhou Kibing Group Co. Ltd., Class A		5,300		5,779
				643,438

Capital Markets – 2.1%

360 ONE WAM Ltd.		7,712		48,638

Angel One Ltd.		1,551		48,098

B3 SA - Brasil Bolsa Balcao		89,300		196,556

Banco BTG Pactual SA		18,800		110,347

Bangkok Commercial Asset Management PCL, NVDR		26,500		6,599

Beyond Securities PCL, NVDR*		37,500		4,278

Bolsa Mexicana de Valores SAB de CV		19,200		29,896

Boursa Kuwait Securities Co. KPSC		5,096		28,530

Bursa Malaysia Bhd.		8,000		11,401

Caitong Securities Co. Ltd., Class A		12,220		13,258

Capital Securities Corp.		49,000		21,528

Changjiang Securities Co. Ltd., Class A		14,100		10,963

China Cinda Asset Management Co. Ltd., Class H		3,525,000		342,382

China Everbright Ltd.		346,000		205,621

China Galaxy Securities Co. Ltd., Class A		5,200		8,619

China Galaxy Securities Co. Ltd., Class H		115,500		59,044

China Huarong Asset Management Co. Ltd., Class H* (a) (b)		423,000		18,921

China International Capital Corp. Ltd., Class A		1,600		8,055

China International Capital Corp. Ltd., Class H(b)		19,600		31,211

China Merchants Securities Co. Ltd., Class A		21,220		41,001


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

China Merchants Securities Co. Ltd., Class H(b)		16,600	$	13,726

Chinalin Securities Co. Ltd., Class A		4,900		9,354

CITIC Securities Co. Ltd., Class A		28,200		83,659

CITIC Securities Co. Ltd., Class H		47,000		91,422

Coronation Fund Managers Ltd.(a)		105,186		169,504

CRISIL Ltd.		342		16,829

CSC Financial Co. Ltd., Class A		7,500		24,781

CSC Financial Co. Ltd., Class H(b)		352,500		317,154

Daishin Securities Co. Ltd.		212		2,198

Daishin Securities Co. Ltd. (Preference)		530		5,219

Daou Data Corp.		4,700		39,777

Daou Technology, Inc.		10,199		123,093

Dubai Financial Market PJSC		33,628		11,994

EFG Holding S.A.E.*		444,327		239,944

Egypt Kuwait Holding Co. SAE		10,976		10,197

Everbright Securities Co. Ltd., Class A		4,700		10,571

GF Securities Co. Ltd., Class A		14,100		28,593

GF Securities Co. Ltd., Class H		28,200		36,689

Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A		11,664		10,456

Guosen Securities Co. Ltd., Class A		24,000		31,516

Guotai Junan Securities Co. Ltd., Class A		18,800		37,944

Guotai Junan Securities Co. Ltd., Class H(b)		21,200		23,653

Haitong Securities Co. Ltd., Class A		18,800		25,099

Haitong Securities Co. Ltd., Class H		75,200		43,152

Hanwha Investment & Securities Co. Ltd.*		40,749		69,245

HDFC Asset Management Co. Ltd.(b)		1,150		37,763


Investments	Shares		Value

Capital Markets – (continued)

Huatai Securities Co. Ltd., Class A		14,400	$	31,543

Huatai Securities Co. Ltd., Class H(b)		47,000		61,509

IBF Financial Holdings Co. Ltd.*		56,381		19,990

ICICI Securities Ltd.(b)		1,880		14,431

IDFC Ltd.		51,747		71,164

Indian Energy Exchange Ltd.(b)		16,732		25,291

Industrial Securities Co. Ltd., Class A		34,450		29,375

Investec Ltd.		4,353		23,677

Is Yatirim Menkul Degerler A/S		193,076		289,483

JM Financial Ltd.		165,017		162,027

JSE Ltd.		6,027		28,452

KIWOOM Securities Co. Ltd.		392		23,365

Korea Investment Holdings Co. Ltd.		720		26,816

Minmetals Capital Co. Ltd., Class A		14,400		9,996

Mirae Asset Securities Co. Ltd.		7,176		35,068

Mirae Asset Securities Co. Ltd. (Preference)		5,733		14,857

Moscow Exchange MICEX-RTS PJSC‡		29,911		—

Motilal Oswal Financial Services Ltd.		13,348		166,420

Multi Commodity Exchange of India Ltd.		583		16,322

NH Investment & Securities Co. Ltd.		5,356		38,389

Ninety One Ltd.		12,691		24,655

Nippon Life India Asset Management Ltd.(b)		7,791		36,630

Noah Holdings Ltd., ADR		20,492		234,428

Norte Grande SA		1,265,334		10,493

Orient Securities Co. Ltd., Class A		12,032		14,255

Orient Securities Co. Ltd., Class H(b)		20,400		9,490

Oyak Yatirim Menkul Degerler A/S*		36,237		61,196

Pacific Strategic Financial Tbk. PT*		448,500		30,775


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

Pihsiang Machinery Manufacturing Co. Ltd.* ‡		5,000	$	—

President Securities Corp.		15,000		8,047

PSG Financial Services Ltd.		57,669		44,482

Reinet Investments SCA		1,152		23,797

Samsung Securities Co. Ltd.		1,927		50,367

Saratoga Investama Sedaya Tbk. PT		27,500		2,476

Saudi Tadawul Group Holding Co.		763		33,802

SDIC Capital Co. Ltd., Class A		19,200		17,919

Shenwan Hongyuan Group Co. Ltd., Class A		47,900		28,734

Shenwan Hongyuan Group Co. Ltd., Class H(b)		78,400		14,528

Shinyoung Securities Co. Ltd.		1,551		64,312

Sociedad de Inversiones Oro Blanco SA		1,353,420		8,721

SPIC Industry-Finance Holdings Co. Ltd., Class A		10,000		5,684

Tata Investment Corp. Ltd.		517		19,285

UTI Asset Management Co. Ltd.		3,250		29,366

Western Securities Co. Ltd., Class A		10,000		9,101

Yuanta Securities Korea Co. Ltd.		36,331		63,621

Zheshang Securities Co. Ltd., Class A		4,700		6,467
				4,699,284

Chemicals – 3.9%

Aarti Industries Ltd.		2,880		15,720

Abou Kir Fertilizers & Chemical Industries		9,849		24,523

Advanced Nano Products Co. Ltd.		147		12,985

Advanced Petrochemical Co.		2,025		20,133

AECI Ltd.		43,146		254,109

Akzo Nobel India Ltd.		539		15,642

Alkyl Amines Chemicals		220		5,662

Allied Supreme Corp.		2,352		22,588

Alpek SAB de CV, Class A(a)		24,500		14,168


Investments	Shares		Value

Chemicals – (continued)

Alujain Corp.*		13,677	$	137,805

Anupam Rasayan India Ltd.		980		10,400

Archean Chemical Industries Ltd.		2,352		16,180

Asia Polymer Corp.		141,000		102,376

Asian Paints Ltd.		7,121		256,218

Atul Ltd.		259		19,417

Avia Avian Tbk. PT		277,300		8,728

Balaji Amines Ltd.		350		8,599

Barito Pacific Tbk. PT		466,498		33,038

BASF India Ltd.		400		12,126

Batu Kawan Bhd.		6,300		27,107

Bayer CropScience Ltd.		141		8,333

Berger Paints India Ltd.		5,901		39,591

Boubyan Petrochemicals Co. KSCP		7,344		14,543

Braskem SA (Preference), Class A*		4,900		15,614

Carborundum Universal Ltd.		2,499		32,174

Castrol India Ltd.		18,650		30,498

Chambal Fertilisers and Chemicals Ltd.		65,518		227,066

Chandra Asri Petrochemical Tbk. PT		91,200		17,109

Chemplast Sanmar Ltd.*		2,585		13,790

Chengxin Lithium Group Co. Ltd., Class A		4,900		15,728

China General Plastics Corp.		141,000		92,812

China Hainan Rubber Industry Group Co. Ltd., Class A*		9,600		5,877

China Lumena New Materials Corp.* ‡		22,200		—

China Man-Made Fiber Corp.*		50,000		12,224

China Petrochemical Development Corp.*		107,520		33,647

China Risun Group Ltd.(b)		49,000		20,039

Chunbo Co. Ltd.		47		3,438

CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A		7,975		5,187

Coromandel International Ltd.		1,898		23,777

Cosmochemical Co. Ltd.*		583		13,490

D&L Industries, Inc.		4,900		553

DCM Shriram Ltd.		2,303		25,628


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Deepak Fertilisers & Petrochemicals Corp. Ltd.		26,367	$	203,456

Deepak Nitrite Ltd.		1,105		26,368

DL Holdings Co. Ltd.		397		12,493

Dongjin Semichem Co. Ltd.		725		16,078

Dongyue Group Ltd.		42,000		33,441

Eastern Polymer Group PCL, NVDR		63,600		11,679

Ecopro Co. Ltd.		282		129,458

EID Parry India Ltd.		3,871		21,459

Enchem Co. Ltd.*		235		8,996

Eternal Materials Co. Ltd.		27,550		23,613

Fertiglobe plc		43,901		38,367

Fine Organic Industries Ltd.		343		18,208

Finolex Industries Ltd.		9,600		22,144

Foosung Co. Ltd.		1,768		13,039

Formosa Chemicals & Fibre Corp.		66,000		123,922

Formosa Plastics Corp.		81,592		193,698

Fufeng Group Ltd.(a)		517,000		268,259

Galaxy Surfactants Ltd.(b)		250		8,197

Ganfeng Lithium Group Co. Ltd., Class A		4,080		24,687

Ganfeng Lithium Group Co. Ltd., Class H(b)		9,480		33,984

Grand Pacific Petrochemical		47,000		22,895

Guangzhou Tinci Materials Technology Co. Ltd., Class A		5,000		19,001

Gubre Fabrikalari TAS*		833		9,660

Gujarat Fluorochemicals Ltd.		715		23,819

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		36,707		304,846

Han Kuk Carbon Co. Ltd.		1,470		12,397

Hangzhou Oxygen Plant Group Co. Ltd., Class A		2,400		10,829

Hansol Chemical Co. Ltd.		141		15,681

Hanwha Solutions Corp.*		1,786		37,887

Hektas Ticaret TAS*		16,074		12,453

Hengli Petrochemical Co. Ltd., Class A*		14,100		28,207

Hengyi Petrochemical Co. Ltd., Class A*		14,100		13,853


Investments	Shares		Value

Chemicals – (continued)

Hoshine Silicon Industry Co. Ltd., Class A		1,900	$	14,864

Huabao International Holdings Ltd.(a)		17,000		5,714

Huafon Chemical Co. Ltd., Class A		14,400		14,266

Hunan Changyuan Lico Co. Ltd., Class A		784		913

Hyosung Advanced Materials Corp.		55		14,539

Hyosung TNC Corp.		98		25,905

Indorama Ventures PCL, NVDR		43,200		28,485

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		23,500		12,845

Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		14,100		13,121

International CSRC Investment Holdings Co.		43,008		25,326

ISU Chemical Co. Ltd.		641		5,620

Jiangsu Eastern Shenghong Co. Ltd., Class A		11,000		15,993

Jinan Acetate Chemical Co. Ltd.		714		21,309

Jubilant Ingrevia Ltd.		2,701		13,619

Kansai Nerolac Paints Ltd.		3,294		12,466

KCC Corp.		106		18,641

Kimteks Poliuretan Sanayi ve Ticaret A/S		31,960		81,897

Kolon Industries, Inc.		674		21,684

Korea Petrochemical Ind Co. Ltd.		1,504		177,177

KuibyshevAzot PJSC‡		9,900		—

Kum Yang Co. Ltd.*		553		35,951

Kumho Petrochemical Co. Ltd.		423		39,683

Lake Materials Co. Ltd.*		1,715		14,324

Laxmi Organic Industries Ltd.(b)		2,107		6,476

LB Group Co. Ltd., Class A		4,700		11,965

Levima Advanced Materials Corp., Class A		4,800		12,475

LG Chem Ltd.		705		229,684

LG Chem Ltd. (Preference)		167		34,685

Linde India Ltd.		282		20,305

Lotte Chemical Corp.		562		60,921


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Lotte Chemical Titan Holding Bhd.(b)		235,000	$	55,735

LOTTE Fine Chemical Co. Ltd.		397		16,461

Luxi Chemical Group Co. Ltd., Class A		6,500		10,081

Mesaieed Petrochemical Holding Co.		68,381		29,862

Miwon Commercial Co. Ltd.		125		15,262

MNTech Co. Ltd.		833		9,369

Nan Pao Resins Chemical Co. Ltd.		20,488		125,701

Nan Ya Plastics Corp.		94,000		179,393

National Industrialization Co.*		5,584		17,296

Navin Fluorine International Ltd.		645		26,636

Ningxia Baofeng Energy Group Co. Ltd., Class A		10,600		20,887

Nizhnekamskneftekhim PJSC‡		28,600		—

Nizhnekamskneftekhim PJSC (Preference)‡		26,400		—

OCI Holdings Co. Ltd.		414		29,827

Omnia Holdings Ltd.		68,996		212,984

Orbia Advance Corp. SAB de CV		28,733		46,490

Organichesky Sintez PJSC‡		11,550		—

Oriental Union Chemical Corp.		38,000		21,323

Petkim Petrokimya Holding A/S*		38,400		26,710

Petronas Chemicals Group Bhd.		84,600		130,331

PhosAgro PJSC‡		1,540		—

PI Advanced Materials Co. Ltd.		520		9,433

PI Industries Ltd.		1,189		48,573

Pidilite Industries Ltd.		2,303		67,990

PTT Global Chemical PCL, NVDR		46,900		45,018

Qinghai Salt Lake Industry Co. Ltd., Class A*		18,800		43,493

Rongsheng Petrochemical Co. Ltd., Class A		23,500		36,576

SABIC Agri-Nutrients Co.		3,749		133,707


Investments	Shares		Value

Chemicals – (continued)

Sahara International Petrochemical Co.		9,679	$	83,204

Sasa Polyester Sanayi A/S*		15,664		23,674

Sasol Ltd.		15,181		191,256

Satellite Chemical Co. Ltd., Class A*		4,662		10,365

Saudi Aramco Base Oil Co.		784		26,958

Saudi Basic Industries Corp.		13,536		277,821

Saudi Industrial Investment Group		6,214		39,686

Saudi Kayan Petrochemical Co.*		11,562		32,606

Scientex Bhd.		34,300		26,277

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,110		26,859

Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		164,500		72,873

Shanghai Putailai New Energy Technology Co. Ltd., Class A		4,060		13,870

Shinkong Synthetic Fibers Corp.		49,000		22,736

Sichuan Hebang Biotechnology Co. Ltd., Class A		37,600		12,228

Sichuan Yahua Industrial Group Co. Ltd., Class A		3,600		6,926

Sinofert Holdings Ltd.		672,000		76,436

Sinoma Science & Technology Co. Ltd., Class A		4,700		11,104

Sinon Corp.		141,000		158,671

Sinopec Shanghai Petrochemical Co. Ltd., Class H*		98,000		13,151

SK Chemicals Co. Ltd.		196		8,185

SK IE Technology Co. Ltd.* (b)		349		15,324

SKC Co. Ltd.		294		17,132

Solar Applied Materials Technology Corp.		24,096		29,047

Solar Industries India Ltd.		405		26,756

Soulbrain Co. Ltd.		47		8,074

Soulbrain Holdings Co. Ltd.		1,833		44,246

SRF Ltd.		2,484		65,496

Sumitomo Chemical India Ltd.		2,585		11,589

Supreme Industries Ltd.		1,156		60,109

Supreme Petrochem Ltd.		3,456		23,785


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Surya Esa Perkasa Tbk. PT		4,347,500	$	164,212

Taekwang Industrial Co. Ltd.		94		40,230

Taiwan Fertilizer Co. Ltd.		16,360		29,911

Tata Chemicals Ltd.		2,679		30,864

Tianqi Lithium Corp., Class A		5,400		40,584

Tianqi Lithium Corp., Class H(a)		47,000		253,483

TKG Huchems Co. Ltd.		7,755		125,465

Tongkun Group Co. Ltd., Class A*		9,400		18,548

TSRC Corp.		235,000		165,916

Unipar Carbocloro SA (Preference), Class B		18,800		265,131

UPL Ltd.		9,024		58,582

USI Corp.		22,000		13,057

Vinati Organics Ltd.		539		11,198

Wanhua Chemical Group Co. Ltd., Class A		4,700		57,031

Xinjiang Zhongtai Chemical Co. Ltd., Class A		10,600		9,705

Yanbu National Petrochemical Co.		3,384		34,141

Yunnan Energy New Material Co. Ltd., Class A		1,200		10,986

Yunnan Yuntianhua Co. Ltd., Class A		4,700		10,693

Zangge Mining Co. Ltd., Class A		4,700		14,380

Zhejiang Longsheng Group Co. Ltd., Class A		9,600		11,675

Zhejiang Yongtai Technology Co. Ltd., Class A		2,800		4,855
				8,568,798

Commercial Services & Supplies – 0.2%

Beijing GeoEnviron Engineering & Technology, Inc., Class A		15,300		16,433

China Everbright Environment Group Ltd.		98,000		33,441

Cleanaway Co. Ltd.		5,000		26,669

Dynagreen Environmental Protection Group Co. Ltd., Class H(a) (b)		159,000		47,144


Investments	Shares		Value

Commercial Services & Supplies – (continued)

Ecopro HN Co. Ltd.		376	$	16,036

Frontken Corp. Bhd.		42,300		28,232

GPS Participacoes e Empreendimentos SA(c)		14,100		44,903

Indian Railway Catering & Tourism Corp. Ltd.		6,110		48,827

KEPCO Plant Service & Engineering Co. Ltd.		100		2,414

PNB Holdings Corp.* ‡		46,815		27,518

S-1 Corp.		347		14,028

Saudi Airlines Catering Co.		1,774		49,367

Sungeel Hitech Co. Ltd.*		98		6,872

Sunny Friend Environmental Technology Co. Ltd.		622		1,985

Taiwan Secom Co. Ltd.		3,165		11,514
				375,383

Communications Equipment – 0.5%

Accton Technology Corp.		9,000		138,323

Advanced Ceramic X Corp.		2,000		13,134

Arcadyan Technology Corp.		69,856		331,673

BYD Electronic International Co. Ltd.		11,000		45,830

Hengtong Optic-electric Co. Ltd., Class A		4,700		8,465

Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		4,900		18,607

Intellian Technologies, Inc.		254		13,259

KMW Co. Ltd.*		563		4,169

Seojin System Co. Ltd.*		10,528		130,104

Sercomm Corp.		95,000		329,505

Sterlite Technologies Ltd.		6,627		11,103

Tejas Networks Ltd.* (b)		2,202		22,667

Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		900		3,272

Wistron NeWeb Corp.		5,000		19,655

ZTE Corp., Class A		4,800		17,152

ZTE Corp., Class H		9,800		21,768
				1,128,686

Construction & Engineering – 1.4%

Acter Group Corp. Ltd.		44,256		244,919


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction & Engineering – (continued)

BES Engineering Corp.		531,552	$	191,742

CH Karnchang PCL, NVDR		4,900		2,972

China Conch Venture Holdings Ltd.		47,000		38,863

China Energy Engineering Corp. Ltd., Class A		80,000		23,831

China Energy Engineering Corp. Ltd., Class H(a)		198,000		21,509

China Railway Group Ltd., Class A		43,400		35,880

China Railway Group Ltd., Class H		115,000		54,233

China Railway Hi-tech Industry Co. Ltd., Class A		19,200		21,094

Continental Holdings Corp.		188,000		155,918

CTCI Corp.		21,456		26,096

Daewoo Engineering & Construction Co. Ltd.*		3,901		11,352

DL E&C Co. Ltd.		799		20,263

Enka Insaat ve Sanayi A/S		51,174		55,022

Estithmar Holding QPSC*		30,456		16,897

Gamuda Bhd.		34,826		33,916

GEK Terna Holding Real Estate Construction SA		1,470		20,510

GS Engineering & Construction Corp.		2,450		23,873

Guangdong No. 2 Hydropower Engineering Co. Ltd., Class A		4,900		3,549

HDC Hyundai Development Co-Engineering & Construction, Class E		15,322		131,942

Hydro Lithium, Inc.*		539		4,198

Hyundai Engineering & Construction Co. Ltd.		2,188		54,111

IJM Corp. Bhd.		37,600		14,994

IRB Infrastructure Developers Ltd.		48,040		19,329

IRCON International Ltd.(b)		101,332		168,869

IS Dongseo Co. Ltd.*		5,217		97,151

Jeio Co. Ltd.*		931		13,015

Kalpataru Projects International Ltd.		3,479		27,708


Investments	Shares		Value

Construction & Engineering – (continued)

KEC International Ltd.		6,678	$	50,395

KEPCO Engineering & Construction Co., Inc.		141		5,460

KNR Constructions Ltd.		6,325		20,052

Kontrolmatik Enerji ve Muhendislik A/S		736		6,829

Larsen & Toubro Ltd.		10,387		365,416

Larsen & Toubro Ltd., GDR(b)		296		10,419

Metallurgical Corp. of China Ltd., Class A		42,300		19,132

Metallurgical Corp. of China Ltd., Class H		106,000		20,998

NBCC India Ltd.		41,870		32,990

NCC Ltd.		191,478		332,205

PNC Infratech Ltd.(b)		2,700		10,835

Power Construction Corp. of China Ltd., Class A		34,100		24,510

Praj Industries Ltd.		5,935		38,176

PSG Corp. PCL, NVDR*		300,700		5,438

Rail Vikas Nigam Ltd.(b)		9,261		17,146

Ruentex Engineering & Construction Co.		26,000		79,760

Run Long Construction Co. Ltd.		6,768		19,594

Samsung Engineering Co. Ltd.*		3,901		68,601

Shaanxi Construction Engineering Group Corp. Ltd., Class A		4,900		2,832

Shanghai Construction Group Co. Ltd., Class A		23,500		8,445

Shanghai Tunnel Engineering Co. Ltd., Class A		14,100		10,847

Sichuan Road and Bridge Group Co. Ltd., Class A		20,440		21,535

Sino-Thai Engineering & Construction PCL, NVDR		39,100		9,301

Tekfen Holding A/S		73,696		106,379

United Integrated Services Co. Ltd.		5,504		40,726

Voltas Ltd.		3,887		39,099

Waskita Karya Persero Tbk. PT* ‡		173,900		2,021

Yankey Engineering Co. Ltd.		22,055		179,853
				3,082,750


Investments	Shares		Value

COMMON STOCKS – (continued)

Construction Materials – 1.1%

ACC Ltd.		1,376	$	31,206

Ambuja Cements Ltd.		10,904		55,588

Anhui Conch Cement Co. Ltd., Class A		9,800		32,394

Anhui Conch Cement Co. Ltd., Class H		34,500		86,067

Arabian Cement Co.		2,310		19,180

Asia Cement Corp.		77,000		94,959

BBMG Corp., Class A		42,300		11,965

Berkah Beton Sadaya Tbk. PT*		425,000		1,338

Birla Corp. Ltd.		750		11,469

Bursa Cimento Fabrikasi A/S*		266,772		88,538

Cementos Argos SA		182,971		209,469

Cemex SAB de CV*		410,600		246,319

Chia Hsin Cement Corp.		20,400		11,195

China Jushi Co. Ltd., Class A		9,600		15,178

China National Building Material Co. Ltd., Class H		94,000		44,690

China Resources Cement Holdings Ltd.		68,000		17,468

Cimsa Cimento Sanayi ve Ticaret A/S		13,776		17,899

City Cement Co.		4,208		19,517

CSG Holding Co. Ltd., Class B		4,700		1,394

Dalmia Bharat Ltd.		1,710		43,218

Eastern Province Cement Co.		1,199		11,809

GCC SAB de CV		1,872		16,646

Goldsun Building Materials Co. Ltd.		27,000		20,977

Grasim Industries Ltd.		5,734		129,936

Grupo Argos SA		117,500		253,354

Grupo Argos SA (Preference)		73,605		115,650

Hanil Cement Co. Ltd.		7,802		70,420

Huaxin Cement Co. Ltd., Class A		3,700		7,533

Huaxin Cement Co. Ltd., Class H		10,400		9,929

Indocement Tunggal Prakarsa Tbk. PT		28,800		16,816

JK Cement Ltd.		530		20,077

JK Lakshmi Cement Ltd.		2,744		22,627

Nuh Cimento Sanayi A/S		2,068		24,998


Investments	Shares		Value

Construction Materials – (continued)

Nuvoco Vistas Corp. Ltd.*		3,650	$	14,925

Oyak Cimento Fabrikalari A/S*		4,416		11,136

Qassim Cement Co. (The)		1,998		33,446

Ramco Cements Ltd. (The)		2,289		27,264

Rhi Magnesita India Ltd.		1,850		15,234

Riyadh Cement Co.		1,967		15,362

Saudi Cement Co.		441		5,842

Semen Indonesia Persero Tbk. PT		29,417		11,296

Shree Cement Ltd.		188		57,930

Siam Cement PCL (The), NVDR		6,100		48,878

Siam City Cement PCL, NVDR		4,800		17,829

Southern Province Cement Co.		1,634		17,727

SSANGYONG C&E Co. Ltd.		4,263		17,582

Taiwan Cement Corp.		94,000		93,464

Tangshan Jidong Cement Co. Ltd., Class A		4,700		4,592

Tipco Asphalt PCL, NVDR		23,400		12,240

TPI Polene PCL, NVDR		1,870,700		71,825

UltraTech Cement Ltd.		1,739		175,913

Universal Cement Corp.		26,142		20,432

Yamama Cement Co.		3,763		29,088

Yanbu Cement Co.		2,888		24,826
				2,506,654

Consumer Finance – 1.0%

AEON Credit Service M Bhd.		42,300		100,856

Bajaj Finance Ltd.		4,089		367,979

BFI Finance Indonesia Tbk. PT		343,100		22,139

Capri Global Capital Ltd.		1,948		17,805

Cholamandalam Investment and Finance Co. Ltd.		5,781		78,967

CreditAccess Grameen Ltd.*		1,166		22,368

FinVolution Group, ADR		58,891		278,554

Gentera SAB de CV(a)		408,900		433,067

JMT Network Services PCL, NVDR		14,200		11,655

Krungthai Card PCL, NVDR		9,800		11,929

Mahindra & Mahindra Financial Services Ltd.		9,024		26,592

Manappuram Finance Ltd.		206,753		341,324

Muangthai Capital PCL, NVDR		9,300		9,444


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Finance – (continued)

Muthoot Finance Ltd.		2,226	$	34,722

Ngern Tid Lor PCL, NVDR		26,653		14,238

Poonawalla Fincorp Ltd.		5,720		24,238

Qifu Technology, Inc., Class A, ADR		3,713		54,915

Ratchthani Leasing PCL, NVDR		117,400		9,146

Samsung Card Co. Ltd.		539		12,512

SBI Cards & Payment Services Ltd.		4,747		42,542

Shriram Finance Ltd.		7,379		166,606

Srisawad Corp. PCL, NVDR		14,000		16,165

Sundaram Finance Ltd.		1,445		55,064

Yulon Finance Corp.		4,672		25,783
				2,178,610

Consumer Staples Distribution & Retail – 1.2%

Abdullah Al Othaim Markets Co.		7,595		26,359

Aeon Co. M Bhd.		282,000		63,923

Al-Dawaa Medical Services Co.		1,104		27,868

Alibaba Health Information Technology Ltd.*		94,000		55,382

Almacenes Exito SA		63,638		55,071

Almacenes Exito SA, BDR*		51,700		178,895

Almunajem Foods Co.		7,473		123,899

Atacadao SA		9,400		16,720

Avenue Supermarts Ltd.* (b)		2,573		112,285

Berli Jucker PCL		14,300		11,239

BGF retail Co. Ltd.		141		14,428

Bid Corp. Ltd.		5,440		114,735

BIM Birlesik Magazalar A/S		12,721		122,297

Cencosud SA		33,276		53,737

Clicks Group Ltd.		3,995		58,526

CP ALL PCL, NVDR		70,500		108,371

CP Axtra PCL, NVDR		28,900		22,715

Dada Nexus Ltd., ADR* (a)		2,805		10,771

DaShenLin Pharmaceutical Group Co. Ltd., Class A		4,320		14,050

Dis-Chem Pharmacies Ltd.(b)		6,949		9,048

Dongsuh Cos., Inc.		859		10,978

E-MART, Inc.		392		21,101


Investments	Shares		Value

Consumer Staples Distribution & Retail – (continued)

Great Tree Pharmacy Co. Ltd.		1,543	$	16,151

Grupo Comercial Chedraui SA de CV		4,700		27,250

Grupo Mateus SA*		9,800		11,310

GS Retail Co. Ltd.		1,332		23,966

InRetail Peru Corp.(b)		406		12,606

JD Health International, Inc.* (b)		16,450		74,738

La Comer SAB de CV		18,800		37,438

Magnit PJSC‡		2,296		—

Medplus Health Services Ltd.*		1,824		17,338

Migros Ticaret A/S		2,632		31,415

Nahdi Medical Co.		611		23,094

Philippine Seven Corp.*		10,780		14,439

Pick n Pay Stores Ltd.(a)		6,784		9,047

Ping An Healthcare and Technology Co. Ltd.* (a) (b)		9,600		22,452

President Chain Store Corp.		9,840		78,119

Puregold Price Club, Inc.		26,060		12,447

Raia Drogasil SA		19,064		97,531

Robinsons Retail Holdings, Inc.		187,620		135,573

Sendas Distribuidora SA		32,900		71,371

Shenzhen Pagoda Industrial Group Corp. Ltd.		24,500		18,912

Shoprite Holdings Ltd.		7,238		92,210

SMU SA		891,825		153,951

Sok Marketler Ticaret A/S		6,048		12,783

SPAR Group Ltd. (The)		2,560		15,363

Sumber Alfaria Trijaya Tbk. PT		330,600		60,147

Sun Art Retail Group Ltd.		70,500		14,867

Wal-Mart de Mexico SAB de CV		79,900		285,601
				2,602,517

Containers & Packaging – 0.1%

Cheng Loong Corp.		27,600		24,081

Klabin SA		23,552		99,943

Pantai Indah Kapuk Dua Tbk. PT*		81,600		22,448

SCG Packaging PCL, NVDR		18,700		18,730

Taiwan Hon Chuan Enterprise Co. Ltd.		9,000		27,887

Ton Yi Industrial Corp.		21,000		10,165


Investments	Shares		Value

COMMON STOCKS – (continued)

Containers & Packaging – (continued)

Youlchon Chemical Co. Ltd.		470	$	9,762
				213,016

Distributors – 0.1%

Autohellas Tourist and Trading SA		8,098		108,878

Digidrive Distributors Ltd.*		500		809

Sinomach Automobile Co. Ltd., Class A		4,800		4,788

Transaction Capital Ltd.(a)		256,291		66,168

Wuchan Zhongda Group Co. Ltd., Class A		13,800		8,618
				189,261

Diversified Consumer Services – 0.3%

Advtech Ltd.		24,310		27,517

China Education Group Holdings Ltd.(b)		47,000		38,983

Cogna Educacao SA*		52,400		24,938

East Buy Holding Ltd.* (a) (b)		3,000		12,231

Fenbi Ltd.* (a)		24,500		14,873

Gaotu Techedu, Inc., ADR* (a)		5,978		13,391

Humansoft Holding Co. KSC		3,251		31,927

Lung Yen Life Service Corp.*		8,448		9,272

MegaStudyEdu Co. Ltd.		2,820		129,250

National Co. for Learning & Education		735		19,317

New Oriental Education & Technology Group, Inc.*		23,500		153,771

Offcn Education Technology Co. Ltd., Class A*		4,700		2,537

TAL Education Group, ADR*		13,301		116,650
				594,657

Diversified REITs – 0.2%

Axis REIT, REIT		70,600		26,820

Concentradora Fibra Danhos SA de CV, REIT		14,700		15,756

Fibra Uno Administracion SA de CV, REIT		70,500		106,885

Growthpoint Properties Ltd., REIT		88,642		45,818


Investments	Shares		Value

Diversified REITs – (continued)

Is Gayrimenkul Yatirim Ortakligi A/S, REIT*		183,112	$	140,055

Redefine Properties Ltd., REIT		234,980		43,870

SK REITs Co. Ltd., REIT		6,195		17,247

Yuexiu REIT, REIT		98,000		14,028
				410,479

Diversified Telecommunication Services – 1.0%

AL Yah Satellite Communications Co. PJSC		43,340		29,971

China Tower Corp. Ltd., Class H(b)		1,222,000		114,007

Chunghwa Telecom Co. Ltd.		55,000		196,701

CITIC Telecom International Holdings Ltd.		611,000		232,700

Converge Information and Communications Technology Solutions, Inc.*		81,600		12,037

Dayamitra Telekomunikasi PT		202,100		7,888

Emirates Telecommunications Group Co. PJSC		52,734		265,034

Hellenic Telecommunications Organization SA		5,405		75,584

HFCL Ltd.		34,742		27,207

Indus Towers Ltd.*		24,404		50,532

KT Corp.		3,444		83,260

LG Uplus Corp.		7,161		53,606

Magyar Telekom Telecommunications plc		116,372		180,540

Ooredoo QPSC		17,376		47,198

Operadora De Sites Mexicanos SAB de CV, Series A-1(a)		9,400		7,982

PT Tower Bersama Infrastructure Tbk.		42,300		5,512

Rostelecom PJSC* ‡		33,770		—

Rostelecom PJSC (Preference)‡		15,392		—

Sarana Menara Nusantara Tbk. PT		315,700		17,688

Saudi Telecom Co.		27,313		279,566

Sitios Latinoamerica SAB de CV* (a)		63,700		22,759

Tata Communications Ltd.		1,612		32,203


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – (continued)

Tata Teleservices Maharashtra Ltd.*		24,255	$	25,068

Telefonica Brasil SA		9,400		84,326

Telekom Malaysia Bhd.		19,600		20,857

Telkom Indonesia Persero Tbk. PT		709,700		155,924

Telkom SA SOC Ltd.* (a)		107,818		125,665

TIME dotCom Bhd.		9,000		10,049

Turk Telekomunikasyon A/S*		19,746		13,407
				2,177,271

Electric Utilities – 1.2%

Adani Energy Solutions Ltd.*		5,969		55,189

Alupar Investimento SA		3,640		20,210

Can2 Termik A/S*		74,119		48,334

Centrais Eletricas Brasileiras SA		28,200		194,822

Centrais Eletricas Brasileiras SA (Preference), Class B		4,700		35,835

CESC Ltd.		256,291		260,881

CEZ A/S		2,726		116,465

Cia Energetica de Minas Gerais		4,700		14,353

Cia Energetica de Minas Gerais (Preference)		45,002		104,764

Cia Energetica do Ceara (Preference), Class A		4,700		37,223

Cia Paranaense de Energia		9,400		76,963

CPFL Energia SA		4,700		31,166

CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference)		5,200		21,850

Enel Americas SA*		507,571		52,006

Enel Chile SA		795,214		46,939

Energisa SA		4,700		43,440

Enerjisa Enerji A/S(b)		7,676		13,196

Equatorial Energia SA		14,100		88,352

Federal Grid Co. - Rosseti PJSC (Registered)* ‡		22,532,366		—

Inter RAO UES PJSC‡		1,596,292		—

Interconexion Electrica SA ESP		12,408		43,490

Korea Electric Power Corp.*		6,345		79,492

Manila Electric Co.		5,840		36,539


Investments	Shares		Value

Electric Utilities – (continued)

Mosenergo PJSC‡		4,455,000	$	—

Neoenergia SA		4,700		16,328

ODAS Elektrik Uretim ve Sanayi Ticaret A/S*		429,486		179,277

Power Grid Corp. of India Ltd.		119,380		289,851

Public Power Corp. SA*		3,381		34,415

RusHydro PJSC‡		2,361,000		—

Saudi Electricity Co.		22,654		107,485

SJVN Ltd.		205,813		175,633

Synergy Grid & Development Phils, Inc.		394,800		51,490

Tata Power Co. Ltd. (The)		25,051		72,016

Tenaga Nasional Bhd.		75,200		156,256

Torrent Power Ltd.		1,927		16,824

Transmissora Alianca de Energia Eletrica SA		5,000		33,502
				2,554,586

Electrical Equipment – 1.2%

ABB India Ltd.		1,002		49,454

AcBel Polytech, Inc.		22,918		26,850

Amara Raja Energy & Mobility Ltd.		4,361		32,119

Bharat Heavy Electricals Ltd.		21,300		30,917

Bizlink Holding, Inc.		2,070		16,051

CG Power & Industrial Solutions Ltd.		12,320		57,724

Chicony Power Technology Co. Ltd.		5,232		18,066

Chung-Hsin Electric & Machinery Manufacturing Corp.		7,728		22,206

CS Wind Corp.		581		19,660

Dongfang Electric Corp. Ltd., Class A		5,000		10,180

Doosan Enerbility Co. Ltd.*		6,856		68,126

Doosan Fuel Cell Co. Ltd.*		690		8,394

Ecopro BM Co. Ltd.		705		102,418

ElSewedy Electric Co.		21,462		18,821

Fangda Carbon New Material Co. Ltd., Class A*		5,300		4,273

Farasis Energy Gan Zhou Co. Ltd., Class A*		784		1,887

Finolex Cables Ltd.		3,178		34,221


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Fortune Electric Co. Ltd.		7,560	$	52,210

Goldwind Science & Technology Co. Ltd.		15,000		7,151

Goldwind Science & Technology Co. Ltd., Class A		9,600		11,531

GoodWe Technologies Co. Ltd., Class A		343		5,460

Gotion High-tech Co. Ltd., Class A*		4,600		14,306

Graphite India Ltd.		3,381		18,948

Gulf Cables & Electrical Industries Group Co. KSCP		4,140		15,782

Havells India Ltd.		4,270		63,910

HD Hyundai Electric Co. Ltd.		441		24,490

Hitachi Energy India Ltd.		371		18,462

Hongfa Technology Co. Ltd., Class A		4,800		19,021

Hyosung Heavy Industries Corp.*		1,645		207,916

Jiangsu Zhongtian Technology Co. Ltd., Class A		4,500		8,603

Jiangxi Special Electric Motor Co. Ltd., Class A*		4,900		8,008

KEI Industries Ltd.		960		27,700

Korea Electric Terminal Co. Ltd.		2,491		116,384

LG Energy Solution Ltd.*		658		187,819

LS Corp.		480		27,829

LS Electric Co. Ltd.		490		23,220

Ming Yang Smart Energy Group Ltd., Class A		4,500		8,590

NARI Technology Co. Ltd., Class A		12,000		36,977

Ningbo Ronbay New Energy Technology Co. Ltd., Class A		658		3,978

Polycab India Ltd.		950		56,162

POSCO Future M Co. Ltd.		479		83,880

Pylon Technologies Co. Ltd., Class A		343		5,338

Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S		150,118		167,454

Shanghai Electric Group Co. Ltd., Class A*		24,000		14,561


Investments	Shares		Value

Electrical Equipment – (continued)

Shihlin Electric & Engineering Corp.		5,136	$	14,996

Sociedad Quimica y Minera de Chile SA (Preference), Class B		3,901		188,120

SPG Co. Ltd.		686		13,714

Suzlon Energy Ltd.*		365,014		134,153

Ta Ya Electric Wire & Cable		26,249		25,897

Taihan Electric Wire Co. Ltd.*		2,058		16,930

Tatung Co. Ltd.*		30,816		34,013

TBEA Co. Ltd., Class A		11,050		21,124

Teco Electric and Machinery Co. Ltd.		22,000		31,269

Triveni Turbine Ltd.*		6,484		27,974

V-Guard Industries Ltd.		6,399		23,026

Voltronic Power Technology Corp.		1,000		39,926

Walsin Lihwa Corp.		84,769		89,774

WEG SA		23,500		153,824

XTC New Energy Materials Xiamen Co. Ltd., Class A		539		3,102

Zhejiang Chint Electrics Co. Ltd., Class A		4,700		14,829

Zhejiang HangKe Technology, Inc. Co., Class A		490		1,644
				2,591,372

Electronic Equipment, Instruments & Components – 4.1%

AAC Technologies Holdings, Inc.		14,000		25,192

Asia Optical Co., Inc.		17,664		32,948

AUO Corp.		199,872		96,131

Aurora Corp.		4,316		9,847

BH Co. Ltd.		8,460		117,139

BOE Technology Group Co. Ltd., Class A		89,300		47,834

BOE Varitronix Ltd.		7,000		5,958

Chang Wah Electromaterials, Inc.		141,000		131,284

Channel Well Technology Co. Ltd.		8,742		22,020

Cheng Uei Precision Industry Co. Ltd.		134,384		159,305


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

China Railway Signal & Communication Corp. Ltd., Class A		31,500	$	20,231

Chroma ATE, Inc.		8,000		53,769

Compeq Manufacturing Co. Ltd.		33,000		53,720

Coretronic Corp.		9,168		20,634

Co-Tech Development Corp.		10,464		18,841

Cowell e Holdings, Inc.*		12,000		28,771

Daeduck Electronics Co. Ltd.		893		13,204

Daejoo Electronic Materials Co. Ltd.		250		12,773

DataTec Ltd.		81,010		152,324

Delta Electronics Thailand PCL, NVDR		73,000		160,451

Delta Electronics, Inc.		31,696		283,881

Dreamtech Co. Ltd.		10,837		83,531

E Ink Holdings, Inc.		15,000		77,694

Elite Material Co. Ltd.		8,464		93,682

EM-Tech Co. Ltd.		4,841		177,969

Everdisplay Optronics Shanghai Co. Ltd., Class A*		26,592		9,520

FLEXium Interconnect, Inc.		11,896		30,625

Forth Corp. PCL, NVDR		14,600		9,058

Foxconn Industrial Internet Co. Ltd., Class A		32,900		66,177

Foxconn Technology Co. Ltd.		37,880		61,197

Genius Electronic Optical Co. Ltd.		2,237		26,243

Global Brands Manufacture Ltd.		109,632		208,211

GoerTek, Inc., Class A		3,800		9,362

Gold Circuit Electronics Ltd.		5,240		28,434

Hana Microelectronics PCL, NVDR		9,800		14,246

Hannstar Board Corp.		118,616		203,697

HannStar Display Corp.*		69,288		23,605

Hollysys Automation Technologies Ltd.* (a)		21,902		449,210

Holy Stone Enterprise Co. Ltd.		60,442		176,844


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Hon Hai Precision Industry Co. Ltd.		329,000	$	978,835

Honeywell Automation India Ltd.		32		13,835

Innolux Corp.		251,684		94,280

INTOPS Co. Ltd.		3,666		64,875

ITEQ Corp.		86,264		201,863

Jaymart Group Holdings PCL, NVDR		277,300		126,528

KCE Electronics PCL, NVDR		9,300		13,131

Kingboard Holdings Ltd.		23,500		57,124

Kingboard Laminates Holdings Ltd.		27,500		25,762

L&F Co. Ltd.		412		39,780

Largan Precision Co. Ltd.		1,672		106,707

LG Display Co. Ltd.*		6,102		55,076

LG Innotek Co. Ltd.		423		69,845

Lingyi iTech Guangdong Co., Class A		15,900		13,188

Lotes Co. Ltd.		1,332		33,798

Lotte Energy Materials Corp.		235		6,699

Luxshare Precision Industry Co. Ltd., Class A		9,600		42,988

Mcnex Co. Ltd.		657		13,475

MH Development Ltd.* ‡		22,000		—

Nan Ya Printed Circuit Board Corp.		4,000		29,104

Nationgate Holdings Bhd.		267,900		64,663

Nex Point Parts PCL, NVDR*		47,500		11,498

Nichidenbo Corp.		76,952		131,911

OFILM Group Co. Ltd., Class A*		4,700		6,570

Pan-International Industrial Corp.		24,000		25,121

Park Systems Corp.		200		20,732

Primax Electronics Ltd.		14,600		31,059

Quest Holdings SA		10,011		55,554

Raytron Technology Co. Ltd., Class A		343		2,207

Redington Ltd.		235,846		404,508

Samsung Electro-Mechanics Co. Ltd.		1,598		147,075

Samsung SDI Co. Ltd.		846		266,538


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – (continued)

Seronics Co. Ltd.*		1,488	$	27,434

Shanghai Friendess Electronic Technology Corp. Ltd., Class A		376		12,311

Shengyi Technology Co. Ltd., Class A		9,600		23,075

Shenzhen Kaifa Technology Co. Ltd., Class A		4,700		11,034

Simplo Technology Co. Ltd.		6,040		62,104

Sinbon Electronics Co. Ltd.		3,000		25,621

SOLUM Co. Ltd.*		588		12,582

Solus Advanced Materials Co. Ltd.		377		6,113

STCUBE*		1,739		12,876

Sunny Optical Technology Group Co. Ltd.		11,800		98,854

SUPCON Technology Co. Ltd., Class A		1,771		10,551

Supreme Electronics Co. Ltd.		178,484		305,957

Synnex Technology International Corp.		38,784		82,148

Taiwan Surface Mounting Technology Corp.		1,000		2,818

Taiwan Union Technology Corp.		105,208		345,449

TCL Technology Group Corp., Class A*		41,360		22,211

Test Research, Inc.		69,176		128,179

Tong Hsing Electronic Industries Ltd.		5,956		24,606

TPK Holding Co. Ltd.		143,000		141,303

Tripod Technology Corp.		14,000		71,219

TXC Corp.		10,336		30,560

Unimicron Technology Corp.		35,952		158,506

Unisplendour Corp. Ltd., Class A*		4,900		13,130

Unitech Printed Circuit Board Corp.		247,696		141,279

Universal Scientific Industrial Shanghai Co. Ltd., Class A		4,700		9,332

VS Industry Bhd.		137,700		25,722

Wah Lee Industrial Corp.		66,640		193,746


Investments	Shares		Value

Electronic Equipment, Instruments & Components – (continued)

Walsin Technology Corp.		9,378	$	30,214

Weikeng Industrial Co. Ltd.		141,000		116,939

Wingtech Technology Co. Ltd., Class A*		3,100		21,083

Wintek Corp.* ‡		64,000		—

WPG Holdings Ltd.		47,440		104,723

WT Microelectronics Co. Ltd.		14,000		51,149

WUS Printed Circuit Kunshan Co. Ltd., Class A		5,170		13,804

Yageo Corp.		8,347		135,364

Zhejiang Dahua Technology Co. Ltd., Class A		2,900		8,084

Zhen Ding Technology Holding Ltd.		17,150		51,553
				8,901,524

Energy Equipment & Services – 0.3%

ADNOC Drilling Co. PJSC		38,152		37,809

Bumi Armada Bhd.*		1,330,100		153,543

China Oilfield Services Ltd., Class A		5,000		10,658

China Oilfield Services Ltd., Class H		28,000		33,065

COFCO Capital Holdings Co. Ltd., Class A		4,900		4,808

Dialog Group Bhd.		51,700		23,330

Gulf International Services QSC		360,114		271,000

Velesto Energy Bhd.*		340,800		18,240

Yinson Holdings Bhd.		35,800		18,409
				570,862

Entertainment – 0.9%

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		4,700		13,294

Alibaba Pictures Group Ltd.*		540,000		34,507

Bilibili, Inc., Class Z* (a)		3,760		50,889

China Ruyi Holdings Ltd.* (a)		88,000		20,244

CJ CGV Co. Ltd.*		35,720		135,416

CJ ENM Co. Ltd.*		392		15,122

Cloud Music, Inc.* (b)		2,400		27,283


Investments	Shares		Value

COMMON STOCKS – (continued)

Entertainment – (continued)

CMGE Technology Group Ltd.*		98,000	$	16,407

Com2uSCorp		133		4,131

Devsisters Co. Ltd.*		235		8,422

Gamania Digital Entertainment Co. Ltd.		47,000		97,087

HYBE Co. Ltd.*		270		43,882

International Games System Co. Ltd.		2,320		44,562

iQIYI, Inc., ADR* (a)		7,595		35,393

JYP Entertainment Corp.		470		35,706

Kakao Games Corp.*		956		16,493

Kingsoft Corp. Ltd.		15,800		55,126

Krafton, Inc.*		564		68,404

MD Pictures Tbk. PT*		28,800		4,369

MNC Digital Entertainment Tbk. PT*		37,600		7,125

NCSoft Corp.		271		46,653

Neowiz*		470		9,588

NetDragon Websoft Holdings Ltd.		94,000		166,746

NetEase, Inc.		28,800		619,462

Netmarble Corp.* (b)		410		11,718

Nexon Games Co. Ltd.*		1,034		11,484

NHN Corp.*		630		9,959

Pearl Abyss Corp.*		517		18,853

Perfect World Co. Ltd., Class A		4,100		6,723

PVR Inox Ltd.*		2,961		56,840

Saregama India Ltd.		2,498		9,665

SM Entertainment Co. Ltd.		144		10,748

SMI Holdings Group Ltd.* ‡		72,000		—

Studio Dragon Corp.*		188		6,800

Tencent Music Entertainment Group, ADR*		7,897		57,332

Tencent Music Entertainment Group, Class A*		4,700		16,308

Webzen, Inc.		5,640		57,254

Wemade Co. Ltd.		388		11,276

Wemade Max Co. Ltd.*		784		6,026

Wysiwyg Studios Co. Ltd.*		34,216		59,537

XD, Inc.* (b)		8,000		12,105

XPEC Entertainment, Inc.* ‡		14,800		—


Investments	Shares		Value

Entertainment – (continued)

YG Entertainment, Inc.		605	$	24,593

Zhejiang Century Huatong Group Co. Ltd., Class A*		11,280		9,033
				1,972,565

Financial Services – 1.4%

Aavas Financiers Ltd.*		2,016		34,088

Aditya Birla Capital Ltd.*		8,967		18,573

Al Waha Capital PJSC		387,750		200,579

Alliance International Education Leasing Holdings Ltd.* (b)		21,000		3,811

Aptus Value Housing Finance India Ltd.		3,822		13,255

AVIC Industry-Finance Holdings Co. Ltd., Class A		23,500		10,693

Bajaj Finserv Ltd.		6,224		117,332

Bajaj Holdings & Investment Ltd.		552		45,922

Can Fin Homes Ltd.		4,678		42,895

Chailease Holding Co. Ltd.		25,881		140,037

Cielo SA		32,900		22,964

Corp. Financiera Colombiana SA		37,459		114,272

CSSC Hong Kong Shipping Co. Ltd.(b)		658,000		116,049

E-Finance for Digital & Financial Investments		7,889		4,482

Far East Horizon Ltd.(a)		52,000		36,618

Fawry for Banking & Payment Technology Services SAE*		44,933		7,497

FirstRand Ltd.		139,825		458,254

Genertec Universal Medical Group Co. Ltd.(b)		305,500		155,003

Grupo de Inversiones Suramericana SA		2,695		21,042

Grupo de Inversiones Suramericana SA (Preference)		3,587		10,414

Home First Finance Co. India Ltd.(b)		1,225		13,275

Housing & Urban Development Corp. Ltd.		144,478		130,581

IIFL Finance Ltd.		3,626		26,989


Investments	Shares		Value

COMMON STOCKS – (continued)

Financial Services – (continued)

Indian Railway Finance Corp. Ltd.(b)		50,666	$	44,180

Kakaopay Corp.*		398		10,079

L&T Finance Holdings Ltd.		11,562		18,469

LIC Housing Finance Ltd.		9,682		53,399

Meritz Financial Group, Inc.		2,868		106,604

National Investments Co. KSCP		20,286		12,189

NICE Holdings Co. Ltd.		6,170		54,776

One 97 Communications Ltd.*		4,042		44,700

Piramal Enterprises Ltd.		3,384		39,643

PNB Housing Finance Ltd.* (b)		18,800		166,281

Power Finance Corp. Ltd.		42,939		127,179

REC Ltd.		29,397		101,546

Remgro Ltd.		15,463		118,841

Shandong Hi-Speed Holdings Group Ltd.*		49,500		34,415

Turkiye Sinai Kalkinma Bankasi A/S*		488,330		115,641

Yeahka Ltd.*		13,200		24,158

Yuanta Financial Holding Co. Ltd.		368,228		275,873
				3,092,598

Food Products – 2.7%

Adani Wilmar Ltd.*		2,491		9,772

Agthia Group PJSC		10,622		12,869

Alicorp SAA		108,194		163,629

Almarai Co. JSC		3,679		54,818

Anjoy Foods Group Co. Ltd., Class A		500		8,828

Astra Agro Lestari Tbk. PT		131,600		58,406

AVI Ltd.		14,137		52,493

Balrampur Chini Mills Ltd.		3,850		19,105

Beijing Dabeinong Technology Group Co. Ltd., Class A		5,300		5,062

Betagro PCL		24,400		13,917

Bombay Burmah Trading Co.		235		3,821

BRF SA*		343,100		725,932

Britannia Industries Ltd.		1,871		99,473

CCL Products India Ltd.		2,597		18,408

Century Pacific Food, Inc.		17,700		8,735

Charoen Pokphand Enterprise		13,300		37,110


Investments	Shares		Value

Food Products – (continued)

Charoen Pokphand Foods PCL, NVDR		79,900	$	41,570

Charoen Pokphand Indonesia Tbk. PT*		115,100		42,026

Cherkizovo Group PJSC‡		2,594		—

China Feihe Ltd.(b)		94,000		58,385

China Huiyuan Juice Group Ltd.* ‡		24,000		—

China Mengniu Dairy Co. Ltd.		47,000		153,471

China Modern Dairy Holdings Ltd.(a)		1,001,000		102,344

China Youran Dairy Group Ltd.(b)		470,000		88,299

Chongqing Fuling Zhacai Group Co. Ltd., Class A		3,120		6,587

CJ CheilJedang Corp.		215		44,972

CJ CheilJedang Corp. (Preference)		104		9,549

COFCO Joycome Foods Ltd.* (b)		1,128,000		262,373

Daesang Corp.		7,549		111,121

Dongwon Industries Co. Ltd.		735		16,245

Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,880		30,251

Garudafood Putra Putri Jaya Tbk. PT		463,100		12,244

Great Wall Enterprise Co. Ltd.		15,840		24,809

Gruma SAB de CV, Class B		3,615		62,823

Grupo Bimbo SAB de CV, Class A, Series A(a)		20,700		84,139

Grupo Nutresa SA		1,692		19,943

Guan Chong Bhd.*		29,400		13,390

Guangdong Haid Group Co. Ltd., Class A		3,400		20,926

Harim Holdings Co. Ltd.		15,698		76,831

Health & Happiness H&H International Holdings Ltd.		94,000		106,198

Heilongjiang Agriculture Co. Ltd., Class A		5,200		9,053

Henan Shuanghui Investment & Development Co. Ltd., Class A		5,000		17,908

Huishan Dairy* ‡		158,000		—


Investments	Shares		Value

COMMON STOCKS – (continued)

Food Products – (continued)

Indofood CBP Sukses Makmur Tbk. PT		51,800	$	33,751

Indofood Sukses Makmur Tbk. PT		122,200		51,157

Inner Mongolia Yili Industrial Group Co. Ltd., Class A		8,200		30,724

IOI Corp. Bhd.		39,200		32,334

Japfa Comfeed Indonesia Tbk. PT		2,091,500		161,290

JBS SA		18,900		75,068

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A*		4,800		22,039

Kuala Lumpur Kepong Bhd.		14,131		65,190

Leong Hup International Bhd.(b)		465,300		61,037

Lien Hwa Industrial Holdings Corp.		17,301		33,018

Lotte Wellfood Co. Ltd.		1,128		95,215

M Dias Branco SA		4,700		30,373

Marfrig Global Foods SA		169,200		216,742

Marico Ltd.		8,460		54,519

Mayora Indah Tbk. PT		83,900		15,053

Minerva SA		89,300		134,047

Monde Nissin Corp.* (b)		107,400		15,521

Muyuan Foods Co. Ltd., Class A		7,120		36,738

Nestle India Ltd.		564		164,168

Nestle Malaysia Bhd.		900		23,386

New Hope Liuhe Co. Ltd., Class A*		9,000		12,495

NongShim Co. Ltd.		56		18,431

Orion Corp.		500		44,352

Orion Holdings Corp.		8,037		94,441

Ottogi Corp.		15		4,159

Patanjali Foods Ltd.		1,030		16,922

PPB Group Bhd.		14,080		44,860

QL Resources Bhd.		25,395		29,475

RCL Foods Ltd.*		76,845		33,612

Samyang Foods Co. Ltd.		141		19,147

Samyang Holdings Corp.		2,350		118,148


Investments	Shares		Value

Food Products – (continued)

San Miguel Food and Beverage, Inc.		19,470	$	17,466

Sao Martinho SA		3,500		24,603

Sarawak Oil Palms Bhd.		75,200		40,248

Saudia Dairy & Foodstuff Co.		294		23,510

Savola Group (The)		5,095		49,434

Sawit Sumbermas Sarana Tbk. PT		1,311,300		94,519

Shree Renuka Sugars Ltd.*		30,100		17,606

Sime Darby Plantation Bhd.		52,203		47,552

SLC Agricola SA		4,800		34,989

SPC Samlip Co. Ltd.		940		45,032

Srinanaporn Marketing PCL, NVDR		19,500		8,789

Sumber Tani Agung Resources Tbk. PT		1,203,200		65,898

Taisun Enterprise Co. Ltd.		94,000		58,252

Taiwan TEA Corp.*		24,104		14,714

Tata Consumer Products Ltd.		9,983		107,973

Thai Union Group PCL, NVDR		58,800		22,085

Thai Vegetable Oil PCL, NVDR		44,000		25,830

Thaifoods Group PCL, NVDR		1,123,300		100,009

Tiger Brands Ltd.		1,666		15,320

Tingyi Cayman Islands Holding Corp.		30,000		39,798

Toly Bread Co. Ltd., Class A		5,640		6,736

Tres Tentos Agroindustrial SA		42,300		92,518

Triveni Engineering & Industries Ltd.		4,263		18,248

Ulker Biskuvi Sanayi A/S*		68,009		174,273

Uni-President Enterprises Corp.		81,944		171,543

United Plantations Bhd.		9,800		34,720

Universal Robina Corp.		13,530		26,063

Want Want China Holdings Ltd.		94,000		58,385

Yuan Longping High-tech Agriculture Co. Ltd., Class A*		5,100		11,485

Zad Holding Co.		3,286		12,184

Zhou Hei Ya International Holdings Co. Ltd.(a) (b)		47,000		15,497

Zydus Wellnes Ltd.		882		16,221
				5,986,747


Investments	Shares		Value

COMMON STOCKS – (continued)

Gas Utilities – 0.6%

Adani Total Gas Ltd.		4,361	$	29,557

Aygaz A/S		26,038		126,451

Beijing Enterprises Holdings Ltd.		17,500		58,262

China Gas Holdings Ltd.		84,600		76,009

China Resources Gas Group Ltd.		23,400		69,232

ENN Energy Holdings Ltd.		19,300		147,378

ENN Natural Gas Co. Ltd., Class A		10,000		23,585

GAIL India Ltd.		64,766		92,958

Grupo Energia Bogota SA ESP		50,764		20,431

Gujarat Gas Ltd.		2,679		13,162

Gujarat State Petronet Ltd.		12,995		41,751

Indraprastha Gas Ltd.		4,564		20,959

Korea Gas Corp.*		999		16,902

Kunlun Energy Co. Ltd.		94,000		78,327

Mahanagar Gas Ltd.(b)		1,456		18,054

National Gas & Industrialization Co.		1,155		17,856

Perusahaan Gas Negara Tbk. PT		311,200		24,587

Petronas Gas Bhd.		14,100		50,902

Promigas SA ESP		122,294		125,608

Samchully Co. Ltd.		799		54,724

Towngas Smart Energy Co. Ltd.(a)		423,000		175,155
				1,281,850

Ground Transportation – 0.3%

BTS Group Holdings PCL, NVDR		119,640		24,798

Container Corp. of India Ltd.		4,387		36,262

Daqin Railway Co. Ltd., Class A		38,400		37,833

Full Truck Alliance Co. Ltd., ADR* (a)		10,105		66,390

GMexico Transportes SAB de CV(b)		9,400		19,359

Grupo Traxion SAB de CV, Class A* (a) (b)		9,800		14,461

Localiza Rent a Car SA		11,814		119,171

Lotte Rental Co. Ltd.		5,828		110,903


Investments	Shares		Value

Ground Transportation – (continued)

Rumo SA		18,800	$	83,170

SIMPAR SA		117,500		161,233

Theeb Rent A Car Co.		441		7,171

United International Transportation Co.		996		17,841

Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		5,500		8,540
				707,132

Health Care Equipment & Supplies – 0.2%

AK Medical Holdings Ltd.(b)		26,000		25,254

Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		12,000		22,115

Classys, Inc.		144		3,508

Dentium Co. Ltd.		147		11,875

Eoflow Co. Ltd.*		799		12,838

Hartalega Holdings Bhd.*		30,800		13,382

HLB, Inc.*		1,811		38,815

iRay Technology Co. Ltd., Class A		698		21,313

Jeisys Medical, Inc.*		1,942		15,127

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		4,800		22,071

Kangji Medical Holdings Ltd.		25,000		20,544

Kossan Rubber Industries Bhd.		68,600		19,438

Lifetech Scientific Corp.*		110,000		33,740

Microport Scientific Corp.*		11,498		18,074

Qingdao Haier Biomedical Co. Ltd., Class A		539		2,691

SD Biosensor, Inc.		990		7,066

Shandong Weigao Group Medical Polymer Co. Ltd., Class H		36,000		33,356

Shanghai MicroPort Endovascular MedTech Group Co. Ltd., Class A		98		2,605

Sri Trang Gloves Thailand PCL, NVDR		68,600		11,165

St Shine Optical Co. Ltd.		2,000		11,192

Supermax Corp. Bhd.		667,400		110,661

TaiDoc Technology Corp.		3,000		13,180

Top Glove Corp. Bhd.*		68,600		10,439


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Equipment & Supplies – (continued)

Visco Vision, Inc.		3,264	$	18,617
				499,066

Health Care Providers & Services – 1.0%

Al Hammadi Holding		1,862		26,801

Apollo Hospitals Enterprise Ltd.		1,544		89,383

Aster DM Healthcare Ltd.* (b)		6,324		25,039

Bangkok Chain Hospital PCL, NVDR		20,800		11,632

Bangkok Dusit Medical Services PCL, NVDR		69,200		51,020

Bumrungrad Hospital PCL, NVDR		4,900		35,446

Celltrion Healthcare Co. Ltd.		1,515		74,597

Chabiotech Co. Ltd.*		1,200		14,261

China Meheco Co. Ltd., Class A		4,700		7,668

China Resources Medical Holdings Co. Ltd.		24,500		14,435

Chularat Hospital PCL, NVDR		101,400		8,915

CM Hospitalar SA		5,000		14,763

Dallah Healthcare Co.		585		23,078

Diagnosticos da America SA*		9,800		18,831

Dr Lal PathLabs Ltd.(b)		822		23,884

Dr Sulaiman Al Habib Medical Services Group Co.		1,355		91,017

Fleury SA		89,300		265,439

Fortis Healthcare Ltd.		11,121		43,137

Global Health Ltd.*		2,401		22,626

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H		12,000		31,899

Gushengtang Holdings Ltd.		7,800		46,653

Hapvida Participacoes e Investimentos SA* (b)		75,200		55,024

HLB Life Science Co. Ltd.*		3,167		20,894

Huadong Medicine Co. Ltd., Class A		3,300		19,381

Hygeia Healthcare Holdings Co. Ltd.(a) (b)		6,400		38,647

IHH Healthcare Bhd.		56,400		71,025


Investments	Shares		Value

Health Care Providers & Services – (continued)

Jinxin Fertility Group Ltd.* (a) (b)		73,500	$	36,916

KPJ Healthcare Bhd.		49,024		13,171

Krishna Institute of Medical Sciences Ltd.* (b)		1,616		36,628

Life Healthcare Group Holdings Ltd.		17,346		17,182

Max Healthcare Institute Ltd.		11,045		76,113

Medikaloka Hermina Tbk. PT(b)		367,500		35,281

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A*		9,400		7,925

Metro Healthcare Indonesia Tbk. PT*		286,700		8,663

Metropolis Healthcare Ltd.(b)		1,104		18,636

Middle East Healthcare Co.*		1,617		29,740

Mitra Keluarga Karyasehat Tbk. PT(b)		100,200		17,284

MLP Saglik Hizmetleri A/S, Class B* (b)		34,498		186,435

Mouwasat Medical Services Co.		1,320		35,185

Narayana Hrudayalaya Ltd.(b)		2,750		32,898

National Medical Care Co.		931		30,425

Netcare Ltd.		39,592		27,265

New Horizon Health Ltd.* (a) (b)		4,000		9,703

Odontoprev SA		5,390		11,158

Oncoclinicas do Brasil Servicos Medicos SA*		14,400		27,070

Rainbow Children’s Medicare Ltd.		2,496		31,872

Ramkhamhaeng Hospital PCL, NVDR		9,300		10,350

Rede D’Or Sao Luiz SA(b)		18,800		80,598

Selcuk Ecza Deposu Ticaret ve Sanayi A/S		2,597		4,870

Shanghai Pharmaceuticals Holding Co. Ltd., Class A		4,700		11,580

Shanghai Pharmaceuticals Holding Co. Ltd., Class H		23,500		34,178

Sikarin PCL, NVDR		44,000		12,854

Siloam International Hospitals Tbk. PT		165,000		24,929


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – (continued)

Sinopharm Group Co. Ltd., Class H		37,600	$	89,860

Thonburi Healthcare Group PCL, NVDR		9,300		16,107

Topchoice Medical Corp., Class A*		500		6,118

Universal Vision Biotechnology Co. Ltd.		2,226		20,383
				2,146,872

Health Care Technology – 0.0%(d)

Lunit, Inc.*		329		31,766

Hotels, Restaurants & Leisure – 2.1%

Abu Dhabi National Hotels		3,825,800		1,000,978

Alamar Foods		539		19,137

Alsea SAB de CV*		23,500		77,765

Ambassador Hotel (The)		65,200		95,081

Americana Restaurants International plc		39,997		40,291

Ananti, Inc.*		23,453		115,481

Asset World Corp. PCL, NVDR		171,900		16,548

Bloomberry Resorts Corp.*		93,100		14,948

Central Plaza Hotel PCL*		7,300		9,139

Chalet Hotels Ltd.*		2,891		19,016

China Travel International Investment Hong Kong Ltd.		122,000		21,673

DoubleUGames Co. Ltd.		3,525		108,056

Easy Trip Planners Ltd.*		16,003		7,602

EIH Ltd.		8,250		22,290

Erawan Group PCL (The), NVDR*		137,100		19,835

Genting Bhd.		47,000		39,754

Genting Malaysia Bhd.		61,100		31,034

Grand Korea Leisure Co. Ltd.*		1,323		15,292

H World Group Ltd.* (a)		23,500		87,848

Haichang Ocean Park Holdings Ltd.* (b)		54,000		6,901

Haidilao International Holding Ltd.(b)		21,164		52,906

Hana Tour Service, Inc.*		450		14,644

Helens International Holdings Co. Ltd.(a)		6,500		4,843


Investments	Shares		Value

Hotels, Restaurants & Leisure – (continued)

Indian Hotels Co. Ltd., Class A		13,329	$	61,379

Jahez International Co.*		94		11,050

Jiumaojiu International Holdings Ltd.(a) (b)		14,000		15,208

Jollibee Foods Corp.		7,840		28,326

Jubilant Foodworks Ltd.		4,950		29,783

Kangwon Land, Inc.		2,240		24,331

Leejam Sports Co. JSC		1,131		46,306

Lemon Tree Hotels Ltd.* (b)		19,505		25,734

Lotte Tour Development Co. Ltd.*		1,961		15,696

Magnum Bhd.		446,594		100,295

Meituan, Class B* (b)		68,070		962,163

Minor International PCL, NVDR		48,500		37,783

MK Restaurants Group PCL, NVDR		4,800		5,409

Nayuki Holdings Ltd.* (b)		25,000		12,429

OPAP SA		2,491		42,128

Paradise Co. Ltd.*		421		4,570

Sapphire Foods India Ltd.*		800		12,447

Seera Group Holding*		6,332		39,832

Smartfit Escola de Ginastica e Danca SA		9,400		36,105

Sports Toto Bhd.		361,900		110,139

Sun International Ltd.		61,194		122,408

Tongcheng Travel Holdings Ltd.* (a) (b)		18,800		35,896

Travellers International Hotel Group, Inc.* ‡		209,900		—

TravelSky Technology Ltd., Class H		21,000		33,119

Trip.com Group Ltd.*		8,350		286,849

Tsogo Sun Ltd.		216,341		139,174

Westlife Foodworld Ltd.		3,000		28,595

Wowprime Corp.		3,259		24,014

Yum China Holdings, Inc.		6,439		338,434

Zomato Ltd.*		78,114		98,606
				4,569,270

Household Durables – 0.9%

Amber Enterprises India Ltd.*		935		32,951

Arcelik A/S		5,782		27,753

Bajaj Electricals Ltd.		2,173		26,633


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – (continued)

Coway Co. Ltd.		1,153	$	36,881

Crompton Greaves Consumer Electricals Ltd.		7,896		26,744

Cyrela Brazil Realty SA Empreendimentos e Participacoes		103,400		368,861

Dixon Technologies India Ltd.(b)		650		39,828

Eureka Forbes Ltd.*		1,960		11,759

Gree Electric Appliances, Inc. of Zhuhai, Class A		14,100		65,374

Haier Smart Home Co. Ltd., Class A		10,600		32,185

Haier Smart Home Co. Ltd., Class H		37,600		107,640

Hanssem Co. Ltd.		303		11,005

Konka Group Co. Ltd., Class B*		347,800		49,783

LG Electronics, Inc.		2,867		211,647

LG Electronics, Inc. (Preference)		584		19,480

Merry Electronics Co. Ltd.		80,936		221,086

MRV Engenharia e Participacoes SA*		141,000		230,666

Nien Made Enterprise Co. Ltd.		3,000		26,453

PIK Group PJSC* ‡		4,646		—

Shenzhen MTC Co. Ltd., Class A		9,600		7,031

Skyworth Group Ltd.		470,000		169,990

TCL Electronics Holdings Ltd.		329,000		114,368

TTK Prestige Ltd.		1,825		17,551

Vestel Beyaz Esya Sanayi ve Ticaret A/S		18,669		11,066

Vestel Elektronik Sanayi ve Ticaret A/S*		52,264		112,590

Whirlpool of India Ltd.		674		13,294

Zinus, Inc.		3,567		50,314
				2,042,933

Household Products – 0.1%

Blue Moon Group Holdings Ltd.(b)		72,000		19,692

Jyothy Labs Ltd.		6,860		29,876


Investments	Shares		Value

Household Products – (continued)

Kimberly-Clark de Mexico SAB de CV, Class A		23,500	$	43,022

Unilever Indonesia Tbk. PT		75,200		17,137

Vinda International Holdings Ltd.		3,000		7,415
				117,142

Independent Power and Renewable Electricity Producers – 1.3%

Aboitiz Power Corp.		34,200		21,669

Absolute Clean Energy PCL, NVDR*		279,200		11,807

ACEN Corp.		100,197		9,359

ACWA Power Co.		1,974		119,442

Adani Green Energy Ltd.*		5,358		58,668

Adani Power Ltd.*		21,009		91,610

AES Brasil Energia SA*		14,700		29,353

Aksa Enerji Uretim A/S, Class B		3,760		4,657

Auren Energia SA		5,000		13,306

B Grimm Power PCL, NVDR		19,500		11,990

Bajel Projects Ltd.*		2,173		3,418

Banpu Power PCL, NVDR		19,300		7,571

BCPG PCL, NVDR		78,300		19,280

Canvest Environmental Protection Group Co. Ltd.(b)		188,000		91,061

CECEP Solar Energy Co. Ltd., Class A		9,600		7,530

CGN New Energy Holdings Co. Ltd.(a)		470,000		122,537

CGN Power Co. Ltd., Class A		44,000		17,857

CGN Power Co. Ltd., Class H(b)		329,000		79,048

China Longyuan Power Group Corp. Ltd., Class H		94,000		79,649

China National Nuclear Power Co. Ltd., Class A		39,900		40,456

China Power International Development Ltd.(a)		141,000		54,781

China Resources Power Holdings Co. Ltd.		54,000		104,624

China Three Gorges Renewables Group Co. Ltd., Class A		47,000		30,828


Investments	Shares		Value

COMMON STOCKS – (continued)

Independent Power and Renewable Electricity Producers – (continued)

China Yangtze Power Co. Ltd., Class A		32,900	$	101,468

CK Power PCL, NVDR		112,600		9,461

Colbun SA		169,153		24,479

Datang International Power Generation Co. Ltd., Class H		128,000		19,303

Electricity Generating PCL, NVDR		4,900		16,632

Enel Generacion Peru SAA		13,072		11,589

Energy Absolute PCL, NVDR		28,100		32,836

Eneva SA*		18,800		40,336

Engie Brasil Energia SA		4,700		36,627

First Gen Corp.		136,300		43,431

Fujian Funeng Co. Ltd., Class A		12,740		14,902

GD Power Development Co. Ltd., Class A		42,500		21,139

Global Power Synergy PCL, NVDR		13,700		14,865

Guangdong Electric Power Development Co. Ltd., Class A*		4,900		3,589

Guangdong Electric Power Development Co. Ltd., Class B*		67,200		18,980

Gulf Energy Development PCL, NVDR		92,900		111,788

Huadian Power International Corp. Ltd., Class A		26,500		17,780

Huadian Power International Corp. Ltd., Class H		38,000		15,249

Huaneng Lancang River Hydropower, Inc., Class A		15,000		15,742

Huaneng Power International, Inc., Class A*		24,000		24,957

Huaneng Power International, Inc., Class H* (a)		96,000		44,905

Hubei Energy Group Co. Ltd., Class A		4,700		2,762

Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		9,800		4,808


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – (continued)

Jilin Electric Power Co. Ltd., Class A		28,800	$	18,418

JSW Energy Ltd.		5,875		27,223

Malakoff Corp. Bhd.		841,300		104,180

Margun Enerji Uretim Sanayi ve Ticaret A/S		4,508		9,361

Mega First Corp. Bhd.		249,100		180,897

NHPC Ltd.		79,420		47,885

NLC India Ltd.		88,830		142,967

NTPC Ltd.		127,953		362,380

OGK-2 PJSC‡		11,431,280		—

Omega Energia SA*		47,000		70,831

Ratch Group PCL, NVDR		24,500		21,983

Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		26,687		15,001

Shandong Hi-Speed New Energy Group Ltd.*		207,600		67,391

Shanghai Electric Power Co. Ltd., Class A		10,000		11,943

Shenergy Co. Ltd., Class A		4,900		3,944

Shenzhen Energy Group Co. Ltd., Class A		10,600		8,951

Sichuan Chuantou Energy Co. Ltd., Class A		9,400		18,895

Super Energy Corp. PCL, NVDR*		431,200		5,159

Terna Energy SA		1,276		19,138

TPI Polene Power PCL, NVDR		1,018,800		93,539

Unipro PJSC* ‡		5,337,000		—

Wintime Energy Group Co. Ltd., Class A*		76,800		14,377

Xinyi Energy Holdings Ltd.		3,265		572

Zhejiang Zheneng Electric Power Co. Ltd., Class A*		28,800		17,946

Zorlu Enerji Elektrik Uretim A/S*		49,256		9,227
				2,950,337

Industrial Conglomerates – 2.3%

3M India Ltd.		69		24,666

Aamal Co.		550,652		124,165

Aboitiz Equity Ventures, Inc.		64,390		51,975


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – (continued)

AG Anadolu Grubu Holding A/S		3,478	$	25,250

Alarko Holding A/S		2,646		9,464

Alfa SAB de CV, Class A		89,300		55,599

Alliance Global Group, Inc.		56,400		10,536

Alpha Dhabi Holding PJSC*		39,433		202,694

AntarChile SA		3,206		25,886

Apar Industries Ltd.		637		39,627

Astra Industrial Group		1,753		42,521

Astra International Tbk. PT		549,900		199,916

Ayala Corp.		4,030		43,006

Bidvest Group Ltd. (The)		5,033		70,825

China Baoan Group Co. Ltd., Class A		5,500		7,764

CITIC Ltd.		188,000		159,778

CJ Corp.		343		21,359

DMCI Holdings, Inc.		121,000		19,555

Doosan Co. Ltd.		352		19,391

Dubai Investments PJSC		38,220		23,517

Far Eastern New Century Corp.		94,000		85,494

Fosun International Ltd.		48,000		28,709

Godrej Industries Ltd.*		3,377		25,502

Grupo Carso SAB de CV, Series A1		9,400		59,858

GS Holdings Corp.		1,200		35,008

GT Capital Holdings, Inc.		2,400		23,222

Hanwha Corp.		1,692		27,813

HAP Seng Consolidated Bhd.		11,900		12,263

Hong Leong Industries Bhd.		9,800		18,512

Hosken Consolidated Investments Ltd.		17,202		178,949

Hyosung Corp.		201		8,781

Industries Qatar QSC		30,540		102,499

International Holding Co. PJSC*		13,301		1,447,068

JG Summit Holdings, Inc.		34,311		22,223

KOC Holding A/S		34,451		166,576

LG Corp.		3,055		174,630

Lotte Corp.		1,392		26,798

LT Group, Inc.		98,000		15,286

LX Holdings Corp.		752		3,758

Multiply Group PJSC*		96,713		89,525


Investments	Shares		Value

Industrial Conglomerates – (continued)

Mytilineos SA		2,685	$	99,275

National Industries Group Holding SAK		35,856		20,618

Quinenco SA		8,136		21,950

Reunert Ltd.		65,659		205,555

Samsung C&T Corp.		2,450		193,562

San Miguel Corp.		13,510		25,025

Shanghai Industrial Holdings Ltd.		146,000		178,568

Siemens Ltd.		1,281		51,249

Sigdo Koppers SA		111,860		146,805

Sime Darby Bhd.		79,800		38,355

SK Square Co. Ltd.*		2,820		88,846

SK, Inc.		1,034		108,717

SM Investments Corp.		7,990		112,795

Sunway Bhd.		44,100		17,124

Turkiye Sise ve Cam Fabrikalari A/S		34,639		57,959
				5,096,371

Industrial REITs – 0.5%

Equites Property Fund Ltd., REIT(a)		327,355		199,938

ESR Kendall Square REIT Co. Ltd., REIT		3,896		9,231

FIBRA Macquarie Mexico, REIT(b)		286,700		443,716

Prologis Property Mexico SA de CV, REIT(a)		9,400		33,642

TF Administradora Industrial S de RL de CV, REIT		305,500		495,149
				1,181,676

Insurance – 2.9%

Abu Dhabi National Insurance Co. PSC		111,437		182,947

Al Rajhi Co. for Co-operative Insurance*		705		27,962

Allianz Malaysia Bhd.		23,500		79,016

Anadolu Anonim Turk Sigorta Sirketi*		63,920		133,069

Bangkok Insurance PCL, NVDR		9,400		78,197

Bangkok Life Assurance PCL, NVDR		19,600		12,651


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

BB Seguridade Participacoes SA		9,400	$	57,336

Bupa Arabia for Cooperative Insurance Co.		327		18,566

Caixa Seguridade Participacoes SA		15,000		32,183

Capital Financial Indonesia Tbk. PT*		156,800		5,478

Cathay Financial Holding Co. Ltd.		262,552		355,358

Central Reinsurance Co. Ltd.*		13,263		9,180

China Development Financial Holding Corp.*		470,000		163,743

China Life Insurance Co. Ltd., Class H		191,000		258,748

China Pacific Insurance Group Co. Ltd., Class A		18,600		70,531

China Pacific Insurance Group Co. Ltd., Class H		65,800		162,133

China Taiping Insurance Holdings Co. Ltd.		31,800		29,343

Co. for Cooperative Insurance (The)		1,168		37,609

DB Insurance Co. Ltd.		1,363		88,710

Dhipaya Group Holdings PCL, NVDR		14,600		13,811

Discovery Ltd.		8,046		55,185

Fubon Financial Holding Co. Ltd.		232,496		430,800

General Insurance Corp. of India(b)		7,546		20,669

Hanwha Life Insurance Co. Ltd.*		12,318		25,264

HDFC Life Insurance Co. Ltd.(b)		15,980		118,681

Hyundai Marine & Fire Insurance Co. Ltd.		1,262		29,435

ICICI Lombard General Insurance Co. Ltd.(b)		3,465		57,174

ICICI Prudential Life Insurance Co. Ltd.(b)		5,552		35,026

Korean Reinsurance Co.		33,511		220,090

LPI Capital Bhd.		4,900		12,321

Max Financial Services Ltd.*		2,721		29,874


Investments	Shares		Value

Insurance – (continued)

Mercuries & Associates Holding Ltd.*		165,975	$	64,476

Mercuries Life Insurance Co. Ltd.*		147,000		22,842

Mirae Asset Life Insurance Co. Ltd.*		15,604		58,347

Momentum Metropolitan Holdings		39,089		43,724

New China Life Insurance Co. Ltd., Class A		4,700		21,451

New China Life Insurance Co. Ltd., Class H		23,500		51,477

Old Mutual Ltd.		123,046		77,778

OUTsurance Group Ltd.		10,487		22,555

PB Fintech Ltd.*		4,982		41,928

People’s Insurance Co. Group of China Ltd. (The), Class H		217,000		71,551

PICC Property & Casualty Co. Ltd., Class H		188,000		214,800

Ping An Insurance Group Co. of China Ltd., Class A		23,600		146,603

Ping An Insurance Group Co. of China Ltd., Class H		171,000		876,352

Porto Seguro SA*		5,000		24,995

Qatar Insurance Co. SAQ*		638,166		431,871

Qualitas Controladora SAB de CV		4,700		38,768

Samsung Fire & Marine Insurance Co. Ltd.		955		182,790

Samsung Life Insurance Co. Ltd.		2,444		130,836

Sanlam Ltd.		46,765		163,068

Santam Ltd.(a)		723		10,532

SBI Life Insurance Co. Ltd.(b)		7,078		116,284

Shin Kong Financial Holding Co. Ltd.*		423,000		113,330

Shinkong Insurance Co. Ltd.		91,856		188,895

Star Health & Allied Insurance Co. Ltd.*		1,470		10,240

Syarikat Takaful Malaysia Keluarga Bhd.		235,000		181,509

Thai Life Insurance PCL, NVDR		63,600		19,641

Tongyang Life Insurance Co. Ltd.*		12,850		41,722

Waterdrop, Inc., ADR*		7,350		7,571


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

ZhongAn Online P&C Insurance Co. Ltd., Class H* (a) (b)		11,000	$	30,155
				6,257,181

Interactive Media & Services – 2.6%

AfreecaTV Co. Ltd.		275		13,622

Autohome, Inc., Class A(a)		5,000		32,621

Baidu, Inc., Class A*		35,250		462,666

Connectwave Co. Ltd.*		882		6,772

Info Edge India Ltd.		1,266		62,104

JOYY, Inc., ADR		17,625		685,965

Kakao Corp.		4,794		134,177

Kuaishou Technology* (b)		37,600		241,950

Meitu, Inc.* (a) (b)		98,000		39,202

NAVER Corp.		2,303		319,560

Tencent Holdings Ltd.		97,400		3,599,939

Weibo Corp., Class A(a)		1,960		22,983
				5,621,561

IT Services – 1.3%

Al Moammar Information Systems Co.		505		18,307

Arabian Internet & Communications Services Co.		551		45,941

Chinasoft International Ltd.		46,000		33,333

Chindata Group Holdings Ltd., ADR* (a)		7,285		64,691

Coforge Ltd.		987		59,086

Elm Co.		336		62,801

GDS Holdings Ltd., Class A*		14,700		18,186

Happiest Minds Technologies Ltd.		2,940		28,931

HCL Technologies Ltd.		16,309		249,947

Hyundai Autoever Corp.		94		9,048

Infosys Ltd.		55,294		908,785

Jasmine Technology Solution PCL, NVDR*		4,100		3,793

LTIMindtree Ltd.(b)		1,408		85,577

Mphasis Ltd.		833		21,244


Investments	Shares		Value

IT Services – (continued)

Perfect Presentation For Commercial Services Co.		1,715	$	9,417

Persistent Systems Ltd.		884		65,406

Posco DX Co. Ltd.		816		29,636

Samsung SDS Co. Ltd.		1,128		115,427

Sonata Software Ltd.		2,795		38,728

Systex Corp.		13,000		40,080

Tata Consultancy Services Ltd.		15,745		637,062

Tech Mahindra Ltd.		10,058		136,889

Wipro Ltd.		20,539		94,186
				2,776,501

Leisure Products – 0.2%

Advanced International Multitech Co. Ltd.		47,000		96,072

Ferretti SpA		32,900		96,287

Fusheng Precision Co. Ltd.		4,416		27,570

Giant Manufacturing Co. Ltd.		5,181		26,037

GOLFZON Co. Ltd.		1,645		105,968

Johnson Health Tech Co. Ltd.		2,000		4,064

Merida Industry Co. Ltd.		5,350		27,298

Topkey Corp.		3,456		17,155
				400,451

Life Sciences Tools & Services – 0.2%

Divi’s Laboratories Ltd.		1,927		78,422

EirGenix, Inc.*		6,144		20,174

Genscript Biotech Corp.*		20,000		58,022

Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		4,900		27,523

LegoChem Biosciences, Inc.*		1,224		33,488

Samsung Biologics Co. Ltd.* (b)		282		148,042

ST Pharm Co. Ltd.		141		7,099

Syngene International Ltd.(b)		1,400		11,439

WuXi AppTec Co. Ltd., Class A		4,060		47,995

WuXi AppTec Co. Ltd., Class H(a) (b)		4,718		56,679
				488,883

Machinery – 0.8%

AIA Engineering Ltd.		600		25,335

Airtac International Group		1,913		62,518

Ashok Leyland Ltd.		29,258		58,932


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

China CSSC Holdings Ltd., Class A		5,900	$	20,865

China International Marine Containers Group Co. Ltd., Class A		9,600		8,684

China International Marine Containers Group Co. Ltd., Class H		9,400		4,949

CIMC Enric Holdings Ltd.		30,000		25,458

Cochin Shipyard Ltd.(b)		1,536		17,551

Craftsman Automation Ltd.		343		20,058

Creative & Innovative System*		2,703		17,953

CSBC Corp. Taiwan*		25,144		15,621

Cummins India Ltd.		2,280		45,911

Doosan Bobcat, Inc.		1,222		35,062

Elgi Equipments Ltd.		8,504		51,616

Enplus Co. Ltd.*		2,695		8,082

Escorts Kubota Ltd.		564		21,220

GMM Pfaudler Ltd.		490		10,211

Grindwell Norton Ltd.		771		19,858

Haitian International Holdings Ltd.		16,000		38,116

Hana Technology Co. Ltd.*		245		11,882

Hanwha Ocean Co. Ltd.*		705		12,319

HD Hyundai Construction Equipment Co. Ltd.		392		12,916

HD Hyundai Heavy Industries Co. Ltd.*		282		21,319

HD Hyundai Infracore Co. Ltd.		3,822		18,932

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		1,269		84,847

Hiwin Technologies Corp.		5,535		33,362

Hyundai Elevator Co. Ltd.		882		28,212

Hyundai Mipo Dockyard Co. Ltd.*		400		20,525

Hyundai Rotem Co. Ltd.*		1,175		20,228

Jiangsu Hengli Hydraulic Co. Ltd., Class A		2,500		19,233

Kangwon Energy Co. Ltd.*		637		8,584

Kaori Heat Treatment Co. Ltd.		3,640		23,455

Kinik Co.		6,000		30,060


Investments	Shares		Value

Machinery – (continued)

KSB Ltd.		539	$	19,820

Lakshmi Machine Works Ltd.		282		44,723

LK Technology Holdings Ltd.		22,000		18,866

Ningbo Deye Technology Co. Ltd., Class A		900		8,501

Otokar Otomotiv ve Savunma Sanayi A/S*		2,058		29,059

Pentamaster Corp. Bhd.		21,200		22,248

People & Technology, Inc.		441		16,049

Rainbow Robotics*		144		15,034

Sam Engineering & Equipment M Bhd.		4,700		4,271

Samsung Heavy Industries Co. Ltd.*		10,763		54,351

Sany Heavy Equipment International Holdings Co. Ltd.		12,000		15,766

Sany Heavy Industry Co. Ltd., Class A		14,100		27,880

Schaeffler India Ltd.		846		28,628

SFA Engineering Corp.		704		14,517

Shanghai Zhenhua Heavy Industries Co. Ltd., Class B*		96,000		19,392

Sinotruk Hong Kong Ltd.		23,500		44,209

SK oceanplant Co. Ltd.*		1,219		14,478

SKF India Ltd.		385		22,707

Sunonwealth Electric Machine Industry Co. Ltd.		8,464		22,703

Thermax Ltd.		944		32,106

Tian Di Science & Technology Co. Ltd., Class A		4,900		3,455

Timken India Ltd.		329		11,463

Turk Traktor ve Ziraat Makineleri A/S		793		20,315

UWC Bhd.*		20,400		15,628

Waffer Technology Corp.		5,280		17,581

Weichai Power Co. Ltd., Class A		23,500		44,572

Weichai Power Co. Ltd., Class H		47,000		70,278

XCMG Construction Machinery Co. Ltd., Class A		28,800		22,550

Yangzijiang Shipbuilding Holdings Ltd.		70,500		74,614


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		4,800	$	17,539

Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		10,000		9,432

Zhuzhou CRRC Times Electric Co. Ltd., Class H		11,600		37,433

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		17,700		15,528

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		29,200		15,151
				1,704,721

Marine Transportation – 0.4%

Cia Sud Americana de Vapores SA		402,367		22,272

COSCO SHIPPING Holdings Co. Ltd., Class H		94,000		95,507

Evergreen Marine Corp. Taiwan Ltd.		29,023		96,192

Far-Eastern Shipping Co. plc* ‡		302,500		—

HMM Co. Ltd.		6,251		67,437

Korea Line Corp.*		57,669		71,310

Log-in Logistica Intermodal SA*		2,112		17,104

MISC Bhd.		22,400		34,085

Orient Overseas International Ltd.(a)		3,500		44,127

Pan Ocean Co. Ltd.		6,321		20,125

Precious Shipping PCL, NVDR		305,500		71,397

Qatar Navigation QSC		18,292		45,270

Regional Container Lines PCL, NVDR		89,200		48,642

Shanghai Zhonggu Logistics Co. Ltd., Class A		7,252		9,384

Shipping Corp. of India Land & Assets Ltd.* ‡		61,005		23,403

Temas Tbk. PT		4,107,800		40,082

Transcoal Pacific Tbk. PT		14,100		7,745

U-Ming Marine Transport Corp.		14,000		19,121


Investments	Shares		Value

Marine Transportation – (continued)

Wan Hai Lines Ltd.		47,000	$	66,946

Wisdom Marine Lines Co. Ltd.		11,898		15,297

Yang Ming Marine Transport Corp.		50,000		64,899
				880,345

Media – 0.3%

Affle India Ltd.*		2,401		30,319

Arabian Contracting Services Co.		588		31,629

Astro Malaysia Holdings Bhd.		1,095,100		95,386

Cheil Worldwide, Inc.		1,392		20,469

China Literature Ltd.* (b)		6,200		20,879

China South Publishing & Media Group Co. Ltd., Class A		14,200		21,985

Chinese Universe Publishing and Media Group Co. Ltd., Class A		12,600		19,921

Elang Mahkota Teknologi Tbk. PT		648,000		20,396

Focus Media Information Technology Co. Ltd., Class A		23,500		22,222

Grupo Televisa SAB, Series CPO(a)		48,514		22,224

Innocean Worldwide, Inc.		3,384		109,246

Megacable Holdings SAB de CV(a)		14,100		27,539

MultiChoice Group*		7,200		26,811

Network18 Media & Investments Ltd.*		80,934		66,296

Saudi Research & Media Group*		605		22,738

Surya Citra Media Tbk. PT		11,801,700		112,185

TY Holdings Co. Ltd.		5,232		20,300

VGI PCL, NVDR		127,300		6,800

Zee Entertainment Enterprises Ltd.*		16,732		52,090
				749,435

Metals & Mining – 5.0%

Adaro Minerals Indonesia Tbk. PT*		120,400		8,337

African Rainbow Minerals Ltd.		3,744		30,672


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Al Masane Al Kobra Mining Co.		1,403	$	19,708

Alrosa PJSC‡		85,800		—

Aluminum Corp. of China Ltd., Class A		4,800		4,067

Aluminum Corp. of China Ltd., Class H		94,000		50,336

Aneka Tambang Tbk.		201,400		21,617

Angang Steel Co. Ltd., Class H		38,000		8,353

Anglo American Platinum Ltd.		1,410		46,933

Anglogold Ashanti plc		6,533		120,053

APL Apollo Tubes Ltd.		3,225		60,631

Baoshan Iron & Steel Co. Ltd., Class A		56,400		48,245

Beijing Shougang Co. Ltd., Class A*		10,600		5,620

Borusan Mannesmann Boru Sanayi ve Ticaret A/S*		14,852		484,520

Bradespar SA		14,100		57,261

Bradespar SA (Preference)		98,700		437,231

Bumi Resources Minerals Tbk. PT*		1,235,000		15,083

CAP SA		26,743		145,703

Century Iron & Steel Industrial Co. Ltd.		6,000		27,840

China Gold International Resources Corp. Ltd.		4,900		20,916

China Hongqiao Group Ltd.(a)		70,500		65,954

China Metal Recycling Holdings Ltd.* ‡		51,000		—

China Nonferrous Mining Corp. Ltd.		49,000		29,746

China Northern Rare Earth Group High-Tech Co. Ltd., Class A		5,300		15,136

China Steel Corp.		194,000		144,446

China Zhongwang Holdings Ltd.* ‡		699,600		—

Chung Hung Steel Corp.		23,000		15,281

Cia de Ferro Ligas da Bahia FERBASA (Preference)		14,100		135,967

Cia Siderurgica Nacional SA		18,800		43,841


Investments	Shares		Value

Metals & Mining – (continued)

Citic Pacific Special Steel Group Co. Ltd., Class A		10,600	$	21,017

CMOC Group Ltd., Class A		43,200		32,704

CMOC Group Ltd., Class H		102,000		60,747

Dongkuk Holdings Co. Ltd.		3,869		24,666

DRDGOLD Ltd.		10,054		8,806

Eregli Demir ve Celik Fabrikalari TAS*		38,728		51,824

EVERGREEN Steel Corp.		87,896		191,049

Ezz Steel Co. SAE*		74,166		179,653

Feng Hsin Steel Co. Ltd.		15,408		29,880

GEM Co. Ltd., Class A		28,800		23,062

Gerdau SA (Preference)		29,670		128,082

Gloria Material Technology Corp.		19,352		26,610

Gold Fields Ltd.		14,100		186,880

Grupo Mexico SAB de CV, Series B		84,600		344,576

Harmony Gold Mining Co. Ltd.		14,133		65,113

Henan Shenhuo Coal & Power Co. Ltd., Class A		5,500		12,378

Hesteel Co. Ltd., Class A		37,600		11,509

Hindalco Industries Ltd.		39,668		218,925

Hindustan Copper Ltd.		16,483		28,350

Hsin Kuang Steel Co. Ltd.		12,144		17,448

Huaibei Mining Holdings Co. Ltd., Class A		9,400		18,856

Hunan Valin Steel Co. Ltd., Class A		23,500		18,721

Hyundai Steel Co.		2,023		49,057

Impala Platinum Holdings Ltd.		24,182		100,201

Industrias CH SAB de CV, Class B, Series B*		1,147		12,262

Industrias Penoles SAB de CV* (a)		2,585		28,820

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A*		70,500		15,607

Inner Mongolia ERDOS Resources Co. Ltd., Class A		6,272		8,013

Inner Mongolia ERDOS Resources Co. Ltd., Class B		10,388		9,412

Jiangxi Copper Co. Ltd., Class A		9,400		23,570


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Jiangxi Copper Co. Ltd., Class H		31,000	$	43,897

Jinchuan Group International Resources Co. Ltd.(a)		752,000		45,651

Jindal Stainless Ltd.		134,420		714,490

Jindal Steel & Power Ltd.		10,058		76,566

JSW Steel Ltd.		14,382		127,196

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A		4,508		3,394

Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D		25,039		22,090

KG DONGBUSTEEL		11,609		60,428

Korea Zinc Co. Ltd.		188		65,286

Koza Altin Isletmeleri A/S		27,440		21,298

Koza Anadolu Metal Madencilik Isletmeleri A/S*		74,730		138,933

Kumba Iron Ore Ltd.		1,440		37,932

Lloyds Metals & Energy Ltd.*		4,704		29,122

Maanshan Iron & Steel Co. Ltd., Class A		21,200		7,996

Maanshan Iron & Steel Co. Ltd., Class H		22,000		3,627

Magnitogorsk Iron & Steel Works PJSC* ‡		45,174		—

Merdeka Copper Gold Tbk. PT*		221,062		31,034

Metalurgica Gerdau SA (Preference)		21,400		43,835

Minsur SA*		127,746		132,241

MMC Norilsk Nickel PJSC* ‡		2,090		—

MMG Ltd.* (a)		84,000		24,799

National Aluminium Co. Ltd.		360,255		399,160

Nickel Asia Corp.		1,442,900		138,594

NMDC Ltd.		31,067		57,538

Northam Platinum Holdings Ltd.		10,105		60,635

Novolipetsk Steel PJSC* ‡		51,150		—

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A*		14,100		6,724

PMB Technology Bhd.*		4,700		3,009


Investments	Shares		Value

Metals & Mining – (continued)

Polyus PJSC* ‡		1,155	$	—

Poongsan Corp.		784		20,869

POSCO Holdings, Inc.		2,021		615,780

Posco M-Tech Co. Ltd.		931		14,614

Press Metal Aluminium Holdings Bhd.		56,400		58,241

Qatar Aluminum Manufacturing Co.		42,858		14,572

Raspadskaya OJSC* ‡		4,240		—

Ratnamani Metals & Tubes Ltd.		1,265		42,037

Sam-A Aluminum Co. Ltd.		245		22,622

Saudi Arabian Mining Co.*		19,228		184,510

SeAH Besteel Holdings Corp.		5,499		88,559

SeAH Steel Holdings Corp.		663		98,182

Severstal PAO* ‡		5,995		—

Shandong Gold Mining Co. Ltd., Class A		5,100		16,649

Shandong Gold Mining Co. Ltd., Class H(b)		12,250		23,077

Shandong Nanshan Aluminum Co. Ltd., Class A		18,800		7,964

Shanxi Meijin Energy Co. Ltd., Class A*		9,400		9,004

Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,900		8,495

Shougang Fushan Resources Group Ltd.		1,270,000		417,133

Sibanye Stillwater Ltd.		76,093		97,009

Steel Authority of India Ltd.		44,288		44,603

TA Chen Stainless Pipe		56,800		64,882

Tata Steel Ltd.		214,179		305,478

TCC Steel		735		28,300

Tiangong International Co. Ltd.		564,000		165,785

Tianshan Aluminum Group Co. Ltd., Class A		10,600		9,386

Tongling Nonferrous Metals Group Co. Ltd., Class A		29,400		12,494

Tung Ho Steel Enterprise Corp.		17,050		34,168

United Co. RUSAL International PJSC* ‡		75,100		—

Usha Martin Ltd.		6,762		24,170

Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A		183,300		240,256


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Vale Indonesia Tbk. PT		28,200	$	8,788

Vale SA		98,700		1,350,447

Vedanta Ltd.		28,012		72,874

VSMPO-AVISMA Corp. PJSC‡		53		—

Western Mining Co. Ltd., Class A		4,800		8,238

Western Superconducting Technologies Co. Ltd., Class A		1,052		6,591

Xiamen Tungsten Co. Ltd., Class A		3,900		9,033

YongXing Special Materials Technology Co. Ltd., Class A		3,800		25,937

Young Poong Corp.		282		98,033

Yunnan Aluminium Co. Ltd., Class A		6,300		11,983

Yunnan Copper Co. Ltd., Class A		4,800		7,241

Yunnan Tin Co. Ltd., Class A		9,600		18,497

Zhaojin Mining Industry Co. Ltd., Class H(a)		24,500		30,623

Zhejiang Huayou Cobalt Co. Ltd., Class A		6,940		34,889

Zijin Mining Group Co. Ltd., Class A		46,200		78,535

Zijin Mining Group Co. Ltd., Class H		160,000		248,652
				10,985,970

Multi-Utilities – 0.1%

Dubai Electricity & Water Authority PJSC		132,493		85,851

Power & Water Utility Co. for Jubail & Yanbu		1,225		17,763

Qatar Electricity & Water Co. QSC		8,754		39,767

YTL Corp. Bhd.		83,300		25,526

YTL Power International Bhd.		78,431		34,734
				203,641

Office REITs – 0.0%(d)

AREIT, Inc., REIT		30,000		17,342

Embassy Office Parks REIT, REIT		8,680		32,492


Investments	Shares		Value

Office REITs – (continued)

JR Global Reit, REIT		7,119	$	20,742

RL Commercial REIT, Inc., REIT		164,500		13,742

Shinhan Alpha REIT Co. Ltd., REIT		3,773		17,125
				101,443

Oil, Gas & Consumable Fuels – 5.4%

3R Petroleum Oleo E Gas SA*		82,732		532,188

ABM Investama Tbk. PT		206,800		49,731

Adaro Energy Indonesia Tbk. PT		366,700		59,097

Aegis Logistics Ltd.		4,841		17,001

AKR Corporindo Tbk. PT		140,000		13,132

Aldrees Petroleum and Transport Services Co.		1,690		52,976

Bangchak Corp. PCL, NVDR		14,000		16,067

Banpu PCL, NVDR		93,200		19,707

Bashneft PJSC‡		1,305		—

Bashneft PJSC (Preference)‡		1,163		—

Bayan Resources Tbk. PT		126,900		145,593

Bharat Petroleum Corp. Ltd.		27,252		114,315

Bukit Asam Tbk. PT		106,000		16,549

Bumi Resources Tbk. PT*		4,937,100		35,121

China Coal Energy Co. Ltd., Class A		16,100		18,920

China Coal Energy Co. Ltd., Class H		49,000		38,451

China Merchants Energy Shipping Co. Ltd., Class A		14,100		12,389

China Petroleum & Chemical Corp., Class A		122,200		91,173

China Petroleum & Chemical Corp., Class H		658,000		336,375

China Shenhua Energy Co. Ltd., Class A		18,800		77,891

China Shenhua Energy Co. Ltd., Class H		94,000		288,321

China Suntien Green Energy Corp. Ltd., Class H(a)		50,000		17,381

Coal India Ltd.		57,387		216,600

Cosan SA		32,900		102,751

COSCO SHIPPING Energy Transportation Co. Ltd., Class A		8,600		16,946


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

COSCO SHIPPING Energy Transportation Co. Ltd., Class H(a)		16,000	$	16,931

Dana Gas PJSC		2,170,037		478,554

Ecopetrol SA		140,483		82,282

Empresas Copec SA		10,011		66,060

Esso Thailand PCL, NVDR		460,600		122,382

Exxaro Resources Ltd.		5,875		58,591

Formosa Petrochemical Corp.		29,000		70,723

Gazprom PJSC* ‡		412,500		—

Great Eastern Shipping Co. Ltd. (The)		39,856		380,208

Guanghui Energy Co. Ltd., Class A		15,100		15,475

Harum Energy Tbk. PT		1,090,400		110,859

HD Hyundai Co. Ltd.		1,445		61,414

Helleniq Energy Holdings SA		1,316		9,640

Hibiscus Petroleum Bhd.		274,480		153,817

Hindustan Petroleum Corp. Ltd.*		17,484		52,016

Indian Oil Corp. Ltd.		103,353		111,349

Indika Energy Tbk. PT		615,200		70,292

Indo Tambangraya Megah Tbk. PT		9,400		15,696

Inner Mongolia Dian Tou Energy Corp. Ltd., Class A		5,300		9,850

Inner Mongolia Yitai Coal Co. Ltd., Class B*		30,300		41,572

IRPC PCL, NVDR		401,800		21,464

Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A		4,900		7,888

Jizhong Energy Resources Co. Ltd., Class A		4,800		4,204

LUKOIL PJSC‡		12,265		—

Mangalore Refinery & Petrochemicals Ltd.*		72,804		90,678

Medco Energi Internasional Tbk. PT		178,600		14,335

MOL Hungarian Oil & Gas plc		13,865		110,077

Motor Oil Hellas Corinth Refineries SA		1,579		37,553


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Nanjing Tanker Corp., Class A*		9,800	$	4,004

Novatek PJSC‡		20,020		—

Oil & Natural Gas Corp. Ltd.		107,912		241,270

Oil India Ltd.		12,119		43,500

PetroChina Co. Ltd., Class H		564,000		367,610

Petroleo Brasileiro SA		98,700		740,593

Petroleo Brasileiro SA (Preference)		126,900		874,183

Petronas Dagangan Bhd.		4,900		23,510

Petronet LNG Ltd.		19,599		46,986

Petroreconcavo SA		56,400		231,952

Pingdingshan Tianan Coal Mining Co. Ltd., Class A		9,800		13,391

PRIO SA*		21,100		199,578

Productive Technologies Co. Ltd.*		90,000		8,627

PTT Exploration & Production PCL		469		2,140

PTT Exploration & Production PCL, NVDR		37,531		171,248

PTT PCL, NVDR		220,900		204,352

Qatar Fuel QSC		8,416		34,325

Qatar Gas Transport Co. Ltd.		51,996		50,268

Rabigh Refining & Petrochemical Co.*		5,254		14,117

Reliance Industries Ltd.		53,533		1,471,054

Rosneft Oil Co. PJSC‡		72,122		—

Rosneft Oil Co. PJSC, GDR* ‡ (b)		1,920		—

Saudi Arabian Oil Co.(c)		67,116		595,736

Semirara Mining & Power Corp., Class A		42,200		21,569

Shaanxi Coal Industry Co. Ltd., Class A		23,500		57,866

Shan Xi Hua Yang Group New Energy Co. Ltd., Class A		7,050		7,765

Shandong Xinchao Energy Corp. Ltd., Class A*		4,900		1,714

Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,400		11,098

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		6,200		16,097


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Siamgas & Petrochemicals PCL, NVDR		217,300	$	48,064

Sinopec Kantons Holdings Ltd.		376,000		148,005

SK Discovery Co. Ltd.		3,713		101,585

SK Gas Ltd.		1,034		113,311

SK Innovation Co. Ltd.*		1,466		132,646

S-Oil Corp.		1,308		64,308

Star Petroleum Refining PCL, NVDR		33,500		6,897

Surgutneftegas PJSC‡		319,000		—

Surgutneftegas PJSC (Preference)‡		225,500		—

Tatneft PJSC‡		26,900		—

Tatneft PJSC (Preference)‡		3,870		—

Thai Oil PCL, NVDR		28,802		37,663

Thungela Resources Ltd.		4,116		36,521

Transneft PJSC (Preference)‡		55		—

Turkiye Petrol Rafinerileri A/S		22,184		111,262

Ultrapar Participacoes SA		20,738		84,095

United Tractors Tbk. PT		37,600		59,471

Vista Energy SAB de CV, ADR*		27,818		757,206

Yancoal Australia Ltd.(b)		9,400		28,832

Yankuang Energy Group Co. Ltd., Class A		7,950		21,206

Yankuang Energy Group Co. Ltd., Class H(a)		69,000		119,929
				11,828,139

Paper & Forest Products – 0.5%

Century Plyboards India Ltd.		3,256		24,203

Century Textiles & Industries Ltd.		2,118		27,545

Dexco SA*		14,700		19,996

Dongwha Enterprise Co. Ltd.*		441		20,082

Empresas CMPC SA		24,310		43,319

Indah Kiat Pulp & Paper Tbk. PT		82,400		49,798

JK Paper Ltd.		30,691		140,500

Lee & Man Paper Manufacturing Ltd.		49,000		13,965

Longchen Paper & Packaging Co. Ltd.		282,967		120,829

Nine Dragons Paper Holdings Ltd.		55,000		31,280


Investments	Shares		Value

Paper & Forest Products – (continued)

Pabrik Kertas Tjiwi Kimia Tbk. PT		502,900	$	242,190

Sappi Ltd.		16,314		34,122

Shandong Sun Paper Industry JSC Ltd., Class A		9,400		15,966

Shihlin Paper Corp.*		9,648		15,230

Suzano SA		18,800		192,250

YFY, Inc.		22,472		20,646

Young Poong Paper Manufacturing Co. Ltd.		931		5,632
				1,017,553

Passenger Airlines – 0.5%

Aegean Airlines SA* (a)		13,442		146,913

Aeroflot PJSC* ‡		74,029		—

Air Arabia PJSC		62,322		44,455

Asiana Airlines, Inc.*		15,181		125,333

Azul SA (Preference)*		11,500		29,371

Bangkok Airways PCL, NVDR*		39,100		14,795

China Airlines Ltd.		61,000		36,391

China Eastern Airlines Corp. Ltd., Class A*		14,300		8,520

China Eastern Airlines Corp. Ltd., Class H*		46,000		15,755

China Southern Airlines Co. Ltd., Class A*		14,100		11,907

China Southern Airlines Co. Ltd., Class H*		24,000		11,349

Controladora Vuela Cia de Aviacion SAB de CV, Class A* (a)		35,700		20,329

Eva Airways Corp.		73,592		62,168

Hainan Airlines Holding Co. Ltd., Class A*		67,200		13,407

Hanjin Kal Corp.		637		20,116

InterGlobe Aviation Ltd.* (b)		1,799		53,021

Jazeera Airways Co. KSCP		4,053		19,116

Jeju Air Co. Ltd.*		1,962		15,341

Jin Air Co. Ltd.*		9,541		79,123

Korean Air Lines Co. Ltd.		4,888		74,195

Latam Airlines Group SA*		3,059,341		23,851

Pegasus Hava Tasimaciligi A/S*		1,081		26,936


Investments	Shares		Value

COMMON STOCKS – (continued)

Passenger Airlines – (continued)

Spring Airlines Co. Ltd., Class A*		2,400	$	17,955

Turk Hava Yollari AO*		18,835		144,661

Tway Air Co. Ltd.*		29,375		47,307
				1,062,315

Personal Care Products – 0.6%

Amorepacific Corp.		519		48,574

AMOREPACIFIC Group		611		12,939

Colgate-Palmolive India Ltd.		1,824		46,308

Cosmax, Inc.*		3,196		320,890

Dabur India Ltd.		10,387		65,983

EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S		5,880		9,119

Emami Ltd.		931		5,702

Gillette India Ltd.		392		28,834

Godrej Consumer Products Ltd.*		5,922		70,548

Hengan International Group Co. Ltd.		23,500		78,688

Hindustan Unilever Ltd.		13,724		409,451

Hyundai Bioscience Co. Ltd.*		1,504		41,649

Kolmar BNH Co. Ltd.		931		11,333

Kolmar Korea Co. Ltd.		735		29,170

LG H&H Co. Ltd.		141		32,939

LG H&H Co. Ltd. (Preference)		43		4,508

Microbio Co. Ltd.		1,580		2,499

Natura & Co. Holding SA*		10,958		27,705

Procter & Gamble Hygiene & Health Care Ltd.		196		41,293

Sarantis SA		1,666		13,824

TCI Co. Ltd.		4,688		25,005
				1,326,961

Pharmaceuticals – 1.6%

Adcock Ingram Holdings Ltd.(a)		31,114		89,855

Ajanta Pharma Ltd.		576		12,198

Alembic Pharmaceuticals Ltd.		3,400		29,118

Alkem Laboratories Ltd.		516		23,066


Investments	Shares		Value

Pharmaceuticals – (continued)

Aspen Pharmacare Holdings Ltd.		4,982	$	44,989

Asymchem Laboratories Tianjin Co. Ltd., Class A		700		14,439

Aurobindo Pharma Ltd.		3,791		38,680

Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		5,000		7,515

Beijing Tongrentang Co. Ltd., Class A		4,700		32,979

Bora Pharmaceuticals Co. Ltd.		1,008		20,169

Boryung		2,597		17,306

Bukwang Pharmaceutical Co. Ltd.*		1,431		6,018

CanSino Biologics, Inc., Class A*		318		3,450

CanSino Biologics, Inc., Class H* (a) (b)		800		2,530

Caregen Co. Ltd.		144		2,858

Celltrion Pharm, Inc.*		136		6,374

Center Laboratories, Inc.		11,446		16,109

Changchun High & New Technology Industry Group, Inc., Class A		600		12,759

China Medical System Holdings Ltd.		47,000		75,084

China Resources Pharmaceutical Group Ltd.(b)		51,000		31,677

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		4,000		23,580

Chong Kun Dang Pharmaceutical Corp.		107		7,519

Cipla Ltd.		8,601		123,965

CSPC Pharmaceutical Group Ltd.		142,080		124,020

Daewoong Co. Ltd.		9,447		104,224

Daewoong Pharmaceutical Co. Ltd.		49		3,625

Dong-A Socio Holdings Co. Ltd.		1,618		119,324

DongKook Pharmaceutical Co. Ltd.		2,205		26,302

Dr Reddy’s Laboratories Ltd.		2,055		132,482


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

Eris Lifesciences Ltd.* (b)		1,617	$	16,693

Genomma Lab Internacional SAB de CV, Class B		296,100		221,751

Gland Pharma Ltd.* (b)		971		18,030

GlaxoSmithKline Pharmaceuticals Ltd.		376		6,428

Glenmark Pharmaceuticals Ltd.		5,922		53,186

Grand Pharmaceutical Group Ltd.		33,000		17,756

Granules India Ltd.		5,750		22,507

Hanall Biopharma Co. Ltd.*		1,666		36,082

Hanmi Pharm Co. Ltd.		100		20,880

Hanmi Science Co. Ltd.		671		15,725

Hansoh Pharmaceutical Group Co. Ltd.(b)		16,000		30,141

HK inno N Corp.		644		20,600

Hua Han Health Industry Holdings Ltd.* ‡		3,780,000		—

Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		3,100		11,476

Hypera SA		6,900		41,444

Il Dong Pharmaceutical Co. Ltd.*		511		6,092

Ipca Laboratories Ltd.		1,519		17,948

JB Chemicals & Pharmaceuticals Ltd.		3,218		54,043

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A		8,400		55,027

Joincare Pharmaceutical Group Industry Co. Ltd., Class A		4,700		7,617

Kalbe Farma Tbk. PT		351,000		37,343

Komipharm International Co. Ltd.*		1,568		6,002

Laurus Labs Ltd.(b)		3,969		17,245

Livzon Pharmaceutical Group, Inc., Class H		3,930		11,602

Lotus Pharmaceutical Co. Ltd.		2,000		15,539

Lupin Ltd.		3,167		42,913

Luye Pharma Group Ltd.* (a) (b)		73,500		35,601

Natco Pharma Ltd.		3,552		34,145


Investments	Shares		Value

Pharmaceuticals – (continued)

Oneness Biotech Co. Ltd.		4,197	$	25,362

Oscotec, Inc.*		1,034		14,547

Pfizer Ltd.		341		16,114

Pharmally International Holding Co. Ltd.* ‡		2,564		—

Piramal Pharma Ltd.*		26,402		33,138

Procter & Gamble Health Ltd.		400		24,514

Richter Gedeon Nyrt.		3,846		89,978

Sam Chun Dang Pharm Co. Ltd.*		240		10,911

Sanofi India Ltd.		392		35,595

Saudi Pharmaceutical Industries & Medical Appliances Corp.*		1,470		11,637

SciClone Pharmaceuticals Holdings Ltd.(b)		94,000		123,738

Shandong Sinobioway Biomedicine Co. Ltd., Class A*		4,800		11,341

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		3,800		14,768

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(a)		8,000		18,444

Shanghai Shyndec Pharmaceutical Co. Ltd., Class A		14,400		20,268

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		4,700		14,271

Shin Poong Pharmaceutical Co. Ltd.*		1,824		15,680

Sichuan Kelun Pharmaceutical Co. Ltd., Class A		4,800		18,011

Sihuan Pharmaceutical Holdings Group Ltd.		125,000		10,544

Sino Biopharmaceutical Ltd.		169,999		66,048

SK Biopharmaceuticals Co. Ltd.*		330		18,424

Sun Pharmaceutical Industries Ltd.		17,321		226,470

Suven Pharmaceuticals Ltd.*		3,735		25,961

Synmosa Biopharma Corp.		16,272		18,838


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class S		9,600	$	16,896

Torrent Pharmaceuticals Ltd.		1,434		33,142

TTY Biopharm Co. Ltd.		11,464		29,654

United Laboratories International Holdings Ltd. (The)		376,000		383,948

Yuhan Corp.		1,034		43,946

Yungjin Pharmaceutical Co. Ltd.*		1,602		2,485

Yunnan Baiyao Group Co. Ltd., Class A		4,800		33,353

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,300		44,446

Zhejiang NHU Co. Ltd., Class A		4,800		10,613

Zydus Lifesciences Ltd.		4,744		32,680
				3,521,795

Professional Services – 0.1%

BLS International Services Ltd.		3,626		11,400

Computer Age Management Services Ltd.		1,007		27,176

CTOS Digital Bhd.		84,900		25,838

eClerx Services Ltd.		679		15,968

Firstsource Solutions Ltd.		6,900		12,933

L&T Technology Services Ltd.(b)		376		18,907

My EG Services Bhd.		88,989		14,568

NICE Information Service Co. Ltd.		686		4,470

RITES Ltd.		4,263		23,120

Sporton International, Inc.		3,150		20,783
				175,163

Real Estate Management & Development – 3.2%

Agile Group Holdings Ltd.* (a)		752,000		72,080

Aldar Properties PJSC		64,597		91,452

A-Living Smart City Services Co. Ltd.* (b)		329,000		155,153

Allos SA		14,100		64,027

Amata Corp. PCL, NVDR		29,300		19,402


Investments	Shares		Value

Real Estate Management & Development – (continued)

Arabian Centres Co. Ltd.		676	$	3,615

Arriyadh Development Co.		2,145		11,435

Ayala Land, Inc.		81,600		40,052

Barwa Real Estate Co.		66,505		46,212

Bumi Serpong Damai Tbk. PT*		166,600		10,540

C&D International Investment Group Ltd.		17,845		40,048

Cencosud Shopping SA		11,750		16,999

Central Pattana PCL, NVDR		23,700		41,212

China Dili Group* ‡		100,000		4,601

China Jinmao Holdings Group Ltd.		99,553		12,214

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		19,600		29,568

China Overseas Grand Oceans Group Ltd.(a)		49,000		16,720

China Overseas Land & Investment Ltd.		94,000		177,558

China Overseas Property Holdings Ltd.		30,000		26,033

China Resources Land Ltd.		80,000		299,568

China Resources Mixc Lifestyle Services Ltd.(b)		9,600		37,420

China Vanke Co. Ltd., Class A		23,500		36,383

China Vanke Co. Ltd., Class H		56,400		52,763

Chong Hong Construction Co. Ltd.		78,872		175,568

Ciputra Development Tbk. PT		3,496,849		244,350

Commercial Real Estate Co. KSC		583,920		185,428

Corp. Inmobiliaria Vesta SAB de CV		9,600		30,061

Cosmopolitan International Holdings Ltd.*		9,400		4,205

Country Garden Holdings Co. Ltd.* (a)		282,000		25,228

Country Garden Services Holdings Co. Ltd.		47,000		41,086

Dar Al Arkan Real Estate Development Co.*		7,655		30,811

DLF Ltd.		10,810		73,163

Eco World Development Group Bhd.		512,300		108,600


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Emaar Development PJSC		24,854	$	41,953

Emaar Economic City*		9,847		19,213

Emaar Properties PJSC		168,025		306,041

Fortress Real Estate Investments Ltd., Class A*		56,682		39,578

Fortress Real Estate Investments Ltd., Class B*		46,844		14,743

Fu Hua Innovation Co. Ltd.		108,592		86,211

Gemdale Corp., Class A		14,100		9,961

Gemdale Properties & Investment Corp. Ltd.		2,068,000		61,316

Godrej Properties Ltd.*		1,764		35,163

Greenland Holdings Corp. Ltd., Class A*		33,600		11,708

Greentown China Holdings Ltd.		25,000		24,250

Hainan Airport Infrastructure Co. Ltd., Class A*		9,800		5,102

Hangzhou Binjiang Real Estate Group Co. Ltd., Class A		4,300		4,924

Hanson International Tbk. PT* ‡		2,409,275		—

Highwealth Construction Corp.		39,330		49,352

Hopson Development Holdings Ltd.*		22,560		13,205

Huang Hsiang Construction Corp.		47,000		55,861

Hung Sheng Construction Ltd.		141,000		78,031

Iguatemi SA		4,900		19,501

IOI Properties Group Bhd.		52,800		20,502

Jinke Smart Services Group Co. Ltd., Class H* (a) (b)		61,100		60,986

KE Holdings, Inc., ADR		10,810		159,015

Kindom Development Co. Ltd.		141,400		148,877

King’s Town Construction Co. Ltd.*		2,000		1,884

LAMDA Development SA*		1,368		8,792

Land & Houses PCL, NVDR		83,200		17,477

Longfor Group Holdings Ltd.(b)		49,488		71,975

LSR Group PJSC, Class A‡		21,295		—

LVGEM China Real Estate Investment Co. Ltd.*		96,000		10,797

Mabanee Co. KPSC		14,139		37,683


Investments	Shares		Value

Real Estate Management & Development – (continued)

Macrotech Developers Ltd.(b)		3,983	$	37,683

MAS P.L.C.(a)		169,717		137,607

Matrix Concepts Holdings Bhd.		253,800		82,034

MBK PCL, NVDR		30,344		13,508

Megaworld Corp.		4,230,000		147,610

Midea Real Estate Holding Ltd.(a) (b)		141,000		96,407

Multiplan Empreendimentos Imobiliarios SA*		5,000		24,529

National Real Estate Co. KPSC*		380,697		81,784

Oberoi Realty Ltd.		1,551		21,197

Origin Property PCL, NVDR		282,000		70,220

OSK Holdings Bhd.		390,100		96,614

Pakuwon Jati Tbk. PT		155,100		3,906

Parque Arauco SA		28,294		38,538

Phoenix Mills Ltd. (The)		1,600		34,886

Poly Developments and Holdings Group Co. Ltd., Class A		28,200		42,465

Poly Property Services Co. Ltd., Class H(b)		6,200		24,326

Prestige Estates Projects Ltd.		3,219		29,604

Prince Housing & Development Corp.		50,000		16,417

Pruksa Holding PCL, NVDR		249,100		86,631

Quality Houses PCL, NVDR		1,739,000		108,378

Radiance Holdings Group Co. Ltd.* (a) (b)		49,000		20,352

Red Star Macalline Group Corp. Ltd., Class A		14,700		8,557

Redco Properties Group Ltd.* ‡ (b)		294,000		46,771

Robinsons Land Corp.		625,100		153,576

Ruentex Development Co. Ltd.		43,560		43,513

Salhia Real Estate Co. KSCP		16,277		21,086

Sansiri PCL, NVDR		2,500,400		106,437

Saudi Real Estate Co.*		3,478		11,088

SC Asset Corp. PCL, NVDR		761,400		71,601

Seazen Group Ltd.* (a)		940,000		152,570

Seazen Holdings Co. Ltd., Class A*		4,700		7,643


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B		103,400	$	91,302

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		4,900		1,950

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A		4,700		15,382

Shenzhen Investment Ltd.		940,000		138,154

Shenzhen Overseas Chinese Town Co. Ltd., Class A*		22,200		10,982

Shoucheng Holdings Ltd.		98,000		16,031

Shui On Land Ltd.		1,410,000		124,339

Sichuan Languang Justbon Services Group Co. Ltd., Class H* ‡		26,500		—

Sime Darby Property Bhd.		1,240,800		160,162

Sinic Holdings Group Co. Ltd.* ‡		318,000		—

SK D&D Co. Ltd.		2,632		53,496

SM Prime Holdings, Inc.		183,300		96,916

SOHO China Ltd.*		76,000		7,867

SP Setia Bhd. Group		770,800		135,895

Summarecon Agung Tbk. PT		227,900		7,676

Supalai PCL, NVDR		23,800		12,184

Talaat Moustafa Group		401,192		292,024

United Development Co. QSC		700,347		187,157

UOA Development Bhd.		26,500		9,400

WHA Corp. PCL, NVDR		117,490		16,344

Youngor Group Co. Ltd., Class A		14,400		13,282

Yuexiu Property Co. Ltd.		52,079		54,178

Yungshin Construction & Development Co. Ltd.		26,448		67,761

Zhuhai Huafa Properties Co. Ltd., Class A		4,900		5,624
				6,993,300


Investments	Shares		Value

Residential REITs – 0.0%(d)

Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT		63,896	$	14,815

Retail REITs – 0.3%

CPN Retail Growth Leasehold REIT, REIT		44,100		11,656

Hyprop Investments Ltd., REIT		148,379		224,465

IGB REIT, REIT		53,900		19,232

LOTTE Reit Co. Ltd., REIT		1,828		3,891

Pavilion REIT, REIT		15,000		3,810

Resilient REIT Ltd., REIT(a)		120,278		238,350

Sunway REIT, REIT		53,900		16,856

Vukile Property Fund Ltd., REIT(a)		361,148		239,457
				757,717

Semiconductors & Semiconductor Equipment – 7.0%

3peak, Inc., Class A		245		5,393

ADATA Technology Co. Ltd.		102,198		306,893

Advanced Wireless Semiconductor Co.*		5,104		17,703

Alchip Technologies Ltd.		1,184		95,822

Amlogic Shanghai Co. Ltd., Class A*		2,377		19,544

Andes Technology Corp.		1,507		17,934

Anji Microelectronics Technology Shanghai Co. Ltd., Class A		127		3,366

AP Memory Technology Corp.		2,224		24,479

Ardentec Corp.		168,024		336,721

ASE Technology Holding Co. Ltd.		94,000		328,935

ASMedia Technology, Inc.		576		23,353

ASPEED Technology, Inc.		520		41,202

Borosil Renewables Ltd.*		1,880		9,205

Cambricon Technologies Corp. Ltd., Class A*		288		4,220

China Resources Microelectronics Ltd., Class A		1,350		9,805

Chipbond Technology Corp.		21,776		45,653

D&O Green Technologies Bhd.		15,300		10,533

Dagang NeXchange Bhd.*		1,113,900		101,699


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Daqo New Energy Corp., ADR*		1,504	$	38,292

DB HiTek Co. Ltd.		912		32,684

Duk San Neolux Co. Ltd.*		423		12,090

Elan Microelectronics Corp.		5,568		24,720

Elite Semiconductor Microelectronics Technology, Inc.		12,360		31,972

eMemory Technology, Inc.		1,000		62,124

Ennostar, Inc.*		7,000		8,892

Eo Technics Co. Ltd.		384		39,607

Episil Technologies, Inc.		6,292		13,269

Eugene Technology Co. Ltd.		686		19,327

Everlight Electronics Co. Ltd.		166,728		227,719

Faraday Technology Corp.		4,000		37,244

Flat Glass Group Co. Ltd., Class A		3,600		12,692

Flat Glass Group Co. Ltd., Class H* (a)		7,000		12,542

FocalTech Systems Co. Ltd.		9,176		22,802

Formosa Sumco Technology Corp.		1,000		4,794

Foxsemicon Integrated Technology, Inc.		34,672		195,087

GCL System Integration Technology Co. Ltd., Class A*		9,800		3,696

GCL Technology Holdings Ltd.		517,000		75,985

GemVax & Kael Co. Ltd.*		920		9,666

GigaDevice Semiconductor, Inc., Class A		1,440		21,055

Global Mixed Mode Technology, Inc.		27,544		211,028

Global Unichip Corp.		1,432		63,355

Globalwafers Co. Ltd.		5,000		73,146

Gudeng Precision Industrial Co. Ltd.		1,728		17,901

HAESUNG DS Co. Ltd.		4,136		135,361

Hana Materials, Inc.		318		11,149

Hangzhou First Applied Material Co. Ltd., Class A		3,724		13,012


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Hangzhou Silan Microelectronics Co. Ltd., Class A		2,900	$	9,614

Hanmi Semiconductor Co. Ltd.		931		36,191

HD Hyundai Energy Solutions Co. Ltd.		2,068		33,381

HPSP Co. Ltd.		768		17,714

Hua Hong Semiconductor Ltd.* (a) (b)		30,000		73,614

Inari Amertron Bhd.		39,200		23,448

Innox Advanced Materials Co. Ltd.		784		15,470

ISC Co. Ltd.		144		7,378

JA Solar Technology Co. Ltd., Class A		5,292		16,227

JCET Group Co. Ltd., Class A		4,800		20,202

Jentech Precision Industrial Co. Ltd.		1,287		22,816

Jinko Solar Co. Ltd., Class A		16,128		20,893

Jusung Engineering Co. Ltd.		13,066		237,511

King Yuan Electronics Co. Ltd.		32,352		76,105

Kinsus Interconnect Technology Corp.		4,000		11,691

Koh Young Technology, Inc.		1,692		13,781

LEENO Industrial, Inc.		94		9,570

LONGi Green Energy Technology Co. Ltd., Class A		10,448		34,450

LX Semicon Co. Ltd.		235		12,459

M31 Technology Corp.		912		24,519

Macronix International Co. Ltd.		31,104		25,892

Marketech International Corp.		34,824		142,259

MediaTek, Inc.		47,000		1,220,102

Montage Technology Co. Ltd., Class A		1,692		12,723

MPI Corp.		3,838		22,364

Nanya Technology Corp.		21,472		42,831

NAURA Technology Group Co. Ltd., Class A		900		31,484

NEXTIN, Inc.		265		10,478

Novatek Microelectronics Corp.		16,000		224,202

Nuvoton Technology Corp.		4,000		15,662

Pan Jit International, Inc.		8,000		14,700

Parade Technologies Ltd.		1,400		45,537


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Phison Electronics Corp.		2,776	$	39,841

Pixart Imaging, Inc.		7,248		28,715

Powerchip Semiconductor Manufacturing Corp.		47,000		38,472

Powertech Technology, Inc.		20,000		64,745

Radiant Opto-Electronics Corp.		14,330		54,784

Raydium Semiconductor Corp.		1,824		20,160

Realtek Semiconductor Corp.		8,134		100,688

RFHIC Corp.		282		2,890

S&S Tech Corp.		423		11,824

Sanan Optoelectronics Co. Ltd., Class A		4,800		9,760

SDI Corp.		8,000		24,788

Seoul Semiconductor Co. Ltd.		1,911		14,235

SFA Semicon Co. Ltd.*		3,381		11,804

Shanghai Aiko Solar Energy Co. Ltd., Class A		9,800		26,247

Shanghai Fudan Microelectronics Group Co. Ltd., Class A		1,050		6,944

Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a)		4,000		7,545

Shenzhen Xinyichang Technology Co. Ltd., Class A		196		2,453

Sigurd Microelectronics Corp.		173,688		317,549

Silergy Corp.		5,000		44,165

Silicon Integrated Systems Corp.		223,136		342,598

SIMMTECH Co. Ltd.		8,554		208,379

Sino-American Silicon Products, Inc.		16,352		82,428

Sitronix Technology Corp.		2,160		18,980

SK Hynix, Inc.		14,664		1,262,762

Sunplus Technology Co. Ltd.		25,056		23,252

Taiwan Mask Corp.		7,000		14,676

Taiwan Semiconductor Co. Ltd.		9,000		21,588

Taiwan Semiconductor Manufacturing Co. Ltd.		381,496		6,222,025

Taiwan-Asia Semiconductor Corp.		13,000		17,956


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		5,875	$	14,820

Tokai Carbon Korea Co. Ltd.		86		5,279

Tongwei Co. Ltd., Class A		9,400		35,066

Topco Scientific Co. Ltd.		2,704		14,089

TSEC Corp.		26,708		23,385

Unigroup Guoxin Microelectronics Co. Ltd., Class A*		1,679		17,276

Unisem M Bhd.		14,700		9,133

United Microelectronics Corp.		317,616		452,408

UPI Semiconductor Corp.		2,688		19,931

Vanguard International Semiconductor Corp.		6,000		12,967

Verisilicon Microelectronics Shanghai Co. Ltd., Class A*		528		3,849

Via Technologies, Inc.		5,424		19,900

Visual Photonics Epitaxy Co. Ltd.		7,672		34,771

ViTrox Corp. Bhd.		4,700		6,787

Wafer Works Corp.		11,511		15,473

Will Semiconductor Co. Ltd. Shanghai, Class A		2,025		30,524

Win Semiconductors Corp.		6,961		31,119

Winbond Electronics Corp.		52,232		40,178

WONIK IPS Co. Ltd.		329		7,308

Wonik QnC Corp.		6,345		110,640

Xinjiang Daqo New Energy Co. Ltd., Class A		5,488		26,772

XinTec, Inc.		3,000		10,683

Xinyi Solar Holdings Ltd.		80,000		47,031
				15,390,581

Software – 0.3%

360 Security Technology, Inc., Class A*		9,800		12,026

Ahnlab, Inc.		190		9,018

AsiaInfo Technologies Ltd.(b)		21,200		21,946

Beijing Kingsoft Office Software, Inc., Class A		611		23,970

Beijing Shiji Information Technology Co. Ltd., Class A*		6,370		9,157


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

Birlasoft Ltd.		5,390	$	35,454

Cyient Ltd.		3,290		62,768

Dear U Co. Ltd.*		423		9,976

Douzone Bizon Co. Ltd.		873		17,647

EMRO, Inc.*		294		12,016

Hundsun Technologies, Inc., Class A		4,550		19,349

Iflytek Co. Ltd., Class A		4,800		29,883

Intellect Design Arena Ltd.		4,663		38,045

Kingdee International Software Group Co. Ltd.*		47,000		62,350

KPIT Technologies Ltd.		2,397		35,053

Ming Yuan Cloud Group Holdings Ltd.* (a)		60,000		25,075

NavInfo Co. Ltd., Class A*		4,700		6,422

Oracle Financial Services Software Ltd.		282		13,134

Qi An Xin Technology Group, Inc., Class A*		539		3,393

Route Mobile Ltd.		954		17,797

Shanghai Baosight Software Co. Ltd., Class A		4,212		24,559

Shanghai Baosight Software Co. Ltd., Class B		8,291		17,046

Tanla Platforms Ltd.		1,963		22,457

Tata Elxsi Ltd.		611		55,958

TOTVS SA		4,900		24,592

Weimob, Inc.* (a) (b)		87,000		34,913

Yonyou Network Technology Co. Ltd., Class A		4,700		10,514
				654,518

Specialty Retail – 1.5%

Abu Dhabi National Oil Co. for Distribution PJSC		46,436		42,479

Aditya Birla Fashion and Retail Ltd.*		6,536		16,858

Ali Alghanim Sons Automotive Co. KSCC		51,183		177,748

Aurora Design PCL, NVDR		29,300		12,880

Bermaz Auto Bhd.		56,000		29,384

China Tourism Group Duty Free Corp. Ltd., Class A		2,500		32,317


Investments	Shares		Value

Specialty Retail – (continued)

China Tourism Group Duty Free Corp. Ltd., Class H(a) (b)		2,100	$	23,712

China Yongda Automobiles Services Holdings Ltd.		540,500		207,231

Chow Tai Fook Jewellery Group Ltd.		41,000		57,848

Com7 PCL, NVDR		9,300		6,922

Cuckoo Homesys Co. Ltd.		3,196		48,157

Detsky Mir PJSC* ‡ (b)		258,500		—

Dogan Sirketler Grubu Holding A/S		39,249		18,978

Dogus Otomotiv Servis ve Ticaret A/S		893		7,843

EEKA Fashion Holdings Ltd.		94,000		171,071

Foschini Group Ltd. (The)		10,575		56,810

FSN E-Commerce Ventures Ltd.*		18,240		30,528

Go Fashion India Ltd.*		1,029		15,317

HLA Group Corp. Ltd., Class A		4,900		4,982

Home Product Center PCL, NVDR		78,600		26,023

Hotai Motor Co. Ltd.		6,120		113,777

Hotel Shilla Co. Ltd.		470		21,681

Italtile Ltd.		154,113		94,538

Jarir Marketing Co.		8,390		32,383

JUMBO SA		2,209		58,046

K Car Co. Ltd.		176		1,222

Lojas Renner SA		28,200		68,557

M.Video PJSC* ‡		31,680		—

Map Aktif Adiperkasa PT		2,632,000		123,440

Metro Brands Ltd.		1,128		16,088

Motus Holdings Ltd.(a)		54,990		271,388

MR DIY Group M Bhd.(b)		57,600		17,892

Mr Price Group Ltd.		3,185		22,887

Padini Holdings Bhd.		29,400		24,374

Pan German Universal Motors Ltd.		9,000		84,631

Pepkor Holdings Ltd.(b)		25,185		22,838

Pop Mart International Group Ltd.(b)		9,800		26,991

PTG Energy PCL, NVDR		39,100		8,866

PTT Oil & Retail Business PCL, NVDR		29,400		14,969


Investments	Shares		Value

COMMON STOCKS – (continued)

Specialty Retail – (continued)

Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		9,400	$	8,349

Shinsegae International, Inc.		5,499		63,355

Siam Global House PCL, NVDR		40,566		17,832

Super Group Ltd.		140,389		237,989

Topsports International Holdings Ltd.(b)		95,000		79,889

Truworths International Ltd.		142,363		573,343

United Electronics Co.		1,619		34,567

Vibra Energia SA		28,200		110,664

Wilcon Depot, Inc.		34,300		11,969

Zhongsheng Group Holdings Ltd.		23,500		54,180
				3,203,793

Technology Hardware, Storage & Peripherals – 3.9%

Acer, Inc.		47,000		49,413

Advantech Co. Ltd.		8,734		89,265

Asia Vital Components Co. Ltd.		8,509		74,373

ASROCK, Inc.		2,736		15,184

Asustek Computer, Inc.		20,000		208,417

AURAS Technology Co. Ltd.		3,016		26,454

Catcher Technology Co. Ltd.		14,104		78,923

Chicony Electronics Co. Ltd.		15,992		61,384

China Greatwall Technology Group Co. Ltd., Class A		5,500		8,252

Clevo Co.		188,000		181,421

Compal Electronics, Inc.		94,000		81,292

CosmoAM&T Co. Ltd.*		297		30,656

Darfon Electronics Corp.		69,000		92,326

Elitegroup Computer Systems Co. Ltd.		115,120		90,861

Ennoconn Corp.		36,656		281,404

Getac Holdings Corp.		13,624		30,369

Gigabyte Technology Co. Ltd.		13,880		93,075

HTC Corp.*		11,432		15,543

IEI Integration Corp.		49,000		103,484

Innodisk Corp.		3,301		30,328

Inventec Corp.		84,056		104,179

King Slide Works Co. Ltd.		1,104		23,894

Kinpo Electronics		482,152		206,626


Investments	Shares		Value

Technology Hardware, Storage & Peripherals – (continued)

Legend Holdings Corp., Class H(b)		239,700	$	213,520

Lenovo Group Ltd.		188,000		218,644

Lite-On Technology Corp.		61,392		189,277

Micro-Star International Co. Ltd.		21,000		106,829

Mitac Holdings Corp.		33,600		38,070

Ninestar Corp., Class A		2,900		9,733

Pegatron Corp.		62,744		145,858

Qisda Corp.		54,000		70,507

Quanta Computer, Inc.		76,232		444,207

Quanta Storage, Inc.		76,952		162,042

Samsung Electronics Co. Ltd.		80,229		3,974,174

Samsung Electronics Co. Ltd. (Preference)		12,460		494,507

Shenzhen Transsion Holdings Co. Ltd., Class A		1,316		24,126

Wistron Corp.		79,640		219,510

Wiwynn Corp.		3,000		140,589
				8,428,716

Textiles, Apparel & Luxury Goods – 1.3%

361 Degrees International Ltd.		376,000		183,084

Aksa Akrilik Kimya Sanayii A/S		2,021		6,329

Alok Industries Ltd.*		23,980		5,012

Alpargatas SA (Preference)*		5,500		8,998

ANTA Sports Products Ltd.		18,800		212,277

Arezzo Industria e Comercio SA		2,557		29,606

Bata India Ltd.		848		15,950

Bosideng International Holdings Ltd.		54,000		21,325

Eclat Textile Co. Ltd.		3,546		56,194

F&F Co. Ltd.		245		16,944

Feng TAY Enterprise Co. Ltd.		11,872		65,335

FF Group* ‡		3,536		—

Fila Holdings Corp.		1,167		30,891

Fuguiniao Group Ltd.* ‡		334,800		—

Fulgent Sun International Holding Co. Ltd.		51,320		203,318

Golden Solar New Energy Technology Holdings Ltd.*		42,000		33,763

Grendene SA		8,264		10,160

Grupo de Moda Soma SA		19,200		20,140

Handsome Co. Ltd.		3,713		51,329


Investments	Shares		Value

COMMON STOCKS – (continued)

Textiles, Apparel & Luxury Goods – (continued)

Hansae Co. Ltd.		5,405	$	91,447

Kalyan Jewellers India Ltd.		8,976		31,124

KPR Mill Ltd.		1,754		16,960

Lao Feng Xiang Co. Ltd., Class B		7,400		25,049

Li Ning Co. Ltd.		33,500		102,753

Makalot Industrial Co. Ltd.		4,334		48,304

Mavi Giyim Sanayi ve Ticaret A/S, Class B(b)		59,408		200,527

Page Industries Ltd.		114		51,779

Pou Chen Corp.		72,320		64,327

Quang Viet Enterprise Co. Ltd.		24,912		84,871

Rajesh Exports Ltd.*		2,600		14,010

Raymond Ltd.		1,316		27,826

Relaxo Footwears Ltd.		987		10,645

Ruentex Industries Ltd.		28,819		50,823

Shenzhou International Group Holdings Ltd.		14,100		138,304

Shinkong Textile Co. Ltd.		94,000		127,806

Swan Energy Ltd.		2,940		13,616

Tainan Spinning Co. Ltd.		49,000		21,452

Taiwan Paiho Ltd.		94,000		166,351

Titan Co. Ltd.		6,392		244,878

Trident Ltd.		22,165		9,291

Vardhman Textiles Ltd.		42,817		189,841

VIP Industries Ltd.		3,025		22,139

Vivara Participacoes SA		5,300		26,800

Welspun India Ltd.		7,370		13,313

Xtep International Holdings Ltd.(a)		27,500		24,953

Youngone Corp.		480		19,299

Youngone Holdings Co. Ltd.		2,021		117,021
				2,926,164

Tobacco – 0.3%

British American Tobacco Malaysia Bhd.		61,100		120,546

Eastern Co. SAE		27,721		23,575

Godfrey Phillips India Ltd.		490		13,324

Gudang Garam Tbk. PT		14,900		21,832

ITC Ltd.		44,697		229,984

KT&G Corp.		2,632		166,236


Investments	Shares		Value

Tobacco – (continued)

RLX Technology, Inc., ADR* (a)		15,484	$	26,323

Smoore International Holdings Ltd.(b)		33,000		25,431
				627,251

Trading Companies & Distributors – 0.4%

Adani Enterprises Ltd.		5,687		156,736

ALAFCO Aviation Lease & Finance Co. KSCP*		3,260		1,748

Armac Locacao Logistica E Servicos SA		5,000		12,027

Barloworld Ltd.		54,896		229,547

BOC Aviation Ltd.(a) (b)		5,100		31,351

Chin Hin Group Bhd.*		9,400		7,517

COSCO SHIPPING Development Co. Ltd., Class A		37,600		11,817

COSCO SHIPPING Development Co. Ltd., Class H		240,000		24,538

IndiaMart InterMesh Ltd.(b)		1,013		32,237

LX International Corp.		800		14,720

Posco International Corp.		1,081		40,101

Realord Group Holdings Ltd.* (a)		14,000		10,324

Shanxi Coal International Energy Group Co. Ltd., Class A		4,900		10,901

SK Networks Co. Ltd.		44,556		183,760

Xiamen C & D, Inc., Class A		9,400		12,575
				779,899

Transportation Infrastructure – 0.8%

Abu Dhabi Ports Co. PJSC*		13,395		21,772

Adani Ports & Special Economic Zone Ltd.		10,716		101,003

Airports of Thailand PCL*		54,000		100,285

Airports of Thailand PCL, NVDR*		11,800		21,914

Bangkok Expressway & Metro PCL, NVDR		148,000		32,530

Beijing Capital International Airport Co. Ltd., Class H*		56,000		20,612

CCR SA		19,182		45,568


Investments	Shares		Value

COMMON STOCKS – (continued)

Transportation Infrastructure – (continued)

China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A		9,600	$	12,239

China Merchants Port Holdings Co. Ltd.		40,521		51,528

COSCO SHIPPING Ports Ltd.		51,348		30,909

EcoRodovias Infraestrutura e Logistica SA		89,300		124,308

Evergreen International Storage & Transport Corp.		16,000		14,725

GMR Airports Infrastructure Ltd.*		48,418		31,752

Grupo Aeroportuario del Centro Norte SAB de CV, Class B		4,700		35,831

Grupo Aeroportuario del Pacifico SAB de CV, Class B		5,506		64,143

Grupo Aeroportuario del Sureste SAB de CV, Class B		3,280		70,595

Guangdong Provincial Expressway Development Co. Ltd., Class B		9,800		7,527

International Container Terminal Services, Inc.		15,510		54,998

Jasa Marga Persero Tbk. PT		39,723		10,653

Jiangsu Expressway Co. Ltd., Class H		32,000		29,118

Malaysia Airports Holdings Bhd.		16,908		26,225

National Marine Dredging Co.*		3,341		19,757

Ningbo Zhoushan Port Co. Ltd., Class A		23,500		11,079

Novorossiysk Commercial Sea Port PJSC‡		189,696		—

Promotora y Operadora de Infraestructura SAB de CV		2,160		17,658

Qingdao Port International Co. Ltd., Class H(b)		49,000		24,486

Salik Co. PJSC		24,346		21,144

Santos Brasil Participacoes SA		27,200		39,913

Saudi Ground Services Co.*		4,431		34,429

Shanghai International Airport Co. Ltd., Class A*		3,600		18,305


Investments	Shares		Value

Transportation Infrastructure – (continued)

Shanghai International Port Group Co. Ltd., Class A		55,600	$	37,988

Shenzhen International Holdings Ltd.		24,500		16,125

Sociedad Matriz SAAM SA		1,554,996		171,450

Taiwan High Speed Rail Corp.		48,000		43,508

TangShan Port Group Co. Ltd., Class A		4,900		2,384

TAV Havalimanlari Holding A/S*		2,961		11,993

Westports Holdings Bhd.		17,500		12,341

Wilson Sons SA		14,400		38,463

Zhejiang Expressway Co. Ltd., Class H(a)		470,000		353,794
				1,783,052

Water Utilities - 0.7%

Aguas Andinas SA, Class A		1,092,562		317,584

AlKhorayef Water & Power Technologies Co.		294		10,721

Athens Water Supply & Sewage Co. SA		1,372		8,136

Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A		24,000		9,052

Beijing Enterprises Water Group Ltd.		132,000		27,835

China Water Affairs Group Ltd.		350,000		221,417

Cia de Saneamento Basico do Estado de Sao Paulo SABESP		4,700		54,400

Cia de Saneamento de Minas Gerais Copasa MG		75,200		237,693

Cia de Saneamento do Parana		94,000		405,413

Emirates Central Cooling Systems Corp.		34,496		16,811

Guangdong Investment Ltd.		94,000		64,152

Manila Water Co., Inc.		441,800		131,746

National Central Cooling Co. PJSC		5,029		4,792
				1,509,752

Wireless Telecommunication Services - 0.8%

Advanced Info Service PCL, NVDR		14,100		86,304


Investments	Shares		Value

COMMON STOCKS – (continued)

Wireless Telecommunication Services – (continued)

Axiata Group Bhd.		49,004	$	22,422

Bharti Airtel Ltd.		39,339		432,046

Celcomdigi Bhd.		42,300		37,555

Empresa Nacional de Telecomunicaciones SA		55,272		185,619

Etihad Etisalat Co.		7,322		89,973

Far EasTone Telecommunications Co. Ltd.		27,032		63,257

Globe Telecom, Inc.		980		30,398

Indosat Tbk. PT		31,800		18,918

Intouch Holdings PCL, NVDR		18,800		37,137

Kuwait Telecommunications Co.		3,699		6,333

Maxis Bhd.		32,900		27,345

Mobile Telecommunications Co. KSCP		60,348		93,773

Mobile Telecommunications Co. Saudi Arabia		8,508		31,296

Mobile TeleSystems PJSC‡		31,356		—

MTN Group Ltd.		45,214		219,427

PLDT, Inc.		2,625		55,979

Sistema PJSFC‡		122,643		—

SK Telecom Co. Ltd.		2,679		97,496

Smartfren Telecom Tbk. PT*		4,635,400		15,174

Taiwan Mobile Co. Ltd.		28,904		85,371

TIM SA		14,100		42,415

Turkcell Iletisim Hizmetleri A/S*		27,401		46,487

Vodacom Group Ltd.		11,515		62,320

Vodafone Idea Ltd.*		219,456		31,234

Vodafone Qatar QSC		44,198		21,607

XL Axiata Tbk. PT		102,900		14,705
				1,854,591
Total Common Stocks (Cost $212,305,889)				218,902,084


Investments	Principal Amount		Value

CORPORATE BONDS – 0.0%(d)

Independent Power and Renewable Electricity Producers – 0.0%(d)

NTPC Ltd. Series 54, 8.49%, 3/25/2025 (Cost $–)		INR 39,301	$	4,971
	Number of Rights

RIGHTS – 0.0%(d)

Banks – 0.0%(d)

Gulf Bank KSCP, expiring 11/12/2023, price 0.23 KWD*		3,505		72

Biotechnology – 0.0%

Vaxcell-Bio Therapeutics Co. Ltd., expiring 11/1/2023, price 23,850.00 KRW* ‡		95		—

Ground Transportation – 0.0%(d)

Localiza Rent a Car SA, expiring 11/10/2023, price 47.13 BRL*		88		122

Health Care Technology – 0.0%

Lunit, Inc., expiring 11/1/2023, price 153,500.00 KRW* ‡		50		—

Machinery – 0.0%(d)

Hanwha Ocean Co. Ltd., expiring 11/8/2023, price 21,850.00 KRW*		232		301

Semiconductors & Semiconductor Equipment – 0.0%(d)

Gudeng Precision Industrial Co. Ltd., expiring 11/27/2023, price 300 TWD*		84		93

Winbond Electronics Corp., expiring 10/26/2023, price 22 TWD*		2,139		195
				288


Investments	Number of Rights		Value

RIGHTS – (continued)

Technology Hardware, Storage & Peripherals – 0.0%(d)

CosmoAM&T Co. Ltd., expiring 11/6/2023, price 122,800.00 KRW*		15	$	184
Total Rights (cost $–)				967
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 0.3%(e)

REPURCHASE AGREEMENTS – 0.3%

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $677,414, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $685,017 (Cost $677,315)	$	677,315		677,315
Total Investments – 100.4% (Cost $212,983,204)				219,585,337

Liabilities in excess of other assets – (0.4%)				(861,812	)
NET ASSETS – 100.0%			$	218,723,525

*	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 October 31, 2023. The total value of securities on loan at October 31, 2023 was $5,168,593, collateralized in the form of cash with a value of $677,315 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,058,892 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.63%, and maturity dates ranging from November 7, 2023 – May 15, 2053 and $780,668 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from November 13, 2023 – October 22, 2073; a total value of $5,516,875.

^(b)

^(c)

^(d)

Represents less than 0.05% of net assets.

^(e)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $677,315.

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

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital



Aggregate gross unrealized appreciation	$	42,941,915
Aggregate gross unrealized depreciation		(41,755,857	)
Net unrealized appreciation	$	1,186,058
Federal income tax cost	$	218,353,325

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® Morningstar Emerging Markets Factor Tilt Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 99.3%

Aerospace & Defense – 0.7%

Lockheed Martin Corp.		2,268	$	1,031,124

Textron, Inc.		504		38,304
				1,069,428

Air Freight & Logistics – 1.2%

Expeditors International of Washington, Inc.		6,678		729,572

United Parcel Service, Inc., Class B		7,686		1,085,647
				1,815,219

Automobiles – 1.1%

Tesla, Inc.*		8,064		1,619,574

Banks – 3.5%

Bank of America Corp.		28,602		753,377

Citigroup, Inc.		34,146		1,348,425

JPMorgan Chase & Co.		17,766		2,470,540

Wells Fargo & Co.		12,726		506,113
				5,078,455

Beverages – 0.2%

Molson Coors Beverage Co., Class B		4,914		283,882

Biotechnology – 2.2%

AbbVie, Inc.		2,268		320,196

Amgen, Inc.		8,064		2,061,965

Biogen, Inc.*		252		59,860

Gilead Sciences, Inc.		3,654		286,985

Regeneron Pharmaceuticals, Inc.*		186		145,060

Vertex Pharmaceuticals, Inc.*		1,008		365,007
				3,239,073

Broadline Retail – 2.8%

Amazon.com, Inc.*		22,050		2,934,635

eBay, Inc.		16,254		637,644

Etsy, Inc.* (a)		1,008		62,798

MercadoLibre, Inc.*		431		534,759
				4,169,836

Building Products – 0.5%

A O Smith Corp.		2,520		175,795


Investments	Shares		Value

Building Products – (continued)

Builders FirstSource, Inc.*		2,394	$	259,797

Masco Corp.		6,300		328,167
				763,759

Capital Markets – 1.7%

Ameriprise Financial, Inc.		504		158,543

Bank of New York Mellon Corp. (The)		19,782		840,735

Goldman Sachs Group, Inc. (The)		882		267,784

Morgan Stanley		10,584		749,559

Robinhood Markets, Inc., Class A* (a)		14,364		131,287

State Street Corp.		5,670		366,452
				2,514,360

Chemicals – 0.9%

CF Industries Holdings, Inc.		3,654		291,516

Dow, Inc.		14,364		694,356

LyondellBasell Industries NV, Class A		2,772		250,145

Mosaic Co. (The)		1,638		53,202
				1,289,219

Communications Equipment – 1.6%

Cisco Systems, Inc.		45,738		2,384,322

Consumer Finance – 1.2%

Capital One Financial Corp.		7,812		791,278

Discover Financial Services		5,418		444,709

Synchrony Financial		18,144		508,939
				1,744,926

Consumer Staples Distribution & Retail – 0.5%

Kroger Co. (The)		17,010		771,744

Diversified Telecommunication Services – 0.7%

AT&T, Inc.		71,820		1,106,028

Electric Utilities – 2.2%

Constellation Energy Corp.		2,898		327,242

Evergy, Inc.(a)		756		37,150

Exelon Corp.		20,286		789,937

PPL Corp.		28,224		693,464

Southern Co. (The)		19,782		1,331,328
				3,179,121


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – 0.3%

Emerson Electric Co.		1,512	$	134,523

Hubbell, Inc., Class B		1,134		306,293
				440,816

Electronic Equipment, Instruments & Components – 0.4%

Jabil, Inc.		4,410		541,548

Entertainment – 0.4%

Atlanta Braves Holdings, Inc., Class C*		1		24

Electronic Arts, Inc.		3,780		467,926

Liberty Media Corp-Liberty Formula One, Class C*		630		40,755

Warner Bros Discovery, Inc.*		2,646		26,301
				535,006

Financial Services – 4.2%

Berkshire Hathaway, Inc., Class B*		10,458		3,569,629

Fidelity National Information Services, Inc.		5,796		284,642

Fiserv, Inc.*		5,040		573,300

PayPal Holdings, Inc.*		4,032		208,858

Toast, Inc., Class A* (a)		2,394		38,280

Visa, Inc., Class A(a)		6,174		1,451,507
				6,126,216

Food Products – 1.0%

Archer-Daniels-Midland Co.		882		63,125

Campbell Soup Co.		7,182		290,225

General Mills, Inc.		11,214		731,601

Hershey Co. (The)		1,638		306,879

Kraft Heinz Co. (The)		2,394		75,315
				1,467,145

Ground Transportation – 0.1%

Old Dominion Freight Line, Inc.		252		94,918

Health Care Equipment & Supplies – 0.8%

Abbott Laboratories		2,394		226,353

Align Technology, Inc.*		630		116,292

Hologic, Inc.*		5,544		366,846

IDEXX Laboratories, Inc.*		1,067		426,234
				1,135,725


Investments	Shares		Value

Health Care Providers & Services – 4.8%

Cardinal Health, Inc.		7,308	$	665,028

Cencora, Inc.		2,898		536,565

Centene Corp.*		1,386		95,606

Cigna Group (The)		2,898		896,062

CVS Health Corp.		9,450		652,144

Elevance Health, Inc.		630		283,557

HCA Healthcare, Inc.		1,134		256,443

Laboratory Corp. of America Holdings		2,898		578,817

McKesson Corp.		2,646		1,204,883

Quest Diagnostics, Inc.		1,890		245,889

UnitedHealth Group, Inc.		2,963		1,586,864
				7,001,858

Health Care REITs – 0.1%

Healthpeak Properties, Inc., REIT		7,182		111,680

Hotel & Resort REITs – 0.5%

Host Hotels & Resorts, Inc., REIT		45,360		702,173

Hotels, Restaurants & Leisure – 1.9%

Airbnb, Inc., Class A* (a)		3,402		402,423

Booking Holdings, Inc.*		278		775,498

Caesars Entertainment, Inc.*		3,276		130,680

Carnival Corp.* (a)		21,924		251,249

DoorDash, Inc., Class A*		3,024		226,649

DraftKings, Inc., Class A* (a)		9,954		274,929

Expedia Group, Inc.*		756		72,039

Royal Caribbean Cruises Ltd.*		3,276		277,575

Yum! Brands, Inc.		3,276		395,937
				2,806,979

Household Durables – 0.9%

Lennar Corp., Class A		6,174		658,642

NVR, Inc.*		134		725,291
				1,383,933

Household Products – 2.1%

Colgate-Palmolive Co.		7,308		548,977

Kimberly-Clark Corp.		1,386		165,821

Procter & Gamble Co. (The)		15,624		2,344,069
				3,058,867


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – 0.8%

3M Co.		2,016	$	183,355

General Electric Co.		9,324		1,012,866
				1,196,221

Insurance – 2.2%

Aflac, Inc.		12,348		964,503

American International Group, Inc.		15,246		934,732

Arch Capital Group Ltd.*		1,134		98,295

MetLife, Inc.		13,608		816,616

Prudential Financial, Inc.		4,536		414,772
				3,228,918

Interactive Media & Services – 7.6%

Alphabet, Inc., Class A*		35,910		4,455,713

Alphabet, Inc., Class C*		33,516		4,199,555

Meta Platforms, Inc., Class A*		8,316		2,505,361
				11,160,629

IT Services – 1.8%

Accenture plc, Class A		4,410		1,310,167

Cognizant Technology Solutions Corp., Class A		9,450		609,241

Gartner, Inc.*		2,016		669,393
				2,588,801

Life Sciences Tools & Services – 0.5%

Danaher Corp.		504		96,778

Mettler-Toledo International, Inc.*		548		539,890

Waters Corp.*		630		150,274
				786,942

Machinery – 2.0%

Caterpillar, Inc.		5,166		1,167,774

Illinois Tool Works, Inc.		5,922		1,327,238

PACCAR, Inc.		4,158		343,160

Snap-on, Inc.		504		130,002
				2,968,174

Media – 1.8%

Comcast Corp., Class A		24,696		1,019,698

Fox Corp., Class A		24,192		735,195

Interpublic Group of Cos., Inc. (The)		8,064		229,017


Investments	Shares		Value

Media – (continued)

Omnicom Group, Inc.		8,190	$	613,513
				2,597,423

Metals & Mining – 1.8%

Freeport-McMoRan, Inc.		7,812		263,890

Nucor Corp.		5,544		819,348

Reliance Steel & Aluminum Co.		3,024		769,245

Steel Dynamics, Inc.		6,930		738,114
				2,590,597

Multi-Utilities – 1.7%

Consolidated Edison, Inc.		9,954		873,862

DTE Energy Co.		8,064		777,208

Public Service Enterprise Group, Inc.		14,616		901,076
				2,552,146

Oil, Gas & Consumable Fuels – 2.8%

EQT Corp.(a)		8,190		347,092

Exxon Mobil Corp.		7,434		786,889

Marathon Oil Corp.		8,946		244,315

Marathon Petroleum Corp.		7,812		1,181,565

Occidental Petroleum Corp.(a)		12,348		763,230

Valero Energy Corp.(a)		5,670		720,090
				4,043,181

Pharmaceuticals – 4.9%

Bristol-Myers Squibb Co.		18,144		934,960

Eli Lilly & Co.		4,842		2,682,129

Johnson & Johnson		20,034		2,971,844

Merck & Co., Inc.		3,654		375,266

Pfizer, Inc.		10,080		308,045
				7,272,244

Professional Services – 0.2%

Automatic Data Processing, Inc.		378		82,487

Leidos Holdings, Inc.		504		49,957

Paychex, Inc.		2,142		237,869
				370,313

Real Estate Management & Development – 0.5%

CBRE Group, Inc., Class A*		10,332		716,421

Residential REITs – 0.7%

AvalonBay Communities, Inc., REIT		4,788		793,563

Equity Residential, REIT		3,150		174,289


Investments	Shares		Value

COMMON STOCKS – (continued)

Residential REITs – (continued)

Mid-America Apartment Communities, Inc., REIT(a)		252	$	29,774
				997,626

Retail REITs – 0.1%

Regency Centers Corp., REIT		504		30,371

Simon Property Group, Inc., REIT		882		96,923
				127,294

Semiconductors & Semiconductor Equipment – 7.3%

Analog Devices, Inc.		4,914		773,120

Applied Materials, Inc.		8,190		1,083,947

Broadcom, Inc.		2,421		2,036,957

KLA Corp.		2,142		1,006,097

Lam Research Corp.		2,142		1,259,967

Microchip Technology, Inc.		11,592		826,394

NVIDIA Corp.		7,938		3,237,116

QUALCOMM, Inc.		4,158		453,180
				10,676,778

Software – 10.7%

Adobe, Inc.*		3,402		1,810,068

ANSYS, Inc.*		630		175,304

Autodesk, Inc.*		126		24,901

Bentley Systems, Inc., Class B(a)		756		36,772

Cadence Design Systems, Inc.*		378		90,663

Check Point Software Technologies Ltd.*		5,922		795,028

Fair Isaac Corp.*		756		639,478

Fortinet, Inc.*		10,962		626,698

Intuit, Inc.		3,276		1,621,456

Manhattan Associates, Inc.*		882		171,972

Microsoft Corp.		23,562		7,966,548

Oracle Corp.		15,624		1,615,522

Roper Technologies, Inc.		126		61,560

Salesforce, Inc.*		126		25,305

Zoom Video Communications, Inc., Class A* (a)		1,386		83,132
				15,744,407

Specialized REITs – 1.1%

Iron Mountain, Inc., REIT(a)		1,260		74,428

Public Storage, REIT		3,024		721,859


Investments	Shares		Value

Specialized REITs – (continued)

Weyerhaeuser Co., REIT		26,460	$	759,138
				1,555,425

Specialty Retail – 2.4%

AutoZone, Inc.*		378		936,355

Best Buy Co., Inc.		4,536		303,096

Home Depot, Inc. (The)		3,402		968,516

Lowe’s Cos., Inc.		4,662		888,437

O’Reilly Automotive, Inc.*		378		351,706

Ulta Beauty, Inc.*		378		144,135
				3,592,245

Technology Hardware, Storage & Peripherals – 8.6%

Apple, Inc.		72,576		12,393,803

NetApp, Inc.		1,260		91,703

Super Micro Computer, Inc.*		378		90,520
				12,576,026

Tobacco – 0.7%

Altria Group, Inc.		5,040		202,457

Philip Morris International, Inc.		9,702		865,030
				1,067,487

Trading Companies & Distributors – 0.6%

WW Grainger, Inc.		1,194		871,417

Water Utilities – 0.0%(b)

Veralto Corp.*		166		11,454
Total Common Stocks (Cost $138,888,823)				145,727,979

Total Investments – 99.3% (Cost $138,888,823)				145,727,979

Other assets less liabilities – 0.7%				1,077,913
NET ASSETS – 100.0%			$	146,805,892

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $4,023,270, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053; a total value of $4,059,459.

^(b)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	14,828,794
Aggregate gross unrealized depreciation		(8,030,809	)
Net unrealized appreciation	$	6,797,985
Federal income tax cost	$	138,864,423

FlexShares^® US Quality Large Cap Index Fund had the following open futures contracts as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.8%

Air Freight & Logistics – 0.3%

Expeditors International of Washington, Inc.		715	$	78,114

FedEx Corp.		1,625		390,162
				468,276

Automobile Components – 0.1%

Aptiv plc*		1,495		130,364

BorgWarner, Inc.(a)		1,690		62,361
				192,725

Automobiles – 3.8%

Ford Motor Co.		13,390		130,552

General Motors Co.		14,235		401,427

Rivian Automotive, Inc., Class A* (a)		5,980		96,996

Tesla, Inc.*		28,795		5,783,188
				6,412,163

Banks – 4.4%

Bank of America Corp.		72,150		1,900,431

Citigroup, Inc.		19,955		788,023

Huntington Bancshares, Inc.		11,765		113,532

JPMorgan Chase & Co.		30,290		4,212,128

KeyCorp(a)		5,785		59,123

Regions Financial Corp.		6,110		88,778

US Bancorp		5,590		178,209
				7,340,224

Beverages – 2.4%

Brown-Forman Corp., Class B		1,170		65,707

Coca-Cola Co. (The)		40,885		2,309,594

Coca-Cola Europacific Partners plc		2,210		129,307

Keurig Dr Pepper, Inc.		10,335		313,461

PepsiCo, Inc.		7,150		1,167,452
				3,985,521

Biotechnology – 1.2%

Amgen, Inc.		1,885		481,995

Gilead Sciences, Inc.		8,645		678,978

Vertex Pharmaceuticals, Inc.*		2,210		800,263
				1,961,236


Investments	Shares		Value

Broadline Retail – 5.2%

Amazon.com, Inc.*		63,700	$	8,477,833

eBay, Inc.		4,550		178,497
				8,656,330

Building Products – 0.3%

Lennox International, Inc.		325		120,426

Owens Corning(a)		455		51,583

Trane Technologies plc		2,015		383,475
				555,484

Capital Markets – 2.9%

Bank of New York Mellon Corp. (The)		4,225		179,563

BlackRock, Inc.		1,495		915,359

FactSet Research Systems, Inc.		390		168,437

Goldman Sachs Group, Inc. (The)		3,445		1,045,936

Moody’s Corp.		845		260,260

Morgan Stanley		8,970		635,255

MSCI, Inc., Class A		585		275,857

Nasdaq, Inc.		3,120		154,752

Northern Trust Corp.(b)		1,170		77,115

S&P Global, Inc.		2,730		953,616

State Street Corp.		2,275		147,033
				4,813,183

Chemicals – 0.6%

Corteva, Inc.		4,810		231,553

DuPont de Nemours, Inc.		3,250		236,860

Ecolab, Inc.		2,015		337,996

Sherwin-Williams Co. (The)		845		201,288
				1,007,697

Commercial Services & Supplies – 0.3%

Cintas Corp.		910		461,479

Communications Equipment – 1.1%

Cisco Systems, Inc.		35,295		1,839,928

F5, Inc.*		325		49,267
				1,889,195

Consumer Finance – 0.1%

Capital One Financial Corp.		1,235		125,093


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – 2.6%

Costco Wholesale Corp.		1,560	$	861,807

Dollar Tree, Inc.*		1,170		129,975

Kroger Co. (The)		6,760		306,701

Target Corp.		3,965		439,282

Walgreens Boots Alliance, Inc.		7,540		158,943

Walmart, Inc.		15,080		2,464,223
				4,360,931

Containers & Packaging – 0.2%

Amcor plc		14,105		125,393

Ball Corp.(a)		2,860		137,709
				263,102

Diversified Telecommunication Services – 0.6%

Verizon Communications, Inc.		29,380		1,032,119

Electric Utilities – 0.0%(c)

Entergy Corp.		780		74,560

Electrical Equipment – 0.2%

Emerson Electric Co.		1,950		173,491

Rockwell Automation, Inc.		390		102,496
				275,987

Electronic Equipment, Instruments & Components – 0.4%

CDW Corp.		1,170		234,468

Corning, Inc.		3,965		106,103

Flex Ltd.*		1,235		31,765

Jabil, Inc.		650		79,820

Keysight Technologies, Inc.*		585		71,399

Trimble, Inc.*		1,170		55,142

Zebra Technologies Corp., Class A*		195		40,839
				619,536

Energy Equipment & Services – 0.6%

Baker Hughes Co., Class A		5,395		185,696

Schlumberger NV(a)		14,885		828,499
				1,014,195

Entertainment – 0.8%

Walt Disney Co. (The)*		15,860		1,294,017


Investments	Shares		Value

Financial Services – 6.0%

Apollo Global Management, Inc.(a)		4,680	$	362,419

Berkshire Hathaway, Inc., Class B*		13,650		4,659,154

Block, Inc., Class A*		1,755		70,639

Fidelity National Information Services, Inc.		2,925		143,647

Mastercard, Inc., Class A		2,925		1,100,824

PayPal Holdings, Inc.*		7,605		393,939

Visa, Inc., Class A		13,910		3,270,241
				10,000,863

Food Products – 1.1%

Archer-Daniels-Midland Co.		1,950		139,561

Conagra Brands, Inc.		3,055		83,585

Darling Ingredients, Inc.*		1,235		54,698

General Mills, Inc.		6,045		394,376

Hershey Co. (The)		1,560		292,266

Hormel Foods Corp.		1,755		57,125

J M Smucker Co. (The)		715		81,396

Kellogg Co.		3,445		173,869

McCormick & Co., Inc. (Non-Voting)		2,080		132,912

Mondelez International, Inc., Class A		4,810		318,470

Tyson Foods, Inc., Class A		1,105		51,217
				1,779,475

Ground Transportation – 0.7%

Uber Technologies, Inc.*		10,660		461,365

Union Pacific Corp.		3,185		661,238
				1,122,603

Health Care Equipment & Supplies – 1.9%

Baxter International, Inc.		1,950		63,238

Becton Dickinson & Co.		2,015		509,352

Boston Scientific Corp.*		7,475		382,645

Cooper Cos., Inc. (The)		325		101,319

Edwards Lifesciences Corp.*		5,330		339,628

Hologic, Inc.*		2,015		133,333

IDEXX Laboratories, Inc.*		455		181,759

Medtronic plc		6,955		490,745

Penumbra, Inc.*		390		74,548

Stryker Corp.		2,925		790,393

Zimmer Biomet Holdings, Inc.		1,105		115,373
				3,182,333


Investments	Shares		Value

COMMON STOCKS – (continued)

Health Care Providers & Services – 3.5%

Cardinal Health, Inc.		1,820	$	165,620

Cencora, Inc.		910		168,486

Centene Corp.*		1,755		121,060

Cigna Group (The)		2,080		643,136

CVS Health Corp.		13,455		928,530

Elevance Health, Inc.		2,080		936,187

Humana, Inc.		455		238,279

Quest Diagnostics, Inc.		325		42,282

UnitedHealth Group, Inc.		4,810		2,576,044
				5,819,624

Health Care REITs – 0.4%

Healthpeak Properties, Inc., REIT		5,330		82,882

Ventas, Inc., REIT		3,640		154,554

Welltower, Inc., REIT(a)		5,395		451,076
				688,512

Hotels, Restaurants & Leisure – 2.1%

Booking Holdings, Inc.*		260		725,286

Caesars Entertainment, Inc.*		1,235		49,264

Carnival Corp.* (a)		4,030		46,184

Chipotle Mexican Grill, Inc., Class A*		130		252,486

Darden Restaurants, Inc.		845		122,973

Domino’s Pizza, Inc.		260		88,137

Hilton Worldwide Holdings, Inc.		2,275		344,731

Las Vegas Sands Corp.		1,560		74,038

Marriott International, Inc., Class A		1,365		257,384

McDonald’s Corp.		3,770		988,381

MGM Resorts International		2,600		90,792

Yum China Holdings, Inc.		2,275		119,574

Yum! Brands, Inc.		2,405		290,668
				3,449,898

Household Products – 2.3%

Church & Dwight Co., Inc.(a)		1,365		124,133

Clorox Co. (The)		1,300		153,010

Colgate-Palmolive Co.		7,085		532,225

Procter & Gamble Co. (The)		20,475		3,071,865
				3,881,233


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – 0.0%(c)

AES Corp. (The)		4,160	$	61,984

Industrial REITs – 0.2%

Prologis, Inc., REIT		3,185		320,889

Insurance – 2.1%

Aflac, Inc.		4,745		370,632

Allstate Corp. (The)(a)		1,365		174,897

American International Group, Inc.		2,535		155,421

Aon plc, Class A		1,040		321,776

Arch Capital Group Ltd.*		1,365		118,318

Arthur J Gallagher & Co.		1,495		352,058

Chubb Ltd.		1,430		306,907

Everest Group Ltd.		325		128,576

Hartford Financial Services Group, Inc. (The)		2,535		186,196

Marsh & McLennan Cos., Inc.		3,445		653,344

Progressive Corp. (The)		3,055		482,965

Willis Towers Watson plc		910		214,660
				3,465,750

Interactive Media & Services – 5.8%

Alphabet, Inc., Class C*		20,150		2,524,795

Meta Platforms, Inc., Class A*		23,140		6,971,388

Snap, Inc., Class A* (a)		11,830		118,418
				9,614,601

IT Services – 2.5%

Accenture plc, Class A		6,890		2,046,950

Akamai Technologies, Inc.*		1,365		141,045

Amdocs Ltd.		1,170		93,787

Cognizant Technology Solutions Corp., Class A		4,485		289,148

Gartner, Inc.* (a)		650		215,826

International Business Machines Corp.		9,490		1,372,634
				4,159,390

Life Sciences Tools & Services – 0.9%

Agilent Technologies, Inc.		1,495		154,538

Avantor, Inc.* (a)		2,730		47,584

Danaher Corp.		3,640		698,953

Illumina, Inc.*		1,105		120,909


Investments	Shares		Value

COMMON STOCKS – (continued)

Life Sciences Tools & Services – (continued)

IQVIA Holdings, Inc.*		1,625	$	293,849

Mettler-Toledo International, Inc.*		65		64,038

Revvity, Inc.(a)		455		37,697

West Pharmaceutical Services, Inc.		390		124,133
				1,541,701

Machinery – 1.5%

Caterpillar, Inc.		2,665		602,423

Cummins, Inc.		975		210,893

Deere & Co.		1,040		379,974

Dover Corp.		780		101,361

Fortive Corp.		2,990		195,187

IDEX Corp.		390		74,650

Illinois Tool Works, Inc.		1,040		233,085

Ingersoll Rand, Inc.		1,495		90,717

Nordson Corp.		390		82,910

Otis Worldwide Corp.		3,510		271,007

Stanley Black & Decker, Inc.		1,365		116,093

Toro Co. (The)		780		63,055

Xylem, Inc.		1,170		109,442
				2,530,797

Media – 0.7%

Comcast Corp., Class A		21,385		882,987

Interpublic Group of Cos., Inc. (The)		3,055		86,762

Omnicom Group, Inc.		1,820		136,336
				1,106,085

Metals & Mining – 0.5%

Freeport-McMoRan, Inc.		9,880		333,746

Newmont Corp.(a)		10,010		375,075

Nucor Corp.		1,300		192,127
				900,948

Multi-Utilities – 0.2%

CMS Energy Corp.(a)		1,105		60,046

Consolidated Edison, Inc.		1,235		108,421

Public Service Enterprise Group, Inc.		1,625		100,181
				268,648


Investments	Shares		Value

Office REITs – 0.0%(c)

Alexandria Real Estate Equities, Inc., REIT		585	$	54,481

Oil, Gas & Consumable Fuels – 4.7%

APA Corp.		975		38,727

Chevron Corp.		18,135		2,642,814

Coterra Energy, Inc.		5,525		151,937

Exxon Mobil Corp.		41,730		4,417,120

Marathon Oil Corp.		3,900		106,509

Phillips 66(a)		4,680		533,848
				7,890,955

Passenger Airlines – 0.0%(c)

American Airlines Group, Inc.* (a)		3,965		44,210

United Airlines Holdings, Inc.*		975		34,135
				78,345

Personal Care Products – 0.1%

Estee Lauder Cos., Inc. (The), Class A		2,015		259,673

Pharmaceuticals – 7.6%

Bristol-Myers Squibb Co.		21,710		1,118,716

Eli Lilly & Co.		5,915		3,276,496

Johnson & Johnson		25,090		3,721,851

Merck & Co., Inc.		26,390		2,710,253

Pfizer, Inc.		39,260		1,199,785

Royalty Pharma plc, Class A		3,900		104,793

Zoetis, Inc., Class A		4,030		632,710
				12,764,604

Professional Services – 0.7%

Automatic Data Processing, Inc.		3,640		794,321

Broadridge Financial Solutions, Inc.		650		110,916

Verisk Analytics, Inc., Class A		1,495		339,903
				1,245,140

Real Estate Management & Development – 0.1%

CBRE Group, Inc., Class A*		3,120		216,341

Residential REITs – 0.2%

Camden Property Trust, REIT(a)		455		38,620

Equity Residential, REIT		1,690		93,508

Essex Property Trust, Inc., REIT(a)		455		97,334


Investments	Shares		Value

COMMON STOCKS – (continued)

Residential REITs – (continued)

Mid-America Apartment Communities, Inc., REIT		455	$	53,758
				283,220

Retail REITs – 0.1%

Simon Property Group, Inc., REIT		1,170		128,571

Semiconductors & Semiconductor Equipment – 5.9%

Advanced Micro Devices, Inc.*		5,590		550,615

Applied Materials, Inc.		7,280		963,508

First Solar, Inc.*		520		74,074

Intel Corp.		36,335		1,326,227

KLA Corp.		715		335,835

Lam Research Corp.		910		535,280

Microchip Technology, Inc.(a)		1,950		139,015

Micron Technology, Inc.		11,440		764,993

NVIDIA Corp.		8,580		3,498,924

Qorvo, Inc.*		390		34,094

QUALCOMM, Inc.		5,850		637,592

Skyworks Solutions, Inc.(a)		585		50,743

Teradyne, Inc.		585		48,713

Texas Instruments, Inc.		6,370		904,604
				9,864,217

Software – 9.7%

Adobe, Inc.*		3,965		2,109,618

Autodesk, Inc.*		2,210		436,762

Crowdstrike Holdings, Inc., Class A* (a)		1,560		275,761

DocuSign, Inc., Class A*		1,235		48,017

Fortinet, Inc.*		2,340		133,778

Gen Digital, Inc.		5,720		95,295

HubSpot, Inc.*		455		192,815

Intuit, Inc.		1,950		965,152

Microsoft Corp.		26,650		9,010,632

Oracle Corp.		5,395		557,843

Palo Alto Networks, Inc.*		2,145		521,278

Salesforce, Inc.*		5,070		1,018,208

Splunk, Inc.*		780		114,785

Synopsys, Inc.*		1,040		488,218

Workday, Inc., Class A*		715		151,373
				16,119,535


Investments	Shares		Value

Specialized REITs – 0.6%

American Tower Corp., REIT		2,405	$	428,547

Digital Realty Trust, Inc., REIT(a)		1,040		129,334

Iron Mountain, Inc., REIT		2,535		149,743

Weyerhaeuser Co., REIT		7,865		225,647
				933,271

Specialty Retail – 1.7%

AutoZone, Inc.*		65		161,013

Best Buy Co., Inc.		2,080		138,986

Burlington Stores, Inc.*		390		47,202

Lowe’s Cos., Inc.		5,070		966,190

Ross Stores, Inc.		2,990		346,750

TJX Cos., Inc. (The)		10,010		881,581

Tractor Supply Co.		910		175,230

Ulta Beauty, Inc.*		195		74,355

Williams-Sonoma, Inc.(a)		650		97,656
				2,888,963

Technology Hardware, Storage & Peripherals – 5.5%

Apple, Inc.		49,465		8,447,138

Hewlett Packard Enterprise Co.		10,725		164,950

HP, Inc.		9,295		244,737

NetApp, Inc.		1,560		113,537

Super Micro Computer, Inc.*		325		77,828

Western Digital Corp.*		3,185		127,878
				9,176,068

Textiles, Apparel & Luxury Goods – 0.9%

Deckers Outdoor Corp.*		195		116,427

Lululemon Athletica, Inc.* (a)		1,300		511,524

NIKE, Inc., Class B		8,580		881,766
				1,509,717

Trading Companies & Distributors – 0.4%

Ferguson plc		2,145		322,179

United Rentals, Inc.		260		105,630

WW Grainger, Inc.		325		237,195
				665,004

Water Utilities – 0.1%

American Water Works Co., Inc.		1,300		152,945
Total Common Stocks (Cost $153,457,687)				164,929,437


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 0.1%(d)

REPURCHASE AGREEMENTS – 0.1%

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $97,173, collateralized by various U.S. Treasury Securities, ranging from 1.50% –3.88%, maturing 2/15/2025 –1/31/2027; total market value $98,264 (Cost $97,159)		97,159	$	97,159
Total Investments – 98.9% (Cost $153,554,846)				165,026,596

Other assets less liabilities – 1.1%				1,898,152
NET ASSETS – 100.0%			$	166,924,748

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $4,105,867, collateralized in the form of cash with a value of $97,159 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,083,890 of collateral in the form of U.S. Government Treasury

Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053 and $5,212 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 4.25%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $4,186,261.

^(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 October 31, 2023. The total value of securities purchased was $97,159.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	22,280,225
Aggregate gross unrealized depreciation		(10,820,223	)
Net unrealized appreciation	$	11,460,002
Federal income tax cost	$	153,450,476

Investment in a company which was affiliated for the period ended October 31, 2023, was as follows:

FlexShares^® STOXX^® US ESG Select Index Fund had the following open futures contracts as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.8%

Air Freight & Logistics – 0.2%

Deutsche Post AG		3,220	$	125,114

DSV A/S		1,150		171,327

International Distributions Services plc*		8,441		25,873
				322,314

Automobile Components – 0.4%

Aisin Corp.		1,200		41,219

BorgWarner, Inc.(a)		782		28,856

Bridgestone Corp.		4,600		172,130

Cie Generale des Etablissements Michelin SCA		4,462		132,152

Continental AG		552		35,848

Denso Corp.		11,600		168,472

Forvia SE*		1,127		18,869

Niterra Co. Ltd.		2,300		50,876

Sumitomo Electric Industries Ltd.		2,300		23,828

Valeo SE		414		5,444
				677,694

Automobiles – 2.0%

Bayerische Motoren Werke AG		1,748		161,908

Ferrari NV		506		152,697

General Motors Co.		10,258		289,276

Honda Motor Co. Ltd.		33,300		331,252

Mazda Motor Corp.		2,300		21,626

Mercedes-Benz Group AG		5,060		296,463

Mitsubishi Motors Corp.		6,900		21,988

Nissan Motor Co. Ltd.		18,400		68,937

Renault SA		1,058		36,960

Rivian Automotive, Inc., Class A* (a)		4,278		69,389

Stellantis NV		12,236		227,629

Subaru Corp.		2,300		38,871

Suzuki Motor Corp.		2,300		87,842

Toyota Motor Corp.		64,400		1,101,363

Volkswagen AG (Preference)		874		92,225

Volvo Car AB, Class B* (a)		2,116		7,256

Yamaha Motor Co. Ltd.(a)		2,300		55,235
				3,060,917


Investments	Shares		Value

Banks – 8.6%

ABN AMRO Bank NV, CVA(b)		2,254	$	30,222

AIB Group plc		8,786		38,020

ANZ Group Holdings Ltd.		19,182		300,105

Banco Bilbao Vizcaya Argentaria SA(a)		31,924		250,446

Banco BPM SpA		9,729		49,598

Banco Santander SA(a)		87,308		319,858

Bank of America Corp.		23,230		611,878

Bank of Ireland Group plc(a)		7,222		64,504

Bank of Montreal		4,416		333,335

Bank of Queensland Ltd.(a)		3,404		10,992

Bank Polska Kasa Opieki SA		1,932		58,547

Bankinter SA(a)		3,726		23,481

Banque Cantonale Vaudoise (Registered)		138		15,558

Barclays plc		76,590		122,307

BAWAG Group AG(b)		506		22,431

BNP Paribas SA		7,038		403,872

Canadian Imperial Bank of Commerce		5,246		184,824

Citigroup, Inc.		14,904		588,559

Commerzbank AG		3,289		35,286

Commonwealth Bank of Australia		12,926		790,256

Danske Bank A/S		3,634		85,043

DBS Group Holdings Ltd.		6,900		165,443

Erste Group Bank AG		966		34,461

FinecoBank Banca Fineco SpA		3,496		41,073

Hang Seng Bank Ltd.		4,600		52,704

HSBC Holdings plc		100,464		722,061

ING Groep NV		8,878		112,871

Intesa Sanpaolo SpA(a)		98,900		256,796

Japan Post Bank Co. Ltd.		4,600		42,509

JPMorgan Chase & Co.		28,244		3,927,611

KBC Group NV		1,012		55,517

Lloyds Banking Group plc		374,900		181,696

Mediobanca Banca di Credito Finanziario SpA(a)		2,254		26,851

Mitsubishi UFJ Financial Group, Inc.		85,100		706,334

NatWest Group plc		27,278		58,985

Nordea Bank Abp		22,862		240,177

Oversea-Chinese Banking Corp. Ltd.		16,100		149,008


Investments	Shares		Value

COMMON STOCKS – (continued)

Banks – (continued)

Royal Bank of Canada		6,440	$	513,808

Santander Bank Polska SA*		46		4,982

Skandinaviska Enskilda Banken AB, Class A		10,580		117,707

Societe Generale SA		4,140		92,530

Standard Chartered plc		12,788		97,761

Svenska Handelsbanken AB, Class A		10,534		89,570

Swedbank AB, Class A		5,106		83,518

Toronto-Dominion Bank (The)		9,200		513,331

UniCredit SpA		7,958		198,724

Virgin Money UK plc		6,946		12,554

Westpac Banking Corp.		21,896		285,587
				13,123,291

Beverages – 1.7%

Anheuser-Busch InBev SA/NV		3,450		195,570

Asahi Group Holdings Ltd.		2,300		82,557

Britvic plc		2,231		22,686

Budweiser Brewing Co. APAC Ltd.(b)		9,200		17,496

Carlsberg A/S, Class B		552		65,664

Coca-Cola Co. (The)		18,676		1,055,007

Coca-Cola Europacific Partners plc(a)		1,150		67,286

Coca-Cola HBC AG		1,150		29,751

Davide Campari-Milano NV(a)		3,036		33,470

Diageo plc		10,074		379,809

Heineken Holding NV		460		34,911

Heineken NV		1,380		123,607

Keurig Dr Pepper, Inc.		5,014		152,075

Kirin Holdings Co. Ltd.		4,600		64,378

Pernod Ricard SA		1,196		211,749

Remy Cointreau SA		230		26,049

Royal Unibrew A/S		46		3,321

Treasury Wine Estates Ltd.		5,796		44,404
				2,609,790

Biotechnology – 0.9%

CSL Ltd.		2,438		358,660

Gilead Sciences, Inc.(a)		6,072		476,895

Grifols SA*		782		8,749


Investments	Shares		Value

Biotechnology – (continued)

Swedish Orphan Biovitrum AB*		603	$	12,381

Vertex Pharmaceuticals, Inc.*		1,334		483,055
				1,339,740

Broadline Retail – 5.5%

Allegro.eu SA* (b)		1,012		7,240

Amazon.com, Inc.*		57,546		7,658,797

eBay, Inc.		2,116		83,011

Isetan Mitsukoshi Holdings Ltd.		4,600		51,454

J Front Retailing Co. Ltd.(a)		2,300		21,725

Next plc		690		57,638

Prosus NV*		6,716		187,622

Rakuten Group, Inc.		9,200		33,824

Wesfarmers Ltd.		8,234		263,379
				8,364,690

Building Products – 0.4%

Assa Abloy AB, Class B		6,072		129,074

Belimo Holding AG (Registered)		46		19,258

Cie de Saint-Gobain SA		3,036		164,945

Fletcher Building Ltd.(a)		2,898		7,282

Lennox International, Inc.		138		51,135

Lixil Corp.		4,600		50,148

Nibe Industrier AB, Class B(a)		2,898		16,647

Reliance Worldwide Corp. Ltd.(a)		2,576		5,692

ROCKWOOL A/S, Class B		92		20,429

Trane Technologies plc		782		148,822
				613,432

Capital Markets – 1.9%

abrdn plc		9,660		18,362

Allfunds Group plc		2,438		12,416

ASX Ltd.		1,702		60,487

BlackRock, Inc.		1,380		844,946

Daiwa Securities Group, Inc.		9,200		52,486

Euronext NV(b)		414		28,794

FactSet Research Systems, Inc.		184		79,468

Goldman Sachs Group, Inc. (The)		1,656		502,778

Hargreaves Lansdown plc		1,357		11,635

Hong Kong Exchanges & Clearing Ltd.		6,900		242,504

IG Group Holdings plc		1,288		9,972

Julius Baer Group Ltd.		1,104		65,023


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

London Stock Exchange Group plc		2,300	$	231,090

Macquarie Group Ltd.		2,576		262,558

Man Group plc		2,576		6,861

Nasdaq, Inc.		1,196		59,322

S&P Global, Inc.		1,012		353,502

Schroders plc		3,772		16,903
				2,859,107

Chemicals – 0.9%

Air Liquide SA		1,702		290,865

Akzo Nobel NV		1,012		67,668

Arkema SA		276		25,783

BASF SE		5,290		243,427

Chr Hansen Holding A/S		368		25,041

Covestro AG* (b)		736		37,108

Croda International plc		966		51,319

DuPont de Nemours, Inc.		1,564		113,984

Ecolab, Inc.		920		154,321

Hexpol AB		2,691		23,773

Incitec Pivot Ltd.		17,066		29,607

Kansai Paint Co. Ltd.		2,300		33,396

LANXESS AG		92		2,100

Mitsubishi Chemical Group Corp.		4,600		25,760

Novozymes A/S, Class B(a)		1,380		61,873

OCI NV(a)		598		13,912

Orica Ltd.		2,346		21,776

Solvay SA		460		48,496

Wacker Chemie AG		92		11,232

Yara International ASA		920		30,058
				1,311,499

Commercial Services & Supplies – 0.3%

Brambles Ltd.		7,958		66,056

Cintas Corp.		552		279,930

Elis SA		1,656		27,079

ISS A/S		598		8,638

Rentokil Initial plc		11,914		60,257

SPIE SA		759		19,928

TOPPAN Holdings, Inc.		2,300		52,426
				514,314


Investments	Shares		Value

Communications Equipment – 0.1%

F5, Inc.*		230	$	34,866

Nokia OYJ		12,466		41,374
				76,240

Construction & Engineering – 0.4%

Balfour Beatty plc		2,990		11,218

Bouygues SA		736		25,836

Eiffage SA		529		47,919

Ferrovial SE		2,576		77,437

HOCHTIEF AG		46		4,746

Obayashi Corp.		6,900		58,683

Shimizu Corp.		6,900		48,796

Skanska AB, Class B		2,116		31,695

Sweco AB, Class B		1,334		12,238

Vinci SA		3,082		340,362

Worley Ltd.		2,024		21,004
				679,934

Construction Materials – 0.1%

Buzzi SpA		368		9,724

Heidelberg Materials AG		184		13,319

Holcim AG		2,622		161,576

Wienerberger AG		437		10,596
				195,215

Consumer Finance – 0.0%(c)

Cembra Money Bank AG		46		3,156

Marui Group Co. Ltd.(a)		2,300		35,986
				39,142

Consumer Staples Distribution & Retail – 2.1%

Aeon Co. Ltd.		4,600		96,195

Axfood AB		598		13,199

Carrefour SA		3,450		60,461

Coles Group Ltd.		4,876		47,142

Endeavour Group Ltd.		9,430		29,495

HelloFresh SE*		690		14,995

J Sainsbury plc		9,108		28,437

Jeronimo Martins SGPS SA		1,334		30,711

Kesko OYJ, Class B		1,472		24,840

Koninklijke Ahold Delhaize NV		5,382		159,286

Kroger Co. (The)		3,220		146,091

Marks & Spencer Group plc*		10,166		26,744


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – (continued)

Ocado Group plc*		2,530	$	14,285

Target Corp.		2,254		249,721

Walgreens Boots Alliance, Inc.		5,060		106,665

Walmart, Inc.		11,730		1,916,799

Woolworths Group Ltd.		8,970		200,027
				3,165,093

Containers & Packaging – 0.2%

Amcor plc		6,808		60,523

Ball Corp.(a)		1,196		57,587

Billerud Aktiebolag		2,438		22,585

DS Smith plc		8,165		28,257

Huhtamaki OYJ		230		7,879

Orora Ltd.		5,198		8,096

Smurfit Kappa Group plc(a)		1,426		46,334

Verallia SA(b)		184		5,979
				237,240

Distributors – 0.0%(c)

D’ieteren Group		92		13,624

Inchcape plc		1,656		13,383
				27,007

Diversified Consumer Services – 0.0%(c)

Pearson plc		3,864		44,618

Diversified REITs – 0.1%

British Land Co. plc (The), REIT		6,348		22,917

Charter Hall Group, REIT		1,196		6,565

GPT Group (The), REIT		12,006		27,518

Mirvac Group, REIT		31,602		36,416

Stockland, REIT		22,448		50,314

Suntec REIT, REIT		18,400		14,773
				158,503

Diversified Telecommunication Services – 0.8%

BT Group plc(a)		35,328		48,335

Cellnex Telecom SA(b)		2,438		71,434

Chorus Ltd.		2,070		8,639

Deutsche Telekom AG (Registered)		19,090		413,147

Elisa OYJ		322		13,641

Infrastrutture Wireless Italiane SpA(b)		1,403		15,304


Investments	Shares		Value

Diversified Telecommunication Services – (continued)

Koninklijke KPN NV		20,378	$	68,388

Singapore Telecommunications Ltd.		36,800		63,928

Spark New Zealand Ltd.		14,306		41,356

Swisscom AG (Registered)		138		82,492

Telenor ASA		2,967		30,316

Telia Co. AB		13,846		29,259

Telstra Group Ltd.		67,482		162,787

TELUS Corp.		5,750		92,613
				1,141,639

Electric Utilities – 0.8%

Chugoku Electric Power Co., Inc. (The)		4,600		28,591

Contact Energy Ltd.		782		3,543

EDP – Energias de Portugal SA		17,802		74,702

Elia Group SA/NV		92		8,718

Endesa SA(a)		1,748		32,823

Enel SpA		23,460		148,486

Entergy Corp.		736		70,354

Fortum OYJ(a)		2,438		28,862

Iberdrola SA		37,674		418,125

Kansai Electric Power Co., Inc. (The)		4,600		58,516

Kyushu Electric Power Co., Inc.*		4,600		29,274

Origin Energy Ltd.		8,878		51,321

Orsted A/S		690		33,204

Redeia Corp. SA		1,196		18,590

SSE plc		6,670		132,170

Terna – Rete Elettrica Nazionale		3,312		25,297

Verbund AG		506		43,857
				1,206,433

Electrical Equipment – 0.7%

ABB Ltd. (Registered)		6,808		227,719

Fujikura Ltd.		2,300		16,265

Legrand SA		1,656		142,622

NEL ASA*		6,256		4,099

Nexans SA		253		17,837

Nidec Corp.		2,300		82,329

Prysmian SpA		1,610		60,056

Schneider Electric SE		2,346		359,510

Siemens Energy AG*		3,036		26,860

Signify NV(b)		138		3,568


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Vestas Wind Systems A/S*		4,968	$	107,122
				1,047,987

Electronic Equipment, Instruments & Components – 0.8%

Alps Alpine Co. Ltd.		4,600		37,330

CDW Corp.		920		184,368

Corning, Inc.		2,346		62,779

Flex Ltd.*		1,150		29,578

Halma plc		1,564		35,015

Hexagon AB, Class B		8,602		69,831

Ibiden Co. Ltd.		1,500		62,805

Jabil, Inc.		322		39,542

Keyence Corp.		700		268,777

Kyocera Corp.		800		38,953

Murata Manufacturing Co. Ltd.		13,800		225,755

Omron Corp.		1,200		42,368

TDK Corp.		2,300		84,409

Venture Corp. Ltd.		2,300		19,642

Yokogawa Electric Corp.		2,300		41,195
				1,242,347

Energy Equipment & Services – 0.4%

Baker Hughes Co., Class A(a)		3,082		106,083

Schlumberger NV(a)		9,246		514,632

Technip Energies NV		138		3,012

Tenaris SA		1,265		19,843
				643,570

Entertainment – 0.5%

Bollore SE		4,117		22,411

Walt Disney Co. (The)*		8,970		731,862
				754,273

Financial Services – 3.2%

AMP Ltd.(a)		26,105		17,272

Apollo Global Management, Inc.(a)		2,254		174,550

Berkshire Hathaway, Inc., Class B*		8,464		2,889,017

Edenred SE		1,564		83,054

EXOR NV		598		51,161

Kinnevik AB, Class B*		690		5,866

M&G plc		14,398		34,628


Investments	Shares		Value

Financial Services – (continued)

Nexi SpA* (b)		4,232	$	24,495

ORIX Corp.		6,900		123,698

PayPal Holdings, Inc.*		3,680		190,624

Visa, Inc., Class A		5,198		1,222,050

Wendel SE		230		17,164

Worldline SA* (b)		1,380		17,475
				4,851,054

Food Products – 1.1%

AAK AB		1,610		30,550

Ajinomoto Co., Inc.		4,600		166,450

Associated British Foods plc		1,886		46,366

Bakkafrost P/F		46		2,073

Danone SA		2,024		120,125

Darling Ingredients, Inc.* (a)		552		24,448

General Mills, Inc.		2,530		165,057

Hershey Co. (The)(a)		736		137,890

JDE Peet’s NV		92		2,552

Kellogg Co.		1,978		99,830

Kerry Group plc, Class A		1,012		77,958

McCormick & Co., Inc. (Non-Voting)		690		44,091

MEIJI Holdings Co. Ltd.		2,300		56,465

Mowi ASA		2,852		46,284

Nestle SA (Registered)		5,704		614,619

Orkla ASA		3,726		25,661

Salmar ASA		368		17,419

Viscofan SA		46		2,655
				1,680,493

Gas Utilities –0.1%

APA Group		5,382		28,079

Enagas SA(a)		322		5,376

Naturgy Energy Group SA(a)		805		22,719

Rubis SCA		276		5,992

Snam SpA		10,810		49,475

Tokyo Gas Co. Ltd.		2,300		51,317
				162,958

Ground Transportation – 0.5%

Aurizon Holdings Ltd.		6,900		14,941

Canadian National Railway Co.		2,944		311,164

Canadian Pacific Kansas City Ltd.		4,738		336,037


Investments	Shares		Value

COMMON STOCKS – (continued)

Ground Transportation – (continued)

ComfortDelGro Corp. Ltd.		13,800	$	13,296

Hankyu Hanshin Holdings, Inc.		1,300		40,577

MTR Corp. Ltd.		11,500		42,989
				759,004

Health Care Equipment & Supplies –2.0%

Alcon, Inc.		2,622		186,757

Ansell Ltd.		322		4,326

Becton Dickinson & Co.		966		244,186

BioMerieux		230		22,001

Boston Scientific Corp.*		4,646		237,829

Carl Zeiss Meditec AG		46		3,974

Cochlear Ltd.		460		70,144

Coloplast A/S, Class B		391		40,698

ConvaTec Group plc(b)		9,660		23,936

Demant A/S*		552		21,005

Edwards Lifesciences Corp.*		3,082		196,385

Elekta AB, Class B		4,002		27,187

EssilorLuxottica SA		920		165,937

Fisher & Paykel Healthcare Corp. Ltd.(a)		4,416		53,452

Getinge AB, Class B		1,058		18,977

Hologic, Inc.*		1,334		88,271

Hoya Corp.		2,300		217,706

IDEXX Laboratories, Inc.*		276		110,254

Koninklijke Philips NV*		5,198		98,337

Medtronic plc		4,370		308,347

Olympus Corp.		6,900		91,077

Smith & Nephew plc		1,150		12,849

Straumann Holding AG (Registered)		736		86,496

Stryker Corp.		2,208		596,646

Terumo Corp.		2,300		62,145

Zimmer Biomet Holdings, Inc.		690		72,043
				3,060,965

Health Care Providers & Services – 2.1%

Cardinal Health, Inc.		1,196		108,836

Cigna Group (The)		874		270,241

CVS Health Corp.		6,302		434,901

Elevance Health, Inc.		1,518		683,237


Investments	Shares		Value

Health Care Providers & Services – (continued)

Fresenius Medical Care AG & Co. KGaA		1,058	$	35,025

Fresenius SE & Co. KGaA		2,070		53,037

Galenica AG(b)		184		13,860

Sonic Healthcare Ltd.		736		13,397

UnitedHealth Group, Inc.		2,990		1,601,324
				3,213,858

Health Care REITs – 0.3%

Cofinimmo SA, REIT		322		19,979

Healthpeak Properties, Inc., REIT		4,968		77,252

Ventas, Inc., REIT		1,978		83,986

Welltower, Inc., REIT		3,358		280,762
				461,979

Hotels, Restaurants & Leisure – 1.5%

Accor SA		1,357		43,131

Amadeus IT Group SA		2,944		167,477

Booking Holdings, Inc.*		115		320,799

Caesars Entertainment, Inc.*		828		33,029

Compass Group plc		10,442		262,667

Darden Restaurants, Inc.		414		60,249

Domino’s Pizza Enterprises Ltd.		644		20,714

Domino’s Pizza, Inc.		138		46,781

Entain plc		3,956		44,663

Greggs plc		851		24,474

Hilton Worldwide Holdings, Inc.		1,242		188,200

InterContinental Hotels Group plc		1,058		74,591

Just Eat Takeaway.com NV* (a) (b)		1,564		18,938

Kindred Group plc, SDR		552		4,509

La Francaise des Jeux SAEM(b)		276		8,874

Las Vegas Sands Corp.		874		41,480

Marriott International, Inc., Class A		828		156,128

MGM Resorts International(a)		1,564		54,615

Oriental Land Co. Ltd.		9,200		295,054

Sodexo SA		529		55,848

SSP Group plc*		1,150		2,512

TUI AG*		2,300		11,566

Whitbread plc		736		29,722

Yum China Holdings, Inc.		1,518		79,786

Yum! Brands, Inc.		1,840		222,382
				2,268,189


Investments	Shares		Value

COMMON STOCKS – (continued)

Household Durables – 0.9%

Barratt Developments plc		6,302	$	31,652

Electrolux AB, Class B*		46		385

GN Store Nord A/S*		506		8,405

Nikon Corp.		2,300		21,505

Panasonic Holdings Corp.		11,500		99,399

Persimmon plc		644		7,940

SEB SA		184		18,117

Sekisui House Ltd.		4,600		89,269

Sony Group Corp.		13,100		1,074,763

Taylor Wimpey plc		22,448		30,181

Vistry Group plc		920		7,893
				1,389,509

Household Products – 1.2%

Clorox Co. (The)		644		75,799

Colgate-Palmolive Co.		2,760		207,331

Essity AB, Class B		2,438		55,491

Henkel AG & Co. KGaA (Preference)		1,104		79,445

Procter & Gamble Co. (The)		7,682		1,152,531

Reckitt Benckiser Group plc		3,634		242,620

Unicharm Corp.		1,200		40,577
				1,853,794

Independent Power and Renewable Electricity Producers – 0.1%

AES Corp. (The)(a)		3,726		55,518

Drax Group plc		2,438		12,502

EDP Renovaveis SA		598		9,601

Meridian Energy Ltd.		8,142		22,874
				100,495

Industrial Conglomerates – 0.4%

DCC plc		299		16,563

Hitachi Ltd.		4,600		287,855

Investment AB Latour, Class B(a)		322		5,555

Keppel Corp. Ltd.		4,600		20,850

Lifco AB, Class B		552		10,069

Siemens AG (Registered)		1,610		212,653
				553,545


Investments	Shares		Value

Industrial REITs – 0.2%

CapitaLand Ascendas REIT, REIT		13,800	$	26,189

Goodman Group, REIT		11,040		144,972

Segro plc, REIT		7,222		62,466

Warehouses De Pauw CVA, REIT		506		12,473
				246,100

Insurance – 1.9%

Admiral Group plc		828		24,546

Aegon Ltd.		5,221		25,297

Aflac, Inc.		1,794		140,129

Ageas SA/NV		1,012		38,787

Allianz SE (Registered)		736		171,850

ASR Nederland NV		506		18,826

Assicurazioni Generali SpA		5,934		117,573

Aviva plc		12,282		59,257

AXA SA		11,592		342,525

Beazley plc		3,772		23,549

Direct Line Insurance Group plc*		3,680		6,756

Hannover Rueck SE		322		70,896

Hiscox Ltd.		460		5,236

Insurance Australia Group Ltd.		13,340		47,890

Japan Post Holdings Co. Ltd.		9,200		81,038

Medibank Pvt Ltd.		14,122		30,669

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		736		294,455

nib holdings Ltd.(a)		3,082		14,128

NN Group NV		1,703		54,470

Phoenix Group Holdings plc		4,554		25,077

Poste Italiane SpA(b)		2,622		25,885

Power Corp. of Canada		2,714		65,316

Prudential plc		5,336		55,542

QBE Insurance Group Ltd.		5,612		55,431

Sampo OYJ, Class A		2,300		90,218

Storebrand ASA		2,760		23,011

Sun Life Financial, Inc.		3,680		167,903

Suncorp Group Ltd.		6,072		51,439

Swiss Life Holding AG (Registered)		138		88,224

Swiss Re AG		1,242		135,275

Tokio Marine Holdings, Inc.		7,200		158,933

Topdanmark A/S		24		1,074

Tryg A/S(a)		2,622		51,112


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Zurich Insurance Group AG		644	$	304,716
				2,867,033

Interactive Media & Services – 4.6%

Alphabet, Inc., Class C*		18,860		2,363,158

Auto Trader Group plc(b)		5,980		45,077

carsales.com Ltd.		2,795		48,896

LY Corp.		23,000		58,060

Meta Platforms, Inc., Class A*		14,398		4,337,685

REA Group Ltd.		506		46,041

Rightmove plc(a)		3,266		18,746

Snap, Inc., Class A* (a)		6,532		65,385
				6,983,048

IT Services – 2.7%

Accenture plc, Class A		6,486		1,926,926

Akamai Technologies, Inc.*		1,104		114,076

Alten SA		92		10,823

Amdocs Ltd.		552		44,248

Capgemini SE		1,058		186,198

CGI, Inc.*		2,070		199,627

Cognizant Technology Solutions Corp., Class A		3,312		213,525

Computacenter plc		575		17,904

Fujitsu Ltd.		1,600		205,117

Gartner, Inc.* (a)		506		168,012

International Business Machines Corp.		5,888		851,640

NEC Corp.		2,300		109,423

Nomura Research Institute Ltd.		2,300		59,898

Reply SpA		230		21,600

Softcat plc		644		9,886

Sopra Steria Group SACA		92		16,463
				4,155,366

Leisure Products – 0.1%

Bandai Namco Holdings, Inc.		2,900		59,419

Thule Group AB(b)		690		15,643

Yamaha Corp.		900		23,646
				98,708


Investments	Shares		Value

Life Sciences Tools & Services – 0.7%

Danaher Corp.		2,254	$	432,813

Eurofins Scientific SE(a)		966		48,837

Gerresheimer AG		92		8,548

Illumina, Inc.*		322		35,233

IQVIA Holdings, Inc.*		1,242		224,591

Lonza Group AG (Registered)		230		80,066

QIAGEN NV*		736		27,322

Sartorius AG (Preference)		184		45,938

Siegfried Holding AG (Registered)		23		18,184

Tecan Group AG (Registered)		46		13,162

Wuxi Biologics Cayman, Inc.* (b)		11,500		71,429
				1,006,123

Machinery – 1.3%

Aalberts NV		230		7,152

Alfa Laval AB		1,357		43,798

Alstom SA(a)		1,649		22,223

ANDRITZ AG		299		13,716

Atlas Copco AB, Class A		9,844		127,052

Bucher Industries AG (Registered)		46		16,347

CNH Industrial NV		5,106		56,480

Cummins, Inc.		414		89,548

Daimler Truck Holding AG		1,564		48,966

Ebara Corp.		300		13,074

Epiroc AB, Class A		4,646		76,306

FANUC Corp.		4,600		110,956

Fortive Corp.		1,472		96,092

GEA Group AG		690		23,506

Georg Fischer AG (Registered)		506		26,088

Husqvarna AB, Class B(a)		4,278		27,607

IMI plc		667		11,857

Indutrade AB		690		12,176

Interpump Group SpA		322		13,410

KION Group AG		322		9,816

Knorr-Bremse AG		506		28,101

Komatsu Ltd.		2,300		52,593

Kone OYJ, Class B		2,346		101,396

Kubota Corp.		4,600		61,173

Metso OYJ		3,864		33,924

MINEBEA MITSUMI, Inc.		2,300		35,378

Nordson Corp.		253		53,785

Otis Worldwide Corp.		1,104		85,240

Rotork plc		7,199		25,578


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Sandvik AB		2,898	$	49,179

Schindler Holding AG		184		37,041

Seatrium Ltd.*		138,000		11,281

SFS Group AG		23		2,285

SKF AB, Class B		782		12,606

Spirax-Sarco Engineering plc		414		41,154

Stanley Black & Decker, Inc.		736		62,597

Techtronic Industries Co. Ltd.		6,500		59,230

Toro Co. (The)		322		26,030

Trelleborg AB, Class B		1,978		49,854

Valmet OYJ(a)		552		12,346

Volvo AB, Class B		8,970		177,350

Wartsila OYJ Abp(a)		3,427		40,715

Weir Group plc (The)		1,035		21,439
				1,926,445

Marine Transportation – 0.1%

AP Moller – Maersk A/S, Class B		23		38,190

Mitsui OSK Lines Ltd.		2,300		58,971

Nippon Yusen KK		2,300		55,843
				153,004

Media – 0.2%

Dentsu Group, Inc.		1,200		34,468

Informa plc		7,958		68,717

Interpublic Group of Cos., Inc. (The)		1,656		47,030

ITV plc		19,343		14,989

Publicis Groupe SA		1,380		104,615

SES SA, Class A, ADR		3,036		17,666

Vivendi SE		4,554		40,703

WPP plc		4,738		40,625
				368,813

Metals & Mining – 1.6%

Anglo American plc		4,876		124,045

Antofagasta plc		1,679		27,403

ArcelorMittal SA		2,346		51,777

Aurubis AG		184		15,104

BHP Group Ltd.		32,660		920,201

BlueScope Steel Ltd.		3,082		36,686

Boliden AB		1,518		38,824


Investments	Shares		Value

Metals & Mining – (continued)

Fortescue Metals Group Ltd.		12,374	$	174,712

Freeport-McMoRan, Inc.		4,692		158,496

IGO Ltd.		1,311		7,894

Iluka Resources Ltd.		2,162		9,911

KGHM Polska Miedz SA		506		13,479

Lynas Rare Earths Ltd.*		7,912		35,317

Mineral Resources Ltd.(a)		1,242		45,421

Newcrest Mining Ltd.(a)		5,198		76,847

Newmont Corp.		3,910		146,482

Norsk Hydro ASA		7,728		44,050

Northern Star Resources Ltd.		7,291		53,964

Rio Tinto Ltd.		2,024		150,678

Rio Tinto plc		4,048		258,128

Sims Ltd.		138		1,090

South32 Ltd.		29,992		63,045

SSAB AB, Class B		3,358		19,452

thyssenkrupp AG		1,426		9,885

voestalpine AG		782		19,474
				2,502,365

Multi-Utilities – 0.6%

A2A SpA		10,971		20,537

AGL Energy Ltd.		3,956		26,926

Centrica plc		14,122		26,956

CMS Energy Corp.(a)		1,104		59,991

Consolidated Edison, Inc.		1,104		96,920

Engie SA		11,362		180,193

Hera SpA		8,119		22,776

National Grid plc		21,712		257,826

Public Service Enterprise Group, Inc.		2,438		150,303

Veolia Environnement SA		2,392		65,307
				907,735

Office REITs – 0.1%

Alexandria Real Estate Equities, Inc., REIT		598		55,692

Covivio SA, REIT		322		13,750

Dexus, REIT		1,610		6,605

Gecina SA, REIT		184		18,010

Keppel REIT, REIT		920		534
				94,591


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – 6.4%

Aker BP ASA		920	$	26,443

Ampol Ltd.		1,564		31,549

BP plc		65,642		400,337

Cameco Corp.		1,472		60,152

Chevron Corp.		16,928		2,466,917

Coterra Energy, Inc.		3,956		108,790

Enbridge, Inc.		5,704		182,594

Eni SpA		14,628		238,545

Equinor ASA		5,750		192,727

Exxon Mobil Corp.		32,568		3,447,323

Galp Energia SGPS SA		1,150		17,273

Gaztransport Et Technigaz SA		184		23,475

Marathon Oil Corp.		2,576		70,351

Neste OYJ		782		26,211

OMV AG		276		12,066

Phillips 66		2,990		341,069

Shell plc(a)		38,502		1,254,880

Suncor Energy, Inc.		4,554		147,322

TotalEnergies SE		7,866		525,468

Woodside Energy Group Ltd.		5,152		111,756
				9,685,248

Paper & Forest Products – 0.1%

Holmen AB, Class B		460		17,321

Mondi plc		2,530		40,801

Oji Holdings Corp.		4,600		19,542

Stora Enso OYJ, Class R		3,910		46,805

Svenska Cellulosa AB SCA, Class B(a)		552		7,557
				132,026

Passenger Airlines – 0.1%

Air France-KLM*		506		5,698

ANA Holdings, Inc.*		2,300		44,832

International Consolidated Airlines Group SA*		16,330		28,564

Qantas Airways Ltd.*		11,914		37,038

Singapore Airlines Ltd.		6,900		30,772
				146,904

Personal Care Products – 1.2%

Beiersdorf AG		437		57,300


Investments	Shares		Value

Personal Care Products – (continued)

Estee Lauder Cos., Inc. (The), Class A		1,150	$	148,201

Haleon plc		27,232		108,882

Kao Corp.		2,800		101,576

L’Oreal SA		1,518		635,633

Shiseido Co. Ltd.		3,400		106,909

Unilever plc		14,490		683,791
				1,842,292

Pharmaceuticals – 7.5%

Astellas Pharma, Inc.		13,800		173,132

AstraZeneca plc		9,062		1,127,119

Bristol-Myers Squibb Co.		13,386		689,781

Chugai Pharmaceutical Co. Ltd.		2,300		67,734

Daiichi Sankyo Co. Ltd.		6,900		175,775

Dechra Pharmaceuticals plc		621		28,695

Eisai Co. Ltd.		1,300		68,337

Eli Lilly & Co.		2,714		1,503,366

GSK plc		18,584		328,655

Hikma Pharmaceuticals plc		828		19,105

Ipsen SA		115		13,553

Merck & Co., Inc.		16,468		1,691,264

Merck KGaA		736		110,741

Novartis AG (Registered)		11,086		1,029,845

Novo Nordisk A/S, Class B		13,938		1,336,292

Ono Pharmaceutical Co. Ltd.		2,300		39,509

Orion OYJ, Class B		782		31,030

Pfizer, Inc.		27,554		842,050

Roche Holding AG		3,036		780,142

Sanofi SA		7,038		637,537

Santen Pharmaceutical Co. Ltd.		2,300		19,857

Shionogi & Co. Ltd.		3,400		156,861

Takeda Pharmaceutical Co. Ltd.		6,300		169,018

UCB SA		414		30,220

Zoetis, Inc., Class A		2,300		361,100
				11,430,718

Professional Services – 0.8%

Adecco Group AG (Registered)		1,012		38,076

ALS Ltd.		2,392		16,251

Arcadis NV		506		21,351

Automatic Data Processing, Inc.		1,334		291,105

Bureau Veritas SA		1,380		31,347


Investments	Shares		Value

COMMON STOCKS – (continued)

Professional Services – (continued)

Computershare Ltd.		3,772	$	59,205

DKSH Holding AG		138		8,446

Experian plc		1,518		45,885

Intertek Group plc		1,012		46,947

Randstad NV		552		28,496

RELX plc		10,994		382,610

SGS SA (Registered)		1,012		82,268

Teleperformance SE		322		36,809

Verisk Analytics, Inc., Class A		690		156,878
				1,245,674

Real Estate Management & Development – 0.5%

Castellum AB		736		7,019

CBRE Group, Inc., Class A* (a)		2,392		165,861

City Developments Ltd.		4,600		21,220

CK Asset Holdings Ltd.		11,500		57,466

Daiwa House Industry Co. Ltd.		4,600		125,354

Fabege AB		2,300		17,099

Hongkong Land Holdings Ltd.		9,200		29,164

Kojamo OYJ		1,012		8,622

Mitsubishi Estate Co. Ltd.		4,600		58,136

Mitsui Fudosan Co. Ltd.		2,300		49,312

Sagax AB, Class B(a)		552		9,955

Sun Hung Kai Properties Ltd.		6,000		61,613

Swiss Prime Site AG (Registered)		690		63,992

Tokyu Fudosan Holdings Corp.		4,600		26,480

Vonovia SE		4,600		105,510

Wihlborgs Fastigheter AB		2,346		15,150
				821,953

Residential REITs – 0.1%

Camden Property Trust, REIT(a)		460		39,045

Equity Residential, REIT		1,196		66,175

Essex Property Trust, Inc., REIT(a)		322		68,882
				174,102

Retail REITs – 0.2%

CapitaLand Integrated Commercial Trust, REIT		27,600		35,456

Klepierre SA, REIT		644		15,588

Link REIT, REIT		9,200		42,210

Region RE Ltd., REIT		12,512		15,567


Investments	Shares		Value

Retail REITs – (continued)

Simon Property Group, Inc., REIT		1,012	$	111,209

Unibail – Rodamco-Westfield, REIT*		322		15,881

Vicinity Ltd., REIT		36,662		39,461
				275,372

Semiconductors & Semiconductor Equipment – 4.4%

Advanced Micro Devices, Inc.*		5,152		507,472

Advantest Corp.		2,400		60,457

AIXTRON SE		253		7,076

ams-OSRAM AG* (a)		1,794		6,365

Applied Materials, Inc.		5,428		718,396

ASM International NV		276		113,338

ASML Holding NV		1,702		1,016,983

BE Semiconductor Industries NV		529		54,405

Infineon Technologies AG		5,474		158,971

Intel Corp.		27,140		990,610

KLA Corp.		460		216,062

Lam Research Corp.		644		378,814

Microchip Technology, Inc.(a)		1,794		127,894

Micron Technology, Inc.		8,832		590,596

Nordic Semiconductor ASA*		736		5,940

QUALCOMM, Inc.		3,680		401,083

Renesas Electronics Corp.*		11,500		148,491

Rohm Co. Ltd.		2,400		37,812

SOITEC*		161		23,910

STMicroelectronics NV(a)		3,680		139,915

SUMCO Corp.		2,300		29,387

Texas Instruments, Inc.		4,508		640,181

Tokyo Electron Ltd.		2,300		300,020
				6,674,178

Software – 9.5%

Adobe, Inc.*		2,944		1,566,385

Autodesk, Inc.*		1,748		345,457

Crowdstrike Holdings, Inc., Class A* (a)		1,472		260,205

Dassault Systemes SE		2,944		120,785

DocuSign, Inc., Class A*		1,104		42,924

Gen Digital, Inc.		4,922		82,001

HubSpot, Inc.*		322		136,454

Intuit, Inc.		1,380		683,031

Microsoft Corp.		24,058		8,134,250


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – (continued)

Oracle Corp.		5,060	$	523,204

Palo Alto Networks, Inc.*		1,518		368,904

Sage Group plc (The)		6,026		70,973

Salesforce, Inc.*		3,128		628,196

SAP SE		5,382		720,995

Splunk, Inc.*		736		108,310

Synopsys, Inc.*		736		345,508

Temenos AG (Registered)		230		16,463

WiseTech Global Ltd.		1,242		45,735

Workday, Inc., Class A*		690		146,080
				14,345,860

Specialized REITs – 0.5%

American Tower Corp., REIT(a)		2,346		418,034

Big Yellow Group plc, REIT		874		10,128

Digital Realty Trust, Inc., REIT		966		120,132

Iron Mountain, Inc., REIT(a)		1,426		84,234

Keppel DC REIT, REIT		2,300		2,837

Safestore Holdings plc, REIT		230		1,908

Weyerhaeuser Co., REIT		4,692		134,613
				771,886

Specialty Retail – 1.2%

Best Buy Co., Inc.		1,196		79,917

Burlington Stores, Inc.*		230		27,837

H & M Hennes & Mauritz AB, Class B		2,668		35,652

JB Hi-Fi Ltd.		874		24,996

Kingfisher plc		11,270		28,691

Lowe’s Cos., Inc.		2,852		543,506

Nitori Holdings Co. Ltd.		600		65,014

Ross Stores, Inc.		2,254		261,396

TJX Cos., Inc. (The)		5,842		514,505

Tractor Supply Co.		552		106,293

Watches of Switzerland Group plc* (d)		1,472		8,949

Williams-Sonoma, Inc.(a)		644		96,754

Zalando SE* (b)		414		9,623
				1,803,133

Technology Hardware, Storage & Peripherals – 5.6%

Apple, Inc.		44,666		7,627,613

Brother Industries Ltd.		2,300		35,522


Investments	Shares		Value

Technology Hardware, Storage & Peripherals – (continued)

FUJIFILM Holdings Corp.		3,600	$	194,994

Hewlett Packard Enterprise Co.		8,004		123,101

HP, Inc.		5,796		152,609

Konica Minolta, Inc.*		4,600		12,745

Logitech International SA (Registered)		644		50,357

NetApp, Inc.		1,058		77,001

Ricoh Co. Ltd.		2,300		18,414

Seiko Epson Corp.		2,300		31,536

Western Digital Corp.*		2,622		105,273
				8,429,165

Textiles, Apparel & Luxury Goods – 2.0%

adidas AG		368		65,037

Asics Corp.		2,300		71,819

Burberry Group plc		2,162		44,389

Christian Dior SE		23		15,851

Deckers Outdoor Corp.*		138		82,394

Hermes International SCA		138		256,666

HUGO BOSS AG		391		22,772

Kering SA		414		167,688

Lululemon Athletica, Inc.* (a)		966		380,102

LVMH Moet Hennessy Louis Vuitton SE		1,564		1,115,048

Moncler SpA		1,242		64,248

NIKE, Inc., Class B		6,026		619,292

Pandora A/S		506		57,197

Puma SE		598		33,690

Shenzhou International Group Holdings Ltd.		4,600		45,121

Swatch Group AG (The)		207		52,816
				3,094,130

Trading Companies & Distributors – 1.0%

Ashtead Group plc		2,622		149,665

Beijer Ref AB, Class B(a)		1,656		15,667

Bunzl plc		736		26,186

Diploma plc		805		27,761

Ferguson plc		1,978		297,096

Grafton Group plc		1,150		10,760

IMCD NV		184		22,074

ITOCHU Corp.(a)		6,900		244,800

Mitsui & Co. Ltd.		9,200		329,073


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

Rexel SA		1,219	$	24,784

RS GROUP plc		2,070		17,010

Sojitz Corp.		1,599		32,794

Sumitomo Corp.		6,900		133,881

Toyota Tsusho Corp.		1,800		93,967

Travis Perkins plc		2,070		18,578
				1,444,096

Transportation Infrastructure – 0.2%

Aena SME SA(b)		276		39,894

Aeroports de Paris SA		92		10,288

Auckland International Airport Ltd.		5,553		23,707

Flughafen Zurich AG (Registered)		46		8,553

Getlink SE		2,047		32,964

Qube Holdings Ltd.(a)		10,166		17,121

SATS Ltd.*		4,600		8,260

Transurban Group		13,294		99,490
				240,277

Water Utilities – 0.1%

American Water Works Co., Inc.		1,012		119,062

Pennon Group plc		3,128		27,575

Severn Trent plc		1,702		54,854

United Utilities Group plc		1,794		23,141
				224,632

Wireless Telecommunication Services – 0.1%

Millicom International Cellular SA, SDR*		414		6,485

Tele2 AB, Class B		1,978		14,011

Vodafone Group plc		135,838		124,778
				145,274
Total Common Stocks (Cost $125,624,190)				150,048,123


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 0.6%(e)

REPURCHASE AGREEMENTS – 0.6%

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $857,630, collateralized by various U.S. Treasury Securities, ranging from 1.50% –3.88%, maturing 2/15/2025 –1/31/2027; total market value $867,255 (Cost $857,504)	$	857,504	$	857,504
Total Investments – 99.4% (Cost $126,481,694)				150,905,627

Other assets less liabilities – 0.6%				909,993
NET ASSETS – 100.0%				151,815,620

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $6,708,462, collateralized in the form of cash with a value of $857,504 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,674,253 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053 and $1,463,495 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $6,995,252.

^(b)

^(c)

Represents less than 0.05% of net assets.

^(d)

^(e)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $857,504.

Percentages shown are based on Net Assets.

Abbreviations

ADR – American Depositary Receipt

CVA – Dutch Certification

FlexShares^® STOXX^® Global ESG Select Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® STOXX^® Global ESG Select Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® STOXX^® Global ESG Select Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 99.2%

Aerospace & Defense – 0.2%

Axon Enterprise, Inc.*		341	$	69,731

Air Freight & Logistics – 0.1%

United Parcel Service, Inc., Class B		341		48,166

Automobiles – 2.2%

Tesla, Inc.*		3,968		796,933

Banks – 3.2%

Bank of America Corp.		14,043		369,893

Citigroup, Inc.		7,006		276,667

Fifth Third Bancorp		806		19,110

JPMorgan Chase & Co.		3,751		521,614
				1,187,284

Beverages – 1.3%

Coca-Cola Co. (The)		775		43,780

PepsiCo, Inc.		2,759		450,489
				494,269

Biotechnology – 3.0%

AbbVie, Inc.		2,542		358,880

Amgen, Inc.		1,488		380,482

Biogen, Inc.*		713		169,366

Regeneron Pharmaceuticals, Inc.*		217		169,236

Vertex Pharmaceuticals, Inc.*		31		11,225
				1,089,189

Broadline Retail – 3.8%

Amazon.com, Inc.*		9,579		1,274,869

eBay, Inc.		2,604		102,155

Etsy, Inc.*		620		38,626
				1,415,650

Building Products – 1.1%

Johnson Controls International plc		3,162		155,001

Owens Corning		465		52,717

Trane Technologies plc		1,116		212,386
				420,104

Capital Markets – 3.4%

BlackRock, Inc.		31		18,981


Investments	Shares		Value

Capital Markets – (continued)

Goldman Sachs Group, Inc. (The)		465	$	141,179

Moody’s Corp.		806		248,248

Morgan Stanley		3,751		265,646

MSCI, Inc., Class A		403		190,034

Nasdaq, Inc.		186		9,225

S&P Global, Inc.		1,054		368,173
				1,241,486

Chemicals – 1.3%

Ecolab, Inc.		1,271		213,198

International Flavors & Fragrances, Inc.		1,209		82,635

PPG Industries, Inc.		1,178		144,623

Sherwin-Williams Co. (The)		93		22,153
				462,609

Commercial Services & Supplies – 1.4%

Cintas Corp.		434		220,090

Waste Management, Inc.		1,767		290,371
				510,461

Communications Equipment – 0.8%

Cisco Systems, Inc.		5,394		281,189

Construction & Engineering – 0.1%

AECOM		651		49,834

Consumer Finance – 0.1%

American Express Co.		248		36,215

Consumer Staples Distribution & Retail – 1.9%

Kroger Co. (The)		3,348		151,899

Sysco Corp.		2,542		169,017

Target Corp.		1,116		123,642

Walgreens Boots Alliance, Inc.		3,472		73,190

Walmart, Inc.		1,116		182,365
				700,113

Containers & Packaging – 0.2%

Avery Dennison Corp.		403		70,150

Ball Corp.		279		13,434
				83,584


Investments	Shares		Value

COMMON STOCKS – (continued)

Diversified Telecommunication Services – 1.5%

AT&T, Inc.		19,716	$	303,626

Verizon Communications, Inc.		6,820		239,587
				543,213

Electric Utilities – 1.1%

Constellation Energy Corp.		217		24,504

Edison International		837		52,781

Eversource Energy		1,674		90,044

Exelon Corp.		4,898		190,728

NextEra Energy, Inc.		682		39,761
				397,818

Electrical Equipment – 0.2%

Rockwell Automation, Inc.		248		65,177

Energy Equipment & Services – 0.8%

Baker Hughes Co., Class A		2,852		98,166

Schlumberger NV		3,534		196,702
				294,868

Entertainment – 0.9%

Spotify Technology SA*		403		66,398

Walt Disney Co. (The)*		3,069		250,400
				316,798

Financial Services – 4.2%

Berkshire Hathaway, Inc., Class B*		744		253,950

Mastercard, Inc., Class A		1,550		583,342

PayPal Holdings, Inc.*		1,798		93,136

Visa, Inc., Class A		2,666		626,777
				1,557,205

Food Products – 0.3%

General Mills, Inc.		527		34,382

Mondelez International, Inc., Class A		1,054		69,785
				104,167

Ground Transportation – 1.7%

CSX Corp.		9,889		295,187

Norfolk Southern Corp.		1,116		212,922

Union Pacific Corp.		558		115,846
				623,955


Investments	Shares		Value

Health Care Equipment & Supplies – 1.7%

Abbott Laboratories		2,511	$	237,415

Boston Scientific Corp.*		2,604		133,299

Edwards Lifesciences Corp.*		713		45,433

Medtronic plc		3,131		220,923
				637,070

Health Care Providers & Services – 3.3%

Cencora, Inc.		496		91,834

Cigna Group (The)		1,333		412,164

CVS Health Corp.		3,689		254,578

Elevance Health, Inc.		868		390,678

UnitedHealth Group, Inc.		155		83,012
				1,232,266

Hotel & Resort REITs – 0.1%

Host Hotels & Resorts, Inc., REIT		3,441		53,267

Hotels, Restaurants & Leisure – 1.4%

Airbnb, Inc., Class A*		186		22,002

Booking Holdings, Inc.*		45		125,530

Caesars Entertainment, Inc.*		1,023		40,807

Las Vegas Sands Corp.		1,674		79,448

McDonald’s Corp.		744		195,055

MGM Resorts International		1,426		49,796
				512,638

Household Products – 2.0%

Church & Dwight Co., Inc.		124		11,277

Clorox Co. (The)		620		72,974

Colgate-Palmolive Co.		2,728		204,927

Kimberly-Clark Corp.		1,147		137,227

Procter & Gamble Co. (The)		2,046		306,961
				733,366

Industrial Conglomerates – 0.2%

3M Co.		682		62,028

Industrial REITs – 0.9%

Prologis, Inc., REIT		3,224		324,818

Insurance – 1.7%

Chubb Ltd.		992		212,903

Hartford Financial Services Group, Inc. (The)		1,519		111,571

Marsh & McLennan Cos., Inc.		217		41,154


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

MetLife, Inc.		3,224	$	193,472

Principal Financial Group, Inc.		155		10,490

Travelers Cos., Inc. (The)		248		41,525
				611,115

Interactive Media & Services – 6.3%

Alphabet, Inc., Class A*		7,502		930,848

Alphabet, Inc., Class C*		7,254		908,926

Meta Platforms, Inc., Class A*		1,550		466,969
				2,306,743

IT Services – 1.8%

Accenture plc, Class A		558		165,776

Akamai Technologies, Inc.*		744		76,878

International Business Machines Corp.		2,945		425,965
				668,619

Life Sciences Tools & Services – 0.7%

Agilent Technologies, Inc.		186		19,227

Charles River Laboratories International, Inc.*		248		41,753

Illumina, Inc.*		775		84,800

Mettler-Toledo International, Inc.*		93		91,624

Thermo Fisher Scientific, Inc.		62		27,576
				264,980

Machinery – 1.7%

CNH Industrial NV		4,712		51,738

Cummins, Inc.		682		147,517

Deere & Co.		558		203,871

Stanley Black & Decker, Inc.		744		63,277

Westinghouse Air Brake Technologies Corp.		868		92,025

Xylem, Inc.		899		84,092
				642,520

Media – 0.6%

Comcast Corp., Class A		3,596		148,479

Interpublic Group of Cos., Inc. (The)		1,922		54,585
				203,064

Metals & Mining – 0.8%

Newmont Corp.		5,615		210,394


Investments	Shares		Value

Metals & Mining – (continued)

Nucor Corp.		93	$	13,745

Steel Dynamics, Inc.		806		85,847
				309,986

Multi-Utilities – 1.0%

Consolidated Edison, Inc.		1,705		149,682

Sempra		3,038		212,751
				362,433

Office REITs – 0.1%

Boston Properties, Inc., REIT		713		38,195

Oil, Gas & Consumable Fuels – 3.4%

Cheniere Energy, Inc.		992		165,089

EQT Corp.		1,798		76,199

Exxon Mobil Corp.		434		45,939

Hess Corp.		806		116,386

Marathon Petroleum Corp.		1,984		300,080

ONEOK, Inc.		124		8,085

Pioneer Natural Resources Co.		496		118,544

Valero Energy Corp.		1,674		212,598

Williams Cos., Inc. (The)		6,014		206,882
				1,249,802

Personal Care Products – 0.4%

Estee Lauder Cos., Inc. (The), Class A		1,147		147,814

Kenvue, Inc.		961		17,875
				165,689

Pharmaceuticals – 4.4%

Bristol-Myers Squibb Co.		2,914		150,158

Eli Lilly & Co.		124		68,687

Johnson & Johnson		4,216		625,402

Merck & Co., Inc.		5,146		528,494

Pfizer, Inc.		8,649		264,314
				1,637,055

Professional Services – 1.4%

Automatic Data Processing, Inc.		1,550		338,241

Paychex, Inc.		1,581		175,570
				513,811

Semiconductors & Semiconductor Equipment – 6.2%

Advanced Micro Devices, Inc.*		62		6,107

Applied Materials, Inc.		2,077		274,891


Investments	Shares		Value

COMMON STOCKS – (continued)

Semiconductors & Semiconductor Equipment – (continued)

Enphase Energy, Inc.*		651	$	51,807

First Solar, Inc.*		496		70,655

Intel Corp.		12,958		472,967

NVIDIA Corp.		3,100		1,264,180

QUALCOMM, Inc.		620		67,574

SolarEdge Technologies, Inc.*		279		21,190

Texas Instruments, Inc.		527		74,839
				2,304,210

Software – 11.5%

Adobe, Inc.*		1,023		544,297

Autodesk, Inc.*		558		110,278

Cadence Design Systems, Inc.*		93		22,306

Microsoft Corp.		7,750		2,620,353

Salesforce, Inc.*		2,356		473,155

ServiceNow, Inc.*		155		90,187

VMware, Inc., Class A*		1,110		161,672

Workday, Inc., Class A*		1,023		216,579
				4,238,827

Specialized REITs – 1.2%

Equinix, Inc., REIT		465		339,282

Weyerhaeuser Co., REIT		3,565		102,280
				441,562

Specialty Retail – 2.2%

Best Buy Co., Inc.		217		14,500

Home Depot, Inc. (The)		651		185,333

Lowe’s Cos., Inc.		682		129,969

TJX Cos., Inc. (The)		4,402		387,684

Tractor Supply Co.		558		107,449
				824,935

Technology Hardware, Storage & Peripherals – 8.2%

Apple, Inc.		15,903		2,715,755

Dell Technologies, Inc., Class C		1,271		85,043

Hewlett Packard Enterprise Co.		6,417		98,694

HP, Inc.		4,371		115,088

NetApp, Inc.		248		18,049
				3,032,629

Textiles, Apparel & Luxury Goods – 1.1%

NIKE, Inc., Class B		3,937		404,605


Investments	Shares		Value

Trading Companies & Distributors – 0.1%

WW Grainger, Inc.		31	$	22,625
Total Common Stocks (Cost $36,507,265)				36,588,876
	Principal Amount

SHORT-TERM INVESTMENTS – 0.0%(a) (b) (c)

U.S. TREASURY OBLIGATIONS – 0.0%

U.S. Treasury Bills 5.42%, 4/11/2024 (Cost $24,404)	$	25,000		24,403
Total Investments – 99.2% (Cost $36,531,669)				36,613,279

Other assets less liabilities – 0.8%				282,607
NET ASSETS – 100.0%			$	36,895,886

*	Non-income producing security.

^(a)

Represents less than 0.05% of net assets.

^(b)

The rate shown was the current yield as of October 31, 2023.

^(c)

All or a portion of the security pledged as collateral for Futures Contracts.

Percentages shown are based on Net Assets.

Abbreviations:

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	2,728,395
Aggregate gross unrealized depreciation		(2,648,444	)
Net unrealized appreciation	$	79,951
Federal income tax cost	$	36,515,607

FlexShares^® ESG & Climate US Large Cap Core Index Fund had the following open futures contracts as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.3%

Air Freight & Logistics – 0.9%

Deutsche Post AG		8,838	$	343,403

Automobile Components – 0.4%

Bridgestone Corp.		3,600		134,710

Sumitomo Electric Industries Ltd.		1,800		18,649
				153,359

Automobiles – 2.4%

Bayerische Motoren Werke AG		396		36,679

Honda Motor Co. Ltd.		2,400		23,874

Mercedes-Benz Group AG		2,520		147,646

Porsche Automobil Holding SE (Preference)		1,638		72,977

Toyota Motor Corp.		30,600		523,319

Yamaha Motor Co. Ltd.		3,600		86,455
				890,950

Banks – 11.5%

ABN AMRO Bank NV, CVA(a)		4,914		65,887

AIB Group plc		17,586		75,703

ANZ Group Holdings Ltd.		10,098		157,984

Banco Santander SA		40,122		146,989

Bank of Montreal		558		42,120

Bank of Nova Scotia (The)		5,418		219,140

Barclays plc		36,576		58,408

BNP Paribas SA		6,894		395,609

Commonwealth Bank of Australia		6,138		375,259

Credit Agricole SA		3,852		46,326

Danske Bank A/S		1,440		33,699

DBS Group Holdings Ltd.		1,800		43,159

HSBC Holdings plc		52,398		376,598

ING Groep NV		16,488		209,622

Mitsubishi UFJ Financial Group, Inc.		43,200		358,562

Mizuho Financial Group, Inc.		3,600		60,509

National Australia Bank Ltd.		10,332		183,495

NatWest Group plc		22,284		48,186

Nordea Bank Abp		4,716		49,513

Resona Holdings, Inc.		3,600		19,100

Royal Bank of Canada		5,652		450,939

Societe Generale SA		4,608		102,990

Standard Chartered plc		4,770		36,465


Investments	Shares		Value

Banks – (continued)

Toronto-Dominion Bank (The)		9,108	$	508,198

Westpac Banking Corp.		19,530		254,728
				4,319,188

Beverages – 2.4%

Anheuser-Busch InBev SA/NV		1,872		106,118

Asahi Group Holdings Ltd.		1,800		64,610

Coca-Cola HBC AG		2,682		69,385

Diageo plc		12,780		481,830

Kirin Holdings Co. Ltd.		5,400		75,574

Pernod Ricard SA		522		92,419
				889,936

Biotechnology – 0.7%

CSL Ltd.		1,548		227,730

Grifols SA*		3,654		40,882
				268,612

Broadline Retail – 0.7%

Canadian Tire Corp. Ltd., Class A		630		60,701

Next plc		1,530		127,807

Rakuten Group, Inc.		18,000		66,179
				254,687

Building Products – 1.2%

Cie de Saint-Gobain SA		3,024		164,293

Daikin Industries Ltd.		200		28,565

Geberit AG (Registered)		252		116,800

Kingspan Group plc		1,818		121,985
				431,643

Capital Markets – 2.5%

Daiwa Securities Group, Inc.		10,800		61,614

Deutsche Boerse AG		216		35,434

EQT AB		4,212		76,492

Hong Kong Exchanges & Clearing Ltd.		2,600		91,379

London Stock Exchange Group plc		180		18,085

Macquarie Group Ltd.		1,170		119,252

Nomura Holdings, Inc.		32,400		124,063

Schroders plc		7,506		33,636

St James’s Place plc		5,328		41,352


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – (continued)

UBS Group AG (Registered)		14,382	$	335,351
				936,658

Chemicals – 3.3%

Akzo Nobel NV		1,908		127,580

Arkema SA		558		52,127

Chr Hansen Holding A/S		1,296		88,188

Clariant AG (Registered)		3,042		43,020

Covestro AG* (a)		2,322		117,073

Croda International plc		1,530		81,281

Givaudan SA (Registered)		45		149,332

Mitsui Chemicals, Inc.		1,800		44,725

Nissan Chemical Corp.		1,000		40,246

Nitto Denko Corp.		1,800		115,087

Novozymes A/S, Class B		1,350		60,528

Nutrien Ltd.		270		14,486

Sika AG (Registered)		936		223,085

Sumitomo Chemical Co. Ltd.		10,800		27,242

Symrise AG, Class A		270		27,454

Umicore SA		162		3,844

Wacker Chemie AG		162		19,778
				1,235,076

Commercial Services & Supplies – 0.3%

Brambles Ltd.		2,808		23,308

Dai Nippon Printing Co. Ltd.		2,500		64,528

Secom Co. Ltd.		400		27,601
				115,437

Communications Equipment – 0.2%

Nokia OYJ		18,810		62,430

Construction & Engineering – 0.5%

Taisei Corp.		1,800		60,604

WSP Global, Inc.		828		108,247
				168,851

Consumer Staples Distribution & Retail – 2.3%

Aeon Co. Ltd.		3,600		75,283

Carrefour SA		6,048		105,992

Jeronimo Martins SGPS SA		3,690		84,949

Loblaw Cos. Ltd.		720		58,824

Tesco plc		83,646		273,746


Investments	Shares		Value

Consumer Staples Distribution & Retail – (continued)

Woolworths Group Ltd.		12,492	$	278,566
				877,360

Containers & Packaging – 0.6%

DS Smith plc		5,256		18,190

SIG Group AG		3,834		84,217

Smurfit Kappa Group plc		3,114		101,420
				203,827

Diversified Consumer Services – 0.3%

Pearson plc		8,370		96,650

Diversified REITs – 0.2%

GPT Group (The), REIT		24,012		55,036

Land Securities Group plc, REIT		4,374		30,200
				85,236

Diversified Telecommunication Services – 2.2%

BCE, Inc.		2,736		101,588

Deutsche Telekom AG (Registered)		13,608		294,505

Nippon Telegraph & Telephone Corp.		75,600		88,257

Swisscom AG (Registered)		306		182,917

Telefonica Deutschland Holding AG		4,194		7,108

Telefonica SA		7,254		27,956

Telia Co. AB		738		1,560

TELUS Corp.		6,318		101,762
				805,653

Electric Utilities – 1.8%

Acciona SA		324		40,754

EDP – Energias de Portugal SA		37,314		156,580

Hydro One Ltd.(a)		486		12,589

Iberdrola SA		15,408		171,006

Orsted A/S		2,340		112,604

Terna – Rete Elettrica Nazionale		15,516		118,509

Verbund AG		864		74,886
				686,928

Electrical Equipment – 2.1%

Mitsubishi Electric Corp.		7,200		79,752

Schneider Electric SE		2,934		449,618

Vestas Wind Systems A/S*		11,664		251,504
				780,874


Investments	Shares		Value

COMMON STOCKS – (continued)

Electronic Equipment, Instruments & Components – 0.4%

Murata Manufacturing Co. Ltd.		5,400	$	88,339

Omron Corp.		2,000		70,613
				158,952

Energy Equipment & Services – 0.0%(b)

Tenaris SA		720		11,294

Entertainment – 0.1%

Nintendo Co. Ltd.		800		32,862

Financial Services – 0.2%

M&G plc		22,158		53,291

Worldline SA* (a)		2,538		32,139
				85,430

Food Products – 2.1%

Ajinomoto Co., Inc.		1,100		39,803

Nestle SA (Registered)		7,020		756,422
				796,225

Gas Utilities – 0.4%

AltaGas Ltd.		1,818		33,734

APA Group		2,790		14,556

Hong Kong & China Gas Co. Ltd.		144,000		100,299
				148,589

Ground Transportation – 2.1%

Canadian National Railway Co.		3,114		329,132

Canadian Pacific Kansas City Ltd.		2,160		153,196

Central Japan Railway Co.		2,500		56,060

East Japan Railway Co.		3,600		187,125

MTR Corp. Ltd.		11,000		41,120

West Japan Railway Co.		300		11,382
				778,015

Health Care Equipment & Supplies – 2.2%

BioMerieux		558		53,377

Koninklijke Philips NV*		10,944		207,041

Olympus Corp.		9,000		118,796

Siemens Healthineers AG(a)		3,600		176,257

Sonova Holding AG (Registered)		594		140,007

Sysmex Corp.		1,800		85,017

Terumo Corp.		1,800		48,635
				829,130


Investments	Shares		Value

Hotels, Restaurants & Leisure – 1.5%

Amadeus IT Group SA		5,418	$	308,218

Genting Singapore Ltd.		55,800		35,026

Oriental Land Co. Ltd.		1,800		57,728

Sands China Ltd.*		28,800		77,295

Whitbread plc		2,268		91,590
				569,857

Household Durables – 1.3%

Barratt Developments plc		4,608		23,144

Berkeley Group Holdings plc		936		45,840

Sekisui House Ltd.		3,600		69,863

Sony Group Corp.		4,300		352,785
				491,632

Household Products – 0.5%

Henkel AG & Co. KGaA (Preference)		1,890		136,005

Reckitt Benckiser Group plc		756		50,474
				186,479

Independent Power and Renewable Electricity Producers – 0.2%

Corp. ACCIONA Energias Renovables SA		1,062		28,714

EDP Renovaveis SA		2,502		40,172
				68,886

Industrial Conglomerates – 2.0%

Hitachi Ltd.		7,200		450,556

Siemens AG (Registered)		2,358		311,451
				762,007

Industrial REITs – 0.5%

Nippon Prologis REIT, Inc., REIT		18		31,948

Segro plc, REIT		15,876		137,319
				169,267

Insurance – 6.3%

AIA Group Ltd.		28,800		249,736

Allianz SE (Registered)		1,818		424,487

ASR Nederland NV		1,224		45,541

Aviva plc		26,316		126,966

AXA SA		11,826		349,440

Dai-ichi Life Holdings, Inc.		100		2,097


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Legal & General Group plc		75,168	$	192,824

MS&AD Insurance Group Holdings, Inc.		5,400		195,861

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		306		122,423

NN Group NV		2,287		73,149

QBE Insurance Group Ltd.		4,662		46,047

Sun Life Financial, Inc.		4,050		184,784

Swiss Re AG		828		90,183

Zurich Insurance Group AG		576		272,541
				2,376,079

Interactive Media & Services – 0.2%

LY Corp.		32,400		81,789

IT Services – 2.1%

Capgemini SE		1,584		278,769

CGI, Inc.*		774		74,643

Fujitsu Ltd.		2,200		282,037

Nomura Research Institute Ltd.		5,400		140,629
				776,078

Leisure Products – 0.1%

Yamaha Corp.		1,800		47,292

Machinery – 1.8%

Alstom SA		3,536		47,654

Atlas Copco AB, Class A		7,776		100,361

Epiroc AB, Class A		4,086		67,109

GEA Group AG		1,566		53,349

Hitachi Construction Machinery Co. Ltd.		1,800		45,783

KION Group AG		882		26,887

Komatsu Ltd.		5,400		123,478

Kone OYJ, Class B		18		778

MINEBEA MITSUMI, Inc.		1,800		27,687

SKF AB, Class B		4,446		71,668

Volvo AB, Class B		1,368		27,047

Weir Group plc (The)		702		14,541

Yaskawa Electric Corp.		1,800		57,966
				664,308


Investments	Shares		Value

Media – 1.0%

Dentsu Group, Inc.		2,100	$	60,319

Informa plc		4,428		38,236

Publicis Groupe SA		2,160		163,745

WPP plc		12,852		110,196
				372,496

Metals & Mining – 2.6%

Anglo American plc		1,278		32,512

Barrick Gold Corp.		1,530		24,412

BlueScope Steel Ltd.		2,934		34,924

Fortescue Metals Group Ltd.		5,346		75,481

Kinross Gold Corp.		14,526		75,756

Mineral Resources Ltd.		2,070		75,701

Norsk Hydro ASA		2,772		15,801

Northern Star Resources Ltd.		6,048		44,764

Rio Tinto Ltd.		1,962		146,063

Rio Tinto plc		2,304		146,919

Teck Resources Ltd., Class B		2,430		85,770

Wheaton Precious Metals Corp.		5,436		229,344
				987,447

Multi-Utilities – 0.4%

Algonquin Power & Utilities Corp.		6,894		34,662

National Grid plc		7,902		93,835
				128,497

Office REITs – 0.4%

Dexus, REIT		9,270		38,033

Gecina SA, REIT		612		59,901

Japan Real Estate Investment Corp., REIT		18		66,678
				164,612

Oil, Gas & Consumable Fuels – 6.2%

Ampol Ltd.		3,294		66,447

BP plc		2,628		16,028

Cameco Corp.		5,058		206,692

Enbridge, Inc.		13,032		417,174

ENEOS Holdings, Inc.		19,800		72,914

Eni SpA		6,984		113,891

Neste OYJ		4,788		160,482

Pembina Pipeline Corp.		2,970		91,309

Repsol SA		8,010		117,050

Shell plc		21,348		685,569


Investments	Investments		Shares

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

TC Energy Corp.		378	$	13,004

TotalEnergies SE		5,202		347,506

Tourmaline Oil Corp.		594		31,376

Woodside Energy Group Ltd.		1		20
				2,339,462

Paper & Forest Products – 0.4%

Mondi plc		5,148		83,020

West Fraser Timber Co. Ltd.		738		49,753
				132,773

Personal Care Products – 2.0%

Kao Corp.		5,400		195,897

L’Oreal SA		1,278		535,137
				731,034

Pharmaceuticals – 9.4%

AstraZeneca plc		4,338		539,555

Daiichi Sankyo Co. Ltd.		7,200		183,417

GSK plc		13,446		237,790

Novartis AG (Registered)		4,518		419,704

Novo Nordisk A/S, Class B		10,404		997,473

Ono Pharmaceutical Co. Ltd.		3,700		63,558

Roche Holding AG		1,818		467,160

Sanofi SA		3,708		335,889

Takeda Pharmaceutical Co. Ltd.		9,000		241,454

UCB SA		504		36,790
				3,522,790

Professional Services – 2.4%

Experian plc		972		29,381

Randstad NV		1,350		69,692

Recruit Holdings Co. Ltd.		3,900		111,583

RELX plc		13,536		471,076

Wolters Kluwer NV		1,710		218,885
				900,617

Real Estate Management & Development – 0.6%

Daiwa House Industry Co. Ltd.		7,200		196,206

ESR Group Ltd.(a)		28,800		36,954
				233,160


Investments	Shares		Value

Retail REITs – 0.3%

CapitaLand Integrated Commercial Trust, REIT		50,400	$	64,745

Vicinity Ltd., REIT		48,978		52,718
				117,463

Semiconductors & Semiconductor Equipment – 2.2%

Advantest Corp.		4,800		120,915

ASML Holding NV		1,062		634,569

Renesas Electronics Corp.*		1,800		23,242

Tokyo Electron Ltd.		400		52,177
				830,903

Software – 2.2%

Open Text Corp.		2,970		99,053

SAP SE		4,770		639,009

Xero Ltd.*		1,494		100,921
				838,983

Specialty Retail – 1.4%

Fast Retailing Co. Ltd.		200		43,607

H & M Hennes & Mauritz AB, Class B		3,186		42,574

Industria de Diseno Textil SA		10,908		375,294

Zalando SE* (a)		2,322		53,971
				515,446

Technology Hardware, Storage & Peripherals – 0.9%

Canon, Inc.		10,200		239,164

Ricoh Co. Ltd.		7,200		57,645

Seiko Epson Corp.		3,600		49,360
				346,169

Textiles, Apparel & Luxury Goods – 2.2%

adidas AG		468		82,710

Burberry Group plc		4,626		94,979

Cie Financiere Richemont SA (Registered)		162		19,030

Kering SA		738		298,921

LVMH Moet Hennessy Louis Vuitton SE		468		333,659
				829,299

Trading Companies & Distributors – 1.3%

Bunzl plc		3,168		112,712


Investments	Shares		Value

COMMON STOCKS – (continued)

Trading Companies & Distributors – (continued)

Ferguson plc		72	$	10,773

ITOCHU Corp.		9,000		319,304

Rexel SA		2,412		49,039
				491,828

Transportation Infrastructure – 0.9%

Getlink SE		3,618		58,262

Transurban Group		38,268		286,391
				344,653

Water Utilities – 0.1%

Severn Trent plc		882		28,426

Wireless Telecommunication Services – 0.9%

Rogers Communications, Inc., Class B		126		4,663

SoftBank Corp.		18,000		202,648

Vodafone Group plc		143,172		131,515
				338,826
Total Common Stocks (Cost $38,644,229)				36,835,813

Total Investments – 98.3% (Cost $38,644,229)				36,835,813

Other assets less liabilities – 1.7%				648,393
NET ASSETS – 100.0%			$	37,484,206

*	Non-income producing security.

^(a)

^(b)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

CVA – Dutch Certification

OYJ – Public Limited Company

Real Estate – Investment Trust



Aggregate gross unrealized appreciation	$	1,824,498
Aggregate gross unrealized depreciation		(3,684,607	)
Net unrealized depreciation	$	(1,860,109	)
Federal income tax cost	$	38,677,626

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund had the following outstanding contracts as of October 31, 2023:

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 October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.9%

Air Freight & Logistics – 0.2%

Hyundai Glovis Co. Ltd.		62	$	7,855

JD Logistics, Inc.* (a)		1,600		1,893
				9,748

Automobile Components – 0.7%

Hyundai Mobis Co. Ltd.		202		31,185

Automobiles – 1.9%

Eicher Motors Ltd.		150		5,937

Ford Otomotiv Sanayi A/S		128		3,557

Li Auto, Inc., ADR*		1,406		47,537

XPeng, Inc., Class A*		3,100		22,900
				79,931

Banks – 17.5%

Abu Dhabi Commercial Bank PJSC		3,816		8,343

Agricultural Bank of China Ltd., Class H		50,000		18,467

Akbank TAS		10,766		11,210

Alinma Bank		1,608		14,102

AU Small Finance Bank Ltd.(a)		570		4,581

Axis Bank Ltd.		304		3,585

Banco Bradesco SA		5,300		12,916

Banco Bradesco SA (Preference)		10,000		27,741

Banco do Brasil SA		2,900		27,804

Bancolombia SA		802		5,690

Bancolombia SA (Preference)		1,470		9,381

Bank AlBilad		538		5,335

Bank Rakyat Indonesia Persero Tbk. PT		89,400		27,915

Banque Saudi Fransi		46		440

China Construction Bank Corp., Class H		82,000		46,530

CIMB Group Holdings Bhd.		16,800		20,134

Commercial International Bank Egypt SAE		8,800		17,173

E.Sun Financial Holding Co. Ltd.		47,585		34,990

Eurobank Ergasias Services and Holdings SA*		8,970		14,620

First Abu Dhabi Bank PJSC		9,450		32,623

First Financial Holding Co. Ltd.		23,710		18,933

Grupo Financiero Banorte SAB de CV, Class O		1,304		10,569

Hana Financial Group, Inc.		996		28,909


Investments	Shares		Value

Banks – (continued)

Hong Leong Bank Bhd.		1,800	$	7,329

Industrial & Commercial Bank of China Ltd., Class H		72,000		34,599

ING Bank Slaski SA*		114		5,911

Itau Unibanco Holding SA (Preference)		1,788		9,509

KB Financial Group, Inc.		1,098		41,870

Malayan Banking Bhd.		18,400		34,834

Mega Financial Holding Co. Ltd.		37,000		41,865

Nedbank Group Ltd.		1,454		15,556

OTP Bank Nyrt.		770		28,589

Powszechna Kasa Oszczednosci Bank Polski SA*		254		2,623

Santander Bank Polska SA*		118		12,780

Shinhan Financial Group Co. Ltd.		1,430		36,794

SinoPac Financial Holdings Co. Ltd.		6,334		3,486

Standard Bank Group Ltd.		3,724		36,330

Taishin Financial Holding Co. Ltd.		14,086		7,491

Yapi ve Kredi Bankasi A/S		9,664		5,889

Yes Bank Ltd.*		39,544		7,576
				735,022

Beverages – 0.8%

Ambev SA		5,400		13,770

Coca-Cola Femsa SAB de CV		1,800		13,639

Nongfu Spring Co. Ltd., Class H(b)		200		1,139

United Spirits Ltd.*		286		3,545

Varun Beverages Ltd.		228		2,489
				34,582

Biotechnology – 0.1%

BeiGene Ltd.*		400		5,792

Broadline Retail – 6.4%

Alibaba Group Holding Ltd., ADR*		2,152		177,626

JD.com, Inc., ADR		70		1,779

Naspers Ltd., Class N*		96		14,898

PDD Holdings, Inc., ADR*		188		19,067

Prosus NV*		989		27,629

Vipshop Holdings Ltd., ADR*		1,180		16,827

Woolworths Holdings Ltd.		3,136		11,608
				269,434


Investments	Shares		Value

COMMON STOCKS – (continued)

Capital Markets – 0.4%

B3 SA – Brasil Bolsa Balcao		2,000	$	4,402

Mirae Asset Securities Co. Ltd.		944		4,613

NH Investment & Securities Co. Ltd.		516		3,698

Saudi Tadawul Group Holding Co.		128		5,671
				18,384

Chemicals – 2.6%

Asian Paints Ltd.		1,104		39,723

Hanwha Solutions Corp.*		354		7,510

Indorama Ventures PCL, NVDR		5,800		3,824

LG Chem Ltd.		40		13,032

Orbia Advance Corp. SAB de CV		3,450		5,582

PI Industries Ltd.		118		4,820

PTT Global Chemical PCL, NVDR		4,600		4,415

Sahara International Petrochemical Co.		400		3,439

SK IE Technology Co. Ltd.* (a)		88		3,864

UPL Ltd.		1,686		10,945

Yanbu National Petrochemical Co.		974		9,827
				106,981

Communications Equipment – 0.1%

ZTE Corp., Class H		2,400		5,331

Construction & Engineering – 0.4%

Hyundai Engineering & Construction Co. Ltd.		276		6,825

Samsung Engineering Co. Ltd.*		454		7,984
				14,809

Construction Materials – 0.9%

ACC Ltd.		168		3,810

Ambuja Cements Ltd.		1,776		9,054

Siam Cement PCL (The), NVDR		2,600		20,834

UltraTech Cement Ltd.		52		5,260
				38,958

Consumer Staples Distribution & Retail – 2.2%

Alibaba Health Information Technology Ltd.*		16,000		9,427

CP ALL PCL, NVDR		16,200		24,902

Nahdi Medical Co.		20		756

Raia Drogasil SA		408		2,087

Shoprite Holdings Ltd.		1,076		13,708


Investments	Shares		Value

Consumer Staples Distribution & Retail – (continued)

Wal-Mart de Mexico SAB de CV		11,700	$	41,822
				92,702

Containers & Packaging – 0.5%

Klabin SA		2,400		10,185

Klabin SA (Preference)		6,996		5,951

SCG Packaging PCL, NVDR		4,200		4,207
				20,343

Diversified Consumer Services – 0.2%

East Buy Holding Ltd.* (a)		500		2,038

New Oriental Education & Technology Group, Inc., ADR*		124		8,121
				10,159

Diversified Telecommunication Services – 2.2%

Chunghwa Telecom Co. Ltd.		10,722		38,346

Emirates Telecommunications Group Co. PJSC		518		2,603

Hellenic Telecommunications Organization SA		622		8,698

Indus Towers Ltd.*		2,388		4,945

LG Uplus Corp.		764		5,719

PT Tower Bersama Infrastructure Tbk.		13,000		1,694

Saudi Telecom Co.		1,866		19,100

Telefonica Brasil SA		1,400		12,559
				93,664

Electric Utilities – 1.0%

Centrais Eletricas Brasileiras SA		2,000		13,817

Centrais Eletricas Brasileiras SA (Preference), Class B		800		6,100

CEZ A/S		76		3,247

Cia Energetica de Minas Gerais		800		2,443

Cia Energetica de Minas Gerais (Preference)		4,600		10,709

Cia Paranaense de Energia (Preference)		4,400		7,320
				43,636

Electrical Equipment – 1.3%

ABB India Ltd.		182		8,983

CG Power & Industrial Solutions Ltd.		2,020		9,464

Doosan Enerbility Co. Ltd.*		120		1,192


Investments	Shares		Value

COMMON STOCKS – (continued)

Electrical Equipment – (continued)

Havells India Ltd.		834	$	12,483

Polycab India Ltd.		140		8,277

Sociedad Quimica y Minera de Chile SA (Preference), Class B		304		14,660
				55,059

Electronic Equipment, Instruments & Components – 1.8%

AUO Corp.		21,406		10,295

Delta Electronics Thailand PCL, NVDR		4,400		9,671

Delta Electronics, Inc.		2,560		22,928

Hon Hai Precision Industry Co. Ltd.		3,000		8,926

Samsung Electro-Mechanics Co. Ltd.		192		17,671

Samsung SDI Co. Ltd.		18		5,671
				75,162

Energy Equipment & Services – 0.1%

Dialog Group Bhd.		10,600		4,783

Entertainment – 2.3%

Kingsoft Corp. Ltd.		3,200		11,165

NCSoft Corp.		20		3,443

NetEase, Inc., ADR		758		81,045
				95,653

Financial Services – 1.2%

FirstRand Ltd.		7,192		23,571

Yuanta Financial Holding Co. Ltd.		34,130		25,570
				49,141

Food Products – 1.0%

Almarai Co. JSC		90		1,341

Britannia Industries Ltd.		174		9,251

Charoen Pokphand Foods PCL, NVDR		6,200		3,226

CJ CheilJedang Corp.		28		5,857

IOI Corp. Bhd.		8,600		7,093

Marico Ltd.		1,716		11,058

Nestle Malaysia Bhd.		200		5,197
				43,023

Gas Utilities – 0.6%

China Resources Gas Group Ltd.		1,800		5,325

ENN Energy Holdings Ltd.		2,700		20,618
				25,943


Investments	Shares		Value

Ground Transportation – 0.8%

BTS Group Holdings PCL, NVDR		25,000	$	5,182

Full Truck Alliance Co. Ltd., ADR*		1,042		6,846

Rumo SA		4,400		19,465
				31,493

Health Care Equipment & Supplies – 0.0%(c)

Microport Scientific Corp.*		600		943

Health Care Providers & Services – 0.4%

Dr Sulaiman Al Habib Medical Services Group Co.		64		4,299

Sinopharm Group Co. Ltd., Class H		4,400		10,516
				14,815

Hotels, Restaurants & Leisure – 3.1%

Meituan, Class B* (a)		5,400		76,328

Trip.com Group Ltd.*		500		17,177

Yum China Holdings, Inc.		728		38,264
				131,769

Household Durables – 0.7%

Arcelik A/S		292		1,402

LG Electronics, Inc.		364		26,871
				28,273

Household Products – 0.2%

Unilever Indonesia Tbk. PT		26,800		6,107

Independent Power and Renewable Electricity Producers – 0.8%

Adani Green Energy Ltd.*		1,098		12,023

China Longyuan Power Group Corp. Ltd., Class H		12,000		10,168

Energy Absolute PCL, NVDR		6,000		7,011

Engie Brasil Energia SA		400		3,117
				32,319

Industrial Conglomerates – 2.7%

Alpha Dhabi Holding PJSC*		1,600		8,224

Astra International Tbk. PT		12,200		4,435

Far Eastern New Century Corp.		3,152		2,867

International Holding Co. PJSC*		406		44,170

Multiply Group PJSC*		10,216		9,457

Mytilineos SA		112		4,141

Samsung C&T Corp.		222		17,539


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – (continued)

Siemens Ltd.		306	$	12,242

SK Square Co. Ltd.*		118		3,718

Turkiye Sise ve Cam Fabrikalari A/S		4,658		7,794
				114,587

Insurance – 3.4%

Bupa Arabia for Cooperative Insurance Co.		100		5,678

Cathay Financial Holding Co. Ltd.		26,000		35,190

Fubon Financial Holding Co. Ltd.		23,100		42,803

ICICI Prudential Life Insurance Co. Ltd.(a)		500		3,154

Ping An Insurance Group Co. of China Ltd., Class H		9,000		46,124

Powszechny Zaklad Ubezpieczen SA		502		5,672

Samsung Life Insurance Co. Ltd.		42		2,248
				140,869

Interactive Media & Services – 3.2%

Autohome, Inc., ADR		260		6,955

Info Edge India Ltd.		248		12,166

Kakao Corp.		1,018		28,492

Kanzhun Ltd., ADR*		624		9,235

Kuaishou Technology* (a)		5,600		36,035

NAVER Corp.		294		40,795
				133,678

IT Services – 2.9%

Arabian Internet & Communications Services Co.		80		6,670

Elm Co.		14		2,617

Infosys Ltd.		4,116		67,649

Tech Mahindra Ltd.		1,812		24,661

Wipro Ltd.		4,342		19,911
				121,508

Life Sciences Tools & Services – 1.6%

Divi’s Laboratories Ltd.		348		14,163

WuXi AppTec Co. Ltd., Class H(a)		1,200		14,416

Wuxi Biologics Cayman, Inc.* (a)		6,000		37,267
				65,846


Investments	Shares		Value

Machinery – 0.6%

Cummins India Ltd.		476	$	9,585

Haitian International Holdings Ltd.		2,000		4,764

Weichai Power Co. Ltd., Class H		2,000		2,991

Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,800		5,809
				23,149

Marine Transportation – 0.2%

MISC Bhd.		4,600		7,000

Media – 0.1%

Elang Mahkota Teknologi Tbk. PT		53,600		1,687

Grupo Televisa SAB, Series CPO		9,400		4,306
				5,993

Metals & Mining – 2.6%

Anglo American Platinum Ltd.		96		3,196

Gold Fields Ltd.		2,734		36,236

Grupo Mexico SAB de CV, Series B		4,000		16,292

Hindalco Industries Ltd.		4,114		22,705

JSW Steel Ltd.		1,956		17,299

Kumba Iron Ore Ltd.		214		5,637

Sibanye Stillwater Ltd.		5,220		6,655
				108,020

Multi-Utilities – 0.1%

Dubai Electricity & Water Authority PJSC		4,258		2,759

Oil, Gas & Consumable Fuels – 4.0%

Bharat Petroleum Corp. Ltd.		2,348		9,849

Cosan SA		4,000		12,493

COSCO SHIPPING Energy Transportation Co. Ltd., Class H		4,000		4,233

Empresas Copec SA		1,368		9,027

ORLEN SA		1,780		28,090

Petroleo Brasileiro SA (Preference)		400		2,755

Petronas Dagangan Bhd.		1,000		4,798

PTT Exploration & Production PCL, NVDR		3,600		16,426

PTT PCL, NVDR		23,000		21,277

Reliance Industries Ltd.		1,006		27,644

SK Innovation Co. Ltd.*		184		16,649

Thai Oil PCL, NVDR		3,600		4,708


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Ultrapar Participacoes SA		2,400	$	9,732
				167,681

Paper & Forest Products – 0.5%

Empresas CMPC SA		3,974		7,081

Suzano SA		1,300		13,294
				20,375

Passenger Airlines – 0.1%

Korean Air Lines Co. Ltd.		400		6,072

Personal Care Products – 1.5%

Colgate-Palmolive India Ltd.		270		6,855

Giant Biogene Holding Co. Ltd.* (a)		400		1,605

Godrej Consumer Products Ltd.*		588		7,005

Hindustan Unilever Ltd.		1,610		48,034
				63,499

Pharmaceuticals – 2.0%

Aspen Pharmacare Holdings Ltd.		656		5,924

China Medical System Holdings Ltd.		5,000		7,988

Cipla Ltd.		502		7,235

CSPC Pharmaceutical Group Ltd.		30,000		26,187

Dr Reddy’s Laboratories Ltd.		374		24,111

Richter Gedeon Nyrt.		288		6,738

Sun Pharmaceutical Industries Ltd.		512		6,694
				84,877

Real Estate Management & Development – 1.4%

Central Pattana PCL, NVDR		6,400		11,129

DLF Ltd.		2,130		14,416

KE Holdings, Inc., ADR		1,114		16,387

Longfor Group Holdings Ltd.(a)		3,703		5,386

Macrotech Developers Ltd.(a)		108		1,022

NEPI Rockcastle NV		1,558		8,365
				56,705

Semiconductors & Semiconductor Equipment – 9.3%

Daqo New Energy Corp., ADR*		200		5,092

Flat Glass Group Co. Ltd., Class H*		2,000		3,584

GCL Technology Holdings Ltd.		68,000		9,994

Hua Hong Semiconductor Ltd.* (a)		1,000		2,454

SK Hynix, Inc.		402		34,617


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – (continued)

Taiwan Semiconductor Manufacturing Co. Ltd.		18,580	$	303,031

United Microelectronics Corp.		17,000		24,215

Xinyi Solar Holdings Ltd.		16,000		9,406
				392,393

Specialty Retail – 0.4%

Chow Tai Fook Jewellery Group Ltd.		6,800		9,594

Lojas Renner SA		3,400		8,266
				17,860

Technology Hardware, Storage & Peripherals – 5.0%

Asustek Computer, Inc.		2,422		25,239

Compal Electronics, Inc.		14,652		12,671

Lenovo Group Ltd.		24,000		27,912

Micro-Star International Co. Ltd.		798		4,060

Samsung Electronics Co. Ltd.		2,380		117,894

Wistron Corp.		7,546		20,799
				208,575

Textiles, Apparel & Luxury Goods – 1.0%

Feng TAY Enterprise Co. Ltd.		1,702		9,367

Li Ning Co. Ltd.		3,500		10,735

LPP SA		4		12,871

Page Industries Ltd.		20		9,084
				42,057

Transportation Infrastructure – 1.3%

Abu Dhabi Ports Co. PJSC*		3,350		5,445

Adani Ports & Special Economic Zone Ltd.		1,866		17,588

CCR SA		3,400		8,077

Grupo Aeroportuario del Pacifico SAB de CV, Class B		230		2,679

International Container Terminal Services, Inc.		3,280		11,631

Salik Co. PJSC		5,562		4,830

Taiwan High Speed Rail Corp.		5,090		4,614
				54,864

Wireless Telecommunication Services – 2.6%

Advanced Info Service PCL, NVDR		1,400		8,569

Bharti Airtel Ltd.		4,862		53,398

Etihad Etisalat Co.		1,296		15,925


Investments	Shares		Value

COMMON STOCKS – (continued)

Wireless Telecommunication Services – (continued)

Mobile Telecommunications Co. KSCP		6,340	$	9,851

Taiwan Mobile Co. Ltd.		4,448		13,138

TIM SA		2,000		6,016

Vodacom Group Ltd.		388		2,100
				108,997
Total Common Stocks (Cost $4,738,015)				4,152,508

Total Investments – 98.9% (Cost $4,738,015)				4,152,508

Other assets less liabilities – 1.1%				47,529
NET ASSETS – 100.0%			$	4,200,037

*	Non-income producing security.

^(a)

^(b)

^(c)

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



Aggregate gross unrealized appreciation	$	193,052
Aggregate gross unrealized depreciation		(802,558	)
Net unrealized depreciation	$	(609,506	)
Federal income tax cost	$	4,758,505

FlexShares^® ESG & Climate Emerging Markets Core Index Fund had the following open futures contract as of October 31, 2023:

FlexShares^® ESG & Climate Emerging Markets Core Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® ESG & Climate Emerging Markets Core Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 99.6%

Building Products – 0.5%

Simpson Manufacturing Co., Inc.		132,904	$	17,700,155

UFP Industries, Inc.		190,376		18,118,084
				35,818,239

Chemicals – 16.0%

CF Industries Holdings, Inc.		1,293,120		103,165,114

Corteva, Inc.		4,949,776		238,282,217

FMC Corp.		915,960		48,729,072

ICL Group Ltd.		8,211,312		39,782,407

K+S AG (Registered)		2,140,832		35,911,579

Mosaic Co. (The)		2,356,352		76,534,313

Nutrien Ltd.(a)		5,635,848		302,364,818

PhosAgro PJSC‡		308,581		—

PI Industries Ltd.		926,736		37,858,613

Qinghai Salt Lake Industry Co. Ltd., Class A*		5,028,800		11,633,837

SABIC Agri-Nutrients Co.		2,607,792		93,006,336

Scotts Miracle-Gro Co. (The)(a)		305,320		13,568,421

UPL Ltd.		5,840,592		37,916,014

Yara International ASA		1,785,224		58,326,554

Yunnan Yuntianhua Co. Ltd., Class A		1,796,000		4,086,225

Zangge Mining Co. Ltd., Class A		1,436,800		4,395,943
				1,105,561,463

Electric Utilities – 0.2%

Origin Energy Ltd.		2,410,232		13,932,730

Food Products – 12.7%

Archer-Daniels-Midland Co.		3,879,360		277,645,795

Bakkafrost P/F		581,904		26,225,970

Bunge Ltd.		1,081,192		114,584,728

Cal-Maine Foods, Inc.(a)		272,992		12,369,268

Charoen Pokphand Foods PCL, NVDR		38,434,400		19,996,474

Charoen Pokphand Indonesia Tbk. PT*		84,052,800		30,689,722

Kuala Lumpur Kepong Bhd.		6,465,600		29,827,660


Investments	Shares		Value

Food Products – (continued)

Mowi ASA		5,283,832	$	85,748,699

Muyuan Foods Co. Ltd., Class A		5,028,808		25,947,690

New Hope Liuhe Co. Ltd., Class A*		3,951,200		5,485,603

PPB Group Bhd.		8,261,600		26,321,983

Salmar ASA		757,912		35,874,922

Tyson Foods, Inc., Class A		2,058,216		95,398,312

Wilmar International Ltd.		36,638,400		95,202,879
				881,319,705

Metals & Mining – 29.0%

Agnico Eagle Mines Ltd.(a)		1,623,584		76,065,481

Anglo American plc(a)		4,335,544		110,296,150

Anglogold Ashanti plc		1,372,144		25,215,028

Barrick Gold Corp.(a)		5,700,504		90,953,476

BHP Group Ltd.		12,518,120		352,700,223

Boliden AB		862,080		22,048,427

First Quantum Minerals Ltd.(a)		1,849,880		21,413,702

Fortescue Metals Group Ltd.(a)		5,743,608		81,095,409

Franco-Nevada Corp.		621,416		75,514,410

Freeport-McMoRan, Inc.(a)		3,516,568		118,789,667

Glencore plc		31,850,264		168,179,831

Gold Fields Ltd.		2,963,400		39,276,680

Grupo Mexico SAB de CV, Series B		10,057,600		40,964,678

Hindalco Industries Ltd.		4,443,304		24,522,326

Impala Platinum Holdings Ltd.		3,150,184		13,053,160

Mineral Resources Ltd.(a)		545,984		19,967,041

MMC Norilsk Nickel PJSC* ‡		1,277,631		—

Newmont Corp.(a)		2,022,296		75,775,431

Norsk Hydro ASA		4,141,576		23,607,469

Northern Star Resources Ltd.		4,001,488		29,617,108

Rio Tinto plc		3,354,928		213,933,015

Royal Gold, Inc.(a)		168,824		17,613,408

Saudi Arabian Mining Co.*		4,069,736		39,052,803

South32 Ltd.		14,414,696		30,300,527

Sumitomo Metal Mining Co. Ltd.		843,700		23,487,333


Investments	Shares		Value

COMMON STOCKS – (continued)

Metals & Mining – (continued)

Teck Resources Ltd., Class B(a)		1,436,800	$	50,713,632

Vale SA		11,135,200		152,355,503

Wheaton Precious Metals Corp.(a)		1,494,272		63,043,048

Zijin Mining Group Co. Ltd., Class A		5,028,800		8,548,431
				2,008,103,397

Oil, Gas & Consumable Fuels – 31.3%

APA Corp.		262,216		10,415,220

BP plc		23,484,496		143,227,238

Cameco Corp.(a)		1,375,736		56,218,623

Canadian Natural Resources Ltd.(a)		1,451,168		92,051,038

Cenovus Energy, Inc.(a)		1,792,408		34,111,593

Chevron Corp.		1,451,168		211,478,713

China Petroleum & Chemical Corp., Class H		32,668,000		16,700,151

ConocoPhillips		987,800		117,350,640

Coterra Energy, Inc.		650,152		17,879,180

Devon Energy Corp.		520,840		24,255,519

Diamondback Energy, Inc.(a)		147,272		23,610,647

Eni SpA		3,265,128		53,245,736

EOG Resources, Inc.		477,736		60,314,170

EQT Corp.		316,096		13,396,149

Equinor ASA		1,368,552		45,870,753

Exxon Mobil Corp.(a)		3,211,248		339,910,601

Gazprom PJSC* ‡		15,937,700		—

Hess Corp.		229,888		33,195,827

Inpex Corp.		1,351,700		19,479,582

LUKOIL PJSC‡		483,340		—

Marathon Oil Corp.		517,248		14,126,043

Novatek PJSC‡		1,237,715		—

Occidental Petroleum Corp.(a)		585,496		36,189,508

Petroleo Brasileiro SA (Preference)		5,747,200		39,591,062

Pioneer Natural Resources Co.		193,968		46,358,352

Repsol SA		1,745,712		25,510,133

Rosneft Oil Co. PJSC‡		2,926,433		—


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Santos Ltd.		4,278,072	$	20,775,432

Saudi Arabian Oil Co.(b)		3,308,232		29,364,571

Shell plc		9,389,488		301,533,590

Suncor Energy, Inc.(a)		1,720,568		55,660,514

Tatneft PJSC‡		2,021,036		—

TotalEnergies SE		3,114,264		208,040,310

Tourmaline Oil Corp.(a)		420,264		22,199,142

Woodside Energy Group Ltd.		2,496,441		54,152,089
				2,166,212,126

Paper & Forest Products – 3.3%

Canfor Corp.* (a)		280,176		2,861,801

Dexco SA*		1,436,800		1,954,481

Dongwha Enterprise Co. Ltd.*		21,552		981,414

Interfor Corp.* (a)		237,072		2,921,881

Mondi plc(a)		2,198,304		35,451,500

Stella-Jones, Inc.(a)		233,480		12,216,811

Stora Enso OYJ, Class R		2,747,880		32,893,566

Svenska Cellulosa AB SCA, Class B(a)		2,676,040		36,634,131

UPM-Kymmene OYJ(a)		2,449,744		82,264,584

West Fraser Timber Co. Ltd.(a)		272,992		18,403,977
				226,584,146

Semiconductors & Semiconductor Equipment – 0.2%

Tongwei Co. Ltd., Class A		3,951,206		14,739,881

Specialized REITs – 1.2%

PotlatchDeltic Corp., REIT		244,256		10,466,370

Rayonier, Inc., REIT(a)		449,000		11,332,760

Weyerhaeuser Co., REIT		2,234,224		64,099,886
				85,899,016

Water Utilities – 5.2%

American States Water Co.		154,456		12,055,291

American Water Works Co., Inc.		818,976		96,352,526

Beijing Enterprises Water Group Ltd.		28,736,000		6,059,658

California Water Service Group(a)		244,256		11,890,382


Investments	Shares		Value

COMMON STOCKS – (continued)

Water Utilities – (continued)

China Water Affairs Group Ltd.		7,184,000	$	4,544,744

Cia de Saneamento Basico do Estado de Sao Paulo SABESP		2,291,733		26,525,571

Cia de Saneamento de Minas Gerais Copasa MG		1,436,800		4,541,462

Cia de Saneamento do Parana		1,796,000		7,745,985

Essential Utilities, Inc.		1,038,088		34,734,424

Grandblue Environment Co. Ltd., Class A		359,200		873,200

Guangdong Investment Ltd.		18,867,941		12,876,672

Pennon Group plc		1,846,288		16,276,348

Severn Trent plc(a)		1,745,712		56,262,957

SJW Group(a)		118,536		7,406,129

United Utilities Group plc		4,734,256		61,067,043
				359,212,392
Total Common Stocks (Cost $6,639,775,626)				6,897,383,095
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 4.4%(c)

CERTIFICATES OF DEPOSIT – 0.9%

Barclays Bank plc, New York
(SOFR + 0.32%), 5.48%, 11/24/2023(d)	$	4,000,000		4,000,373

Citibank NA, New York
(SOFR + 0.40%), 5.62%, 12/15/2023(d)		5,000,000		5,000,540

Credit Industriel et Commercial, London
5.69%, 1/16/2024		4,000,000		3,952,360

Mizuho Bank Ltd., New York
(SOFR + 0.40%), 5.71%, 3/12/2024(d)		4,000,000		4,001,152

MUFG Bank Ltd., London Branch
5.63%, 11/27/2023		5,000,000		5,000,000


Investments	Principal Amount		Value

CERTIFICATES OF DEPOSIT – (continued)

National Westminster Bank PLC
5.88%, 5/2/2024	$	4,000,000	$	4,002,680

Nordea Bank Abp, New York Branch
(SOFR + 0.47%), 5.78%, 4/26/2024(d)		4,000,000		4,003,104

Oversea-Chinese Banking Corp. Ltd., New York
(SOFR + 0.37%), 5.68%, 11/16/2023(d)		3,000,000		3,000,000

Royal Bank of Canada, New York
(SOFR + 0.53%), 5.84%, 5/23/2024(d)		4,000,000		4,003,616

Sumitomo Mitsui Trust Bank Ltd., New York
(SOFR + 0.23%), 5.54%, 11/22/2023(d)		5,000,000		5,000,000

Svenska Handelsbanken, New York
5.80%, 4/4/2024		3,000,000		2,999,646
(SOFR + 0.33%), 5.64%, 4/4/2024(d)		3,000,000		2,999,610

The Sumitomo Bank Ltd., New York
(SOFR + 0.47%), 5.60%, 1/9/2024(d)		3,000,000		3,001,839

Toronto-Dominion Bank, New York
5.64%, 2/28/2024		2,000,000		2,000,000
(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(d)		4,000,000		4,001,992

Wells Fargo Bank (San Francisco) NA
(SOFR + 0.37%), 5.62%, 12/12/2023(d)		4,000,000		4,000,290
Total Certificates of Deposit (Cost $60,955,805)				60,967,202


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – (continued)

COMMERCIAL PAPER – 0.0%(d) (e)

Bank of Montreal, Montreal
(SOFR + 0.35%), 5.66%, 11/9/2023 (Cost $2,000,000)	$	2,000,000	$	2,000,000

INVESTMENT COMPANIES – 1.1%

BlackRock Liquidity FedFund, Institutional Shares
5.35%, 11/1/2023		12,000,000		12,000,000

Dreyfus Treasury Obligations Cash Management Fund
5.38%, 11/1/2023		5,000,000		5,000,000

Goldman Sachs Financial Square Government Fund, Institutional Class
5.36%, 11/1/2023		12,000,000		12,000,000

Invesco Government & Agency Portfolio, Institutional Shares
5.36%, 11/1/2023		12,000,000		12,000,000

Morgan Stanley Institutional Liquidity Fund – Government Portfolio
5.35%, 11/1/2023		12,000,000		12,000,000

RBC BlueBay U.S. Government Money Market Fund
5.40%, 11/1/2023		10,000,000		10,000,000

State Street Institutional U.S. Government Money Market Fund
5.36%, 11/1/2023		15,000,000		15,000,000
Total Investment Companies (Cost $78,000,000)				78,000,000


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – 2.4%

BofA Securities, Inc., 5.77%, dated 10/31/2023, due 1/31/2024, repurchase price $8,117,964, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.13%, maturing 7/15/2024 – 11/15/2044; total market value $8,056,513	$	8,000,000	$	8,000,000

CF Secured LLC, 5.30%, dated 10/31/2023, due 11/1/2023, repurchase price $14,002,061, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 11/15/2023 – 5/15/2051; total market value $14,117,590		14,000,000		14,000,000

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $63,805,340, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $64,521,419		63,795,983		63,795,983


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – (continued)

REPURCHASE AGREEMENTS – (continued)

MetLife, Inc., 5.32%, dated 10/31/2023, due 11/1/2023, repurchase price $57,008,423, collateralized by various U.S. Treasury Securities, 0.00%, maturing 8/15/2041 – 11/15/2050; total market value $57,411,277	$	57,000,000	$	57,000,000

TD Prime Services LLC, 5.42%, dated 10/31/2023, due 11/1/2023, repurchase price $20,003,011, collateralized by various Common Stocks; total market value $22,150,189		20,000,000		20,000,000
Total Repurchase Agreements (Cost $162,795,983)				162,795,983
Total Securities Lending Reinvestments (Cost $303,751,788)				303,763,185
Total Investments – 104.0% (Cost $6,943,527,414)				7,201,146,280

Liabilities in excess of other assets – (4.0%)				(275,860,232	)
NET ASSETS – 100.0%			$	6,925,286,048

*	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 October 31, 2023. The total value of securities on loan at October 31, 2023 was $491,197,028, collateralized in the form of cash with a value of $303,760,945 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $142,895,385 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 15, 2023 – August 15, 2053 and $71,411,383 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $518,067,713.

^(b)

^(c)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $303,763,185.

^(d)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2023.

^(e)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	957,259,179
Aggregate gross unrealized depreciation		(741,008,669	)
Net unrealized appreciation	$	216,250,510
Federal income tax cost	$	6,983,135,662

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® Morningstar Global Upstream Natural Resources Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 99.1%

Air Freight & Logistics – 2.6%

bpost SA(a)		152,640	$	826,063

CTT-Correios de Portugal SA(a)		119,568		455,612

Deutsche Post AG		1,213,488		47,150,465

International Distributions Services plc*		870,048		2,666,849

Oesterreichische Post AG(a)		39,856		1,270,153

PostNL NV(a)		423,153		786,529
				53,155,671

Commercial Services & Supplies – 4.7%

Ambipar Participacoes e Empreendimentos SA		84,800		229,530

Befesa SA(a) (b)		44,096		1,283,625

Better World Green PCL, NVDR*		3,823,600		55,318

Casella Waste Systems, Inc., Class A* (a)		22,048		1,663,522

China Everbright Environment Group Ltd.		4,240,000		1,446,822

Clean Harbors, Inc.* (a)		19,504		2,997,180

Cleanaway Co. Ltd.		112,000		597,379

Cleanaway Waste Management Ltd.(a)		2,724,624		3,864,214

CoreCivic, Inc.* (a)		50,032		635,406

Daiseki Co. Ltd.(a)		63,460		1,732,689

GEO Group, Inc. (The)*(a)		47,488		415,045

Insun ENT Co. Ltd.*		29,138		154,261

Midac Holdings Co. Ltd.(a)		21,400		247,002

Renewi plc*		102,608		730,872

Republic Services, Inc., Class A		81,408		12,088,274

Shanghai Youngsun Investment Co. Ltd., Class B* ‡		57,800		—

Stericycle, Inc.* (a)		38,160		1,573,718

Sunny Friend Environmental Technology Co. Ltd.		120,315		383,925

TRE Holdings Corp.(a)		84,800		654,009

Waste Connections, Inc.(a)		317,152		41,021,295

Waste Management, Inc.		145,008		23,829,165
				95,603,251


Investments	Shares		Value

Diversified Telecommunication Services – 14.7%

AT&T, Inc.		2,816,208	$	43,369,603

BCE, Inc.(a)		711,472		26,383,273

BT Group plc(a)		4,924,336		6,737,304

Cellnex Telecom SA(b)		375,664		11,006,970

China Tower Corp. Ltd., Class H(b)		33,920,000		3,164,584

Deutsche Telekom AG (Registered)		2,696,640		58,360,885

Frontier Communications Parent, Inc.* (a)		96,672		1,732,362

HKT Trust & HKT Ltd.		2,986,000		3,091,097

Infrastrutture Wireless Italiane SpA(b)		281,536		3,071,062

Iridium Communications, Inc.		44,096		1,633,757

KINX, Inc.		2,595		163,322

Koninklijke KPN NV		2,636,432		8,847,800

Liberty Global plc, Class C* (a)		95,824		1,625,175

Nippon Telegraph & Telephone Corp.		42,060,800		49,102,641

Quebecor, Inc., Class B(a)		128,896		2,656,376

Sarana Menara Nusantara Tbk. PT		16,196,800		907,470

Spark New Zealand Ltd.		1,436,512		4,152,670

Swisscom AG (Registered)		19,504		11,658,894

Telecom Italia SpA* (a)		7,898,272		2,037,862

Verizon Communications, Inc.		1,654,448		58,120,758
				297,823,865

Electric Utilities – 14.1%

American Electric Power Co., Inc.		202,672		15,309,843

Constellation Energy Corp.		126,352		14,267,668

Duke Energy Corp.		303,584		26,985,582

Edison International		150,944		9,518,529

Enel SpA		6,286,224		39,787,498

Eversource Energy		134,832		7,252,613

Exelon Corp.		391,776		15,255,757

Iberdrola SA		4,692,832		52,083,396

NextEra Energy, Inc.		796,272		46,422,658

PG&E Corp.* (a)		1,010,816		16,476,301


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – (continued)

Southern Co. (The)		429,088	$	28,877,622

Xcel Energy, Inc.(a)		217,088		12,866,806
				285,104,273

Energy Equipment & Services – 0.1%

Secure Energy Services, Inc.		232,352		1,288,752

Gas Utilities – 1.1%

AltaGas Ltd.(a)		228,112		4,232,786

APA Group		859,872		4,486,086

Enagas SA(a)		190,800		3,185,466

Keppel Infrastructure Trust		4,748,800		1,525,106

Petronas Gas Bhd.		424,000		1,530,654

Snam SpA		1,662,928		7,610,906
				22,571,004

Ground Transportation – 17.8%

Aurizon Holdings Ltd.(a)		2,266,704		4,908,260

Canadian National Railway Co.(a)		739,456		78,156,225

Canadian Pacific Kansas City Ltd.(a)		1,146,496		81,318,686

Central Japan Railway Co.		1,272,000		28,523,305

CSX Corp.		788,640		23,540,904

East Japan Railway Co.		463,300		24,081,994

GMexico Transportes SAB de CV(a) (b)		1,017,600		2,095,738

Keio Corp.(a)		169,600		5,005,857

Keisei Electric Railway Co. Ltd.		213,500		7,974,971

MTR Corp. Ltd.		1,914,500		7,156,803

Norfolk Southern Corp.		89,040		16,987,942

Odakyu Electric Railway Co. Ltd.(a)		424,000		5,994,150

Rumo SA		1,611,200		7,127,875

Tobu Railway Co. Ltd.(a)		254,400		6,087,659

Union Pacific Corp.		239,984		49,823,078

West Japan Railway Co.		301,800		11,450,644
				360,234,091

Health Care Providers & Services – 3.5%

Acadia Healthcare Co., Inc.*		36,464		2,680,469

Apollo Hospitals Enterprise Ltd.		143,312		8,296,419


Investments	Shares		Value

Health Care Providers & Services – (continued)

Bangkok Dusit Medical Services PCL, NVDR		14,840,000	$	10,941,365

Bumrungrad Hospital PCL, NVDR		848,000		6,134,242

Encompass Health Corp.		39,008		2,440,340

HCA Healthcare, Inc.		79,712		18,026,072

IHH Healthcare Bhd.		3,307,200		4,164,802

Life Healthcare Group Holdings Ltd.		1,385,632		1,372,557

Ramsay Health Care Ltd.(a)		230,090		7,091,775

Rede D’Or Sao Luiz SA(b)		1,102,400		4,726,133

Select Medical Holdings Corp.		44,944		1,021,577

Tenet Healthcare Corp.* (a)		39,856		2,140,267

Universal Health Services, Inc., Class B		22,048		2,775,623
				71,811,641

Independent Power and Renewable Electricity Producers – 1.0%

RWE AG		547,808		20,920,464

IT Services – 0.2%

Fastly, Inc., Class A* (a)		47,488		696,649

NEXTDC Ltd.* (a)		399,408		2,971,401
				3,668,050

Media – 4.4%

Charter Communications, Inc., Class A* (a)		40,704		16,395,572

Comcast Corp., Class A		1,619,680		66,876,587

Liberty Broadband Corp., Class C*		49,184		4,097,519

Sirius XM Holdings, Inc.(a)		385,840		1,651,395
				89,021,073

Multi-Utilities – 7.2%

Consolidated Edison, Inc.		135,680		11,911,347

Dominion Energy, Inc.(a)		329,024		13,266,248

Engie SA		1,505,200		23,871,310

National Grid plc		2,985,808		35,455,938

Public Service Enterprise Group, Inc.(a)		195,888		12,076,495

Sempra		247,616		17,340,548


Investments	Shares		Value

COMMON STOCKS – (continued)

Multi-Utilities – (continued)

Veolia Environnement SA		829,344	$	22,643,007

WEC Energy Group, Inc.		124,656		10,145,752
				146,710,645

Oil, Gas & Consumable Fuels – 7.7%

Antero Midstream Corp.(a)		142,464		1,758,006

DT Midstream, Inc.(a)		38,160		2,059,495

Enbridge, Inc.		1,637,488		52,418,488

Equitrans Midstream Corp.(a)		163,664		1,451,700

Keyera Corp.(a)		185,712		4,314,217

Kinder Morgan, Inc.		776,768		12,583,641

Koninklijke Vopak NV		51,728		1,739,259

New Fortress Energy, Inc.(a)		44,096		1,336,109

ONEOK, Inc.		175,536		11,444,947

Pembina Pipeline Corp.		443,504		13,634,973

Plains GP Holdings LP, Class A		84,800		1,329,664

Targa Resources Corp.		87,344		7,302,832

TC Energy Corp.(a)		832,736		28,648,638

Transneft PJSC (Preference)‡		1,473		—

Williams Cos., Inc. (The)		478,272		16,452,557
				156,474,526

Specialized REITs – 5.0%

American Tower Corp., REIT(a)		183,168		32,638,706

Crown Castle, Inc., REIT(a)		170,448		15,848,255

Digital Realty Trust, Inc., REIT(a)		118,720		14,764,019

Equinix, Inc., REIT		36,781		26,836,889

Keppel DC REIT, REIT		1,017,600		1,255,242

SBA Communications Corp., Class A, REIT(a)		42,400		8,845,912
				100,189,023

Specialty Retail – 0.0%

GNC Holdings, Inc.* ‡		36,294		—

Transportation Infrastructure – 6.4%

Adani Ports & Special Economic Zone Ltd.		979,440		9,231,649

Aena SME SA(b)		90,736		13,115,412


Investments	Shares		Value

Transportation Infrastructure – (continued)

Aeroports de Paris SA		27,984	$	3,129,468

Airports of Thailand PCL, NVDR*		5,257,600		9,764,062

Atlas Arteria Ltd.		1,784,192		5,998,501

Auckland International Airport Ltd.		1,488,979		6,356,914

Bangkok Expressway & Metro PCL, NVDR		10,176,000		2,236,639

CCR SA		1,356,800		3,223,173

China Merchants Port Holdings Co. Ltd.		1,696,000		2,156,685

COSCO SHIPPING Ports Ltd.		1,696,000		1,020,903

Flughafen Zurich AG (Registered)		23,744		4,414,576

Gemadept Corp.		339,200		814,605

Getlink SE		399,408		6,431,825

Grupo Aeroportuario del Pacifico SAB de CV, Class B		504,560		5,877,916

Grupo Aeroportuario del Sureste SAB de CV, Class B(a)		224,720		4,836,590

International Container Terminal Services, Inc.		2,170,880		7,697,939

Japan Airport Terminal Co. Ltd.		118,900		5,205,236

Jiangsu Expressway Co. Ltd., Class H		1,696,000		1,543,276

Promotora y Operadora de Infraestructura SAB de CV		233,200		1,906,368

Qube Holdings Ltd.(a)		2,237,872		3,768,977

Santos Brasil Participacoes SA		593,600		871,037

Shenzhen International Holdings Ltd.		1,272,000		837,206

Transurban Group		3,792,256		28,380,611

Westshore Terminals Investment Corp.(a)		41,552		700,091
				129,519,659

Water Utilities – 2.5%

Aguas Andinas SA, Class A		3,533,616		1,027,145

American States Water Co.		14,416		1,125,169


Investments	Shares		Value

COMMON STOCKS – (continued)

Water Utilities – (continued)

American Water Works Co., Inc.		76,320	$	8,979,048

Beijing Enterprises Water Group Ltd.		5,088,000		1,072,924

California Water Service Group		22,896		1,114,577

Cia de Saneamento Basico do Estado de Sao Paulo SABESP		424,000		4,907,571

Cia de Saneamento de Minas Gerais Copasa MG		254,400		804,112

Cia de Saneamento do Parana (Preference)		1,102,400		953,096

Essential Utilities, Inc.(a)		95,824		3,206,271

Guangdong Investment Ltd.		3,392,000		2,314,914

Middlesex Water Co.		7,632		484,861

Pennon Group plc		320,544		2,825,825

Severn Trent plc		313,760		10,112,244

SJW Group(a)		11,872		741,763

United Utilities Group plc		831,040		10,719,563
				50,389,083

Wireless Telecommunication Services – 6.1%

KDDI Corp.		1,187,200		35,174,264

SoftBank Corp.		2,204,800		24,822,107

SoftBank Group Corp.(a)		808,700		32,701,501

T-Mobile US, Inc.*		206,912		29,766,360
				122,464,232
Total Common Stocks (Cost $2,132,513,770)				2,006,949,303
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 2.0%(c)

INVESTMENT COMPANIES – 0.6%

BlackRock Liquidity FedFund, Institutional Shares 5.35%, 11/1/2023	$	3,000,000		3,000,000

Dreyfus Treasury Obligations Cash Management Fund 5.38%, 11/1/2023		2,000,000		2,000,000


Investments	Principal Amount		Value

INVESTMENT COMPANIES – (continued)

Goldman Sachs Financial Square Government Fund, Institutional Class 5.36%, 11/1/2023	$	3,000,000	$	3,000,000

Invesco Government & Agency Portfolio, Institutional Shares 5.36%, 11/1/2023		3,000,000		3,000,000
Total Investment Companies (Cost $11,000,000)				11,000,000



REPURCHASE AGREEMENTS – 1.4%

BofA Securities, Inc., 5.77%, dated 10/31/2023, due 1/31/2024, repurchase price $2,029,491, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.13%, maturing 7/15/2024 – 11/15/2044; total market value $2,014,128		2,000,000		2,000,000

CF Secured LLC, 5.30%, dated 10/31/2023, due 11/1/2023, repurchase price $1,000,147, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 11/15/2023 – 5/15/2051; total market value $1,008,399		1,000,000		1,000,000

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $21,147,464, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $21,384,800		21,144,363		21,144,363


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – (continued)

REPURCHASE AGREEMENTS – (continued)

TD Prime Services LLC, 5.42%, dated 10/31/2023, due 11/1/2023, repurchase price $5,000,753, collateralized by various Common Stocks; total market value $5,537,547	$	5,000,000	$	5,000,000
Total Repurchase Agreements (Cost $29,144,363)				29,144,363
Total Securities Lending Reinvestments (Cost $40,144,363)				40,144,363
Total Investments – 101.1% (Cost $2,172,658,133)				2,047,093,666

Liabilities in excess of other assets – (1.1%)				(21,912,203	)
NET ASSETS – 100.0%			$	2,025,181,463

*	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 October 31, 2023. The total value of securities on loan at October 31, 2023 was $185,056,097, collateralized in the form of cash with a value of $40,144,363 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $137,958,979 of collateral in the form of U.S. Government

Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 15, 2023 – August 15, 2053 and $17,789,760 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from November 13, 2023 – October 22, 2073; a total value of $195,893,102.

^(b)

^(c)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $40,144,363.

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	123,493,504
Aggregate gross unrealized depreciation		(260,266,307	)
Net unrealized depreciation	$	(136,772,803	)
Federal income tax cost	$	2,183,010,473

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® STOXX^® Global Broad Infrastructure Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.6%

Diversified REITs – 5.1%

Broadstone Net Lease, Inc., REIT(a)		80,496	$	1,139,018

Empire State Realty Trust, Inc., Class A, REIT		79,976		647,006

Essential Properties Realty Trust, Inc., REIT(a)		61,880		1,358,266

GPT Group (The), REIT		802,568		1,839,488

H&R REIT, REIT(a)		84,760		520,802

Land Securities Group plc, REIT		296,504		2,047,221

Merlin Properties Socimi SA, REIT		136,760		1,136,205

Mori Trust Reit, Inc., REIT		1,352		657,944

NIPPON REIT Investment Corp., REIT		22		50,699

OUE Commercial REIT, REIT		426,400		73,139

Stockland, REIT		1,011,920		2,268,068

Tokyu REIT, Inc., REIT		520		619,420
				12,357,276

Health Care REITs – 2.1%

Healthpeak Properties, Inc., REIT		227,136		3,531,965

National Health Investors, Inc., REIT		17,992		900,320

Welltower, Inc., REIT		8,632		721,721
				5,154,006

Hotel & Resort REITs – 4.7%

Apple Hospitality REIT, Inc., REIT(a)		90,688		1,421,988

CDL Hospitality Trusts, REIT		821,600		581,696

Covivio Hotels SACA, REIT		6,240		106,520

DiamondRock Hospitality Co., REIT		91,728		709,057

Far East Hospitality Trust, REIT		176,800		76,137

Host Hotels & Resorts, Inc., REIT		299,624		4,638,179

Park Hotels & Resorts, Inc., REIT(a)		92,872		1,070,814

Pebblebrook Hotel Trust, REIT(a)		54,392		648,897

RLJ Lodging Trust, REIT		74,984		704,850

Service Properties Trust, REIT		84,760		614,510

Sunstone Hotel Investors, Inc., REIT		85,176		792,137
				11,364,785


Investments	Shares		Value

Household Durables – 0.4%

Iida Group Holdings Co. Ltd.		62,400	$	959,620

Industrial REITs – 8.2%

AIMS APAC REIT, REIT		676,000		592,095

Dream Industrial REIT, REIT(a)		72,860		614,580

First Industrial Realty Trust, Inc., REIT		55,640		2,353,572

Frasers Logistics & Commercial Trust, REIT(b)		1,237,600		939,458

Goodman Group, REIT(a)		26,728		350,979

Granite REIT, REIT(a)		13,000		591,356

LXP Industrial Trust, REIT		118,456		936,987

Mapletree Logistics Trust, REIT		1,453,769		1,559,827

Montea NV, REIT		9,048		637,901

Prologis, Inc., REIT		88,400		8,906,300

STAG Industrial, Inc., REIT		76,544		2,542,792
				20,025,847

Office REITs – 3.1%

COPT Defense Properties, REIT(a)		48,360		1,102,608

Covivio SA, REIT		19,864		848,248

Dexus, REIT(a)		377,208		1,547,614

Equity Commonwealth, REIT		45,344		858,815

Gecina SA, REIT		19,552		1,913,715

Inmobiliaria Colonial Socimi SA, REIT(a)		129,584		724,573

Keppel REIT, REIT		1,144,000		663,830

SL Green Realty Corp., REIT		1		28
				7,659,431

Real Estate Management & Development – 17.6%

Aeon Mall Co. Ltd.		52,000		588,174

Atrium Ljungberg AB, Class B(a)		39,520		606,278

Bukit Sembawang Estates Ltd.		31,200		82,438

Capitaland India Trust		780,000		546,549

City Developments Ltd.		208,000		959,498

CTP NV(b)		57,791		840,531

Daito Trust Construction Co. Ltd.		26,200		2,793,952

Fabege AB(a)		109,408		813,364

Fastighets AB Balder, Class B* (a)		280,488		1,184,699

Grainger plc		305,448		842,849


Investments	Shares		Value

COMMON STOCKS – (continued)

Real Estate Management & Development – (continued)

Grand City Properties SA*		52,208	$	465,476

Heiwa Real Estate Co. Ltd.(a)		24,900		632,180

Howard Hughes Holdings, Inc.* (a)		5,304		351,814

Hulic Co. Ltd.		166,400		1,512,977

Intershop Holding AG		936		620,194

Isras Investment Co. Ltd.(a)		3,120		527,204

Kerry Properties Ltd.		312,000		524,745

LEG Immobilien SE*		31,096		1,933,981

Lifestyle Communities Ltd.(a)		63,856		629,502

Mitsubishi Estate Co. Ltd.		93,600		1,182,940

Mitsui Fudosan Co. Ltd.		135,200		2,898,705

Mobimo Holding AG (Registered)		2,704		745,788

Nexity SA(a)		24,752		344,826

Nomura Real Estate Holdings, Inc.		47,100		1,090,069

Platzer Fastigheter Holding AB, Class B		5,304		27,772

PSP Swiss Property AG (Registered)		19,240		2,361,527

Shurgard Self Storage Ltd., REIT		16,640		621,049

Sirius Real Estate Ltd.		701,064		678,863

St Joe Co. (The)		15,080		703,331

Sumitomo Realty & Development Co. Ltd.(a)		121,600		3,014,206

Sun Hung Kai Properties Ltd.		616,500		6,330,774

Swire Properties Ltd.		499,200		965,914

TAG Immobilien AG*		73,216		795,949

Tokyo Tatemono Co. Ltd.		83,200		1,092,706

Tokyu Fudosan Holdings Corp.		260,000		1,496,702

Tricon Residential, Inc.(a)		111,800		740,099

UOL Group Ltd.		197,600		850,947

Wihlborgs Fastigheter AB		114,296		738,093
				43,136,665

Residential REITs – 17.3%

American Homes 4 Rent, Class A, REIT		138,112		4,521,787

Apartment Investment and Management Co., Class A, REIT*		82,368		482,676


Investments	Shares		Value

Residential REITs – (continued)

AvalonBay Communities, Inc., REIT		60,112	$	9,962,963

Boardwalk REIT, REIT(a)		14,144		659,799

Canadian Apartment Properties REIT, REIT(a)		34,112		1,003,027

Centerspace, REIT(a)		11,128		540,598

Equity Residential, REIT		152,048		8,412,816

Essex Property Trust, Inc., REIT		27,144		5,806,644

InterRent REIT, REIT(a)		60,840		515,381

Killam Apartment REIT, REIT		46,488		524,738

Mid-America Apartment Communities, Inc., REIT		48,880		5,775,172

UDR, Inc., REIT		132,912		4,227,931
				42,433,532

Retail REITs – 19.2%

Acadia Realty Trust, REIT		51,376		735,704

Brixmor Property Group, Inc., REIT		126,256		2,624,862

Carmila SA, REIT*		44,096		616,177

Crombie REIT, REIT(a)		52,624		461,704

CT REIT, REIT(a)		58,136		529,746

Eurocommercial Properties NV, REIT		29,120		622,984

Federal Realty Investment Trust, REIT		12,168		1,109,600

Fortune REIT, REIT		208,000		116,433

Fukuoka REIT Corp., REIT		520		558,988

HMC Capital Ltd., REIT(a)		192,400		517,727

InvenTrust Properties Corp., REIT(a)		32,760		822,276

Kimco Realty Corp., REIT		261,248		4,686,789

Kite Realty Group Trust, REIT(a)		93,704		1,997,769

Klepierre SA, REIT		91,832		2,222,821

Mapletree Pan Asia Commercial Trust, REIT		988,000		959,118

NNN REIT, Inc., REIT		76,128		2,765,730

PARAGON REIT, REIT		915,200		531,064

Phillips Edison & Co., Inc., REIT(a)		50,232		1,773,692

Realty Income Corp., REIT		2,184		103,478

Regency Centers Corp., REIT		64,792		3,904,366

Retail Estates NV, REIT		1,248		75,850

RioCan REIT, REIT(a)		60,840		738,451


Investments	Shares		Value

COMMON STOCKS – (continued)

Retail REITs – (continued)

RPT Realty, REIT		69,472	$	749,603

Simon Property Group, Inc., REIT		115,128		12,651,416

SITE Centers Corp., REIT		78,104		910,693

SmartCentres REIT, REIT(a)		38,272		592,448

Spirit Realty Capital, Inc., REIT		59,280		2,133,487

Tanger Factory Outlet Centers, Inc., REIT(a)		45,344		1,022,507

Waypoint REIT Ltd., REIT		388,440		521,395
				47,056,878

Specialized REITs – 20.9%

American Tower Corp., REIT		35,984		6,411,989

Crown Castle, Inc., REIT		8,632		802,603

CubeSmart, REIT		94,640		3,226,278

EPR Properties, REIT(a)		31,408		1,341,122

Equinix, Inc., REIT(a)		6,240		4,552,954

Iron Mountain, Inc., REIT(a)		123,656		7,304,360

Keppel DC REIT, REIT		592,800		731,237

Lamar Advertising Co., Class A, REIT		35,672		2,934,735

National Storage REIT, REIT(a)		561,496		711,022

PotlatchDeltic Corp., REIT		33,384		1,430,504

Public Storage, REIT		50,648		12,090,184

Safestore Holdings plc, REIT		90,272		748,710

Weyerhaeuser Co., REIT		308,568		8,852,816
				51,138,514
Total Common Stocks (Cost $283,496,998)				241,286,554


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 1.1%(c)

REPURCHASE AGREEMENTS – 1.1%

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $2,704,617, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $2,734,970 (Cost $2,704,220)	$	2,704,220	$	2,704,220
Total Investments – 99.7% (Cost $286,201,218)				243,990,774

Other assets less liabilities – 0.3%				682,557
NET ASSETS – 100.0%			$	244,673,331

*	Non-income producing security.

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $27,759,368, collateralized in the form of cash with a value of $2,704,220 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $24,122,125 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053 and $1,989,955 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.75%, and maturity dates ranging from November 13, 2023 – October 22, 2073; a total value of $28,816,300.

^(b)

^(c)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $2,704,220.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

FlexShares^® Global Quality Real Estate Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® Global Quality Real Estate Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® Global Quality Real Estate Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:

^(a)

Investment in affiliated Fund. Northern Trust Investments, Inc. is the Investment Adviser to both the Fund and the affiliated Funds.

^(b)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(3,832,291	)
Net unrealized depreciation	$	(3,832,291	)
Federal income tax cost	$	20,403,738

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 October 31, 2023, was as follows:


Investments	Shares		Value

COMMON STOCKS – 99.8%

Aerospace & Defense – 0.7%

Lockheed Martin Corp.		22,620	$	10,283,957

Banks – 2.4%

Commerce Bancshares, Inc.(a)		160,728		7,049,530

Cullen/Frost Bankers, Inc.		57,558		5,237,203

JPMorgan Chase & Co.		56,472		7,852,996

Popular, Inc.		120,546		7,840,312

Zions Bancorp NA(a)		231,318		7,136,160
				35,116,201

Beverages – 1.7%

Coca-Cola Co. (The)		411,594		23,250,945

PepsiCo, Inc.		7,602		1,241,255
				24,492,200

Biotechnology – 5.1%

AbbVie, Inc.		229,146		32,350,832

Amgen, Inc.		97,740		24,992,118

Gilead Sciences, Inc.		232,404		18,253,010
				75,595,960

Broadline Retail – 0.5%

Dillard’s, Inc., Class A(a)		7,602		2,360,041

eBay, Inc.		109,686		4,302,982
				6,663,023

Building Products – 0.9%

Advanced Drainage Systems, Inc.(a)		65,160		6,961,043

Fortune Brands Innovations, Inc.(a)		122,718		6,847,664
				13,808,707

Capital Markets – 3.4%

Bank of New York Mellon Corp. (The)		201,996		8,584,830

BlackRock, Inc.(a)		27,995		17,140,779

Jefferies Financial Group, Inc.		200,910		6,465,284

Lazard Ltd., Class A		105,342		2,925,347

Moelis & Co., Class A(a)		179,190		7,461,471


Investments	Shares		Value

Capital Markets – (continued)

State Street Corp.		124,890	$	8,071,641
				50,649,352

Chemicals – 1.1%

CF Industries Holdings, Inc.		19,548		1,559,540

LyondellBasell Industries NV, Class A		83,622		7,546,049

Mosaic Co. (The)		78,192		2,539,676

Olin Corp.		122,718		5,242,513
				16,887,778

Commercial Services & Supplies – 0.3%

Cintas Corp.(a)		8,688		4,405,859

Communications Equipment – 2.7%

Cisco Systems, Inc.		755,856		39,402,773

Construction Materials – 0.1%

Eagle Materials, Inc.		5,430		835,731

Consumer Finance – 0.7%

Ally Financial, Inc.(a)		201,996		4,886,283

OneMain Holdings, Inc.		145,524		5,228,677
				10,114,960

Consumer Staples Distribution & Retail – 0.2%

Costco Wholesale Corp.		2,172		1,199,900

Walmart, Inc.		6,516		1,064,779
				2,264,679

Containers & Packaging – 0.6%

Packaging Corp. of America(a)		56,472		8,643,040

Distributors – 0.5%

Pool Corp.(a)		22,806		7,201,451

Diversified Telecommunication Services – 0.4%

Iridium Communications, Inc.		165,072		6,115,918

Electric Utilities – 1.4%

Evergy, Inc.		130,320		6,403,925

Hawaiian Electric Industries, Inc.		604,902		7,851,628


Investments	Shares		Value

COMMON STOCKS – (continued)

Electric Utilities – (continued)

OGE Energy Corp.(a)		204,168	$	6,982,545
				21,238,098

Entertainment – 1.2%

Electronic Arts, Inc.		76,020		9,410,516

Warner Music Group Corp., Class A		245,436		7,682,147
				17,092,663

Financial Services – 2.3%

Fidelity National Information Services, Inc.		161,814		7,946,685

Mastercard, Inc., Class A		10,988		4,135,334

Radian Group, Inc.(a)		301,908		7,650,349

Visa, Inc., Class A(a)		27,150		6,382,965

Western Union Co. (The)		683,094		7,712,131
				33,827,464

Gas Utilities – 0.5%

UGI Corp.		336,660		7,002,528

Ground Transportation – 2.0%

Old Dominion Freight Line, Inc.		22,806		8,590,108

Union Pacific Corp.		104,256		21,644,588
				30,234,696

Health Care Equipment & Supplies – 1.4%

Abbott Laboratories		219,372		20,741,623

Health Care Providers & Services – 1.1%

Cigna Group (The)		5,430		1,678,956

McKesson Corp.		10,860		4,945,209

UnitedHealth Group, Inc.		18,678		10,003,190
				16,627,355

Health Care REITs – 0.4%

Healthpeak Properties, Inc., REIT		413,766		6,434,061

Hotel & Resort REITs – 1.0%

Apple Hospitality REIT, Inc., REIT(a)		444,174		6,964,648


Investments	Shares		Value

Hotel & Resort REITs – (continued)

Host Hotels & Resorts, Inc., REIT(a)		458,292	$	7,094,360
				14,059,008

Hotels, Restaurants & Leisure – 1.1%

Boyd Gaming Corp.		18,462		1,020,026

Domino’s Pizza, Inc.		4,344		1,472,573

Marriott International, Inc., Class A		3,258		614,328

Starbucks Corp.		144,438		13,322,961
				16,429,888

Household Products – 3.6%

Colgate-Palmolive Co.		31,494		2,365,829

Procter & Gamble Co. (The)		343,176		51,486,696
				53,852,525

Industrial Conglomerates – 0.3%

Honeywell International, Inc.		26,064		4,776,489

Insurance – 4.6%

Aflac, Inc.		123,804		9,670,330

Allstate Corp. (The)		64,074		8,209,802

First American Financial Corp.		135,750		6,982,980

Lincoln National Corp.		223,716		4,870,297

MetLife, Inc.		131,406		7,885,674

Old Republic International Corp.		296,478		8,117,568

Principal Financial Group, Inc.(a)		90,138		6,100,540

Prudential Financial, Inc.		86,880		7,944,307

Willis Towers Watson plc		35,838		8,453,826
				68,235,324

IT Services – 2.7%

Accenture plc, Class A		106,428		31,618,695

Cognizant Technology Solutions Corp., Class A		132,492		8,541,759
				40,160,454

Machinery – 1.5%

Caterpillar, Inc.		10,860		2,454,903

Illinois Tool Works, Inc.		55,386		12,413,110


Investments	Shares		Value

COMMON STOCKS – (continued)

Machinery – (continued)

Snap-on, Inc.		30,408	$	7,843,440
				22,711,453

Media – 3.0%

Comcast Corp., Class A		318,198		13,138,395

Fox Corp., Class A		21,720		660,071

New York Times Co. (The), Class A		188,964		7,617,139

Nexstar Media Group, Inc., Class A(a)		49,956		6,997,836

Omnicom Group, Inc.		103,170		7,728,465

Sirius XM Holdings, Inc.(a)		435,486		1,863,880

TEGNA, Inc.(a)		484,356		7,028,006
				45,033,792

Metals & Mining – 1.8%

Nucor Corp.		55,386		8,185,497

Reliance Steel & Aluminum Co.		30,408		7,735,187

Southern Copper Corp.(a)		102,084		7,237,755

Steel Dynamics, Inc.(a)		26,064		2,776,077
				25,934,516

Mortgage Real Estate Investment Trusts (REITs) – 1.4%

AGNC Investment Corp.(a)		842,736		6,219,392

Rithm Capital Corp.(a)		829,704		7,741,138

Starwood Property Trust, Inc.(a)		403,992		7,170,858
				21,131,388

Multi-Utilities – 0.6%

Public Service Enterprise Group, Inc.(a)		137,922		8,502,891

Oil, Gas & Consumable Fuels – 3.3%

Chevron Corp.		35,838		5,222,672

ConocoPhillips		7,602		903,118

Exxon Mobil Corp.(a)		94,482		10,000,920

Marathon Petroleum Corp.		74,934		11,333,767

Peabody Energy Corp.(a)		352,950		8,326,090

Pioneer Natural Resources Co.		10,860		2,595,540

Range Resources Corp.(a)		249,780		8,952,115


Investments	Shares		Value

Oil, Gas & Consumable Fuels – (continued)

Valero Energy Corp.(a)		5,430	$	689,610
				48,023,832

Pharmaceuticals – 3.5%

Bristol-Myers Squibb Co.		388,788		20,034,246

Eli Lilly & Co.		15,507		8,589,793

Johnson & Johnson		49,956		7,410,473

Merck & Co., Inc.		23,892		2,453,708

Pfizer, Inc.		7,602		232,316

Zoetis, Inc., Class A		85,794		13,469,658
				52,190,194

Professional Services – 2.7%

Automatic Data Processing, Inc.		77,106		16,826,071

Paychex, Inc.		77,106		8,562,621

Paycom Software, Inc.		28,236		6,916,973

Robert Half, Inc.		107,514		8,038,822
				40,344,487

Residential REITs – 2.4%

AvalonBay Communities, Inc., REIT		48,870		8,099,714

Camden Property Trust, REIT		66,246		5,622,960

Equity Residential, REIT		137,922		7,631,224

Mid-America Apartment Communities, Inc., REIT		57,558		6,800,478

UDR, Inc., REIT		217,200		6,909,132
				35,063,508

Retail REITs – 0.2%

Brixmor Property Group, Inc., REIT(a)		111,858		2,325,528

Semiconductors & Semiconductor Equipment – 9.0%

Broadcom, Inc.		76,020		63,960,948

KLA Corp.(a)		24,978		11,732,167

Lam Research Corp.		10,860		6,388,069

Microchip Technology, Inc.(a)		108,600		7,742,094

NVIDIA Corp.		74,934		30,558,085

Skyworks Solutions, Inc.		78,192		6,782,374

Teradyne, Inc.(a)		76,020		6,330,185
				133,493,922


Investments	Shares		Value

COMMON STOCKS – (continued)

Software – 7.4%

Bentley Systems, Inc., Class B(a)		175,932	$	8,557,333

Dolby Laboratories, Inc., Class A		19,548		1,582,215

Intuit, Inc.		14,981		7,414,846

Microsoft Corp.		272,586		92,164,052
				109,718,446

Specialized REITs – 1.4%

CubeSmart, REIT		150,954		5,146,022

Public Storage, REIT(a)		33,666		8,036,411

Weyerhaeuser Co., REIT		267,156		7,664,705
				20,847,138

Specialty Retail – 3.9%

Best Buy Co., Inc.(a)		106,428		7,111,519

Home Depot, Inc. (The)		84,708		24,115,520

Lowe’s Cos., Inc.		92,310		17,591,517

Williams-Sonoma, Inc.(a)		62,988		9,463,317
				58,281,873

Technology Hardware, Storage & Peripherals – 9.3%

Apple, Inc.		802,554		137,052,147

Textiles, Apparel & Luxury Goods – 2.0%

NIKE, Inc., Class B		228,060		23,437,726

Tapestry, Inc.		231,318		6,375,124
				29,812,850

Tobacco – 0.9%

Altria Group, Inc.(a)		332,316		13,349,134

Trading Companies & Distributors – 0.6%

Fastenal Co.		153,126		8,933,371
Total Common Stocks (Cost $1,330,163,281)				1,475,944,235


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 8.8%(b)

CERTIFICATES OF DEPOSIT – 2.3%

Barclays Bank plc, New York (SOFR + 0.32%), 5.48%, 11/24/2023(c)	$	2,000,000	$	2,000,186

Citibank NA, New York (SOFR + 0.40%), 5.62%, 12/15/2023(c)		3,000,000		3,000,324

Credit Industriel et Commercial, London 5.69%, 1/16/2024		2,000,000		1,976,180

Mizuho Bank Ltd., New York (SOFR + 0.40%), 5.71%, 3/12/2024(c)		2,000,000		2,000,576

MUFG Bank Ltd., London Branch 5.63%, 11/27/2023		2,000,000		2,000,000

National Westminster Bank PLC 5.88%, 5/2/2024		2,000,000		2,001,340

Nordea Bank Abp, New York Branch (SOFR + 0.47%), 5.78%, 4/26/2024(c)		2,000,000		2,001,552

Oversea-Chinese Banking Corp. Ltd., New York (SOFR + 0.37%), 5.68%, 11/16/2023(c)		2,000,000		2,000,000

Royal Bank of Canada, New York (SOFR + 0.53%), 5.84%, 5/23/2024(c)		2,000,000		2,001,808

Sumitomo Mitsui Trust Bank Ltd., New York (SOFR + 0.23%), 5.54%, 11/22/2023(c)		3,000,000		3,000,000

Svenska Handelsbanken, New York 5.80%, 4/4/2024		1,000,000		999,882
(SOFR + 0.33%), 5.64%, 4/4/2024(c)		1,000,000		999,870

The Sumitomo Bank Ltd., New York (SOFR + 0.47%), 5.60%, 1/9/2024(c)		2,000,000		2,001,226


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – (continued)

CERTIFICATES OF DEPOSIT – (continued)

Toronto-Dominion Bank, New York 5.64%, 2/28/2024	$	1,000,000	$	1,000,000
(US Federal Funds Effective Rate (continuous series) + 0.61%), 5.94%, 7/26/2024(c)		2,000,000		2,000,996

Wells Fargo Bank (San Francisco) NA (SOFR + 0.37%), 5.62%, 12/12/2023(c)		3,000,000		3,000,218
Total Certificates of Deposit (Cost $31,978,200)				31,984,158



COMMERCIAL PAPER – 0.1%(c)

Bank of Montreal, Montreal (SOFR + 0.35%), 5.66%, 11/9/2023 (Cost $2,000,000)		2,000,000		2,000,000

INVESTMENT COMPANIES – 1.2%

Dreyfus Treasury Obligations Cash Management Fund 5.38%, 11/1/2023		7,000,000		7,000,000
Goldman Sachs Financial Square Government Fund, Institutional Class 5.36%, 11/1/2023		3,000,000		3,000,000
Invesco Government & Agency Portfolio, Institutional Shares 5.36%, 11/1/2023		4,000,000		4,000,000

Morgan Stanley Institutional Liquidity Fund – Government Portfolio 5.35%, 11/1/2023		4,000,000		4,000,000
Total Investment Companies (Cost $18,000,000)				18,000,000


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – 5.2%
BofA Securities, Inc., 5.77%, dated 10/31/2023, due 1/31/2024, repurchase price $8,117,964, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.13%, maturing 7/15/2024 – 11/15/2044; total market value $8,056,513	$	8,000,000	$	8,000,000
CF Secured LLC, 5.30%, dated 10/31/2023, due 11/1/2023, repurchase price $10,001,472, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 11/15/2023 – 5/15/2051; total market value $10,083,993		10,000,000		10,000,000
Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $9,467,085, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $9,573,333		9,465,697		9,465,697


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – (continued)

REPURCHASE AGREEMENTS – (continued)
MetLife, Inc., 5.32%, dated 10/31/2023, due 11/1/2023, repurchase price $40,005,911, collateralized by various U.S. Treasury Securities, 0.00%, maturing 8/15/2041 – 11/15/2050; total market value $40,288,616	$	40,000,000	$	40,000,000

TD Prime Services LLC, 5.42%, dated 10/31/2023, due 11/1/2023, repurchase price $10,001,506, collateralized by various Common Stocks; total market value $11,075,095		10,000,000		10,000,000
Total Repurchase Agreements (Cost $77,465,697)				77,465,697
Total Securities Lending Reinvestments (Cost $129,443,897)				129,449,855
Total Investments – 108.6% (Cost $1,459,607,178)				1,605,394,090

Liabilities in excess of other assets – (8.6%)				(127,121,274	)
NET ASSETS – 100.0%			$	1,478,272,816

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $149,621,313, collateralized in the form of cash with a value of $129,448,662 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $19,196,387 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053 and $2,514,864 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 4.25%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $151,159,913.

^(b)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $129,449,855.

^(c)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2023.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust

SOFR – Secured Overnight Financing Rate



Aggregate gross unrealized appreciation	$	236,307,150
Aggregate gross unrealized depreciation		(91,217,525	)
Net unrealized appreciation	$	145,089,625
Federal income tax cost	$	1,460,249,358

FlexShares^® Quality Dividend Index Fund had the following open futures contracts as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 99.5%

Aerospace & Defense – 1.3%

Lockheed Martin Corp.		8,695	$	3,953,095

Air Freight & Logistics – 1.0%

CH Robinson Worldwide, Inc.(a)		18,095		1,480,714

Expeditors International of Washington, Inc.		14,805		1,617,446
				3,098,160

Banks – 4.6%

Columbia Banking System, Inc.		85,305		1,677,949

Commerce Bancshares, Inc.(a)		33,370		1,463,608

Cullen/Frost Bankers, Inc.		17,625		1,603,699

Glacier Bancorp, Inc.(a)		54,520		1,645,959

JPMorgan Chase & Co.		11,985		1,666,634

Popular, Inc.		25,145		1,635,431

UMB Financial Corp.		25,380		1,591,834

United Bankshares, Inc.(a)		54,990		1,563,915

Zions Bancorp NA(a)		48,175		1,486,199
				14,335,228

Beverages – 2.9%

Coca-Cola Co. (The)		152,280		8,602,297

PepsiCo, Inc.		2,585		422,079
				9,024,376

Biotechnology – 5.4%

AbbVie, Inc.		57,105		8,062,084

Amgen, Inc.		19,505		4,987,429

Gilead Sciences, Inc.		48,645		3,820,578
				16,870,091

Broadline Retail – 0.5%

Dillard’s, Inc., Class A(a)		2,585		802,513

eBay, Inc.		23,735		931,124
				1,733,637

Building Products – 0.3%

Masco Corp.		18,800		979,292

Capital Markets – 1.1%

Bank of New York Mellon Corp. (The)		43,240		1,837,700


Investments	Shares		Value

Capital Markets – (continued)

Moelis & Co., Class A(a)		37,130	$	1,546,093
				3,383,793

Chemicals – 0.8%

LyondellBasell Industries NV, Class A		15,980		1,442,035

Olin Corp.		25,145		1,074,195
				2,516,230

Commercial Services & Supplies – 0.5%

Rollins, Inc.		39,480		1,484,843

Communications Equipment – 2.6%

Cisco Systems, Inc.		158,625		8,269,121

Consumer Staples Distribution & Retail – 0.1%

Costco Wholesale Corp.		470		259,647

Walmart, Inc.		1,410		230,408
				490,055

Containers & Packaging – 0.6%

Packaging Corp. of America		11,985		1,834,304

Diversified Consumer Services – 0.5%

H&R Block, Inc.(a)		42,065		1,726,768

Diversified Telecommunication Services – 0.4%

Iridium Communications, Inc.		32,195		1,192,825

Electric Utilities – 3.2%

Constellation Energy Corp.		17,860		2,016,751

Evergy, Inc.		27,260		1,339,556

Exelon Corp.		44,415		1,729,520

Hawaiian Electric Industries, Inc.		125,960		1,634,961

OGE Energy Corp.(a)		49,820		1,703,844

PPL Corp.		70,500		1,732,185
				10,156,817

Entertainment – 1.1%

Electronic Arts, Inc.		15,745		1,949,074

Warner Music Group Corp., Class A(a)		47,235		1,478,455
				3,427,529


Investments	Shares		Value

COMMON STOCKS – (continued)

Financial Services – 2.2%

Fidelity National Information Services, Inc.		33,840	$	1,661,882

Mastercard, Inc., Class A		2,350		884,423

Radian Group, Inc.(a)		62,745		1,589,958

Visa, Inc., Class A(a)		5,640		1,325,964

Western Union Co. (The)		140,295		1,583,931
				7,046,158

Food Products – 0.9%

General Mills, Inc.		23,030		1,502,477

Kellogg Co.(a)		28,670		1,446,975
				2,949,452

Gas Utilities – 0.4%

ONE Gas, Inc.(a)		18,565		1,121,326

Ground Transportation – 0.6%

Old Dominion Freight Line, Inc.		4,700		1,770,302

Health Care Equipment & Supplies – 2.0%

Abbott Laboratories		67,445		6,376,925

Health Care Providers & Services – 4.4%

Cardinal Health, Inc.		20,210		1,839,110

Cencora, Inc.(a)		10,340		1,914,451

Chemed Corp.(a)		3,290		1,851,119

Cigna Group (The)		11,515		3,560,438

McKesson Corp.		5,170		2,354,211

UnitedHealth Group, Inc.		3,995		2,139,562
				13,658,891

Health Care REITs – 0.4%

Healthpeak Properties, Inc., REIT		85,070		1,322,838

Hotels, Restaurants & Leisure – 3.6%

Domino’s Pizza, Inc.		4,465		1,513,590

McDonald’s Corp.		21,855		5,729,726

Starbucks Corp.		44,650		4,118,516
				11,361,832

Household Products – 4.2%

Clorox Co. (The)		11,750		1,382,975

Kimberly-Clark Corp.		7,520		899,693

Procter & Gamble Co. (The)		71,910		10,788,657
				13,071,325


Investments	Shares		Value

Independent Power and Renewable Electricity Producers – 0.5%

Clearway Energy, Inc., Class C		68,855	$	1,494,842

Industrial Conglomerates – 0.8%

Honeywell International, Inc.		13,630		2,497,834

Insurance – 4.0%

Aflac, Inc.		26,320		2,055,855

Allstate Corp. (The)		13,395		1,716,301

American Financial Group, Inc.		14,805		1,619,075

Loews Corp.		27,965		1,790,040

MetLife, Inc.		27,025		1,621,770

Old Republic International Corp.		62,040		1,698,655

Willis Towers Watson plc		8,930		2,106,498
				12,608,194

IT Services – 1.1%

Amdocs Ltd.		19,740		1,582,358

Cognizant Technology Solutions Corp., Class A		27,730		1,787,753
				3,370,111

Machinery – 1.4%

Illinois Tool Works, Inc.		11,750		2,633,410

Otis Worldwide Corp.		21,855		1,687,425
				4,320,835

Media – 3.1%

Comcast Corp., Class A		67,680		2,794,507

Fox Corp., Class A		10,575		321,374

New York Times Co. (The), Class A		39,715		1,600,912

Nexstar Media Group, Inc., Class A(a)		10,340		1,448,427

Omnicom Group, Inc.		21,855		1,637,158

Sirius XM Holdings, Inc.(a)		91,885		393,268

TEGNA, Inc.(a)		99,875		1,449,186
				9,644,832

Metals & Mining – 1.0%

Reliance Steel & Aluminum Co.		6,345		1,614,041

Southern Copper Corp.		21,385		1,516,197
				3,130,238


Investments	Shares		Value

COMMON STOCKS – (continued)

Mortgage Real Estate Investment Trusts (REITs) – 0.8%

AGNC Investment Corp.(a)		172,960	$	1,276,445

Starwood Property Trust, Inc.(a)		70,500		1,251,375
				2,527,820

Multi-Utilities – 1.4%

Consolidated Edison, Inc.		21,150		1,856,758

Dominion Energy, Inc.		13,630		549,562

Public Service Enterprise Group, Inc.		30,785		1,897,895
				4,304,215

Oil, Gas & Consumable Fuels – 1.4%

Chevron Corp.(a)		7,285		1,061,643

Coterra Energy, Inc.		10,105		277,887

CVR Energy, Inc.(a)		7,285		238,584

Exxon Mobil Corp.		22,560		2,387,976

Pioneer Natural Resources Co.		1,410		336,990
				4,303,080

Pharmaceuticals – 3.9%

Bristol-Myers Squibb Co.		81,075		4,177,795

Eli Lilly & Co.		7,990		4,425,901

Johnson & Johnson		16,685		2,475,053

Merck & Co., Inc.		6,110		627,497

Pfizer, Inc.		1,410		43,089

Zoetis, Inc., Class A		2,585		405,845
				12,155,180

Professional Services – 2.3%

Automatic Data Processing, Inc.		15,980		3,487,156

Paychex, Inc.		15,980		1,774,579

Verisk Analytics, Inc., Class A		8,225		1,870,036
				7,131,771

Residential REITs – 3.1%

American Homes 4 Rent, Class A, REIT		49,820		1,631,107

AvalonBay Communities, Inc., REIT		4,935		817,927

Camden Property Trust, REIT		13,630		1,156,914

Equity Residential, REIT		28,435		1,573,309

Essex Property Trust, Inc., REIT		7,520		1,608,678


Investments	Shares		Value

Residential REITs – (continued)

Mid-America Apartment Communities, Inc., REIT		12,220	$	1,443,793

UDR, Inc., REIT(a)		45,120		1,435,267
				9,666,995

Semiconductors & Semiconductor Equipment – 6.3%

Broadcom, Inc.		15,980		13,445,093

NVIDIA Corp.		15,745		6,420,811
				19,865,904

Software – 7.4%

Bentley Systems, Inc., Class B(a)		37,130		1,806,003

Dolby Laboratories, Inc., Class A		4,465		361,397

Intuit, Inc.		3,525		1,744,699

Microsoft Corp.		56,635		19,148,860
				23,060,959

Specialized REITs – 0.9%

CubeSmart, REIT		35,720		1,217,695

Public Storage, REIT		7,285		1,739,002
				2,956,697

Specialty Retail – 4.7%

Best Buy Co., Inc.		19,035		1,271,919

Home Depot, Inc. (The)		32,195		9,165,594

Lowe’s Cos., Inc.		7,520		1,433,086

Murphy USA, Inc.		4,465		1,619,411

Williams-Sonoma, Inc.(a)		8,695		1,306,337
				14,796,347

Technology Hardware, Storage & Peripherals – 7.8%

Apple, Inc.		142,880		24,399,618

Tobacco – 0.9%

Altria Group, Inc.		69,090		2,775,345

Trading Companies & Distributors – 1.1%

Fastenal Co.		33,135		1,933,096

MSC Industrial Direct Co., Inc., Class A(a)		16,685		1,580,904
				3,514,000
Total Common Stocks (Cost $287,654,026)				311,680,030


Investments	Principal Amount		Value

SECURITIES LENDING REINVESTMENTS – 6.0%(b)

INVESTMENT COMPANIES – 0.3%

Dreyfus Treasury Obligations Cash Management Fund 5.38%, 11/1/2023 (Cost $1,000,000)	$	1,000,000	$	1,000,000

REPURCHASE AGREEMENTS – 5.7%

BofA Securities, Inc., 5.77%, dated 10/31/2023, due 1/31/2024, repurchase price $1,014,746, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 6.13%, maturing 7/15/2024 – 11/15/2044; total market value $1,007,064		1,000,000		1,000,000

CF Secured LLC, 5.30%, dated 10/31/2023, due 11/1/2023, repurchase price $5,000,736, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 11/15/2023 – 5/15/2051; total market value $5,041,997		5,000,000		5,000,000

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $7,784,824, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $7,872,192		7,783,683		7,783,683


Investments	Principal Amount		Value

REPURCHASE AGREEMENTS – (continued)

TD Prime Services LLC, 5.42%, dated 10/31/2023, due 11/1/2023, repurchase price $4,000,602, collateralized by various Common Stocks; total market value $4,430,038	$	4,000,000	$	4,000,000
Total Repurchase Agreements (Cost $17,783,683)				17,783,683
Total Securities Lending Reinvestments (Cost $18,783,683)				18,783,683
Total Investments – 105.5% (Cost $306,437,709)				330,463,713

Liabilities in excess of other assets – (5.5%)				(17,232,615	)
NET ASSETS – 100.0%			$	313,231,098

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $26,472,637, collateralized in the form of cash with a value of $18,783,683 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $6,786,441 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 7.63%, and maturity dates ranging from November 7, 2023 – August 15, 2053 and $1,595,285 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 4.50%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $27,165,409.

^(b)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $18,783,683.

Percentages shown are based on Net Assets.

Abbreviations

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	42,388,210
Aggregate gross unrealized depreciation		(18,364,097	)
Net unrealized appreciation	$	24,024,113
Federal income tax cost	$	306,369,017

FlexShares^® Quality Dividend Defensive Index Fund had the following open futures contracts as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.2%

Air Freight & Logistics – 0.1%

SG Holdings Co. Ltd.		39,700	$	558,885

Automobile Components – 0.2%

Fuyao Glass Industry Group Co. Ltd., Class H(a)		243,600		1,109,877

Automobiles – 2.7%

Dr Ing hc F Porsche AG (Preference)(b)		36,873		3,216,977

Isuzu Motors Ltd.		337,400		3,699,381

Mercedes-Benz Group AG		87,483		5,125,586

Subaru Corp.		31,700		535,747

Yadea Group Holdings Ltd.(a)		482,000		880,888
				13,458,579

Banks – 12.0%

Akbank TAS		256,906		267,505

Banco del Bajio SA(a)		1,253,200		3,830,476

Bank of Montreal		27,474		2,073,834

Barclays plc		1,985,117		3,170,034

BOC Hong Kong Holdings Ltd.		964,000		2,550,265

China Construction Bank Corp., Class H		4,820,000		2,735,066

China Merchants Bank Co. Ltd., Class H		677,000		2,578,355

FinecoBank Banca Fineco SpA		230,878		2,712,483

First Abu Dhabi Bank PJSC		586,353		2,024,219

HSBC Holdings plc		102,666		737,888

Industrial & Commercial Bank of China Ltd., Class H		4,097,000		1,968,755

Japan Post Bank Co. Ltd.		168,700		1,558,953

KBC Group NV		62,419		3,424,200

Mitsubishi UFJ Financial Group, Inc.		289,200		2,400,372

Nordea Bank Abp		309,685		3,251,337

Royal Bank of Canada		152,071		12,132,817

Sberbank of Russia PJSC‡		1,227,390		—

Skandinaviska Enskilda Banken AB, Class A		349,209		3,885,084


Investments	Shares		Value

Banks – (continued)

Sumitomo Mitsui Financial Group, Inc.		58,100	$	2,769,864

Swedbank AB, Class A		216,177		3,535,987

Toronto-Dominion Bank (The)		5,302		295,835

Yapi ve Kredi Bankasi A/S		2,895,374		1,764,277
				59,667,606

Beverages – 0.8%

Arca Continental SAB de CV		385,600		3,453,163

Nongfu Spring Co. Ltd., Class H(b)(c)		76,600		436,128
				3,889,291

Broadline Retail – 0.2%

B&M European Value Retail SA		49,405		317,018

Next plc		8,676		724,740
				1,041,758

Building Products – 0.4%

Geberit AG (Registered)		4,338		2,010,624

Capital Markets – 4.9%

3i Group plc		147,251		3,456,598

Brookfield Asset Management Ltd., Class A		42,175		1,207,604

China Galaxy Securities Co. Ltd., Class H		6,748,000		3,449,633

Hong Kong Exchanges & Clearing Ltd.		2,700		94,893

Japan Exchange Group, Inc.		106,900		2,092,542

Julius Baer Group Ltd.		42,175		2,484,017

Macquarie Korea Infrastructure Fund		392,348		3,491,928

Moscow Exchange MICEX-RTS PJSC‡		775,590		—

Partners Group Holding AG		4,097		4,307,466

Samsung Securities Co. Ltd.		140,985		3,684,996
				24,269,677

Chemicals – 2.9%

Fertiglobe plc		3,852,144		3,366,562

Nissan Chemical Corp.		10,400		418,555


Investments	Shares		Value

COMMON STOCKS – (continued)

Chemicals – (continued)

Nitto Denko Corp.(c)		17,300	$	1,106,117

Sahara International Petrochemical Co.		170,146		1,462,632

Shin-Etsu Chemical Co. Ltd.		120,500		3,555,046

Wacker Chemie AG		6,989		853,242

Yara International ASA		107,727		3,519,639
				14,281,793

Consumer Staples Distribution & Retail – 0.4%

Coles Group Ltd.		217,382		2,101,693

Kesko OYJ, Class B		1,928		32,535
				2,134,228

Diversified REITs – 0.5%

Stockland, REIT		1,183,551		2,652,753

Diversified Telecommunication Services – 1.8%

Elisa OYJ		6,748		285,876

Koninklijke KPN NV		698,418		2,343,873

Spark New Zealand Ltd.		67,962		196,465

Swisscom AG (Registered)		3,856		2,304,999

Telstra Group Ltd.		1,609,398		3,882,353
				9,013,566

Electric Utilities – 1.3%

Fortum OYJ(c)		238,590		2,824,524

Origin Energy Ltd.		548,275		3,169,391

Power Grid Corp. of India Ltd.		256,748		623,377
				6,617,292

Electrical Equipment – 0.0%(d)

Voltronic Power Technology Corp.		4,839		193,202

Electronic Equipment, Instruments & Components – 0.1%

Largan Precision Co. Ltd.		4,000		255,280

Shimadzu Corp.		13,200		308,983
				564,263

Entertainment – 1.0%

Capcom Co. Ltd.(c)		10,400		332,303

Nintendo Co. Ltd.		115,300		4,736,249
				5,068,552


Investments	Shares		Value

Financial Services – 3.0%

Banca Mediolanum SpA		434,764	$	3,541,258

FirstRand Ltd.		60,250		197,460

ORIX Corp.		187,000		3,352,405

Power Finance Corp. Ltd.		1,136,618		3,366,493

REC Ltd.		1,368,880		4,728,511
				15,186,127

Food Products – 3.2%

China Feihe Ltd.(a)		3,374,000		2,095,652

Nestle SA (Registered)		89,893		9,686,179

Uni-President China Holdings Ltd.		4,338,000		2,954,981

Want Want China Holdings Ltd.		1,928,000		1,197,516
				15,934,328

Gas Utilities – 0.9%

Kunlun Energy Co. Ltd.		682,000		568,290

Naturgy Energy Group SA(c)		132,068		3,727,210
				4,295,500

Ground Transportation – 0.0%(d)

Canadian National Railway Co.		1,446		152,834

Health Care Equipment & Supplies – 0.3%

Hoya Corp.		13,400		1,268,375

Health Care Providers & Services – 0.0%(d)

Sonic Healthcare Ltd.		11,327		206,186

Hotels, Restaurants & Leisure – 1.1%

InterContinental Hotels Group plc		25,546		1,801,030

OPAP SA		227,263		3,843,472
				5,644,502

Household Durables – 0.6%

Nien Made Enterprise Co. Ltd.		326,000		2,874,549

Household Products – 0.4%

Unilever Indonesia Tbk. PT		9,712,300		2,213,316

Independent Power and Renewable Electricity Producers – 0.0%

Unipro PJSC*‡		125,500,000		—


Investments	Shares		Value

COMMON STOCKS – (continued)

Industrial Conglomerates – 0.7%

Hitachi Ltd.		29,700	$	1,858,542

Industries Qatar QSC		441,512		1,481,812

Siemens AG (Registered)		1,687		222,823
				3,563,177

Insurance – 2.0%

Admiral Group plc		58,804		1,743,220

BB Seguridade Participacoes SA		650,700		3,968,973

Caixa Seguridade Participacoes SA		433,800		930,739

Manulife Financial Corp.		150,384		2,614,997

Sampo OYJ, Class A		12,532		491,571
				9,749,500

Interactive Media & Services – 1.0%

Rightmove plc(c)		274,258		1,574,136

Tencent Holdings Ltd.		96,400		3,562,979
				5,137,115

IT Services – 1.3%

HCL Technologies Ltd.		173,520		2,659,318

Infosys Ltd.		64,106		1,053,615

Nomura Research Institute Ltd.		72,300		1,882,870

Obic Co. Ltd.		5,200		763,802
				6,359,605

Leisure Products – 0.0%(d)

Shimano, Inc.		600		85,397

Machinery – 1.1%

GEA Group AG		13,255		451,560

Kone OYJ, Class B		64,347		2,781,124

MISUMI Group, Inc.		66,300		989,170

VAT Group AG(a)		3,133		1,104,064
				5,325,918

Marine Transportation – 3.1%

AP Moller – Maersk A/S, Class A		1,446		2,354,932

AP Moller – Maersk A/S, Class B		1,446		2,401,007

Evergreen Marine Corp. Taiwan Ltd.		1,205,000		3,993,757


Investments	Shares		Value

Marine Transportation – (continued)

Hapag-Lloyd AG(a)		482	$	69,339

Nippon Yusen KK(c)		63,600		1,544,172

Orient Overseas International Ltd.(c)		209,500		2,641,308

SITC International Holdings Co. Ltd.(c)		624,000		960,172

Yang Ming Marine Transport Corp.		964,000		1,251,253
				15,215,940

Metals & Mining – 6.7%

BHP Group Ltd.		555,746		15,658,241

Glencore plc		89,652		473,392

Grupo Mexico SAB de CV, Series B		578,400		2,355,827

Kumba Iron Ore Ltd.		132,791		3,497,904

MMC Norilsk Nickel PJSC*‡		16,315		—

Norsk Hydro ASA		14,942		85,171

Rio Tinto plc		124,838		7,960,520

Severstal PAO*‡		58,985		—

Vedanta Ltd.		1,352,010		3,517,292
				33,548,347

Multi-Utilities – 0.0%(d)

Canadian Utilities Ltd., Class A		7,471		157,896

Oil, Gas & Consumable Fuels – 8.8%

Adaro Energy Indonesia Tbk. PT		17,448,400		2,811,955

Canadian Natural Resources Ltd.(c)		120,500		7,643,602

China Shenhua Energy Co. Ltd., Class H		1,205,000		3,696,036

Coal India Ltd.		1,332,971		5,031,137

Equinor ASA		112,788		3,780,397

Exxaro Resources Ltd.		456,695		4,554,550

Petroleo Brasileiro SA (Preference)		698,900		4,814,552

Shell plc		61,455		1,973,563

TotalEnergies SE		13,737		917,665

Var Energi ASA		1,319,475		4,444,430

Yankuang Energy Group Co. Ltd., Class H(c)		2,410,000		4,188,840
				43,856,727


Investments	Shares		Value

COMMON STOCKS – (continued)

Passenger Airlines – 0.7%

Singapore Airlines Ltd.		723,000	$	3,224,357

Personal Care Products – 2.4%

Hengan International Group Co. Ltd.		120,500		403,484

L’Oreal SA		26,751		11,201,461

Unilever plc		8,917		420,803
				12,025,748

Pharmaceuticals – 9.1%

Astellas Pharma, Inc.		24,100		302,354

AstraZeneca plc		16,388		2,038,317

China Medical System Holdings Ltd.		964,000		1,540,015

GSK plc		403,916		7,143,182

Novartis AG (Registered)		108,932		10,119,346

Novo Nordisk A/S, Class B		154,722		14,833,820

Orion OYJ, Class B		3,856		153,005

Roche Holding AG		723		196,391

Roche Holding AG – BR		34,945		8,979,603

Sanofi SA		2,169		196,479
				45,502,512

Professional Services – 2.5%

Bureau Veritas SA		146,528		3,328,373

Randstad NV		66,516		3,433,814

Recruit Holdings Co. Ltd.		48,200		1,379,053

RELX plc		64,588		2,247,775

SGS SA (Registered)		27,715		2,253,014
				12,642,029

Real Estate Management & Development – 2.2%

China Vanke Co. Ltd., Class H		2,626,900		2,457,494

CK Asset Holdings Ltd.		120,500		602,146

Daito Trust Construction Co. Ltd.		34,700		3,700,386

Land & Houses PCL, NVDR		5,302,000		1,113,726

Sun Hung Kai Properties Ltd.		309,500		3,178,223
				11,051,975

Retail REITs – 0.8%

Link REIT, REIT		843,500		3,870,057


Investments	Shares		Value

Semiconductors & Semiconductor Equipment – 6.1%

Advantest Corp.		91,700	$	2,309,984

ASML Holding NV		12,291		7,344,144

MediaTek, Inc.		213,946		5,553,955

Novatek Microelectronics Corp.		331,901		4,650,810

Realtek Semiconductor Corp.		85,000		1,052,181

Taiwan Semiconductor Manufacturing Co. Ltd.		399,222		6,511,128

Tokyo Electron Ltd.		18,600		2,426,247

Vanguard International Semiconductor Corp.		302,000		652,696
				30,501,145

Software – 0.4%

SAP SE		5,061		677,993

Temenos AG (Registered)		17,593		1,259,280
				1,937,273

Specialty Retail – 1.4%

Fast Retailing Co. Ltd.		600		130,819

H & M Hennes & Mauritz AB, Class B(c)		117,849		1,574,815

Industria de Diseno Textil SA(c)		125,802		4,328,262

Topsports International Holdings Ltd.(a)		964,000		810,664
				6,844,560

Technology Hardware, Storage & Peripherals – 1.1%

Catcher Technology Co. Ltd.		214,000		1,197,503

Lite-On Technology Corp.		482,000		1,486,049

Samsung Electronics Co. Ltd.		53,743		2,662,179
				5,345,731

Textiles, Apparel & Luxury Goods – 3.1%

ANTA Sports Products Ltd.		144,600		1,632,724

Bosideng International Holdings Ltd.		6,106,000		2,411,310

Burberry Group plc		48,923		1,004,466

Feng TAY Enterprise Co. Ltd.		21,284		117,133

Hermes International SCA		3,248		6,040,946

LVMH Moet Hennessy Louis Vuitton SE		3,374		2,405,482

Pandora A/S		5,302		599,327


Investments	Shares		Value

COMMON STOCKS – (continued)

Textiles, Apparel & Luxury Goods – (continued)

Shenzhou International Group Holdings Ltd.		120,500	$	1,181,961
				15,393,349

Tobacco – 1.7%

Imperial Brands plc		185,329		3,937,780

Japan Tobacco, Inc.		201,900		4,694,046
				8,631,826

Trading Companies & Distributors – 2.3%

Howden Joinery Group plc		369,694		2,860,307

ITOCHU Corp.(c)		120,500		4,275,126

Marubeni Corp.		72,300		1,039,780

Mitsubishi Corp.		45,600		2,094,146

Mitsui & Co. Ltd.		30,500		1,090,947
				11,360,306

Wireless Telecommunication Services – 0.9%

Intouch Holdings PCL, NVDR		216,900		428,459

KDDI Corp.		24,100		714,033

Tele2 AB, Class B		449,706		3,185,434
				4,327,926
TOTAL COMMON STOCKS (COST $509,465,426)				489,966,079



SECURITIES LENDING REINVESTMENTS – 0.4%(e)

INVESTMENT COMPANIES – 0.4%

Dreyfus Treasury Obligations Cash Management Fund 5.38%, 11/1/2023 (Cost $2,000,000)		2,000,000		2,000,000


Investments	Shares		Value

REPURCHASE AGREEMENTS – 0.0%(d)

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $149,596, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $151,275 (Cost $149,574)		149,574	$	149,574
TOTAL SECURITIES LENDING REINVESTMENTS (COST $2,149,574)				2,149,574
Total Investments – 98.6% (Cost $511,615,000)				492,115,653

Other assets less liabilities – 1.4%				6,760,261
NET ASSETS – 100.0%			$	498,875,914

*	Non-income producing security.

^‡	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(a)

^(b)

^(c)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $24,751,395, collateralized in the form of cash with a value of $2,149,574 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $21,621,538 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from November 16, 2023 – May 15, 2053 and $3,237,808 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from November 13, 2023 – October 22, 2073; a total value of $27,008,920.

^(d)

Represents less than 0.05% of net assets.

^(e)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $2,149,574.

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust

SCA – Limited partnership with share capital

FlexShares^® International Quality Dividend Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® International Quality Dividend Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® International Quality Dividend Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 95.6%

Aerospace & Defense – 0.8%

Thales SA		1,498	$	220,328

Air Freight & Logistics – 0.4%

Deutsche Post AG		1,218		47,326

SG Holdings Co. Ltd.		3,200		45,049
				92,375

Automobile Components – 1.2%

Bridgestone Corp.		2,000		74,839

Fuyao Glass Industry Group Co. Ltd., Class H(a)		44,800		204,115

Sona Blw Precision Forgings Ltd.(a)		7,812		50,808
				329,762

Automobiles – 2.0%

Bayerische Motoren Werke AG		210		19,451

Bayerische Motoren Werke AG (Preference)		56		4,744

Hero MotoCorp Ltd.		5,348		198,376

Subaru Corp.		11,600		196,046

Yadea Group Holdings Ltd.(a)		64,000		116,965
				535,582

Banks – 10.7%

Arab National Bank		8,204		51,958

Banco de Chile		568,260		58,193

Bank Leumi Le-Israel BM		17,752		114,045

Bank of China Ltd., Class H		238,000		83,342

Bank of Communications Co. Ltd., Class H		84,000		49,705

Bankinter SA(b)		8,596		54,171

Barclays plc		114,716		183,190

BOC Hong Kong Holdings Ltd.		21,000		55,556

Commonwealth Bank of Australia		4,914		300,427

Credicorp Ltd.		420		52,483

Credit Agricole SA		4,508		54,216

Hang Seng Bank Ltd.		1,400		16,040

HSBC Holdings plc		5,376		38,639

Japan Post Bank Co. Ltd.		22,400		206,998

KBC Group NV		2,016		110,594


Investments	Shares		Value

Banks – (continued)

National Bank of Canada		1,064	$	66,082

Nordea Bank Abp		9,338		98,038

Royal Bank of Canada		5,166		412,164

Sberbank of Russia PJSC‡		79,800		—

Sumitomo Mitsui Financial Group, Inc.		7,400		352,788

Swedbank AB, Class A		11,326		185,258

Toronto-Dominion Bank (The)		98		5,468

Turkiye Is Bankasi A/S, Class C		103,600		76,823

Yapi ve Kredi Bankasi A/S		348,334		212,255
				2,838,433

Broadline Retail – 0.6%

B&M European Value Retail SA		10,598		68,005

Dollarama, Inc.(b)		1,204		82,131
				150,136

Building Products – 0.2%

Xinyi Glass Holdings Ltd.		43,886		50,422

Capital Markets – 2.4%

Deutsche Boerse AG		812		133,206

Macquarie Korea Infrastructure Fund		21,345		189,972

Moscow Exchange MICEX-RTS PJSC‡		227,100		—

NH Investment & Securities Co. Ltd.		6,216		44,553

Samsung Securities Co. Ltd.		5,278		137,954

Singapore Exchange Ltd.		19,600		135,478
				641,163

Chemicals – 1.8%

Croda International plc		658		34,956

Evonik Industries AG		1,386		25,432

Fertiglobe plc		200,676		175,380

Nutrien Ltd.		1,876		100,648

Wacker Chemie AG		56		6,837

Yara International ASA		4,424		144,540
				487,793

Commercial Services & Supplies – 0.9%

Brambles Ltd.		3,724		30,911


Investments	Shares		Value

COMMON STOCKS – (continued)

Commercial Services & Supplies – (continued)

RB Global, Inc.		826	$	53,996

Secom Co. Ltd.		2,300		158,705
				243,612

Communications Equipment – 0.8%

Accton Technology Corp.		14,000		215,169

Construction & Engineering – 0.5%

Taisei Corp.		1,700		57,237

WSP Global, Inc.		504		65,890
				123,127

Consumer Staples Distribution & Retail – 0.4%

Kesko OYJ, Class B		588		9,923

Loblaw Cos. Ltd.		770		62,909

Metro, Inc., Class A		560		28,414
				101,246

Containers & Packaging – 0.2%

Smurfit Kappa Group plc		1,638		53,348

Diversified Telecommunication Services – 2.5%

BT Group plc(b)		33,712		46,124

Elisa OYJ		3,668		155,393

Hellenic Telecommunications Organization SA(b)		5,992		83,793

Koninklijke KPN NV		59,150		198,506

Nippon Telegraph & Telephone Corp.		80,200		93,627

Spark New Zealand Ltd.		3,780		10,927

Telefonica Deutschland Holding AG		15,218		25,793

Telenor ASA		5,488		56,075
				670,238

Electric Utilities – 2.9%

CPFL Energia SA		15,400		102,117

EDP – Energias de Portugal SA		12,474		52,344

Enel SpA		23,688		149,929

Fortum OYJ		4,200		49,721

Hydro One Ltd.(a)(b)		2,170		56,210

Iberdrola SA		4,740		52,607

Power Grid Corp. of India Ltd.		72,613		176,302


Investments	Shares		Value

Electric Utilities – (continued)

Redeia Corp. SA		3,234	$	50,267

SSE plc		3,836		76,013
				765,510

Electrical Equipment – 0.8%

CG Power & Industrial Solutions Ltd.		39,312		184,192

Mitsubishi Electric Corp.		1,900		21,046
				205,238

Electronic Equipment, Instruments & Components – 0.7%

Largan Precision Co. Ltd.		3,000		191,460

Entertainment – 0.8%

Capcom Co. Ltd.		600		19,171

Nexon Co. Ltd.		10,700		193,977
				213,148

Financial Services – 1.6%

Power Finance Corp. Ltd.		62,282		184,470

REC Ltd.		69,440		239,866
				424,336

Food Products – 3.5%

JBS SA		15,400		61,166

Nestle SA (Registered)		8,036		865,898
				927,064

Gas Utilities – 1.9%

Adani Total Gas Ltd.		6,090		41,276

Naturgy Energy Group SA(b)		7,084		199,924

Petronas Gas Bhd.		53,200		192,054

Snam SpA		13,790		63,114
				496,368

Ground Transportation – 0.5%

Canadian National Railway Co.(b)		1,190		125,776

Health Care Equipment & Supplies – 0.7%

Cochlear Ltd.		1,232		187,865

Hotels, Restaurants & Leisure – 1.7%

Genting Singapore Ltd.		57,400		36,031

OPAP SA		11,885		200,999


Investments	Shares		Value

COMMON STOCKS – (continued)

Hotels, Restaurants & Leisure – (continued)

Sodexo SA		1,960	$	206,923
				443,953

Household Durables – 0.5%

Sekisui Chemical Co. Ltd.		4,200		56,963

Sekisui House Ltd.		3,200		62,101
				119,064

Industrial Conglomerates – 0.5%

Alfa SAB de CV, Class A		43,400		27,021

Jardine Matheson Holdings Ltd.		1,100		44,495

Quinenco SA		16,632		44,871

Siemens AG (Registered)		70		9,246
				125,633

Industrial REITs – 0.7%

Goodman Group, REIT(b)		15,092		198,181

Insurance – 4.2%

Admiral Group plc		6,874		203,777

Allianz SE (Registered)		910		212,477

BB Seguridade Participacoes SA		32,200		196,405

Medibank Pvt Ltd.		25,032		54,362

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		406		162,430

Sampo OYJ, Class A		1,946		76,333

Zurich Insurance Group AG		448		211,976
				1,117,760

Interactive Media & Services – 0.5%

Tencent Holdings Ltd.		3,900		144,145

IT Services – 2.3%

Arabian Internet & Communications Services Co.		658		54,863

Capgemini SE		42		7,392

Elm Co.		322		60,184

HCL Technologies Ltd.		15,050		230,652

SCSK Corp.		700		11,872

Tata Consultancy Services Ltd.		5,740		232,247
				597,210


Investments	Shares		Value

Leisure Products – 0.8%

Shimano, Inc.		1,400	$	199,260

Machinery – 0.5%

Kone OYJ, Class B		3,080		133,120

Marine Transportation – 3.1%

AP Moller – Maersk A/S, Class A(b)		42		68,400

Cia Sud Americana de Vapores SA		1,402,660		77,639

COSCO SHIPPING Holdings Co. Ltd., Class H		175,000		177,805

Evergreen Marine Corp. Taiwan Ltd.		56,574		187,504

HMM Co. Ltd.		10,724		115,693

Yang Ming Marine Transport Corp.		146,884		190,653
				817,694

Metals & Mining – 6.4%

BHP Group Ltd.		29,092		819,672

China Hongqiao Group Ltd.(b)		56,000		52,389

Fortescue Metals Group Ltd.(b)		4,956		69,975

Jindal Steel & Power Ltd.		7,812		59,468

Kumba Iron Ore Ltd.		4,116		108,421

Magnitogorsk Iron & Steel Works PJSC*‡		172,884		—

Novolipetsk Steel PJSC*‡		47,108		—

Rio Tinto Ltd.		112		8,338

Rio Tinto plc		6,524		416,015

Severstal PAO*‡		6,900		—

Vedanta Ltd.		65,366		170,051
				1,704,329

Multi-Utilities – 0.1%

Canadian Utilities Ltd., Class A		238		5,030

Engie SA		2,100		33,304
				38,334

Oil, Gas & Consumable Fuels – 8.0%

Adaro Energy Indonesia Tbk. PT		1,160,600		187,040

BP plc		32,200		196,381

Cenovus Energy, Inc.(b)		4,676		88,990

Equinor ASA		7,518		251,986

Exxaro Resources Ltd.		2,002		19,966


Investments	Shares		Value

COMMON STOCKS – (continued)

Oil, Gas & Consumable Fuels – (continued)

LUKOIL PJSC‡		240	$	—

Pembina Pipeline Corp.		1,750		53,802

Petroleo Brasileiro SA (Preference)		37,800		260,395

Shell plc		3,794		121,840

Suncor Energy, Inc.		6,874		222,374

Surgutneftegas PJSC (Preference)‡		276,000		—

TotalEnergies SE		3,864		258,125

Turkiye Petrol Rafinerileri A/S		38,570		193,445

United Tractors Tbk. PT		61,400		97,115

Yankuang Energy Group Co. Ltd., Class H(b)		89,999		156,428
				2,107,887

Paper & Forest Products – 0.2%

Stora Enso OYJ, Class R		5,180		62,007

Personal Care Products – 1.8%

L’Oreal SA		1,092		457,254

Unilever plc		504		23,784
				481,038

Pharmaceuticals – 8.8%

Astellas Pharma, Inc.		14,800		185,678

AstraZeneca plc		784		97,513

China Medical System Holdings Ltd.		126,000		201,288

GSK plc		23,352		412,976

Novartis AG (Registered)		3,682		342,043

Novo Nordisk A/S, Class B		2,296		220,127

Orion OYJ, Class B		182		7,222

Roche Holding AG		28		7,606

Roche Holding AG – BR		3,122		802,241

Sanofi SA		532		48,191
				2,324,885

Professional Services – 1.1%

Bureau Veritas SA		7,518		170,771

Computershare Ltd.		2,422		38,015

Randstad NV		574		29,632

RELX plc		378		13,155

Teleperformance SE		238		27,207
				278,780


Investments	Shares		Value

Real Estate Management & Development – 1.8%

CapitaLand Investment Ltd.		26,600	$	57,081

CK Asset Holdings Ltd.		37,000		184,891

Daito Trust Construction Co. Ltd.		1,800		191,951

Land & Houses PCL, NVDR		245,000		51,464
				485,387

Semiconductors & Semiconductor Equipment – 2.8%

ASML Holding NV		266		158,941

Novatek Microelectronics Corp.		8,000		112,101

Taiwan Semiconductor Manufacturing Co. Ltd.		21,000		342,500

Vanguard International Semiconductor Corp.		61,824		133,617
				747,159

Software – 0.1%

SAP SE		238		31,883

Specialty Retail – 2.1%

Abu Dhabi National Oil Co. for Distribution PJSC		38,276		35,014

Industria de Diseno Textil SA(b)		6,734		231,686

Jarir Marketing Co.		42,770		165,079

Topsports International Holdings Ltd.(a)		14,000		11,773

Zhongsheng Group Holdings Ltd.		21,000		48,416

ZOZO, Inc.(b)		3,400		64,130
				556,098

Technology Hardware, Storage & Peripherals – 2.0%

Catcher Technology Co. Ltd.		26,000		145,491

Inventec Corp.		88,000		109,067

Lite-On Technology Corp.		28,000		86,326

Ricoh Co. Ltd.(b)		6,600		52,841

Samsung Electronics Co. Ltd.		2,842		140,780
				534,505

Textiles, Apparel & Luxury Goods – 0.7%

Kering SA		84		34,024

LVMH Moet Hennessy Louis Vuitton SE		168		119,775

Pandora A/S		322		36,398
				190,197


Investments	Shares		Value

COMMON STOCKS – (continued)

Tobacco – 1.6%

Imperial Brands plc		9,142	$	194,245

Japan Tobacco, Inc.		10,400		241,793
				436,038

Trading Companies & Distributors – 2.0%

Ferguson plc		588		87,976

ITOCHU Corp.(b)		4,900		173,843

Mitsubishi Corp.		3,900		179,105

Sumitomo Corp.		4,200		81,493
				522,417

Wireless Telecommunication Services – 2.5%

Intouch Holdings PCL, NVDR		95,200		188,056

KDDI Corp.		5,600		165,916

SoftBank Corp.		7,100		79,933

Tele2 AB, Class B		21,364		151,329

Vodafone Group plc		76,916		70,654
				655,888
TOTAL COMMON STOCKS (COST $26,583,706)				25,342,351
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 0.5%(c)

REPURCHASE AGREEMENTS – 0.5%

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $125,910, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $127,323 (Cost $125,891)	$	125,891		125,891
Total Investments – 96.1% (Cost $26,709,597)				25,468,242

Other assets less liabilities – 3.9%				1,035,130
NET ASSETS – 100.0%			$	26,503,372

*	Non-income producing security.

^‡	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(a)

^(b)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $1,119,564, collateralized in the form of cash with a value of $125,891 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $834,620 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.63%, and maturity dates ranging from November 16, 2023 – August 15, 2053 and $288,411 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.50%, and maturity dates ranging from November 13, 2023 – October 22, 2071; a total value of $1,248,922.

^(c)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $125,891.

Percentages shown are based on Net Assets.

Abbreviations

NVDR – Non-Voting Depositary Receipt

OYJ – Public Limited Company

PJSC – Public Joint Stock Company

REIT – Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	2,192,922
Aggregate gross unrealized depreciation		(3,839,821	)
Net unrealized depreciation	$	(1,646,899	)
Federal income tax cost	$	27,040,655

FlexShares^® International Quality Dividend Defensive Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® International Quality Dividend Defensive Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

COMMON STOCKS – 98.5%

Air Freight & Logistics – 1.2%

Deutsche Post AG		7,290	$	283,255

DSV A/S		3,186		474,651
				757,906

Automobile Components – 0.4%

Fuyao Glass Industry Group Co. Ltd., Class H(a)		32,400		147,619

Magna International, Inc.(b)		2,673		128,312
				275,931

Automobiles – 2.5%

Dr Ing hc F Porsche AG (Preference)(c)		1,269		110,713

Ford Otomotiv Sanayi A/S		4,347		120,810

Geely Automobile Holdings Ltd.		235,000		266,397

Mercedes-Benz Group AG		11,718		686,552

Yadea Group Holdings Ltd.(a)		256,000		467,858
				1,652,330

Banks – 12.4%

ANZ Group Holdings Ltd.		41,121		643,344

Banco Bilbao Vizcaya Argentaria SA(b)		42,147		330,646

Banco del Bajio SA(a)		167,400		511,667

Bank of Montreal		10,125		764,271

Bank Polska Kasa Opieki SA		7,506		227,460

Barclays plc		323,379		516,404

BNP Paribas SA		8,127		466,364

Canara Bank		128,520		593,291

China Construction Bank Corp., Class H		810,000		459,627

China Merchants Bank Co. Ltd., Class H		108,000		411,318

FinecoBank Banca Fineco SpA		37,854		444,730

Industrial & Commercial Bank of China Ltd., Class H		1,107,000		531,953

KBC Group NV		8,208		450,277

Nordea Bank Abp		23,733		249,169

Royal Bank of Canada		11,475		915,520

Sberbank of Russia PJSC (Preference)‡		31,920		—


Investments	Shares		Value

Banks – (continued)

Skandinaviska Enskilda Banken AB, Class A		46,629	$	518,766

Standard Bank Group Ltd.		12,609		123,010
				8,157,817

Beverages – 0.4%

Diageo plc		6,885		259,577

Broadline Retail – 0.3%

B&M European Value Retail SA		11,313		72,592

momo.com, Inc.		8,200		134,750
				207,342

Building Products – 0.8%

Geberit AG (Registered)		1,107		513,085

Capital Markets – 4.7%

3i Group plc		24,165		567,254

Brookfield Asset Management Ltd., Class A		16,227		464,631

Hong Kong Exchanges & Clearing Ltd.		6,500		228,446

Julius Baer Group Ltd.		8,127		478,663

Partners Group Holding AG		540		567,740

Samsung Securities Co. Ltd.		8,505		222,299

UBS Group AG (Registered)		24,354		567,872
				3,096,905

Chemicals – 2.9%

BASF SE		4,914		226,125

Fertiglobe plc		377,595		329,997

Nissan Chemical Corp.		9,500		382,334

Shin-Etsu Chemical Co. Ltd.		24,300		716,910

Sika AG (Registered)		432		102,962

Wacker Chemie AG		945		115,369

Yara International ASA		378		12,350
				1,886,047

Construction Materials – 0.1%

CRH plc		837		44,902

Consumer Staples Distribution & Retail – 0.6%

Alimentation Couche-Tard, Inc.		5,292		287,767

Jeronimo Martins SGPS SA		3,807		87,643


Investments	Shares		Value

COMMON STOCKS – (continued)

Consumer Staples Distribution & Retail – (continued)

Kesko OYJ, Class B		999	$	16,858
				392,268

Diversified REITs – 0.7%

Stockland, REIT		199,125		446,309

Electric Utilities – 0.9%

Enel SpA		36,180		228,995

Fortum OYJ		20,898		247,399

SSE plc		5,265		104,329
				580,723

Electrical Equipment – 1.1%

Sociedad Quimica y Minera de Chile SA (Preference), Class B		8,127		391,913

Voltronic Power Technology Corp.		8,000		319,408
				711,321

Electronic Equipment, Instruments & Components – 1.0%

Nan Ya Printed Circuit Board Corp.		71,000		516,602

Unimicron Technology Corp.		34,000		149,900
				666,502

Entertainment – 0.6%

Universal Music Group NV		16,200		395,551

Financial Services – 3.2%

Banca Mediolanum SpA		10,611		86,429

FirstRand Ltd.		86,994		285,109

GMO Payment Gateway, Inc.		8,100		320,160

Piramal Enterprises Ltd.		16,956		198,634

Power Finance Corp. Ltd.		200,745		594,577

REC Ltd.		180,900		624,881
				2,109,790

Food Products – 1.5%

JBS SA		37,800		150,136

Nestle SA (Registered)		4,320		465,490

Uni-President China Holdings Ltd.		540,000		367,840
				983,466


Investments	Shares		Value

Gas Utilities – 0.3%

Kunlun Energy Co. Ltd.		186,000	$	154,988

Naturgy Energy Group SA(b)		2,106		59,435
				214,423

Ground Transportation – 0.1%

TFI International, Inc.		459		50,723

Health Care Equipment & Supplies – 2.4%

Hoya Corp.		5,700		539,533

Sonova Holding AG (Registered)		2,052		483,659

Straumann Holding AG (Registered)		3,699		434,710

Sysmex Corp.		3,200		151,141
				1,609,043

Health Care Providers & Services – 0.2%

Amplifon SpA		4,536		127,727

Hotels, Restaurants & Leisure – 1.2%

Evolution AB(a)		1,593		141,425

Haidilao International Holding Ltd.(a)		54,000		134,990

OPAP SA		30,896		522,513
				798,928

Household Durables – 1.2%

Haier Smart Home Co. Ltd., Class H		54,000		154,589

Nien Made Enterprise Co. Ltd.		54,000		476,152

Taylor Wimpey plc		109,377		147,058
				777,799

Industrial Conglomerates – 2.2%

Hitachi Ltd.		13,500		844,792

Industries Qatar QSC		144,234		484,081

Quinenco SA		38,826		104,747
				1,433,620

Industrial REITs – 0.2%

Goodman Group, REIT(b)		12,474		163,803

Insurance – 2.2%

AXA SA		13,689		404,489

BB Seguridade Participacoes SA		29,700		181,156

Legal & General Group plc		53,028		136,029


Investments	Shares		Value

COMMON STOCKS – (continued)

Insurance – (continued)

Manulife Financial Corp.		31,725	$	551,660

Powszechny Zaklad Ubezpieczen SA		16,794		189,739
				1,463,073

Interactive Media & Services – 2.3%

Autohome, Inc., ADR		3,834		102,559

REA Group Ltd.(b)		5,130		466,779

Rightmove plc		75,681		434,380

SEEK Ltd.		1,053		13,741

Tencent Holdings Ltd.		13,500		498,965
				1,516,424

IT Services – 0.2%

Infosys Ltd.		7,371		121,146

Leisure Products – 0.6%

Shimano, Inc.		3,000		426,987

Machinery – 1.9%

Atlas Copco AB, Class A		20,412		263,448

Atlas Copco AB, Class B		3,645		40,797

Daifuku Co. Ltd.		8,100		131,920

MISUMI Group, Inc.		21,600		322,264

VAT Group AG(a)		1,377		485,252
				1,243,681

Marine Transportation – 3.3%

AP Moller – Maersk A/S, Class A(b)		174		283,373

COSCO SHIPPING Holdings Co. Ltd., Class H		553,500		562,371

Evergreen Marine Corp. Taiwan Ltd.		162,000		536,920

Hapag-Lloyd AG(a)		108		15,537

Orient Overseas International Ltd.(b)		27,000		340,407

Yang Ming Marine Transport Corp.		338,000		438,717
				2,177,325

Media – 0.5%

Publicis Groupe SA		2,484		188,307

WPP plc		15,903		136,356
				324,663


Investments	Shares		Value

Metals & Mining – 6.9%

BHP Group Ltd.		74,223	$	2,091,246

Fortescue Metals Group Ltd.(b)		14,364		202,809

Gerdau SA (Preference)		21,265		91,798

Kumba Iron Ore Ltd.		22,707		598,135

MMC Norilsk Nickel PJSC*‡		2,128		—

Norsk Hydro ASA		85,482		487,257

Rio Tinto plc		9,396		599,153

Severstal PAO*‡		7,952		—

Vedanta Ltd.		181,305		471,670
				4,542,068

Oil, Gas & Consumable Fuels – 8.7%

Adaro Energy Indonesia Tbk. PT		1,309,500		211,037

Canadian Natural Resources Ltd.		16,227		1,029,317

Coal India Ltd.		180,360		680,747

Equinor ASA		14,013		469,684

Exxaro Resources Ltd.		65,448		652,703

OMV AG		2,808		122,759

Ovintiv, Inc.		3,537		169,776

Petroleo Brasileiro SA (Preference)		94,500		650,987

Shell plc		3,078		98,847

United Tractors Tbk. PT		294,300		465,489

Var Energi ASA		173,880		585,686

Woodside Energy Group Ltd.		7,318		158,738

Yankuang Energy Group Co. Ltd., Class H(b)		242,000		420,622
				5,716,392

Personal Care Products – 2.3%

L’Oreal SA		3,537		1,481,050

Pharmaceuticals – 5.4%

Astellas Pharma, Inc.		16,200		203,242

AstraZeneca plc		1,053		130,971

China Medical System Holdings Ltd.		366,000		584,694

Chugai Pharmaceutical Co. Ltd.		6,800		200,258

CSPC Pharmaceutical Group Ltd.		408,000		356,138

GSK plc		27,756		490,860

Hansoh Pharmaceutical Group Co. Ltd.(a)		324,000		610,352

Novartis AG (Registered)		1,323		122,901

Novo Nordisk A/S, Class B		7,128		683,390


Investments	Shares		Value

COMMON STOCKS – (continued)

Pharmaceuticals – (continued)

Orion OYJ, Class B		432	$	17,142

Roche Holding AG		594		152,637
				3,552,585

Professional Services – 1.7%

Randstad NV		9,180		473,907

Recruit Holdings Co. Ltd.		21,600		617,999
				1,091,906

Real Estate Management & Development – 0.5%

Daiwa House Industry Co. Ltd.		3,700		100,828

Land & Houses PCL, NVDR		772,200		162,207

Longfor Group Holdings Ltd.(a)		67,500		98,171
				361,206

Semiconductors & Semiconductor Equipment – 7.6%

ASM International NV		81		33,262

ASML Holding NV		4,509		2,694,227

Globalwafers Co. Ltd.		8,000		117,034

MediaTek, Inc.		12,000		311,516

Novatek Microelectronics Corp.		42,000		588,531

Taiwan Semiconductor Manufacturing Co. Ltd.		43,000		701,310

Tokyo Electron Ltd.		4,300		560,907
				5,006,787

Software – 0.7%

Temenos AG (Registered)		6,696		479,289

Specialty Retail – 2.0%

Fast Retailing Co. Ltd.		2,700		588,689

Industria de Diseno Textil SA(b)		16,875		580,590

ZOZO, Inc.(b)		8,100		152,779
				1,322,058

Technology Hardware, Storage & Peripherals – 0.3%

Samsung Electronics Co. Ltd.		3,915		193,931

Textiles, Apparel & Luxury Goods – 5.0%

Burberry Group plc		19,494		400,243

Cie Financiere Richemont SA (Registered)		7,668		900,730

Hermes International SCA		297		552,389


Investments	Shares		Value

Textiles, Apparel & Luxury Goods – (continued)

LVMH Moet Hennessy Louis Vuitton SE		270	$	192,496

Moncler SpA		1,296		67,042

Pandora A/S		5,184		585,988

Shenzhou International Group Holdings Ltd.		56,700		556,159
				3,255,047

Tobacco – 1.6%

Imperial Brands plc		21,492		456,651

Japan Tobacco, Inc.		27,000		627,733
				1,084,384

Trading Companies & Distributors – 1.6%

Howden Joinery Group plc		57,132		442,028

ITOCHU Corp.(b)		3,100		109,982

Marubeni Corp.		36,000		517,733
				1,069,743

Wireless Telecommunication Services – 0.1%

Vodafone Group plc		41,229		37,872
TOTAL COMMON STOCKS (COST $70,125,114)				64,781,455
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 1.1%(d)

REPURCHASE AGREEMENTS – 1.1%

Citigroup Global Markets, Inc., 5.28%, dated 10/31/2023, due 11/1/2023, repurchase price $695,982, collateralized by various U.S. Treasury Securities, ranging from 1.50% – 3.88%, maturing 2/15/2025 – 1/31/2027; total market value $703,793 (Cost $695,880)	$	695,880		695,880
Total Investments – 99.6% (Cost $70,820,994)				65,477,335

Other assets less liabilities – 0.4%				236,373
NET ASSETS – 100.0%			$	65,713,708

*	Non-income producing security.

^‡	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(a)

^(b)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $2,403,416, collateralized in the form of cash with a value of $695,880 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $1,560,967 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.13%, and maturity dates ranging from November 16, 2023 – August 15, 2053 and $384,728 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 5.00%, and maturity dates ranging from November 13, 2023 – October 22, 2073; a total value of $2,641,575.

^(c)

^(d)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $695,880.

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

REIT – Real Estate Investment Trust

SCA– Limited partnership with share capital



Aggregate gross unrealized appreciation	$	3,655,732
Aggregate gross unrealized depreciation		(10,203,061	)
Net unrealized depreciation	$	(6,547,329	)
Federal income tax cost	$	71,965,876

FlexShares^® International Quality Dividend Dynamic Index Fund had the following open futures contracts as of October 31, 2023:

FlexShares^® International Quality Dividend Dynamic Index Fund had the following outstanding contracts as of October 31, 2023:

FlexShares^® International Quality Dividend Dynamic Index invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Principal Amount		Value

U.S. TREASURY OBLIGATIONS – 99.8%

U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2025	$	65,116,566	$	64,291,587
2.00%, 1/15/2026		44,175,109		43,287,005
2.38%, 1/15/2027		88,826,406		87,914,721
1.75%, 1/15/2028		33,304,397		32,189,480
3.63%, 4/15/2028		46,376,634		48,397,158
2.50%, 1/15/2029		29,414,287		29,375,509
3.88%, 4/15/2029		53,535,614		57,092,804

U.S. Treasury Inflation Linked Notes
0.25%, 1/15/2025		75,903,090		73,077,479
0.13%, 4/15/2025		60,391,232		57,658,686
0.38%, 7/15/2025		75,804,809		72,609,754
0.13%, 10/15/2025		57,971,254		55,000,227
0.63%, 1/15/2026		78,284,302		74,467,942
0.13%, 4/15/2026		66,699,399		62,373,708
0.13%, 7/15/2026(a)		67,389,132		63,016,078
0.13%, 10/15/2026		152,365,313		141,662,046
0.38%, 1/15/2027		173,121,821		160,856,208
0.13%, 4/15/2027		151,567,555		138,821,967
0.38%, 7/15/2027		164,024,102		151,688,656
1.63%, 10/15/2027		59,691,228		57,693,554
0.50%, 1/15/2028		69,003,679		63,322,331
1.25%, 4/15/2028		58,852,331		55,634,419
0.75%, 7/15/2028		64,055,318		59,255,548
2.38%, 10/15/2028		32,161,683		32,057,828
0.88%, 1/15/2029		62,779,682		57,802,676
0.25%, 7/15/2029		68,230,485		60,383,313
0.13%, 1/15/2030		69,972,684		60,408,839
0.13%, 7/15/2030		73,364,225		62,847,492
Total U.S. Treasury Obligations (Cost $2,015,549,742)				1,923,187,015

Total Investments – 99.8% (Cost $2,015,549,742)				1,923,187,015

Other assets less liabilities – 0.2%				4,736,222
NET ASSETS – 100.0%			$	1,927,923,237

^(a)

The security or a portion of this security is on loan at October 31, 2023. The total value of securities on loan at October 31, 2023 was $1,197,583, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% — 6.00%, and maturity dates ranging from January 31, 2024 — August 15, 2053; a total value of $1,224,345.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(108,003,462	)
Net unrealized depreciation	$	(108,003,462	)
Federal income tax cost	$	2,031,190,477


Security Type	% of Net Assets
U.S. Treasury Obligations		99.8	%
Others⁽¹⁾		0.2
		100.0	%

⁽¹⁾

^{Includes any other net assets/(liabilities).}


Investments	Principal Amount		Value

U.S. TREASURY OBLIGATIONS – 99.7%

U.S. Treasury Inflation Linked Bonds
2.38%, 1/15/2027	$	20,227,404	$	20,019,796
1.75%, 1/15/2028		18,471,666		17,853,298
3.63%, 4/15/2028		26,169,550		27,309,698
2.50%, 1/15/2029		24,758,109		24,725,469
3.88%, 4/15/2029		45,056,574		48,050,372
3.38%, 4/15/2032		7,133,365		7,556,816
2.13%, 2/15/2040		17,375,556		16,233,023

U.S. Treasury Inflation Linked Notes
0.38%, 1/15/2027		39,443,564		36,649,002
0.13%, 4/15/2027		34,551,365		31,645,879
0.38%, 7/15/2027		37,367,433		34,557,212
1.63%, 10/15/2027		33,705,354		32,577,344
0.50%, 1/15/2028		38,966,578		35,758,305
1.25%, 4/15/2028		33,230,849		31,413,862
0.75%, 7/15/2028		36,166,731		33,456,698
2.38%, 10/15/2028		18,245,503		18,186,585
0.88%, 1/15/2029		53,781,800		49,518,122
0.25%, 7/15/2029		58,451,722		51,729,203
0.13%, 1/15/2030		59,939,082		51,746,626
0.13%, 7/15/2030		41,428,364		35,489,624
0.13%, 1/15/2031		41,219,899		34,768,824
0.13%, 7/15/2031		43,274,687		36,217,194
0.13%, 1/15/2032		45,645,999		37,625,855
0.63%, 7/15/2032		41,442,053		35,477,068
1.13%, 1/15/2033		41,402,992		36,677,228
1.38%, 7/15/2033		26,677,168		24,131,635
Total U.S. Treasury Obligations (Cost $871,004,354)				809,374,738

Total Investments – 99.7% (Cost $871,004,354)				809,374,738

Other assets less liabilities – 0.3%				2,175,664
NET ASSETS – 100.0%			$	811,550,402

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(76,349,655	)
Net unrealized depreciation	$	(76,349,655	)
Federal income tax cost	$	885,724,393


Security Type	% of Net Assets
U.S. Treasury Obligations		99.7	%
Others⁽¹⁾		0.3
		100.0	%

⁽¹⁾

^{Includes any other net assets/(liabilities).}


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – 99.1%

FHLMC
2.50%, 1/1/2028	$	116,974	$	111,268
2.50%, 4/1/2028		351,349		334,191
2.50%, 7/1/2028		185,258		175,305
2.50%, 1/1/2029		25,819		24,510
2.50%, 1/1/2030		296,003		281,517
3.00%, 1/1/2032		1,057,338		987,706
2.50%, 2/1/2032		1,298,455		1,194,728
5.00%, 5/1/2034		41,400		40,274
5.00%, 7/1/2035		94,783		92,106
5.00%, 8/1/2035		77,454		75,219
5.00%, 10/1/2035		13,848		13,413
5.00%, 12/1/2035		81,027		78,673
6.00%, 1/1/2037		52,030		52,262
6.00%, 4/1/2037		27,226		27,347
6.00%, 5/1/2037		47,251		47,461
5.00%, 2/1/2038		40,611		39,468
5.00%, 7/1/2038		40,882		39,402
5.00%, 10/1/2038		37,116		35,755
5.00%, 2/1/2039		95,200		92,394
5.00%, 5/1/2039		53,202		51,193
5.00%, 6/1/2039		18,811		18,169
5.00%, 7/1/2039		40,715		39,036
5.00%, 9/1/2039		4,330		4,171
6.00%, 11/1/2039		29,276		29,406
5.00%, 1/1/2040		12,765		12,257
5.00%, 3/1/2040		34,937		33,502
5.00%, 4/1/2040		15,450		14,816
6.00%, 4/1/2040		33,193		33,289
5.00%, 5/1/2040		13,795		13,220
6.00%, 5/1/2040		80,108		80,340
5.00%, 7/1/2040		76,905		73,559
6.00%, 7/1/2040		125,719		126,248
4.00%, 1/1/2041		10,598		9,476
5.00%, 5/1/2041		108,741		104,302
3.50%, 11/1/2041		55,001		48,370
3.00%, 3/1/2042		9,320		7,880
3.00%, 4/1/2042		70,612		59,680
3.00%, 6/1/2042		58,975		49,832
3.50%, 7/1/2042		570,746		501,942
3.00%, 8/1/2042		33,492		28,300
3.00%, 12/1/2042		72,672		61,378
3.00%, 1/1/2043		37,510		31,643
3.00%, 2/1/2043		19,654		16,683


Investments	Principal Amount		Value
3.00%, 4/1/2043	$	24,492	$	20,631
3.00%, 6/1/2043		15,182		12,814
3.50%, 8/1/2043		637,674		555,213
3.00%, 10/1/2043		47,967		40,406
4.00%, 8/1/2044		10,728		9,413
5.00%, 8/1/2044		30,302		29,284
4.00%, 1/1/2045		32,604		28,934
4.00%, 2/1/2045		72,152		64,088
4.50%, 2/1/2045		358,793		327,172
4.00%, 8/1/2045		80,908		71,953
4.00%, 9/1/2045		13,610		12,064
4.00%, 10/1/2045		135,936		120,404
4.00%, 11/1/2045		28,001		24,890
4.00%, 12/1/2045		11,441		10,138
4.00%, 1/1/2046		36,024		31,959
2.50%, 9/1/2046		21,545		16,888
3.00%, 11/1/2046		23,272		19,254

FHLMC UMBS
3.00%, 8/1/2026		38,866		37,649
3.00%, 1/1/2027		63,190		60,983
3.00%, 2/1/2027		36,524		35,198
3.00%, 4/1/2027		225,151		217,127
2.50%, 6/1/2027		21,804		20,793
2.50%, 3/1/2028		766,102		727,069
3.00%, 8/1/2029		105,118		98,880
2.50%, 8/1/2030		851,807		786,853
2.50%, 11/1/2030		34,306		32,393
3.00%, 5/1/2031		62,559		60,011
2.00%, 8/1/2031		27,118		24,327
4.00%, 8/1/2031		66,741		63,296
4.00%, 9/1/2031		60,704		57,531
2.00%, 11/1/2031		43,724		39,134
2.50%, 12/1/2031		586,655		539,647
2.00%, 1/1/2032		87,554		78,534
4.00%, 1/1/2032		80,979		76,670
2.00%, 2/1/2032		94,171		81,683
3.50%, 2/1/2032		150,071		139,641
4.00%, 2/1/2032		125,056		118,441
3.50%, 3/1/2032		126,230		117,456
3.50%, 7/1/2032		97,512		90,607
2.00%, 12/1/2032		719,222		645,113
3.00%, 4/1/2033		1,322,763		1,251,914
3.50%, 5/1/2033		30,409		28,179
3.00%, 10/1/2033		1,388,085		1,303,438
2.00%, 10/1/2035		1,077,813		924,061


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
1.50%, 2/1/2036	$	1,147,948	$	950,983
2.00%, 3/1/2036		410,219		351,333
1.50%, 4/1/2036		304,001		251,720
4.00%, 5/1/2036		23,675		22,453
5.00%, 3/1/2038		47,274		45,743
5.00%, 7/1/2039		63,980		61,248
3.00%, 9/1/2039		100,616		86,004
3.00%, 10/1/2039		28,415		24,265
5.00%, 10/1/2039		23,524		22,602
3.00%, 11/1/2039		113,060		96,500
5.00%, 1/1/2040		24,294		23,417
5.00%, 3/1/2040		36,722		35,206
5.00%, 5/1/2040		51,010		48,841
2.00%, 7/1/2040		102,924		81,573
1.50%, 10/1/2040		535,347		403,232
3.50%, 12/1/2040		40,000		35,125
2.00%, 1/1/2041		164,501		130,984
2.00%, 2/1/2041		960,772		761,437
1.50%, 3/1/2041		696,120		521,670
2.00%, 3/1/2041		596,553		472,782
4.50%, 3/1/2041		68,990		63,655
4.50%, 4/1/2041		15,321		14,146
1.50%, 5/1/2041		574,531		429,835
2.50%, 6/1/2041		461,626		374,071
2.00%, 10/1/2041		506,265		398,284
4.00%, 1/1/2042		53,228		47,599
5.00%, 2/1/2042		43,289		41,289
3.50%, 11/1/2042		70,001		61,035
3.50%, 1/1/2043		35,854		31,484
3.50%, 2/1/2043		24,350		21,381
2.50%, 6/1/2043		371,604		294,654
4.00%, 12/1/2043		10,706		9,499
4.50%, 3/1/2044		49,981		46,039
4.00%, 6/1/2044		3,867		3,389
4.50%, 7/1/2044		18,383		16,865
4.00%, 8/1/2044		11,592		10,156
4.50%, 12/1/2044		12,424		11,392
4.00%, 2/1/2045		14,430		12,798
4.50%, 9/1/2045		14,537		13,314
4.00%, 10/1/2045		37,280		33,068
4.00%, 12/1/2045		18,726		16,611
4.50%, 12/1/2045		591,780		542,664
3.00%, 1/1/2046		39,384		32,764
4.00%, 1/1/2046		32,526		28,835
4.00%, 2/1/2046		232,167		207,411
4.50%, 4/1/2046		30,386		27,941


Investments	Principal Amount		Value
4.00%, 11/1/2046	$	169,382	$	148,202
4.50%, 3/1/2047		431,550		395,449
4.50%, 8/1/2048		407,951		371,520
6.00%, 6/1/2053		837,919		817,102
6.50%, 10/1/2053		594,486		591,383

FNMA UMBS
3.50%, 12/1/2025		412,385		403,444
4.00%, 5/1/2026		239,622		233,168
3.00%, 11/1/2026		560,673		541,396
3.00%, 12/1/2026		166,563		160,806
3.50%, 12/1/2026		236,864		230,973
3.00%, 1/1/2027		54,435		52,534
3.00%, 2/1/2027		64,687		62,384
3.00%, 6/1/2027		218,841		210,478
3.00%, 8/1/2027		235,889		226,588
3.00%, 10/1/2027		68,360		65,583
3.00%, 11/1/2027		82,755		79,397
2.50%, 12/1/2027		164,999		156,750
2.50%, 1/1/2028		904,633		859,557
2.50%, 4/1/2028		54,526		51,794
2.50%, 9/1/2028		43,023		40,900
3.50%, 12/1/2028		83,527		79,309
3.00%, 2/1/2029		109,383		104,406
2.50%, 3/1/2029		204,796		194,072
2.50%, 6/1/2029		75,856		72,107
3.50%, 12/1/2029		661,225		633,279
2.50%, 7/1/2030		190,404		180,470
3.00%, 7/1/2030		738,979		705,721
2.50%, 8/1/2030		848,087		784,452
3.00%, 9/1/2030		1,051,550		1,004,678
3.50%, 10/1/2030		47,505		44,210
3.50%, 11/1/2030		8,075		7,515
3.00%, 12/1/2030		1,308,078		1,228,399
3.50%, 2/1/2031		715,346		679,224
2.50%, 3/1/2031		397,522		375,352
4.00%, 8/1/2031		163,401		154,962
2.00%, 9/1/2031		22,387		20,082
2.00%, 11/1/2031		53,323		47,834
4.00%, 12/1/2031		56,895		53,903
4.00%, 3/1/2032		40,382		38,221
3.50%, 7/1/2032		215,176		200,213
3.50%, 10/1/2032		238,507		231,996
6.00%, 12/1/2032		9,446		9,382
6.00%, 4/1/2033		6,427		6,398
4.00%, 10/1/2033		33,068		31,362
4.00%, 3/1/2034		445,446		433,224
6.00%, 8/1/2034		31,528		31,622


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
6.50%, 9/1/2034	$	90,193	$	91,704
6.00%, 12/1/2034		144,093		144,347
3.00%, 2/1/2035		697,635		655,199
3.00%, 7/1/2035		984,880		921,524
5.00%, 8/1/2035		19,522		18,930
1.50%, 10/1/2035		153,511		127,184
6.00%, 11/1/2035		28,083		28,077
5.00%, 12/1/2035		43,163		41,845
6.00%, 6/1/2036		39,237		39,355
2.00%, 7/1/2036		914,065		779,015
2.50%, 7/1/2036		714,102		623,580
5.00%, 7/1/2036		19,048		18,466
6.50%, 8/1/2036		14,466		14,855
2.50%, 11/1/2036		334,483		289,098
6.00%, 11/1/2036		37,246		37,358
1.50%, 2/1/2037		853,796		702,407
2.50%, 4/1/2037		791,186		682,241
1.50%, 8/1/2037		295,482		243,381
6.00%, 8/1/2037		130,800		131,009
6.00%, 9/1/2037		18,699		18,756
6.50%, 10/1/2037		29,506		29,918
5.00%, 3/1/2038		47,444		45,658
5.00%, 5/1/2038		36,882		35,772
6.00%, 5/1/2038		12,966		13,001
6.00%, 9/1/2038		24,012		24,060
5.00%, 6/1/2039		42,328		40,887
3.50%, 8/1/2039		465,308		425,127
5.00%, 10/1/2039		40,583		38,975
3.00%, 1/1/2040		36,155		30,834
5.00%, 2/1/2040		36,266		35,178
5.00%, 6/1/2040		13,639		13,062
6.00%, 6/1/2040		99,764		99,923
3.50%, 1/1/2041		33,863		29,737
1.50%, 2/1/2041		771,665		579,370
3.50%, 2/1/2041		21,926		19,255
1.50%, 4/1/2041		417,407		312,356
2.00%, 5/1/2041		478,150		378,269
4.50%, 5/1/2041		36,523		33,696
5.00%, 5/1/2041		30,756		29,309
6.00%, 5/1/2041		22,324		22,383
4.50%, 6/1/2041		12,097		11,150
2.50%, 7/1/2041		581,023		469,486
5.00%, 7/1/2041		406,148		386,803
6.00%, 7/1/2041		25,538		25,614
4.50%, 8/1/2041		107,399		99,156
5.00%, 8/1/2041		57,294		54,872


Investments	Principal Amount		Value
4.00%, 9/1/2041	$	178,241	$	159,388
4.50%, 9/1/2041		68,576		63,210
3.50%, 10/1/2041		123,077		108,075
4.00%, 10/1/2041		45,425		40,445
5.00%, 10/1/2041		59,935		57,070
4.00%, 11/1/2041		66,464		59,433
4.00%, 12/1/2041		16,713		14,945
4.00%, 1/1/2042		154,223		136,157
4.50%, 1/1/2042		16,893		15,596
6.00%, 1/1/2042		63,361		63,552
3.00%, 3/1/2042		25,318		21,361
4.00%, 3/1/2042		77,289		69,503
3.00%, 4/1/2042		46,922		39,593
4.50%, 4/1/2042		85,870		79,279
3.50%, 5/1/2042		22,296		19,579
4.50%, 5/1/2042		62,984		58,149
3.50%, 6/1/2042		41,370		36,328
3.50%, 7/1/2042		125,830		110,495
4.00%, 7/1/2042		104,367		93,328
3.50%, 8/1/2042		38,711		33,993
3.00%, 9/1/2042		67,495		56,915
3.50%, 9/1/2042		12,378		10,870
4.00%, 9/1/2042		65,381		58,357
3.00%, 10/1/2042		137,144		115,699
3.50%, 10/1/2042		23,774		20,877
2.50%, 12/1/2042		223,488		177,210
3.00%, 12/1/2042		130,451		110,000
2.50%, 1/1/2043		7,713		6,116
3.00%, 1/1/2043		126,664		106,640
3.50%, 1/1/2043		35,644		31,123
4.00%, 1/1/2043		68,408		61,172
4.50%, 1/1/2043		169,653		156,636
2.50%, 2/1/2043		292,267		231,390
3.00%, 2/1/2043		174,435		146,954
3.50%, 2/1/2043		67,342		59,129
3.50%, 3/1/2043		79,723		70,003
2.50%, 5/1/2043		11,826		9,283
2.50%, 6/1/2043		6,304		4,988
4.00%, 8/1/2043		37,277		33,101
4.00%, 9/1/2043		87,836		78,174
4.50%, 9/1/2043		25,082		23,015
4.00%, 10/1/2043		107,858		95,714
4.00%, 11/1/2043		226,639		201,103
4.50%, 11/1/2043		83,664		76,719
4.50%, 12/1/2043		61,041		56,072
4.00%, 1/1/2044		87,071		77,266
4.50%, 2/1/2044		16,390		15,029
4.50%, 3/1/2044		103,206		96,314


Investments	Principal Amount		Value

MORTGAGE-BACKED SECURITIES – (continued)
5.00%, 3/1/2044	$	17,045	$	16,120
4.00%, 4/1/2044		840,185		742,772
4.50%, 4/1/2044		179,611		164,703
5.00%, 6/1/2044		29,908		28,391
4.00%, 10/1/2044		34,254		30,422
4.50%, 10/1/2044		7,772		7,127
4.50%, 12/1/2044		31,693		29,077
4.00%, 2/1/2045		24,931		22,091
4.50%, 2/1/2045		108,072		99,106
4.00%, 4/1/2045		22,670		20,073
4.00%, 8/1/2045		10,768		9,533
4.00%, 11/1/2045		62,102		54,942
4.50%, 11/1/2045		73,019		66,959
4.00%, 12/1/2045		144,226		128,380
4.00%, 2/1/2046		7,138		6,366
4.50%, 3/1/2046		117,134		107,363
4.00%, 4/1/2046		10,703		9,488
2.50%, 6/1/2046		71,052		56,344
4.50%, 6/1/2046		76,511		70,162
4.50%, 7/1/2046		16,052		14,714
4.50%, 8/1/2046		13,515		12,394
2.50%, 10/1/2046		57,674		45,144
4.50%, 10/1/2046		27,931		25,589
2.50%, 12/1/2046		19,456		15,209
4.50%, 1/1/2047		25,073		22,976
4.00%, 2/1/2047		27,888		24,679
4.50%, 2/1/2047		31,008		28,525
4.50%, 5/1/2047		479,084		435,566
4.50%, 7/1/2047		69,658		63,875
5.00%, 7/1/2047		27,584		26,503
5.50%, 2/1/2049		1,711,107		1,679,909
6.00%, 2/1/2049		78,442		79,786
4.50%, 7/1/2049		461,406		418,845
4.50%, 11/1/2049		460,795		422,489
4.50%, 5/1/2050		739,925		670,265
5.00%, 6/1/2050		1,062,207		996,917
3.50%, 7/1/2050		468,469		404,427
4.00%, 7/1/2050		1,285,484		1,124,606
4.50%, 10/1/2050		1,202,357		1,094,565
5.00%, 10/1/2050		978,631		917,264
6.50%, 11/1/2053		1,000,000		994,429

GNMA
5.50%, 8/20/2033		25,044		24,826
5.50%, 11/20/2033		23,622		23,416
5.50%, 3/20/2034		29,053		28,800
5.50%, 7/20/2034		18,226		18,068


Investments	Principal Amount		Value
5.50%, 9/20/2034	$	8,077	$	7,791
5.50%, 3/20/2036		60,062		59,541
5.50%, 9/20/2038		36,426		36,108
5.50%, 2/20/2039		59,919		59,398
4.50%, 5/15/2039		1,506,962		1,427,208
5.00%, 11/15/2039		479,704		460,047
4.00%, 6/15/2040		293,465		269,012
4.00%, 8/15/2040		289,615		265,417
4.00%, 11/15/2040		223,255		204,137
5.50%, 12/20/2040		17,216		17,049
5.50%, 1/20/2041		18,443		18,282
4.00%, 9/15/2041		833,688		756,369
5.50%, 12/20/2041		44,220		43,049
5.50%, 2/20/2042		12,110		12,005
3.00%, 4/15/2042		999,025		858,216
3.50%, 6/15/2042		432,931		383,733
2.50%, 3/20/2043		38,240		31,056
2.50%, 5/20/2043		55,731		45,269
5.50%, 3/20/2044		51,183		50,737
4.50%, 10/20/2044		112,926		105,022
2.50%, 11/20/2044		33,713		27,377
5.00%, 6/20/2045		142,118		136,445
4.00%, 8/15/2045		1,060,139		964,078
4.50%, 12/20/2045		236,839		219,385
4.50%, 4/20/2046		274,508		255,386
5.00%, 5/20/2046		338,136		325,447
3.50%, 6/15/2046		1,803,668		1,595,211
3.50%, 10/20/2047		1,010,017		872,594
4.00%, 2/20/2048		900,831		805,154
5.00%, 5/20/2048		125,614		118,803
5.50%, 1/20/2049		290,194		281,458
5.50%, 7/20/2049		8,264		8,060
4.00%, 12/20/2051		404,141		358,358
5.50%, 12/20/2052		572,146		547,937
6.50%, 6/20/2053		1,776,889		1,774,649
7.00%, 8/20/2053		996,642		1,010,393
7.00%, 9/20/2053		1,198,206		1,214,611
Total Mortgage-Backed Securities (Cost $81,464,885)				73,778,449

Total Investments – 99.1% (Cost $81,464,885)				73,778,449

Other assets less liabilities – 0.9%				645,590
NET ASSETS – 100.0%			$	74,424,039


Investments	Principal Amount		Value

CORPORATE BONDS – 96.7%

Aerospace & Defense – 1.2%

General Dynamics Corp.
1.15%, 6/1/2026	$	250,000	$	224,223
3.50%, 4/1/2027		50,000		46,879

HEICO Corp.
5.25%, 8/1/2028		200,000		192,928
5.35%, 8/1/2033		100,000		91,785

Hexcel Corp.
4.20%, 2/15/2027(a)		50,000		45,909

Howmet Aerospace, Inc.
6.88%, 5/1/2025		300,000		301,045
3.00%, 1/15/2029		250,000		211,017

Huntington Ingalls Industries, Inc.
3.84%, 5/1/2025		150,000		145,175
4.20%, 5/1/2030		200,000		177,083

L3Harris Technologies, Inc.
4.40%, 6/15/2028		400,000		373,565

Leidos, Inc.
4.38%, 5/15/2030		252,000		221,567
2.30%, 2/15/2031		150,000		112,814
5.75%, 3/15/2033		130,000		120,826

Lockheed Martin Corp.
3.55%, 1/15/2026		152,000		146,133
3.90%, 6/15/2032		140,000		122,544
5.25%, 1/15/2033		100,000		96,352

Textron, Inc.
3.88%, 3/1/2025		250,000		242,966
3.90%, 9/17/2029		200,000		177,755
3.00%, 6/1/2030		200,000		164,884
				3,215,450

Air Freight & Logistics – 0.1%

CH Robinson Worldwide, Inc.
4.20%, 4/15/2028		212,000		195,771

Automobile Components – 0.2%

Lear Corp.
4.25%, 5/15/2029		150,000		134,110

Magna International, Inc.
4.15%, 10/1/2025		250,000		242,815
2.45%, 6/15/2030		200,000		161,416
5.50%, 3/21/2033		100,000		95,388
				633,729


Investments	Principal Amount		Value

Banks – 25.4%

Banco Bilbao Vizcaya Argentaria SA
5.86%, 9/14/2026(b)	$	200,000	$	197,028
6.14%, 9/14/2028(b)		200,000		195,266

Banco Santander SA
3.50%, 3/24/2025		110,000		105,793
5.18%, 11/19/2025		81,000		78,192
1.85%, 3/25/2026		110,000		98,273
1.72%, 9/14/2027(b)		202,000		175,090
2.75%, 12/3/2030		200,000		145,875
6.92%, 8/8/2033		200,000		185,756

Bank of America Corp.
Series L, 3.95%, 4/21/2025		480,000		463,927
4.45%, 3/3/2026		300,000		287,274
3.38%, 4/2/2026(b)		250,000		239,538
1.32%, 6/19/2026(b)		250,000		229,755
4.83%, 7/22/2026(b)		250,000		243,616
4.25%, 10/22/2026		350,000		330,294
5.08%, 1/20/2027(b)		150,000		146,020
Series N, 1.66%, 3/11/2027(b)		50,000		44,737
3.56%, 4/23/2027(b)		361,000		337,185
1.73%, 7/22/2027(b)		724,000		638,937
5.93%, 9/15/2027(b)		250,000		247,446
Series L, 4.18%, 11/25/2027		300,000		275,948
3.82%, 1/20/2028(b)		200,000		184,574
3.59%, 7/21/2028(b)		201,000		181,895
4.95%, 7/22/2028(b)		129,000		122,594
3.42%, 12/20/2028(b)		300,000		267,039
3.97%, 3/5/2029(b)		135,000		122,153
5.20%, 4/25/2029(b)		230,000		218,676
2.09%, 6/14/2029(b)		230,000		189,899
4.27%, 7/23/2029(b)		250,000		227,504
5.82%, 9/15/2029(b)		100,000		97,373
3.97%, 2/7/2030(b)		900,000		795,938
2.59%, 4/29/2031(b)		100,000		78,836
1.90%, 7/23/2031(b)		100,000		74,397
Series N, 2.65%, 3/11/2032(b)		110,000		84,301
2.69%, 4/22/2032(b)		184,000		141,082
2.30%, 7/21/2032(b)		194,000		143,126


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)
2.57%, 10/20/2032(b)	$	100,000	$	74,894
2.97%, 2/4/2033(b)		111,000		85,074
4.57%, 4/27/2033(b)		221,000		190,592
5.02%, 7/22/2033(b)		222,000		198,485
5.29%, 4/25/2034(b)		331,000		298,956
2.48%, 9/21/2036(b)		250,000		178,174
3.85%, 3/8/2037(b)		312,000		246,133

Bank of America NA
5.53%, 8/18/2026		250,000		248,067

Bank of Montreal
1.85%, 5/1/2025		250,000		234,953
5.30%, 6/5/2026		400,000		393,544
1.25%, 9/15/2026		250,000		219,120
3.80%, 12/15/2032(b)		495,000		428,994
3.09%, 1/10/2037(b)		350,000		252,811

Bank of Nova Scotia (The)
1.45%, 1/10/2025		300,000		284,356
4.50%, 12/16/2025		300,000		289,315
4.59%, 5/4/2037(b)		300,000		242,601
Series 2, 3.63%, 10/27/2081(b)		200,000		140,358
8.63%, 10/27/2082(b)		250,000		244,561

Bank OZK
2.75%, 10/1/2031(b)		101,000		74,246

BankUnited, Inc.
4.88%, 11/17/2025		100,000		93,312
5.13%, 6/11/2030		80,000		63,293

Barclays plc
3.65%, 3/16/2025		101,000		97,127
5.20%, 5/12/2026		172,000		164,270
5.30%, 8/9/2026(b)		213,000		207,835
4.84%, 5/9/2028		273,000		245,342
4.97%, 5/16/2029(b)		200,000		184,109
5.09%, 6/20/2030(b)		200,000		173,311
7.44%, 11/2/2033(b)		300,000		299,333
7.12%, 6/27/2034(b)		250,000		232,171
3.56%, 9/23/2035(b)		200,000		150,613

Cadence Bank
4.13%, 11/20/2029(b)		100,000		90,761

Capital One NA
2.28%, 1/28/2026(b)		250,000		235,895

Citigroup, Inc.
3.88%, 3/26/2025		200,000		192,910


Investments	Principal Amount		Value

Banks – (continued)
4.40%, 6/10/2025	$	350,000	$	338,733
5.50%, 9/13/2025		100,000		98,595
4.60%, 3/9/2026		484,000		463,885
3.11%, 4/8/2026(b)		574,000		547,814
3.20%, 10/21/2026		403,000		371,511
4.30%, 11/20/2026		250,000		234,926
1.46%, 6/9/2027(b)		400,000		352,081
4.45%, 9/29/2027		1,010,000		932,979
3.89%, 1/10/2028(b)		150,000		139,062
3.67%, 7/24/2028(b)		352,000		318,885
4.13%, 7/25/2028		454,000		407,527
4.08%, 4/23/2029(b)		252,000		229,201
3.98%, 3/20/2030(b)		757,000		669,733
4.41%, 3/31/2031(b)		600,000		530,823
2.57%, 6/3/2031(b)		252,000		197,330
2.56%, 5/1/2032(b)		200,000		151,761
6.63%, 6/15/2032		250,000		247,629
3.06%, 1/25/2033(b)		302,000		232,512
5.88%, 2/22/2033		100,000		93,948
3.79%, 3/17/2033(b)		50,000		40,591
4.91%, 5/24/2033(b)		50,000		44,312
6.27%, 11/17/2033(b)		253,000		245,652
6.17%, 5/25/2034(b)		950,000		883,058

Citizens Bank NA
2.25%, 4/28/2025		695,000		643,651
6.06%, 10/24/2025(b)		250,000		239,068
4.58%, 8/9/2028(b)		500,000		443,446

Citizens Financial Group, Inc.
2.85%, 7/27/2026		60,000		53,312
3.25%, 4/30/2030		202,000		155,802
5.64%, 5/21/2037(b)		250,000		199,414

Comerica Bank
5.33%, 8/25/2033(b)		250,000		193,597

Comerica, Inc.
4.00%, 2/1/2029		183,000		149,719

Cooperatieve Rabobank UA
5.00%, 1/13/2025		250,000		247,698
3.38%, 5/21/2025		250,000		240,713
3.75%, 7/21/2026		252,000		234,127

Discover Bank
4.25%, 3/13/2026		250,000		235,956
3.45%, 7/27/2026		252,000		228,083
4.65%, 9/13/2028		327,000		287,388
2.70%, 2/6/2030		303,000		228,417


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

Fifth Third Bancorp
2.55%, 5/5/2027	$	202,000	$	174,466
1.71%, 11/1/2027(b)		50,000		42,616
6.36%, 10/27/2028(b)		505,000		491,512
6.34%, 7/27/2029(b)		100,000		96,860
4.77%, 7/28/2030(b)		178,000		157,747

Fifth Third Bank NA
3.85%, 3/15/2026		243,000		223,878

First Citizens BancShares, Inc.
3.38%, 3/15/2030(b)		200,000		186,463

First Horizon Bank
5.75%, 5/1/2030		250,000		211,589

HSBC Holdings plc
4.25%, 8/18/2025		300,000		287,387
4.30%, 3/8/2026		200,000		191,665
3.90%, 5/25/2026		200,000		188,710
2.10%, 6/4/2026(b)		742,000		691,403
4.29%, 9/12/2026(b)		150,000		143,928
4.38%, 11/23/2026		640,000		603,866
1.59%, 5/24/2027(b)		250,000		220,204
5.89%, 8/14/2027(b)		250,000		245,605
2.25%, 11/22/2027(b)		232,000		203,408
4.04%, 3/13/2028(b)		414,000		380,248
4.76%, 6/9/2028(b)		280,000		262,157
5.21%, 8/11/2028(b)		250,000		238,453
7.39%, 11/3/2028(b)		283,000		290,301
4.58%, 6/19/2029(b)		620,000		564,970
2.21%, 8/17/2029(b)		250,000		203,405
3.97%, 5/22/2030(b)		928,000		801,775
2.36%, 8/18/2031(b)		50,000		37,686
7.63%, 5/17/2032		100,000		101,966
2.80%, 5/24/2032(b)		202,000		152,080
2.87%, 11/22/2032(b)		450,000		335,481
4.76%, 3/29/2033(b)		202,000		167,120
5.40%, 8/11/2033(b)		202,000		181,633
8.11%, 11/3/2033(b)		200,000		206,967
6.25%, 3/9/2034(b)		300,000		284,753
6.55%, 6/20/2034(b)		600,000		557,608

Huntington Bancshares, Inc.
4.00%, 5/15/2025		151,000		144,680
4.44%, 8/4/2028(b)		131,000		119,650
2.55%, 2/4/2030		132,000		101,588
2.49%, 8/15/2036(b)		100,000		67,309


Investments	Principal Amount		Value

Banks – (continued)

Huntington National Bank (The)
5.70%, 11/18/2025(b)	$	502,000	$	487,400
4.55%, 5/17/2028(b)		250,000		229,780
5.65%, 1/10/2030		344,000		315,160

ING Groep NV
1.73%, 4/1/2027(b)		112,000		100,039
6.11%, 9/11/2034(b)		100,000		93,705

JPMorgan Chase & Co.
2.01%, 3/13/2026(b)		410,000		386,899
2.08%, 4/22/2026(b)		900,000		845,843
1.05%, 11/19/2026(b)		40,000		35,975
4.13%, 12/15/2026		250,000		236,198
3.96%, 1/29/2027(b)		360,000		343,153
1.58%, 4/22/2027(b)		932,000		831,469
1.47%, 9/22/2027(b)		250,000		217,784
6.07%, 10/22/2027(b)		250,000		249,472
3.78%, 2/1/2028(b)		250,000		231,950
4.32%, 4/26/2028(b)		250,000		234,835
3.54%, 5/1/2028(b)		531,000		486,044
2.18%, 6/1/2028(b)		121,000		105,185
3.51%, 1/23/2029(b)		120,000		107,668
4.01%, 4/23/2029(b)		352,000		320,577
2.07%, 6/1/2029(b)		50,000		41,561
4.20%, 7/23/2029(b)		253,000		232,027
4.45%, 12/5/2029(b)		253,000		232,709
3.70%, 5/6/2030(b)		290,000		254,432
4.57%, 6/14/2030(b)		250,000		229,442
8.75%, 9/1/2030		60,000		67,715
4.49%, 3/24/2031(b)		171,000		154,260
2.52%, 4/22/2031(b)		200,000		159,067
2.96%, 5/13/2031(b)		600,000		483,829
1.95%, 2/4/2032(b)		307,000		228,069
2.58%, 4/22/2032(b)		60,000		46,340
2.96%, 1/25/2033(b)		350,000		272,683
4.59%, 4/26/2033(b)		163,000		143,264
4.91%, 7/25/2033(b)		350,000		314,380
5.72%, 9/14/2033(b)		400,000		374,581

KeyBank NA
4.15%, 8/8/2025		303,000		281,793
4.70%, 1/26/2026		250,000		232,187
3.40%, 5/20/2026		505,000		444,455
5.85%, 11/15/2027		255,000		236,157

KeyCorp
4.15%, 10/29/2025		50,000		46,565
2.25%, 4/6/2027		303,000		251,475


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)
4.10%, 4/30/2028	$	352,000	$	301,118
2.55%, 10/1/2029		151,000		112,810

Lloyds Banking Group plc
4.58%, 12/10/2025		402,000		382,329
3.51%, 3/18/2026(b)		202,000		193,647
4.65%, 3/24/2026		303,000		286,956
4.72%, 8/11/2026(b)		250,000		242,323
3.57%, 11/7/2028(b)		200,000		177,575
7.95%, 11/15/2033(b)		200,000		202,800

M&T Bank Corp.
4.55%, 8/16/2028(b)		121,000		110,198
5.05%, 1/27/2034(b)		250,000		209,271

Manufacturers & Traders Trust Co.
2.90%, 2/6/2025		300,000		284,460
4.65%, 1/27/2026		505,000		476,961
3.40%, 8/17/2027		303,000		257,736
4.70%, 1/27/2028		252,000		228,357

Mitsubishi UFJ Financial Group, Inc.
2.19%, 2/25/2025		200,000		190,046
3.85%, 3/1/2026		252,000		240,112
2.34%, 1/19/2028(b)		200,000		176,752
3.20%, 7/18/2029		214,000		182,345
2.31%, 7/20/2032(b)		200,000		149,153
5.44%, 2/22/2034(b)		200,000		186,397

Mizuho Financial Group, Inc.
1.55%, 7/9/2027(b)		260,000		229,696
4.02%, 3/5/2028		83,000		76,681
2.56%, 9/13/2031		250,000		183,702
2.26%, 7/9/2032(b)		200,000		147,102

National Australia Bank Ltd.
5.13%, 11/22/2024		132,000		131,276
4.97%, 1/12/2026		130,000		128,464

NatWest Group plc
4.80%, 4/5/2026		82,000		79,008
7.47%, 11/10/2026(b)		250,000		254,396
5.08%, 1/27/2030(b)		443,000		406,617
4.45%, 5/8/2030(b)		635,000		562,871
6.02%, 3/2/2034(b)		200,000		186,224

PNC Bank NA
4.05%, 7/26/2028		462,000		411,440


Investments	Principal Amount		Value

Banks – (continued)

PNC Financial Services Group, Inc. (The)
1.15%, 8/13/2026	$	200,000	$	175,631
5.07%, 1/24/2034(b)		150,000		131,992

Regions Financial Corp.
2.25%, 5/18/2025		242,000		222,206
1.80%, 8/12/2028		160,000		125,026

Royal Bank of Canada
4.65%, 1/27/2026		493,000		477,959
5.00%, 2/1/2033		500,000		452,057
5.00%, 5/2/2033		270,000		243,119

Santander Holdings USA, Inc.
3.45%, 6/2/2025		40,000		37,843
4.50%, 7/17/2025		72,000		69,156
2.49%, 1/6/2028(b)		150,000		129,138

Santander UK Group Holdings plc
3.82%, 11/3/2028(b)		152,000		133,747

Sumitomo Mitsui Financial Group, Inc.
1.40%, 9/17/2026		172,000		150,970
3.04%, 7/16/2029		140,000		118,034
2.72%, 9/27/2029		42,000		34,571

Synovus Bank
5.63%, 2/15/2028		250,000		222,034

Toronto-Dominion Bank (The)
5.53%, 7/17/2026		440,000		435,446
4.11%, 6/8/2027		200,000		187,507
4.69%, 9/15/2027		50,000		47,618
3.63%, 9/15/2031(b)		505,000		464,125
2.45%, 1/12/2032		100,000		75,251
3.20%, 3/10/2032		100,000		79,481
4.46%, 6/8/2032		121,000		105,511
8.13%, 10/31/2082(b)		505,000		495,436

Truist Bank
3.63%, 9/16/2025		202,000		190,571
3.30%, 5/15/2026		230,000		210,609
3.80%, 10/30/2026		360,000		329,755

Truist Financial Corp.
3.88%, 3/19/2029		273,000		233,325

US Bancorp
3.10%, 4/27/2026		200,000		184,358
5.78%, 6/12/2029(b)		100,000		96,156
4.97%, 7/22/2033(b)		101,000		84,523
2.49%, 11/3/2036(b)		100,000		68,330


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Banks – (continued)

US Bank NA
2.05%, 1/21/2025	$	2,000	$	1,904

Wachovia Corp.
7.57%, 8/1/2026(a)		200,000		206,899

Webster Financial Corp.
4.10%, 3/25/2029		100,000		82,990

Wells Fargo & Co.
3.00%, 4/22/2026		230,000		213,700
3.91%, 4/25/2026(b)		250,000		241,051
2.19%, 4/30/2026(b)		900,000		846,629
4.10%, 6/3/2026		812,000		766,812
3.00%, 10/23/2026		400,000		366,424
3.20%, 6/17/2027(b)		922,000		852,305
3.53%, 3/24/2028(b)		500,000		455,887
3.58%, 5/22/2028(b)		116,000		105,588
2.39%, 6/2/2028(b)		505,000		440,192
4.81%, 7/25/2028(b)		353,000		333,934
5.57%, 7/25/2029(b)		250,000		241,071
6.30%, 10/23/2029(b)		250,000		247,932
Series B, 7.95%, 11/15/2029		250,000		263,690
2.57%, 2/11/2031(b)		100,000		79,181
4.48%, 4/4/2031(b)		300,000		266,554
3.35%, 3/2/2033(b)		101,000		79,524
4.90%, 7/25/2033(b)		303,000		266,323
5.39%, 4/24/2034(b)		1,151,000		1,041,949
5.56%, 7/25/2034(b)		250,000		228,848

Westpac Banking Corp.
1.15%, 6/3/2026		250,000		223,396
5.46%, 11/18/2027		200,000		198,492
2.89%, 2/4/2030(b)		400,000		378,570
4.32%, 11/23/2031(b)		454,000		419,040
5.41%, 8/10/2033(b)		300,000		263,616
4.11%, 7/24/2034(b)		404,000		342,933
2.67%, 11/15/2035(b)		300,000		218,031
3.02%, 11/18/2036(b)		350,000		251,754

Wintrust Financial Corp.
4.85%, 6/6/2029		100,000		86,207

Zions Bancorp NA
3.25%, 10/29/2029		252,000		187,671
				69,650,461


Investments	Principal Amount		Value

Beverages – 0.9%

Brown-Forman Corp.
4.75%, 4/15/2033	$	130,000	$	120,549

Coca-Cola Co. (The)
3.45%, 3/25/2030		303,000		269,903
1.65%, 6/1/2030		200,000		157,963
1.38%, 3/15/2031		250,000		187,581

Constellation Brands, Inc.
4.75%, 11/15/2024		250,000		246,959
3.60%, 2/15/2028		200,000		182,925
4.65%, 11/15/2028		252,000		238,474
2.88%, 5/1/2030		200,000		164,693
2.25%, 8/1/2031		100,000		75,991

Diageo Capital plc
2.38%, 10/24/2029		244,000		203,545

PepsiCo, Inc.
7.00%, 3/1/2029		100,000		106,695
2.75%, 3/19/2030		353,000		300,653
3.90%, 7/18/2032		150,000		132,944
				2,388,875

Biotechnology – 1.7%

AbbVie, Inc.
2.60%, 11/21/2024		600,000		579,756
3.80%, 3/15/2025		853,000		830,344
3.60%, 5/14/2025		750,000		725,557
3.20%, 5/14/2026		252,000		237,640
2.95%, 11/21/2026		526,000		487,162
4.25%, 11/14/2028		222,000		208,996
3.20%, 11/21/2029		667,000		581,269

Biogen, Inc.
4.05%, 9/15/2025		352,000		339,691
2.25%, 5/1/2030		250,000		196,343

Gilead Sciences, Inc.
3.50%, 2/1/2025		382,000		371,200

Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		250,000		188,405
				4,746,363

Building Products – 0.7%

Allegion plc
3.50%, 10/1/2029		152,000		130,433

Carlisle Cos., Inc.
3.75%, 12/1/2027		91,000		83,500
2.75%, 3/1/2030		183,000		147,904


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Building Products – (continued)

Carrier Global Corp.
2.24%, 2/15/2025	$	50,000	$	47,606
2.49%, 2/15/2027		100,000		89,486

Lennox International, Inc.
1.35%, 8/1/2025		201,000		185,805

Masco Corp.
3.50%, 11/15/2027		50,000		45,200
1.50%, 2/15/2028		101,000		83,928

Owens Corning
3.40%, 8/15/2026		250,000		232,566
3.95%, 8/15/2029		143,000		126,797

Trane Technologies Financing Ltd.
3.50%, 3/21/2026		202,000		191,880
3.80%, 3/21/2029		202,000		184,352
5.25%, 3/3/2033		130,000		121,694

Trane Technologies Global Holding Co. Ltd.
3.75%, 8/21/2028		151,000		138,812
				1,809,963

Capital Markets – 4.6%

Ameriprise Financial, Inc.
3.00%, 4/2/2025		250,000		240,082
5.15%, 5/15/2033		150,000		138,450

Ares Capital Corp.
3.88%, 1/15/2026		150,000		140,280
2.15%, 7/15/2026		50,000		43,915

Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		227,000		195,056

Bank of New York Mellon Corp. (The)
2.45%, 8/17/2026		173,000		158,816
3.85%, 4/28/2028		250,000		231,726
5.83%, 10/25/2033(b)		50,000		47,891
4.71%, 2/1/2034(b)		100,000		87,817

BlackRock, Inc.
3.20%, 3/15/2027		101,000		94,006
3.25%, 4/30/2029		200,000		178,541

Blackstone Private Credit Fund
2.70%, 1/15/2025		200,000		189,799
2.63%, 12/15/2026		352,000		301,352


Investments	Principal Amount		Value

Capital Markets – (continued)
3.25%, 3/15/2027	$	400,000	$	345,038
4.00%, 1/15/2029		175,000		146,407

Blackstone Secured Lending Fund
3.63%, 1/15/2026		260,000		240,175
2.75%, 9/16/2026		252,000		221,131
2.13%, 2/15/2027		252,000		212,809
2.85%, 9/30/2028		200,000		162,092

Blue Owl Credit Income Corp.
5.50%, 3/21/2025		250,000		241,886
7.95%, 6/13/2028(c)		250,000		244,402

Blue Owl Technology Finance Corp.
2.50%, 1/15/2027		100,000		82,907

Brookfield Finance, Inc.
4.85%, 3/29/2029		100,000		93,045

Cboe Global Markets, Inc.
3.65%, 1/12/2027		151,000		142,285
1.63%, 12/15/2030		151,000		113,879

Charles Schwab Corp. (The)
4.00%, 2/1/2029		100,000		89,818
4.63%, 3/22/2030		30,000		27,375
1.65%, 3/11/2031		100,000		71,231

CI Financial Corp.
3.20%, 12/17/2030		100,000		73,172

CME Group, Inc.
3.00%, 3/15/2025		227,000		219,744
3.75%, 6/15/2028		1,000		934
2.65%, 3/15/2032		150,000		119,738

Credit Suisse AG
1.25%, 8/7/2026		154,000		134,345

Deutsche Bank AG
4.50%, 4/1/2025		303,000		289,665
3.96%, 11/26/2025(b)		101,000		97,396
2.13%, 11/24/2026(b)		100,000		90,296
5.88%, 7/8/2031(b)		200,000		171,318
3.55%, 9/18/2031(b)		200,000		157,079
3.73%, 1/14/2032(b)		350,000		253,413
4.88%, 12/1/2032(b)		303,000		255,134
3.74%, 1/7/2033(b)		250,000		174,840
7.08%, 2/10/2034(b)		400,000		352,366

FactSet Research Systems, Inc.
2.90%, 3/1/2027		50,000		45,163
3.45%, 3/1/2032		100,000		80,877


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

Goldman Sachs Group, Inc. (The)
3.50%, 4/1/2025	$	183,000	$	176,126
3.50%, 11/16/2026		50,000		46,371
1.43%, 3/9/2027(b)		151,000		134,107
3.62%, 3/15/2028(b)		150,000		137,338
2.62%, 4/22/2032(b)		303,000		230,855
2.38%, 7/21/2032(b)		101,000		74,967
3.10%, 2/24/2033(b)		150,000		116,609

Jefferies Financial Group, Inc.
2.63%, 10/15/2031		100,000		73,726

Moody's Corp.
3.75%, 3/24/2025		100,000		97,080
3.25%, 1/15/2028		140,000		127,193
4.25%, 2/1/2029		252,000		234,679

Morgan Stanley
4.00%, 7/23/2025		50,000		48,390
3.88%, 1/27/2026		252,000		240,366
3.13%, 7/27/2026		251,000		232,212
0.99%, 12/10/2026(b)		160,000		142,392
5.05%, 1/28/2027(b)		160,000		156,259
1.59%, 5/4/2027(b)		312,000		277,236
1.51%, 7/20/2027(b)		123,000		107,974
3.77%, 1/24/2029(b)		100,000		90,193
5.12%, 2/1/2029(b)		160,000		152,335
5.16%, 4/20/2029(b)		160,000		152,228
4.43%, 1/23/2030(b)		113,000		102,889
2.70%, 1/22/2031(b)		250,000		200,869
2.24%, 7/21/2032(b)		100,000		73,755
2.94%, 1/21/2033(b)		200,000		153,480
6.34%, 10/18/2033(b)		153,000		149,998
5.25%, 4/21/2034(b)		120,000		108,121
5.42%, 7/21/2034(b)		100,000		91,268

Nasdaq, Inc.
1.65%, 1/15/2031		101,000		74,596

Nomura Holdings, Inc.
1.85%, 7/16/2025		303,000		280,682
2.68%, 7/16/2030		200,000		154,664

S&P Global, Inc.
2.70%, 3/1/2029		252,000		218,524
4.25%, 5/1/2029		200,000		186,155
2.50%, 12/1/2029		250,000		209,167
1.25%, 8/15/2030		100,000		74,353
2.90%, 3/1/2032		200,000		160,472


Investments	Principal Amount		Value

Capital Markets – (continued)

State Street Corp.
5.16%, 5/18/2034(b)	$	200,000	$	180,869

Stifel Financial Corp.
4.00%, 5/15/2030		101,000		84,550
				12,550,739

Chemicals – 0.7%

Celanese US Holdings LLC
6.33%, 7/15/2029		150,000		144,591

Dow Chemical Co. (The)
7.38%, 11/1/2029		202,000		213,540

DuPont de Nemours, Inc.
4.49%, 11/15/2025		500,000		487,246

EIDP, Inc.
4.50%, 5/15/2026		300,000		291,286
4.80%, 5/15/2033		250,000		227,295

FMC Corp.
3.20%, 10/1/2026		151,000		137,675

Huntsman International LLC
4.50%, 5/1/2029		100,000		89,443

NewMarket Corp.
2.70%, 3/18/2031		100,000		76,776

RPM International, Inc.
4.55%, 3/1/2029		100,000		92,051

Sherwin-Williams Co. (The)
2.95%, 8/15/2029		101,000		86,073
				1,845,976

Commercial Services & Supplies – 1.0%

Cintas Corp. No. 2
3.45%, 5/1/2025		250,000		241,947
3.70%, 4/1/2027		200,000		188,512
4.00%, 5/1/2032		140,000		122,252

RELX Capital, Inc.
4.00%, 3/18/2029		252,000		232,025
3.00%, 5/22/2030		202,000		169,018
4.75%, 5/20/2032		100,000		91,623

Republic Services, Inc.
2.90%, 7/1/2026		250,000		233,653
3.38%, 11/15/2027		200,000		184,074
3.95%, 5/15/2028		151,000		140,824
4.88%, 4/1/2029		100,000		95,912
2.30%, 3/1/2030		200,000		162,242


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Commercial Services & Supplies – (continued)

Waste Management, Inc.
0.75%, 11/15/2025	$	152,000	$	138,481
1.15%, 3/15/2028		162,000		135,197
4.88%, 2/15/2029		150,000		144,561
4.63%, 2/15/2030		151,000		141,908
4.15%, 4/15/2032		250,000		221,248
4.63%, 2/15/2033		150,000		136,039
				2,779,516

Communications Equipment – 0.5%

Cisco Systems, Inc.
2.50%, 9/20/2026		200,000		185,713

Juniper Networks, Inc.
1.20%, 12/10/2025		50,000		45,157
3.75%, 8/15/2029		151,000		132,546

Motorola Solutions, Inc.
4.60%, 2/23/2028		201,000		190,142
4.60%, 5/23/2029		303,000		282,341
2.30%, 11/15/2030		252,000		192,611
2.75%, 5/24/2031		200,000		155,043
5.60%, 6/1/2032		150,000		140,555

Nokia OYJ
4.38%, 6/12/2027		50,000		46,260
				1,370,368

Construction Materials – 0.1%

Eagle Materials, Inc.
2.50%, 7/1/2031		250,000		190,607

Vulcan Materials Co.
3.50%, 6/1/2030		200,000		170,660
				361,267

Consumer Finance – 1.1%

AerCap Ireland Capital DAC
2.45%, 10/29/2026		200,000		177,906
3.00%, 10/29/2028		200,000		168,449

American Express Co.
2.25%, 3/4/2025		252,000		239,670
4.99%, 5/1/2026(b)		250,000		245,204
2.55%, 3/4/2027		100,000		89,535
3.30%, 5/3/2027		200,000		183,043
4.99%, 5/26/2033(b)		76,000		67,731
4.42%, 8/3/2033(b)		100,000		87,300
5.63%, 7/28/2034(b)		100,000		91,139


Investments	Principal Amount		Value

Consumer Finance – (continued)

Capital One Financial Corp.
5.82%, 2/1/2034(b)	$	50,000	$	43,729

Caterpillar Financial Services Corp.
3.40%, 5/13/2025		200,000		193,736

Discover Financial Services
3.95%, 11/6/2024		250,000		243,171

Synchrony Financial
4.88%, 6/13/2025		181,000		171,658
4.50%, 7/23/2025		373,000		350,402
3.70%, 8/4/2026		170,000		150,792
3.95%, 12/1/2027		202,000		172,912
5.15%, 3/19/2029		202,000		174,472
2.88%, 10/28/2031		150,000		101,648
				2,952,497

Consumer Staples Distribution & Retail – 0.7%

Costco Wholesale Corp.
1.38%, 6/20/2027		250,000		217,587
1.60%, 4/20/2030		400,000		316,211
1.75%, 4/20/2032		320,000		239,497

Kroger Co. (The)
7.50%, 4/1/2031		150,000		160,882

Sysco Corp.
3.75%, 10/1/2025		250,000		239,540
3.30%, 7/15/2026		250,000		233,708
2.40%, 2/15/2030		250,000		201,305
5.95%, 4/1/2030		250,000		248,186

Walmart, Inc.
4.10%, 4/15/2033		200,000		179,031
				2,035,947

Containers & Packaging – 0.4%

Amcor Finance USA, Inc.
3.63%, 4/28/2026		250,000		235,521
4.50%, 5/15/2028		112,000		104,828

Amcor Flexibles North America, Inc.
2.63%, 6/19/2030		100,000		78,931
2.69%, 5/25/2031		100,000		77,339

AptarGroup, Inc.
3.60%, 3/15/2032		100,000		81,522

Avery Dennison Corp.
4.88%, 12/6/2028		151,000		143,855
5.75%, 3/15/2033		100,000		95,377


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Containers & Packaging – (continued)

Packaging Corp. of America
3.00%, 12/15/2029	$	278,000	$	234,591
				1,051,964

Distributors – 0.2%

Genuine Parts Co.
1.75%, 2/1/2025		251,000		237,253
2.75%, 2/1/2032		200,000		150,822

LKQ Corp.
6.25%, 6/15/2033		150,000		140,075
				528,150

Diversified REITs – 1.2%

Broadstone Net Lease LLC
REIT, 2.60%, 9/15/2031		50,000		34,677

GLP Capital LP
REIT, 5.25%, 6/1/2025		200,000		195,079
REIT, 5.38%, 4/15/2026		403,000		386,236
REIT, 5.75%, 6/1/2028		300,000		281,263
REIT, 5.30%, 1/15/2029		150,000		137,012
REIT, 4.00%, 1/15/2030		200,000		166,909
REIT, 4.00%, 1/15/2031		150,000		121,994
REIT, 3.25%, 1/15/2032		250,000		189,089

Rayonier LP
REIT, 2.75%, 5/17/2031		100,000		76,392

STORE Capital Corp.
REIT, 4.50%, 3/15/2028		100,000		86,279
REIT, 4.63%, 3/15/2029		141,000		118,463

VICI Properties LP
REIT, 4.38%, 5/15/2025		50,000		48,378
REIT, 4.75%, 2/15/2028		505,000		465,055
REIT, 4.95%, 2/15/2030		303,000		270,118
REIT, 5.13%, 5/15/2032		450,000		388,871

Vornado Realty LP
REIT, 2.15%, 6/1/2026		200,000		168,502

WP Carey, Inc.
REIT, 4.00%, 2/1/2025		151,000		146,994
REIT, 3.85%, 7/15/2029		50,000		43,649
REIT, 2.40%, 2/1/2031		100,000		75,840
				3,400,800


Investments	Principal Amount		Value

Diversified Telecommunication Services – 0.1%

Koninklijke KPN NV
8.38%, 10/1/2030	$	151,000	$	165,241

Sprint Capital Corp.
8.75%, 3/15/2032		92,000		103,560
				268,801

Electric Utilities – 1.2%

American Electric Power Co., Inc.
3.88%, 2/15/2062(b)		101,000		79,318

Arizona Public Service Co.
5.55%, 8/1/2033		100,000		93,944

Avangrid, Inc.
3.15%, 12/1/2024		50,000		48,312
3.20%, 4/15/2025		251,000		240,219
3.80%, 6/1/2029		150,000		131,843

Duke Energy Corp.
3.25%, 1/15/2082(b)		101,000		72,560

Georgia Power Co.
4.95%, 5/17/2033		200,000		182,552

Interstate Power and Light Co.
3.60%, 4/1/2029		102,000		91,515

MidAmerican Energy Co.
3.65%, 4/15/2029		303,000		273,186

Nevada Power Co.
Series CC, 3.70%, 5/1/2029		252,000		224,950

NextEra Energy Capital Holdings, Inc.
4.80%, 12/1/2077(b)		61,000		51,118
5.65%, 5/1/2079(b)		97,000		85,719
3.80%, 3/15/2082(b)		110,000		87,999

Oklahoma Gas and Electric Co.
3.25%, 4/1/2030		200,000		168,865

Oncor Electric Delivery Co. LLC
4.55%, 9/15/2032		100,000		89,237

PacifiCorp
3.50%, 6/15/2029		250,000		218,830

PPL Capital Funding, Inc.
4.13%, 4/15/2030		113,000		99,932

PPL Electric Utilities Corp.
5.00%, 5/15/2033		200,000		185,491


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electric Utilities – (continued)

Sierra Pacific Power Co.
2.60%, 5/1/2026	$	20,000	$	18,582

Southern Co. (The)
Series B, 4.00%, 1/15/2051(b)		142,000		129,559
Series 21-A, 3.75%, 9/15/2051(b)		300,000		256,527

Wisconsin Electric Power Co.
5.63%, 5/15/2033		200,000		195,821

Wisconsin Power and Light Co.
1.95%, 9/16/2031		50,000		37,092
4.95%, 4/1/2033		150,000		137,340

Xcel Energy, Inc.
1.75%, 3/15/2027		50,000		43,581
3.40%, 6/1/2030		50,000		42,346
2.35%, 11/15/2031		100,000		74,396
				3,360,834

Electrical Equipment – 0.2%

Acuity Brands Lighting, Inc.
2.15%, 12/15/2030		50,000		37,827

Emerson Electric Co.
2.00%, 12/21/2028		101,000		85,580

Hubbell, Inc.
3.35%, 3/1/2026		151,000		143,059
3.50%, 2/15/2028		200,000		183,759

Regal Rexnord Corp.
6.30%, 2/15/2030(c)		50,000		47,049
				497,274

Electronic Equipment, Instruments & Components – 1.9%

Amphenol Corp.
4.75%, 3/30/2026		250,000		244,241
4.35%, 6/1/2029		243,000		226,885
2.80%, 2/15/2030		211,000		175,474
2.20%, 9/15/2031		250,000		190,865

Avnet, Inc.
4.63%, 4/15/2026		176,000		168,692

CDW LLC
5.50%, 12/1/2024		270,000		267,208
4.13%, 5/1/2025		250,000		241,213
2.67%, 12/1/2026		404,000		361,374
4.25%, 4/1/2028		202,000		183,622


Investments	Principal Amount		Value

Electronic Equipment, Instruments & Components – (continued)
3.28%, 12/1/2028	$	202,000	$	172,577
3.25%, 2/15/2029		200,000		168,852
3.57%, 12/1/2031		200,000		160,372

Flex Ltd.
3.75%, 2/1/2026		250,000		236,695
6.00%, 1/15/2028		130,000		128,685
4.88%, 6/15/2029		100,000		91,443
4.88%, 5/12/2030		62,000		56,268

Jabil, Inc.
1.70%, 4/15/2026		150,000		135,200
4.25%, 5/15/2027		100,000		93,841
3.60%, 1/15/2030		200,000		169,872

Keysight Technologies, Inc.
4.60%, 4/6/2027		350,000		333,805

TD SYNNEX Corp.
2.38%, 8/9/2028		202,000		165,804
2.65%, 8/9/2031		100,000		72,949

Teledyne Technologies, Inc.
2.25%, 4/1/2028		157,000		134,040
2.75%, 4/1/2031		200,000		157,755

Trimble, Inc.
4.90%, 6/15/2028		200,000		189,313
6.10%, 3/15/2033		50,000		47,727

Tyco Electronics Group SA
4.50%, 2/13/2026		100,000		97,622
3.70%, 2/15/2026		81,000		77,506
2.50%, 2/4/2032		250,000		195,821

Vontier Corp.
2.40%, 4/1/2028		252,000		207,660
2.95%, 4/1/2031		100,000		75,286
				5,228,667

Energy Equipment & Services – 0.1%

Baker Hughes Holdings LLC
3.14%, 11/7/2029		152,000		129,855

Helmerich & Payne, Inc.
2.90%, 9/29/2031		100,000		76,810

Schlumberger Investment SA
4.85%, 5/15/2033		100,000		92,032
				298,697


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Entertainment – 0.5%

Activision Blizzard, Inc.
3.40%, 9/15/2026	$	50,000	$	47,284
3.40%, 6/15/2027		152,000		141,520
1.35%, 9/15/2030		200,000		153,375

Electronic Arts, Inc.
4.80%, 3/1/2026		50,000		49,064
1.85%, 2/15/2031		250,000		190,257

Netflix, Inc.
4.88%, 4/15/2028		250,000		240,859
5.88%, 11/15/2028		300,000		300,112
6.38%, 5/15/2029		250,000		256,773
				1,379,244

Financial Services – 3.0%

Block Financial LLC
2.50%, 7/15/2028		353,000		297,734
3.88%, 8/15/2030		150,000		127,404

Corebridge Financial, Inc.
3.50%, 4/4/2025		140,000		134,603
3.65%, 4/5/2027		150,000		137,372
3.90%, 4/5/2032		100,000		81,802
6.88%, 12/15/2052(b)		250,000		230,966

Fidelity National Information Services, Inc.
1.65%, 3/1/2028		200,000		167,441

Fiserv, Inc.
3.85%, 6/1/2025		350,000		339,202
3.20%, 7/1/2026		650,000		607,272
2.25%, 6/1/2027		250,000		220,911
4.20%, 10/1/2028		301,000		277,824
3.50%, 7/1/2029		1,111,000		974,579
2.65%, 6/1/2030		200,000		161,171
5.60%, 3/2/2033		250,000		235,246
5.63%, 8/21/2033		300,000		281,397

Global Payments, Inc.
5.30%, 8/15/2029		100,000		93,928

Mastercard, Inc.
2.00%, 3/3/2025		101,000		96,529
2.95%, 11/21/2026		50,000		46,630
3.30%, 3/26/2027		353,000		329,634
2.95%, 6/1/2029		401,000		351,791
3.35%, 3/26/2030		353,000		310,150
1.90%, 3/15/2031		250,000		194,065


Investments	Principal Amount		Value

Financial Services – (continued)
2.00%, 11/18/2031	$	100,000	$	76,303
4.85%, 3/9/2033		200,000		188,142

Radian Group, Inc.
6.63%, 3/15/2025		101,000		99,990
4.88%, 3/15/2027		143,000		132,713

Synchrony Bank
5.40%, 8/22/2025		312,000		297,959
5.63%, 8/23/2027		404,000		369,154

Visa, Inc.
3.15%, 12/14/2025		432,000		412,209
1.90%, 4/15/2027		217,000		193,231
2.75%, 9/15/2027		120,000		108,988
2.05%, 4/15/2030		200,000		161,792
1.10%, 2/15/2031		250,000		185,193

Voya Financial, Inc.
4.70%, 1/23/2048(b)		101,000		79,234

Western Union Co. (The)
2.85%, 1/10/2025		243,000		233,094
2.75%, 3/15/2031		150,000		113,979
				8,349,632

Food Products – 1.7%

Campbell Soup Co.
4.15%, 3/15/2028		131,000		122,040

Conagra Brands, Inc.
4.85%, 11/1/2028		100,000		93,960

Flowers Foods, Inc.
3.50%, 10/1/2026		100,000		93,324

General Mills, Inc.
4.00%, 4/17/2025		250,000		243,294
4.20%, 4/17/2028		142,000		133,078
2.88%, 4/15/2030		152,000		125,650
4.95%, 3/29/2033		150,000		136,228

Hershey Co. (The)
0.90%, 6/1/2025		266,000		247,456
4.25%, 5/4/2028		200,000		191,955

Hormel Foods Corp.
1.70%, 6/3/2028		291,000		246,804

Ingredion, Inc.
2.90%, 6/1/2030		200,000		164,216

J M Smucker Co. (The)
3.50%, 3/15/2025		230,000		222,621
2.38%, 3/15/2030		250,000		199,870


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Food Products – (continued)

Kellogg Co.
4.30%, 5/15/2028	$	250,000	$	233,539
Series B, 7.45%, 4/1/2031		122,000		129,365

Mead Johnson Nutrition Co.
4.13%, 11/15/2025		250,000		242,373

Mondelez International, Inc.
1.50%, 5/4/2025		250,000		234,122
2.63%, 3/17/2027		202,000		182,794
2.75%, 4/13/2030		93,000		76,586
1.50%, 2/4/2031		100,000		73,391

Unilever Capital Corp.
3.10%, 7/30/2025		250,000		240,292
2.90%, 5/5/2027		151,000		138,806
3.50%, 3/22/2028		152,000		140,406
4.88%, 9/8/2028		200,000		195,358
2.13%, 9/6/2029		225,000		187,377
5.90%, 11/15/2032		250,000		253,183
				4,548,088

Gas Utilities – 0.4%

Atmos Energy Corp.
2.63%, 9/15/2029		200,000		170,727

CenterPoint Energy Resources Corp.
5.40%, 3/1/2033		150,000		140,060

Eastern Energy Gas Holdings LLC
Series A, 2.50%, 11/15/2024		50,000		48,205
3.60%, 12/15/2024		55,000		53,486

National Fuel Gas Co.
5.20%, 7/15/2025		91,000		89,418
5.50%, 1/15/2026		233,000		228,526
4.75%, 9/1/2028		251,000		232,045
2.95%, 3/1/2031		100,000		76,016

Southern California Gas Co.
Series XX, 2.55%, 2/1/2030		30,000		24,413
5.20%, 6/1/2033		100,000		92,389
				1,155,285


Investments	Principal Amount		Value

Ground Transportation – 0.4%

Burlington Northern Santa Fe LLC
3.65%, 9/1/2025	$	250,000	$	242,115

Canadian National Railway Co.
2.75%, 3/1/2026		251,000		235,713
3.85%, 8/5/2032		200,000		173,123

CSX Corp.
3.25%, 6/1/2027		80,000		73,651
3.80%, 3/1/2028		161,000		149,531
4.25%, 3/15/2029		172,000		160,505

Triton Container International Ltd.
3.25%, 3/15/2032		100,000		72,334
				1,106,972

Health Care Equipment & Supplies – 0.7%

Boston Scientific Corp.
1.90%, 6/1/2025		250,000		235,177
2.65%, 6/1/2030		250,000		205,627

DH Europe Finance II Sarl
2.20%, 11/15/2024		252,000		242,871
2.60%, 11/15/2029		152,000		128,647

Edwards Lifesciences Corp.
4.30%, 6/15/2028		150,000		140,545

Smith & Nephew plc
2.03%, 10/14/2030		250,000		188,073

Stryker Corp.
1.15%, 6/15/2025		402,000		373,693
3.38%, 11/1/2025		200,000		191,501
1.95%, 6/15/2030		50,000		39,103

Zimmer Biomet Holdings, Inc.
3.55%, 4/1/2025		300,000		289,822
				2,035,059

Health Care Providers & Services – 2.3%

Cardinal Health, Inc.
3.75%, 9/15/2025		250,000		239,868
3.41%, 6/15/2027		304,000		278,521

Cencora, Inc.
3.25%, 3/1/2025		250,000		241,964
3.45%, 12/15/2027		111,000		102,255
2.80%, 5/15/2030		300,000		246,626
2.70%, 3/15/2031		200,000		158,482


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – (continued)

Centene Corp.
4.63%, 12/15/2029	$	252,000	$	225,102
2.50%, 3/1/2031		100,000		75,649

Elevance Health, Inc.
2.38%, 1/15/2025		150,000		143,926
2.88%, 9/15/2029		200,000		169,912

HCA, Inc.
5.38%, 2/1/2025		200,000		197,878
4.13%, 6/15/2029		150,000		133,136

Humana, Inc.
1.35%, 2/3/2027		200,000		173,381
5.75%, 3/1/2028		50,000		49,807
3.70%, 3/23/2029		202,000		182,696
4.88%, 4/1/2030		50,000		46,581

Laboratory Corp. of America Holdings
2.30%, 12/1/2024		150,000		144,116
3.60%, 2/1/2025		50,000		48,553
1.55%, 6/1/2026		252,000		225,634
2.95%, 12/1/2029		200,000		168,786

McKesson Corp.
5.25%, 2/15/2026		250,000		247,184
1.30%, 8/15/2026		252,000		223,686
5.10%, 7/15/2033		300,000		278,919

Quest Diagnostics, Inc.
3.50%, 3/30/2025		200,000		192,965
4.20%, 6/30/2029		200,000		183,970
2.95%, 6/30/2030		102,000		83,755

UnitedHealth Group, Inc.
2.95%, 10/15/2027		342,000		311,224
4.25%, 1/15/2029		160,000		150,420
4.00%, 5/15/2029		110,000		101,780
2.88%, 8/15/2029		112,000		97,151
5.30%, 2/15/2030		110,000		107,980
2.00%, 5/15/2030		250,000		198,654
2.30%, 5/15/2031		250,000		196,714
4.20%, 5/15/2032		200,000		177,324
5.35%, 2/15/2033		231,000		222,031
4.50%, 4/15/2033		200,000		180,081
				6,206,711

Health Care REITs – 0.5%

National Health Investors, Inc.
REIT, 3.00%, 2/1/2031		100,000		72,102


Investments	Principal Amount		Value

Health Care REITs – (continued)

Omega Healthcare Investors, Inc.
REIT, 5.25%, 1/15/2026	$	250,000	$	241,565
REIT, 4.50%, 4/1/2027		101,000		93,017
REIT, 4.75%, 1/15/2028		301,000		274,535
REIT, 3.63%, 10/1/2029		151,000		123,016
REIT, 3.38%, 2/1/2031		150,000		115,319
REIT, 3.25%, 4/15/2033		150,000		106,910

Physicians Realty LP
REIT, 4.30%, 3/15/2027		151,000		140,205

Sabra Health Care LP
REIT, 5.13%, 8/15/2026		202,000		191,540
REIT, 3.90%, 10/15/2029		151,000		124,329
				1,482,538

Health Care Technology – 0.1%

IQVIA, Inc.
5.70%, 5/15/2028(c)		200,000		192,000

Hotel & Resort REITs – 0.2%

Host Hotels & Resorts LP
Series E, REIT, 4.00%, 6/15/2025		100,000		95,977
Series H, REIT, 3.38%, 12/15/2029		303,000		249,677
Series I, REIT, 3.50%, 9/15/2030		150,000		121,252
Series J, REIT, 2.90%, 12/15/2031		150,000		111,970
				578,876

Hotels, Restaurants & Leisure – 1.9%

Choice Hotels International, Inc.
3.70%, 12/1/2029		100,000		81,899
3.70%, 1/15/2031		100,000		78,652

Marriott International, Inc.
Series EE, 5.75%, 5/1/2025		282,000		281,123
Series R, 3.13%, 6/15/2026		390,000		363,979


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – (continued)
5.00%, 10/15/2027	$	303,000	$	292,693
Series X, 4.00%, 4/15/2028		352,000		323,454
5.55%, 10/15/2028		200,000		194,899
4.90%, 4/15/2029		252,000		236,355
Series FF, 4.63%, 6/15/2030		302,000		272,476
Series HH, 2.85%, 4/15/2031		300,000		235,752
Series GG, 3.50%, 10/15/2032		200,000		158,780

McDonald's Corp.
3.30%, 7/1/2025		250,000		240,696
3.70%, 1/30/2026		700,000		672,885
3.50%, 3/1/2027		160,000		149,522
3.50%, 7/1/2027		334,000		310,323
3.80%, 4/1/2028		281,000		260,705
2.63%, 9/1/2029		340,000		289,534
2.13%, 3/1/2030		201,000		161,561
3.60%, 7/1/2030		400,000		350,330
4.60%, 9/9/2032		130,000		119,296
4.95%, 8/14/2033		250,000		231,931
				5,306,845

Household Durables – 0.6%

DR Horton, Inc.
2.60%, 10/15/2025		30,000		28,135
1.30%, 10/15/2026		300,000		263,091

Lennar Corp.
4.75%, 5/30/2025		50,000		48,952
5.25%, 6/1/2026		200,000		196,515
4.75%, 11/29/2027		250,000		237,856

NVR, Inc.
3.00%, 5/15/2030		327,000		268,385

PulteGroup, Inc.
5.50%, 3/1/2026		216,000		213,345
5.00%, 1/15/2027		101,000		98,152
6.38%, 5/15/2033		150,000		145,864

Toll Brothers Finance Corp.
4.88%, 3/15/2027		303,000		288,660
				1,788,955


Investments	Principal Amount		Value

Household Products – 0.6%

Church & Dwight Co., Inc.
2.30%, 12/15/2031	$	100,000	$	77,454
5.60%, 11/15/2032		100,000		97,847

Clorox Co. (The)
3.90%, 5/15/2028		200,000		183,984
1.80%, 5/15/2030		200,000		153,853

Kimberly-Clark Corp.
3.20%, 4/25/2029		250,000		223,809
3.10%, 3/26/2030		252,000		217,330

Procter & Gamble Co. (The)
0.55%, 10/29/2025		250,000		228,074
2.45%, 11/3/2026		162,000		150,023
2.80%, 3/25/2027		66,000		60,918
3.00%, 3/25/2030		264,000		229,755
				1,623,047

Independent Power and Renewable Electricity Producers – 0.2%

Constellation Energy Generation LLC
3.25%, 6/1/2025		250,000		239,229
5.60%, 3/1/2028		100,000		98,171
5.80%, 3/1/2033		100,000		94,840
				432,240

Industrial Conglomerates – 0.6%

GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/2025		200,000		190,261

Honeywell International, Inc.
1.35%, 6/1/2025		200,000		187,864
2.50%, 11/1/2026		252,000		233,059
1.10%, 3/1/2027		50,000		43,645
4.25%, 1/15/2029		101,000		95,261
2.70%, 8/15/2029		300,000		257,873
1.75%, 9/1/2031		250,000		187,169
5.00%, 2/15/2033		260,000		245,632

Pentair Finance Sarl
4.50%, 7/1/2029		100,000		90,471
				1,531,235

Insurance – 4.1%

Aflac, Inc.
1.13%, 3/15/2026		250,000		224,472
3.60%, 4/1/2030		302,000		263,072


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Allied World Assurance Co. Holdings Ltd.
4.35%, 10/29/2025	$	300,000	$	287,800

American International Group, Inc.
Series A-9, 5.75%, 4/1/2048(b)		202,000		183,810

Aon Corp.
8.21%, 1/1/2027		80,000		83,903
2.85%, 5/28/2027		363,000		328,277
4.50%, 12/15/2028		120,000		112,346
3.75%, 5/2/2029		310,000		277,159
2.80%, 5/15/2030		237,000		193,394
2.05%, 8/23/2031		50,000		37,014
2.60%, 12/2/2031		160,000		122,551
5.35%, 2/28/2033		350,000		326,197

Aon Global Ltd.
3.88%, 12/15/2025		101,000		96,745

Arthur J Gallagher & Co.
5.50%, 3/2/2033		200,000		186,298

Assurant, Inc.
3.70%, 2/22/2030		101,000		83,706
2.65%, 1/15/2032		100,000		72,051

Athene Holding Ltd.
4.13%, 1/12/2028		500,000		452,331
3.50%, 1/15/2031		100,000		79,862
6.65%, 2/1/2033		100,000		96,368

AXIS Specialty Finance LLC
4.90%, 1/15/2040(b)		202,000		158,912

Berkshire Hathaway Finance Corp.
2.88%, 3/15/2032		100,000		81,518

Brown & Brown, Inc.
4.50%, 3/15/2029		200,000		182,876
2.38%, 3/15/2031		252,000		189,012
4.20%, 3/17/2032		100,000		83,822

Chubb INA Holdings, Inc.
3.15%, 3/15/2025		50,000		48,250
3.35%, 5/3/2026		200,000		189,407

CNA Financial Corp.
4.50%, 3/1/2026		100,000		96,714
3.90%, 5/1/2029		150,000		134,190
5.50%, 6/15/2033		100,000		91,749


Investments	Principal Amount		Value

Insurance – (continued)

CNO Financial Group, Inc.
5.25%, 5/30/2029	$	100,000	$	92,275

Enstar Finance LLC
5.75%, 9/1/2040(b)		100,000		87,983
5.50%, 1/15/2042(b)		100,000		79,709

Enstar Group Ltd.
4.95%, 6/1/2029		202,000		184,265
3.10%, 9/1/2031		100,000		73,926

Fairfax Financial Holdings Ltd.
4.85%, 4/17/2028		252,000		237,805
4.63%, 4/29/2030		200,000		177,533
5.63%, 8/16/2032		150,000		138,590

Fidelity National Financial, Inc.
3.40%, 6/15/2030		150,000		123,485

First American Financial Corp.
4.60%, 11/15/2024		202,000		199,100
4.00%, 5/15/2030		100,000		83,404
2.40%, 8/15/2031		100,000		72,231

Globe Life, Inc.
4.55%, 9/15/2028		101,000		94,633
2.15%, 8/15/2030		250,000		190,824
4.80%, 6/15/2032		100,000		89,681

Hanover Insurance Group, Inc. (The)
2.50%, 9/1/2030		100,000		75,108

Hartford Financial Services Group, Inc. (The)
2.80%, 8/19/2029		202,000		170,898

Manulife Financial Corp.
4.15%, 3/4/2026		202,000		194,333
2.48%, 5/19/2027		2,000		1,784
4.06%, 2/24/2032(b)		251,000		226,518

Markel Group, Inc.
3.35%, 9/17/2029		200,000		173,940

Marsh & McLennan Cos., Inc.
3.50%, 3/10/2025		76,000		73,669
4.38%, 3/15/2029		505,000		472,429
2.25%, 11/15/2030		116,000		91,244
5.75%, 11/1/2032		250,000		243,748
5.40%, 9/15/2033		150,000		142,573

Old Republic International Corp.
3.88%, 8/26/2026		101,000		95,098

Primerica, Inc.
2.80%, 11/19/2031		150,000		115,659


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

Principal Financial Group, Inc.
3.70%, 5/15/2029	$	200,000	$	177,697
5.38%, 3/15/2033		100,000		93,446

Progressive Corp. (The)
3.20%, 3/26/2030		101,000		86,060
4.95%, 6/15/2033		100,000		92,218

Prudential Financial, Inc.
5.38%, 5/15/2045(b)		172,000		163,494
4.50%, 9/15/2047(b)		200,000		175,283
3.70%, 10/1/2050(b)		71,000		55,938
6.00%, 9/1/2052(b)		70,000		62,619

Reinsurance Group of America, Inc.
3.90%, 5/15/2029		202,000		178,218

RenaissanceRe Holdings Ltd.
3.60%, 4/15/2029		200,000		174,376

Trinity Acquisition plc
4.40%, 3/15/2026		151,000		144,841

Unum Group
3.88%, 11/5/2025		200,000		190,635

Willis North America, Inc.
4.65%, 6/15/2027		231,000		219,855
4.50%, 9/15/2028		110,000		102,252
2.95%, 9/15/2029		354,000		296,804
5.35%, 5/15/2033		240,000		218,725
				11,198,712

Interactive Media & Services – 0.3%

Meta Platforms, Inc.
4.60%, 5/15/2028		100,000		96,934
3.85%, 8/15/2032		281,000		244,225
4.95%, 5/15/2033		300,000		281,230

Weibo Corp.
3.38%, 7/8/2030		200,000		154,978
				777,367

IT Services – 0.8%

Amdocs Ltd.
2.54%, 6/15/2030		250,000		196,742

Booz Allen Hamilton, Inc.
5.95%, 8/4/2033		100,000		95,043

CGI, Inc.
1.45%, 9/14/2026		101,000		89,072
2.30%, 9/14/2031		100,000		73,543


Investments	Principal Amount		Value

IT Services – (continued)

Genpact Luxembourg Sarl
3.38%, 12/1/2024	$	192,000	$	185,139

International Business Machines Corp.
3.30%, 5/15/2026		250,000		236,442
4.15%, 7/27/2027		192,000		181,948
3.50%, 5/15/2029		505,000		450,045
1.95%, 5/15/2030		100,000		78,872

VeriSign, Inc.
5.25%, 4/1/2025		250,000		247,033
4.75%, 7/15/2027		100,000		95,316
2.70%, 6/15/2031		200,000		154,452
				2,083,647

Life Sciences Tools & Services – 0.2%

Agilent Technologies, Inc.
2.75%, 9/15/2029		332,000		280,073
2.30%, 3/12/2031		201,000		155,722
				435,795

Machinery – 1.2%

Dover Corp.
3.15%, 11/15/2025		151,000		143,368

Fortive Corp.
3.15%, 6/15/2026		251,000		233,922

IDEX Corp.
3.00%, 5/1/2030		150,000		124,025
2.63%, 6/15/2031		200,000		156,073

Ingersoll Rand, Inc.
5.70%, 8/14/2033		250,000		236,218

Nordson Corp.
5.80%, 9/15/2033		100,000		95,191

nVent Finance Sarl
4.55%, 4/15/2028		100,000		92,764
5.65%, 5/15/2033		100,000		90,785

Oshkosh Corp.
4.60%, 5/15/2028		200,000		189,523

Otis Worldwide Corp.
2.06%, 4/5/2025		498,000		471,930
2.29%, 4/5/2027		200,000		178,192
2.57%, 2/15/2030		453,000		368,577

Stanley Black & Decker, Inc.
4.00%, 3/15/2060(b)		200,000		164,171


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Machinery – (continued)

Westinghouse Air Brake Technologies Corp.
3.45%, 11/15/2026	$	240,000	$	222,632
4.70%, 9/15/2028(a)		364,000		339,392

Xylem, Inc.
3.25%, 11/1/2026		200,000		186,088
				3,292,851

Media – 0.4%

Fox Corp.
4.71%, 1/25/2029		400,000		373,811
3.50%, 4/8/2030		102,000		86,497
6.50%, 10/13/2033		100,000		97,666

Interpublic Group of Cos., Inc. (The)
4.75%, 3/30/2030		202,000		184,211

Omnicom Group, Inc.
3.60%, 4/15/2026		200,000		189,438
4.20%, 6/1/2030		200,000		176,153
				1,107,776

Metals & Mining – 1.0%

AngloGold Ashanti Holdings plc
3.38%, 11/1/2028		52,000		43,063

ArcelorMittal SA
6.55%, 11/29/2027		182,000		182,858
4.25%, 7/16/2029		82,000		73,848
6.80%, 11/29/2032		250,000		239,455

BHP Billiton Finance USA Ltd.
4.88%, 2/27/2026		300,000		295,320
4.75%, 2/28/2028		160,000		154,469
5.25%, 9/8/2033		200,000		187,982

Freeport-McMoRan, Inc.
4.63%, 8/1/2030		250,000		220,271

Reliance Steel & Aluminum Co.
1.30%, 8/15/2025		252,000		231,592
2.15%, 8/15/2030		150,000		114,825

Rio Tinto Alcan, Inc.
7.25%, 3/15/2031		50,000		53,420

Rio Tinto Finance USA Ltd.
7.13%, 7/15/2028		172,000		182,259


Investments	Principal Amount		Value

Metals & Mining – (continued)

Steel Dynamics, Inc.
2.80%, 12/15/2024	$	201,000	$	193,617
3.45%, 4/15/2030		100,000		84,588

Vale Canada Ltd.
7.20%, 9/15/2032		100,000		100,712

Vale Overseas Ltd.
3.75%, 7/8/2030		305,000		257,664
6.13%, 6/12/2033		150,000		141,054
				2,756,997

Multi-Utilities – 1.5%

Ameren Corp.
3.65%, 2/15/2026		100,000		95,129
1.75%, 3/15/2028		152,000		127,337

Ameren Illinois Co.
4.95%, 6/1/2033		200,000		184,203

Berkshire Hathaway Energy Co.
3.50%, 2/1/2025		250,000		243,033
4.05%, 4/15/2025		800,000		781,380
3.25%, 4/15/2028		200,000		179,341
3.70%, 7/15/2030		353,000		307,104
1.65%, 5/15/2031		300,000		218,831

CenterPoint Energy, Inc.
2.95%, 3/1/2030		152,000		124,823

CMS Energy Corp.
4.75%, 6/1/2050(b)		50,000		41,463
3.75%, 12/1/2050(b)		100,000		71,989

DTE Energy Co.
Series C, 3.40%, 6/15/2029		102,000		88,494

Public Service Enterprise Group, Inc.
0.80%, 8/15/2025		152,000		139,031
5.85%, 11/15/2027		200,000		198,939
2.45%, 11/15/2031		150,000		113,369

Puget Energy, Inc.
4.10%, 6/15/2030		50,000		42,708

Sempra
3.30%, 4/1/2025		200,000		192,330
3.25%, 6/15/2027		30,000		27,180
3.40%, 2/1/2028		300,000		270,342
3.70%, 4/1/2029		200,000		177,268
5.50%, 8/1/2033		150,000		139,497
4.13%, 4/1/2052(b)		100,000		77,028


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Multi-Utilities – (continued)

WEC Energy Group, Inc.
4.75%, 1/15/2028	$	200,000	$	191,224
2.20%, 12/15/2028		100,000		83,329
				4,115,372

Office REITs – 0.3%

Alexandria Real Estate Equities, Inc.
REIT, 3.38%, 8/15/2031		200,000		162,286

Boston Properties LP
REIT, 2.90%, 3/15/2030		100,000		76,692
REIT, 3.25%, 1/30/2031		100,000		75,853

Corporate Office Properties LP
REIT, 2.25%, 3/15/2026		50,000		45,214
REIT, 2.00%, 1/15/2029		150,000		113,968
REIT, 2.75%, 4/15/2031		100,000		73,294

Highwoods Realty LP
REIT, 4.13%, 3/15/2028		100,000		86,215
REIT, 4.20%, 4/15/2029		50,000		41,995

Hudson Pacific Properties LP
REIT, 5.95%, 2/15/2028		50,000		39,357

Kilroy Realty LP
REIT, 4.38%, 10/1/2025		101,000		96,483
REIT, 4.25%, 8/15/2029		50,000		41,595
REIT, 3.05%, 2/15/2030		150,000		115,236
				968,188

Oil, Gas & Consumable Fuels – 11.3%

Boardwalk Pipelines LP
4.95%, 12/15/2024		250,000		246,077
5.95%, 6/1/2026		150,000		148,588
4.80%, 5/3/2029		302,000		277,979
3.40%, 2/15/2031		200,000		163,215
3.60%, 9/1/2032		100,000		79,265

Burlington Resources LLC
7.40%, 12/1/2031		200,000		218,068

Canadian Natural Resources Ltd.
3.90%, 2/1/2025		250,000		243,022
2.05%, 7/15/2025		250,000		233,467
3.85%, 6/1/2027		390,000		361,538
2.95%, 7/15/2030		70,000		57,081
7.20%, 1/15/2032		100,000		103,102
6.45%, 6/30/2033		150,000		146,175


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Cenovus Energy, Inc.
2.65%, 1/15/2032	$	150,000	$	113,366

Cheniere Corpus Christi Holdings LLC
5.13%, 6/30/2027		50,000		48,242
3.70%, 11/15/2029		150,000		130,697

Cheniere Energy Partners LP
4.50%, 10/1/2029		300,000		268,604
4.00%, 3/1/2031		300,000		251,210
5.95%, 6/30/2033(c)		200,000		187,036

Cheniere Energy, Inc.
4.63%, 10/15/2028		327,000		298,778

Chevron Corp.
1.55%, 5/11/2025		303,000		285,857
2.00%, 5/11/2027		260,000		232,210

Chevron USA, Inc.
0.69%, 8/12/2025		252,000		232,274
3.85%, 1/15/2028		291,000		275,473
3.25%, 10/15/2029		30,000		26,654

ConocoPhillips
5.90%, 10/15/2032		200,000		201,390

ConocoPhillips Co.
6.95%, 4/15/2029		101,000		107,754
5.05%, 9/15/2033		200,000		186,358

Continental Resources, Inc.
4.38%, 1/15/2028		293,000		269,951

Coterra Energy, Inc.
3.90%, 5/15/2027		202,000		188,341
4.38%, 3/15/2029		150,000		137,230

DCP Midstream Operating LP
5.63%, 7/15/2027		142,000		139,401
5.13%, 5/15/2029		30,000		28,326

Devon Energy Corp.
4.50%, 1/15/2030		101,000		89,818
7.95%, 4/15/2032		150,000		162,165

Diamondback Energy, Inc.
3.50%, 12/1/2029		303,000		265,067
6.25%, 3/15/2033		250,000		246,757

Eastern Gas Transmission & Storage, Inc.
3.00%, 11/15/2029		202,000		169,512

Enbridge, Inc.
Series 16-A, 6.00%, 1/15/2077(b)		150,000		130,528


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)
5.50%, 7/15/2077(b)	$	100,000	$	85,080
6.25%, 3/1/2078(b)		202,000		176,921
Series 20-A, 5.75%, 7/15/2080(b)		202,000		168,378
7.38%, 1/15/2083(b)		200,000		185,021

Energy Transfer LP
4.05%, 3/15/2025		250,000		243,015
2.90%, 5/15/2025		250,000		238,149
4.75%, 1/15/2026		200,000		194,071
4.40%, 3/15/2027		250,000		235,469
4.20%, 4/15/2027		250,000		234,126
5.50%, 6/1/2027		182,000		177,510
4.00%, 10/1/2027		100,000		92,071
4.95%, 5/15/2028		422,000		399,036
4.95%, 6/15/2028		250,000		236,292
5.25%, 4/15/2029		300,000		284,721
4.15%, 9/15/2029		182,000		161,838
3.75%, 5/15/2030		220,000		188,029
6.40%, 12/1/2030		150,000		148,377
5.75%, 2/15/2033		250,000		234,362

Enterprise Products Operating LLC
3.75%, 2/15/2025		193,000		187,891
5.05%, 1/10/2026		400,000		395,258
3.70%, 2/15/2026		170,000		162,553
3.95%, 2/15/2027		303,000		286,704
4.15%, 10/16/2028		281,000		261,164
3.13%, 7/31/2029		252,000		218,756
2.80%, 1/31/2030		457,000		381,740
5.35%, 1/31/2033		502,000		478,483
Series E, 5.25%, 8/16/2077(b)		202,000		173,361
5.38%, 2/15/2078(b)		351,000		298,076

EOG Resources, Inc.
3.15%, 4/1/2025		250,000		241,046
4.38%, 4/15/2030		202,000		187,051

EQT Corp.
6.13%, 2/1/2025(a)		111,000		110,659
7.00%, 2/1/2030(a)		100,000		101,322

Exxon Mobil Corp.
2.71%, 3/6/2025		111,000		107,068
2.99%, 3/19/2025		480,000		464,303
3.04%, 3/1/2026		250,000		237,564
2.44%, 8/16/2029		100,000		85,400


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)
3.48%, 3/19/2030	$	400,000	$	354,539
2.61%, 10/15/2030		201,000		166,825

Hess Corp.
7.88%, 10/1/2029		178,000		195,512

HF Sinclair Corp.
5.88%, 4/1/2026		190,000		187,363
4.50%, 10/1/2030		100,000		85,017

Kinder Morgan Energy Partners LP
7.40%, 3/15/2031		250,000		258,407

Kinder Morgan, Inc.
4.30%, 6/1/2025		100,000		97,332
4.30%, 3/1/2028		350,000		326,409
7.80%, 8/1/2031		252,000		266,520
4.80%, 2/1/2033		250,000		218,614
5.20%, 6/1/2033		250,000		225,303

Magellan Midstream Partners LP
5.00%, 3/1/2026		202,000		197,075
3.25%, 6/1/2030		200,000		166,027

Marathon Oil Corp.
4.40%, 7/15/2027		201,000		188,351

Marathon Petroleum Corp.
4.70%, 5/1/2025		252,000		246,749
3.80%, 4/1/2028		202,000		184,296

MPLX LP
4.88%, 12/1/2024		81,000		79,907
4.00%, 2/15/2025		250,000		243,453
4.88%, 6/1/2025		414,000		405,852
1.75%, 3/1/2026		302,000		274,005
4.13%, 3/1/2027		352,000		330,575
4.25%, 12/1/2027		200,000		186,043
4.00%, 3/15/2028		351,000		321,556
4.80%, 2/15/2029		100,000		93,538
2.65%, 8/15/2030		300,000		236,999
4.95%, 9/1/2032		300,000		266,327
5.00%, 3/1/2033		300,000		265,660

Occidental Petroleum Corp.
5.88%, 9/1/2025		250,000		249,133
8.50%, 7/15/2027		260,000		277,022
8.88%, 7/15/2030		262,000		290,941
6.63%, 9/1/2030		303,000		303,926
6.13%, 1/1/2031		200,000		195,592
7.50%, 5/1/2031		150,000		157,288
7.88%, 9/15/2031		122,000		130,619


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

ONEOK Partners LP
4.90%, 3/15/2025	$	300,000	$	294,664

ONEOK, Inc.
5.85%, 1/15/2026		250,000		249,752
4.00%, 7/13/2027		190,000		176,623
4.55%, 7/15/2028		110,000		102,551
4.35%, 3/15/2029		292,000		265,330
3.40%, 9/1/2029		400,000		342,266
3.10%, 3/15/2030		229,000		188,916
6.35%, 1/15/2031		50,000		49,320
6.10%, 11/15/2032		400,000		385,458
6.05%, 9/1/2033		250,000		239,589

Phillips 66 Co.
3.61%, 2/15/2025		100,000		97,095
3.55%, 10/1/2026		100,000		93,970
5.30%, 6/30/2033		100,000		93,197

Pioneer Natural Resources Co.
1.13%, 1/15/2026		100,000		90,741
5.10%, 3/29/2026		150,000		148,345
1.90%, 8/15/2030		100,000		78,133
2.15%, 1/15/2031		200,000		157,073

Plains All American Pipeline LP
4.65%, 10/15/2025		250,000		242,158
4.50%, 12/15/2026		250,000		238,253
3.55%, 12/15/2029		252,000		214,173
3.80%, 9/15/2030		101,000		85,112

Sabine Pass Liquefaction LLC
5.00%, 3/15/2027		322,000		310,106
4.50%, 5/15/2030		200,000		179,396

Suncor Energy, Inc.
7.88%, 6/15/2026		150,000		156,424
7.15%, 2/1/2032		150,000		154,773

Targa Resources Corp.
4.20%, 2/1/2033		150,000		124,329

Targa Resources Partners LP
5.50%, 3/1/2030		250,000		230,380
4.88%, 2/1/2031		200,000		176,307

Tennessee Gas Pipeline Co. LLC
7.00%, 10/15/2028		100,000		102,468

Texas Eastern Transmission LP
7.00%, 7/15/2032		100,000		104,221


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Tosco Corp.
8.13%, 2/15/2030	$	152,000	$	167,771

TotalEnergies Capital International SA
2.43%, 1/10/2025		50,000		48,195
2.83%, 1/10/2030		252,000		214,888

Transcanada Trust
Series 16-A, 5.88%, 8/15/2076(b)		150,000		134,358
5.50%, 9/15/2079(b)		200,000		158,461
5.60%, 3/7/2082(b)		25,000		19,295

Transcontinental Gas Pipe Line Co. LLC
4.00%, 3/15/2028		62,000		57,047

Valero Energy Corp.
2.85%, 4/15/2025		100,000		95,601
4.35%, 6/1/2028		200,000		187,226
2.80%, 12/1/2031		200,000		154,798
7.50%, 4/15/2032		100,000		106,110

Valero Energy Partners LP
4.50%, 3/15/2028		200,000		188,271

Western Midstream Operating LP
3.10%, 2/1/2025(a)		200,000		192,150
4.65%, 7/1/2026		252,000		240,938
4.05%, 2/1/2030(a)		620,000		537,506
6.15%, 4/1/2033		100,000		94,578

Williams Cos., Inc. (The)
7.75%, 6/15/2031		100,000		104,290
8.75%, 3/15/2032(a)		200,000		222,249
				30,979,071

Paper & Forest Products – 0.1%

Suzano Austria GmbH
6.00%, 1/15/2029		252,000		242,499

Personal Care Products – 0.0%(d)

Conopco, Inc.
6.63%, 4/15/2028		90,000		94,403

Pharmaceuticals – 0.8%

Eli Lilly & Co.
3.38%, 3/15/2029		183,000		166,546
4.70%, 2/27/2033		260,000		244,163


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Pharmaceuticals – (continued)

Merck & Co., Inc.
3.40%, 3/7/2029	$	300,000	$	271,232
1.45%, 6/24/2030		250,000		192,215
2.15%, 12/10/2031		200,000		154,161
4.50%, 5/17/2033		100,000		90,908

Royalty Pharma plc
1.20%, 9/2/2025		232,000		211,550

Zoetis, Inc.
5.40%, 11/14/2025		250,000		248,197
3.00%, 9/12/2027		96,000		87,232
3.90%, 8/20/2028		252,000		234,261
2.00%, 5/15/2030		200,000		157,520
5.60%, 11/16/2032		200,000		193,880
				2,251,865

Professional Services – 0.8%

Automatic Data Processing, Inc.
3.38%, 9/15/2025		50,000		48,225
1.70%, 5/15/2028		200,000		171,681
1.25%, 9/1/2030		151,000		114,820

Broadridge Financial Solutions, Inc.
3.40%, 6/27/2026		200,000		187,095
2.90%, 12/1/2029		252,000		209,581
2.60%, 5/1/2031		200,000		155,149

Equifax, Inc.
3.25%, 6/1/2026		250,000		231,717
3.10%, 5/15/2030		202,000		165,831
2.35%, 9/15/2031		300,000		223,145

Jacobs Engineering Group, Inc.
6.35%, 8/18/2028		100,000		99,444
5.90%, 3/1/2033		150,000		138,927

Verisk Analytics, Inc.
4.00%, 6/15/2025		250,000		242,182
4.13%, 3/15/2029		252,000		230,662
5.75%, 4/1/2033		100,000		95,835
				2,314,294

Real Estate Management & Development – 0.1%

CBRE Services, Inc.
4.88%, 3/1/2026		200,000		193,433
2.50%, 4/1/2031		101,000		76,034
				269,467


Investments	Principal Amount		Value

Residential REITs – 1.1%

American Homes 4 Rent LP
REIT, 4.90%, 2/15/2029	$	162,000	$	150,745

AvalonBay Communities, Inc.
REIT, 3.45%, 6/1/2025		151,000		145,600
REIT, 3.50%, 11/15/2025		50,000		47,728
REIT, 2.30%, 3/1/2030		200,000		160,606

ERP Operating LP
REIT, 3.25%, 8/1/2027		45,000		40,922
REIT, 3.00%, 7/1/2029		303,000		260,166

Essential Properties LP
REIT, 2.95%, 7/15/2031		100,000		71,539

Essex Portfolio LP
REIT, 3.63%, 5/1/2027		200,000		183,552
REIT, 4.00%, 3/1/2029		151,000		135,334
REIT, 3.00%, 1/15/2030		252,000		205,662
REIT, 1.65%, 1/15/2031		100,000		72,111
REIT, 2.65%, 3/15/2032		150,000		113,090

Invitation Homes Operating Partnership LP
REIT, 2.30%, 11/15/2028		300,000		248,208
REIT, 2.00%, 8/15/2031		100,000		72,003

Mid-America Apartments LP
REIT, 3.95%, 3/15/2029		303,000		275,694
REIT, 2.75%, 3/15/2030		151,000		124,072

Spirit Realty LP
REIT, 2.10%, 3/15/2028		100,000		83,352
REIT, 4.00%, 7/15/2029		100,000		87,177
REIT, 3.40%, 1/15/2030		202,000		166,290
REIT, 3.20%, 2/15/2031		100,000		78,732

Tanger Properties LP
REIT, 3.13%, 9/1/2026		200,000		180,743
REIT, 3.88%, 7/15/2027		100,000		87,692
REIT, 2.75%, 9/1/2031		100,000		70,742
				3,061,760

Retail REITs – 1.0%

Agree LP
REIT, 2.00%, 6/15/2028		202,000		165,639
REIT, 2.90%, 10/1/2030		150,000		119,464
REIT, 4.80%, 10/1/2032		150,000		130,221

Brixmor Operating Partnership LP
REIT, 3.85%, 2/1/2025		250,000		240,792
REIT, 4.13%, 6/15/2026		252,000		237,139


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Retail REITs – (continued)
REIT, 4.13%, 5/15/2029	$	252,000	$	220,662
REIT, 4.05%, 7/1/2030		151,000		128,917

NNN REIT, Inc.
REIT, 4.00%, 11/15/2025		50,000		47,948
REIT, 3.60%, 12/15/2026		200,000		185,322
REIT, 3.50%, 10/15/2027		151,000		136,945
REIT, 4.30%, 10/15/2028		91,000		83,054
REIT, 2.50%, 4/15/2030		100,000		79,570
REIT, 5.60%, 10/15/2033		100,000		92,173

Phillips Edison Grocery Center Operating Partnership I LP
REIT, 2.63%, 11/15/2031		100,000		71,826

Realty Income Corp.
REIT, 4.63%, 11/1/2025		202,000		196,929
REIT, 4.90%, 7/15/2033		50,000		44,443

Regency Centers LP
REIT, 2.95%, 9/15/2029		150,000		125,320
REIT, 3.70%, 6/15/2030		252,000		213,986

SITE Centers Corp.
REIT, 4.70%, 6/1/2027		200,000		184,169
				2,704,519

Semiconductors & Semiconductor Equipment – 3.6%

Broadcom Corp.
3.88%, 1/15/2027		494,000		461,723
3.50%, 1/15/2028		553,000		498,185

Broadcom, Inc.
3.15%, 11/15/2025		350,000		331,544
3.46%, 9/15/2026		351,000		329,312
1.95%, 2/15/2028(c)		250,000		210,976
4.11%, 9/15/2028		405,000		371,478
4.00%, 4/15/2029(c)		404,000		360,872
4.75%, 4/15/2029		505,000		469,604
5.00%, 4/15/2030		150,000		140,181
4.15%, 11/15/2030		500,000		435,222
2.45%, 2/15/2031(c)		600,000		460,450
4.15%, 4/15/2032(c)		250,000		211,528
4.30%, 11/15/2032		600,000		510,599
2.60%, 2/15/2033(c)		550,000		399,049
3.42%, 4/15/2033(c)		640,000		497,615

Lam Research Corp.
3.75%, 3/15/2026		300,000		287,943
4.00%, 3/15/2029		150,000		139,236


Investments	Principal Amount		Value

Semiconductors & Semiconductor Equipment – (continued)

Microchip Technology, Inc.
4.25%, 9/1/2025	$	250,000	$	241,086

Micron Technology, Inc.
4.66%, 2/15/2030		350,000		313,643

NXP BV
2.70%, 5/1/2025		250,000		237,596
3.88%, 6/18/2026		50,000		47,290
3.15%, 5/1/2027		200,000		181,050
4.30%, 6/18/2029		250,000		225,582
3.40%, 5/1/2030		252,000		211,393
5.00%, 1/15/2033		200,000		178,317

Qorvo, Inc.
4.38%, 10/15/2029		202,000		175,391

Skyworks Solutions, Inc.
1.80%, 6/1/2026		201,000		179,388
3.00%, 6/1/2031		100,000		76,580

Texas Instruments, Inc.
1.38%, 3/12/2025		202,000		191,253
2.90%, 11/3/2027		252,000		229,486
3.65%, 8/16/2032		150,000		128,483
4.90%, 3/14/2033		200,000		188,175

TSMC Arizona Corp.
1.75%, 10/25/2026		500,000		448,853
3.88%, 4/22/2027		252,000		238,870
2.50%, 10/25/2031		200,000		158,166
				9,766,119

Software – 1.6%

Adobe, Inc.
3.25%, 2/1/2025		200,000		194,775
2.15%, 2/1/2027		162,000		146,467
2.30%, 2/1/2030		223,000		185,369

Autodesk, Inc.
3.50%, 6/15/2027		210,000		194,179
2.85%, 1/15/2030		30,000		25,031
2.40%, 12/15/2031		300,000		230,467

Fortinet, Inc.
1.00%, 3/15/2026		50,000		44,574
2.20%, 3/15/2031		150,000		114,375

Intuit, Inc.
1.35%, 7/15/2027		200,000		172,637

Oracle Corp.
2.50%, 4/1/2025		100,000		95,394
4.65%, 5/6/2030		101,000		92,593
6.25%, 11/9/2032		150,000		148,594


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Software – (continued)

Roper Technologies, Inc.
1.00%, 9/15/2025	$	300,000	$	274,789
3.80%, 12/15/2026		50,000		47,234
1.40%, 9/15/2027		480,000		406,221
4.20%, 9/15/2028		301,000		279,686
2.95%, 9/15/2029		200,000		170,379
1.75%, 2/15/2031		252,000		186,183

ServiceNow, Inc.
1.40%, 9/1/2030		250,000		188,449

VMware, Inc.
4.50%, 5/15/2025		150,000		146,498
1.40%, 8/15/2026		353,000		310,947
4.65%, 5/15/2027		40,000		38,315
3.90%, 8/21/2027		200,000		185,312
1.80%, 8/15/2028		124,000		102,350
4.70%, 5/15/2030		192,000		173,896
2.20%, 8/15/2031		200,000		147,853
				4,302,567

Specialized REITs – 1.4%

American Tower Corp.
REIT, 2.40%, 3/15/2025		163,000		154,790

Crown Castle, Inc.
REIT, 1.05%, 7/15/2026		250,000		218,566
REIT, 3.10%, 11/15/2029		50,000		41,574
REIT, 2.25%, 1/15/2031		110,000		82,899

CubeSmart LP
REIT, 4.00%, 11/15/2025		101,000		96,656
REIT, 2.25%, 12/15/2028		150,000		123,914
REIT, 4.38%, 2/15/2029		150,000		136,766
REIT, 3.00%, 2/15/2030		200,000		163,621
REIT, 2.00%, 2/15/2031		100,000		73,977
REIT, 2.50%, 2/15/2032		150,000		111,207

EPR Properties
REIT, 4.50%, 6/1/2027		153,000		135,037
REIT, 4.95%, 4/15/2028		353,000		307,599
REIT, 3.75%, 8/15/2029		100,000		78,896
REIT, 3.60%, 11/15/2031		100,000		71,981

Equinix, Inc.
REIT, 1.45%, 5/15/2026		200,000		178,630
REIT, 3.20%, 11/18/2029		252,000		212,936

Extra Space Storage LP
REIT, 3.90%, 4/1/2029		100,000		88,689


Investments	Principal Amount		Value

Specialized REITs – (continued)

Public Storage Operating Co.
REIT, 0.88%, 2/15/2026	$	300,000	$	269,115
REIT, 3.09%, 9/15/2027		102,000		93,388
REIT, 1.85%, 5/1/2028		100,000		84,683
REIT, 1.95%, 11/9/2028		81,000		67,853

Weyerhaeuser Co.
REIT, 4.75%, 5/15/2026		250,000		243,450
REIT, 4.00%, 11/15/2029		101,000		89,532
REIT, 4.00%, 4/15/2030		504,000		440,717
REIT, 7.38%, 3/15/2032		150,000		158,238
REIT, 3.38%, 3/9/2033		150,000		119,035
				3,843,749

Specialty Retail – 2.6%

AutoNation, Inc.
1.95%, 8/1/2028		50,000		40,193

AutoZone, Inc.
3.25%, 4/15/2025		242,000		233,129
3.13%, 4/21/2026		25,000		23,426
3.75%, 6/1/2027		100,000		93,452
4.50%, 2/1/2028		200,000		189,103
3.75%, 4/18/2029		250,000		223,325
4.00%, 4/15/2030		150,000		132,124
1.65%, 1/15/2031		150,000		109,929
4.75%, 8/1/2032		140,000		124,315
4.75%, 2/1/2033		150,000		132,316

Best Buy Co., Inc.
4.45%, 10/1/2028		51,000		47,680

Home Depot, Inc. (The)
3.35%, 9/15/2025		300,000		288,974
2.13%, 9/15/2026		500,000		457,763
2.80%, 9/14/2027		353,000		320,969
3.90%, 12/6/2028		100,000		93,096
2.95%, 6/15/2029		151,000		132,488
2.70%, 4/15/2030		500,000		418,650
1.88%, 9/15/2031		200,000		150,961
3.25%, 4/15/2032		328,000		273,083
4.50%, 9/15/2032		350,000		321,071

Lowe's Cos., Inc.
3.65%, 4/5/2029		252,000		226,057
4.50%, 4/15/2030		202,000		184,774
3.75%, 4/1/2032		202,000		169,456

O'Reilly Automotive, Inc.
3.55%, 3/15/2026		252,000		239,487
3.60%, 9/1/2027		501,000		464,714


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Specialty Retail – (continued)
4.35%, 6/1/2028	$	200,000	$	188,866
4.20%, 4/1/2030		50,000		44,771
1.75%, 3/15/2031		100,000		74,102
4.70%, 6/15/2032		250,000		223,908

Ross Stores, Inc.
0.88%, 4/15/2026		500,000		442,692
1.88%, 4/15/2031		150,000		111,333

TJX Cos., Inc. (The)
2.25%, 9/15/2026		340,000		312,159
3.88%, 4/15/2030		281,000		252,831

Tractor Supply Co.
1.75%, 11/1/2030		250,000		185,204
5.25%, 5/15/2033		150,000		137,311
				7,063,712

Technology Hardware, Storage & Peripherals – 2.0%

Apple, Inc.
2.75%, 1/13/2025		101,000		97,932
2.50%, 2/9/2025		101,000		97,500
1.13%, 5/11/2025		454,000		426,021
3.20%, 5/13/2025		252,000		244,112
0.55%, 8/20/2025		50,000		46,020
3.25%, 2/23/2026		723,000		691,963
2.45%, 8/4/2026		352,000		326,895
2.05%, 9/11/2026		282,000		258,545
3.35%, 2/9/2027		212,000		199,863
3.20%, 5/11/2027		200,000		187,012
2.90%, 9/12/2027		182,000		167,337
3.00%, 11/13/2027		222,000		204,109
1.20%, 2/8/2028		414,000		351,500
1.40%, 8/5/2028		404,000		340,063
3.25%, 8/8/2029		182,000		164,346
2.20%, 9/11/2029		92,000		77,871
4.15%, 5/10/2030		50,000		47,058
1.65%, 2/8/2031		252,000		196,084

HP, Inc.
3.00%, 6/17/2027		200,000		180,137
4.75%, 1/15/2028		250,000		238,133
4.00%, 4/15/2029		202,000		182,603
3.40%, 6/17/2030		100,000		83,495
5.50%, 1/15/2033		150,000		137,708

NetApp, Inc.
1.88%, 6/22/2025		151,000		141,323


Investments	Principal Amount		Value

Technology Hardware, Storage & Peripherals – (continued)
2.38%, 6/22/2027	$	200,000	$	177,533
2.70%, 6/22/2030		150,000		120,402

Teledyne FLIR LLC
2.50%, 8/1/2030		250,000		196,676
				5,582,241

Textiles, Apparel & Luxury Goods – 0.0%(d)

Tapestry, Inc.
4.13%, 7/15/2027		8,000		7,246
3.05%, 3/15/2032		50,000		35,874
				43,120

Tobacco – 2.3%

Altria Group, Inc.
2.35%, 5/6/2025		312,000		295,690
4.40%, 2/14/2026		301,000		291,117
2.63%, 9/16/2026		151,000		138,616
4.80%, 2/14/2029		654,000		612,529
3.40%, 5/6/2030		303,000		253,407
2.45%, 2/4/2032		500,000		364,873

BAT Capital Corp.
3.22%, 9/6/2026		310,000		287,098
4.70%, 4/2/2027		163,000		155,229
3.56%, 8/15/2027		98,000		88,842
2.26%, 3/25/2028		181,000		151,896
4.91%, 4/2/2030		312,000		281,311
2.73%, 3/25/2031		127,000		95,709

Philip Morris International, Inc.
1.50%, 5/1/2025		155,000		145,609
4.88%, 2/13/2026		251,000		246,538
2.75%, 2/25/2026		70,000		65,568
0.88%, 5/1/2026		111,000		98,796
5.13%, 11/17/2027		273,000		266,110
4.88%, 2/15/2028		493,000		473,759
3.38%, 8/15/2029		273,000		237,609
5.63%, 11/17/2029		300,000		293,580
5.13%, 2/15/2030		720,000		678,284
2.10%, 5/1/2030		250,000		196,214
5.75%, 11/17/2032		250,000		238,850
5.38%, 2/15/2033		300,000		277,169
5.63%, 9/7/2033		250,000		234,701
				6,469,104


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Trading Companies & Distributors – 0.2%

Air Lease Corp.
3.63%, 12/1/2027	$	202,000	$	180,982
3.13%, 12/1/2030		100,000		79,612

Aircastle Ltd.
4.25%, 6/15/2026		252,000		236,310
				496,904

Water Utilities – 0.1%

American Water Capital Corp.
3.45%, 6/1/2029		202,000		179,077
2.80%, 5/1/2030		100,000		83,131

Essential Utilities, Inc.
2.70%, 4/15/2030		200,000		161,519
				423,727

Wireless Telecommunication Services – 0.0%(d)

T-Mobile USA, Inc.
3.88%, 4/15/2030		100,000		87,070
Total Corporate Bonds (Cost $280,469,072)				265,621,732

Total Investments – 96.7% (Cost $280,469,072)				265,621,732

Other assets less liabilities – 3.3%				8,928,007
NET ASSETS – 100.0%			$	274,549,739

^(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 October 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)

^(d)

Represents less than 0.05% of net assets.

Percentages shown are based on Net Assets.

Abbreviations

OYJ Public Limited Company

REIT Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	37,046
Aggregate gross unrealized depreciation		(15,614,672	)
Net unrealized depreciation	$	(15,577,626	)
Federal income tax cost	$	281,199,358


Security Type	% of Net Assets
Corporate Bonds		96.7	%
Others⁽¹⁾		3.3
		100.0	%

⁽¹⁾

^{Includes any other net assets/(liabilities).}


Investments	Principal Amount		Value

CORPORATE BONDS – 97.2%

Aerospace & Defense – 1.7%

Boeing Co. (The)
5.93%, 5/1/2060	$	50,000	$	42,065

Howmet Aerospace, Inc.
5.95%, 2/1/2037		50,000		45,675

Lockheed Martin Corp.
4.50%, 5/15/2036		50,000		43,785
4.09%, 9/15/2052		125,000		92,183
4.15%, 6/15/2053		60,000		44,626
5.70%, 11/15/2054		50,000		46,823
5.20%, 2/15/2055		10,000		8,719
4.30%, 6/15/2062		10,000		7,312
5.90%, 11/15/2063		90,000		86,022

Precision Castparts Corp.
4.20%, 6/15/2035		25,000		20,960
3.90%, 1/15/2043		50,000		37,126

RTX Corp.
4.20%, 12/15/2044		10,000		6,969
				482,265

Air Freight & Logistics – 0.2%

FedEx Corp.
4.50%, 2/1/2065		25,000		16,679

United Parcel Service, Inc.
5.05%, 3/3/2053		50,000		42,926
				59,605

Automobile Components – 0.1%

Aptiv plc
4.15%, 5/1/2052		25,000		16,463

Lear Corp.
5.25%, 5/15/2049		25,000		19,231
				35,694

Banks – 6.3%

Bank of America Corp.
7.75%, 5/14/2038		40,000		42,864
4.08%, 4/23/2040(a)		25,000		18,846
2.68%, 6/19/2041(a)		20,000		12,194
3.31%, 4/22/2042(a)		15,000		9,960
3.95%, 1/23/2049(a)		10,000		6,966
4.33%, 3/15/2050(a)		20,000		14,683


Investments	Principal Amount		Value

Banks – (continued)
4.08%, 3/20/2051(a)	$	50,000	$	35,055
2.83%, 10/24/2051(a)		10,000		5,525

Citigroup, Inc.
5.32%, 3/26/2041(a)		15,000		12,950
6.68%, 9/13/2043		75,000		71,705
5.30%, 5/6/2044		75,000		61,128
4.75%, 5/18/2046		200,000		149,346

Cooperatieve Rabobank UA
5.25%, 5/24/2041		30,000		27,434

Fifth Third Bancorp
8.25%, 3/1/2038		20,000		20,347

HSBC Holdings plc
6.50%, 9/15/2037		100,000		90,952
6.80%, 6/1/2038		120,000		113,861
6.33%, 3/9/2044(a)		70,000		64,898

JPMorgan Chase & Co.
6.40%, 5/15/2038		35,000		35,352
3.16%, 4/22/2042(a)		50,000		32,938
4.95%, 6/1/2045		75,000		61,411

Lloyds Banking Group plc
4.34%, 1/9/2048		200,000		130,499

Mitsubishi UFJ Financial Group, Inc.
3.75%, 7/18/2039		10,000		7,522

Regions Financial Corp.
7.38%, 12/10/2037		50,000		47,825

Sumitomo Mitsui Financial Group, Inc.
2.93%, 9/17/2041		10,000		6,229
6.18%, 7/13/2043		10,000		9,356

Wells Fargo & Co.
5.95%, 12/15/2036		15,000		13,745
3.07%, 4/30/2041(a)		40,000		25,560
5.38%, 11/2/2043		100,000		82,035
5.61%, 1/15/2044		100,000		84,280
4.90%, 11/17/2045		150,000		114,085
4.40%, 6/14/2046		125,000		87,435
4.75%, 12/7/2046		125,000		92,060
5.01%, 4/4/2051(a)		40,000		31,722
4.61%, 4/25/2053(a)		50,000		36,865

Westpac Banking Corp.
3.13%, 11/18/2041		250,000		146,029
				1,803,662


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Beverages – 0.7%

Brown-Forman Corp.
4.00%, 4/15/2038	$	50,000	$	39,869

Coca-Cola Co. (The)
2.50%, 6/1/2040		10,000		6,457
2.50%, 3/15/2051		10,000		5,516
2.75%, 6/1/2060		10,000		5,611

Constellation Brands, Inc.
5.25%, 11/15/2048		30,000		25,075

Diageo Investment Corp.
4.25%, 5/11/2042		25,000		19,545

Keurig Dr Pepper, Inc.
4.50%, 4/15/2052		40,000		29,602

PepsiCo, Inc.
4.25%, 10/22/2044		25,000		19,422
4.65%, 2/15/2053		50,000		41,948
3.88%, 3/19/2060		20,000		14,025
				207,070

Biotechnology – 2.7%

AbbVie, Inc.
4.55%, 3/15/2035		50,000		43,958
4.05%, 11/21/2039		25,000		19,533
4.40%, 11/6/2042		50,000		39,707
4.85%, 6/15/2044		100,000		83,634
4.75%, 3/15/2045		10,000		8,196
4.70%, 5/14/2045		100,000		81,298
4.88%, 11/14/2048		100,000		82,799
4.25%, 11/21/2049		150,000		112,573

Amgen, Inc.
5.65%, 3/2/2053		30,000		26,385
4.40%, 2/22/2062		60,000		41,509
5.75%, 3/2/2063		30,000		25,984

Biogen, Inc.
5.20%, 9/15/2045		100,000		83,216
3.15%, 5/1/2050		100,000		57,589
3.25%, 2/15/2051		50,000		29,242

Regeneron Pharmaceuticals, Inc.
2.80%, 9/15/2050		50,000		26,923
				762,546

Broadline Retail – 0.4%

Alibaba Group Holding Ltd.
3.15%, 2/9/2051		200,000		108,291


Investments	Principal Amount		Value

Building Products – 0.7%

Johnson Controls International plc
4.50%, 2/15/2047	$	30,000	$	22,716

Masco Corp.
4.50%, 5/15/2047		50,000		35,616

Owens Corning
4.30%, 7/15/2047		40,000		28,507
4.40%, 1/30/2048		40,000		28,754

Trane Technologies Financing Ltd.
4.50%, 3/21/2049		70,000		53,045

Trane Technologies Global Holding Co. Ltd.
5.75%, 6/15/2043		30,000		27,563
				196,201

Capital Markets – 2.1%

Brookfield Finance LLC
3.45%, 4/15/2050		25,000		14,430

CI Financial Corp.
4.10%, 6/15/2051		20,000		10,639

Goldman Sachs Group, Inc. (The)
6.75%, 10/1/2037		50,000		48,843
4.02%, 10/31/2038(a)		30,000		22,713
3.21%, 4/22/2042(a)		10,000		6,490
2.91%, 7/21/2042(a)		15,000		9,241
3.44%, 2/24/2043(a)		10,000		6,606
4.75%, 10/21/2045		50,000		39,925

Moody's Corp.
2.75%, 8/19/2041		30,000		18,512
5.25%, 7/15/2044		25,000		21,486
4.88%, 12/17/2048		10,000		8,048
3.25%, 5/20/2050		10,000		6,027
2.55%, 8/18/2060		10,000		4,575
3.10%, 11/29/2061		70,000		37,926

Morgan Stanley
3.22%, 4/22/2042(a)		25,000		16,521
6.38%, 7/24/2042		20,000		19,824
4.30%, 1/27/2045		30,000		22,548
5.60%, 3/24/2051(a)		25,000		22,324

Nasdaq, Inc.
2.50%, 12/21/2040		10,000		5,840
3.25%, 4/28/2050		50,000		29,307
3.95%, 3/7/2052		30,000		19,820
5.95%, 8/15/2053		25,000		22,304
6.10%, 6/28/2063		60,000		53,047


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)

S&P Global, Inc.
6.55%, 11/15/2037	$	20,000	$	19,790
4.50%, 5/15/2048		20,000		15,155
3.25%, 12/1/2049		50,000		31,154
3.70%, 3/1/2052		75,000		50,675
3.90%, 3/1/2062		30,000		20,180
				603,950

Chemicals – 2.2%

Albemarle Corp.
5.65%, 6/1/2052		25,000		19,360

CF Industries, Inc.
5.15%, 3/15/2034		20,000		17,723
5.38%, 3/15/2044		50,000		40,660

Dow Chemical Co. (The)
9.40%, 5/15/2039		10,000		12,208
5.55%, 11/30/2048		50,000		42,203
4.80%, 5/15/2049		10,000		7,594
6.90%, 5/15/2053		20,000		19,993

DuPont de Nemours, Inc.
5.42%, 11/15/2048		25,000		21,683

FMC Corp.
4.50%, 10/1/2049		25,000		16,509

Linde, Inc.
3.55%, 11/7/2042		50,000		35,721

LYB International Finance BV
5.25%, 7/15/2043		50,000		40,237
4.88%, 3/15/2044		50,000		38,121

LYB International Finance III LLC
4.20%, 10/15/2049		80,000		53,044
4.20%, 5/1/2050		80,000		52,925
3.63%, 4/1/2051		110,000		66,291
3.80%, 10/1/2060		10,000		5,775

LyondellBasell Industries NV
4.63%, 2/26/2055		50,000		34,885

Mosaic Co. (The)
5.63%, 11/15/2043		20,000		16,777

RPM International, Inc.
5.25%, 6/1/2045		20,000		15,821
4.25%, 1/15/2048		20,000		13,674

Sherwin-Williams Co. (The)
3.30%, 5/15/2050		30,000		18,004
2.90%, 3/15/2052		50,000		27,082
				616,290


Investments	Principal Amount		Value

Commercial Services & Supplies – 0.4%

Republic Services, Inc.
5.00%, 4/1/2034	$	50,000	$	45,863
5.70%, 5/15/2041		25,000		23,351

Waste Management, Inc.
4.88%, 2/15/2034		10,000		9,158
2.95%, 6/1/2041		60,000		39,217
				117,589

Communications Equipment – 1.3%

Cisco Systems, Inc.
5.90%, 2/15/2039		200,000		198,899
5.50%, 1/15/2040		100,000		94,898

Juniper Networks, Inc.
5.95%, 3/15/2041		30,000		26,071

Motorola Solutions, Inc.
5.50%, 9/1/2044		30,000		25,172

Nokia OYJ
6.63%, 5/15/2039		25,000		21,707
				366,747

Construction & Engineering – 0.1%

Quanta Services, Inc.
3.05%, 10/1/2041		20,000		11,989

Valmont Industries, Inc.
5.00%, 10/1/2044		25,000		19,234
				31,223

Construction Materials – 0.2%

Lafarge SA
7.13%, 7/15/2036		25,000		25,704

Vulcan Materials Co.
4.50%, 6/15/2047		50,000		38,153
				63,857

Consumer Staples Distribution & Retail – 1.3%

Kroger Co. (The)
6.90%, 4/15/2038		25,000		25,440

Sysco Corp.
6.60%, 4/1/2040		35,000		34,488
4.85%, 10/1/2045		50,000		38,680
4.45%, 3/15/2048		50,000		37,019
6.60%, 4/1/2050		120,000		118,387
3.15%, 12/14/2051		20,000		11,565


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Staples Distribution & Retail – (continued)

Walmart, Inc.
6.50%, 8/15/2037	$	50,000	$	53,751
6.20%, 4/15/2038		25,000		26,110
4.50%, 9/9/2052		50,000		40,567
				386,007

Containers & Packaging – 0.1%

Packaging Corp. of America
3.05%, 10/1/2051		75,000		42,284

Diversified REITs – 0.1%

VICI Properties LP
REIT, 5.63%, 5/15/2052		50,000		39,138

Diversified Telecommunication Services – 0.6%

Bell Canada (The)
4.46%, 4/1/2048		50,000		36,928
4.30%, 7/29/2049		15,000		10,720
3.65%, 8/15/2052		60,000		37,997

Telefonica Emisiones SA
5.21%, 3/8/2047		20,000		15,215

TELUS Corp.
4.30%, 6/15/2049		50,000		35,024

Verizon Communications, Inc.
3.55%, 3/22/2051		50,000		31,416
				167,300

Electric Utilities – 3.0%

AEP Texas, Inc.
5.25%, 5/15/2052		20,000		16,184

Arizona Public Service Co.
4.70%, 1/15/2044		25,000		18,260

CenterPoint Energy Houston Electric LLC
Series AH, 3.60%, 3/1/2052		30,000		19,699

Cleco Corporate Holdings LLC
4.97%, 5/1/2046(b)		10,000		7,241

Duke Energy Indiana LLC
4.20%, 3/15/2042		25,000		18,656
Series YYY, 3.25%, 10/1/2049		25,000		14,948
5.40%, 4/1/2053		35,000		30,013


Investments	Principal Amount		Value

Electric Utilities – (continued)

Emera US Finance LP
4.75%, 6/15/2046	$	30,000	$	20,968

Georgia Power Co.
4.30%, 3/15/2042		50,000		38,257

Idaho Power Co.
3.65%, 3/1/2045		25,000		16,116
5.50%, 3/15/2053		50,000		43,708

Interstate Power and Light Co.
6.25%, 7/15/2039		25,000		23,538
4.70%, 10/15/2043		25,000		18,832

Kentucky Utilities Co.
5.13%, 11/1/2040		50,000		42,240

MidAmerican Energy Co.
4.25%, 7/15/2049		50,000		36,926

Oklahoma Gas and Electric Co.
5.25%, 5/15/2041		25,000		20,162
3.85%, 8/15/2047		45,000		30,253
5.60%, 4/1/2053		30,000		26,388

Pacific Gas and Electric Co.
4.95%, 7/1/2050		40,000		27,921
5.25%, 3/1/2052		50,000		36,200
6.70%, 4/1/2053		15,000		13,286

PacifiCorp
6.25%, 10/15/2037		100,000		94,919
2.90%, 6/15/2052		50,000		26,062
5.35%, 12/1/2053		25,000		19,885

Public Service Co. of Colorado
4.75%, 8/15/2041		25,000		19,506

Public Service Electric and Gas Co.
5.38%, 11/1/2039		25,000		21,853

Southern Co. (The)
4.40%, 7/1/2046		25,000		18,441

Tucson Electric Power Co.
4.00%, 6/15/2050		60,000		40,040

Union Electric Co.
2.63%, 3/15/2051		50,000		26,517

Wisconsin Public Service Corp.
4.75%, 11/1/2044		25,000		19,995
3.30%, 9/1/2049		40,000		24,427
2.85%, 12/1/2051		50,000		27,604
				859,045


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electrical Equipment – 0.5%

ABB Finance USA, Inc.
4.38%, 5/8/2042	$	50,000	$	40,604

Eaton Corp.
4.70%, 8/23/2052		30,000		24,350

Emerson Electric Co.
2.75%, 10/15/2050		25,000		14,024
2.80%, 12/21/2051		100,000		56,632
				135,610

Electronic Equipment, Instruments & Components – 0.7%

Corning, Inc.
5.35%, 11/15/2048		50,000		42,570
4.38%, 11/15/2057		25,000		17,765
5.85%, 11/15/2068		25,000		21,169
5.45%, 11/15/2079		80,000		63,096

Tyco Electronics Group SA
7.13%, 10/1/2037		40,000		42,677
				187,277

Entertainment – 0.3%

Activision Blizzard, Inc.
2.50%, 9/15/2050		100,000		55,902

Electronic Arts, Inc.
2.95%, 2/15/2051		50,000		28,718
				84,620

Financial Services – 2.4%

Fidelity National Information Services, Inc.
5.63%, 7/15/2052		15,000		12,717

Fiserv, Inc.
4.40%, 7/1/2049		140,000		101,575

Global Payments, Inc.
4.15%, 8/15/2049		10,000		6,484

Mastercard, Inc.
3.95%, 2/26/2048		30,000		22,652
3.65%, 6/1/2049		70,000		49,506
3.85%, 3/26/2050		100,000		73,066
2.95%, 3/15/2051		70,000		42,714

Shell International Finance BV
6.38%, 12/15/2038		20,000		20,444

Visa, Inc.
2.70%, 4/15/2040		80,000		53,517


Investments	Principal Amount		Value

Financial Services – (continued)
4.30%, 12/14/2045	$	300,000	$	239,510

Voya Financial, Inc.
4.80%, 6/15/2046		25,000		17,975

Western Union Co. (The)
6.20%, 6/21/2040		50,000		44,938
				685,098

Food Products – 1.4%

Campbell Soup Co.
4.80%, 3/15/2048		30,000		22,767

Conagra Brands, Inc.
5.40%, 11/1/2048		30,000		24,011

General Mills, Inc.
5.40%, 6/15/2040		50,000		43,834
4.15%, 2/15/2043		25,000		18,397

Hershey Co. (The)
3.13%, 11/15/2049		10,000		6,187
2.65%, 6/1/2050		60,000		33,842

Hormel Foods Corp.
3.05%, 6/3/2051		20,000		11,882

Ingredion, Inc.
3.90%, 6/1/2050		35,000		22,098

J M Smucker Co. (The)
4.25%, 3/15/2035		15,000		12,228
2.75%, 9/15/2041		50,000		29,757
6.50%, 11/15/2053		90,000		84,859

JM Smucker Co. (The)
3.55%, 3/15/2050		30,000		18,168

Kraft Heinz Foods Co.
6.88%, 1/26/2039		25,000		25,263

Mead Johnson Nutrition Co.
5.90%, 11/1/2039		25,000		23,462
4.60%, 6/1/2044		25,000		19,872
				396,627

Gas Utilities – 0.8%

Atmos Energy Corp.
4.13%, 10/15/2044		55,000		41,002
2.85%, 2/15/2052		50,000		28,148
5.75%, 10/15/2052		40,000		36,700
6.20%, 11/15/2053		75,000		72,790

Southern California Gas Co.
6.35%, 11/15/2052		40,000		38,616
				217,256


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Ground Transportation – 3.3%

Burlington Northern Santa Fe LLC
6.15%, 5/1/2037	$	25,000	$	25,146
5.75%, 5/1/2040		40,000		38,129
4.40%, 3/15/2042		75,000		59,459
4.45%, 3/15/2043		100,000		79,171
4.55%, 9/1/2044		25,000		19,898
4.15%, 12/15/2048		50,000		36,687
3.05%, 2/15/2051		110,000		64,823
3.30%, 9/15/2051		110,000		68,565
2.88%, 6/15/2052		90,000		51,361
4.45%, 1/15/2053		70,000		54,191
5.20%, 4/15/2054		80,000		69,078

Canadian National Railway Co.
6.20%, 6/1/2036		50,000		50,516
4.45%, 1/20/2049		10,000		7,745
4.40%, 8/5/2052		45,000		34,768

Canadian Pacific Railway Co.
6.13%, 9/15/2115		10,000		9,000

CSX Corp.
6.15%, 5/1/2037		50,000		49,861
4.50%, 11/15/2052		45,000		34,330
4.50%, 8/1/2054		40,000		30,240
4.65%, 3/1/2068		25,000		18,530

Norfolk Southern Corp.
5.10%, 8/1/2118		40,000		29,364
4.10%, 5/15/2121		15,000		9,047

Union Pacific Corp.
3.84%, 3/20/2060		100,000		65,863
3.75%, 2/5/2070		80,000		49,643
				955,415

Health Care Equipment & Supplies – 0.4%

Abbott Laboratories
5.30%, 5/27/2040		25,000		23,427

Boston Scientific Corp.
4.55%, 3/1/2039		50,000		41,391
4.70%, 3/1/2049		10,000		7,970

Stryker Corp.
4.10%, 4/1/2043		25,000		18,763

Zimmer Biomet Holdings, Inc.
4.25%, 8/15/2035		25,000		19,692
				111,243


Investments	Principal Amount		Value

Health Care Providers & Services – 3.2%

Cardinal Health, Inc.
4.60%, 3/15/2043	$	30,000	$	22,725
4.37%, 6/15/2047		110,000		79,159

Cencora, Inc.
4.30%, 12/15/2047		75,000		54,904

Elevance Health, Inc.
4.85%, 8/15/2054		25,000		18,509

HCA, Inc.
5.25%, 6/15/2049		30,000		23,060

Humana, Inc.
4.95%, 10/1/2044		50,000		39,974
5.50%, 3/15/2053		25,000		21,533

Laboratory Corp. of America Holdings
4.70%, 2/1/2045		50,000		38,797

OhioHealth Corp.
2.83%, 11/15/2041		10,000		6,304
Series 2020, 3.04%, 11/15/2050		20,000		12,419

Quest Diagnostics, Inc.
4.70%, 3/30/2045		25,000		19,607

UnitedHealth Group, Inc.
4.63%, 7/15/2035		25,000		22,225
6.63%, 11/15/2037		100,000		104,319
4.75%, 5/15/2052		30,000		24,015
5.88%, 2/15/2053		75,000		70,927
3.88%, 8/15/2059		100,000		66,117
3.13%, 5/15/2060		50,000		28,453
4.95%, 5/15/2062		75,000		60,888
6.05%, 2/15/2063		110,000		104,826
5.20%, 4/15/2063		100,000		83,548
				902,309

Hotels, Restaurants & Leisure – 2.1%

Darden Restaurants, Inc.
4.55%, 2/15/2048		20,000		14,565

Marriott International, Inc.
Series II, 2.75%, 10/15/2033		25,000		18,308

McDonald's Corp.
4.70%, 12/9/2035		50,000		43,871
6.30%, 10/15/2037		50,000		50,531
5.70%, 2/1/2039		75,000		70,598
3.70%, 2/15/2042		100,000		71,244


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – (continued)
4.88%, 12/9/2045	$	65,000	$	53,506
4.45%, 3/1/2047		65,000		49,872
4.45%, 9/1/2048		70,000		53,474
3.63%, 9/1/2049		120,000		79,534
4.20%, 4/1/2050		50,000		36,401
5.15%, 9/9/2052		65,000		54,795
				596,699

Household Durables – 0.1%

MDC Holdings, Inc.
6.00%, 1/15/2043		20,000		15,711

PulteGroup, Inc.
6.00%, 2/15/2035		25,000		23,262
				38,973

Household Products – 0.6%

Church & Dwight Co., Inc.
5.00%, 6/15/2052		50,000		42,017

Kimberly-Clark Corp.
6.63%, 8/1/2037		100,000		106,913
3.90%, 5/4/2047		25,000		18,135
				167,065

Independent Power and Renewable Electricity Producers – 0.7%

Constellation Energy Generation LLC
6.25%, 10/1/2039		50,000		46,347
6.50%, 10/1/2053		100,000		93,924

Southern Power Co.
5.15%, 9/15/2041		25,000		20,538
5.25%, 7/15/2043		25,000		20,161
Series F, 4.95%, 12/15/2046		25,000		19,106
				200,076

Industrial Conglomerates – 0.2%

Honeywell International, Inc.
5.70%, 3/15/2036		50,000		48,801

Insurance – 6.0%

Aflac, Inc.
6.45%, 8/15/2040		20,000		19,017


Investments	Principal Amount		Value

Insurance – (continued)
4.00%, 10/15/2046	$	25,000	$	17,296
4.75%, 1/15/2049		50,000		39,883

Alleghany Corp.
4.90%, 9/15/2044		50,000		41,471
3.25%, 8/15/2051		25,000		15,308

Allstate Corp. (The)
3.85%, 8/10/2049		20,000		13,189

American Financial Group, Inc.
4.50%, 6/15/2047		35,000		25,080

Aon Corp.
3.90%, 2/28/2052		50,000		33,618

Aon Global Ltd.
4.45%, 5/24/2043		50,000		36,186
4.60%, 6/14/2044		55,000		42,878
4.75%, 5/15/2045		80,000		63,676

Arch Capital Group Ltd.
7.35%, 5/1/2034		20,000		21,033
3.64%, 6/30/2050		165,000		104,834

Arthur J Gallagher & Co.
3.50%, 5/20/2051		70,000		42,206
3.05%, 3/9/2052		75,000		40,685
5.75%, 3/2/2053		10,000		8,714

Assurant, Inc.
6.75%, 2/15/2034		25,000		24,551

Athene Holding Ltd.
3.95%, 5/25/2051		50,000		31,300
3.45%, 5/15/2052		10,000		5,647

Berkshire Hathaway Finance Corp.
2.85%, 10/15/2050		10,000		5,745
3.85%, 3/15/2052		190,000		132,458

Brown & Brown, Inc.
4.95%, 3/17/2052		50,000		37,097

Chubb INA Holdings, Inc.
3.05%, 12/15/2061		20,000		11,253

Cincinnati Financial Corp.
6.13%, 11/1/2034		25,000		23,688

Everest Reinsurance Holdings, Inc.
3.50%, 10/15/2050		10,000		6,049
3.13%, 10/15/2052		10,000		5,619

Fidelity National Financial, Inc.
3.20%, 9/17/2051		20,000		10,421

Hartford Financial Services Group, Inc. (The)
6.63%, 3/30/2040		75,000		73,246


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)
4.40%, 3/15/2048	$	10,000	$	7,428
2.90%, 9/15/2051		25,000		13,768

Markel Group, Inc.
5.00%, 5/20/2049		25,000		19,752
4.15%, 9/17/2050		125,000		84,626
3.45%, 5/7/2052		50,000		30,171

Marsh & McLennan Cos., Inc.
4.75%, 3/15/2039		25,000		21,270
4.90%, 3/15/2049		110,000		90,423
2.90%, 12/15/2051		10,000		5,588
6.25%, 11/1/2052		20,000		19,568
5.45%, 3/15/2053		50,000		44,051
5.70%, 9/15/2053		75,000		68,853

MetLife, Inc.
10.75%, 8/1/2039		20,000		25,243

Old Republic International Corp.
3.85%, 6/11/2051		50,000		30,958

Principal Financial Group, Inc.
6.05%, 10/15/2036		35,000		33,548
5.50%, 3/15/2053		20,000		16,688

Prudential Financial, Inc.
4.35%, 2/25/2050		50,000		36,622

Selective Insurance Group, Inc.
5.38%, 3/1/2049		25,000		20,357

Travelers Cos., Inc. (The)
2.55%, 4/27/2050		10,000		5,444
5.45%, 5/25/2053		10,000		8,984

Trinity Acquisition plc
6.13%, 8/15/2043		25,000		21,641

Unum Group
5.75%, 8/15/2042		25,000		20,725
4.13%, 6/15/2051		45,000		28,039

W R Berkley Corp.
4.75%, 8/1/2044		25,000		19,141
4.00%, 5/12/2050		20,000		13,402
3.55%, 3/30/2052		70,000		42,096
3.15%, 9/30/2061		20,000		10,379

Willis North America, Inc.
5.05%, 9/15/2048		50,000		38,412
				1,709,325


Investments	Principal Amount		Value

Interactive Media & Services – 1.9%

Alphabet, Inc.
2.25%, 8/15/2060	$	45,000	$	22,755

Meta Platforms, Inc.
4.45%, 8/15/2052		230,000		173,893
5.60%, 5/15/2053		110,000		99,486
4.65%, 8/15/2062		155,000		116,880
5.75%, 5/15/2063		135,000		121,115
				534,129

IT Services – 1.9%

International Business Machines Corp.
4.15%, 5/15/2039		90,000		70,654
5.60%, 11/30/2039		50,000		46,124
4.00%, 6/20/2042		105,000		78,075
4.25%, 5/15/2049		270,000		197,342
2.95%, 5/15/2050		10,000		5,675
3.43%, 2/9/2052		10,000		6,181
4.90%, 7/27/2052		130,000		104,442
5.10%, 2/6/2053		20,000		16,617
7.13%, 12/1/2096		25,000		26,270
				551,380

Leisure Products – 0.0%(c)

Brunswick Corp.
5.10%, 4/1/2052		15,000		9,808

Machinery – 0.8%

Dover Corp.
5.38%, 10/15/2035		25,000		23,397
5.38%, 3/1/2041		50,000		44,110

Fortive Corp.
4.30%, 6/15/2046		50,000		36,288

Otis Worldwide Corp.
3.11%, 2/15/2040		50,000		34,000
3.36%, 2/15/2050		50,000		31,468

Snap-on, Inc.
4.10%, 3/1/2048		25,000		18,297
3.10%, 5/1/2050		25,000		15,303

Xylem, Inc.
4.38%, 11/1/2046		25,000		17,945
				220,808


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Media – 3.0%

Charter Communications Operating LLC
6.48%, 10/23/2045	$	110,000	$	92,474
5.38%, 5/1/2047		110,000		79,557
5.75%, 4/1/2048		100,000		75,873
4.80%, 3/1/2050		80,000		52,735
4.40%, 12/1/2061		75,000		43,668
5.50%, 4/1/2063		25,000		17,577

Comcast Corp.
4.60%, 10/15/2038		40,000		33,230
3.75%, 4/1/2040		50,000		36,745
5.35%, 5/15/2053		40,000		34,413
2.94%, 11/1/2056		60,000		31,788
2.99%, 11/1/2063		65,000		33,370

Fox Corp.
5.48%, 1/25/2039		100,000		82,746
5.58%, 1/25/2049		100,000		78,786

Interpublic Group of Cos., Inc. (The)
3.38%, 3/1/2041		20,000		12,675
5.40%, 10/1/2048		30,000		24,167

Time Warner Cable LLC
7.30%, 7/1/2038		40,000		37,276
6.75%, 6/15/2039		60,000		52,325
5.88%, 11/15/2040		65,000		51,278
				870,683

Metals & Mining – 0.6%

ArcelorMittal SA
6.75%, 3/1/2041(b)		35,000		31,821

Freeport-McMoRan, Inc.
5.45%, 3/15/2043		20,000		16,450

Reliance Steel & Aluminum Co.
6.85%, 11/15/2036		25,000		24,540

Rio Tinto Alcan, Inc.
5.75%, 6/1/2035		50,000		47,450

Steel Dynamics, Inc.
3.25%, 10/15/2050		20,000		11,367

Vale Overseas Ltd.
6.88%, 11/21/2036		50,000		49,365
				180,993


Investments	Principal Amount		Value

Multi-Utilities – 2.5%

Ameren Illinois Co.
4.80%, 12/15/2043	$	25,000	$	19,773

Berkshire Hathaway Energy Co.
6.13%, 4/1/2036		160,000		155,676
4.45%, 1/15/2049		100,000		73,250
4.25%, 10/15/2050		150,000		105,000
2.85%, 5/15/2051		50,000		27,541
4.60%, 5/1/2053		20,000		14,818

Consolidated Edison Co. of New York, Inc.
Series 09-C, 5.50%, 12/1/2039		20,000		17,688
4.63%, 12/1/2054		20,000		14,856
Series C, 4.30%, 12/1/2056		25,000		17,375
4.50%, 5/15/2058		20,000		14,312
3.60%, 6/15/2061		20,000		12,186

Puget Sound Energy, Inc.
5.80%, 3/15/2040		25,000		22,725

San Diego Gas & Electric Co.
4.30%, 4/1/2042		20,000		15,004
2.95%, 8/15/2051		40,000		22,738
5.35%, 4/1/2053		40,000		34,215

Sempra
3.80%, 2/1/2038		90,000		67,111
6.00%, 10/15/2039		20,000		18,293
4.00%, 2/1/2048		30,000		20,482

Southern Co. Gas Capital Corp.
4.40%, 6/1/2043		25,000		18,031
4.40%, 5/30/2047		20,000		14,406
				705,480

Office REITs – 0.1%

Alexandria Real Estate Equities, Inc.
REIT, 4.75%, 4/15/2035		20,000		16,917

Corporate Office Properties LP
REIT, 2.90%, 12/1/2033		30,000		20,379
				37,296

Oil, Gas & Consumable Fuels – 17.2%

Canadian Natural Resources Ltd.
6.50%, 2/15/2037		80,000		75,986
6.25%, 3/15/2038		50,000		46,720
6.75%, 2/1/2039		50,000		48,146
4.95%, 6/1/2047		35,000		27,461


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

Cenovus Energy, Inc.
5.25%, 6/15/2037	$	50,000	$	42,750
6.75%, 11/15/2039		15,000		14,498
5.40%, 6/15/2047		12,000		9,857
3.75%, 2/15/2052		20,000		12,504

ConocoPhillips Co.
3.80%, 3/15/2052		100,000		68,119
5.30%, 5/15/2053		50,000		43,166
5.55%, 3/15/2054		25,000		22,347
4.03%, 3/15/2062		130,000		87,653
5.70%, 9/15/2063		20,000		17,847

Continental Resources, Inc.
4.90%, 6/1/2044		50,000		35,305

Devon Energy Corp.
5.60%, 7/15/2041		50,000		42,444
5.00%, 6/15/2045		40,000		30,821

Diamondback Energy, Inc.
4.40%, 3/24/2051		45,000		31,931
4.25%, 3/15/2052		30,000		20,619
6.25%, 3/15/2053		40,000		36,910

Eastern Gas Transmission & Storage, Inc.
4.60%, 12/15/2044		50,000		36,930

Energy Transfer LP
5.80%, 6/15/2038		50,000		43,667
7.50%, 7/1/2038		25,000		25,554
6.05%, 6/1/2041		40,000		34,713
6.50%, 2/1/2042		130,000		120,174
5.00%, 5/15/2044(b)		40,000		29,948
6.13%, 12/15/2045		90,000		77,763
5.40%, 10/1/2047		50,000		39,268
6.00%, 6/15/2048		25,000		21,256
6.25%, 4/15/2049		100,000		87,997
5.00%, 5/15/2050		120,000		89,974

Enterprise Products Operating LLC
7.55%, 4/15/2038		75,000		81,783
6.45%, 9/1/2040		25,000		24,882
5.95%, 2/1/2041		130,000		123,261
4.85%, 8/15/2042		25,000		20,900
4.45%, 2/15/2043		100,000		78,956
4.85%, 3/15/2044		100,000		82,817
4.25%, 2/15/2048		85,000		63,604
3.70%, 1/31/2051		75,000		50,162
3.95%, 1/31/2060		75,000		50,224


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Exxon Mobil Corp.
4.33%, 3/19/2050	$	10,000	$	7,744
3.45%, 4/15/2051		70,000		45,997

Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		100,000		99,134
6.50%, 9/1/2039		50,000		46,375
6.55%, 9/15/2040		50,000		46,352
6.38%, 3/1/2041		50,000		45,557
5.00%, 8/15/2042		50,000		39,065
5.50%, 3/1/2044		50,000		40,730

Kinder Morgan, Inc.
5.30%, 12/1/2034		50,000		44,245
5.55%, 6/1/2045		75,000		61,734
5.05%, 2/15/2046		50,000		38,135
5.20%, 3/1/2048		50,000		38,900
3.25%, 8/1/2050		25,000		14,146
3.60%, 2/15/2051		50,000		30,102
5.45%, 8/1/2052		40,000		32,331

Magellan Midstream Partners LP
5.15%, 10/15/2043		40,000		31,747
4.20%, 10/3/2047		85,000		56,213
4.85%, 2/1/2049		90,000		66,597
3.95%, 3/1/2050		40,000		25,241

Marathon Oil Corp.
5.20%, 6/1/2045		15,000		11,580

Marathon Petroleum Corp.
6.50%, 3/1/2041		50,000		47,454
5.85%, 12/15/2045		35,000		29,230
4.50%, 4/1/2048		65,000		46,159

MPLX LP
4.50%, 4/15/2038		50,000		38,953
5.20%, 3/1/2047		25,000		19,334
4.70%, 4/15/2048		75,000		54,217
5.50%, 2/15/2049		80,000		64,573
4.95%, 3/14/2052		150,000		111,166
5.65%, 3/1/2053		100,000		82,255
4.90%, 4/15/2058		50,000		35,196

Occidental Petroleum Corp.
6.45%, 9/15/2036		40,000		38,851
7.95%, 6/15/2039		30,000		32,070
6.20%, 3/15/2040		30,000		27,816
6.60%, 3/15/2046		60,000		57,774
4.20%, 3/15/2048		10,000		6,741
4.40%, 8/15/2049		25,000		16,347


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

ONEOK Partners LP
6.65%, 10/1/2036	$	50,000	$	48,174
6.85%, 10/15/2037		50,000		48,823
6.13%, 2/1/2041		40,000		36,146

ONEOK, Inc.
4.95%, 7/13/2047		100,000		74,640
5.20%, 7/15/2048		120,000		92,845
4.45%, 9/1/2049		20,000		13,696
6.63%, 9/1/2053		125,000		116,819

Ovintiv, Inc.
7.10%, 7/15/2053		15,000		14,276

Phillips 66
3.30%, 3/15/2052		25,000		14,651

Plains All American Pipeline LP
6.65%, 1/15/2037		25,000		23,636
5.15%, 6/1/2042		100,000		75,835
4.70%, 6/15/2044		50,000		35,007

Suncor Energy, Inc.
5.95%, 12/1/2034		25,000		23,435
6.80%, 5/15/2038		50,000		49,164
6.50%, 6/15/2038		30,000		28,842
6.85%, 6/1/2039		40,000		38,916
4.00%, 11/15/2047		50,000		33,498
3.75%, 3/4/2051		70,000		44,475

Targa Resources Corp.
4.95%, 4/15/2052		20,000		14,594
6.25%, 7/1/2052		35,000		30,591
6.50%, 2/15/2053		20,000		18,235

TotalEnergies Capital International SA
3.39%, 6/29/2060		50,000		30,161

Transcontinental Gas Pipe Line Co. LLC
4.60%, 3/15/2048		50,000		37,624

Valero Energy Corp.
4.90%, 3/15/2045		75,000		58,890
3.65%, 12/1/2051		25,000		15,172
4.00%, 6/1/2052		30,000		19,497

Western Midstream Operating LP
5.45%, 4/1/2044		25,000		19,241
5.30%, 3/1/2048		60,000		44,823
5.25%, 2/1/2050(b)(d)		100,000		73,896


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Williams Cos., Inc. (The)
6.30%, 4/15/2040	$	40,000	$	37,766
5.75%, 6/24/2044		50,000		43,590
4.90%, 1/15/2045		25,000		19,175
5.10%, 9/15/2045		90,000		72,343
4.85%, 3/1/2048		100,000		76,566
3.50%, 10/15/2051		50,000		30,219
5.30%, 8/15/2052		50,000		40,651
				4,924,890

Pharmaceuticals – 2.1%

Bristol-Myers Squibb Co.
5.88%, 11/15/2036		25,000		24,505
4.13%, 6/15/2039		25,000		19,854
4.25%, 10/26/2049		10,000		7,437
3.70%, 3/15/2052		10,000		6,713
3.90%, 3/15/2062		100,000		65,377

Eli Lilly & Co.
5.95%, 11/15/2037		25,000		25,075
4.88%, 2/27/2053		70,000		60,667
4.15%, 3/15/2059		60,000		44,402
2.50%, 9/15/2060		30,000		15,245
4.95%, 2/27/2063		50,000		42,585

GlaxoSmithKline Capital, Inc.
6.38%, 5/15/2038		20,000		20,817

Johnson & Johnson
2.45%, 9/1/2060		50,000		25,661

Merck & Co., Inc.
2.75%, 12/10/2051		55,000		31,058
5.00%, 5/17/2053		50,000		42,698
2.90%, 12/10/2061		25,000		13,443
5.15%, 5/17/2063		50,000		42,605

Zoetis, Inc.
4.70%, 2/1/2043		75,000		61,583
3.95%, 9/12/2047		25,000		17,881
4.45%, 8/20/2048		50,000		38,471
				606,077

Professional Services – 0.2%

Verisk Analytics, Inc.
5.50%, 6/15/2045		25,000		21,152
3.63%, 5/15/2050		50,000		31,948
				53,100


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Real Estate Management & Development – 0.2%

CBRE Services, Inc.
5.95%, 8/15/2034	$	55,000	$	50,005

Residential REITs – 0.1%

ERP Operating LP
REIT, 4.50%, 6/1/2045		25,000		18,168

Essex Portfolio LP
REIT, 4.50%, 3/15/2048		20,000		14,436
REIT, 2.65%, 9/1/2050		20,000		9,797
				42,401

Retail REITs – 0.3%

NNN REIT, Inc.
REIT, 3.50%, 4/15/2051		54,000		32,300
REIT, 3.00%, 4/15/2052		40,000		21,345

Regency Centers LP
REIT, 4.40%, 2/1/2047		60,000		41,963
				95,608

Semiconductors & Semiconductor Equipment – 5.1%

Advanced Micro Devices, Inc.
4.39%, 6/1/2052		25,000		19,258

Analog Devices, Inc.
2.80%, 10/1/2041		40,000		25,370
2.95%, 10/1/2051		50,000		29,294

Applied Materials, Inc.
5.10%, 10/1/2035		50,000		47,381

Broadcom, Inc.
3.47%, 4/15/2034(e)		160,000		121,910
3.14%, 11/15/2035(e)		210,000		148,134
3.19%, 11/15/2036(e)		120,000		83,107
3.50%, 2/15/2041(e)		185,000		123,040
3.75%, 2/15/2051(e)		130,000		82,892

KLA Corp.
5.65%, 11/1/2034		25,000		24,101
5.00%, 3/15/2049		20,000		16,611
4.95%, 7/15/2052		75,000		62,838
5.25%, 7/15/2062		80,000		67,795

Lam Research Corp.
4.88%, 3/15/2049		30,000		24,745
3.13%, 6/15/2060		70,000		38,891

Micron Technology, Inc.
3.37%, 11/1/2041		50,000		31,510


Investments	Principal Amount		Value

Semiconductors & Semiconductor Equipment – (continued)

NVIDIA Corp.
3.50%, 4/1/2040	$	10,000	$	7,486
3.70%, 4/1/2060		20,000		13,452

NXP BV
3.25%, 5/11/2041		70,000		44,923
3.13%, 2/15/2042		50,000		30,985
3.25%, 11/30/2051		20,000		11,322

QUALCOMM, Inc.
4.50%, 5/20/2052		50,000		38,435
6.00%, 5/20/2053		110,000		105,860

Texas Instruments, Inc.
3.88%, 3/15/2039		40,000		31,794
4.15%, 5/15/2048		75,000		56,771
2.70%, 9/15/2051		20,000		11,283
4.10%, 8/16/2052		10,000		7,362
5.00%, 3/14/2053		70,000		59,608
5.05%, 5/18/2063		100,000		83,269

TSMC Arizona Corp.
4.50%, 4/22/2052		10,000		8,200
				1,457,627

Software – 3.2%

Intuit, Inc.
5.50%, 9/15/2053		100,000		90,970

Microsoft Corp.
2.53%, 6/1/2050		20,000		11,448
2.92%, 3/17/2052		100,000		61,731
4.50%, 2/6/2057		30,000		24,764
2.68%, 6/1/2060		40,000		22,118
3.04%, 3/17/2062		210,000		124,698

Oracle Corp.
3.80%, 11/15/2037		25,000		18,397
6.13%, 7/8/2039		105,000		98,116
3.65%, 3/25/2041		140,000		95,335
4.13%, 5/15/2045		200,000		138,541
3.60%, 4/1/2050		200,000		122,554
4.38%, 5/15/2055		39,000		26,387
3.85%, 4/1/2060		95,000		57,019

Salesforce, Inc.
3.05%, 7/15/2061		25,000		13,924
				906,002


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Specialized REITs – 0.1%

Weyerhaeuser Co.
REIT, 6.88%, 12/15/2033	$	25,000	$	25,360
REIT, 4.00%, 3/9/2052		15,000		10,233
				35,593

Specialty Retail – 3.6%

Dick's Sporting Goods, Inc.
4.10%, 1/15/2052		25,000		14,625

Home Depot, Inc. (The)
5.88%, 12/16/2036		40,000		39,613
3.30%, 4/15/2040		130,000		91,913
5.95%, 4/1/2041		50,000		48,484
4.50%, 12/6/2048		20,000		15,762
3.13%, 12/15/2049		20,000		12,168
3.35%, 4/15/2050		100,000		63,372
2.38%, 3/15/2051		10,000		5,107
2.75%, 9/15/2051		60,000		33,428
3.63%, 4/15/2052		175,000		116,543
4.95%, 9/15/2052		150,000		126,256

Lowe's Cos., Inc.
2.80%, 9/15/2041		25,000		15,185
4.05%, 5/3/2047		50,000		34,501
4.55%, 4/5/2049		25,000		18,412
5.13%, 4/15/2050		40,000		32,329
3.00%, 10/15/2050		90,000		49,466
4.25%, 4/1/2052		50,000		34,653
5.63%, 4/15/2053		90,000		77,772
5.75%, 7/1/2053		75,000		65,810
4.45%, 4/1/2062		75,000		51,208
5.80%, 9/15/2062		50,000		42,366
5.85%, 4/1/2063		40,000		34,127

TJX Cos., Inc. (The)
4.50%, 4/15/2050		25,000		19,748
				1,042,848

Technology Hardware, Storage & Peripherals – 2.7%

Apple, Inc.
4.38%, 5/13/2045		50,000		40,995
4.65%, 2/23/2046		190,000		162,099
2.70%, 8/5/2051		200,000		115,663
3.95%, 8/8/2052		100,000		74,139
2.55%, 8/20/2060		50,000		27,386
2.80%, 2/8/2061		100,000		55,221


Investments	Principal Amount		Value

Technology Hardware, Storage & Peripherals – (continued)
2.85%, 8/5/2061	$	100,000	$	55,590
4.10%, 8/8/2062		70,000		51,331

Dell International LLC
8.10%, 7/15/2036		70,000		75,918
3.38%, 12/15/2041		10,000		6,442
8.35%, 7/15/2046		20,000		22,343

HP, Inc.
6.00%, 9/15/2041		80,000		72,447
				759,574

Tobacco – 3.9%

Altria Group, Inc.
5.80%, 2/14/2039		100,000		88,887
3.40%, 2/4/2041		40,000		24,512
4.25%, 8/9/2042		120,000		82,134
4.50%, 5/2/2043		65,000		45,884
5.38%, 1/31/2044		125,000		107,253
5.95%, 2/14/2049		245,000		207,839
3.70%, 2/4/2051		10,000		5,826

BAT Capital Corp.
4.39%, 8/15/2037		50,000		36,340
4.54%, 8/15/2047		50,000		32,348
4.76%, 9/6/2049		25,000		16,620
5.28%, 4/2/2050		50,000		35,559
5.65%, 3/16/2052		50,000		37,603
7.08%, 8/2/2053		50,000		44,626

Philip Morris International, Inc.
6.38%, 5/16/2038		75,000		74,239
4.38%, 11/15/2041		50,000		37,593
4.50%, 3/20/2042		50,000		38,247
4.13%, 3/4/2043		80,000		57,331
4.88%, 11/15/2043		40,000		31,875
4.25%, 11/10/2044		50,000		36,060

Reynolds American, Inc.
5.70%, 8/15/2035		25,000		21,420
5.85%, 8/15/2045		50,000		39,086
				1,101,282

Trading Companies & Distributors – 0.3%

WW Grainger, Inc.
4.60%, 6/15/2045		50,000		40,497
4.20%, 5/15/2047		50,000		38,815
				79,312


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Water Utilities – 0.3%

American Water Capital Corp.
3.45%, 5/1/2050	$	30,000	$	19,172
3.25%, 6/1/2051		30,000		18,491

Essential Utilities, Inc.
5.30%, 5/1/2052		50,000		40,371
				78,034

Wireless Telecommunication Services – 0.2%

Rogers Communications, Inc.
7.50%, 8/15/2038		10,000		9,918

T-Mobile USA, Inc.
4.50%, 4/15/2050		20,000		14,591
5.75%, 1/15/2054		20,000		17,557
5.80%, 9/15/2062		20,000		17,235
				59,301
Total Corporate Bonds (Cost $34,128,436)				27,787,389

Total Investments – 97.2% (Cost $34,128,436)				27,787,389

Other assets less liabilities – 2.8%				788,075
NET ASSETS – 100.0%			$	28,575,464

^(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)

^(c)

Represents less than 0.05% of net assets.

^(d)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2023.

^(e)

Percentages shown are based on Net Assets.

Abbreviations

OYJ Public Limited Company

REIT Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	—
Aggregate gross unrealized depreciation		(6,495,514	)
Net unrealized depreciation	$	(6,495,514	)
Federal income tax cost	$	34,282,903


Security Type	% of Net Assets
Corporate Bonds		97.2	%
Others⁽¹⁾		2.8
		100.0	%

⁽¹⁾

Includes any other net assets/(liabilities).


Investments	Principal Amount		Value

CORPORATE BONDS – 98.1%

Aerospace & Defense – 2.6%

Bombardier, Inc.
7.13%, 6/15/2026(a)	$	2,675,000	$	2,573,848
7.88%, 4/15/2027(a)		1,750,000		1,683,453
6.00%, 2/15/2028(a)		500,000		442,439
7.50%, 2/1/2029(a)		450,000		416,818

BWX Technologies, Inc.
4.13%, 6/30/2028(a)		790,000		695,188
4.13%, 4/15/2029(a)		859,000		734,445

F-Brasile SpA
Series NR, 7.38%, 8/15/2026(a)		1,650,000		1,532,860

Spirit AeroSystems, Inc.
4.60%, 6/15/2028		500,000		395,578

TransDigm, Inc.
6.25%, 3/15/2026(a)		4,305,000		4,203,659
5.50%, 11/15/2027		5,580,000		5,194,726
6.75%, 8/15/2028(a)		4,425,000		4,296,601
4.63%, 1/15/2029		3,665,000		3,160,110
4.88%, 5/1/2029		2,401,000		2,080,186
6.88%, 12/15/2030(a)		300,000		289,668

Triumph Group, Inc.
7.75%, 8/15/2025		2,300,000		2,185,000
9.00%, 3/15/2028(a)		2,270,000		2,204,711
				32,089,290

Air Freight & Logistics – 0.7%

Forward Air Corp.
9.50%, 10/15/2031(a)		4,000,000		3,900,000

Rand Parent LLC
8.50%, 2/15/2030(a)		4,480,000		4,091,119
				7,991,119

Automobile Components – 2.8%

Adient Global Holdings Ltd.
8.25%, 4/15/2031(a)		350,000		340,646

Allison Transmission, Inc.
3.75%, 1/30/2031(a)		803,000		636,472

American Axle & Manufacturing, Inc.
6.50%, 4/1/2027		1,230,000		1,159,415
6.88%, 7/1/2028		950,000		846,726
5.00%, 10/1/2029		180,000		142,185


Investments	Principal Amount		Value

Automobile Components – (continued)

Clarios Global LP
8.50%, 5/15/2027(a)	$	500,000	$	492,287

Dana, Inc.
4.25%, 9/1/2030		150,000		118,722

Icahn Enterprises LP
6.38%, 12/15/2025		2,160,000		2,032,017
6.25%, 5/15/2026		6,350,000		5,804,355
5.25%, 5/15/2027		7,390,000		6,327,688
4.38%, 2/1/2029		1,585,000		1,220,494

IHO Verwaltungs GmbH
4.75%, 9/15/2026(a)(b)		735,000		683,057
6.00%, 5/15/2027(a)(b)		565,000		525,738
6.37%, 5/15/2029(a)(b)		2,385,000		2,076,391

JB Poindexter & Co., Inc.
7.13%, 4/15/2026(a)		1,190,000		1,134,679

Patrick Industries, Inc.
7.50%, 10/15/2027(a)		1,535,000		1,462,088
4.75%, 5/1/2029(a)		1,170,000		949,437

Tenneco, Inc.
8.00%, 11/17/2028(a)		9,750,000		7,824,375

ZF North America Capital, Inc.
6.88%, 4/14/2028(a)		515,000		499,060
7.13%, 4/14/2030(a)		240,000		232,815
				34,508,647

Automobiles – 1.8%

Aston Martin Capital Holdings Ltd.
10.50%, 11/30/2025(a)		5,000,000		4,945,363

Ford Motor Co.
6.38%, 2/1/2029		305,000		290,322
9.63%, 4/22/2030		130,000		144,957
3.25%, 2/12/2032		2,335,000		1,762,339
6.10%, 8/19/2032		1,495,000		1,382,799
4.75%, 1/15/2043		3,101,000		2,154,053
7.40%, 11/1/2046		985,000		924,272
5.29%, 12/8/2046		2,500,000		1,816,260

Jaguar Land Rover Automotive plc
7.75%, 10/15/2025(a)		390,000		390,262
4.50%, 10/1/2027(a)		2,535,000		2,186,160
5.88%, 1/15/2028(a)		2,926,000		2,633,520
5.50%, 7/15/2029(a)		2,307,000		1,988,591


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Automobiles – (continued)

Mclaren Finance plc
7.50%, 8/1/2026(a)	$	1,190,000	$	1,017,450

Thor Industries, Inc.
4.00%, 10/15/2029(a)		1,050,000		846,352
				22,482,700

Banks – 0.5%

Intesa Sanpaolo SpA
5.71%, 1/15/2026(a)		1,200,000		1,138,427
4.20%, 6/1/2032(a)(c)		590,000		419,368
4.95%, 6/1/2042(a)(c)		170,000		99,705

Texas Capital Bancshares, Inc.
4.00%, 5/6/2031(c)		2,080,000		1,716,224

UniCredit SpA
7.30%, 4/2/2034(a)(c)		2,560,000		2,375,561
5.46%, 6/30/2035(a)(c)		285,000		233,806
				5,983,091

Beverages – 0.0%(d)

Primo Water Holdings, Inc.
4.38%, 4/30/2029(a)		475,000		400,762

Broadline Retail – 0.9%

ANGI Group LLC
3.88%, 8/15/2028(a)		2,815,000		2,111,231

Go Daddy Operating Co. LLC
3.50%, 3/1/2029(a)		500,000		419,725

Kohl's Corp.
5.55%, 7/17/2045		1,250,000		725,000

Macy's Retail Holdings LLC
5.88%, 3/15/2030(a)		100,000		84,599
6.13%, 3/15/2032(a)		140,000		115,620
6.70%, 7/15/2034(a)		1,000,000		763,750
4.50%, 12/15/2034		1,446,000		968,820
5.13%, 1/15/2042		1,000,000		615,900

Millennium Escrow Corp.
6.63%, 8/1/2026(a)		4,235,000		3,143,984

QVC, Inc.
4.45%, 2/15/2025		1,875,000		1,615,002
				10,563,631


Investments	Principal Amount		Value

Building Products – 1.2%

ACProducts Holdings, Inc.
6.38%, 5/15/2029(a)	$	1,800,000	$	1,098,000

Camelot Return Merger Sub, Inc.
8.75%, 8/1/2028(a)		1,425,000		1,330,565

Cornerstone Building Brands, Inc.
6.13%, 1/15/2029(a)		635,000		464,249

CP Atlas Buyer, Inc.
7.00%, 12/1/2028(a)		1,130,000		861,263

Eco Material Technologies, Inc.
7.88%, 1/31/2027(a)		1,160,000		1,098,501

Emerald Debt Merger Sub LLC
6.63%, 12/15/2030(a)		1,870,000		1,778,838

Griffon Corp.
5.75%, 3/1/2028		2,040,000		1,842,257

JELD-WEN, Inc.
4.88%, 12/15/2027(a)		716,000		606,913

Masonite International Corp.
3.50%, 2/15/2030(a)		135,000		106,896

MIWD Holdco II LLC
5.50%, 2/1/2030(a)		1,345,000		1,067,594

Smyrna Ready Mix Concrete LLC
6.00%, 11/1/2028(a)		1,427,000		1,319,385

Standard Industries, Inc.
5.00%, 2/15/2027(a)		1,125,000		1,039,811
4.75%, 1/15/2028(a)		620,000		554,838
4.38%, 7/15/2030(a)		1,340,000		1,094,811
3.38%, 1/15/2031(a)		595,000		450,246
				14,714,167

Capital Markets – 0.2%

Brightsphere Investment Group, Inc.
4.80%, 7/27/2026		225,000		203,625

Compass Group Diversified Holdings LLC
5.25%, 4/15/2029(a)		730,000		623,378

Jane Street Group
4.50%, 11/15/2029(a)		500,000		426,070

Nomura Holdings, Inc.
2.65%, 1/16/2025		1,250,000		1,193,813
				2,446,886


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Chemicals – 5.2%

Ashland, Inc.
3.38%, 9/1/2031(a)	$	2,290,000	$	1,755,458
6.88%, 5/15/2043		1,105,000		1,037,174

ASP Unifrax Holdings, Inc.
5.25%, 9/30/2028(a)		4,306,000		2,908,474
7.50%, 9/30/2029(a)		2,414,000		1,291,490

Cerdia Finanz GmbH
10.50%, 2/15/2027(a)		1,015,000		997,816

Chemours Co. (The)
5.38%, 5/15/2027		1,095,000		989,240
5.75%, 11/15/2028(a)		1,540,000		1,302,455
4.63%, 11/15/2029(a)		2,095,000		1,618,133

Cornerstone Chemical Co.
10.25%, 9/1/2027(a)		2,300,000		1,948,343

CVR Partners LP
6.13%, 6/15/2028(a)		2,800,000		2,471,000

Element Solutions, Inc.
3.88%, 9/1/2028(a)		605,000		514,766

FXI Holdings, Inc.
12.25%, 11/15/2026(a)		4,216,000		3,493,255

Gates Global LLC
6.25%, 1/15/2026(a)		500,000		489,700

GPD Cos., Inc.
10.13%, 4/1/2026(a)		2,700,000		2,431,709

HB Fuller Co.
4.25%, 10/15/2028		795,000		688,724

Herens Holdco Sarl
4.75%, 5/15/2028(a)		1,910,000		1,479,434

INEOS Finance plc
6.75%, 5/15/2028(a)		2,210,000		2,063,555

INEOS Quattro Finance 2 plc
3.38%, 1/15/2026(a)		260,000		248,300

Ingevity Corp.
3.88%, 11/1/2028(a)		1,765,000		1,432,888

LSB Industries, Inc.
6.25%, 10/15/2028(a)		1,240,000		1,100,019

Minerals Technologies, Inc.
5.00%, 7/1/2028(a)		755,000		660,081

NOVA Chemicals Corp.
5.00%, 5/1/2025(a)		2,777,000		2,622,771
5.25%, 6/1/2027(a)		5,665,000		4,785,026
4.25%, 5/15/2029(a)		2,995,000		2,215,059


Investments	Principal Amount		Value

Chemicals – (continued)

Olympus Water US Holding Corp.
7.13%, 10/1/2027(a)	$	870,000	$	801,025
4.25%, 10/1/2028(a)		1,550,000		1,236,807
9.75%, 11/15/2028(a)		1,725,000		1,684,809

Polar US Borrower LLC
6.75%, 5/15/2026(a)		1,680,000		739,200

Rain Carbon, Inc.
12.25%, 9/1/2029(a)		2,400,000		2,442,000

SCIH Salt Holdings, Inc.
4.88%, 5/1/2028(a)		1,683,000		1,453,064

SCIL IV LLC
5.38%, 11/1/2026(a)		1,380,000		1,224,096

SK Invictus Intermediate II Sarl
5.00%, 10/30/2029(a)		3,587,000		2,708,483

TPC Group, Inc.
13.00%, 12/16/2027(a)		2,000,000		1,995,760

Tronox, Inc.
4.63%, 3/15/2029(a)		5,850,000		4,608,236

Vibrantz Technologies, Inc.
9.00%, 2/15/2030(a)		1,665,000		1,325,163

WR Grace Holdings LLC
5.63%, 8/15/2029(a)		3,195,000		2,476,125
				63,239,638

Commercial Services & Supplies – 4.1%

ADT Security Corp. (The)
4.13%, 8/1/2029(a)		755,000		647,526
4.88%, 7/15/2032(a)		331,000		276,885

Allied Universal Holdco LLC
6.63%, 7/15/2026(a)		2,915,000		2,729,897
9.75%, 7/15/2027(a)		3,075,000		2,671,025
4.63%, 6/1/2028(a)		4,145,000		3,384,767
6.00%, 6/1/2029(a)		1,800,000		1,300,500

Aptim Corp.
7.75%, 6/15/2025(a)		500,000		456,410

APX Group, Inc.
6.75%, 2/15/2027(a)		1,000,000		965,410
5.75%, 7/15/2029(a)		4,365,000		3,628,903

Cimpress plc
7.00%, 6/15/2026		1,330,000		1,230,809

CoreCivic, Inc.
4.75%, 10/15/2027		490,000		425,687


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Commercial Services & Supplies – (continued)

Covanta Holding Corp.
4.88%, 12/1/2029(a)	$	720,000	$	561,600
5.00%, 9/1/2030		460,000		355,815

Deluxe Corp.
8.00%, 6/1/2029(a)		2,825,000		2,235,281

Garda World Security Corp.
4.63%, 2/15/2027(a)		910,000		811,625
9.50%, 11/1/2027(a)		1,120,000		1,017,741
7.75%, 2/15/2028(a)		460,000		442,373

GFL Environmental, Inc.
4.00%, 8/1/2028(a)		1,370,000		1,179,007
4.75%, 6/15/2029(a)		325,000		284,506
4.38%, 8/15/2029(a)		50,000		42,640

Interface, Inc.
5.50%, 12/1/2028(a)		1,405,000		1,181,198

Neptune Bidco US, Inc.
9.29%, 4/15/2029(a)		13,535,000		11,945,296

Pitney Bowes, Inc.
6.88%, 3/15/2027(a)		1,925,000		1,593,457

Prime Security Services Borrower LLC
5.75%, 4/15/2026(a)		2,745,000		2,662,946
3.38%, 8/31/2027(a)		2,060,000		1,811,175
6.25%, 1/15/2028(a)		4,340,000		4,024,494

Stericycle, Inc.
3.88%, 1/15/2029(a)		185,000		157,186

WASH Multifamily Acquisition, Inc.
5.75%, 4/15/2026(a)		1,415,000		1,308,875

West Technology Group LLC
8.50%, 4/10/2027(a)		750,000		645,000

Williams Scotsman, Inc.
4.63%, 8/15/2028(a)		100,000		88,837
				50,066,871

Communications Equipment – 0.1%

CommScope Technologies LLC
6.00%, 6/15/2025(a)		170,000		102,000

CommScope, Inc.
6.00%, 3/1/2026(a)		380,000		319,192
8.25%, 3/1/2027(a)		850,000		352,750


Investments	Principal Amount		Value

Communications Equipment – (continued)

Viavi Solutions, Inc.
3.75%, 10/1/2029(a)	$	75,000	$	58,379
				832,321

Construction & Engineering – 1.0%

AECOM
5.13%, 3/15/2027		1,940,000		1,831,556

Arcosa, Inc.
4.38%, 4/15/2029(a)		710,000		619,475

Artera Services LLC
9.03%, 12/4/2025(a)		2,944,000		2,649,600

Brand Industrial Services, Inc.
10.38%, 8/1/2030(a)		980,000		972,650

Brundage-Bone Concrete Pumping Holdings, Inc.
6.00%, 2/1/2026(a)		1,995,000		1,886,392

Global Infrastructure Solutions, Inc.
5.63%, 6/1/2029(a)		1,053,000		842,400
7.50%, 4/15/2032(a)		1,741,000		1,423,868

HTA Group Ltd.
7.00%, 12/18/2025(a)		715,000		690,504

Railworks Holdings LP
8.25%, 11/15/2028(a)		525,000		499,291

VM Consolidated, Inc.
5.50%, 4/15/2029(a)		794,000		703,143

Weekley Homes LLC
4.88%, 9/15/2028(a)		570,000		489,487
				12,608,366

Construction Materials – 0.0%(d)

Knife River Corp.
7.75%, 5/1/2031(a)		120,000		119,553

Consumer Finance – 2.4%

Cobra Acquisition Co. LLC
6.38%, 11/1/2029(a)		880,000		627,000

Credit Acceptance Corp.
6.63%, 3/15/2026		865,000		821,319

Enova International, Inc.
8.50%, 9/15/2025(a)		170,000		159,909

FirstCash, Inc.
4.63%, 9/1/2028(a)		230,000		201,734
5.63%, 1/1/2030(a)		2,690,000		2,394,569


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Finance – (continued)

Ford Holdings LLC
9.30%, 3/1/2030	$	640,000	$	685,747

Ford Motor Credit Co. LLC
4.06%, 11/1/2024		500,000		486,750
4.69%, 6/9/2025		1,000,000		965,976
5.13%, 6/16/2025		500,000		486,507
4.13%, 8/4/2025		250,000		238,284
3.38%, 11/13/2025		660,000		615,914
6.95%, 3/6/2026		2,470,000		2,474,264
4.54%, 8/1/2026		710,000		667,742
2.70%, 8/10/2026		3,235,000		2,899,646
4.27%, 1/9/2027		1,035,000		957,596
4.95%, 5/28/2027		1,705,000		1,599,284
4.13%, 8/17/2027		1,285,000		1,166,662
3.82%, 11/2/2027		740,000		659,713
7.35%, 11/4/2027		1,640,000		1,659,964
2.90%, 2/16/2028		935,000		795,371
6.80%, 5/12/2028		465,000		463,671
5.11%, 5/3/2029		1,537,000		1,398,911
7.35%, 3/6/2030		1,370,000		1,375,852
4.00%, 11/13/2030		195,000		160,619

goeasy Ltd.
4.38%, 5/1/2026(a)		525,000		474,337

LFS Topco LLC
5.88%, 10/15/2026(a)		900,000		758,873

Macquarie Airfinance Holdings Ltd.
8.38%, 5/1/2028(a)		905,000		902,059

OneMain Finance Corp.
7.13%, 3/15/2026		330,000		320,495
3.88%, 9/15/2028		300,000		237,195

PRA Group, Inc.
7.38%, 9/1/2025(a)		115,000		107,525

SLM Corp.
3.13%, 11/2/2026		200,000		173,868

Synchrony Financial
7.25%, 2/2/2033		700,000		593,607

World Acceptance Corp.
7.00%, 11/1/2026(a)		1,680,000		1,360,800
				28,891,763


Investments	Principal Amount		Value

Consumer Staples Distribution & Retail – 1.0%

Albertsons Cos., Inc.
3.25%, 3/15/2026(a)	$	500,000	$	461,845
4.63%, 1/15/2027(a)		1,200,000		1,124,654
5.88%, 2/15/2028(a)		500,000		478,949
6.50%, 2/15/2028(a)		500,000		490,896
3.50%, 3/15/2029(a)		1,000,000		852,601
4.88%, 2/15/2030(a)		1,000,000		892,816

C&S Group Enterprises LLC
5.00%, 12/15/2028(a)		800,000		619,000

Ingles Markets, Inc.
4.00%, 6/15/2031(a)		1,875,000		1,490,625

Performance Food Group, Inc.
5.50%, 10/15/2027(a)		890,000		832,216
4.25%, 8/1/2029(a)		5,290,000		4,463,572

US Foods, Inc.
4.75%, 2/15/2029(a)		660,000		582,224
4.63%, 6/1/2030(a)		140,000		119,547
				12,408,945

Containers & Packaging – 1.8%

Ardagh Metal Packaging Finance USA LLC
6.00%, 6/15/2027(a)		500,000		472,509
3.25%, 9/1/2028(a)		220,000		179,173
4.00%, 9/1/2029(a)		815,000		611,307

Cascades, Inc.
5.13%, 1/15/2026(a)		190,000		180,334

Clydesdale Acquisition Holdings, Inc.
6.63%, 4/15/2029(a)		1,450,000		1,317,176
8.75%, 4/15/2030(a)		5,659,000		4,510,674

Graham Packaging Co., Inc.
7.13%, 8/15/2028(a)		2,500,000		1,915,337

Intelligent Packaging Ltd. Finco, Inc.
6.00%, 9/15/2028(a)		2,055,000		1,684,155

Iris Holding, Inc.
10.00%, 12/15/2028(a)		1,300,000		943,429

LABL, Inc.
10.50%, 7/15/2027(a)		1,555,000		1,346,158

Mauser Packaging Solutions Holding Co.
7.88%, 8/15/2026(a)		4,220,000		3,952,532
9.25%, 4/15/2027(a)		2,872,000		2,391,828


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Containers & Packaging – (continued)

Pactiv LLC
7.95%, 12/15/2025	$	195,000	$	192,322

Sealed Air Corp.
6.88%, 7/15/2033(a)		150,000		140,625

Trivium Packaging Finance BV
5.50%, 8/15/2026(a)(e)		750,000		679,863
8.50%, 8/15/2027(a)(e)		1,510,000		1,259,962
				21,777,384

Distributors – 0.4%

American Builders & Contractors Supply Co., Inc.
4.00%, 1/15/2028(a)		400,000		359,063

Resideo Funding, Inc.
4.00%, 9/1/2029(a)		750,000		601,875

Windsor Holdings III LLC
8.50%, 6/15/2030(a)		4,000,000		3,893,866
				4,854,804

Diversified Consumer Services – 0.9%

Adtalem Global Education, Inc.
5.50%, 3/1/2028(a)		805,000		733,033

Grand Canyon University
4.13%, 10/1/2024		1,212,000		1,152,854
4.38%, 10/1/2026		500,000		478,750
5.13%, 10/1/2028		2,220,000		1,964,256

Signal Parent, Inc.
6.13%, 4/1/2029(a)		1,735,000		988,950

Sotheby's
7.38%, 10/15/2027(a)		4,000,000		3,572,341

StoneMor, Inc.
8.50%, 5/15/2029(a)		1,910,000		1,525,613
				10,415,797

Diversified REITs – 1.1%

Global Net Lease, Inc.
REIT, 3.75%, 12/15/2027(a)		2,810,000		2,127,433

Iron Mountain Information Management Services, Inc.
REIT, 5.00%, 7/15/2032(a)		350,000		286,390


Investments	Principal Amount		Value

Diversified REITs – (continued)

Necessity Retail REIT, Inc. (The)
REIT, 4.50%, 9/30/2028(a)	$	2,620,000	$	1,961,725

Uniti Group LP
REIT, 10.50%, 2/15/2028(a)		5,155,000		4,964,028
REIT, 6.50%, 2/15/2029(a)		5,750,000		3,734,094
				13,073,670

Diversified Telecommunication Services – 5.5%

Altice France Holding SA
10.50%, 5/15/2027(a)		8,280,000		4,505,151
6.00%, 2/15/2028(a)		5,928,000		2,599,758

Altice France SA
8.13%, 2/1/2027(a)		3,585,000		3,022,030
5.50%, 1/15/2028(a)		3,050,000		2,266,233
5.13%, 1/15/2029(a)		935,000		645,294
5.13%, 7/15/2029(a)		5,185,000		3,549,969
5.50%, 10/15/2029(a)		4,000,000		2,751,603

CCO Holdings LLC
5.13%, 5/1/2027(a)		2,201,000		2,026,453
5.00%, 2/1/2028(a)		1,210,000		1,086,504
5.38%, 6/1/2029(a)		180,000		157,550
6.38%, 9/1/2029(a)		515,000		471,327
4.75%, 3/1/2030(a)		1,905,000		1,571,478
4.50%, 8/15/2030(a)		1,385,000		1,110,542
4.25%, 2/1/2031(a)		1,570,000		1,221,771
4.75%, 2/1/2032(a)		680,000		530,781
4.50%, 5/1/2032		1,587,000		1,214,843
4.50%, 6/1/2033(a)		1,760,000		1,312,899
4.25%, 1/15/2034(a)		1,750,000		1,264,030

Embarq Corp.
8.00%, 6/1/2036		2,600,000		1,417,000

Frontier California, Inc.
Series F, 6.75%, 5/15/2027		215,000		197,262

Frontier Communications Holdings LLC
6.75%, 5/1/2029(a)		700,000		553,912
8.75%, 5/15/2030(a)		80,000		76,220

Iliad Holding SASU
7.00%, 10/15/2028(a)		1,325,000		1,199,062

Intelsat Jackson Holdings SA
6.50%, 3/15/2030(a)		3,075,000		2,699,945


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Diversified Telecommunication Services – (continued)

Level 3 Financing, Inc.
4.63%, 9/15/2027(a)	$	2,035,000	$	1,353,275
4.25%, 7/1/2028(a)		6,470,000		3,658,610
3.63%, 1/15/2029(a)		4,600,000		2,349,197
3.75%, 7/15/2029(a)		500,000		254,208

Lumen Technologies, Inc.
5.63%, 4/1/2025		740,000		583,962
5.13%, 12/15/2026(a)		1,810,000		888,899
4.00%, 2/15/2027(a)		4,110,000		2,774,250

Telesat Canada
5.63%, 12/6/2026(a)		1,585,000		1,011,690
4.88%, 6/1/2027(a)		1,110,000		657,675

Virgin Media Finance plc
5.00%, 7/15/2030(a)		4,735,000		3,722,579

Virgin Media Secured Finance plc
4.50%, 8/15/2030(a)		805,000		663,771

Windstream Escrow LLC
7.75%, 8/15/2028(a)		7,481,000		5,932,334

Zayo Group Holdings, Inc.
4.00%, 3/1/2027(a)		4,680,000		3,522,368
6.13%, 3/1/2028(a)		3,230,000		2,139,708
				66,964,143

Electric Utilities – 1.5%

Edison International
8.13%, 6/15/2053(c)		1,165,000		1,123,347

Emera, Inc.
Series 16-A, 6.75%, 6/15/2076(c)		6,450,000		6,065,819

Leeward Renewable Energy Operations LLC
4.25%, 7/1/2029(a)		195,000		159,251

NextEra Energy Operating Partners LP
3.88%, 10/15/2026(a)		2,510,000		2,282,140
4.50%, 9/15/2027(a)		2,720,000		2,435,474

NRG Energy, Inc.
3.38%, 2/15/2029(a)		129,000		104,993
5.25%, 6/15/2029(a)		1,380,000		1,217,519
3.63%, 2/15/2031(a)		935,000		705,585
3.88%, 2/15/2032(a)		1,000,000		743,165


Investments	Principal Amount		Value

Electric Utilities – (continued)

Pattern Energy Operations LP
4.50%, 8/15/2028(a)	$	500,000	$	435,839

PG&E Corp.
5.00%, 7/1/2028		1,000,000		905,945
5.25%, 7/1/2030		925,000		810,209

Vistra Operations Co. LLC
5.63%, 2/15/2027(a)		1,810,000		1,703,234
				18,692,520

Electronic Equipment, Instruments & Components – 0.1%

Crane NXT Co.
4.20%, 3/15/2048		920,000		556,960

Likewize Corp.
9.75%, 10/15/2025(a)		1,096,000		1,088,589
				1,645,549

Energy Equipment & Services – 2.4%

Archrock Partners LP
6.88%, 4/1/2027(a)		810,000		778,699
6.25%, 4/1/2028(a)		1,655,000		1,537,081

CGG SA
8.75%, 4/1/2027(a)		2,780,000		2,453,656

Nabors Industries Ltd.
7.25%, 1/15/2026(a)		215,000		201,986

Nine Energy Service, Inc.
13.00%, 2/1/2028		1,000,000		885,000

Noble Finance II LLC
8.00%, 4/15/2030(a)		3,160,000		3,158,069

Oceaneering International, Inc.
6.00%, 2/1/2028		430,000		394,525

Precision Drilling Corp.
6.88%, 1/15/2029(a)		900,000		833,313

Seadrill Finance Ltd.
8.38%, 8/1/2030(a)		3,000,000		3,000,960

USA Compression Partners LP
6.88%, 4/1/2026		3,780,000		3,670,773
6.88%, 9/1/2027		3,813,000		3,653,264

Valaris Ltd.
8.38%, 4/30/2030(a)		5,885,000		5,774,656

Weatherford International Ltd.
8.63%, 4/30/2030(a)		3,265,000		3,299,214
				29,641,196


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Entertainment – 0.4%

Allen Media LLC
10.50%, 2/15/2028(a)	$	2,145,000	$	1,117,127

Cinemark USA, Inc.
5.88%, 3/15/2026(a)		725,000		688,408
5.25%, 7/15/2028(a)		1,740,000		1,502,799

Live Nation Entertainment, Inc.
4.75%, 10/15/2027(a)		1,825,000		1,667,703
				4,976,037

Financial Services – 2.2%

Freedom Mortgage Corp.
7.63%, 5/1/2026(a)		250,000		230,072
6.63%, 1/15/2027(a)		2,750,000		2,380,100
12.00%, 10/1/2028(a)		500,000		501,599
12.25%, 10/1/2030(a)		500,000		500,164

GTCR W-2 Merger Sub LLC
7.50%, 1/15/2031(a)		1,000,000		987,350

Jefferies Finance LLC
5.00%, 8/15/2028(a)		3,650,000		2,913,014

Jefferson Capital Holdings LLC
6.00%, 8/15/2026(a)		1,581,000		1,380,643

MGIC Investment Corp.
5.25%, 8/15/2028		1,355,000		1,245,483

Midcap Financial Issuer Trust
6.50%, 5/1/2028(a)		5,420,000		4,592,960
5.63%, 1/15/2030(a)		2,030,000		1,562,026

Mobius Merger Sub, Inc.
9.00%, 6/1/2030(a)		250,000		224,084

Nationstar Mortgage Holdings, Inc.
5.00%, 2/1/2026(a)		730,000		678,533
6.00%, 1/15/2027(a)		1,200,000		1,115,424
5.50%, 8/15/2028(a)		1,901,000		1,679,914
5.13%, 12/15/2030(a)		275,000		222,526
5.75%, 11/15/2031(a)		220,000		183,227

NMI Holdings, Inc.
7.38%, 6/1/2025(a)		335,000		335,347

Oxford Finance LLC
6.38%, 2/1/2027(a)		585,000		533,081

PennyMac Financial Services, Inc.
4.25%, 2/15/2029(a)		75,000		61,263
5.75%, 9/15/2031(a)		5,000		4,077


Investments	Principal Amount		Value

Financial Services – (continued)

PHH Mortgage Corp.
7.88%, 3/15/2026(a)	$	1,915,000	$	1,651,687

Rocket Mortgage LLC
2.88%, 10/15/2026(a)		800,000		696,456
3.63%, 3/1/2029(a)		694,000		564,009

United Wholesale Mortgage LLC
5.50%, 11/15/2025(a)		445,000		422,965
5.75%, 6/15/2027(a)		815,000		741,593
5.50%, 4/15/2029(a)		1,390,000		1,164,125
				26,571,722

Food Products – 1.1%

B&G Foods, Inc.
5.25%, 9/15/2027		1,100,000		905,311

Lamb Weston Holdings, Inc.
4.88%, 5/15/2028(a)		250,000		230,846
4.13%, 1/31/2030(a)		4,900,000		4,156,781
4.38%, 1/31/2032(a)		3,803,000		3,146,479

Post Holdings, Inc.
5.63%, 1/15/2028(a)		1,680,000		1,561,342
5.50%, 12/15/2029(a)		1,000,000		891,814
4.63%, 4/15/2030(a)		1,379,000		1,154,759
4.50%, 9/15/2031(a)		1,040,000		841,500

Sigma Holdco BV
7.88%, 5/15/2026(a)		515,000		430,916

Simmons Foods, Inc.
4.63%, 3/1/2029(a)		625,000		507,700

TreeHouse Foods, Inc.
4.00%, 9/1/2028		50,000		40,675
				13,868,123

Gas Utilities – 0.9%

AmeriGas Partners LP
5.50%, 5/20/2025		1,365,000		1,308,376
5.88%, 8/20/2026		1,405,000		1,317,117
5.75%, 5/20/2027		500,000		459,518
9.38%, 6/1/2028(a)		2,500,000		2,470,616

Ferrellgas LP
5.38%, 4/1/2026(a)		1,445,000		1,352,492

Suburban Propane Partners LP
5.88%, 3/1/2027		585,000		554,287
5.00%, 6/1/2031(a)		3,420,000		2,832,799


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Gas Utilities – (continued)

Superior Plus LP
4.50%, 3/15/2029(a)	$	500,000	$	426,465
				10,721,670

Ground Transportation – 1.5%

Albion Financing 1 Sarl
6.13%, 10/15/2026(a)		2,370,000		2,192,250

Albion Financing 2 Sarl
8.75%, 4/15/2027(a)		2,785,000		2,544,069

Carriage Purchaser, Inc.
7.88%, 10/15/2029(a)		905,000		665,785

EquipmentShare.com, Inc.
9.00%, 5/15/2028(a)		5,430,000		5,104,200

First Student Bidco, Inc.
4.00%, 7/31/2029(a)		505,000		406,525

Hertz Corp. (The)
4.63%, 12/1/2026(a)		615,000		515,139
5.00%, 12/1/2029(a)		5,060,000		3,632,595

NESCO Holdings II, Inc.
5.50%, 4/15/2029(a)		1,800,000		1,543,500

PECF USS Intermediate Holding III Corp.
8.00%, 11/15/2029(a)		3,115,000		1,477,694

Uber Technologies, Inc.
4.50%, 8/15/2029(a)		250,000		220,484
				18,302,241

Health Care Equipment & Supplies – 0.4%

Avantor Funding, Inc.
4.63%, 7/15/2028(a)		300,000		267,033

Embecta Corp.
5.00%, 2/15/2030(a)		190,000		150,873

Garden Spinco Corp.
8.63%, 7/20/2030(a)		180,000		185,719

Hologic, Inc.
4.63%, 2/1/2028(a)		800,000		727,521
3.25%, 2/15/2029(a)		500,000		419,760

Medline Borrower LP
5.25%, 10/1/2029(a)		2,315,000		1,970,578

Teleflex, Inc.
4.63%, 11/15/2027		1,050,000		960,750
4.25%, 6/1/2028(a)		500,000		441,251


Investments	Principal Amount		Value

Health Care Equipment & Supplies – (continued)

Varex Imaging Corp.
7.88%, 10/15/2027(a)	$	9,000	$	8,821
				5,132,306

Health Care Providers & Services – 3.0%

180 Medical, Inc.
3.88%, 10/15/2029(a)		200,000		166,155

Acadia Healthcare Co., Inc.
5.50%, 7/1/2028(a)		1,130,000		1,043,207
5.00%, 4/15/2029(a)		150,000		133,742

AdaptHealth LLC
6.13%, 8/1/2028(a)		815,000		669,143

AHP Health Partners, Inc.
5.75%, 7/15/2029(a)		1,547,000		1,268,540

Community Health Systems, Inc.
8.00%, 3/15/2026(a)		1,050,000		959,758

DaVita, Inc.
4.63%, 6/1/2030(a)		1,223,000		958,478

Encompass Health Corp.
4.75%, 2/1/2030		485,000		419,124
4.63%, 4/1/2031		250,000		208,109

Global Medical Response, Inc.
6.50%, 10/1/2025(a)		3,180,000		2,019,300

HealthEquity, Inc.
4.50%, 10/1/2029(a)		320,000		274,112

Heartland Dental LLC
8.50%, 5/1/2026(a)		600,000		546,107
10.50%, 4/30/2028(a)		1,225,000		1,177,384

Kedrion SpA
6.50%, 9/1/2029(a)		515,000		428,738

Legacy LifePoint Health LLC
4.38%, 2/15/2027(a)		1,745,000		1,442,958

LifePoint Health, Inc.
5.38%, 1/15/2029(a)		1,595,000		966,328
9.88%, 8/15/2030(a)		2,830,000		2,557,613

Molina Healthcare, Inc.
4.38%, 6/15/2028(a)		1,505,000		1,339,475
3.88%, 11/15/2030(a)		3,400,000		2,773,107
3.88%, 5/15/2032(a)		3,900,000		3,064,462

Option Care Health, Inc.
4.38%, 10/31/2029(a)		240,000		200,581

Prime Healthcare Services, Inc.
7.25%, 11/1/2025(a)		1,500,000		1,365,000


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – (continued)

Radiology Partners, Inc.
9.25%, 2/1/2028(a)	$	2,885,000	$	1,085,002

RegionalCare Hospital Partners Holdings, Inc.
9.75%, 12/1/2026(a)		2,430,000		2,272,015

RP Escrow Issuer LLC
5.25%, 12/15/2025(a)		2,455,000		1,749,187

Team Health Holdings, Inc.
6.38%, 2/1/2025(a)		825,000		653,812

Tenet Healthcare Corp.
6.25%, 2/1/2027		500,000		479,473
5.13%, 11/1/2027		400,000		369,247
6.13%, 10/1/2028		1,050,000		973,875
6.88%, 11/15/2031		215,000		198,213

Toledo Hospital (The)
Series B, 5.33%, 11/15/2028		1,795,000		1,373,175

US Acute Care Solutions LLC
6.38%, 3/1/2026(a)		3,963,000		3,371,579
				36,506,999

Health Care REITs – 0.2%

CTR Partnership LP
REIT, 3.88%, 6/30/2028(a)		1,300,000		1,092,176

MPT Operating Partnership LP
REIT, 4.63%, 8/1/2029		2,670,000		1,848,525
				2,940,701

Hotel & Resort REITs – 0.4%

Park Intermediate Holdings LLC
REIT, 4.88%, 5/15/2029(a)		1,525,000		1,272,757

RHP Hotel Properties LP
REIT, 4.50%, 2/15/2029(a)		240,000		204,286

Service Properties Trust
REIT, 5.25%, 2/15/2026		630,000		563,441
REIT, 4.75%, 10/1/2026		1,020,000		867,289
REIT, 4.95%, 2/15/2027		985,000		820,166
REIT, 3.95%, 1/15/2028		705,000		527,119

XHR LP
REIT, 4.88%, 6/1/2029(a)		240,000		203,056
				4,458,114


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – 6.5%

1011778 BC ULC
3.88%, 1/15/2028(a)	$	200,000	$	178,559

Affinity Interactive
6.88%, 12/15/2027(a)		3,055,000		2,490,088

Boyd Gaming Corp.
4.75%, 6/15/2031(a)		3,280,000		2,722,068

Caesars Entertainment, Inc.
8.13%, 7/1/2027(a)		489,000		484,537

Carnival Corp.
7.63%, 3/1/2026(a)		1,140,000		1,108,528
5.75%, 3/1/2027(a)		3,000,000		2,678,586

Carnival Holdings Bermuda Ltd.
10.38%, 5/1/2028(a)		1,161,000		1,237,875

CDI Escrow Issuer, Inc.
5.75%, 4/1/2030(a)		760,000		678,988

CEC Entertainment LLC
6.75%, 5/1/2026(a)		844,000		788,238

Cedar Fair LP
5.38%, 4/15/2027		1,610,000		1,490,784
6.50%, 10/1/2028		995,000		920,952
5.25%, 7/15/2029		806,000		694,157

Churchill Downs, Inc.
5.50%, 4/1/2027(a)		1,350,000		1,266,230
4.75%, 1/15/2028(a)		1,255,000		1,123,884
6.75%, 5/1/2031(a)		250,000		230,625

Everi Holdings, Inc.
5.00%, 7/15/2029(a)		810,000		680,627

Fertitta Entertainment LLC
4.63%, 1/15/2029(a)		960,000		806,717

Genting New York LLC
3.30%, 2/15/2026(a)		2,700,000		2,409,454

GPS Hospitality Holding Co. LLC
7.00%, 8/15/2028(a)		1,100,000		747,620

Hilton Domestic Operating Co., Inc.
5.38%, 5/1/2025(a)		500,000		491,526
3.75%, 5/1/2029(a)		750,000		645,597
4.88%, 1/15/2030		750,000		673,294
4.00%, 5/1/2031(a)		1,000,000		828,166
3.63%, 2/15/2032(a)		3,140,000		2,482,086


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Hotels, Restaurants & Leisure – (continued)

Hilton Grand Vacations Borrower Escrow LLC
5.00%, 6/1/2029(a)	$	1,725,000	$	1,444,684
4.88%, 7/1/2031(a)		2,755,000		2,181,638

Jacobs Entertainment, Inc.
6.75%, 2/15/2029(a)		1,500,000		1,275,000

KFC Holding Co.
4.75%, 6/1/2027(a)		500,000		472,525

Las Vegas Sands Corp.
3.90%, 8/8/2029		365,000		315,139

Life Time, Inc.
8.00%, 4/15/2026(a)		1,065,000		1,038,375

Light & Wonder International, Inc.
7.00%, 5/15/2028(a)		450,000		438,655

Marriott Ownership Resorts, Inc.
4.75%, 1/15/2028		1,236,000		1,062,742
4.50%, 6/15/2029(a)		1,305,000		1,072,370

Midwest Gaming Borrower LLC
4.88%, 5/1/2029(a)		4,150,000		3,454,875

Mohegan Tribal Gaming Authority
8.00%, 2/1/2026(a)		6,120,000		5,622,750

Papa John's International, Inc.
3.88%, 9/15/2029(a)		1,300,000		1,066,594

Penn Entertainment, Inc.
5.63%, 1/15/2027(a)		1,030,000		939,635
4.13%, 7/1/2029(a)		100,000		77,696

Raptor Acquisition Corp.
4.88%, 11/1/2026(a)		385,000		358,242

Resorts World Las Vegas LLC
4.63%, 4/16/2029(a)		5,250,000		4,032,262
8.45%, 7/27/2030(a)		2,500,000		2,299,334
4.63%, 4/6/2031(a)		1,655,000		1,166,775

Royal Caribbean Cruises Ltd.
4.25%, 7/1/2026(a)		1,220,000		1,121,913
5.50%, 8/31/2026(a)		2,205,000		2,080,814
5.38%, 7/15/2027(a)		1,000,000		921,576
11.63%, 8/15/2027(a)		2,710,000		2,939,171
5.50%, 4/1/2028(a)		1,100,000		1,003,037


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – (continued)

SeaWorld Parks & Entertainment, Inc.
5.25%, 8/15/2029(a)	$	1,335,000	$	1,162,825

Six Flags Entertainment Corp.
5.50%, 4/15/2027(a)		1,610,000		1,465,696
7.25%, 5/15/2031(a)		800,000		736,000

Sizzling Platter LLC
8.50%, 11/28/2025(a)		330,000		328,061

Station Casinos LLC
4.50%, 2/15/2028(a)		500,000		431,813

TKC Holdings, Inc.
6.88%, 5/15/2028(a)		1,270,000		1,098,550
10.50%, 5/15/2029(a)		2,225,000		1,779,452

Travel + Leisure Co.
6.63%, 7/31/2026(a)		1,425,000		1,390,429
6.00%, 4/1/2027(e)		795,000		742,526
4.50%, 12/1/2029(a)		360,000		296,707
4.63%, 3/1/2030(a)		35,000		28,653

Wynn Resorts Finance LLC
5.13%, 10/1/2029(a)		380,000		324,066
7.13%, 2/15/2031(a)		500,000		465,611

Yum! Brands, Inc.
4.75%, 1/15/2030(a)		2,300,000		2,047,483
3.63%, 3/15/2031		930,000		755,181
4.63%, 1/31/2032		855,000		728,526
5.38%, 4/1/2032		590,000		530,356
6.88%, 11/15/2037		820,000		809,511
				79,366,434

Household Durables – 1.2%

Ashton Woods USA LLC
6.63%, 1/15/2028(a)		465,000		425,475
4.63%, 4/1/2030(a)		745,000		576,856

Brookfield Residential Properties, Inc.
6.25%, 9/15/2027(a)		2,040,000		1,774,839

CD&R Smokey Buyer, Inc.
6.75%, 7/15/2025(a)		1,250,000		1,194,750

Empire Communities Corp.
7.00%, 12/15/2025(a)		505,000		469,352

Installed Building Products, Inc.
5.75%, 2/1/2028(a)		285,000		257,124

KB Home
4.00%, 6/15/2031		90,000		70,273


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Household Durables – (continued)

LGI Homes, Inc.
4.00%, 7/15/2029(a)	$	1,115,000	$	853,212

M/I Homes, Inc.
3.95%, 2/15/2030		5,000		3,977

Mattamy Group Corp.
5.25%, 12/15/2027(a)		870,000		781,660
4.63%, 3/1/2030(a)		1,725,000		1,408,391

Shea Homes LP
4.75%, 2/15/2028		810,000		711,895
4.75%, 4/1/2029		495,000		417,863

SWF Escrow Issuer Corp.
6.50%, 10/1/2029(a)		1,965,000		1,164,015

Taylor Morrison Communities, Inc.
5.75%, 1/15/2028(a)		1,060,000		962,110
5.13%, 8/1/2030(a)		360,000		302,545

Tempur Sealy International, Inc.
4.00%, 4/15/2029(a)		540,000		443,013
3.88%, 10/15/2031(a)		3,670,000		2,748,384

TopBuild Corp.
4.13%, 2/15/2032(a)		175,000		138,442

Tri Pointe Homes, Inc.
5.70%, 6/15/2028		580,000		516,403
				15,220,579

Household Products – 0.2%

Central Garden & Pet Co.
4.13%, 10/15/2030		250,000		203,901
4.13%, 4/30/2031(a)		100,000		79,552

Energizer Holdings, Inc.
6.50%, 12/31/2027(a)		490,000		456,765
4.75%, 6/15/2028(a)		1,290,000		1,101,840
4.38%, 3/31/2029(a)		425,000		346,937

Kronos Acquisition Holdings, Inc.
5.00%, 12/31/2026(a)		220,000		199,001
				2,387,996


Investments	Principal Amount		Value

Independent Power and Renewable Electricity Producers – 0.1%

Clearway Energy Operating LLC
3.75%, 2/15/2031(a)	$	795,000	$	619,900

Talen Energy Supply LLC
8.63%, 6/1/2030(a)		1,000,000		1,016,109

TransAlta Corp.
6.50%, 3/15/2040		230,000		202,700
				1,838,709

Insurance – 0.5%

Assurant, Inc.
7.00%, 3/27/2048(c)		665,000		636,928

Constellation Insurance, Inc.
6.80%, 1/24/2030(a)(e)		220,000		188,220
6.63%, 5/1/2031(a)		1,000,000		866,063

Global Atlantic Fin Co.
4.70%, 10/15/2051(a)(c)		3,715,000		2,584,776

Liberty Mutual Group, Inc.
7.80%, 3/15/2037(a)		75,000		72,103
4.13%, 12/15/2051(a)(c)		1,625,000		1,290,104
				5,638,194

Interactive Media & Services – 0.6%

Cars.com, Inc.
6.38%, 11/1/2028(a)		936,000		833,040

Rackspace Technology Global, Inc.
3.50%, 2/15/2028(a)		3,045,000		1,334,736
5.38%, 12/1/2028(a)		1,810,000		529,281

Ziff Davis, Inc.
4.63%, 10/15/2030(a)		2,450,000		2,051,185

ZipRecruiter, Inc.
5.00%, 1/15/2030(a)		2,820,000		2,202,505
				6,950,747

IT Services – 0.5%

Acuris Finance US, Inc.
5.00%, 5/1/2028(a)		1,129,000		889,088

Cogent Communications Group, Inc.
3.50%, 5/1/2026(a)		950,000		859,984
7.00%, 6/15/2027(a)		825,000		779,625


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

IT Services – (continued)

Conduent Business Services LLC
6.00%, 11/1/2029(a)	$	1,500,000	$	1,236,497

Gartner, Inc.
4.50%, 7/1/2028(a)		1,615,000		1,453,045
3.63%, 6/15/2029(a)		250,000		211,114
3.75%, 10/1/2030(a)		545,000		451,091

ION Trading Technologies Sarl
5.75%, 5/15/2028(a)		740,000		614,200
				6,494,644

Machinery – 1.1%

Amsted Industries, Inc.
4.63%, 5/15/2030(a)		200,000		161,347

Calderys Financing LLC
11.25%, 6/1/2028(a)		880,000		887,700

GrafTech Finance, Inc.
4.63%, 12/15/2028(a)		2,495,000		1,828,935

GrafTech Global Enterprises, Inc.
9.88%, 12/15/2028(a)		2,400,000		2,149,171

Hillenbrand, Inc.
5.00%, 9/15/2026(e)		660,000		632,980

Husky III Holding Ltd.
13.00%, 2/15/2025(a)(b)		800,000		770,000

Interpipe Holdings plc
8.38%, 5/13/2026(a)		1,500,000		1,095,000

Manitowoc Co., Inc. (The)
9.00%, 4/1/2026(a)		200,000		196,041

OT Merger Corp.
7.88%, 10/15/2029(a)		1,580,000		940,100

Terex Corp.
5.00%, 5/15/2029(a)		1,175,000		1,028,532

Titan International, Inc.
7.00%, 4/30/2028		926,000		846,150

TK Elevator US Newco, Inc.
5.25%, 7/15/2027(a)		2,235,000		2,034,850

Wabash National Corp.
4.50%, 10/15/2028(a)		1,365,000		1,129,538
				13,700,344


Investments	Principal Amount		Value

Media – 8.8%

Advantage Sales & Marketing, Inc.
6.50%, 11/15/2028(a)	$	1,575,000	$	1,283,625

Altice Financing SA
5.00%, 1/15/2028(a)		1,695,000		1,378,487
5.75%, 8/15/2029(a)		4,000,000		3,093,231

AMC Networks, Inc.
4.25%, 2/15/2029		3,030,000		1,861,601

Belo Corp.
7.75%, 6/1/2027		625,000		611,854
7.25%, 9/15/2027		645,000		614,679

Cable One, Inc.
4.00%, 11/15/2030(a)		250,000		186,250

CMG Media Corp.
8.88%, 12/15/2027(a)		2,890,000		2,232,525

CSC Holdings LLC
7.50%, 4/1/2028(a)		5,500,000		3,525,104
5.75%, 1/15/2030(a)		2,000,000		1,046,339

Directv Financing LLC
5.88%, 8/15/2027(a)		3,675,000		3,220,164

DISH DBS Corp.
5.88%, 11/15/2024		4,425,000		4,060,007
7.75%, 7/1/2026		10,592,000		7,097,391
5.25%, 12/1/2026(a)		1,630,000		1,314,841
7.38%, 7/1/2028		5,454,000		3,080,080
5.75%, 12/1/2028(a)		1,005,000		729,881
5.13%, 6/1/2029		8,069,000		4,155,535

DISH Network Corp.
11.75%, 11/15/2027(a)		2,915,000		2,887,482

Gannett Holdings LLC
6.00%, 11/1/2026(a)		355,000		298,200

GCI LLC
4.75%, 10/15/2028(a)		1,985,000		1,703,329

Gray Escrow II, Inc.
5.38%, 11/15/2031(a)		7,050,000		4,443,272

Gray Television, Inc.
7.00%, 5/15/2027(a)		1,560,000		1,322,755
4.75%, 10/15/2030(a)		695,000		445,591

Lamar Media Corp.
4.00%, 2/15/2030		250,000		211,525
3.63%, 1/15/2031		500,000		404,155

News Corp.
5.13%, 2/15/2032(a)		300,000		259,065


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Media – (continued)

Nexstar Media, Inc.
5.63%, 7/15/2027(a)	$	3,520,000	$	3,167,861
4.75%, 11/1/2028(a)		530,000		445,141

Paramount Global
6.25%, 2/28/2057(c)		1,160,000		832,300
6.38%, 3/30/2062(c)		2,170,000		1,596,990

Radiate Holdco LLC
4.50%, 9/15/2026(a)		1,940,000		1,483,400
6.50%, 9/15/2028(a)		4,750,000		2,351,250

Scripps Escrow II, Inc.
5.38%, 1/15/2031(a)		100,000		62,092

Scripps Escrow, Inc.
5.88%, 7/15/2027(a)		1,337,000		999,408

Sinclair Television Group, Inc.
5.13%, 2/15/2027(a)		871,000		683,735
5.50%, 3/1/2030(a)		2,786,000		1,512,519
4.13%, 12/1/2030(a)		2,250,000		1,421,753

Sirius XM Radio, Inc.
3.13%, 9/1/2026(a)		1,695,000		1,520,025
5.00%, 8/1/2027(a)		3,120,000		2,860,728
4.00%, 7/15/2028(a)		1,695,000		1,441,483
5.50%, 7/1/2029(a)		2,385,000		2,113,286
4.13%, 7/1/2030(a)		7,895,000		6,268,748
3.88%, 9/1/2031(a)		7,795,000		5,871,095

Summer BC Bidco B LLC
5.50%, 10/31/2026(a)		2,260,000		1,968,121

TEGNA, Inc.
4.75%, 3/15/2026(a)		535,000		499,226
4.63%, 3/15/2028		1,967,000		1,696,537
5.00%, 9/15/2029		850,000		711,875

Townsquare Media, Inc.
6.88%, 2/1/2026(a)		870,000		804,279

Univision Communications, Inc.
6.63%, 6/1/2027(a)		250,000		228,349
7.38%, 6/30/2030(a)		645,000		567,928

UPC Broadband Finco BV
4.88%, 7/15/2031(a)		1,000,000		798,420

UPC Holding BV
5.50%, 1/15/2028(a)		934,000		814,915

Urban One, Inc.
7.38%, 2/1/2028(a)		511,000		420,155

Videotron Ltd.
3.63%, 6/15/2029(a)		300,000		252,840


Investments	Principal Amount		Value

Media – (continued)

Virgin Media Vendor Financing Notes IV DAC
5.00%, 7/15/2028(a)	$	1,225,000	$	1,040,105

VZ Secured Financing BV
5.00%, 1/15/2032(a)		8,010,000		6,077,387

Ziggo Bond Co. BV
5.13%, 2/28/2030(a)		1,848,000		1,346,442

Ziggo BV
4.88%, 1/15/2030(a)		5,120,000		4,087,800
				107,413,161

Metals & Mining – 2.1%

Allegheny Ludlum LLC
6.95%, 12/15/2025		195,000		194,020

Arsenal AIC Parent LLC
8.00%, 10/1/2030(a)		600,000		592,500

ATI, Inc.
5.88%, 12/1/2027		800,000		742,216
5.13%, 10/1/2031		280,000		231,000

Baffinland Iron Mines Corp.
8.75%, 7/15/2026(a)		1,960,000		1,884,003

Cleveland-Cliffs, Inc.
6.75%, 4/15/2030(a)		585,000		542,406

Compass Minerals International, Inc.
6.75%, 12/1/2027(a)		1,025,000		965,499

FMG Resources August 2006 Pty. Ltd.
4.50%, 9/15/2027(a)		250,000		225,102
5.88%, 4/15/2030(a)		3,625,000		3,253,068
4.38%, 4/1/2031(a)		2,990,000		2,409,700
6.13%, 4/15/2032(a)		4,115,000		3,632,019

Hecla Mining Co.
7.25%, 2/15/2028		1,025,000		978,620

Hudbay Minerals, Inc.
4.50%, 4/1/2026(a)		1,280,000		1,191,314

Kaiser Aluminum Corp.
4.63%, 3/1/2028(a)		840,000		699,945

Mineral Resources Ltd.
8.13%, 5/1/2027(a)		1,260,000		1,225,792
8.00%, 11/1/2027(a)		1,210,000		1,169,211
9.25%, 10/1/2028(a)		1,000,000		1,000,000
8.50%, 5/1/2030(a)		743,000		711,356


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Metals & Mining – (continued)

Novelis Corp.
3.25%, 11/15/2026(a)	$	500,000	$	445,071
3.88%, 8/15/2031(a)		600,000		468,600

SunCoke Energy, Inc.
4.88%, 6/30/2029(a)		1,720,000		1,439,640

TMS International Corp.
6.25%, 4/15/2029(a)		1,945,000		1,534,513

Warrior Met Coal, Inc.
7.88%, 12/1/2028(a)		56,000		54,617
				25,590,212

Mortgage Real Estate Investment Trusts (REITs) – 0.7%

Apollo Commercial Real Estate Finance, Inc.
4.63%, 6/15/2029(a)		160,000		122,473

Blackstone Mortgage Trust, Inc.
3.75%, 1/15/2027(a)		1,245,000		1,035,261

Ladder Capital Finance Holdings LLLP
5.25%, 10/1/2025(a)		654,000		621,675
4.25%, 2/1/2027(a)		1,580,000		1,380,265
4.75%, 6/15/2029(a)		3,125,000		2,512,506

Rithm Capital Corp.
6.25%, 10/15/2025(a)		1,175,000		1,112,118

Starwood Property Trust, Inc.
3.63%, 7/15/2026(a)		825,000		728,533
4.38%, 1/15/2027(a)		1,755,000		1,505,632
				9,018,463

Multi-Utilities – 0.3%

Algonquin Power & Utilities Corp.
4.75%, 1/18/2082(c)		4,000,000		3,157,760

Office REITs – 0.4%

Office Properties Income Trust
REIT, 4.50%, 2/1/2025		3,650,000		3,120,750
REIT, 2.65%, 6/15/2026		1,600,000		1,051,960
REIT, 3.45%, 10/15/2031		2,250,000		1,102,500
				5,275,210


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – 11.6%

Aethon United BR LP
8.25%, 2/15/2026(a)	$	930,000	$	923,806

Antero Midstream Partners LP
5.75%, 3/1/2027(a)		1,464,000		1,399,251
5.75%, 1/15/2028(a)		1,145,000		1,073,428
5.38%, 6/15/2029(a)		1,515,000		1,375,693

Ascent Resources Utica Holdings LLC
7.00%, 11/1/2026(a)		855,000		825,664

Athabasca Oil Corp.
9.75%, 11/1/2026(a)		174,000		179,335

Baytex Energy Corp.
8.75%, 4/1/2027(a)		780,000		786,140
8.50%, 4/30/2030(a)		1,750,000		1,733,282

Berry Petroleum Co. LLC
7.00%, 2/15/2026(a)		330,000		316,800

Buckeye Partners LP
4.13%, 3/1/2025(a)		240,000		228,552
3.95%, 12/1/2026		805,000		733,693
4.13%, 12/1/2027		1,650,000		1,433,520
4.50%, 3/1/2028(a)		465,000		404,550
5.85%, 11/15/2043		100,000		70,668

Chesapeake Energy Corp.
5.88%, 2/1/2029(a)		960,000		903,851

Chord Energy Corp.
6.38%, 6/1/2026(a)		500,000		490,870

Civitas Resources, Inc.
5.00%, 10/15/2026(a)		665,000		622,218
8.38%, 7/1/2028(a)		1,025,000		1,031,315
8.75%, 7/1/2031(a)		2,890,000		2,916,780

CNX Midstream Partners LP
4.75%, 4/15/2030(a)		1,260,000		1,038,086

CNX Resources Corp.
7.25%, 3/14/2027(a)		600,000		590,474
6.00%, 1/15/2029(a)		995,000		912,372
7.38%, 1/15/2031(a)		1,070,000		1,022,359

Conuma Resources Ltd.
13.13%, 5/1/2028(a)		750,000		693,461

CQP Holdco LP
5.50%, 6/15/2031(a)		1,365,000		1,187,210

Crescent Energy Finance LLC
7.25%, 5/1/2026(a)		2,160,000		2,091,096
9.25%, 2/15/2028(a)		1,995,000		2,009,286


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

CVR Energy, Inc.
5.75%, 2/15/2028(a)	$	800,000	$	718,768

Delek Logistics Partners LP
7.13%, 6/1/2028(a)		2,120,000		1,929,200

DT Midstream, Inc.
4.13%, 6/15/2029(a)		845,000		726,539
4.38%, 6/15/2031(a)		545,000		452,600

Encino Acquisition Partners Holdings LLC
8.50%, 5/1/2028(a)		2,270,000		2,213,250

Energean plc
6.50%, 4/30/2027(a)		2,200,000		1,830,180

EnQuest plc
11.63%, 11/1/2027(a)		1,550,000		1,457,303

Genesis Energy LP
6.25%, 5/15/2026		815,000		776,728
8.00%, 1/15/2027		2,540,000		2,439,040
7.75%, 2/1/2028		1,480,000		1,393,589
8.88%, 4/15/2030		515,000		497,854

Global Partners LP
7.00%, 8/1/2027		1,060,000		999,113
6.88%, 1/15/2029		2,070,000		1,826,883

Gran Tierra Energy, Inc.
9.50%, 10/15/2029(a)		1,682,000		1,444,687

Gulfport Energy Corp.
8.00%, 5/17/2026(a)		249,000		248,572

Harbour Energy plc
5.50%, 10/15/2026(a)		610,000		565,050

Harvest Midstream I LP
7.50%, 9/1/2028(a)		4,010,000		3,799,687

Hilcorp Energy I LP
6.25%, 11/1/2028(a)		825,000		771,328
5.75%, 2/1/2029(a)		3,040,000		2,736,851
6.00%, 4/15/2030(a)		1,600,000		1,420,448
6.00%, 2/1/2031(a)		1,285,000		1,125,626
6.25%, 4/15/2032(a)		250,000		218,325

Holly Energy Partners LP
6.38%, 4/15/2027(a)		1,060,000		1,026,173
5.00%, 2/1/2028(a)		1,190,000		1,101,565

Howard Midstream Energy Partners LLC
6.75%, 1/15/2027(a)		515,000		486,726


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)

Ithaca Energy North Sea plc
9.00%, 7/15/2026(a)	$	3,368,000	$	3,233,381

ITT Holdings LLC
6.50%, 8/1/2029(a)		6,287,000		5,257,504

Magnolia Oil & Gas Operating LLC
6.00%, 8/1/2026(a)		230,000		220,800

Martin Midstream Partners LP
11.50%, 2/15/2028(a)		2,100,000		2,047,564

Matador Resources Co.
5.88%, 9/15/2026		1,250,000		1,204,492

Moss Creek Resources Holdings, Inc.
7.50%, 1/15/2026(a)		3,545,000		3,386,205
10.50%, 5/15/2027(a)		1,945,000		1,923,013

Murphy Oil Corp.
7.05%, 5/1/2029		420,000		411,823
5.87%, 12/1/2042(e)		285,000		218,966

New Fortress Energy, Inc.
6.75%, 9/15/2025(a)		3,935,000		3,650,634

NGL Energy Partners LP
7.50%, 4/15/2026		859,000		815,476

Northern Oil and Gas, Inc.
8.13%, 3/1/2028(a)		1,580,000		1,560,297
8.75%, 6/15/2031(a)		200,000		198,990

Northriver Midstream Finance LP
5.63%, 2/15/2026(a)		2,966,000		2,802,870

NuStar Logistics LP
5.75%, 10/1/2025		1,040,000		1,006,498
6.00%, 6/1/2026		795,000		767,064
6.38%, 10/1/2030		190,000		175,750

Parkland Corp.
5.88%, 7/15/2027(a)		1,055,000		1,010,114
4.50%, 10/1/2029(a)		1,510,000		1,298,751
4.63%, 5/1/2030(a)		500,000		426,250

PBF Holding Co. LLC
6.00%, 2/15/2028		1,415,000		1,300,813
7.88%, 9/15/2030(a)		300,000		289,502

Rockies Express Pipeline LLC
3.60%, 5/15/2025(a)		160,000		151,405
4.95%, 7/15/2029(a)		145,000		127,793
4.80%, 5/15/2030(a)		70,000		58,846
7.50%, 7/15/2038(a)		770,000		711,749
6.88%, 4/15/2040(a)		130,000		108,201


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – (continued)

SM Energy Co.
6.75%, 9/15/2026	$	755,000	$	741,568
6.63%, 1/15/2027		720,000		699,648

Strathcona Resources Ltd.
6.88%, 8/1/2026(a)		2,525,000		2,329,313

Sunoco LP
5.88%, 3/15/2028		985,000		931,802
7.00%, 9/15/2028(a)		500,000		486,610
4.50%, 5/15/2029		2,305,000		1,996,665
4.50%, 4/30/2030		2,375,000		2,028,545

Tallgrass Energy Partners LP
7.50%, 10/1/2025(a)		275,000		270,917
6.00%, 3/1/2027(a)		2,376,000		2,173,792
5.50%, 1/15/2028(a)		4,090,000		3,583,046
6.00%, 12/31/2030(a)		3,635,000		3,060,064
6.00%, 9/1/2031(a)		2,500,000		2,103,675

Teine Energy Ltd.
6.88%, 4/15/2029(a)		905,000		838,256

TerraForm Power Operating LLC
5.00%, 1/31/2028(a)		1,212,000		1,110,337

Topaz Solar Farms LLC
4.88%, 9/30/2039(a)		500,000		447,500
5.75%, 9/30/2039(a)		1,847,991		1,675,444

Venture Global Calcasieu Pass LLC
3.88%, 8/15/2029(a)		825,000		686,547
6.25%, 1/15/2030(a)		845,000		797,138
3.88%, 11/1/2033(a)		920,000		695,196

Venture Global LNG, Inc.
8.13%, 6/1/2028(a)		11,590,000		11,251,816
8.38%, 6/1/2031(a)		5,415,000		5,167,291

Vermilion Energy, Inc.
6.88%, 5/1/2030(a)		1,025,000		956,202

Vital Energy, Inc.
10.13%, 1/15/2028		1,000,000		1,002,636
7.75%, 7/31/2029(a)		1,515,000		1,371,766

W&T Offshore, Inc.
11.75%, 2/1/2026(a)		1,395,000		1,436,306
				141,406,676


Investments	Principal Amount		Value

Paper & Forest Products – 0.3%

Clearwater Paper Corp.
4.75%, 8/15/2028(a)	$	445,000	$	392,726

Domtar Corp.
6.75%, 10/1/2028(a)		3,610,000		2,937,682

Louisiana-Pacific Corp.
3.63%, 3/15/2029(a)		910,000		749,544
				4,079,952

Passenger Airlines – 1.3%

Air Canada
3.88%, 8/15/2026(a)		2,390,000		2,174,570

Allegiant Travel Co.
7.25%, 8/15/2027(a)		1,100,000		995,500

American Airlines Group, Inc.
3.75%, 3/1/2025(a)		500,000		466,506

American Airlines, Inc.
11.75%, 7/15/2025(a)		1,030,000		1,091,284
5.50%, 4/20/2026(a)		2,208,333		2,147,490
7.25%, 2/15/2028(a)		1,560,000		1,450,523
5.75%, 4/20/2029(a)		2,000,000		1,804,110

Spirit Loyalty Cayman Ltd.
8.00%, 9/20/2025(a)		3,935,000		2,902,063

United Airlines, Inc.
4.38%, 4/15/2026(a)		1,830,000		1,697,534
4.63%, 4/15/2029(a)		945,000		798,245
				15,527,825

Personal Care Products – 1.0%

BellRing Brands, Inc.
7.00%, 3/15/2030(a)		4,250,000		4,127,813

Coty, Inc.
4.75%, 1/15/2029(a)		250,000		221,307

Edgewell Personal Care Co.
5.50%, 6/1/2028(a)		1,400,000		1,277,731
4.13%, 4/1/2029(a)		240,000		200,700

Herbalife Nutrition Ltd.
7.88%, 9/1/2025(a)		3,017,000		2,839,193

Oriflame Investment Holding plc
5.13%, 5/4/2026(a)		2,895,000		885,870

Prestige Brands, Inc.
5.13%, 1/15/2028(a)		770,000		709,917
3.75%, 4/1/2031(a)		2,235,000		1,775,149
				12,037,680


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Pharmaceuticals – 1.9%

Bausch Health Americas, Inc.
9.25%, 4/1/2026(a)	$	1,369,000	$	1,199,752
8.50%, 1/31/2027(a)		3,500,000		1,566,250

Bausch Health Cos., Inc.
9.00%, 12/15/2025(a)		1,798,000		1,559,590
6.13%, 2/1/2027(a)		5,065,000		2,825,459
5.75%, 8/15/2027(a)		1,265,000		657,800
7.00%, 1/15/2028(a)		1,000,000		410,045
5.00%, 1/30/2028(a)		1,835,000		673,342
4.88%, 6/1/2028(a)		1,361,000		678,853
11.00%, 9/30/2028(a)		3,860,000		2,354,600
5.00%, 2/15/2029(a)		2,000,000		701,080
6.25%, 2/15/2029(a)		3,000,000		1,095,990
7.25%, 5/30/2029(a)		2,000,000		750,000
5.25%, 1/30/2030(a)		3,000,000		1,038,750
14.00%, 10/15/2030(a)		2,000,000		1,077,115

Cheplapharm Arzneimittel GmbH
5.50%, 1/15/2028(a)		640,000		567,672

HLF Financing Sarl LLC
4.88%, 6/1/2029(a)		3,255,000		2,221,538

Jazz Securities DAC
4.38%, 1/15/2029(a)		85,000		73,922

Organon & Co.
4.13%, 4/30/2028(a)		1,000,000		863,760
5.13%, 4/30/2031(a)		1,707,000		1,333,025

P&L Development LLC
7.75%, 11/15/2025(a)		1,900,000		1,276,230
				22,924,773

Professional Services – 0.6%

AMN Healthcare, Inc.
4.63%, 10/1/2027(a)		1,220,000		1,094,877
4.00%, 4/15/2029(a)		30,000		24,845

ASGN, Inc.
4.63%, 5/15/2028(a)		880,000		779,227

CoreLogic, Inc.
4.50%, 5/1/2028(a)		2,000,000		1,585,000

KBR, Inc.
4.75%, 9/30/2028(a)		1,170,000		1,019,246

Science Applications International Corp.
4.88%, 4/1/2028(a)		2,165,000		1,931,768


Investments	Principal Amount		Value

Professional Services – (continued)

TriNet Group, Inc.
3.50%, 3/1/2029(a)	$	1,006,000	$	830,699
				7,265,662

Real Estate Management & Development – 1.0%

Five Point Operating Co. LP
7.88%, 11/15/2025(a)		445,000		417,941

Forestar Group, Inc.
3.85%, 5/15/2026(a)		581,000		517,135
5.00%, 3/1/2028(a)		1,715,000		1,505,064

Howard Hughes Corp. (The)
5.38%, 8/1/2028(a)		570,000		501,093
4.13%, 2/1/2029(a)		150,000		120,375
4.38%, 2/1/2031(a)		340,000		258,806

Hunt Cos., Inc.
5.25%, 4/15/2029(a)		2,035,000		1,604,502

Kennedy-Wilson, Inc.
4.75%, 3/1/2029		3,040,000		2,287,600
4.75%, 2/1/2030		3,295,000		2,405,350
5.00%, 3/1/2031		3,385,000		2,428,738

Realogy Group LLC
5.75%, 1/15/2029(a)		840,000		529,362

WeWork Cos. LLC
12.00%, 8/15/2027(a)(b)		3,371,664		66,309
				12,642,275

Retail REITs – 0.5%

Brookfield Property REIT, Inc.
REIT, 5.75%, 5/15/2026(a)		2,820,000		2,582,137
REIT, 4.50%, 4/1/2027(a)		4,110,000		3,428,562
				6,010,699

Software – 2.6%

Alteryx, Inc.
8.75%, 3/15/2028(a)		900,000		888,747

Camelot Finance SA
4.50%, 11/1/2026(a)		340,000		314,292

Cloud Software Group, Inc.
6.50%, 3/31/2029(a)		6,235,000		5,474,004
9.00%, 9/30/2029(a)		2,750,000		2,341,859

Consensus Cloud Solutions, Inc.
6.00%, 10/15/2026(a)		895,000		828,961
6.50%, 10/15/2028(a)		1,710,000		1,417,162


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Software – (continued)

Crowdstrike Holdings, Inc.
3.00%, 2/15/2029	$	500,000	$	417,934

CWT Travel Group, Inc.
8.50%, 11/19/2026(a)		7,371,000		2,137,590

Elastic NV
4.13%, 7/15/2029(a)		250,000		210,691

Gen Digital, Inc.
7.13%, 9/30/2030(a)		410,000		398,869

GoTo Group, Inc.
5.50%, 9/1/2027(a)		5,316,000		2,772,137

Helios Software Holdings, Inc.
4.63%, 5/1/2028(a)		480,000		402,965

McAfee Corp.
7.38%, 2/15/2030(a)		500,000		399,988

MicroStrategy, Inc.
6.13%, 6/15/2028(a)		480,000		434,400

Open Text Corp.
3.88%, 12/1/2029(a)		750,000		613,335

Open Text Holdings, Inc.
4.13%, 2/15/2030(a)		820,000		679,451
4.13%, 12/1/2031(a)		350,000		274,932

PTC, Inc.
3.63%, 2/15/2025(a)		180,000		173,514
4.00%, 2/15/2028(a)		2,700,000		2,394,030

SS&C Technologies, Inc.
5.50%, 9/30/2027(a)		1,935,000		1,815,557

Veritas US, Inc.
7.50%, 9/1/2025(a)		9,110,000		7,457,652
				31,848,070

Specialized REITs – 0.4%

Iron Mountain, Inc.
REIT, 5.25%, 3/15/2028(a)		500,000		457,321
REIT, 5.00%, 7/15/2028(a)		500,000		447,439
REIT, 7.00%, 2/15/2029(a)		1,000,000		968,751
REIT, 4.88%, 9/15/2029(a)		1,000,000		871,061
REIT, 5.25%, 7/15/2030(a)		955,000		829,010
REIT, 4.50%, 2/15/2031(a)		800,000		654,387


Investments	Principal Amount		Value

Specialized REITs – (continued)
REIT, 5.63%, 7/15/2032(a)	$	474,000	$	404,926

SBA Communications Corp.
REIT, 3.88%, 2/15/2027		200,000		182,139
				4,815,034

Specialty Retail – 3.3%

99 Escrow Issuer, Inc.
7.50%, 1/15/2026(a)		630,000		220,500

Arko Corp.
5.13%, 11/15/2029(a)		2,285,000		1,852,678

Asbury Automotive Group, Inc.
5.00%, 2/15/2032(a)		500,000		405,530

At Home Group, Inc.
4.88%, 7/15/2028(a)		1,760,000		598,400

Bath & Body Works, Inc.
6.95%, 3/1/2033		230,000		198,891
6.75%, 7/1/2036		400,000		345,029

BCPE Ulysses Intermediate, Inc.
7.75%, 4/1/2027(a)(b)		1,100,000		933,020

eG Global Finance plc
8.50%, 10/30/2025(a)		1,200,000		1,180,500

Evergreen Acqco 1 LP
9.75%, 4/26/2028(a)		1,350,000		1,362,353

Foot Locker, Inc.
4.00%, 10/1/2029(a)		300,000		220,509

Gap, Inc. (The)
3.63%, 10/1/2029(a)		2,290,000		1,749,620
3.88%, 10/1/2031(a)		1,433,000		1,029,092

GYP Holdings III Corp.
4.63%, 5/1/2029(a)		510,000		418,200

Ken Garff Automotive LLC
4.88%, 9/15/2028(a)		125,000		105,713

LCM Investments Holdings II LLC
4.88%, 5/1/2029(a)		911,000		763,398

LSF9 Atlantis Holdings LLC
7.75%, 2/15/2026(a)		1,075,000		970,271

Michaels Cos., Inc. (The)
5.25%, 5/1/2028(a)		4,595,000		3,329,353
7.88%, 5/1/2029(a)		6,470,000		3,607,025


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Specialty Retail – (continued)

Murphy Oil USA, Inc.
5.63%, 5/1/2027	$	45,000	$	43,496
4.75%, 9/15/2029		200,000		177,074
3.75%, 2/15/2031(a)		2,750,000		2,209,272

PetSmart, Inc.
4.75%, 2/15/2028(a)		750,000		663,659
7.75%, 2/15/2029(a)		860,000		791,752

Sonic Automotive, Inc.
4.63%, 11/15/2029(a)		255,000		212,276
4.88%, 11/15/2031(a)		1,620,000		1,290,050

Specialty Building Products Holdings LLC
6.38%, 9/30/2026(a)		1,265,000		1,176,869

Staples, Inc.
7.50%, 4/15/2026(a)		10,665,000		8,699,371
10.75%, 4/15/2027(a)		5,058,000		2,786,194

Upbound Group, Inc.
6.38%, 2/15/2029(a)		1,150,000		989,000

Valvoline, Inc.
3.63%, 6/15/2031(a)		2,780,000		2,112,800

Victoria's Secret & Co.
4.63%, 7/15/2029(a)		275,000		202,165
				40,644,060

Technology Hardware, Storage & Peripherals – 0.4%

NCR Atleos Escrow Corp.
9.50%, 4/1/2029(a)		1,000,000		980,230

Seagate HDD Cayman
9.63%, 12/1/2032(a)		310,000		330,465
5.75%, 12/1/2034		325,000		275,063

Xerox Corp.
4.80%, 3/1/2035		1,085,000		658,201
6.75%, 12/15/2039		1,905,000		1,240,075

Xerox Holdings Corp.
5.50%, 8/15/2028(a)		1,715,000		1,324,570
				4,808,604

Textiles, Apparel & Luxury Goods – 0.1%

Eagle Intermediate Global Holding BV
7.50%, 5/1/2025(a)		816,000		542,640

William Carter Co. (The)
5.63%, 3/15/2027(a)		250,000		236,880


Investments	Principal Amount		Value

Textiles, Apparel & Luxury Goods – (continued)

Wolverine World Wide, Inc.
4.00%, 8/15/2029(a)	$	500,000	$	372,799
				1,152,319

Tobacco – 0.4%

Turning Point Brands, Inc.
5.63%, 2/15/2026(a)		270,000		247,725

Vector Group Ltd.
10.50%, 11/1/2026(a)		1,124,000		1,124,832
5.75%, 2/1/2029(a)		4,675,000		3,961,675
				5,334,232

Trading Companies & Distributors – 0.4%

Alta Equipment Group, Inc.
5.63%, 4/15/2026(a)		1,670,000		1,493,922

Beacon Roofing Supply, Inc.
4.50%, 11/15/2026(a)		825,000		768,801
4.13%, 5/15/2029(a)		895,000		751,348

BlueLinx Holdings, Inc.
6.00%, 11/15/2029(a)		530,000		446,029

Boise Cascade Co.
4.88%, 7/1/2030(a)		220,000		189,251

Imola Merger Corp.
4.75%, 5/15/2029(a)		1,970,000		1,717,432
				5,366,783

Transportation Infrastructure – 0.1%

Port of Newcastle Investments Financing Pty. Ltd.
5.90%, 11/24/2031(a)		1,500,000		1,254,367

Wireless Telecommunication Services – 0.9%

C&W Senior Financing DAC
6.88%, 9/15/2027(a)		1,190,000		1,023,162

Connect Finco Sarl
6.75%, 10/1/2026(a)		2,150,000		2,004,952

Hughes Satellite Systems Corp.
5.25%, 8/1/2026		1,270,000		1,142,073
6.63%, 8/1/2026		2,340,000		1,983,098

Rogers Communications, Inc.
5.25%, 3/15/2082(a)(c)		1,765,000		1,552,714

Vmed O2 UK Financing I plc
4.25%, 1/31/2031(a)		915,000		719,764
4.75%, 7/15/2031(a)		1,260,000		1,014,181


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Wireless Telecommunication Services – (continued)

Vodafone Group plc
7.00%, 4/4/2079(c)	$	1,000,000	$	966,922
				10,406,866
Total Corporate Bonds (Cost $1,262,089,529)				1,199,469,056
Total Investments – 98.1% (Cost $1,262,089,529)				1,199,469,056

Other assets less liabilities – 1.9%				22,837,465
NET ASSETS – 100.0%			$	1,222,306,521

^(a)

^(b)

Payment in-kind security.

^(c)

Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of period end.

^(d)

Represents less than 0.05% of net assets.

^(e)

Percentages shown are based on Net Assets.

Abbreviations

REIT Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	2,024,001
Aggregate gross unrealized depreciation		(92,705,555	)
Net unrealized depreciation	$	(90,681,554	)
Federal income tax cost	$	1,290,150,610


Investments	Principal Amount		Value

CORPORATE BONDS – 96.7%

Air Freight & Logistics – 0.7%

United Parcel Service, Inc.
4.45%, 4/1/2030	$	147,000	$	137,889
3.75%, 11/15/2047		20,000		14,194
5.05%, 3/3/2053		20,000		17,170
				169,253

Automobile Components – 0.1%

Aptiv plc
3.10%, 12/1/2051		26,000		14,005

Automobiles – 0.6%

General Motors Co.
6.80%, 10/1/2027		100,000		101,560
5.15%, 4/1/2038		40,000		32,174
5.95%, 4/1/2049		30,000		24,256
				157,990

Banks – 15.1%

Banco Santander SA
5.15%, 8/18/2025		200,000		194,826
4.18%, 3/24/2028(a)		200,000		183,135

Bank of America Corp.
3.38%, 4/2/2026(a)		201,000		192,588
5.08%, 1/20/2027(a)		67,000		65,222
1.73%, 7/22/2027(a)		100,000		88,251
3.42%, 12/20/2028(a)		133,000		118,387
2.09%, 6/14/2029(a)		127,000		104,857
4.27%, 7/23/2029(a)		100,000		91,002
4.57%, 4/27/2033(a)		67,000		57,781
5.29%, 4/25/2034(a)		135,000		121,931
2.68%, 6/19/2041(a)		44,000		26,827

Barclays plc
5.83%, 5/9/2027(a)		193,000		188,590
3.81%, 3/10/2042(a)		200,000		126,002

Citigroup, Inc.
3.29%, 3/17/2026(a)		33,000		31,602
3.11%, 4/8/2026(a)		100,000		95,438
3.20%, 10/21/2026		67,000		61,765
4.45%, 9/29/2027		67,000		61,891
3.98%, 3/20/2030(a)		67,000		59,276
2.67%, 1/29/2031(a)		107,000		85,252
4.41%, 3/31/2031(a)		100,000		88,470


Investments	Principal Amount		Value

Banks – (continued)
2.57%, 6/3/2031(a)	$	73,000	$	57,163
3.06%, 1/25/2033(a)		77,000		59,283
8.13%, 7/15/2039		30,000		33,826
6.68%, 9/13/2043		17,000		16,253

HSBC Holdings plc
7.39%, 11/3/2028(a)		210,000		215,418
6.50%, 9/15/2037		150,000		138,183

ING Groep NV
4.02%, 3/28/2028(a)		200,000		184,009

JPMorgan Chase & Co.
1.58%, 4/22/2027(a)		100,000		89,213
3.78%, 2/1/2028(a)		100,000		92,780
4.45%, 12/5/2029(a)		100,000		91,980
4.57%, 6/14/2030(a)		100,000		91,777
2.74%, 10/15/2030(a)		40,000		32,863
2.58%, 4/22/2032(a)		14,000		10,813
4.91%, 7/25/2033(a)		33,000		29,641
5.60%, 7/15/2041		50,000		45,999
5.63%, 8/16/2043		17,000		15,363
4.95%, 6/1/2045		33,000		27,021

Mitsubishi UFJ Financial Group, Inc.
5.13%, 7/20/2033(a)		200,000		182,760

PNC Financial Services Group, Inc. (The)
4.63%, 6/6/2033(a)		50,000		41,715

Royal Bank of Canada
5.00%, 2/1/2033		10,000		9,041

Santander Holdings USA, Inc.
3.45%, 6/2/2025		120,000		113,531

Toronto-Dominion Bank (The)
4.11%, 6/8/2027		17,000		15,938
4.46%, 6/8/2032		77,000		67,144

Westpac Banking Corp.
4.42%, 7/24/2039		40,000		29,237
				3,734,044

Beverages – 2.3%

Anheuser-Busch Cos. LLC
4.70%, 2/1/2036		71,000		62,483

Anheuser-Busch InBev Worldwide, Inc.
5.45%, 1/23/2039		12,000		11,071
5.80%, 1/23/2059		12,000		11,082


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Beverages – (continued)

Coca-Cola Co. (The)
2.25%, 1/5/2032	$	250,000	$	197,711

Molson Coors Beverage Co.
4.20%, 7/15/2046		14,000		9,928

PepsiCo, Inc.
2.25%, 3/19/2025		10,000		9,580
4.45%, 5/15/2028		67,000		65,300
2.63%, 7/29/2029		50,000		43,275
1.95%, 10/21/2031		80,000		61,440
3.50%, 3/19/2040		133,000		99,100
				570,970

Biotechnology – 1.4%

Amgen, Inc.
1.90%, 2/21/2025		17,000		16,212
4.05%, 8/18/2029		26,000		23,781
2.80%, 8/15/2041		26,000		16,083
5.60%, 3/2/2043		120,000		107,030
4.66%, 6/15/2051		114,000		86,757
4.88%, 3/1/2053		26,000		20,299
2.77%, 9/1/2053		14,000		7,314

Biogen, Inc.
3.15%, 5/1/2050		33,000		19,004

Regeneron Pharmaceuticals, Inc.
1.75%, 9/15/2030		54,000		40,696
				337,176

Broadline Retail – 0.9%

Alibaba Group Holding Ltd.
2.70%, 2/9/2041		200,000		115,735

eBay, Inc.
5.90%, 11/22/2025		67,000		67,059
2.70%, 3/11/2030		50,000		40,603
				223,397

Building Products – 0.4%

Johnson Controls International plc
4.63%, 7/2/2044(b)		33,000		25,460

Owens Corning
4.30%, 7/15/2047		26,000		18,529

Trane Technologies Financing Ltd.
3.80%, 3/21/2029		50,000		45,632


Investments	Principal Amount		Value

Building Products – (continued)

Trane Technologies Global Holding Co. Ltd.
4.30%, 2/21/2048	$	7,000	$	5,106
				94,727

Capital Markets – 7.0%

Bain Capital Specialty Finance, Inc.
2.55%, 10/13/2026		7,000		6,015

Bank of New York Mellon Corp. (The)
3.40%, 1/29/2028		67,000		60,876
3.99%, 6/13/2028(a)		47,000		43,793
4.60%, 7/26/2030(a)		33,000		30,425
4.29%, 6/13/2033(a)		20,000		17,213

Barings BDC, Inc.
3.30%, 11/23/2026		7,000		6,125

BlackRock, Inc.
4.75%, 5/25/2033		10,000		9,157

Blackstone Private Credit Fund
2.63%, 12/15/2026		33,000		28,252

Blue Owl Capital Corp.
2.63%, 1/15/2027		33,000		28,207

Blue Owl Credit Income Corp.
5.50%, 3/21/2025		33,000		31,929

Eaton Vance Corp.
3.50%, 4/6/2027		3,000		2,772

FactSet Research Systems, Inc.
3.45%, 3/1/2032		10,000		8,088

Franklin BSP Lending Corp.
3.25%, 3/30/2026		7,000		6,263

Goldman Sachs Group, Inc. (The)
4.48%, 8/23/2028(a)		301,000		281,812
2.38%, 7/21/2032(a)		17,000		12,618
3.10%, 2/24/2033(a)		70,000		54,418
6.75%, 10/1/2037		87,000		84,987

Hercules Capital, Inc.
3.38%, 1/20/2027		14,000		12,196

Moody’s Corp.
2.75%, 8/19/2041		33,000		20,363
3.75%, 2/25/2052		7,000		4,667

Morgan Stanley
2.63%, 2/18/2026(a)		20,000		19,042
3.13%, 7/27/2026		100,000		92,515
0.99%, 12/10/2026(a)		26,000		23,139


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Capital Markets – (continued)
5.12%, 2/1/2029(a)	$	133,000	$	126,628
2.70%, 1/22/2031(a)		133,000		106,862
2.24%, 7/21/2032(a)		30,000		22,126
5.25%, 4/21/2034(a)		135,000		121,636
5.42%, 7/21/2034(a)		14,000		12,778
5.30%, 4/20/2037(a)		33,000		28,620
5.60%, 3/24/2051(a)		63,000		56,256

Nasdaq, Inc.
3.85%, 6/30/2026		50,000		47,712
5.55%, 2/15/2034		40,000		37,104
3.95%, 3/7/2052		7,000		4,625

Prospect Capital Corp.
3.71%, 1/22/2026		33,000		29,618

S&P Global, Inc.
1.25%, 8/15/2030		50,000		37,177
2.90%, 3/1/2032		50,000		40,118
4.50%, 5/15/2048		14,000		10,608

State Street Corp.
2.90%, 3/30/2026(a)		50,000		47,651
5.82%, 11/4/2028(a)		50,000		49,422
2.40%, 1/24/2030		63,000		51,310
				1,715,123

Chemicals – 0.9%

Air Products and Chemicals, Inc.
2.05%, 5/15/2030		40,000		32,185

Dow Chemical Co. (The)
6.90%, 5/15/2053		54,000		53,980

DuPont de Nemours, Inc.
5.32%, 11/15/2038		7,000		6,256
5.42%, 11/15/2048		14,000		12,143

Ecolab, Inc.
4.80%, 3/24/2030		33,000		31,267
1.30%, 1/30/2031		63,000		46,360

International Flavors & Fragrances, Inc.
5.00%, 9/26/2048		17,000		12,231

Nutrien Ltd.
5.25%, 1/15/2045		47,000		38,477
				232,899


Investments	Principal Amount		Value

Commercial Services & Supplies – 0.4%

RELX Capital, Inc.
3.00%, 5/22/2030	$	33,000	$	27,612

Waste Management, Inc.
4.63%, 2/15/2030		47,000		44,170
2.95%, 6/1/2041		33,000		21,570
				93,352

Communications Equipment – 0.1%

Nokia OYJ
4.38%, 6/12/2027		26,000		24,055

Consumer Finance – 2.0%

American Express Co.
3.13%, 5/20/2026		50,000		46,915
3.30%, 5/3/2027		50,000		45,761
4.42%, 8/3/2033(a)		40,000		34,920
4.05%, 12/3/2042		14,000		10,554

Capital One Financial Corp.
4.93%, 5/10/2028(a)		23,000		21,277
3.27%, 3/1/2030(a)		30,000		24,600
5.27%, 5/10/2033(a)		57,000		48,753

General Motors Financial Co., Inc.
6.00%, 1/9/2028		33,000		32,408
5.85%, 4/6/2030		33,000		31,189
3.10%, 1/12/2032		67,000		50,949

John Deere Capital Corp.
4.80%, 1/9/2026		20,000		19,736
4.35%, 9/15/2032		67,000		60,511
Series I, 5.15%, 9/8/2033		40,000		38,040

Synchrony Financial
2.88%, 10/28/2031		44,000		29,817
				495,430

Consumer Staples Distribution & Retail – 1.0%

Kroger Co. (The)
5.40%, 1/15/2049		8,000		6,856
3.95%, 1/15/2050		54,000		36,568

Target Corp.
2.25%, 4/15/2025		50,000		47,738
2.65%, 9/15/2030		127,000		104,374

Walgreens Boots Alliance, Inc.
3.45%, 6/1/2026		50,000		45,570
4.10%, 4/15/2050		17,000		9,895
				251,001


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Containers & Packaging – 0.3%

Amcor Finance USA, Inc.
3.63%, 4/28/2026	$	20,000	$	18,842
5.63%, 5/26/2033		20,000		18,627

AptarGroup, Inc.
3.60%, 3/15/2032		3,000		2,445

Avery Dennison Corp.
5.75%, 3/15/2033		14,000		13,353

Berry Global, Inc.
1.57%, 1/15/2026		26,000		23,490
				76,757

Diversified Consumer Services – 0.0%(c)

Howard University
Series 22A, 5.21%, 10/1/2052		3,000		2,336

Diversified REITs – 0.5%

Digital Realty Trust LP
REIT, 4.45%, 7/15/2028		33,000		30,512

Simon Property Group LP
REIT, 1.75%, 2/1/2028		20,000		16,789
REIT, 2.65%, 2/1/2032		50,000		38,030
REIT, 6.75%, 2/1/2040		17,000		16,698
REIT, 5.85%, 3/8/2053		17,000		14,789

Vornado Realty LP
REIT, 2.15%, 6/1/2026		14,000		11,795
				128,613

Diversified Telecommunication Services – 3.5%

AT&T, Inc.
5.40%, 2/15/2034		33,000		30,321
4.65%, 6/1/2044		54,000		40,810

Deutsche Telekom International Finance BV
8.75%, 6/15/2030(b)		40,000		44,817

Orange SA
9.00%, 3/1/2031(b)		44,000		50,406

Telefonica Emisiones SA
4.90%, 3/6/2048		150,000		108,076

TELUS Corp.
3.40%, 5/13/2032		7,000		5,543

Verizon Communications, Inc.
4.13%, 3/16/2027		100,000		94,724


Investments	Principal Amount		Value

Diversified Telecommunication Services – (continued)
4.33%, 9/21/2028	$	100,000	$	93,108
2.55%, 3/21/2031		67,000		52,345
2.36%, 3/15/2032		67,000		50,099
2.65%, 11/20/2040		161,000		97,321
3.40%, 3/22/2041		84,000		56,684
4.86%, 8/21/2046		50,000		39,796
3.88%, 3/1/2052		154,000		102,723
2.99%, 10/30/2056		14,000		7,366
				874,139

Electric Utilities – 3.6%

Avangrid, Inc.
3.80%, 6/1/2029		14,000		12,305

Commonwealth Edison Co.
3.00%, 3/1/2050		33,000		19,057

Connecticut Light and Power Co. (The)
Series A, 2.05%, 7/1/2031		117,000		89,213
4.00%, 4/1/2048		7,000		4,998

Edison International
4.13%, 3/15/2028		150,000		136,445

Enel Americas SA
4.00%, 10/25/2026		7,000		6,535

Enel Chile SA
4.88%, 6/12/2028		10,000		9,328

Eversource Energy
4.60%, 7/1/2027		17,000		16,190
Series R, 1.65%, 8/15/2030		17,000		12,726
3.45%, 1/15/2050		30,000		18,264

Exelon Corp.
2.75%, 3/15/2027		167,000		151,083
5.30%, 3/15/2033		10,000		9,277
4.95%, 6/15/2035		50,000		43,324
4.45%, 4/15/2046		33,000		24,220
5.60%, 3/15/2053		23,000		19,731

Pacific Gas and Electric Co.
3.95%, 12/1/2047		200,000		119,331

PECO Energy Co.
4.90%, 6/15/2033		20,000		18,505

Public Service Electric and Gas Co.
3.60%, 12/1/2047		57,000		38,573


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electric Utilities – (continued)

Southern California Edison Co.
5.95%, 11/1/2032	$	67,000	$	65,432
Series C, 4.13%, 3/1/2048		33,000		22,889
Series E, 5.45%, 6/1/2052		20,000		16,699

Union Electric Co.
3.50%, 3/15/2029		20,000		17,864
4.00%, 4/1/2048		40,000		27,655
				899,644

Electrical Equipment – 0.1%

ABB Finance USA, Inc.
3.80%, 4/3/2028		33,000		31,081

Electronic Equipment, Instruments & Components – 0.1%

Jabil, Inc.
3.00%, 1/15/2031		20,000		15,844

Energy Equipment & Services – 0.4%

Baker Hughes Holdings LLC
4.08%, 12/15/2047		30,000		21,392

Halliburton Co.
2.92%, 3/1/2030		10,000		8,391
4.85%, 11/15/2035		50,000		43,993

Schlumberger Investment SA
4.85%, 5/15/2033		20,000		18,406
				92,182

Entertainment – 0.7%

Walt Disney Co. (The)
6.40%, 12/15/2035		67,000		68,218
7.75%, 12/1/2045		14,000		16,160
4.75%, 11/15/2046		67,000		54,092
3.80%, 5/13/2060		50,000		32,604
				171,074

Financial Services – 3.2%

Corebridge Financial, Inc.
6.88%, 12/15/2052(a)		7,000		6,467

Equitable Holdings, Inc.
5.59%, 1/11/2033		34,000		31,307


Investments	Principal Amount		Value

Financial Services – (continued)

Fidelity National Information Services, Inc.
4.50%, 7/15/2025	$	167,000	$	163,086

Mastercard, Inc.
3.30%, 3/26/2027		100,000		93,380
2.95%, 6/1/2029		94,000		82,465
2.00%, 11/18/2031		33,000		25,180

PayPal Holdings, Inc.
4.40%, 6/1/2032		73,000		65,419

Shell International Finance BV
3.88%, 11/13/2028		50,000		46,564
2.75%, 4/6/2030		90,000		76,084
6.38%, 12/15/2038		20,000		20,444
4.00%, 5/10/2046		33,000		24,300
3.25%, 4/6/2050		3,000		1,891

Visa, Inc.
3.15%, 12/14/2025		20,000		19,084
2.05%, 4/15/2030		140,000		113,254

Voya Financial, Inc.
4.70%, 1/23/2048(a)		20,000		15,690
				784,615

Food Products – 0.9%

Bunge Ltd. Finance Corp.
1.63%, 8/17/2025		47,000		43,515

Campbell Soup Co.
4.15%, 3/15/2028		50,000		46,580
2.38%, 4/24/2030		17,000		13,476

General Mills, Inc.
2.88%, 4/15/2030		50,000		41,332
4.95%, 3/29/2033		14,000		12,715
3.00%, 2/1/2051		7,000		4,009

Ingredion, Inc.
2.90%, 6/1/2030		33,000		27,096

Mondelez International, Inc.
2.63%, 9/4/2050		50,000		27,234

Tyson Foods, Inc.
5.10%, 9/28/2048		23,000		17,775
				233,732

Gas Utilities – 0.4%

Atmos Energy Corp.
5.75%, 10/15/2052		17,000		15,598


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Gas Utilities – (continued)

National Fuel Gas Co.
2.95%, 3/1/2031	$	14,000	$	10,642

Southern California Gas Co.
2.95%, 4/15/2027		67,000		61,074

Spire Missouri, Inc.
4.80%, 2/15/2033		7,000		6,404

Washington Gas Light Co.
3.65%, 9/15/2049		7,000		4,384
				98,102

Ground Transportation – 2.0%

Canadian National Railway Co.
3.65%, 2/3/2048		14,000		9,678
4.45%, 1/20/2049		37,000		28,657
4.40%, 8/5/2052		7,000		5,409

Canadian Pacific Railway Co.
1.35%, 12/2/2024		50,000		47,614
5.75%, 3/15/2033		3,000		2,872
4.30%, 5/15/2043		10,000		7,544
4.80%, 8/1/2045		44,000		35,057
4.20%, 11/15/2069		17,000		11,493

CSX Corp.
2.40%, 2/15/2030		33,000		26,969
5.20%, 11/15/2033		10,000		9,385
4.30%, 3/1/2048		57,000		42,533
3.80%, 4/15/2050		33,000		22,319
4.65%, 3/1/2068		3,000		2,224

JB Hunt Transport Services, Inc.
3.88%, 3/1/2026		30,000		28,791

Norfolk Southern Corp.
3.00%, 3/15/2032		54,000		43,405
4.45%, 3/1/2033		10,000		8,872
4.80%, 8/15/2043		50,000		38,697
5.35%, 8/1/2054		14,000		11,948

Union Pacific Corp.
4.50%, 1/20/2033		80,000		72,427
2.89%, 4/6/2036		50,000		36,638
				492,532

Health Care Equipment & Supplies – 1.1%

Abbott Laboratories
1.40%, 6/30/2030		33,000		25,616
4.90%, 11/30/2046		63,000		54,341


Investments	Principal Amount		Value

Health Care Equipment & Supplies – (continued)

Baxter International, Inc.
1.73%, 4/1/2031	$	50,000	$	36,320
3.13%, 12/1/2051		33,000		18,134

Becton Dickinson & Co.
3.79%, 5/20/2050		50,000		33,665

Boston Scientific Corp.
2.65%, 6/1/2030		50,000		41,125

Medtronic, Inc.
4.00%, 4/1/2043		14,000		10,689
4.63%, 3/15/2045		20,000		16,507

Zimmer Biomet Holdings, Inc.
2.60%, 11/24/2031		50,000		38,325
				274,722

Health Care Providers & Services – 5.4%

Aetna, Inc.
3.88%, 8/15/2047		26,000		17,119

Cardinal Health, Inc.
4.90%, 9/15/2045		33,000		25,213

Cencora, Inc.
2.70%, 3/15/2031		50,000		39,621

Cigna Group (The)
4.38%, 10/15/2028		40,000		37,386
6.13%, 11/15/2041		33,000		31,529
3.88%, 10/15/2047		14,000		9,543
4.90%, 12/15/2048		67,000		53,579
3.40%, 3/15/2051		14,000		8,626

CVS Health Corp.
3.88%, 7/20/2025		50,000		48,368
3.63%, 4/1/2027		33,000		30,632
4.30%, 3/25/2028		100,000		93,689
5.25%, 2/21/2033		80,000		73,780
4.78%, 3/25/2038		40,000		33,084
5.05%, 3/25/2048		114,000		89,613

Elevance Health, Inc.
2.38%, 1/15/2025		100,000		95,950
2.25%, 5/15/2030		50,000		39,861
4.10%, 5/15/2032		54,000		46,856
4.75%, 2/15/2033		20,000		18,136
3.60%, 3/15/2051		52,000		33,376
6.10%, 10/15/2052		14,000		13,238
5.13%, 2/15/2053		20,000		16,595

HCA, Inc.
3.63%, 3/15/2032		133,000		106,835


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Health Care Providers & Services – (continued)
7.50%, 11/6/2033	$	47,000	$	48,022
4.63%, 3/15/2052		77,000		53,607

Laboratory Corp. of America Holdings
1.55%, 6/1/2026		50,000		44,768
2.70%, 6/1/2031		50,000		39,421

Novant Health, Inc.
3.32%, 11/1/2061		23,000		13,307

Quest Diagnostics, Inc.
4.20%, 6/30/2029		33,000		30,355

UnitedHealth Group, Inc.
4.00%, 5/15/2029		50,000		46,264
4.50%, 4/15/2033		10,000		9,004
5.88%, 2/15/2053		54,000		51,068
5.20%, 4/15/2063		30,000		25,064
				1,323,509

Health Care REITs – 0.4%

Healthcare Realty Holdings LP
REIT, 2.05%, 3/15/2031		7,000		4,975

Ventas Realty LP
REIT, 4.00%, 3/1/2028		33,000		30,042
REIT, 3.00%, 1/15/2030		33,000		26,953

Welltower OP LLC
REIT, 3.85%, 6/15/2032		54,000		44,812
				106,782

Hotel & Resort REITs – 0.2%

Host Hotels & Resorts LP
Series F, REIT, 4.50%, 2/1/2026		50,000		47,830

Hotels, Restaurants & Leisure – 1.5%

Marriott International, Inc.
5.00%, 10/15/2027		20,000		19,320
Series HH, 2.85%, 4/15/2031		33,000		25,932
Series II, 2.75%, 10/15/2033		3,000		2,197

McDonald’s Corp.
3.50%, 7/1/2027		50,000		46,456
4.70%, 12/9/2035		33,000		28,955
4.88%, 12/9/2045		33,000		27,164
3.63%, 9/1/2049		44,000		29,162


Investments	Principal Amount		Value

Hotels, Restaurants & Leisure – (continued)
5.15%, 9/9/2052	$	7,000	$	5,901

Sands China Ltd.
4.30%, 1/8/2026(b)		200,000		185,522
				370,609

Household Durables – 0.3%

Leggett & Platt, Inc.
3.50%, 11/15/2051		14,000		8,372

Lennar Corp.
5.00%, 6/15/2027		26,000		25,090

Mohawk Industries, Inc.
5.85%, 9/18/2028		12,000		11,790
3.63%, 5/15/2030		7,000		6,005

NVR, Inc.
3.00%, 5/15/2030		14,000		11,491
				62,748

Household Products – 0.0%(c)

Clorox Co. (The)
4.60%, 5/1/2032		14,000		12,637

Independent Power and Renewable Electricity Producers – 0.4%

Constellation Energy Generation LLC
3.25%, 6/1/2025		50,000		47,846
5.60%, 3/1/2028		40,000		39,268
6.13%, 1/15/2034		10,000		9,666
				96,780

Industrial REITs – 0.3%

Prologis LP
REIT, 4.63%, 1/15/2033		47,000		42,110
REIT, 5.13%, 1/15/2034		14,000		12,820
REIT, 3.00%, 4/15/2050		23,000		13,247
				68,177

Insurance – 3.3%

Aflac, Inc.
3.60%, 4/1/2030		33,000		28,746

Allstate Corp. (The)
5.25%, 3/30/2033		10,000		9,235
3.85%, 8/10/2049		26,000		17,145


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Insurance – (continued)

American International Group, Inc.
5.13%, 3/27/2033	$	17,000	$	15,459
4.75%, 4/1/2048		50,000		39,159

Arch Capital Finance LLC
5.03%, 12/15/2046		10,000		7,994

Assurant, Inc.
2.65%, 1/15/2032		3,000		2,161

AXIS Specialty Finance LLC
4.90%, 1/15/2040(a)		17,000		13,374

Chubb INA Holdings, Inc.
3.35%, 5/3/2026		100,000		94,704
4.35%, 11/3/2045		14,000		10,926
3.05%, 12/15/2061		10,000		5,626

Everest Reinsurance Holdings, Inc.
3.13%, 10/15/2052		20,000		11,238

Fidelity National Financial, Inc.
3.20%, 9/17/2051		14,000		7,295

Hartford Financial Services Group, Inc. (The)
3.60%, 8/19/2049		23,000		14,894
2.90%, 9/15/2051		14,000		7,710

Lincoln National Corp.
3.05%, 1/15/2030		20,000		15,800
4.35%, 3/1/2048		3,000		1,955
4.38%, 6/15/2050		10,000		6,521

Manulife Financial Corp.
4.06%, 2/24/2032(a)		50,000		45,123
3.70%, 3/16/2032		7,000		5,967

MetLife, Inc.
4.55%, 3/23/2030		20,000		18,597
5.38%, 7/15/2033		10,000		9,351
10.75%, 8/1/2039		33,000		41,651
4.60%, 5/13/2046		26,000		20,323
5.00%, 7/15/2052		23,000		18,580
5.25%, 1/15/2054		14,000		11,707

Principal Financial Group, Inc.
3.70%, 5/15/2029		33,000		29,320
2.13%, 6/15/2030		33,000		25,631

Prudential Financial, Inc.
1.50%, 3/10/2026		100,000		90,379
4.50%, 9/15/2047(a)		50,000		43,821
4.35%, 2/25/2050		33,000		24,171
3.70%, 3/13/2051		14,000		9,118


Investments	Principal Amount		Value

Insurance – (continued)
6.00%, 9/1/2052(a)	$	47,000	$	42,044

RenaissanceRe Holdings Ltd.
5.75%, 6/5/2033		7,000		6,440

Travelers Cos., Inc. (The)
4.00%, 5/30/2047		40,000		29,068
5.45%, 5/25/2053		17,000		15,273

Unum Group
4.13%, 6/15/2051		14,000		8,723
				805,229

Interactive Media & Services – 1.2%

Alphabet, Inc.
0.80%, 8/15/2027		67,000		57,364
1.10%, 8/15/2030		10,000		7,665
1.90%, 8/15/2040		7,000		4,185
2.05%, 8/15/2050		50,000		25,847

Meta Platforms, Inc.
4.60%, 5/15/2028		180,000		174,481
4.65%, 8/15/2062		40,000		30,162
5.75%, 5/15/2063		8,000		7,177
				306,881

IT Services – 2.1%

Amdocs Ltd.
2.54%, 6/15/2030		10,000		7,870

DXC Technology Co.
1.80%, 9/15/2026		10,000		8,764

International Business Machines Corp.
4.00%, 7/27/2025		377,000		366,966
1.95%, 5/15/2030		100,000		78,872
2.85%, 5/15/2040		72,000		46,125
				508,597

Leisure Products – 0.2%

Hasbro, Inc.
3.90%, 11/19/2029		33,000		28,353
6.35%, 3/15/2040		10,000		9,117
				37,470

Machinery – 1.0%

CNH Industrial Capital LLC
4.55%, 4/10/2028		10,000		9,397


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Machinery – (continued)

Cummins, Inc.
1.50%, 9/1/2030	$	37,000	$	28,265

Ingersoll Rand, Inc.
5.40%, 8/14/2028		23,000		22,411

Otis Worldwide Corp.
2.57%, 2/15/2030		20,000		16,273

Stanley Black & Decker, Inc.
3.40%, 3/1/2026		67,000		63,160
2.75%, 11/15/2050		7,000		3,568
4.00%, 3/15/2060(a)		96,000		78,802

Westinghouse Air Brake Technologies Corp.
4.70%, 9/15/2028(b)		17,000		15,851

Xylem, Inc.
2.25%, 1/30/2031		17,000		13,139
				250,866

Marine Transportation – 0.1%

Kirby Corp.
4.20%, 3/1/2028		20,000		18,423

Media – 2.0%

Comcast Corp.
2.65%, 2/1/2030		67,000		55,602
4.65%, 2/15/2033		67,000		60,632
4.00%, 3/1/2048		54,000		38,074
2.89%, 11/1/2051		327,000		180,591
2.99%, 11/1/2063		60,000		30,803
5.50%, 5/15/2064		3,000		2,558

Fox Corp.
4.71%, 1/25/2029		50,000		46,727
5.58%, 1/25/2049		20,000		15,757

Interpublic Group of Cos., Inc. (The)
3.38%, 3/1/2041		20,000		12,675

Paramount Global
4.38%, 3/15/2043		30,000		17,998
4.95%, 5/19/2050		40,000		25,368
				486,785

Metals & Mining – 0.4%

Newmont Corp.
5.88%, 4/1/2035		57,000		55,013


Investments	Principal Amount		Value

Metals & Mining – (continued)

Nucor Corp.
3.13%, 4/1/2032	$	33,000	$	26,660
2.98%, 12/15/2055		14,000		7,499
				89,172

Multi-Utilities – 1.9%

Consolidated Edison Co. of New York, Inc.
Series 20A, 3.35%, 4/1/2030		10,000		8,605
2.40%, 6/15/2031		50,000		39,297
6.15%, 11/15/2052		7,000		6,657
4.50%, 5/15/2058		67,000		47,946
3.60%, 6/15/2061		23,000		14,013

NiSource, Inc.
0.95%, 8/15/2025		167,000		152,582
1.70%, 2/15/2031		54,000		39,550

Public Service Enterprise Group, Inc.
5.85%, 11/15/2027		63,000		62,666
1.60%, 8/15/2030		10,000		7,504

San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/2030		10,000		7,560
2.95%, 8/15/2051		57,000		32,401

Sempra
3.80%, 2/1/2038		26,000		19,388
4.00%, 2/1/2048		33,000		22,530
				460,699

Office REITs – 0.6%

Boston Properties LP
REIT, 3.25%, 1/30/2031		50,000		37,926
REIT, 2.45%, 10/1/2033		33,000		21,450

Highwoods Realty LP
REIT, 3.05%, 2/15/2030		20,000		14,992

Hudson Pacific Properties LP
REIT, 5.95%, 2/15/2028		20,000		15,743

Kilroy Realty LP
REIT, 4.38%, 10/1/2025		50,000		47,764

Piedmont Operating Partnership LP
REIT, 2.75%, 4/1/2032		7,000		4,475
				142,350


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Oil, Gas & Consumable Fuels – 6.9%

BP Capital Markets America, Inc.
3.38%, 2/8/2061	$	10,000	$	5,918

Canadian Natural Resources Ltd.
2.95%, 7/15/2030		87,000		70,943

Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/2029		17,000		14,812
2.74%, 12/31/2039		10,000		7,210

Cheniere Energy Partners LP
5.95%, 6/30/2033(d)		33,000		30,861

Cheniere Energy, Inc.
4.63%, 10/15/2028		14,000		12,792

ConocoPhillips Co.
3.76%, 3/15/2042		47,000		34,143
5.95%, 3/15/2046		23,000		21,532
5.30%, 5/15/2053		7,000		6,043

Enbridge, Inc.
2.50%, 8/1/2033		77,000		55,552
5.50%, 12/1/2046		14,000		11,681
5.50%, 7/15/2077(a)		50,000		42,540

Enterprise Products Operating LLC
2.80%, 1/31/2030		20,000		16,706
4.25%, 2/15/2048		133,000		99,523

EQT Corp.
5.70%, 4/1/2028		26,000		25,293

Hess Corp.
6.00%, 1/15/2040		17,000		16,424
5.80%, 4/1/2047		20,000		18,881

Kinder Morgan Energy Partners LP
6.95%, 1/15/2038		50,000		49,567
5.40%, 9/1/2044		20,000		16,103

Kinder Morgan, Inc.
4.30%, 6/1/2025		237,000		230,676
2.00%, 2/15/2031		14,000		10,462
5.55%, 6/1/2045		33,000		27,163
3.60%, 2/15/2051		10,000		6,020

Magellan Midstream Partners LP
3.95%, 3/1/2050		33,000		20,824

Marathon Petroleum Corp.
4.50%, 4/1/2048		33,000		23,435

MPLX LP
1.75%, 3/1/2026		50,000		45,365
2.65%, 8/15/2030		17,000		13,430


Investments	Principal Amount		Value

Oil, Gas & Consumable Fuels – (continued)
4.50%, 4/15/2038	$	67,000	$	52,197
5.50%, 2/15/2049		30,000		24,215

Occidental Petroleum Corp.
6.45%, 9/15/2036		40,000		38,851

ONEOK, Inc.
5.65%, 11/1/2028		40,000		39,032
6.10%, 11/15/2032		25,000		24,091
4.50%, 3/15/2050		60,000		41,427

Pioneer Natural Resources Co.
2.15%, 1/15/2031		26,000		20,419

Plains All American Pipeline LP
4.50%, 12/15/2026		80,000		76,241
3.80%, 9/15/2030		10,000		8,427

Sabine Pass Liquefaction LLC
4.50%, 5/15/2030		17,000		15,248
5.90%, 9/15/2037		20,000		19,167

TotalEnergies Capital International SA
2.83%, 1/10/2030		50,000		42,636
3.13%, 5/29/2050		44,000		26,892

Transcanada Trust
5.60%, 3/7/2082(a)		177,000		136,612

Transcontinental Gas Pipe Line Co. LLC
3.25%, 5/15/2030		33,000		27,636

Valero Energy Corp.
2.80%, 12/1/2031		50,000		38,699
4.00%, 6/1/2052		10,000		6,499

Western Midstream Operating LP
5.30%, 3/1/2048		23,000		17,182
5.25%, 2/1/2050(b)		7,000		5,173

Williams Cos., Inc. (The)
5.65%, 3/15/2033		33,000		31,134
5.75%, 6/24/2044		33,000		28,769
5.10%, 9/15/2045		37,000		29,741
4.85%, 3/1/2048		14,000		10,720
5.30%, 8/15/2052		14,000		11,382
				1,706,289

Paper & Forest Products – 0.2%

Suzano Austria GmbH
Series DM3N, 3.13%, 1/15/2032		50,000		37,682


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Personal Care Products – 1.3%

Estee Lauder Cos., Inc. (The)
3.15%, 3/15/2027	$	50,000	$	46,268
4.38%, 5/15/2028		20,000		19,097
1.95%, 3/15/2031		33,000		25,304

Haleon US Capital LLC
3.38%, 3/24/2027		250,000		230,543
				321,212

Pharmaceuticals – 5.2%

AstraZeneca Finance LLC
4.88%, 3/3/2033		33,000		31,030

AstraZeneca plc
4.00%, 9/18/2042		20,000		15,506
4.38%, 11/16/2045		50,000		39,745
3.00%, 5/28/2051		14,000		8,580

Bristol-Myers Squibb Co.
5.00%, 8/15/2045		33,000		28,094
3.90%, 3/15/2062		91,000		59,493

GlaxoSmithKline Capital plc
3.38%, 6/1/2029		33,000		29,739

GlaxoSmithKline Capital, Inc.
6.38%, 5/15/2038		17,000		17,694

Johnson & Johnson
3.63%, 3/3/2037		180,000		146,062
2.10%, 9/1/2040		10,000		6,074
3.70%, 3/1/2046		50,000		36,874
2.25%, 9/1/2050		20,000		10,751
2.45%, 9/1/2060		7,000		3,593

Merck & Co., Inc.
4.05%, 5/17/2028		133,000		126,600
3.40%, 3/7/2029		50,000		45,205
2.35%, 6/24/2040		133,000		82,514
2.75%, 12/10/2051		33,000		18,635

Mylan, Inc.
5.20%, 4/15/2048		37,000		25,439

Novartis Capital Corp.
2.00%, 2/14/2027		50,000		45,014
2.75%, 8/14/2050		50,000		29,715

Pfizer Investment Enterprises Pte. Ltd.
4.45%, 5/19/2028		124,000		118,520
5.34%, 5/19/2063		100,000		85,666


Investments	Principal Amount		Value

Pharmaceuticals – (continued)

Pfizer, Inc.
0.80%, 5/28/2025	$	50,000	$	46,486
3.45%, 3/15/2029		50,000		45,414
1.75%, 8/18/2031		33,000		24,898
4.10%, 9/15/2038		35,000		28,182
7.20%, 3/15/2039		57,000		62,825
2.55%, 5/28/2040		33,000		20,949
2.70%, 5/28/2050		33,000		19,146

Viatris, Inc.
3.85%, 6/22/2040		10,000		6,224
4.00%, 6/22/2050		23,000		13,232
				1,277,899

Professional Services – 0.3%

Automatic Data Processing, Inc.
1.70%, 5/15/2028		26,000		22,319

Concentrix Corp.
6.60%, 8/2/2028		10,000		9,600

Equifax, Inc.
3.10%, 5/15/2030		7,000		5,747

Verisk Analytics, Inc.
4.13%, 3/15/2029		40,000		36,613
				74,279

Real Estate Management & Development – 0.1%

CBRE Services, Inc.
2.50%, 4/1/2031		20,000		15,056

Residential REITs – 0.7%

AvalonBay Communities, Inc.
REIT, 2.95%, 5/11/2026		100,000		93,449
REIT, 5.00%, 2/15/2033		14,000		13,008

ERP Operating LP
REIT, 3.00%, 7/1/2029		67,000		57,528

UDR, Inc.
REIT, 4.40%, 1/26/2029		7,000		6,381
				170,366

Retail REITs – 0.5%

Brixmor Operating Partnership LP
REIT, 3.90%, 3/15/2027		33,000		30,192
REIT, 2.25%, 4/1/2028		10,000		8,348
REIT, 2.50%, 8/16/2031		7,000		5,147

Federal Realty OP LP
REIT, 1.25%, 2/15/2026		67,000		60,187


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Retail REITs – (continued)

Regency Centers LP
REIT, 3.70%, 6/15/2030	$	26,000	$	22,078
				125,952

Semiconductors & Semiconductor Equipment – 2.8%

Intel Corp.
3.75%, 3/25/2027		100,000		94,359
2.00%, 8/12/2031		47,000		35,988
5.63%, 2/10/2043		54,000		49,445
3.73%, 12/8/2047		47,000		31,633
4.75%, 3/25/2050		127,000		99,730
4.95%, 3/25/2060		33,000		26,462

Micron Technology, Inc.
5.88%, 9/15/2033		54,000		49,854

QUALCOMM, Inc.
3.45%, 5/20/2025		50,000		48,456

TSMC Arizona Corp.
3.88%, 4/22/2027		280,000		265,411
				701,338

Software – 2.4%

Adobe, Inc.
2.30%, 2/1/2030		33,000		27,431

Autodesk, Inc.
2.85%, 1/15/2030		20,000		16,688

Microsoft Corp.
2.40%, 8/8/2026		60,000		55,800
3.30%, 2/6/2027		133,000		125,647
3.45%, 8/8/2036		33,000		26,910
2.53%, 6/1/2050		180,000		103,036
2.92%, 3/17/2052		40,000		24,692
2.68%, 6/1/2060		33,000		18,247
3.04%, 3/17/2062		20,000		11,876

Salesforce, Inc.
1.50%, 7/15/2028		50,000		42,101
2.90%, 7/15/2051		44,000		25,878

ServiceNow, Inc.
1.40%, 9/1/2030		14,000		10,553

VMware, Inc.
1.40%, 8/15/2026		100,000		88,087

Workday, Inc.
3.70%, 4/1/2029		30,000		26,786
				603,732


Investments	Principal Amount		Value

Specialized REITs – 0.3%

Equinix, Inc.
REIT, 3.20%, 11/18/2029	$	50,000	$	42,249
REIT, 3.40%, 2/15/2052		26,000		15,421

Weyerhaeuser Co.
REIT, 3.38%, 3/9/2033		30,000		23,807
				81,477

Specialty Retail – 1.8%

Dick’s Sporting Goods, Inc.
4.10%, 1/15/2052		10,000		5,850

Home Depot, Inc. (The)
3.30%, 4/15/2040		100,000		70,702
4.95%, 9/15/2052		100,000		84,171

Lowe’s Cos., Inc.
2.50%, 4/15/2026		33,000		30,658
3.65%, 4/5/2029		50,000		44,853
2.63%, 4/1/2031		50,000		39,492
5.00%, 4/15/2033		77,000		70,051
5.50%, 10/15/2035		33,000		30,820
2.80%, 9/15/2041		33,000		20,044
3.00%, 10/15/2050		33,000		18,138
4.45%, 4/1/2062		26,000		17,752
5.85%, 4/1/2063		14,000		11,944
				444,475

Technology Hardware, Storage & Peripherals – 2.2%

Apple, Inc.
3.25%, 2/23/2026		84,000		80,394
2.38%, 2/8/2041		80,000		51,042
4.45%, 5/6/2044		114,000		96,137
4.65%, 2/23/2046		33,000		28,154
4.85%, 5/10/2053		100,000		86,864
4.10%, 8/8/2062		47,000		34,465

Dell International LLC
8.10%, 7/15/2036		50,000		54,227
3.38%, 12/15/2041		30,000		19,326

Hewlett Packard Enterprise Co.
5.25%, 7/1/2028		50,000		48,280
6.20%, 10/15/2035(b)		7,000		6,871

HP, Inc.
2.65%, 6/17/2031		19,000		14,500
6.00%, 9/15/2041		33,000		29,884
				550,144


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Textiles, Apparel & Luxury Goods – 0.2%

PVH Corp.
4.63%, 7/10/2025	$	20,000	$	19,188

Ralph Lauren Corp.
2.95%, 6/15/2030		14,000		11,726

VF Corp.
2.95%, 4/23/2030		26,000		20,364
				51,278

Water Utilities – 0.5%

American Water Capital Corp.
2.30%, 6/1/2031		100,000		77,745

Essential Utilities, Inc.
2.70%, 4/15/2030		33,000		26,651
5.30%, 5/1/2052		7,000		5,652

Veralto Corp.
5.50%, 9/18/2026(d)		15,000		14,849
				124,897

Wireless Telecommunication Services – 0.3%

T-Mobile USA, Inc.
3.88%, 4/15/2030		3,000		2,612

Vodafone Group plc
5.00%, 5/30/2038		3,000		2,598
5.63%, 2/10/2053		96,000		80,743
				85,953
Total Corporate Bonds (Cost $27,258,976)				23,856,368

Total Investments – 96.7% (Cost $27,258,976)				23,856,368

Other assets less liabilities – 3.3%				815,779
NET ASSETS – 100.0%			$	24,672,147

^(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)

^(c)

Represents less than 0.05% of net assets.

^(d)

Percentages shown are based on Net Assets.

Abbreviations

OYJ Public Limited Company

REIT Real Estate Investment Trust



Aggregate gross unrealized appreciation	$	583
Aggregate gross unrealized depreciation		(3,498,532	)
Net unrealized depreciation	$	(3,497,949	)
Federal income tax cost	$	27,354,317


Security Type	% of Net Assets
Corporate Bonds		96.7	%
Others⁽¹⁾		3.3
		100.0	%

⁽¹⁾

^{Includes any other net assets/(liabilities).}


Investments	Principal Amount		Value

CORPORATE BONDS – 86.9%

Aerospace & Defense – 2.0%

Boeing Co. (The)
1.95%, 2/1/2024	$	900,000	$	890,799
1.43%, 2/4/2024		3,000,000		2,961,958

L3Harris Technologies, Inc.
3.95%, 5/28/2024		4,065,000		4,019,740

Northrop Grumman Corp.
2.93%, 1/15/2025		5,673,000		5,479,281

RTX Corp.
3.20%, 3/15/2024		8,205,000		8,120,480
				21,472,258

Agricultural & Farm Machinery – 0.1%

CNH Industrial Capital LLC
3.95%, 5/23/2025		1,290,000		1,250,071

Apparel Retail – 0.5%

Ross Stores, Inc.
4.60%, 4/15/2025		5,011,000		4,916,769

Apparel, Accessories & Luxury Goods – 0.4%

VF Corp.
2.40%, 4/23/2025		5,000,000		4,708,104

Application Software – 1.1%

Autodesk, Inc.
4.38%, 6/15/2025		2,000,000		1,954,881

Intuit, Inc.
5.25%, 9/15/2026		4,950,000		4,935,258

Roper Technologies, Inc.
2.35%, 9/15/2024		5,000,000		4,845,769
				11,735,908

Asset Management & Custody Banks – 1.9%

Bank of New York Mellon Corp. (The)
Series 0012, 3.65%, 2/4/2024		3,000,000		2,980,840
2.10%, 10/24/2024		3,000,000		2,892,049
Series J, (SOFR + 0.20%), 5.51%, 10/25/2024(a)		2,800,000		2,787,418


Investments	Principal Amount		Value

Asset Management & Custody Banks – (continued)

Blackstone Private Credit Fund
2.70%, 1/15/2025	$	800,000	$	759,198

FS KKR Capital Corp.
1.65%, 10/12/2024		980,000		934,485

State Street Corp.
(United States SOFR Compounded Index + 0.85%), 6.23%, 8/3/2026(a)		10,000,000		9,997,100
				20,351,090

Automobile Manufacturers – 2.2%

BMW US Capital LLC
(United States SOFR Compounded Index + 0.53%), 5.86%, 4/1/2024(a)(b)		900,000		900,519

Hyundai Capital America
0.80%, 1/8/2024(b)		1,700,000		1,683,077
0.88%, 6/14/2024(b)		1,000,000		967,727

Kia Corp.
2.38%, 2/14/2025(b)		730,000		697,204

Mercedes-Benz Finance North America LLC
0.75%, 3/1/2024(b)		2,350,000		2,310,087
(SOFR + 0.93%), 6.26%, 3/30/2025(a)(b)		5,000,000		5,032,280
(SOFR + 0.57%), 5.95%, 8/1/2025(a)(b)		7,000,000		7,010,266

Nissan Motor Acceptance Co. LLC
1.13%, 9/16/2024(b)		900,000		858,706

Volkswagen Group of America Finance LLC
0.88%, 11/22/2023(b)		2,000,000		1,994,469
(SOFR + 0.95%), 6.30%, 6/7/2024(a)(b)		2,690,000		2,695,075
				24,149,410

Automotive Retail – 0.7%

AutoZone, Inc.
3.13%, 4/18/2024		7,693,000		7,590,827


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Biotechnology – 1.5%

AbbVie, Inc.
2.60%, 11/21/2024	$	7,638,000	$	7,380,295

Amgen, Inc.
3.63%, 5/22/2024		8,000,000		7,900,030

Gilead Sciences, Inc.
3.70%, 4/1/2024		1,100,000		1,089,954
				16,370,279

Broadcasting – 0.5%

Fox Corp.
4.03%, 1/25/2024		5,559,000		5,531,133

Broadline Retail – 0.7%

eBay, Inc.
3.45%, 8/1/2024		8,100,000		7,953,254

Building Products – 0.6%

Johnson Controls International plc
3.62%, 7/2/2024(c)		6,769,000		6,668,002

Cargo Ground Transportation – 0.6%

Ryder System, Inc.
3.65%, 3/18/2024		7,000,000		6,935,832

Commodity Chemicals – 1.0%

LyondellBasell Industries NV
5.75%, 4/15/2024		10,000,000		9,978,321

Westlake Corp.
0.88%, 8/15/2024		300,000		287,752
				10,266,073

Construction Machinery & Heavy Transportation Equipment – 0.2%

Daimler Truck Finance North America LLC
(SOFR + 0.60%), 5.95%, 12/14/2023(a)(b)		2,000,000		2,000,247

Consumer Finance – 6.0%

AerCap Ireland Capital DAC
2.88%, 8/14/2024		2,000,000		1,943,604
1.65%, 10/29/2024		4,750,000		4,529,346


Investments	Principal Amount		Value

Consumer Finance – (continued)

American Express Co.
3.40%, 2/22/2024	$	2,500,000	$	2,480,084
(United States SOFR Compounded Index + 0.72%), 6.10%, 5/3/2024(a)		3,000,000		3,002,403
2.50%, 7/30/2024		2,000,000		1,950,896
(SOFR + 0.93%), 6.28%, 3/4/2025(a)		1,914,000		1,917,800

American Honda Finance Corp.
0.55%, 7/12/2024		2,000,000		1,929,499
0.75%, 8/9/2024		2,000,000		1,923,181
2.15%, 9/10/2024		3,764,000		3,650,021
(United States SOFR Compounded Index + 0.79%), 6.12%, 10/3/2025(a)		2,100,000		2,102,232

Capital One Financial Corp.
(SOFR + 0.69%), 6.04%, 12/6/2024(a)		4,122,000		4,073,954
(SOFR + 1.35%), 6.72%, 5/9/2025(a)		2,000,000		1,988,280

Caterpillar Financial Services Corp.
(SOFR + 0.52%), 5.87%, 6/13/2025(a)		5,000,000		5,009,684

Ford Motor Credit Co. LLC
4.06%, 11/1/2024		2,019,000		1,965,497

General Motors Financial Co., Inc.
(SOFR + 0.76%), 6.11%, 3/8/2024(a)		800,000		799,304
1.20%, 10/15/2024		1,500,000		1,428,640
3.50%, 11/7/2024		2,600,000		2,529,147
(United States SOFR Compounded Index + 1.30%), 6.63%, 4/7/2025(a)		1,906,000		1,908,686

John Deere Capital Corp.
(SOFR + 0.20%), 5.52%, 10/11/2024(a)		2,500,000		2,500,121
(SOFR + 0.56%), 5.90%, 3/7/2025(a)		1,720,000		1,724,045


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Consumer Finance – (continued)
(United States SOFR Compounded Index + 0.79%), 6.13%, 6/8/2026(a)	$	1,300,000	$	1,308,883

Synchrony Financial
4.88%, 6/13/2025		1,493,000		1,415,945

Toyota Motor Credit Corp.
(SOFR + 0.32%), 5.64%, 1/13/2025(a)		7,000,000		6,981,495
(SOFR + 0.65%), 6.00%, 9/11/2025(a)		5,000,000		5,016,332
				64,079,079

Consumer Staples Merchandise Retail – 0.4%

Dollar General Corp.
4.25%, 9/20/2024		3,794,000		3,731,481

Distillers & Vintners – 0.1%

Constellation Brands, Inc.
3.60%, 5/9/2024		1,590,000		1,569,297

Diversified Banks – 24.2%

Australia & New Zealand Banking Group Ltd.
5.38%, 7/3/2025		4,290,000		4,270,095
5.09%, 12/8/2025		1,505,000		1,488,412

Banco Santander SA
(SOFR + 1.24%), 6.59%, 5/24/2024(a)		5,800,000		5,823,787
5.15%, 8/18/2025		1,400,000		1,363,781

Bank of America Corp.
4.13%, 1/22/2024		4,000,000		3,983,803
Series 2025, (SOFR + 0.66%), 6.04%, 2/4/2025(a)		2,000,000		1,995,490
(SOFR + 1.10%), 6.41%, 4/25/2025(a)		2,000,000		2,002,813

Bank of Montreal
2.50%, 6/28/2024		1,500,000		1,466,664
Series H, 4.25%, 9/14/2024		4,500,000		4,427,110
(United States SOFR Compounded Index + 0.95%), 6.29%, 9/25/2025(a)		5,700,000		5,708,265


Investments	Principal Amount		Value

Diversified Banks – (continued)
(United States SOFR Compounded Index + 0.62%), 5.97%, 9/15/2026(a)	$	3,300,000	$	3,262,846

Bank of New Zealand
(SOFR + 0.81%), 6.12%, 1/27/2027(a)(b)		4,000,000		3,972,040

Bank of Nova Scotia (The)
(SOFR + 0.46%), 5.79%, 1/10/2025(a)		4,355,000		4,336,322
(United States SOFR Compounded Index + 0.90%), 6.23%, 4/11/2025(a)		2,286,000		2,285,451
(United States SOFR Compounded Index + 0.55%), 5.90%, 3/2/2026(a)		5,000,000		4,950,335

Banque Federative du Credit Mutuel SA
0.65%, 2/27/2024(b)		5,000,000		4,915,318

BNP Paribas SA
4.25%, 10/15/2024		1,000,000		975,496

Canadian Imperial Bank of Commerce
3.10%, 4/2/2024		3,225,000		3,184,694
(SOFR + 0.94%), 6.27%, 4/7/2025(a)		7,674,000		7,691,863

Citibank NA
3.65%, 1/23/2024		540,000		537,122

Citigroup, Inc.
(SOFR + 0.69%), 6.00%, 10/30/2024(a)		3,500,000		3,488,415
(SOFR + 0.67%), 6.05%, 5/1/2025(a)		900,000		896,884
(SOFR + 1.37%), 6.74%, 5/24/2025(a)		1,300,000		1,303,401
(SOFR + 0.69%), 6.01%, 1/25/2026(a)		2,400,000		2,378,780

Commonwealth Bank of Australia
(SOFR + 0.74%), 6.09%, 3/14/2025(a)(b)		5,000,000		5,014,550
(SOFR + 0.40%), 5.73%, 7/7/2025(a)(b)		1,800,000		1,794,249


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Diversified Banks – (continued)
(SOFR + 0.52%), 5.87%, 6/15/2026(a)(b)	$	1,900,000	$	1,893,426

Cooperatieve Rabobank UA
(United States SOFR Compounded Index + 0.30%), 5.63%, 1/12/2024(a)		7,000,000		6,999,510
(United States SOFR Compounded Index + 0.38%), 5.71%, 1/10/2025(a)		1,600,000		1,597,127
(United States SOFR Compounded Index + 0.90%), 6.23%, 10/5/2026(a)		5,000,000		4,990,748

Credit Agricole SA
3.25%, 10/4/2024(b)		3,000,000		2,923,702

Danske Bank A/S
6.47%, 1/9/2026(b)(d)		1,280,000		1,274,726

Fifth Third Bank NA
5.85%, 10/27/2025(d)		8,500,000		8,280,511

HSBC Holdings plc
(SOFR + 0.58%), 5.95%, 11/22/2024(a)		3,000,000		2,999,939
(SOFR + 1.43%), 6.77%, 3/10/2026(a)		7,000,000		7,017,780

ING Groep NV
(United States SOFR Compounded Index + 1.01%), 6.33%, 4/1/2027(a)		3,800,000		3,742,975

JPMorgan Chase & Co.
4.02%, 12/5/2024(d)		2,500,000		2,493,717
0.77%, 8/9/2025(d)		1,000,000		955,262
(SOFR + 0.60%), 5.95%, 12/10/2025(a)		1,000,000		995,031
(SOFR + 0.92%), 6.28%, 2/24/2026(a)		7,000,000		6,998,538
(SOFR + 0.77%), 6.11%, 9/22/2027(a)		2,500,000		2,462,493

Lloyds Banking Group plc
3.90%, 3/12/2024		1,000,000		991,754
4.72%, 8/11/2026(d)		2,300,000		2,229,370


Investments	Principal Amount		Value

Diversified Banks – (continued)

Mitsubishi UFJ Financial Group, Inc.
4.79%, 7/18/2025(d)	$	2,000,000	$	1,977,250
(SOFR + 0.94%), 6.30%, 2/20/2026(a)		5,000,000		5,001,855
(SOFR + 1.44%), 6.75%, 4/17/2026(a)		2,500,000		2,516,448

Morgan Stanley Bank NA
5.48%, 7/16/2025		3,000,000		2,986,850

National Australia Bank Ltd.
(SOFR + 0.86%), 6.21%, 6/9/2025(a)(b)		5,200,000		5,217,680
(SOFR + 0.65%), 5.97%, 1/12/2027(a)(b)		4,000,000		3,973,056

National Bank of Canada
0.75%, 8/6/2024		900,000		864,659

NatWest Markets plc
(SOFR + 0.53%), 5.90%, 8/12/2024(a)(b)		600,000		598,758

Nordea Bank Abp
(SOFR + 0.96%), 6.31%, 6/6/2025(a)(b)		2,000,000		2,007,863

PNC Financial Services Group, Inc. (The)
3.50%, 1/23/2024		6,500,000		6,462,849

Royal Bank of Canada
3.97%, 7/26/2024		5,000,000		4,933,173
(United States SOFR Compounded Index + 0.44%), 5.76%, 1/21/2025(a)		3,000,000		2,987,214
4.95%, 4/25/2025		3,000,000		2,955,205
(United States SOFR Compounded Index + 0.53%), 5.84%, 1/20/2026(a)		2,750,000		2,719,854
(United States SOFR Compounded Index + 0.57%), 5.88%, 4/27/2026(a)		2,000,000		1,980,986

Skandinaviska Enskilda Banken AB
0.65%, 9/9/2024(b)		500,000		477,585
(SOFR + 0.96%), 6.31%, 6/9/2025(a)(b)		1,000,000		1,002,230


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Diversified Banks – (continued)

Societe Generale SA
3.88%, 3/28/2024(b)	$	1,665,000	$	1,648,793
2.63%, 10/16/2024(b)		1,000,000		965,137

Standard Chartered plc
6.17%, 1/9/2027(b)(d)		2,100,000		2,085,106

Sumitomo Mitsui Financial Group, Inc.
0.51%, 1/12/2024		300,000		296,791
2.70%, 7/16/2024		7,000,000		6,840,325
(SOFR + 0.88%), 6.19%, 1/14/2027(a)		1,480,000		1,475,337

Sumitomo Mitsui Trust Bank Ltd.
0.85%, 3/25/2024(b)		400,000		391,929

Svenska Handelsbanken AB
3.90%, 11/20/2023		1,500,000		1,498,264
(SOFR + 0.91%), 6.26%, 6/10/2025(a)(b)		7,000,000		7,018,311

Swedbank AB
(United States SOFR Compounded Index + 1.38%), 6.73%, 6/15/2026(a)(b)		3,000,000		3,027,661

Toronto-Dominion Bank (The)
2.65%, 6/12/2024		2,000,000		1,958,508
4.29%, 9/13/2024		3,000,000		2,957,502
(SOFR + 0.41%), 5.74%, 1/10/2025(a)		2,777,000		2,762,072
(SOFR + 1.02%), 6.37%, 6/6/2025(a)		3,000,000		3,004,484
(SOFR + 0.59%), 5.94%, 9/10/2026(a)		2,000,000		1,971,872

US Bancorp
3.70%, 1/30/2024		3,000,000		2,983,772
2.40%, 7/30/2024		2,913,000		2,831,611

Wells Fargo & Co.
(SOFR + 1.32%), 6.63%, 4/25/2026(a)		5,600,000		5,628,017

Wells Fargo Bank NA
5.55%, 8/1/2025		1,250,000		1,245,542
(SOFR + 0.80%), 6.18%, 8/1/2025(a)		3,125,000		3,127,136


Investments	Principal Amount		Value

Diversified Banks – (continued)

Westpac Banking Corp.
3.30%, 2/26/2024	$	2,200,000	$	2,181,719
5.35%, 10/18/2024		3,000,000		2,988,425
(SOFR + 0.30%), 5.66%, 11/18/2024(a)		2,500,000		2,495,116
(SOFR + 1.00%), 6.36%, 8/26/2025(a)		5,000,000		5,034,700
(SOFR + 0.52%), 5.87%, 6/3/2026(a)		2,568,000		2,554,413
				260,000,653

Diversified Capital Markets – 2.0%

Credit Suisse AG
3.63%, 9/9/2024		1,500,000		1,461,930
7.95%, 1/9/2025		720,000		730,269

Deutsche Bank AG
Series E, 0.96%, 11/8/2023		5,400,000		5,394,531
0.90%, 5/28/2024		1,100,000		1,068,644

Macquarie Group Ltd.
(SOFR + 0.71%), 6.03%, 10/14/2025(a)(b)		5,000,000		4,968,099

UBS AG
0.70%, 8/9/2024(b)		200,000		191,917

UBS Group AG
(SOFR + 1.58%), 6.95%, 5/12/2026(a)(b)		6,000,000		6,036,120
6.37%, 7/15/2026(b)(d)		1,900,000		1,888,432
				21,739,942

Diversified Financial Services – 0.3%

Corebridge Financial, Inc.
3.50%, 4/4/2025		2,300,000		2,211,346

Jackson Financial, Inc.
1.13%, 11/22/2023		950,000		947,293
				3,158,639

Drug Retail – 0.2%

Walgreens Boots Alliance, Inc.
0.95%, 11/17/2023		1,770,000		1,765,908

Electric Utilities – 1.2%

Entergy Louisiana LLC
0.62%, 11/17/2023		846,000		843,950


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Electric Utilities – (continued)

Eversource Energy
Series N, 3.80%, 12/1/2023	$	3,000,000	$	2,994,724

Florida Power & Light Co.
(United States SOFR Compounded Index + 0.38%), 5.70%, 1/12/2024(a)		4,400,000		4,400,056

Mississippi Power Co.
Series A, (SOFR + 0.30%), 5.64%, 6/28/2024(a)		950,000		947,265

NextEra Energy Capital Holdings, Inc.
2.94%, 3/21/2024		2,000,000		1,975,936

Southern Co. (The)
Series 21-A, 0.60%, 2/26/2024		1,840,000		1,809,229
				12,971,160

Electronic Components – 0.1%

Tyco Electronics Group SA
3.45%, 8/1/2024		1,347,000		1,324,568

Environmental & Facilities Services – 0.6%

Republic Services, Inc.
2.50%, 8/15/2024		7,000,000		6,809,685

Fertilizers & Agricultural Chemicals – 0.6%

Nutrien Ltd.
5.90%, 11/7/2024		6,965,000		6,950,011

Financial Exchanges & Data – 0.2%

Nasdaq, Inc.
5.65%, 6/28/2025		2,500,000		2,490,921

Food Retail – 1.0%

7-Eleven, Inc.
0.80%, 2/10/2024(b)		5,000,000		4,925,696

Kroger Co. (The)
4.00%, 2/1/2024		6,200,000		6,171,140
				11,096,836


Investments	Principal Amount		Value

Health Care Distributors – 0.5%

McKesson Corp.
3.80%, 3/15/2024	$	5,000,000	$	4,959,042

Health Care Equipment – 2.9%

Baxter International, Inc.
0.87%, 12/1/2023		6,800,000		6,771,893
(United States SOFR Compounded Index + 0.44%), 5.80%, 11/29/2024(a)		1,435,000		1,425,846

Becton Dickinson & Co.
3.36%, 6/6/2024		6,800,000		6,692,065

Boston Scientific Corp.
3.45%, 3/1/2024		6,127,000		6,072,964

GE HealthCare Technologies, Inc.
5.55%, 11/15/2024		3,000,000		2,985,615

Stryker Corp.
0.60%, 12/1/2023		6,910,000		6,878,993

Zimmer Biomet Holdings, Inc.
1.45%, 11/22/2024		650,000		618,966
				31,446,342

Health Care Facilities – 0.0%(e)

HCA, Inc.
5.00%, 3/15/2024		400,000		398,419

Health Care Services – 1.1%

Cigna Group (The)
0.61%, 3/15/2024		2,400,000		2,352,630
3.50%, 6/15/2024		5,078,000		4,999,874

Laboratory Corp. of America Holdings
3.25%, 9/1/2024		5,000,000		4,887,880
				12,240,384

Homebuilding – 0.4%

Lennar Corp.
4.88%, 12/15/2023		3,940,000		3,936,643

Household Products – 0.1%

Colgate-Palmolive Co.
3.10%, 8/15/2025		1,480,000		1,426,185


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Industrial Conglomerates – 0.6%

3M Co.
3.25%, 2/14/2024	$	3,062,000	$	3,037,961

General Electric Co.
Series A, (CME Term SOFR 3 Month + 0.56%), 5.96%, 5/13/2024(a)		3,000,000		2,990,594
				6,028,555

Industrial Machinery & Supplies & Components – 1.2%

Illinois Tool Works, Inc.
3.50%, 3/1/2024		4,330,000		4,297,467

Parker-Hannifin Corp.
3.65%, 6/15/2024		7,000,000		6,897,412

Stanley Black & Decker, Inc.
6.27%, 3/6/2026		2,020,000		2,021,168
				13,216,047

Integrated Oil & Gas – 1.0%

ConocoPhillips Co.
2.13%, 3/8/2024		5,000,000		4,935,499

Saudi Arabian Oil Co.
1.25%, 11/24/2023(b)		200,000		199,334

TotalEnergies Capital International SA
3.75%, 4/10/2024		5,600,000		5,553,409
				10,688,242

Integrated Telecommunication Services – 2.3%

AT&T, Inc.
0.90%, 3/25/2024		3,271,000		3,205,314
(CME Term SOFR 3 Month + 1.44%), 6.85%, 6/12/2024(a)		3,550,000		3,567,616

Bell Canada (The)
Series US-3, 0.75%, 3/17/2024		5,050,000		4,949,281

British Telecommunications plc
4.50%, 12/4/2023		5,500,000		5,491,191

Verizon Communications, Inc.
0.75%, 3/22/2024		5,112,000		5,011,311


Investments	Principal Amount		Value

Integrated Telecommunication Services – (continued)
(United States SOFR Compounded Index + 0.79%), 6.13%, 3/20/2026(a)	$	2,790,000	$	2,803,954
				25,028,667

Interactive Home Entertainment – 0.7%

Take-Two Interactive Software, Inc.
3.30%, 3/28/2024		6,939,000		6,864,687
3.55%, 4/14/2025		240,000		231,888
				7,096,575

Investment Banking & Brokerage – 2.8%

Charles Schwab Corp. (The)
(United States SOFR Compounded Index + 0.50%), 5.84%, 3/18/2024(a)		1,390,000		1,388,206
(United States SOFR Compounded Index + 0.52%), 5.89%, 5/13/2026(a)		1,000,000		979,033
(United States SOFR Compounded Index + 1.05%), 6.40%, 3/3/2027(a)		7,000,000		6,906,046

Goldman Sachs Group, Inc. (The)
3.00%, 3/15/2024		2,500,000		2,472,544
(SOFR + 0.51%), 5.85%, 9/10/2024(a)		2,600,000		2,593,245
5.70%, 11/1/2024		3,000,000		2,988,696
3.50%, 4/1/2025		1,500,000		1,443,652

Morgan Stanley
(SOFR + 0.46%), 5.77%, 1/25/2024(a)		2,200,000		2,199,978
(SOFR + 1.17%), 6.49%, 4/17/2025(a)		1,500,000		1,502,322
1.16%, 10/21/2025(d)		500,000		473,027
(SOFR + 0.95%), 6.32%, 2/18/2026(a)		7,000,000		6,987,371
				29,934,120


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

IT Consulting & Other Services – 0.9%

International Business Machines Corp.
3.63%, 2/12/2024	$	9,500,000	$	9,442,468
3.00%, 5/15/2024		500,000		492,710
				9,935,178

Life & Health Insurance – 0.5%

Athene Global Funding
(ICE LIBOR USD 3 Month + 0.73%), 6.40%, 1/8/2024(a)(b)		1,000,000		999,062

MetLife, Inc.
3.60%, 4/10/2024		3,500,000		3,464,172

Security Benefit Global Funding
1.25%, 5/17/2024(b)		650,000		630,024
				5,093,258

Life Sciences Tools & Services – 0.7%

Thermo Fisher Scientific, Inc.
1.22%, 10/18/2024		8,090,000		7,732,805

Managed Health Care – 1.1%

Elevance Health, Inc.
3.50%, 8/15/2024		5,100,000		5,000,041

Humana, Inc.
3.85%, 10/1/2024		5,000,000		4,902,379

UnitedHealth Group, Inc.
0.55%, 5/15/2024		1,580,000		1,538,314
				11,440,734

Movies & Entertainment – 0.5%

Netflix, Inc.
3.63%, 6/15/2025(b)		5,000,000		4,820,408

Multi-line Insurance – 0.2%

New York Life Global Funding
(United States SOFR Compounded Index + 0.33%), 5.65%, 1/14/2025(a)(b)		2,000,000		1,994,269


Investments	Principal Amount		Value

Multi-Utilities – 0.6%

Black Hills Corp.
1.04%, 8/23/2024	$	960,000	$	920,240

CenterPoint Energy, Inc.
(United States SOFR Compounded Index + 0.65%), 6.02%, 5/13/2024(a)		760,000		759,737

Consolidated Edison, Inc.
Series A, 0.65%, 12/1/2023		3,600,000		3,585,219

DTE Energy Co.
4.22%, 11/1/2024(c)		1,700,000		1,666,833
				6,932,029

Office REITs – 0.1%

Boston Properties LP
REIT, 3.80%, 2/1/2024		1,000,000		992,842

Oil & Gas Equipment & Services – 0.8%

Baker Hughes Holdings LLC
1.23%, 12/15/2023		4,255,000		4,231,909

Schlumberger Investment SA
3.65%, 12/1/2023		4,546,000		4,537,411
				8,769,320

Oil & Gas Refining & Marketing – 0.5%

Phillips 66
0.90%, 2/15/2024		5,000,000		4,922,481

Oil & Gas Storage & Transportation – 1.9%

Enbridge, Inc.
(United States SOFR Compounded Index + 0.63%), 6.00%, 2/16/2024(a)		4,700,000		4,703,087

Enterprise Products Operating LLC
5.05%, 1/10/2026		720,000		711,465

Kinder Morgan Energy Partners LP
4.25%, 9/1/2024		6,870,000		6,758,845

Kinder Morgan, Inc.
5.63%, 11/15/2023(b)		1,150,000		1,149,591

TransCanada PipeLines Ltd.
1.00%, 10/12/2024		7,010,000		6,673,997
				19,996,985


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Packaged Foods & Meats – 3.5%

Danone SA
2.59%, 11/2/2023(b)	$	7,700,000	$	7,700,000

General Mills, Inc.
3.65%, 2/15/2024		6,000,000		5,962,374

Hormel Foods Corp.
0.65%, 6/3/2024		2,780,000		2,696,151

Kellogg Co.
2.65%, 12/1/2023		2,000,000		1,994,809

McCormick & Co., Inc.
3.15%, 8/15/2024		5,000,000		4,889,987
0.90%, 2/15/2026		620,000		554,541

Mondelez International, Inc.
2.13%, 3/17/2024		5,400,000		5,322,416

Tyson Foods, Inc.
3.95%, 8/15/2024		8,250,000		8,116,868
				37,237,146

Paper & Plastic Packaging Products & Materials – 1.1%

Avery Dennison Corp.
0.85%, 8/15/2024		8,190,000		7,860,455

Graphic Packaging International LLC
0.82%, 4/15/2024(b)		4,000,000		3,898,842
				11,759,297

Paper Products – 0.2%

Georgia-Pacific LLC
0.63%, 5/15/2024(b)		2,200,000		2,138,007

Personal Care Products – 0.2%

Kenvue, Inc.
5.50%, 3/22/2025		2,305,000		2,301,253

Pharmaceuticals – 0.5%

Bayer US Finance II LLC
3.88%, 12/15/2023(b)		5,000,000		4,986,251

Bristol-Myers Squibb Co.
0.54%, 11/13/2023		700,000		698,900
				5,685,151

Rail Transportation – 1.5%

Burlington Northern Santa Fe LLC
3.75%, 4/1/2024		5,000,000		4,956,884


Investments	Principal Amount		Value

Rail Transportation – (continued)

Canadian Pacific Railway Co.
1.35%, 12/2/2024	$	5,910,000	$	5,627,914

CSX Corp.
3.40%, 8/1/2024		5,350,000		5,252,196
				15,836,994

Regional Banks – 1.0%

ANZ New Zealand Int’l Ltd.
(SOFR + 0.60%), 5.97%, 2/18/2025(a)(b)		1,450,000		1,448,898

Bank of America NA
(SOFR + 0.78%), 6.15%, 8/18/2025(a)		3,850,000		3,849,772

KeyBank NA
(United States SOFR Compounded Index + 0.32%), 5.67%, 6/14/2024(a)		2,000,000		1,955,651

Truist Financial Corp.
(SOFR + 0.40%), 5.75%, 6/9/2025(a)		3,750,000		3,669,858
				10,924,179

Restaurants – 0.2%

Starbucks Corp.
(United States SOFR Compounded Index + 0.42%), 5.79%, 2/14/2024(a)		2,370,000		2,370,032

Self-Storage REITs – 0.6%

Public Storage Operating Co.
REIT, (SOFR + 0.47%), 5.79%, 4/23/2024(a)		4,000,000		3,999,316
REIT, (United States SOFR Compounded Index + 0.60%), 5.91%, 7/25/2025(a)		1,990,000		1,992,108
				5,991,424

Semiconductors – 0.6%

Analog Devices, Inc.
(United States SOFR Compounded Index + 0.25%), 5.58%, 10/1/2024(a)		610,000		609,744


Investments	Principal Amount		Value

CORPORATE BONDS – (continued)

Semiconductors – (continued)

Microchip Technology, Inc.
0.97%, 2/15/2024	$	5,307,000	$	5,225,179
0.98%, 9/1/2024		870,000		833,619
				6,668,542

Soft Drinks & Non-alcoholic Beverages – 0.7%

Keurig Dr Pepper, Inc.
3.13%, 12/15/2023		4,000,000		3,985,654
0.75%, 3/15/2024		3,500,000		3,432,382
				7,418,036

Specialized Finance – 1.0%

Element Fleet Management Corp.
1.60%, 4/6/2024(b)		5,500,000		5,381,729
6.27%, 6/26/2026(b)		2,820,000		2,804,313

NTT Finance Corp.
0.58%, 3/1/2024(b)		2,650,000		2,603,090
				10,789,132

Specialty Chemicals – 0.9%

Ecolab, Inc.
0.90%, 12/15/2023		2,525,000		2,509,627

Sherwin-Williams Co. (The)
4.05%, 8/8/2024		7,400,000		7,289,872
				9,799,499

Systems Software – 0.7%

Oracle Corp.
2.95%, 11/15/2024		7,980,000		7,739,077

Technology Hardware, Storage & Peripherals – 0.3%

Hewlett Packard Enterprise Co.
5.90%, 10/1/2024		3,200,000		3,194,228

Trading Companies & Distributors – 0.6%

Air Lease Corp.
4.25%, 2/1/2024		1,000,000		994,745
0.80%, 8/18/2024		980,000		937,106
4.25%, 9/15/2024		5,000,000		4,913,298
				6,845,149


Investments	Principal Amount		Value

Transaction & Payment Processing Services – 0.6%

Fidelity National Information Services, Inc.
0.60%, 3/1/2024	$	4,110,000	$	4,035,444

Fiserv, Inc.
2.75%, 7/1/2024		2,000,000		1,956,640

Global Payments, Inc.
1.50%, 11/15/2024		240,000		228,361
				6,220,445

Wireless Telecommunication Services – 0.4%

Sprint LLC
7.13%, 6/15/2024		4,000,000		4,020,264
Total Corporate Bonds (Cost $938,970,908)				935,554,822



ASSET-BACKED SECURITIES – 5.3%

BMW Vehicle Lease Trust
Series 2021-2, Class A3, 0.33%, 12/26/2024		324,803		323,661
Series 2023-1, Class A2, 5.27%, 2/25/2025		354,855		354,125
Series 2022-1, Class A3, 1.10%, 3/25/2025		148,839		147,418

Capital One Multi-Asset Execution Trust
Series 2021-A3, Class A3, 1.04%, 11/15/2026		2,900,000		2,759,853
Series 2022-A3, Class A, 4.95%, 10/15/2027		1,882,000		1,857,181

Carmax Auto Owner Trust
Series 2022-3, Class A2A, 3.81%, 9/15/2025		549,194		546,292

Chase Issuance Trust
Series 2023-A1, Class A, 5.16%, 9/15/2028		1,900,000		1,880,724

Dell Equipment Finance Trust
Series 2023-1, Class A2, 5.65%, 9/22/2028(b)		2,000,000		1,992,787

Ford Credit Auto Lease Trust
Series 2022-A, Class A3, 3.23%, 5/15/2025		823,595		817,786

Ford Credit Auto Owner Trust
Series 2022-C, Class A2A, 4.52%, 4/15/2025		1,339,623		1,335,726


Investments	Principal Amount		Value

ASSET-BACKED SECURITIES – (continued)
Series 2022-D, Class A2A, 5.37%, 8/15/2025	$	614,720	$	613,472
Series 2023-A, Class A2A, 5.14%, 3/15/2026		522,830		520,315
Series 2023-B, Class A2A, 5.57%, 6/15/2026		1,200,000		1,195,656

GM Financial Automobile Leasing Trust
Series 2022-3, Class A2A, 4.01%, 10/21/2024		596,846		595,399
Series 2022-2, Class A3, 3.42%, 6/20/2025		6,000,000		5,937,141

GM Financial Consumer Automobile Receivables Trust
Series 2022-3, Class A2A, 3.50%, 9/16/2025		769,067		764,425
Series 2023-1, Class A2A, 5.19%, 3/16/2026		634,095		631,476
Series 2021-2, Class A3, 0.51%, 4/16/2026		731,719		709,701
Series 2021-3, Class A3, 0.48%, 6/16/2026		955,357		922,884
Series 2023-3, Class A2A, 5.74%, 9/16/2026		400,000		399,408
Series 2022-1, Class A3, 1.26%, 11/16/2026		2,060,582		1,983,619

Honda Auto Receivables Owner Trust
Series 2022-2, Class A2, 3.81%, 3/18/2025		646,544		642,970
Series 2023-3, Class A2, 5.71%, 3/18/2026		3,400,000		3,391,874

Hyundai Auto Receivables Trust
Series 2022-A, Class A2A, 1.81%, 2/18/2025		109,892		109,595
Series 2022-B, Class A2A, 3.64%, 5/15/2025		375,124		373,329
Series 2021-A, Class A3, 0.38%, 9/15/2025		1,066,481		1,046,129
Series 2020-B, Class A4, 0.62%, 12/15/2025		1,054,819		1,042,292


Investments	Principal Amount		Value

Mercedes-Benz Auto Lease Trust
Series 2021-B, Class A4, 0.51%, 3/15/2027	$	3,840,000	$	3,770,078

Mercedes-Benz Auto Receivables Trust
Series 2022-1, Class A2, 5.26%, 10/15/2025		840,700		838,597
Series 2023-1, Class A2, 5.09%, 1/15/2026		453,664		451,923
Series 2021-1, Class A3, 0.46%, 6/15/2026		1,951,549		1,886,709
Series 2023-2, Class A2, 5.92%, 11/16/2026		2,000,000		1,999,643

Nissan Auto Lease Trust
Series 2021-A, Class A3, 0.52%, 8/15/2024		33,871		33,822

Nissan Auto Receivables Owner Trust
Series 2022-B, Class A2, 4.50%, 8/15/2025		1,841,974		1,832,771

Santander Drive Auto Receivables Trust
Series 2022-7, Class A2, 5.81%, 1/15/2026		463,463		463,199
Series 2023-1, Class A2, 5.36%, 5/15/2026		994,828		993,203
Series 2023-3, Class A2, 6.08%, 8/17/2026		1,400,000		1,398,745

Toyota Auto Receivables Owner Trust
Series 2020-D, Class A4, 0.47%, 1/15/2026		1,097,000		1,067,268
Series 2022-D, Class A2A, 5.27%, 1/15/2026		862,056		859,343
Series 2023-C, Class A2A, 5.60%, 8/17/2026		1,300,000		1,295,583

Verizon Master Trust
Series 2021-1, Class A, 0.50%, 5/20/2027		3,000,000		2,909,864

World Omni Auto Receivables Trust
Series 2022-C, Class A2, 3.73%, 3/16/2026		1,082,705		1,073,792
Series 2021-B, Class A3, 0.42%, 6/15/2026		1,109,752		1,076,311


Investments	Principal Amount		Value

ASSET-BACKED SECURITIES – (continued)
Series 2023-D, Class A2A, 5.91%, 2/16/2027	$	1,700,000	$	1,699,857
Total Asset-Backed Securities (Cost $56,459,510)				56,545,946



MUNICIPAL BONDS – 0.2%

University of Missouri, System Facilities Revenue Bonds
Series 2020-A, 1.47%, 11/1/2023		1,000,000		1,000,000

Anaheim Public Financing Authority
Series 2021-A, 0.63%, 7/1/2024		500,000		482,936

New York City Transitional Finance Authority, Building Aid
Series 2022 Subseries S-1B, 0.64%, 7/15/2024		1,000,000		964,822
Total Municipal Bonds (Cost $2,500,000)				2,447,758



SHORT-TERM INVESTMENTS – 6.9%(f)

U.S. TREASURY OBLIGATIONS – 6.9%

U.S. Treasury Bills
4.91%, 11/2/2023		15,000,000		14,997,811
5.40%, 11/9/2023		15,000,000		14,982,347
5.41%, 11/30/2023		15,000,000		14,936,091
5.22%, 12/14/2023		10,000,000		9,936,784
5.31%, 12/21/2023		20,000,000		19,852,709
Total U.S. Treasury Obligations (Cost $74,712,336)				74,705,742
Total Investments – 99.3% (Cost $1,072,642,754)				1,069,254,268

Other assets less liabilities – 0.7%				7,134,810
NET ASSETS – 100.0%			$	1,076,389,078

^(a)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of October 31, 2023.

^(b)

^(c)

^(d)

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.

^(e)

Represents less than 0.05% of net assets.

^(f)

The rate shown was the current yield as of October 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



Aggregate gross unrealized appreciation	$	731,366
Aggregate gross unrealized depreciation		(4,156,526	)
Net unrealized depreciation	$	(3,425,160	)
Federal income tax cost	$	1,072,679,428

FlexShares® Ultra-Short Income Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of October 31, 2023:


Investments	Shares		Value

EXCHANGE TRADED FUNDS – 99.8%

FlexShares^® Credit-Scored US Corporate Bond Index Fund(a)		292,428	$	13,290,121

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund(a)		22,200		847,983

FlexShares^® Disciplined Duration MBS Index Fund(a)		1,184,745		23,209,155

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund(a)		166,341		3,854,121

FlexShares^® Ultra-Short Income Fund(a)		79,477		5,969,915

iShares 10+ Year Investment Grade Corporate Bond ETF		347,766		15,656,425

iShares 20+ Year Treasury Bond ETF		130,488		10,906,187

iShares 3-7 Year Treasury Bond ETF(b)		233,834		26,257,220

iShares 5-10 Year Investment Grade Corporate Bond ETF		135,709		6,471,962

iShares 7-10 Year Treasury Bond ETF		176,822		15,841,483

iShares MBS ETF(b)		508,968		44,086,808

iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF(b)		313,656		15,579,294
Total Exchange Traded Funds (Cost $199,416,048)				181,970,674
	Principal Amount

SECURITIES LENDING REINVESTMENTS – 0.0%(c)(d)

REPURCHASE AGREEMENTS – 0.0%(c)

CF Secured LLC, 5.30%, dated 10/31/2023, due 11/1/2023, repurchase price $80,337, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.63%, maturing 11/15/2023 - 5/15/2051; total market value $81,000 (Cost $80,325)	$	80,325		80,325


Investments	Principal Amount		Value

SHORT-TERM INVESTMENTS – 0.0%(c)(e)(f)

U.S. TREASURY OBLIGATIONS – 0.0%

U.S. Treasury Bills 5.44%, 4/11/2024 (Cost $63,448)	$	65,000	$	63,447
Total Investments – 99.8% (Cost $199,559,821)				182,114,446

Other assets less liabilities – 0.2%				316,417
NET ASSETS – 100.0%			$	182,430,863

^(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 October 31, 2023. The total value of securities on loan at October 31, 2023 was $12,937,865, collateralized in the form of cash with a value of $80,325 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $12,831,450 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% — 6.13%, and maturity dates ranging from December 14, 2023 — August 15, 2051 and $310,108 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% — 4.25%, and maturity dates ranging from November 13, 2023 — October 22, 2071; a total value of $13,221,883.

^(c)

Represents less than 0.05% of net assets.

^(d)

The security was purchased with cash collateral held from securities on loan at October 31, 2023. The total value of securities purchased was $80,325.

^(e)

The rate shown was the current yield as of October 31, 2023.

^(f)

All or a portion of the security pledged as collateral for Futures Contracts.

Percentages shown are based on Net Assets.



Aggregate gross unrealized appreciation	$	49,688
Aggregate gross unrealized depreciation		(21,918,868	)
Net unrealized depreciation	$	(21,869,180	)
Federal income tax cost	$	203,946,377

For the period ended October 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 October 31, 2023, was as follows:

FlexShares® Core Select Bond Fund had the following open futures contracts as of October 31, 2023:

1. Organization

FlexShares^® Trust (the “Trust”), a Maryland statutory trust, was formed on May 13, 2010, originally named NT ETF Trust and renamed FlexShares^® Trust as of April 12, 2011. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”), as amended. The Trust consists of thirty operational exchange-traded funds as of October 31, 2023 (each a “Fund” and collectively, the “Funds”).

FlexShares^® ESG & Climate US Large Cap Core Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® ESG & Climate Emerging Markets Core Index Fund, and FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund are non-diversified series of the Trust, pursuant to the 1940 Act. Each of the other Funds are diversified series of the Trust, pursuant to the 1940 Act.

Each Fund, except the FlexShares Ultra-Short Income Fund and the FlexShares Core Select Bond Fund, seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified benchmark index (each an “Underlying Index”). The FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund and the FlexShares ESG & Climate Investment Grade Corporate Core Index Fund seek to track Underlying Indexes developed by Northern Trust Investments, Inc.

(“NTI” or “Investment Adviser”), an indirect subsidiary of Northern Trust Corporation. The FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund and FlexShares Morningstar Global Upstream Natural Resources Index Fund seek to track Underlying Indexes sponsored by Morningstar, Inc. The FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, and FlexShares STOXX^® Global Broad Infrastructure Index Fund seek to track Underlying Indexes sponsored by STOXX. The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and FlexShares iBoxx 5-Year Target Duration TIPS Index Fund seek to track Underlying Indexes sponsored by Markit Indexes Limited. The FlexShares Disciplined Duration MBS Index Fund seeks to track an Underlying Index sponsored by ICE Data Indexes, LLC.

The FlexShares Real Assets Allocation Index Fund is a fund of funds that seeks to achieve its investment objective by investing primarily in the shares of other FlexShares ETFs that are eligible for inclusion in its Underlying Index, rather than in securities of individual companies. The FlexShares Core Select Bond Fund seeks to achieve its investment objective by investing, under normal circumstances in U.S. dollar-denominated investment-grade fixed-income securities either directly or indirectly through FlexShares ETFs, unaffiliated ETFs and other registered investment companies. The investment performance of each of the FlexShares Real Assets Allocation Index Fund and FlexShares Core Select Bond Fund is directly related to the performance of the underlying funds in which it invests (“Underlying Fund”).

The FlexShares Ultra-Short Income Fund and the FlexShares Core Select Bond Fund are actively managed and do not seek to replicate the performance of a specified index. The FlexShares Ultra-Short Income Fund seeks maximum current income consistent with the preservation of capital and liquidity. The FlexShares Core Select Bond Fund seeks total return and preservation of capital. Each Fund, except the FlexShares Ultra-Short Income Fund and the FlexShares Core Select Bond Fund, is referred to herein as an “Index Fund.” Each Fund is managed by the Investment Adviser.

On March 23, 2023, the Trust’s Board of Trustees (“Board”) unanimously approved a reorganization whereby the FlexShares Quality Dividend Index Fund acquired all of the assets and liabilities of the FlexShares Quality Dividend Dynamic Index Fund on June 30, 2023. All costs related to the reorganization were paid by NTI.

2. Significant Accounting Policies

The Trust, which is an investment company, follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Investment Valuation

Each Fund’s net asset value (“NAV”) is determined daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time, on each day the NYSE is open for trading, based on prices at the time of closing provided that any U.S. fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association announces an early closing time. The NAV of a Fund is calculated by dividing the value of all assets of the Fund (including accrued interest and dividends), less all liabilities (including accrued expenses and dividends declared but unpaid), by the total number of shares outstanding.

The investments of the Funds are valued at fair value pursuant to the pricing policy and procedures approved by the Trust’s Board of Trustees (“Board”). The Funds’ investments are valued using market quotations when available. The Board has designated NTI as the valuation designee pursuant to Rule 2a-5 under the 1940 Act to perform fair value determinations relating to any or all Fund invest-

ments. Accordingly, when market quotations are not readily available, are deemed unreliable, or do not reflect material events occurring between the close of local markets and the time of valuation, NTI values Fund securities at fair value as determined in good faith in accordance with the Funds’ fair value pricing procedures as approved by the Board. Such circumstances include periods when trading in a security is suspended, the exchange or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news affecting an issuer is released, such as government approvals. The Board oversees NTI in its role as valuation designee in accordance with the requirements of Rule 2a-5 under the 1940 Act. Additionally, NTI, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by NTI on behalf of a Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and the Trust’s fair value procedures. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, government actions, or natural disasters.

The use of fair valuation involves the risk that the values used by NTI to price a Fund’s investments may be higher or lower than the values used by other investment companies and investors to price the same investments. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a portfolio security may be materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate an Index Fund’s NAV and the prices used by an Index Fund’s Underlying Index. This difference may adversely affect an Index Fund’s ability to track its Underlying Index. Portfolio securities of certain Funds are listed on foreign exchanges and their value may change on days when shareholders will not be able to purchase or sell Fund shares.

Security prices are generally provided by independent pricing services. Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS, including

dollar-denominated foreign securities or American Depositary Receipts (“ADRs”), are valued at the closing price, or last sale price, reported on the exchange or system where the security is principally traded. The closing price for securities traded on the NASDAQ/NMS is the Nasdaq Official Closing Price (“NOCP”). If there have been no sales for that day on the exchange or system where the security is principally traded, then the value is determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales of the security for that day on any exchange or system, the security is valued at fair value pursuant to the Trust’s fair value procedures.

Securities that are traded regularly in the over-the-counter market (other than the NASDAQ/NMS), including securities listed on exchanges but primarily traded over-the-counter, are valued on the basis of bid quotes or the mean between the bid and asked quotes based upon quotes furnished by one or more broker-dealers or market makers for those securities. Securities that may be traded over-the-counter include equity securities, fixed-income securities, non-exchange-listed foreign securities, and certain derivative instruments. Fixed-income securities may be valued using prices provided directly from one or more broker-dealers, market makers, or independent third-party pricing services which may use matrix pricing and valuation models, as well as recent market transactions for the same or similar assets, to derive values when such prices are believed to reflect fair market values of such securities. Such prices may be determined by taking into account securities prices, yields, maturities, call features, ratings, prepayment speeds, credit risks, cash flows, institutional size trading in similar groups of securities and developments related to specific securities. Fixed-income securities maturing within a relatively short period, less than 60 days, are valued at amortized cost when it approximates fair value.

Foreign equity securities are generally priced at the closing price or last sales price reported on the foreign exchange on which they are principally traded. If there have been no sales for that day on the primary exchange, then the value is determined with reference to the last sale price on any other exchange. If there have been no sales of the security for that

day on any exchange, the security will be valued at fair value pursuant to the Trust’s fair value procedures. Spot and forward foreign currency exchange contracts generally are valued using an independent pricing service. The value of assets denominated in foreign currencies is converted into U.S. dollars using exchange rates deemed appropriate by NTI as Investment Adviser. Any use of a different rate from the rates used by an Underlying Index’s index provider may adversely affect an Index Fund’s ability to track its Underlying Index. An Underlying Index’s index provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.

Exchange-traded financial futures and options thereon are valued at the settlement price as established by the exchange on which they are traded. Over-the-counter options are valued at broker-provided bid prices, as are swaps. The foregoing prices may be obtained from one or more independent pricing services or, as needed or applicable, independent broker-dealers. If there was no sale on that day, and for other non-exchange traded derivatives, the contract is valued at fair value pursuant to the Trust’s fair value procedures.

Each Fund relies on various sources to calculate its NAV. The ability of the Funds’ administrator to calculate the NAV per share of the Funds is subject to operational risks associated with processing or human errors, systems or technology failures, and errors caused by third party service providers, data sources, or trading counterparties. Such failures may result in delays in the calculation of the Funds’ NAVs and/or the inability to calculate NAV over extended time periods. The Funds may be unable to recover any losses associated with such failures, and it may be necessary for alternative procedures to be followed to price portfolio securities when determining the Funds’ NAVs.

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

•

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

The following is a summary of the valuations as of October 31, 2023 for each Fund based upon the three levels defined above. The value of level 3 securities compared to the total Fund net assets is not material and, therefore, the reconciliation of Level 3 securities and related valuation techniques are not disclosed. Please refer to the Schedules of Investments to view equity and debt securities segregated by industry type, where applicable.

Foreign Securities

The FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund (through its investment in its Underlying Funds), FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund and the FlexShares ESG & Climate Emerging Markets Core Index Fund invest in publicly-traded equity securities of issuers in countries other than the United States of America (“U.S.”). Such investments include direct investments in non-U.S. dollar denominated securities traded outside the U.S. The Funds’ investments in foreign securities also may be in the form of ADRs and Global Depositary Receipts (“GDRs”) (collectively, “Depositary Receipts”) based on securities in their Underlying Indexes. ADRs are receipts that are traded in the United States evidencing ownership of the underlying foreign securities and are denominated in U.S. dollars. GDRs are receipts issued by a non-U.S. financial institution evidencing ownership of underlying foreign or U.S. securities and usually are denominated in foreign currencies. GDRs may not be denominated in the same currency as the securities they represent. Generally, GDRs are designed for use in foreign securities markets.

In addition to investment risks associated with the underlying issuer, ADRs and GDRs expose a Fund to risk associated with non-uniform terms that apply to ADR and GDR programs, credit exposure to the depository bank and to the sponsors and other parties with whom the depository bank establishes the programs, currency and liquidity risk. ADRs and GDRs are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

To the extent a Fund invests in ADRs, such ADRs will be listed on a national securities exchange. To the extent a Fund invests in GDRs, such GDRs will be listed on a foreign exchange. A Fund will not invest in any unlisted Depositary Receipt, any Depositary Receipt that NTI deems to be illiquid or any Depositary Receipt for which market quotations are not readily available. Generally, all Depositary Receipts must be sponsored.

The FlexShares Credit-Scored US Corporate Bond Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, FlexShares High Yield Value-Scored Bond Index Fund and the FlexShares ESG & Climate Investment Grade Corporate Core Index Fund may invest in U.S. dollar denominated bonds of non-U.S. corporations to the extent such bonds are included in each Fund’s Underlying Index. The FlexShares Core Select Bond Fund may invest in U.S. dollar denominated bonds of non-U.S. corporations, either directly or indirectly through Underlying Funds, to achieve its investment objective.

The FlexShares Ultra-Short Income Fund may invest, without limitation, in fixed-income securities and instruments of foreign issuers in developed and emerging markets, including debt securities of foreign governments.

Investing in foreign securities, including Depositary Receipts, may result in a Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in U.S. securities, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose taxes and limits on investment and repatriation. Any of these events could cause the value of a Fund’s foreign investment to decline. To the extent that a Fund’s assets are significantly invested in a single country or geographic region, a Fund will be subject to the risks associated with that particular country or region.

The FlexShares Emerging Markets Quality Low Volatility Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, and FlexShares ESG & Climate Emerging Markets Core Index Fund will invest primarily in emerging market countries. In addition, the FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares

STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund (through its investment in its Underlying Funds), FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, and the FlexShares International Quality Dividend Dynamic Index Fund may invest its assets in emerging market countries. The FlexShares Ultra-Short Income Fund may invest up to 20% of its total assets in fixed-income securities and instruments of issuers in emerging markets. The markets of emerging market countries are less developed and less liquid, subject to greater price volatility and generally subject to increased economic, political, regulatory and other uncertainties than more developed foreign markets. The risks of foreign investment are increased when the issuer is located in a country with an emerging economy or securities market.

Inflation-Indexed Securities

The FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund invest primarily in U.S. Treasury Inflation-Protected Securities (“TIPS”).

TIPS have varying maturities and pay interest on a semiannual basis equal to a fixed percentage of the inflation-adjusted principal amount. If the periodic adjustment rate measuring inflation falls, the principal value of TIPS will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of TIPS, even during a period of deflation.

The value of TIPS is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of TIPS. In contrast, if nominal interest rates increase at a faster rate

than inflation, real interest rates might rise, leading to a decrease in value of TIPS. Any increase in the principal amount of TIPS will be considered taxable ordinary income, even though investors do not receive their principal until maturity.

While these securities are expected to be protected from long-term inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation, investors in these securities may not be protected to the extent that the increase is not reflected in the TIPS’ inflation measure.

The periodic adjustment of TIPS is tied to the Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPI-U will accurately measure the real rate of inflation in the prices of goods and services.

Mortgage-Backed Pass-Through Securities

The FlexShares Disciplined Duration MBS Index Fund invests primarily in U.S. agency mortgage-backed pass-through securities (“MBS”), a category of pass-through securities backed by pools of mortgages and issued by one of the following U.S. government agencies: the Federal National Mortgage Association (FNMA or Fannie Mae), the Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac) or the Government National Mortgage Association (GNMA or Ginnie Mae) (each a “US Agency”). Under normal circumstances, the Fund will invest at least 80% of its total assets in the securities of its Underlying Index and in “to-be announced transactions” (“TBA transactions”) that represent securities in its Underlying Index. In a TBA transaction, the buyer and seller agree upon general trade parameters such as agency, coupon rate, settlement date, par amount and price. The actual pools delivered generally are determined two days prior to settlement.

Pending settlement of such TBA contracts, the FlexShares Disciplined Duration MBS Index Fund will invest in liquid,

short-term instruments. The FlexShares Core Select Bond Fund may also invest either directly or through its Underlying Funds in MBS, including TBA transactions.

Mortgage Dollar Rolls

The FlexShares Disciplined Duration MBS Index Fund, the FlexShares Ultra-Short Income Fund and the FlexShares Core Select Bond Fund (directly or through its Underlying Funds) may enter into mortgage dollar roll transactions. A mortgage dollar roll involves the sale by the Fund of securities for delivery in the future (generally within 30 days). The Fund simultaneously contracts with the same counterparty to repurchase substantially similar (same type, coupon and maturity) but not identical securities on a specified future date. During the roll period, the Fund will not be entitled to accrue interest and receive principal payments on the securities sold. However, the Fund benefits to the extent of any difference between (a) the price received for the securities sold and (b) the lower forward price for the future purchase and/or fee income plus the interest earned on the cash proceeds of the securities sold. Successful use of mortgage dollar rolls depends upon the Investment Adviser’s ability to predict correctly interest rates and mortgage prepayments. The use of this technique may diminish the investment performance of the Fund compared with what such performance would have been without the use of mortgage dollar rolls.

For financial reporting and tax purposes, a Fund treats mortgage dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale. The Fund currently does not intend to enter into mortgage dollar rolls that are accounted for as financing and does not treat them as borrowings.

Repurchase Agreements

To the extent consistent with its investment policies, each Fund may enter into repurchase agreements under which it purchases securities (collateral) for cash from a seller and agrees to resell those securities to the same seller within a specified time at a specified price. During the term of a repurchase agreement, the market value of the underlying collateral, including accrued interest, is required to equal or exceed the market value of the repurchase agreement. The

underlying collateral for tri-party repurchase agreements is held in accounts at JPMorgan Chase, the Fund’s custodian, and is not reflected in the assets of the Funds, at the Bank of New York or JPMorgan Chase which, in turn, holds securities through the book-entry system at the Federal Reserve Bank of New York. The Fund is subject to credit risk on repurchase agreements to the extent that the counterparty fails to perform under the agreement and the value of the collateral received falls below the agreed repurchase price.

The Northern Trust Company, the parent of NTI, currently is a party to various Master Repurchase Agreements with a number of different counterparties, and acts as agent on behalf of various disclosed principals, including the Funds and various other accounts managed by NTI, in entering into repurchase agreements under the Master Repurchase Agreements. NTI administers and manages these repurchase agreements in accordance with and as part of its duties under its investment advisory agreement with the Funds and does not collect any additional fees from the Funds for such services. As of October 31, 2023, none of the Funds presented in these financial statements had repurchase agreements outstanding except as discussed below.

As of October 31, 2023, the FlexShares US Quality Low Volatility Index Fund, FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Core Select Bond Fund invested cash collateral for loans of portfolio securities in repurchase agreements, as reflected in the respective Schedule of Investments under the caption “Securities Lending Reinvestments.”

Securities Lending

Each Fund may lend securities to banks, brokers and dealers or other qualified institutions. In exchange, the Fund is required to receive minimum initial collateral value as follows:


Type of Loan	Minimum Initial Collateral Requirement

U.S. dollar denominated securities secured by U.S. dollar denominated government securities or cash collateral		102	%

U.S. dollar denominated securities secured by non-U.S. dollar denominated government securities or cash collateral		105	%

Non-U.S. dollar denominated securities secured by government securities or cash collateral in the same denomination as the lent securities		102	%

Non-U.S. dollar denominated securities secured by government securities or cash collateral in the different denomination from the lent securities		105	%

U.S. dollar and Non-U.S. dollar denominated securities secured by equity securities collateral		105	%

The collateral is maintained thereafter, at a value equal to at least 100% of the value of the securities loaned. The collateral amount is valued at the beginning of each business day and is compared to the market value of the loaned securities from the prior business day to determine if additional collateral is required. If additional collateral is required, a request is sent to the borrower.

Securities lending may represent no more than one-third of the value of a Fund’s total assets (including the loan collateral). JPMorgan Chase Bank, N.A. (the “Securities Lending Agent”) serves as the securities lending agent for the securities lending program of a Fund.

Collateral for loans of portfolio securities made by a Fund may consist of cash, cash equivalents, securities issued or guaranteed by the U.S. government or foreign governments or its agencies (or any combination thereof). Any cash collateral received by the Fund in connection with these

loans may be invested in a variety of short-term investments, either directly or indirectly through money market portfolios. The market value of securities on loan and the value of investments made with cash collateral received are disclosed in the Schedules of Investments. Securities lending income includes income from the securities lending program recorded when earned from the Securities Lending Agent and any fees charged to borrowers less expenses associated with the loan. The net amount is reflected in the Statement of Operations under “Securities lending income (net of fees).” 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.

When a Fund lends its securities, it will continue to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the investment of the cash collateral.

A Fund will have the right to terminate a loan at any time and recall the loaned securities within the normal and customary settlement time for securities transactions. A Fund does not have the right to vote securities on loan, but can terminate the loan and regain the right to vote if a material event affecting the securities occurred. A borrower might become insolvent or refuse to honor its obligation to return the securities. In the event of a default by a borrower with respect to any loan, the Securities Lending Agent will exercise any and all remedies provided under the applicable borrower agreement. These remedies include purchasing replacement securities for the Fund by applying the collateral held from the defaulting borrower against the purchase cost of the replacement securities. If the proceeds from the collateral are less than the purchase cost of the replacement securities, the Securities Lending Agent is responsible for such shortfall, subject to certain limitations that are set forth in detail in the Securities Lending Agency Agreement. In this event, a Fund could experience delays in recovering its securities and possibly may incur a capital loss. Each Fund will be responsible for any loss that might result from its investment of the cash collateral it receives from a borrower.

In accordance with guidance presented in FASB Accounting Standard Update (“ASU”) 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, liabilities under the outstanding securities lending transactions as of October 31, 2023, which were comprised of cash, were as follows:


Fund

FlexShares^® US Quality Low Volatility Index Fund	$	2,683,994

FlexShares^® Morningstar US Market Factor Tilt Index Fund		167,151,893

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund		8,760,452

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund		677,315

FlexShares^® STOXX^® US ESG Select Index Fund		97,159

FlexShares^® STOXX^® Global ESG Select Index Fund		857,504

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund		303,760,945

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund		40,144,363

FlexShares^® Global Quality Real Estate Index Fund		2,704,220

FlexShares^® Quality Dividend Index Fund		129,448,662

FlexShares^® Quality Dividend Defensive Index Fund		18,783,683

FlexShares^® International Quality Dividend Index Fund		2,149,574

FlexShares^® International Quality Dividend Defensive Index Fund		125,891

FlexShares^® International Quality Dividend Dynamic Index Fund		695,880

FlexShares^® Core Select Bond Fund		80,325

As of October 31, 2023, the Securities Lending Agency Agreement does not permit the Funds to enforce a netting arrangement.

The cash collateral received from securities loaned as disclosed in the Statements of Assets and Liabilities is

collateralized by securities on loan as disclosed within the Schedules of Investments and such borrowings have maturities that are overnight and continuous.

Securities lending agreements may be subject to regulation as qualified financial contracts (“QFCs”). Regulations adopted by federal banking regulators under the Dodd-Frank Act, which took effect in 2019, require that certain QFCs with counterparties that are part of U.S. or foreign global systemically important banking organizations be amended to include contractual restrictions on close-out and cross-default rights. If a covered counterparty of a Fund or certain of the covered counterparty’s affiliates were to become subject to certain insolvency proceedings, the Fund may be temporarily unable to exercise certain default rights, and the QFC may be transferred to another entity. These requirements may impact a Fund’s credit and counterparty risks. The remaining maturities of the securities lending transactions are considered overnight and continuous.

Derivative Contracts

Futures Contracts

All of the Index Funds may invest in futures contracts to help track the price and yield performance of their Underlying Indexes. At the time a Fund enters into a futures contract, it is generally required to make a margin deposit with the custodian of a specified amount of liquid assets. Subsequent payments to be made or received by the Funds equal to the change in contract value are recorded as variation margin payable or receivable and offset in unrealized gains or losses. Futures are marked to market each day with the change in value reflected in the unrealized gains or losses. A Fund recognizes a realized gain or loss when a contract is closed or expires. The Statements of Operations reflect unrealized gains or losses on open futures contracts, as “Net change in unrealized appreciation (depreciation) on futures contracts”, and any realized gains (losses) on closed futures contracts as “Net realized gain (loss) from Expiration or closing of futures contracts”.

The FlexShares Core Select Bond Fund may take long or short positions in futures to manage the Fund’s exposure to interest rate risk. The Fund seeks to mitigate the potential impact of interest rates on the performance of bonds by

entering into short positions in U.S. Treasury futures or transactions in interest rate swaps. The Fund’s short positions in U.S. Treasury futures and interest rate swaps are not intended to mitigate credit spread risk or other factors influencing the price of bonds, which may have a greater impact than interest rates. In addition, when interest rates fall, long-only bond investments will perform better than the Fund’s investments. As of October 31, 2023, the FlexShares Core Select Bond Fund did not hold swaps.

As of October 31, 2023, the FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares STOXX^® US ESG Select Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares ESG & Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Core Select Bond Fund had open futures contracts.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk, which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts present the following risks: imperfect correlation between the change in market value of a Fund’s securities and the price of futures contracts; the possible inability to close a futures contract when desired; losses due to unanticipated market movements, which potentially are unlimited; and the possible inability of NTI to correctly predict the direction of securities prices, interest

rates, currency exchange rates and other economic factors. Futures markets are highly volatile and the use of futures may increase the volatility of a Fund’s NAV. As a result of the low margin deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to a Fund. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Foreign exchanges or boards of trade generally do not offer the same protection as U.S. exchanges.

Foreign Currency Translations

Values of investments denominated in foreign currencies are converted into U.S. dollars using the prevailing market rates on the date of valuation as quoted by one or more banks or dealers that make a two-way market in such currencies (or a data service provider based on quotations received from such banks or dealers). Any use of a rate different from the rates used by an Underlying Index’s index provider may affect the corresponding Index Fund’s ability to track its Underlying Index. The cost of purchases and proceeds from sales of investments, interest and dividend income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. “Net realized gain (loss) on foreign currency transactions” on the Statements of Operations include the effect of changes in exchange rates between trade date and settlement date on investment security transactions, foreign currency transactions and interest and dividends received, and the portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in “Net realized gain (loss) on investment in securities” on the Statements of Operations. Unrealized gains and losses on assets and liabilities, other than investments in securities, which result from changes in foreign currency exchange rates have been included in “Net change in unrealized appreciation (depreciation) on translation of other assets and liabilities denominated in foreign currencies” on the Statements of Operations.

Forward Foreign Currency Exchange Contracts

The FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low

Volatility Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Real Assets Allocation Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, and the FlexShares Ultra-Short Income Fund may enter into forward foreign currency exchange contracts to facilitate local settlements or to protect against currency exposure in connection with its distributions to shareholders. The FlexShares Ultra-Short Income Fund also may engage in forward foreign currency transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates. The Funds, however, do not expect to engage in currency transactions for speculative purposes (e.g., for potential income or capital gain). All forward foreign currency exchange contracts held are “marked-to-market” daily at the applicable exchange rates and any resulting unrealized gains or losses are recorded. The Funds record realized gains or losses at the time the forward foreign currency exchange contract is offset by entering into a closing transaction or extinguished by delivery of the currency. The difference between the future foreign currency exchange rates at the date of entry into the contract and the rates at the reporting date are included in “Net change in unrealized appreciation (depreciation) on forward foreign currency contracts” in the Statements of Operations. Realized gains or losses, if any, are included in “Net realized gain (loss) from settlement of forward foreign currency contracts” in the Statements of Operations. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. Dollars without the delivery of foreign currency.

There are several risks associated with these contracts. One risk is the potential inability of counterparties to meet the terms of their contracts, and unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

The contractual amounts of forward foreign currency exchange contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Statements of Operations reflect (i) realized gains or losses, if any, in “Net realized gain (loss) from settlement of forward foreign currency contracts” and (ii) unrealized gains or losses in “Net change in unrealized appreciation (depreciation) on forward foreign currency contracts”. Forward foreign currency exchange contracts are privately negotiated transactions and can have substantial price volatility. As a result, they offer less protection against default by the other party than is available for instruments traded on an exchange. The institutions that deal in forward foreign currency exchange contracts are not required to continue to make markets in the currencies they trade, and these markets can experience periods of illiquidity.

As of October 31, 2023, the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Morningstar^® Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar^® Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar^® Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares International Quality Dividend Index Fund, and the FlexShares International Quality Dividend Dynamic Index Fund had open forward foreign currency contracts.

Offsetting of Financial Assets and Derivative Assets

The Funds’ accounting policy with respect to balance sheet offsetting is that, absent an event of default by the counterparty or a termination of the agreement, the International Swaps and Derivatives Association (ISDA) Master Agreement or similar agreement does not result in an offset of reported amounts of financial assets and financial liabilities in the Statements of Assets and Liabilities across transactions between the Fund and the applicable counterparty. In the event of a default, the agreement provides the right for the

non-defaulting party to liquidate the collateral and calculate the net exposure to the defaulting party or request additional collateral. The Funds’ right to setoff may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which a specific master netting agreement counterparty is subject.

For financial reporting purposes, the Trust can offset financial assets and financial liabilities of the FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar^® Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar^® Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® Global

The following tables indicate the location of derivative-related items on the Statements of Assets and Liabilities as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

The Effect of Derivative Instruments on the Statements of Operations for the Period Ended October 31, 2023

At October 31, 2023, the volume of derivative activities, which represents activities throughout the period, was as follows:

Taxes and Distributions

Each Fund has qualified and intends to continue to qualify as a regulated investment company by complying with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, which includes distributing substantially all of its net investment income and net capital gains to shareholders. Accordingly, no provision for federal and state income taxes is required in the financial statements.

As of October 31, 2023, management of the Funds has reviewed all open tax years and major jurisdictions and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. On an ongoing basis management will monitor the tax positions taken to determine if adjustment to conclusions are necessary based on factors including but not limited to further implementation on guidance expected from FASB and on-going analysis of tax law, regulation, and interpretations thereof.

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


Fund	Declared And Paid Monthly	Declared And Paid Quarterly

FlexShares US Quality Low Volatility Index Fund			x

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund			x

FlexShares Emerging Markets Quality Low Volatility Index Fund			x

FlexShares Morningstar US Market Factor Tilt Index Fund			x

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund			x

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund			x

FlexShares US Quality Large Cap Index Fund			x

FlexShares STOXX^® US ESG Select Index Fund			x

FlexShares STOXX^® Global ESG Select Index Fund			x

FlexShares ESG & Climate US Large Cap Core Index Fund			x


Fund	Declared And Paid Monthly		Declared And Paid Quarterly

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund				x

FlexShares ESG & Climate Emerging Markets Core Index Fund				x

FlexShares Morningstar Global Upstream Natural Resources Index Fund				x

FlexShares STOXX^® Global Broad Infrastructure Index Fund				x

FlexShares Global Quality Real Estate Index Fund				x

FlexShares Real Assets Allocation Index Fund				x

FlexShares Quality Dividend Index Fund				x

FlexShares Quality Dividend Defensive Index Fund				x

FlexShares International Quality Dividend Index Fund				x

FlexShares International Quality Dividend Defensive Index Fund				x

FlexShares International Quality Dividend Dynamic Index Fund				x

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		x

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		x

FlexShares Disciplined Duration MBS Index Fund		x

FlexShares Credit-Scored US Corporate Bond Index Fund		x

FlexShares Credit-Scored US Long Corporate Bond Index Fund		x

FlexShares High Yield Value-Scored Bond Index Fund		x

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		x

FlexShares Ultra-Short Income Fund		x

FlexShares Core Select Bond Fund		x

Distribution of net realized securities gains, if any, generally are distributed at least annually. The Trust reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to improve tracking error, to preserve its status as a regulated investment company or to avoid imposition of income or excise taxes on undistributed income or realized gains. Tracking error is a measurement of how much the return on a portfolio deviates from the return on its benchmark index.

Dividends and securities gains distributions are distributed in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. The Funds’ tax year end is October 31st and the tax character of current year distributions and current components of accumulated earnings (deficit) will be determined at the end of the current tax year.

Temporary differences are generally due to different book and tax treatments for the timing of the recognition of gains and losses on certain investment transactions, mark to market of forward foreign currency contracts, mark to market of futures contracts, mark to market of passive foreign investment companies (“PFICs”), non-taxable special dividends, wash sale loss deferrals and capital loss carryforward.

Permanent differences, primarily due to gain (loss) on in-kind redemptions, paydown loss reclassification, foreign currency gains and losses, forward foreign currency gains and losses, PFICs gains and losses, non-taxable special dividends, investments in partnerships, taxable over-distributions, foreign capital gains tax reclassification, perpetual bonds and equalization as of October 31, 2023 (the Funds’ tax year end), among the Funds’ components of net assets are as follows:

The tax character of distributions paid for the tax year ended October 31, 2023, and October 31, 2022, were as follows:

As of October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

Capital loss carry forwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous law and may be carried forward indefinitely to offset future gains.

For the tax year ended October 31, 2023, the following Funds had available post-enactment capital loss carryforwards to offset future net capital gains to the extent provided by regulations:


Fund	Short-Term		Long-Term		Total

FlexShares US Quality Low Volatility Index Fund	$	7,362,077	$	3,522,962	$	10,885,039

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		3,241,058		1,909,114		5,150,172


Fund	Short-Term		Long-Term		Total

FlexShares Global Quality Real Estate Index Fund	$	44,579,447	$	20,674,775	$	65,254,222

FlexShares Real Assets Allocation Index Fund		108,379		632,282		740,661

FlexShares Quality Dividend Index Fund		99,572,290		50,432,373		150,004,663

FlexShares Quality Dividend Defensive Index Fund		30,400,105		8,288,179		38,688,284

FlexShares International Quality Dividend Index Fund		123,079,184		73,811,933		196,891,117

FlexShares International Quality Dividend Defensive Index Fund		18,194,421		10,992,385		29,186,806

FlexShares International Quality Dividend Dynamic Index Fund		14,626,606		9,459,668		24,086,274

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		117,222,701		29,565,410		146,788,111

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		19,478,364		18,726,941		38,205,305

FlexShares Disciplined Duration MBS Index Fund		7,966,616		6,411,813		14,378,429


Fund	Short-Term		Long-Term		Total

FlexShares Credit-Scored US Corporate Bond Index Fund	$	8,223,295	$	18,382,608	$	26,605,903

FlexShares Credit-Scored US Long Corporate Bond Index Fund		3,219,212		8,905,748		12,124,960

FlexShares High Yield Value-Scored Bond Index Fund		78,144,414		53,532,417		131,676,831

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		5,644,513		2,404,823		8,049,336

FlexShares Ultra-Short Income Fund		728,302		314,796		1,043,098

FlexShares Core Select Bond Fund		4,820,403		9,002,546		13,822,949

During the year ended October 31, 2023, the following Funds utilized capital loss carryforwards to offset net capital gains:


Fund	Capital Loss Utilized

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		$ 701,203

FlexShares Morningstar Global Upstream Natural Resources Index Fund		165,510,282

FlexShares Real Assets Allocation Index Fund		78

FlexShares Ultra-Short Income Fund		40,482

The FlexShares US Quality Low Volatility Index Fund, FlexShares Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares Emerging Markets Quality Low Volatility Index Fund, FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares US Quality Large Cap Index Fund, FlexShares STOXX^® Global ESG Select Index Fund, FlexShares ESG &

Climate US Large Cap Core Index Fund, FlexShares ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares ESG & Climate Emerging Markets Core Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares STOXX^® Global Broad Infrastructure Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund , FlexShares Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Index Fund, FlexShares International Quality Dividend Defensive Index Fund, FlexShares International Quality Dividend Dynamic Index Fund, FlexShares High Yield Value-Scored Bond Index Fund and the FlexShares ESG & Climate Investment Grade Corporate Core Index Fund may be subject to foreign withholding taxes with respect to dividends or interest received from sources in foreign countries. If, at the close of the taxable year, more than 50% in value of a Fund’s assets consists of stock or securities in foreign corporations the Fund will be eligible to make an election to treat a proportionate amount of those taxes as constituting a distribution to each shareholder, which would allow all shareholders to either (1) credit that proportionate amount of taxes against U.S. Federal income tax liability as a foreign tax credit or (2) take that amount as an itemized deduction. If a Fund is not eligible to make this election or is eligible but does not make the election, it will be entitled to deduct such taxes in computing the amounts it is required to distribute.

3. Investment Transactions and Related Income and Expense

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on the trade date on the last business day of the reporting period.

Interest income is recognized on an accrual basis. Bond discount is accreted and premium is amortized using the effective yield method. Dividend income is recorded on the ex-dividend date, or as soon as information is available. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

Each Fund except the FlexShares iBoxx 3-Year Target Duration TIPs Index Fund, and the FlexShares iBoxx 5-Year Target Duration TIPs Index Fund may hold the securities of real estate investment trusts (“REITs”). Distributions from such investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT’s fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods concluded.

All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign markets in which a Fund invests. These foreign taxes, if any, are paid by the Funds and disclosed in the Statements of Operations. Foreign taxes payable, if any, are reflected in the Funds’ Statements of Assets and Liabilities.

Expenses directly attributable to a Fund are charged to that Fund, while expenses which are attributable to more than one Fund are allocated among the respective Funds based upon relative net assets or another reasonable basis.

4. Investment Advisory Fees

NTI serves as the Investment Adviser of the Funds pursuant to the Investment Advisory Agreement. The Investment Adviser is responsible for making investment decisions for the Funds and for placing purchase and sale orders for portfolio securities, subject to the general supervision of the Board.

As compensation for its advisory services and assumption of certain Fund expenses, NTI is entitled to a unitary management fee (“Management Fee”), computed daily and payable monthly, at the annual rates set forth in the table below (expressed as a percentage of each Fund’s respective average daily net assets).

From the Management Fee, NTI pays most of the expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services (“Covered Expenses”). Covered Expenses do not include the following fees under the Investment Advisory Agreement: its

advisory fees payable under the Advisory Agreement, distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1, interest expenses, brokerage commissions and other trading expenses, fees and expenses of the independent trustees and their independent legal counsel, taxes and other extraordinary costs such as (i) dividend expenses on short sales; (ii) non-routine items, including litigation expenses and proxy expenses; and (iii) expenses that the Fund has incurred but did not actually pay due to an expense offset agreement, if applicable.

The Management Fee rate payable by each Fund is set forth in the following table:


Fund	Unitary Management Fee

FlexShares US Quality Low Volatility Index Fund		0.22	%

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		0.32	%

FlexShares Emerging Markets Quality Low Volatility Index Fund		0.40	%

FlexShares Morningstar US Market Factor Tilt Index Fund		0.25	%

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		0.39	%

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		0.59	%

FlexShares US Quality Large Cap Index Fund		0.25	%

FlexShares STOXX^® US ESG Select Index Fund		0.32	%

FlexShares STOXX^® Global ESG Select Index Fund		0.42	%

FlexShares ESG & Climate US Large Cap Core Index Fund		0.09	%

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		0.12	%

FlexShares ESG & Climate Emerging Markets Core Index Fund		0.18	%

FlexShares Morningstar Global Upstream Natural Resources Index Fund		0.46	%


Fund	Unitary Management Fee

FlexShares STOXX^® Global Broad Infrastructure Index Fund		0.47	%

FlexShares Global Quality Real Estate Index Fund		0.45	%

FlexShares Real Assets Allocation Index Fund		0.49	%*

FlexShares Quality Dividend Index Fund		0.37	%

FlexShares Quality Dividend Defensive Index Fund		0.37	%

FlexShares International Quality Dividend Index Fund		0.47	%

FlexShares International Quality Dividend Defensive Index Fund		0.47	%

FlexShares^® International Quality Dividend Dynamic Index Fund		0.47	%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		0.18	%

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		0.18	%

FlexShares Disciplined Duration MBS Index Fund		0.20	%

FlexShares Credit-Scored US Corporate Bond Index Fund		0.22	%

FlexShares Credit-Scored US Long Corporate Bond Index Fund		0.22	%

FlexShares High Yield Value-Scored Bond Index Fund		0.37	%

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		0.12	%

FlexShares Ultra-Short Income Fund		0.25	%

FlexShares Core Select Bond Fund		0.35	%

*	Prior to September 1, 2023, the investment advisory fee for the FlexShares Real Assets Allocation Index Fund was 0.57%.

The Investment Adviser has contractually agreed until March 1, 2024 to reimburse a portion of the operating expenses of each Fund (other than Rule 12b-1 fees, tax expenses, extraordinary expenses, and acquired fund fees and expenses (“AFFE”)) so the “Total Annual Fund Operating Expenses After Expense Reimbursement” do not exceed

the Fund’s Management Fee plus (+) 0.0049%. In the case of the FlexShares Real Assets Allocation Index Fund, the Investment Adviser has contractually agreed until March 1, 2024 to waive Management Fees or reimburse certain expenses in an amount equal to the AFFE attributable to the Fund’s investments in its Underlying Funds. After these dates, the contractual arrangements will continue automatically thereafter for periods of one year (each such one-year period, a “Renewal Year”). The contractual arrangements may be terminated, with respect to a Fund, as to any succeeding Renewal Year, by NTI or the Fund upon 60 days’ written notice prior to the end of the current Renewal Year. The Board may terminate the arrangements at any time with respect to a Fund if it determines that it is in the best interest of the Fund and its shareholders. In the case of the FlexShares Core Select Bond Fund, the Investment Adviser has contractually agreed until March 1, 2024 to waive Management Fees or reimburse certain expenses in an amount equal to the sum of (a) any AFFE incurred by the Fund that are attributable to the Fund’s investment in Underlying Funds managed by NTI or an investment adviser controlling, controlled by, or under common control with NTI (“Affiliated Funds”); and (b) 0.05% or such lesser amount in AFFE incurred by the Fund that are attributable to the Fund’s investment in Underlying Funds that are not Affiliated Funds. AFFE are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. Because AFFE are not direct expenses of a Fund, they are not reflected on a Fund’s financial statements. After these dates, the contractual expense reimbursement agreements continue automatically for periods of one year unless terminated, as to any succeeding renewal year, by either party upon 60 days’ written notice prior to the end of the current term. The Board may terminate the contractual expense reimbursement agreements discussed above with respect to any Fund at any time if it determines that it is in the best interest of a Fund and its shareholders. These expenses and the reimbursements are shown as “Investment advisory fees reimbursed” on the Statements of Operations.

The Investment Adviser may voluntarily waive or reimburse additional management fees or expenses. Any such additional voluntary expense reimbursement or fee waiver could be implemented, increased or decreased, or discontinued at

any time. Amounts waived or reimbursed by the Investment Adviser pursuant to voluntary or contractual agreements discussed above may not be recouped by the Investment Adviser. These waivers and/or reimbursements are shown as “Investment advisory fees reimbursed” on the Statements of Operations. For the year ended October 31, 2023, the Investment Adviser voluntarily reimbursed additional management fees for FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares Credit-Scored US Long Corporate Bond Index Fund, and FlexShares High Yield Value-Scored Bond Index Fund. The amounts of the voluntary reimbursements are $16,693, $2,167, and $84,821, respectively.

5. Administration Fees

Per terms of agreements JPMorgan Chase Bank, N.A. (the “Administrator”) serves as administrator of the Funds. The Administrator provides certain administrative services to the Funds. For these services, the Administrator is entitled to certain fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses as defined above.

6. Custodian Fees

JPMorgan Chase Bank, N.A. (the “Custodian”) acts as custodian for the Funds in accordance with a Global Custody Agreement. The Custodian holds cash, securities and other assets of the Funds as required by the 1940 Act. As compensation for the services rendered under the agreement, the Custodian is entitled to fees and reasonable out-of-pocket expenses. These fees and expenses are Covered Expenses as defined above.

7. Trustees Fees

The Trust compensates each Trustee who is not an officer, director or employee of Northern Trust Corporation, or its subsidiaries, for his or her services as a Trustee of the Trust and as a member of Board committees.

The Trust has adopted a deferred compensation plan (the “DC Plan”) for its Trustees who are not officers of Northern Trust or NTI. Under the DC Plan, Independent Trustees may elect to defer all or a portion of their compensation. The amount deferred is adjusted periodically based upon the performance of the investment options selected by the

Trustees. The investment options currently available under the DC Plan are the FlexShares Morningstar US Market Factor Tilt Index Fund, FlexShares Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares STOXX^® US ESG Select Index Fund, FlexShares Morningstar Global Upstream Natural Resources Index Fund, FlexShares Global Quality Real Estate Index Fund, FlexShares Quality Dividend Index Fund, FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, and the FlexShares Ultra-Short Income Fund. Expenses related to the DC Plan are stated on the Statements of Operations.

8. Distribution and Service Plan

ACA Foreside, formerly known as Foreside Fund Services, LLC (the “Distributor”) serves as the Funds’ distributor and distributes Creation Units (as described in Note 9) for each Fund on an agency basis. The Distributor does not receive a fee from the Funds for its distribution services. However, it receives compensation from NTI for its services as distributor pursuant to a separate letter agreement between it and NTI.

The Trust has adopted a Distribution and Service Plan (“the Plan”) pursuant to Rule 12b-1 under the 1940 Act. Payments to financial intermediaries under the Plan are tied directly to their own out-of-pocket expenses. The Plan has not been implemented with respect to the Funds. The Plan may not be implemented without further Board approval. The maximum distribution fee is 0.25% of each Fund’s respective average daily net assets under the Plan. The Funds did not pay any 12b-1 fees during the fiscal year.

9. Issuance and Redemption of Fund Shares

Each Fund only issues and redeems shares to Authorized Participants in exchange for the deposit or delivery of a basket of assets (securities and/or cash), in large blocks known as Creation Units, each of which is comprised of a specified number of shares.

Retail investors may only purchase and sell fund shares in the secondary market through a broker-dealer and such transactions may be subject to customary commission and fee rates imposed by the broker-dealer.

Authorized Participants may pay transaction fees to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The transaction fees are paid directly to the Fund and used to offset Fund custody fees. Certain fees or costs associated with Creation Unit purchases may be paid by NTI in certain circumstances. In addition, the Trust may from time to time waive the standard transaction fee. The net custody fees charged to the Fund are paid for by the Investment Adviser through the Fund’s Unitary Fee. Transaction fees remaining in the Funds were as follows:


Fund	As of October 31, 2023		As of October 31, 2022

FlexShares US Quality Low Volatility Index Fund	$	2,100	$	—

FlexShares Emerging Markets Quality Low Volatility Index Fund		4,000		4,000

FlexShares Morningstar US Market Factor Tilt Index Fund		6,000		6,000

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		27,000		13,500

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		50,000		50,000

FlexShares US Quality Large Cap Index Fund		3,000		3,000

FlexShares STOXX^® US ESG Select Index Fund		700		1,050

FlexShares ESG & Climate US Large Cap Core Index Fund		—		500

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		4,500		—

FlexShares Morningstar Global Upstream Natural Resources Index Fund		1,500		28,500

FlexShares STOXX^® Global Broad Infrastructure Index Fund		12,000		26,000

FlexShares Global Quality Real Estate Index Fund		4,000		2,000

FlexShares Quality Dividend Index Fund		4,950		5,650


Fund	As of October 31, 2023		As of October 31, 2022

FlexShares Quality Dividend Defensive Index Fund	$	2,500	$	2,150

FlexShares International Quality Dividend Index Fund		12,000		12,000

FlexShares International Quality Dividend Defensive Index Fund		—		7,000

FlexShares International Quality Dividend Dynamic Index Fund		3,500		3,500

FlexShares Disciplined Duration MBS Index Fund		2,000		1,600

FlexShares Credit-Scored US Corporate Bond Index Fund		3,000		2,500

FlexShares Credit-Scored US Long Corporate Bond Index Fund		—		1,000

FlexShares High Yield Value-Scored Bond Index Fund		24,500		4,000

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		2,000		1,500

FlexShares Ultra-Short Income Fund		1,925		4,025

The FlexShares Real Assets Allocation Index Fund, FlexShares iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares iBoxx 5-Year Target Duration TIPS Index Fund and the FlexShares Core Select Bond Fund do not charge standard creation unit transaction fees.

10. Investment Transactions

For the year ended October 31, 2023, the FlexShares iBoxx 3-Year Target Duration TIPS Index, FlexShares iBoxx 5-Year Target Duration TIPS Index and FlexShares Disciplined Duration MBS Index Funds invested solely in U.S. Government, including U.S. government agency, securities. The cost of securities purchased by each Fund and proceeds from sales of securities, excluding short-term securities,

derivatives and in-kind transactions for the period ended October 31, 2023, were as follows:


Fund	Purchases		Sales

FlexShares US Quality Low Volatility Index Fund	$	93,131,164	$	92,740,924

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		36,678,289		36,941,832

FlexShares Emerging Markets Quality Low Volatility Index Fund		14,877,163		10,899,781

FlexShares Morningstar US Market Factor Tilt Index Fund		212,200,681		213,141,623

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		111,953,720		110,229,159

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		91,065,592		97,949,117

FlexShares US Quality Large Cap Index Fund		28,132,126		27,096,190

FlexShares STOXX^® US ESG Select Index Fund		48,625,803		49,629,639

FlexShares STOXX^® Global ESG Select Index Fund		54,301,660		55,327,700

FlexShares ESG & Climate US Large Cap Core Index Fund		5,015,258		4,979,754

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		11,286,030		10,505,558

FlexShares ESG & Climate Emerging Markets Core Index Fund		1,580,974		1,591,165

FlexShares Morningstar Global Upstream Natural Resources Index Fund		2,033,684,300		1,933,733,245

FlexShares STOXX^® Global Broad Infrastructure Index Fund		286,610,013		303,547,565


Fund	Purchases		Sales

FlexShares Global Quality Real Estate Index Fund	$	159,166,407	$	153,176,208

FlexShares Real Assets Allocation Index Fund		2,374,109		2,370,687

FlexShares Quality Dividend Index Fund		813,036,880		801,754,933

FlexShares Quality Dividend Defensive Index Fund		176,766,250		173,101,476

FlexShares International Quality Dividend Index Fund		254,841,680		247,331,548

FlexShares International Quality Dividend Defensive Index Fund		21,017,150		27,413,078

FlexShares International Quality Dividend Dynamic Index Fund		65,289,740		66,281,057

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		1,247,512,487		1,308,171,064

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		375,228,916		396,897,290

FlexShares Disciplined Duration MBS Index Fund		37,279,002		58,756,851

FlexShares Credit-Scored US Corporate Bond Index Fund		323,111,307		294,164,214

FlexShares Credit-Scored US Long Corporate Bond Index Fund		33,822,585		40,268,237

FlexShares High Yield Value-Scored Bond Index Fund		2,117,583,248		1,762,999,413

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund		29,904,605		26,968,684

FlexShares Ultra-Short Income Fund		382,547,774		183,994,615

FlexShares Core Select Bond Fund		49,769,155		47,019,068

11. In-Kind Transactions

During the period ended October 31, 2023, certain Funds received securities in exchange for subscriptions of shares (subscriptions-in-kind). For the period ended October 31, 2023, the fair value of the securities received for subscriptions for these Funds were as follows:


Fund	Fair Value

FlexShares US Quality Low Volatility Index Fund	$	68,470,456

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		6,600,137

FlexShares Emerging Markets Quality Low Volatility Index Fund		1,371,110

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		1,383,093

FlexShares US Quality Large Cap Index Fund		25,938,638

FlexShares STOXX^® US ESG Select Index Fund		7,125,056

FlexShares ESG & Climate US Large Cap Core Index Fund		13,832,105

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		18,595,357

FlexShares Morningstar Global Upstream Natural Resources Index Fund		580,545,586

FlexShares STOXX^® Global Broad Infrastructure Index Fund		11,411,409

FlexShares Global Quality Real Estate Index Fund		12,194,596

FlexShares Real Assets Allocation Index Fund		744,272

FlexShares Quality Dividend Index Fund		474,812,809

FlexShares Quality Dividend Defensive Index Fund		56,033,401

FlexShares International Quality Dividend Index Fund		30,324,990

FlexShares International Quality Dividend Dynamic Index Fund		29,863,178

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		357,220,503

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		377,738,669

FlexShares Credit-Scored US Corporate Bond Index Fund		1,999,330

FlexShares High Yield Value-Scored Bond Index Fund		7,720,827

FlexShares Core Select Bond Fund		50,271,695

During the period ended October 31, 2023, certain Funds delivered securities in exchange for redemption of shares (redemptions-in-kind). For financial reporting purposes, these Funds recorded net realized gains and losses in connection with each transaction. For the period ended October 31, 2023, the fair value and realized gain (losses) of the securities transferred for redemptions for these Funds were as follows:


Fund	Fair Value		Net Realized Gains(Losses)

FlexShares US Quality Low Volatility Index Fund	$	50,231,636	$	11,134,030

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund		6,860,770		950,797

FlexShares Emerging Markets Quality Low Volatility Index Fund		625,183		(2,860	)

FlexShares Morningstar US Market Factor Tilt Index Fund		120,575,308		68,210,356

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		19,338,229		4,871,522

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		2,567,162		384,978

FlexShares US Quality Large Cap Index Fund		15,348,805		3,349,919

FlexShares STOXX^® US ESG Select Index Fund		29,011,942		7,404,165

FlexShares STOXX^® Global ESG Select Index Fund		12,040,546		3,774,231

FlexShares ESG & Climate US Large Cap Core Index Fund		1,242,968		358,040

FlexShares Morningstar Global Upstream Natural Resources Index Fund		35,366,352		13,171,091

FlexShares STOXX^® Global Broad Infrastructure Index Fund		469,431,358		118,182,191


Fund	Fair Value		Net Realized Gains(Losses)

FlexShares Global Quality Real Estate Index Fund	$	63,997,131	$	3,452,008

FlexShares Real Assets Allocation Index Fund		12,803,516		(1,193,639	)

FlexShares Quality Dividend Index Fund		602,931,860		152,543,538

FlexShares Quality Dividend Defensive Index Fund		105,180,993		26,282,096

FlexShares International Quality Dividend Index Fund		18,767,105		3,130,154

FlexShares International Quality Dividend Defensive Index Fund		11,898,366		1,103,875

FlexShares International Quality Dividend Dynamic Index Fund		34,561,443		4,726,915

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund		553,092,089		(4,342,963	)

FlexShares iBoxx 5-Year Target Duration TIPS Index Fund		182,025,725		394,493

FlexShares Core Select Bond Fund		20,677,491		128,567

12. Reorganization Transaction

After the close of business on June 30, 2023, FlexShares^® Quality Dividend Index Fund, acquired the net assets of the FlexShares^® Quality Dividend Dynamic Index Fund, a series of the Trust, pursuant to an Agreement and Plan of Reorganization. For U.S. GAAP purposes, this transaction was treated as a merger. The reorganization was accomplished by a tax-free exchange resulting in the FlexShares^® Quality Dividend Index Fund issuing 292,980 (valued at $16,941,795) in exchange for 275,001 FlexShares^® Quality Dividend Dynamic Index Fund at a conversion ratio of 1.065. The securities held by FlexShares^® Quality Dividend Dynamic Index Fund, with a fair value of $14,967,409 and identified cost of $12,597,211, and cash in the amount of $1,972,151 at June 30, 2023, were the principal assets

acquired by FlexShares^® Quality Dividend Index Fund. For U.S. GAAP purposes, assets received and shares issued by FlexShares^® Quality Dividend Index Fund were recorded at fair value; however, the cost basis of the investments from FlexShares^® Quality Dividend Dynamic Index Fund was carried forward to align ongoing reporting of FlexShares^® Quality Dividend Index Fund realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. FlexShares^® Quality Dividend Dynamic Index Fund’s net assets at the merger date of $16,941,795, including $2,370,198 of unrealized appreciation, $6,304 of undistributed net investment gain and $638,516 of undistributed net realized gain on investments were combined with those of FlexShares^® Quality Dividend Index Fund. Regarding the acquisition completed June 30, 2023, the beginning of the annual reporting period of FlexShares^® Quality Dividend Dynamic Index Fund, pro forma results of operations for the year ended October 31, 2023 would have resulted in a net investment income of $38,495,653 and net realized and unrealized gain of $65,719,138 resulting in a increase in net assets from operations of $104,214,791. Because the combined Funds have been managed as a single integrated Fund since the acquisition date, it is not practicable to separate the amounts of revenue and earnings of the FlexShares^® Quality Dividend Dynamic Index Fund that have been included in FlexShares^® Quality Dividend Index Fund’s Statement of Operations since the merger date. Prior to the combination, the net assets of the FlexShares^® Quality Dividend Index Fund totaled $1,590,209,763. Immediately after the combination, the net assets of the FlexShares^® Quality Dividend Index Fund totaled $1,607,151,558.

13. Guarantees and Indemnifications

In the normal course of business each Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds.

14. New Accounting Pronouncements

In March 2020, the FASB issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848) “Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional temporary financial reporting relief from the effect of certain types of contract modifications and hedging transactions as a result of the global markets anticipated transition away the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021.

Preceding the issuance of ASU 2020-04, which established ASC 848, the United Kingdom’s Financial Conduct Authority (FCA) announced that it would no longer need to persuade or compel banks to submit to LIBOR after December 31, 2021. In response, the FASB established a December 31, 2022, expiration date for ASC 848.

In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 defers the expiration date of ASC 848 to December 31, 2024. Management does not believe this update has a material impact on the Funds’ financial statements.

15. Legal Proceedings

On or about February 14, 2020, Marc S. Kirschner, as Trustee for NWHI Litigation Trust (“Litigation Trustee”) and Wilmington Savings Fund Society, FSB, as indenture Trustee (“Indenture Trustee”) for several series of notes issued by Nine West Holdings, Inc. (“Nine West”), filed separate complaints (docket nos. 20-cv-01129 and 20-cv-01136, respectively ) in the United States District Court for the Northern District of Illinois against a group of defendants including the FlexShares Morningstar US Market Factor Tilt Index Fund that had invested in The Jones Group Inc. (“Jones Group”). The claims in these actions stem from a series of merger transactions (“Transactions”) entered into by Jones Group, Nine West and others in 2014 that allegedly rendered Jones Group insolvent. The matters in these proceedings were transferred from the United States District Court for the Northern District of Illinois to the United States District Court for the Southern District of New York

to centralize the litigation, and were assigned to the Honorable Jed S. Rakoff for coordinated or consolidated pretrial proceedings. The FlexShares Morningstar US Market Factor Tilt Index Fund allegedly received $224,910 as a result of the Transactions. The Litigation Trustee and Indenture Trustee seek to clawback these proceeds for the benefit of the Trust and the noteholders, respectively, on the basis that they were alleged fraudulent conveyances. On June 29, 2020, the former public shareholder defendants, including FlexShares Morningstar US Market Factor Tilt Index Fund, filed a motion to dismiss on the basis that the payments allegedly made to them in connection with the Transactions were shielded from the fraudulent conveyance claims under Section 546(e) of the Bankruptcy Code. On August 27, 2020, all fraudulent conveyance claims against the former public shareholder defendants were dismissed. Plaintiffs appealed from that decision before the U.S. Court of Appeals for the Second Circuit. On November 27, 2023, the Second Circuit affirmed the District Court’s decision insofar as it dismissed all fraudulent conveyance claims against the public shareholder defendants, agreeing with the District Court that the payments made to the public shareholders in connection with the leveraged buyout were safe harbored under Bankruptcy Code Section 546(e). The decision of the Second Circuit remains subject to potential further appeals. The Fund intends to continue to vigorously defend itself against this action.

16. Foreign Instability

Unexpected political, regulatory and diplomatic events and military conflicts around the world may affect investor and consumer confidence and may adversely impact global financial markets and the broader economy. Foreign conflicts have caused, and could continue to cause, significant market disruptions and volatility within specific markets and globally. The hostilities and sanctions resulting from those conflicts have, and could continue to have, a significant impact on certain Fund investments as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters.

We have audited the accompanying statements of assets and liabilities of FlexShares^® Trust, comprising the FlexShares^® US Quality Low Volatility Index Fund, FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^® Emerging Markets Quality Low Volatility Index Fund, FlexShares^® Morningstar US Market Factor Tilt Index Fund, FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^® US Quality Large Cap Index Fund, FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund, FlexShares^® ESG & Climate US Large Cap Core Index Fund, FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® ESG & Climate Emerging Markets Core Index Fund, FlexShares^® Morningstar Global Upstream Natural Resources Index Fund, FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, FlexShares^® Global Quality Real Estate Index Fund, FlexShares^® Real Assets Allocation Index Fund, FlexShares^® Quality Dividend Index Fund, FlexShares^® Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^® International Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Dynamic Index Fund, FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund, FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund, FlexShares^® Disciplined Duration MBS Index Fund, FlexShares^® Credit-Scored US Corporate Bond Index Fund, FlexShares^® Credit-Scored US Long Corporate Bond Index Fund, FlexShares^® High Yield Value-Scored Bond Index Fund, FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund, FlexShares^® Ultra-Short Income Fund (formerly FlexShares^® Ready Access Variable Income Fund), and FlexShares^® Core Select Bond Fund (collectively, the “Funds”), including the schedules of investments, as of October 31, 2023; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended for FlexShares^® Morningstar US Market Factor Tilt Index Fund, FlexShares^®Morningstar Developed Markets ex-US Factor Tilt Index Fund, FlexShares^®Morningstar Emerging Markets Factor Tilt Index Fund, FlexShares^®US Quality Large Cap Index Fund, FlexShares^®STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^®Global ESG Select Index Fund, FlexShares^®Morningstar Global Upstream Natural Resources Index Fund, FlexShares^®STOXX^®Global Broad Infrastructure Index Fund, FlexShares^®Global Quality Real Estate Index Fund, FlexShares^®Real Assets Allocation Index Fund, FlexShares^®Quality Dividend Index Fund, FlexShares^®Quality Dividend Defensive Index Fund, FlexShares^® International Quality Dividend Index Fund, FlexShares^®International Quality Dividend Defensive Index Fund, FlexShares^®International Quality Dividend Dynamic Index Fund, FlexShares^® iBoxx 3-Year Target Duration TIPS Index Funds, FlexShares^®iBoxx 5-Year Target Duration TIPS Index Fund, FlexShares^®Disciplined Duration MBS Index Fund, FlexShares^®Credit-ScoredUS Corporate Bond Index Fund, FlexShares^®Credit-Scored US Long Corporate Bond Index Fund, FlexShares^®High Yield Value-Scored Bond Index Fund, FlexShares^®Ultra-Short Income Fund (formerly FlexShares^®Ready Access Variable Income Fund), and FlexShares^®Core Select Bond Fund; the related statements of operations, changes in net assets, and financial highlights for the periods indicated in the table below for FlexShares^®US Quality Low Volatility Index Fund, FlexShares^®Developed Markets ex-US Quality Low Volatility Index Fund, FlexShares^®Emerging Markets Quality Low Volatility Index Fund, FlexShares^®ESG & Climate US Large Cap Core Index Fund, FlexShares^®ESG & Climate Developed Markets ex-US Core Index Fund, FlexShares^® ESG & Climate Emerging Markets Core Index Fund, and FlexShares^®ESG & Climate Investment Grade Corporate Core Index Fund; and the related notes.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting FlexShares^® Trust as of October 31, 2023, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Northern Trust investment companies since 2002.

QUALIFIED DIVIDEND INCOME (QDI)

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003 (the “Act”), the following percentages of ordinary dividends paid during the fiscal year ended October 31, 2022 are designated as “qualified dividend income”, as defined in the Act, subject to reduced tax rates in 2022:


Fund	QDI PERCENTAGE

FlexShares US Quality Low Volatility Index Fund		100.00	%

FlexShares Developed Markets Ex-US Quality Low Volatility Index Fund		90.68

FlexShares Emerging Markets Quality Low Volatility Index Fund		60.75

FlexShares Morningstar US Market Factor Tilt Index Fund		75.27

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		86.54

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		55.21

FlexShares US Quality Large Cap Index Fund		100.00

FlexShares STOXX^® US ESG Select Index Fund		100.00

FlexShares STOXX^® Global ESG Select Index Fund		100.00

FlexShares ESG & Climate US Large Cap Core Index Fund		100.00

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		100.00

FlexShares ESG & Climate Emerging Markets Core Index Fund		75.31

FlexShares Morningstar Global Upstream Natural Resources Index Fund		92.53

FlexShares STOXX^® Global Broad Infrastructure Index Fund		89.88

FlexShares Global Quality Real Estate Index Fund		15.99

FlexShares Real Assets Allocation Index Fund		75.22

FlexShares Quality Dividend Index Fund		78.11

FlexShares Quality Dividend Defensive Index Fund		86.96

FlexShares International Quality Dividend Index Fund		63.17


Fund	QDI PERCENTAGE

FlexShares International Quality Dividend Defensive Index Fund		69.66	%

FlexShares International Quality Dividend Dynamic Index Fund		67.64

CORPORATE DIVIDENDS RECEIVED

DEDUCTION (DRD)

A percentage of the dividends distributed during the fiscal year for the following Funds qualifies for the dividends received deduction for corporate shareholders:


Fund	CORPORATE DRD PERCENTAGE

FlexShares US Quality Low Volatility Index Fund		100.00	%

FlexShares Emerging Markets Quality Low Volatility Index Fund		0.01

FlexShares Morningstar US Market Factor Tilt Index Fund		72.63

FlexShares US Quality Large Cap Index Fund		100.00

FlexShares STOXX^® US ESG Select Index Fund		100.00

FlexShares STOXX^® Global ESG Select Index Fund		50.55

FlexShares ESG & Climate US Large Cap Core Index Fund		100.00

FlexShares ESG & Climate Emerging Markets Core Index Fund		0.35

FlexShares Morningstar Global Upstream Natural Resources Index Fund		27.17

FlexShares STOXX^® Global Broad Infrastructure Index Fund		43.65

FlexShares Real Assets Allocation Index Fund		29.05

FlexShares Quality Dividend Index Fund		75.44

FlexShares Quality Dividend Defensive Index Fund		85.17

FlexShares International Quality Dividend Dynamic Index Fund		0.02

FOREIGN TAX CREDIT

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


Fund	TAXES		INCOME

FlexShares Developed Markets Ex-US Quality Low Volatility Index Fund	$	0.0851	$	0.8607

FlexShares Emerging Markets Quality Low Volatility Index Fund		0.1463		0.8785

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund		0.1708		2.2234

FlexShares Morningstar Emerging Markets Factor Tilt Index Fund		0.2759		1.6046

FlexShares ESG & Climate Developed Markets ex-US Core Index Fund		0.1386		1.3109

FlexShares ESG & Climate Emerging Markets Core Index Fund		0.1888		1.2186

FlexShares Morningstar Global Upstream Natural Resources Index Fund		0.0492		1.1539

FlexShares STOXX Global Broad Infrastructure Index Fund		0.0846		0.9792

FlexShares Real Assets Allocation Index Fund		0.0388		0.5393

FlexShares International Quality Dividend Index Fund		0.1431		1.2626

FlexShares International Quality Dividend Defensive Index Fund		0.1105		1.2217

FlexShares International Quality Dividend Dynamic Index Fund		0.2174		1.8051

As a shareholder, you incur two types of costs:

(1) Transaction costs for purchasing and selling shares and (2) ongoing costs, including advisory and other Fund expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended October 31, 2023.

The first line under each Fund in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended October 31, 2023.

The second line under each Fund in the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on purchases or sales of Fund shares. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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

The Board of Trustees (the “Board”) of the FlexShares Trust (the “Trust”) oversees the management of the Trust and each separate series of the Trust covered in this report (each, a “Fund” and, collectively, the “Funds”) and, as required by law, determines whether to approve the Trust’s investment advisory and ancillary services agreement (the “Advisory Agreement”) with Northern Trust Investments, Inc. (the “Adviser”), an indirect subsidiary of the Northern Trust Corporation.

* * * * *

At a meeting on June 22, 2023 (the “June Meeting”), the Board, including all of the Trustees who are not parties to the Advisory Agreement or interested persons of any such party (the “Independent Trustees”), considered whether to approve the continuation of the Advisory Agreement between the Adviser and the Trust, on behalf of each Fund.

In advance of, and in preparation for, the Trustees’ consideration of the Advisory Agreement at the June Meeting, the Trustees received written materials relating to the Advisory Agreement and had the opportunity to ask questions and request further information in connection with their consideration. At the June Meeting, the Trustees considered the Adviser’s presentations and discussed all of the information that had been provided. Among other things, the Board considered comparisons with other funds in relevant peer universes and peer groups that had been determined by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of fund data, which included, among other things, the following information: (1) a description of the types of funds chosen by Broadridge to compare to each Fund; (2) comparative performance data for each Fund; (3) data on each Fund’s expenses and fees; and (4) comparative fee data for each Fund’s respective peer group, including comparisons of advisory fees and total expense ratios. In considering the Advisory Agreement, the Independent Trustees met with their independent legal counsel separately from the “interested” Trustee of the Trust and officers and employees of the Adviser. After evaluating all the materials, the Trustees, including the Independent Trustees, concluded that the Advisory Agreement was in the best interest of each of the

Funds and their shareholders and approved the continuation of the Advisory Agreement on behalf of the Funds.

The material factors and conclusions that formed the basis for the Trustees reaching their determination to approve the continuation of the Advisory Agreement are separately discussed below.

Nature, Quality and Extent of Services

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

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

The Board noted that Foreside Fund Services, LLC, an entity unaffiliated with the Adviser, provides distribution services to the Funds and that JPMorgan Chase Bank, N.A., also an unaffiliated entity, provides custody, transfer agency, securities lending and fund administration support services, and that these service provider arrangements were relevant to the Board’s considerations of the totality of the circumstances surrounding renewal of the Advisory Agreement. The Board concluded that each Fund benefited from the services provided under the Advisory Agreement and as a result of the Adviser’s operations, resources, experience, reputation and personnel.

Performance, Fees and Expenses

The Board considered that, unlike FlexShares^® Ultra-Short Income Fund and FlexShares^® Core Select Bond Fund (each, an “Active Fund”), the investment objective of each Fund other than the Active Funds (each, an “Index Fund”) is to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of a specified index (each, an “Underlying Index”). The Board considered the Adviser’s explanation that performance information with respect to funds in relevant peer universes and peer groups selected by Broadridge is only one of several comparative data points and that none of the peer funds sought to track an index that was the same as any Index Fund’s Underlying Index. The Board considered the information that the Adviser provided regarding the difference between each Fund’s performance, after fees and expenses, and the performance of its Underlying Index or benchmark index (as applicable) over certain periods of time, including as noted further below, ended March 31, 2023 (the “Tracking Difference”). The Board considered the Adviser’s expectations for each Index Fund’s Tracking Difference and noted the Adviser’s view that all instances of Tracking Difference for the Index Funds reflect results well within appropriate expectations after taking into account (i) all of the factors that affect Tracking Difference and (ii) the ancillary objectives of minimizing portfolio transaction costs and tax-related inefficiencies.

The Board also considered comparative performance, fee and expense information of each Fund provided by Broadridge. The Broadridge comparisons ranked each Fund in various quintiles over certain periods of time, including as noted further below, ended March 31, 2023, with the first quintile being the lowest or best 20% of the funds in terms of fund cost and fund performance, respectively. The Board noted that, in certain cases, the Broadridge peer funds included funds sponsored by an “at cost” service provider and that there were limitations in providing comparable peer funds.

The Board considered that the Adviser contractually agreed to reimburse the portion of the operating expenses of each Fund until at least March 1, 2024, so that, after such reimbursement, the total annual fund operating expenses of

a Fund, excluding any acquired fund fees and expenses, expressed as a percentage of average daily net assets, does not exceed an amount equal to the sum of (i) the Fund’s advisory fee rate and (ii) 0.0049% (the “Expense Reimbursement Agreement”).

In reaching its determinations, the Board considered a large amount of data provided by the Adviser in response to a written request previously submitted by the Independent Trustees to the Adviser. Among the information considered by the Board was the following information:

Index Funds:

FlexShares^® Morningstar US Market Factor Tilt Index Fund (TILT)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by 20 basis points or less for all periods, except for the three-year period in which the Fund’s performance differed from the performance of the Underlying Index by less than 35 basis points. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, number of holdings and approach to portfolio and trade construction.

The Board also considered that the Fund’s performance was in the third quintile of its performance universe for the one-year, five-year and ten-year periods and in the first quintile for the three-year period.

The Board noted that the Fund’s advisory fee net of waivers (“Net Advisory Fee”) was less than one basis point higher than its expense group median, and the Fund’s contractual advisory fee (“Contractual Advisory Fee”) and total expense ratio (which represents the total cost to investors) were below its expense group median.

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

The Board considered that the Fund’s performance, after fees and expenses, was above the performance of its Underlying Index for the five-year period and differed from the performance of the Underlying Index by less than 10 basis points for the remaining periods. The Board considered the factors that influenced the Fund’s Tracking Difference

including, among other things, dividend-related tax differentials, the use of futures, transaction costs and number of holdings.

The Board also considered that the Fund’s performance ranked in the second quintile of its performance universe for the ten-year period, the third quintile for the five-year period, the fourth quintile for the three-year period, and the fifth quintile for the one-year period. The Board considered the Adviser’s assertion that it takes a thoughtful and disciplined approach to portfolio and trade construction to find the optimal balance between the effects of transaction costs and a level of sampling that seek to achieve the characteristics and performance of the benchmark. In this regard, it was noted that having a high number of holdings can increase transaction costs relative to peer funds. The Board also considered the Adviser’s assertion that for the one-year period ended March 31, 2023, securities selection related to market capitalization detracted from performance.

The Board took into account that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were higher than its expense group median and its total expense ratio was within 4 basis points of its expense group median.

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund (TLTE)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 100 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, the use of futures, transaction costs, securities selection, dividend tax differentials compounding of tracking difference and number of holdings.

The Board noted that the Fund’s performance ranked in the second quintile of its performance universe for the three-year period and in the third quintile for the remaining periods.

The Board and Adviser agreed to a voluntary expense reduction in the management fee for the Fund from 0.59% to 0.57% for one-year, effective June 26, 2023, with a corre-

sponding reduction of the Adviser’s expense limitation agreement with the Fund’s trust.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were higher than its expense group median and its total expense ratio was within 0.15% of its expense group median.

FlexShares^® US Quality Large Cap Index Fund (QLC)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its

Underlying Index by 40 basis points or less for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, compounding of tracking difference, transaction costs, the use of futures and securities selection.

The Board noted that the Fund’s performance ranked in the second quintile of its performance universe for the three-year period, the third quintile for the one-year period and the fifth quintile for all remaining periods.

FlexShares^® STOXX^® US ESG Select Index Fund (ESG)

The Board considered that the Fund’s performance, after fees and expenses, was above the performance of its Underlying Index for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including dividend-related tax differentials and transaction costs.

The Board also considered that the Fund’s performance ranked in the first quintile of its performance universe for all periods, except for the one-year period when the Fund’s performance ranked in the third quintile.

FlexShares^® STOXX^® Global ESG Select Index Fund (ESGG)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 15 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, dividend-related tax differentials, securities selection, transaction costs and the use of futures.

The Board noted that the Fund’s performance ranked in the first quintile of its performance universe for all periods, except for the one-year period when the Fund’s performance ranked in the fourth quintile.

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund (GUNR)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 90 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, compounding, the use of futures, securities selection, transaction costs, Indian capital gains tax accruals and dividend tax differentials.

The Board also considered that the Fund’s performance ranked in the fourth quintile of its performance universe for the one-year period, in the fifth quintile for the third-year period and in the first quintile for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were higher than its expense group median.

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund (NFRA)

The Board considered that the Fund’s performance, after fees and expenses, exceeded the performance of its Under-

lying Index for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, compounding, the use of futures, securities selection, transaction costs, Indian capital gains tax accruals and dividend tax differentials.

The Board considered that the Fund’s performance ranked in the third quintile of its performance universe for the one-year period and in the fourth quintile for all remaining periods.

FlexShares^® Global Quality Real Estate Index Fund (GQRE)

The Board considered that the Fund’s performance, after fees and expenses, exceeded the performance of its Underlying Index for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, securities selection, dividend-related tax differentials, compounding, transaction costs and the use of futures.

The Board also considered that the Fund’s performance ranked in the fifth quintile of its performance universe for the one-year and five-year periods, in the third quintile for the since inception period, and the fourth quintile for the three-year period.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors) and Contractual Advisory Fee were lower than its expense group median while its Net Advisory Fee was equal to its expense group median and considered this in light of the Fund’s performance.

FlexShares^® Real Assets Allocation Index Fund (ASET)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by 15 basis points or less for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, the selections for exposure to certain asset classes.

The Board noted that the Fund’s performance was in the fourth quintile of its performance universe for the one-year period, in the third quintile for the three-year period, and in the second quintile for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors) and Net Advisory Fee were lower than its expense group median and the Fund’s Contractual Advisory Fee was higher than its expense group median. The Board noted that the Fund’s Contractual Advisory Fee was within 0.07% of its expense group median Contractual Advisory Fee. The Board also considered that the Adviser had agreed to a contractual expense reduction in the management fee for the Fund from 0.57% to 0.49% per annum, with a corresponding reduction of the Adviser’s expense limitation agreement with the Fund’s trust.

FlexShares^® Quality Dividend Index Fund (QDF)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 60 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, transaction costs, the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index, and stock selection.

The Board also considered that the Fund’s performance ranked in the second quintile for the ten-year period, in the third quintile for the three-year period, and in the fourth quintile for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were higher than its expense group median.

FlexShares^® Quality Dividend Defensive Index Fund (QDEF)

index futures used to equitize cash and accruals which can perform differently than the Fund’s index.

The Board considered that the Fund’s performance ranked in the second quintile for the one-year and ten-year periods, the third quintile for the five-year period, and the fourth quintile for the three-year period.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were higher than its expense group median.

FlexShares^® Quality Dividend Dynamic Index Fund (QDYN)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 60 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, stock selection, transaction costs, and the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index.

The Board also considered that the Fund’s performance ranked in the first quintile for the three-year and ten-year periods, in the second quintile for the five-year period, and in the fourth quintile for the one-year period.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were higher than its expense group median. The Board also considered that the Fund would be reorganized into the FlexShares Quality Dividend Index Fund (QDF) on or about June 30, 2023.

FlexShares^® International Quality Dividend Index Fund (IQDF)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 40 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, Indian capital gains tax accruals, the use of broad equity index futures used to equitize cash and accruals which can perform

differently than the Fund’s index, stock selection, dividend tax differentials whereby the Fund may be eligible for different tax withholding and transaction costs.

The Board also considered that the Fund’s performance ranked in the third quintile for the three-year period and the fourth quintile for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were equal to its expense group median.

FlexShares^® International Quality Dividend Defensive Index Fund (IQDE)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 50 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, differences in security-level weights relative to the Underlying Index which can be impacted by multiple factors including, but not limited to, pending corporate actions, round lot conventions, multiple share classes, transaction cost minimization, and security specific liquidity constraints, the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index trade related stamp taxes in certain foreign jurisdictions and transaction costs.

The Board also considered that the Fund’s performance ranked in the fifth quintile for all periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were equal to its expense group median.

At the June Meeting, the Board was advised by the Adviser that the reorganization of IQDE into FlexShares^® International Quality Dividend Index Fund (IQDF) would not occur on or about June 30, 2023 as originally scheduled given that the reorganization would not be able to be consummated at such time as a tax-free reorganization as required by the agreement and plan of reorganization.

FlexShares^® International Quality Dividend Dynamic Index Fund (IQDY)

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 45 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, dividend tax differentials, differences in security-level weights relative to the Underlying Index which can be impacted by multiple factors including, but not limited to, pending corporate actions, round lot conventions, multiple share classes, transaction cost minimization, and security specific liquidity constraints, the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index, trade related stamp taxes in certain foreign jurisdictions and accruals from India capital gains taxes that can differ from the Underlying Index.

The Board also considered that the Fund’s performance ranked in the fourth quintile of its performance universe for the one-year period, in the third quintile for the five-year period, and in the first or second quintile for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were equal to its expense group median.

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

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 25 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, shifts in interest rates and liquidity and trading costs.

The Board also considered that the Fund’s performance ranked in the first quintile of its performance universe for all periods.

The Board took into account that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were higher than

its expense group median and the Fund’s total expense ratio was within 0.06% of its expense group median.

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

The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 30 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, pricing differences, security positioning, liquidity considerations and interest rates.

The Board also considered that the Fund’s performance ranked in the second quintile of its performance universe for the one-year period, in the third quintile for the three-year period, and the first quintile for the remaining periods.

The Board took into account that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were higher than its expense group median and the Fund’s total expense ratio was within 0.06% of its expense group median.

FlexShares^® Disciplined Duration MBS Index Fund (MBSD)

The Board considered that the Fund’s performance, after fees and expenses, differed from its Underlying Index by less than 80 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, pricing differences and liquidity and trading costs. The Board also considered that the Fund’s Underlying Index generally achieves its target duration with fewer constituents than its peer indices, and that the Adviser utilizes a representative sampling strategy to manage the Fund.

The Board also considered that the Fund’s performance ranked in the first quintile for the one-year period and in the second or third quintile of its performance universe for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee, and Contractual Advisory Fee were higher than its expense group median. The Board noted its total expense ratio was within 0.17% of its expense group median.

FlexShares^® Credit-Scored US Corporate Bond Index Fund (SKOR)

The Board considered the Fund’s performance for the one-, three-, five-year and since inception periods. The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 70 basis points for the one-year period and exceeded the performance of its Underlying Index by more than 200 basis points for the since inception period. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, shifts in interest rates, liquidity and trading costs, security selection, and pricing differences.

The Board also considered that the Fund’s performance ranked in the first quintile for the one-year and five-year periods, in the second quintile for the three-year period, and in the third quintile for the since inception period.

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund (LKOR)

The Board considered the Fund’s performance for the one-, three-, five-year and since inception periods. The Board considered that the Fund’s performance, after fees and expenses, differed from the performance of its Underlying Index by less than 85 basis points for the one-year period and exceeded the performance of its Underlying Index by more than 690 basis points for the since inception period. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, pricing differences, shifts in interest rates, liquidity and trading costs, and security selection. The Board also considered that the Adviser utilizes a representative sampling strategy to manage the Fund.

The Board also considered that the Fund’s performance ranked in the fifth quintile for the one-year and three-year

periods, in the third quintile for the five-year period, and the first quintile of its performance universe for the since inception period.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were higher than its expense group median and its Fund’s total expense ratio was within 0.08% of its expense group median. The Board considered this in the context of the Fund’s performance.

The Board and Adviser agreed to a voluntary expense reduction in the management fee for the Fund from 0.22% to 0.20% for one-year, effective June 26, 2023, with a corresponding reduction of the Adviser’s expense limitation agreement with the Fund’s trust.

FlexShares^® High Yield Value-Scored Bond Index Fund (HYGV)

The Board considered that the Fund’s performance, after fees and expenses, differed from its Underlying Index by less than 180 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, liquidity and trading costs, shifts in interest rates, security selection and pricing differences.

The Board also considered that the Fund’s performance ranked in the fifth quintile of its performance universe for the one-year period and in the second quintile for the remaining periods.

The Board and Adviser agreed to a voluntary expense reduction in the management fee for the Fund from 0.37% to 0.35% for one-year, effective June 26, 2023, with a corresponding reduction of the Adviser’s expense limitation agreement with the Fund’s trust.

FlexShares^® US Quality Low Volatility Index Fund (QLV)

The Board considered that the Fund’s performance, after fees and expenses, differed from its Underlying Index by 30

basis points or less for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, the compounding effect of tracking error in periods of high volatility, the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index, and transaction costs.

The Board also considered that the Fund’s performance ranked in the first quintile of its performance universe for the one-year period, the fourth quintile for the three-year period, and the third quintile for the since inception period.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median.

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund (QLVD)

The Board considered that the Fund’s performance, after fees and expenses, differed from its Underlying Index by less than 25 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, dividend tax differential, stock selection, transaction costs, and the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index.

The Board also considered that the Fund’s performance ranked in the third quintile of its performance universe for the one-year period and in the fifth quintile for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors) and Net Advisory Fee were higher than its expense group median, while its Contractual Advisory Fee was lower than its expense group median. The Board noted that the Fund’s Net Advisory Fee was within 0.01% of its expense group median.

FlexShares^® Emerging Markets Quality Low Volatility Index Fund (QLVE)

The Board considered that the Fund’s performance, after fees and expenses, differed from its Underlying Index by less

than 90 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, , the use of broad equity index futures to equitize cash and accruals, Indian capital gains tax accruals, transaction costs, stock selection, and compounding of tracking difference.

The Board also considered that the Fund’s performance ranked in the second quintile of its performance universe for the one-year period and in the fourth quintile for the remaining periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median.

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund (FEDM)

The Board considered that the Fund’s performance, after fees and expenses, exceeded its Underlying Index by three basis points for the one-year period and more than five basis points since inception. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, dividend tax differential, stock selection, transaction costs, the compounding of tracking difference, and the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index.

The Board also considered that the Fund’s performance ranked in the fourth quintile of its performance universe for the one-year period and in the third quintile since inception. Further, the Board considered the Fund’s relatively short performance record and noted that it would be prudent to allow the Adviser more time to develop the Fund’s performance record.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median.

FlexShares^® ESG & Climate US Large Cap Core Index Fund (FEUS)

The Board considered that the Fund’s performance, after fees and expenses, differed from its Underlying Index by less than 15 basis points for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, transaction costs, the use of broad equity index futures used to equitize cash and accruals which can perform differently than the Fund’s index, and compounding of tracking difference.

The Board also considered that the Fund’s performance ranked in the second quintile of its performance universe since inception and in the third quintile for the one-year period. Further, the Board considered the Fund’s relatively short performance record and noted that it would be prudent to allow the Adviser more time to develop the Fund’s performance record.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median.

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund (FEIG)

The Board considered that the Fund’s performance, after fees and expenses, differed from its Underlying Index by 55 basis points or less for all periods. The Board considered the factors that influenced the Fund’s Tracking Difference including, among other things, differences in pricing sources, liquidity and trading costs, shifts in interest rates, and security selection.

The Board also considered that the Fund’s performance ranked in the third quintile of its performance universe for all periods. Further, the Board considered the Fund’s relatively short performance record and noted that it would be prudent to allow the Adviser more time to develop the Fund’s performance record.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median.

FlexShares^® ESG & Climate High Yield Corporate Core Index Fund (FEHY)

The Board also considered that the Fund’s performance ranked in the fourth quintile of its performance universe for all periods.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median.

The Board considered that the Fund was scheduled to be liquidated on or about July 10, 2023.

FlexShares^® ESG & Climate Emerging Markets Core Index Fund (FEEM)

The Board considered the Fund’s performance, after fees and expenses, equaled its Underlying Index since inception. The Board also considered that the Fund’s performance ranked in the fourth quintile of its performance universe since inception. Further, the Board considered the Fund’s relatively short performance record and noted that it would be prudent to allow the Adviser more time to develop the Fund’s performance record.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median.

Active Funds:

FlexShares^® Ultra-Short Income Fund (RAVI)

The Board considered that the Fund’s performance ranked in the third quintile for the one-year and three-year periods and the second quintile for the remaining periods. The Board also considered that the Fund outperformed its

benchmark index for the three-, five-and ten-year periods and underperformed its benchmark index for the one-year period The Board also considered information provided by the Adviser with regard to the Fund’s performance against certain peer funds identified by the Adviser. In this regard, the Board considered the Adviser’s assertion that consistent with the Adviser’s capital market assumptions, the Fund’s portfolio composition has generally been characterized by longer duration and higher credit quality than certain peer funds.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were higher than its expense group median and the Fund’s total expense ratio was within 0.06% of its expense group median.

FlexShares^® Core Select Bond Fund (BNDC)

The Board considered that the Fund’s performance ranked in the second quintile for the one-year period and in the third or fourth quintile of its performance universe for the remaining periods. The Board also considered that the Fund outperformed its benchmark index for the three-year period and underperformed its benchmark index for all remaining periods. The Board also considered information provided by the Adviser with regard to the Fund’s performance against certain peer funds identified by the Adviser. In this regard, the Board considered the Adviser’s assertion that relative to such peers, the Fund has historically been overweight to treasury securities and investment grade corporate bonds and, as such, the peer funds have historically benefited during risk-on market environments through heavier allocations to securitized debt instruments and lower credit quality securities.

The Board considered that the Fund’s total expense ratio (which represents the total cost to investors), Net Advisory Fee and Contractual Advisory Fee were lower than its expense group median. The Board also considered that the Adviser had agreed to waive a portion of its advisory fee and/or reimburse operating expenses in an amount equal to any acquired fund fees and expenses incurred by the Fund that were attributable to its investment in other Funds.

Costs of Services and Profits of the Adviser

The Board considered the unitary fee structure and the expenses for each Fund and noted that, under the Advisory Agreement, the Adviser was responsible for most expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit and other services. The Board considered that the Adviser was not responsible under the Advisory Agreement for certain expenses, including the fees and expenses of the Trust’s Independent Trustees and their independent legal counsel, litigation expenses and other extraordinary expenses.

The Board considered the advisory fee for each Fund as compared to that of other comparable funds in relation to its respective Broadridge median. The Board considered the Adviser’s explanation that each Index Fund’s advisory fee (both gross and net of waivers) compared favorably with its respective Broadridge median advisory fee (both gross and net of waivers) for comparable funds set forth in the Broadridge report, especially taking into account, among other factors, important differences between the indexes upon which such comparable funds are based and each Index Fund’s Underlying Index, including in certain cases differences between the number of portfolio holdings for comparable funds and the Funds. The Board considered the advisory fee schedules for other accounts with similar investment advisory mandates as those of the Funds, noting that there were no comparable accounts for certain of the Funds. The Board considered (a) the differences in managing ETFs versus separately managed accounts which involve daily purchase and redemption activity along with robust regulatory and governance requirements; and (b) the Funds’ unitary fee structure.

The Board examined the Adviser’s profitability information provided by the Adviser, and the Trustees considered that the Adviser was profitable on a pre-distribution basis but not on a post-distribution basis. The Board considered that the Adviser’s potential for profitability would continue to be subject to financial uncertainties and risks. The Board also considered that the Adviser would continue to develop and offer additional new products in efforts to complete the overall integrity of the Trust’s product suite, consistent with

its product strategy, and that these products may expose the Adviser to additional financial risks and uncertainties.

Economies of Scale

The Board considered whether the Adviser may realize economies of scale in managing and supporting the Funds. The Board reviewed each Fund’s fee arrangements, which did not include breakpoints, and considered that, in light of the unitary fee structure, the Adviser’s profitability from its services to the Trust and the significant investment that the Adviser had made and continues to make in the Trust, breakpoints were not necessary at this time. The Board also noted the Expense Reimbursement Agreement.

Other Benefits to the Adviser

In addition to considering the profits that may be realized by the Adviser, the Board considered information regarding other direct and indirect benefits the Adviser may receive as a result of its relationship with the Funds, including whether any compensation would be paid to its affiliates. The Board also considered that some of the Funds’ shareholders have other client relationships with the Adviser or its affiliates. The Board also reviewed the extent to which the Adviser and its other clients, as well as the Funds, benefit from receipt of the research products and services generated by the Funds.

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

Information about the differences between the daily market prices on secondary markets for shares of the Funds and the Funds’ net asset values for various time periods, as applicable, is available by visiting the Funds’ website at flexshares.com

Portfolio Holdings

FlexShares^® Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year an exhibit to its reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov.

Proxy Voting

FlexShares^® Trust Proxy Voting Policies and Procedures are available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the Funds’ website flexshares.com or the SEC’s website at sec.gov. Each Fund’s portfolio securities voting record for the 12-month period ended June 30 is available upon request and without charge by calling 1-855-FLEXETF (1-855-353-9383) or by visiting the SEC’s website at sec.gov.

FlexShares^® is a registered trademark of NTI. Morningstar^® is a registered trademark of Morningstar, Inc. (“Morningstar”). Morningstar^® US Market Factor Tilt Index^SM, Morningstar^® Developed Markets ex-US Factor Tilt Index^SM, Morningstar^® Emerging Markets Factor Tilt Index^SM, and Morningstar^® Global Upstream Natural Resources Index^SM are service marks of Morningstar, Inc. STOXX and its licensors (the “Licensors”) have no relationship to FlexShares^® Trust other than the licensing of the STOXX^® USA ESG Select KPIs Index, STOXX^® Global ESG Select KPIs Index and STOXX^® Global Broad Infrastructure Index and the related trademarks for use in connection with the FlexShares^® STOXX^® US ESG Select Index Fund, FlexShares^® STOXX^® Global ESG Select Index Fund and FlexShares^® STOXX^® Global Broad Infrastructure Index Fund, respectively. The iBoxx 3-Year Target Duration TIPS Index and iBoxx 5-Year Target Duration TIPS Index are each the property of Markit North America, Inc. (“Markit”) and have been licensed for use in connection the FlexShares iBoxx 3-Year Target Duration TIPS Index Fund and the FlexShares iBoxx 5-Year Target Duration TIPS Index Fund, respectively. Northern Trust Quality Low Volatility Index^SM, Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM, Northern Trust Emerging Markets Quality Low Volatility Index^SM, Northern Trust Quality Large Cap Index^SM, Northern Trust Quality Dividend Index^SM, Northern Trust Quality Dividend Defensive Index^SM, Northern Trust International Quality Dividend Index^SM, Northern Trust International Quality Dividend Defensive Index^SM, Northern Trust Global Quality Real Estate Index^SM, Northern Trust Credit-Scored US Corporate Bond Index^SM, Northern Trust Credit-Scored US Long Corporate Bond Index^SM, Northern Trust Real Assets Allocation Index^SM, Northern Trust High Yield US Corporate Bond Index^SM, and Northern Trust High Yield Value-Scored US Corporate Bond Index^SM are service marks of NTI and have been licensed for use by FlexShares Trust. The ICE^® BofA^® Constrained Duration US Mortgage Backed Securities Index^SM are trademarks of ICE Data Indices, LLC or its affiliates (“ICE”) and have been licensed for use by NTI.


	1 Year			3 Year			Fund Inception 7/15/2019


FlexShares US Quality Low Volatility Index Fund (Based on Net Asset Value)		4.56	%		9.46	%		7.48	%

FlexShares US Quality Low Volatility Index Fund (Based on Market Price)		4.46	%		9.40	%		7.47	%

Russell 1000^® Index		9.48	%		9.52	%		9.40	%

Northern Trust Quality Low Volatility Index^SM		4.77	%		9.72	%		7.76	%


	1 Year			3 Year			Fund Inception 7/15/2019


FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (Based on Net Asset Value)		10.16	%		3.15	%		1.31	%

FlexShares Developed Markets ex-US Quality Low Volatility Index Fund (Based on Market Price)		10.41	%		3.20	%		1.45	%

MSCI World ex-US Index		12.56	%		5.97	%		2.93	%

Northern Trust Developed Markets ex-US Quality Low Volatility Index^SM		10.30	%		3.33	%		1.52	%


	1 Year			3 Year			Fund Inception 7/15/2019


FlexShares Emerging Markets Quality Low Volatility Index Fund (Based on Net Asset Value)		8.52	%		-0.81	%		-0.85	%

FlexShares Emerging Markets Quality Low Volatility Index Fund (Based on Market Price)		9.01	%		-1.20	%		-0.90	%

MSCI Emerging Markets Index		10.80	%		-3.67	%		-0.94	%

Northern Trust Emerging Markets Quality Low Volatility Index^SM		9.39	%		0.12	%		-0.06	%


	1 Year			5 Year			10 Year			Fund Inception 9/16/2011


FlexShares Morningstar US Market Factor Tilt Index Fund (Based on Net Asset Value)		5.67	%		9.09	%		9.27	%		11.56	%

FlexShares Morningstar US Market Factor Tilt Index Fund (Based on Market Price)		5.61	%		9.08	%		9.25	%		11.56	%

Morningstar^® U.S. Market Factor Tilt Index^SM		5.83	%		9.24	%		9.42	%		11.72	%


	1 Year			5 Year			10 Year			Fund Inception 9/25/2012


FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund (Based on Net Asset Value)		13.21	%		3.24	%		2.74	%		4.48	%

FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund (Based on Market Price)		14.31	%		3.45	%		2.76	%		4.55	%

Morningstar^® Developed Markets ex-US Factor Tilt Index^SM		13.31	%		3.24	%		2.80	%		4.56	%



Letter to Shareholders			2

Management’s Discussion of Fund Performance			3

FlexShares^® US Quality Low Volatility Index Fund			3

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund			5

FlexShares^® Emerging Markets Quality Low Volatility Index Fund			7

FlexShares^® Morningstar US Market Factor Tilt Index Fund			9

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			11

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			13

FlexShares^® US Quality Large Cap Index Fund			15

FlexShares^® STOXX^® US ESG Select Index Fund			17

FlexShares^® STOXX^® Global ESG Select Index Fund			19

FlexShares^® ESG & Climate US Large Cap Core Index Fund			21

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			23

FlexShares^® ESG & Climate Emerging Markets Core Index Fund			25

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			27

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			29

FlexShares^® Global Quality Real Estate Index Fund			31

FlexShares^® Real Assets Allocation Index Fund			33

FlexShares^® Quality Dividend Index Fund			35

FlexShares^® Quality Dividend Defensive Index Fund			37

FlexShares^® International Quality Dividend Index Fund			39

FlexShares^® International Quality Dividend Defensive Index Fund			41

FlexShares^® International Quality Dividend Dynamic Index Fund			43

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			45

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			47

FlexShares^® Disciplined Duration MBS Index Fund			49

FlexShares^® Credit-Scored US Corporate Bond Index Fund			51

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			53

FlexShares^® High Yield Value-Scored Bond Index Fund .			55

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund.			58

FlexShares^® Ultra-Short Income Fund (formerly FlexShares^® Ready Access Variable Income Fund)			60

FlexShares^® Core Select Bond Fund			62

Statements of Assets and Liabilities			65

Statements of Operations			73

Statements of Changes in Net Assets			81

Financial Highlights			96

Schedules of Investments			127

FlexShares^® US Quality Low Volatility Index Fund			127

FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund			131

FlexShares^® Emerging Markets Quality Low Volatility Index Fund			137

FlexShares^® Morningstar US Market Factor Tilt Index Fund			142

FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			178

FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			221

FlexShares^® US Quality Large Cap Index Fund			275

FlexShares^® STOXX^® US ESG Select Index Fund .			280

FlexShares^® STOXX^® Global ESG Select Index Fund .			287

FlexShares^® ESG & Climate US Large Cap Core Index Fund			302

FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			307

FlexShares^® ESG & Climate Emerging Markets Core Index Fund			315

FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			322

FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			329

FlexShares^® Global Quality Real Estate Index Fund			336

FlexShares^® Real Assets Allocation Index Fund			341

FlexShares^® Quality Dividend Index Fund			342

FlexShares^® Quality Dividend Defensive Index Fund			349

FlexShares^® International Quality Dividend Index Fund			354

FlexShares^® International Quality Dividend Defensive Index Fund			362

FlexShares^® International Quality Dividend Dynamic Index Fund			369

FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			376

FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			377

FlexShares^® Disciplined Duration MBS Index Fund			378

FlexShares^® Credit-Scored US Corporate Bond Index Fund			383

FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			408

FlexShares^® High Yield Value-Scored Bond Index Fund .			422

FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund			443

FlexShares^® Ultra-Short Income Fund (formerly FlexShares^® Ready Access Variable Income Fund)			456

FlexShares^® Core Select Bond Fund			469

Notes to the Financial Statements			471

Report of Independent Registered Public Accounting Firm			522

Tax Information			524

Fund Expenses			526

Trustees and Officers			530

Approval of Advisory Agreement			534

Supplemental Information			545

For More Information			546


FlexShares^®		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® Developed		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® Emerging		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® Morningstar^®		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® ESG & Climate		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


	1 Year			Fund Inception 9/20/2021


FlexShares ESG & Climate US Large Cap Core Index Fund (Based on Net Asset Value)		9.33	%		-0.97	%

FlexShares ESG & Climate US Large Cap Core Index Fund (Based on Market Price)		9.29	%		-0.99	%

S&P 500 Index		10.14	%		-0.23	%

Northern Trust ESG & Climate US Large Cap Core Index^SM		9.47	%		-0.88	%


	1 Year			Fund Inception 9/20/2021


FlexShares ESG & Climate Developed Markets Ex-US Core Index Fund (Based on Net Asset Value)		12.08	%		-5.90	%

FlexShares ESG & Climate Developed Markets Ex-US Core Index Fund (Based on Market Price)		12.80	%		-5.49	%

MSCI World ex-US Index		12.56	%		-5.22	%

Northern Trust ESG & Climate Developed Markets ex-US Core Index^SM		12.21	%		-5.93	%


	1 Year			Fund Inception 4/20/2022


FlexShares ESG & Climate Emerging Markets Core Index Fund (Based on Net Asset Value)		11.14	%		-8.50	%

FlexShares ESG & Climate Emerging Markets Core Index Fund (Based on Market Price)		10.98	%		-8.23	%

MSCI Emerging Markets Index		10.80	%		-8.38	%

Northern Trust ESG & Climate Emerging Markets Core Index^SM		11.79	%		-8.30	%


FlexShares^® STOXX		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


2		FLEXSHARES ANNUAL REPORT


		FLEXSHARES ANNUAL REPORT			3


4		FLEXSHARES ANNUAL REPORT


		FLEXSHARES ANNUAL REPORT			5


FlexShares^® Quality		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® International		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® iBoxx		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® Disciplined		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® Credit-Scored		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


FlexShares^® High Yield		MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE


	1 Year			Fund Inception 9/20/2021


FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (Based on Net Asset Value)		2.41	%		-9.43	%

FlexShares ESG & Climate Investment Grade Corporate Core Index Fund (Based on Market Price)		2.28	%		-9.41	%

Bloomberg US Corporate Total Return Value Unhedged Index		2.77	%		-9.16	%

Northern Trust ESG & Climate Investment Grade U.S. Corporate Core Index^SM		2.88	%		-9.12	%


	FlexShares^® US Quality Low Volatility Index Fund		FlexShares^® Developed Markets ex- US Quality Low Volatility Index Fund			FlexShares^® Emerging Markets Quality Low Volatility Index Fund			FlexShares^® Morningstar US Market Factor Tilt Index Fund

ASSETS
Securities, at cost	$	173,345,381	$	65,665,911		$	13,811,847		$	853,779,239
Affiliate securities, at cost		—		—			—			511,950
Securities Lending Reinvestments, at cost		2,683,994		—			—			167,140,618

Securities, at value†		184,796,795		64,658,984			12,867,943			1,323,299,186
Affiliate securities, at value		—		—			—			459,393
Securities Lending Reinvestments, at value		2,683,994		—			—			167,151,673
Cash		—		601,264			90,240			10,768,083
Cash segregated at broker*		283		163,088			20,694			1,779,829
Foreign cash††		—		457,840			34,302			—
Unrealized appreciation on forward foreign currency contracts		—		27,699			—			—
Receivables:		—		—			—			—
Dividends and interest		149,206		477,672			10,022			889,549
Securities lending income		1,261		635			—			52,209
Capital shares issued		—		—			—			—
Investment adviser		729		286			119			5,223
Securities sold		113,852		—			—			411
Variation margin on futures contracts		1,976		—			—			—

Total Assets		187,748,096		66,387,468			13,023,320			1,504,405,556


LIABILITIES
Cash overdraft		13,058		—			—			—
Unrealized depreciation on forward foreign currency contracts		—		18,644			—			—
Payables:
Cash collateral received from securities loaned		2,683,994		—			—			167,151,893
Deferred compensation (Note 7)		8,045		4,295			729			169,566
Investment advisory fees (Note 4)		35,020		18,329			4,464			290,517
Trustee fees (Note 7)		1,259		613			125			10,807
Securities purchased		—		—			—			—
Deferred non-US capital gains taxes		—		—			20,095			—
Due to Authorized Participant		—		—			—			411
Variation margin on futures contracts		—		82,236			14,061			763,593
Capital shares redeemed		—		—			—			—
Other		2,100		—			4,000			7,708

Total Liabilities		2,743,476		124,117			43,474			168,394,495

Net Assets	$	185,004,620	$	66,263,351		$	12,979,846		$	1,336,011,061


NET ASSETS CONSIST OF:
Paid-in capital	$	184,240,592	$	72,298,348		$	15,413,162		$	910,599,852
Distributable earnings (loss)		764,028		(6,034,997	)		(2,433,316	)		425,411,209

Net Assets	$	185,004,620	$	66,263,351		$	12,979,846		$	1,336,011,061


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		3,600,001		2,800,001			600,001			8,500,001
Net Asset Value	$	51.39	$	23.67		$	21.63		$	157.18

† Securities on loan, at value	$	13,821,520	$	2,212,131		$	—		$	206,017,475
†† Cost of foreign cash	$	—	$	463,825		$	33,435		$	—


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			FlexShares^® US Quality Large Cap Index Fund			FlexShares^® STOXX^® US ESG Select Index Fund

ASSETS
Securities, at cost	$	439,193,329		$	212,305,889		$	138,888,823		$	153,363,355
Affiliate securities, at cost		—			—			—			94,332
Securities Lending Reinvestments, at cost		8,760,452			677,315			—			97,159

Securities, at value†		462,046,494			218,908,022			145,727,979			164,852,322
Affiliate securities, at value		—			—			—			77,115
Securities Lending Reinvestments, at value		8,760,452			677,315			—			97,159
Cash		1,014,072			204,890			927,601			1,747,305
Cash segregated at broker*		845,221			120,659			153,608			305,740
Foreign cash††		2,442,412			481,779			—			—
Unrealized appreciation on forward foreign currency contracts		14,407			6,171			—			—
Receivables:		—			—			—			—
Dividends and interest		3,421,440			315,948			107,697			119,805
Securities lending income		23,942			8,626			442			486
Capital shares issued		—			—			—			—
Investment adviser		5,571			25,931			—			641
Securities sold		84,733			—			—			—
Variation margin on futures contracts		—			—			—			—

Total Assets		478,658,744			220,749,341			146,917,327			167,200,573


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		44,298			333			—			—
Payables:
Cash collateral received from securities loaned		8,760,452			677,315			—			97,159
Deferred compensation (Note 7)		94,455			46,877			7,498			9,310
Investment advisory fees (Note 4)		158,640			113,389			31,354			46,246
Trustee fees (Note 7)		4,045			1,788			2,377			1,281
Securities purchased		—			—			—			—
Deferred non-US capital gains taxes		—			1,078,422			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		331,029			57,692			67,206			121,129
Capital shares redeemed		—			—			—			—
Other		27,000			50,000			3,000			700

Total Liabilities		9,419,919			2,025,816			111,435			275,825

Net Assets	$	469,238,825		$	218,723,525		$	146,805,892		$	166,924,748


NET ASSETS CONSIST OF:
Paid-in capital	$	573,435,084		$	291,920,670		$	147,359,786		$	162,616,808
Distributable earnings (loss)		(104,196,259	)		(73,197,145	)		(553,894	)		4,307,940

Net Assets	$	469,238,825		$	218,723,525		$	146,805,892		$	166,924,748


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		7,800,001			4,700,001			3,150,001			1,625,001
Net Asset Value	$	60.16		$	46.54		$	46.61		$	102.72

† Securities on loan, at value	$	53,104,871		$	5,168,593		$	4,023,270		$	4,105,867
†† Cost of foreign cash	$	2,454,649		$	432,693		$	—		$	—


	FlexShares^® STOXX^® Global ESG Select Index Fund		FlexShares^® ESG & Climate US Large Cap Core Index Fund			FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			FlexShares^® ESG & Climate Emerging Markets Core Index Fund

ASSETS
Securities, at cost	$	125,624,190	$	36,531,669		$	38,644,229		$	4,738,015
Affiliate securities, at cost		—		—			—			—
Securities Lending Reinvestments, at cost		857,504		—			—			—

Securities, at value†		150,048,123		36,613,279			36,835,813			4,152,508
Affiliate securities, at value		—		—			—			—
Securities Lending Reinvestments, at value		857,504		—			—			—
Cash		1,149,258		252,917			199,496			9,025
Cash segregated at broker*		205,971		20,080			69,280			6,742
Foreign cash††		169,454		—			260,687			30,703
Unrealized appreciation on forward foreign currency contracts		7,756		—			6,492			3
Receivables:		—		—			—			—
Dividends and interest		402,478		30,508			147,985			5,319
Securities lending income		1,000		—			—			—
Capital shares issued		—		—			—			—
Investment adviser		—		169			208			18
Securities sold		—		—			—			—
Variation margin on futures contracts		—		—			—			—

Total Assets		152,841,544		36,916,953			37,519,961			4,204,318


LIABILITIES
Cash overdraft		—		—			—			—
Unrealized depreciation on forward foreign currency contracts		—		—			3,294			—
Payables:
Cash collateral received from securities loaned		857,504		—			—			—
Deferred compensation (Note 7)		10,464		410			422			81
Investment advisory fees (Note 4)		54,993		2,797			3,890			656
Trustee fees (Note 7)		7,085		162			193			34
Securities purchased		—		—			—			—
Deferred non-US capital gains taxes		—		—			—			—
Due to Authorized Participant		—		—			—			—
Variation margin on futures contracts		95,878		17,698			23,456			3,510
Capital shares redeemed		—		—			—			—
Other		—		—			4,500			—

Total Liabilities		1,025,924		21,067			35,755			4,281

Net Assets	$	151,815,620	$	36,895,886		$	37,484,206		$	4,200,037


NET ASSETS CONSIST OF:
Paid-in capital	$	135,039,800	$	37,339,681		$	41,394,939		$	5,009,376
Distributable earnings (loss)		16,775,820		(443,795	)		(3,910,733	)		(809,339	)

Net Assets	$	151,815,620	$	36,895,886		$	37,484,206		$	4,200,037


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		1,150,001		775,000			900,000			100,000
Net Asset Value	$	132.01	$	47.61		$	41.65		$	42.00

† Securities on loan, at value	$	6,708,462	$	—		$	—		$	—
†† Cost of foreign cash	$	172,364	$	—		$	263,945		$	30,684


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			FlexShares^® Global Quality Real Estate Index Fund			FlexShares^® Real Assets Allocation Index Fund

ASSETS
Securities, at cost	$	6,639,775,626		$	2,132,513,770		$	283,496,998		$	—
Affiliate securities, at cost		—			—			—			20,377,865
Securities Lending Reinvestments, at cost		303,751,788			40,144,363			2,704,220			—

Securities, at value†		6,897,383,095			2,006,949,303			241,286,554			—
Affiliate securities, at value		—			—			—			16,571,447
Securities Lending Reinvestments, at value		303,763,185			40,144,363			2,704,220			—
Cash		6,822,064			5,640,536			1,449,049			2,514
Cash segregated at broker*		4,513,288			2,107,602			663,575			—
Foreign cash††		14,711,263			6,213,137			502,063			—
Due from Custodian		322,346			—			—			—
Unrealized appreciation on forward foreign currency contracts		805,889			78,847			17,694			—
Receivables:		—			—			—			—
Dividends and interest		6,938,045			6,579,205			1,154,225			—
Securities lending income		56,938			51,122			3,174			—
Capital shares issued		—			—			—			—
Investment adviser		81,718			6,879			1,144			54
Securities sold		—			22,684			—			—
Variation margin on futures contracts		—			—			—			—

Total Assets		7,235,397,831			2,067,793,678			247,781,698			16,574,015


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		827,889			14,821			20,492			—
Payables:
Cash collateral received from securities loaned		303,760,945			40,144,363			2,704,220			—
Deferred compensation (Note 7)		630,214			187,777			33,220			1,098
Investment advisory fees (Note 4)		2,773,369			804,125			102,691			164
Trustee fees (Note 7)		56,957			20,170			2,787			202
Securities purchased		322,346			—			—			—
Deferred non-US capital gains taxes		—			467,278			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		1,738,563			961,681			240,957			—
Capital shares redeemed		—			—			—			—
Other		1,500			12,000			4,000			—

Total Liabilities		310,111,783			42,612,215			3,108,367			1,464

Net Assets	$	6,925,286,048		$	2,025,181,463		$	244,673,331		$	16,572,551


NET ASSETS CONSIST OF:
Paid-in capital	$	7,763,793,249		$	2,386,937,469		$	352,923,923		$	21,145,503
Distributable earnings (loss)		(838,507,201	)		(361,756,006	)		(108,250,592	)		(4,572,952	)

Net Assets	$	6,925,286,048		$	2,025,181,463		$	244,673,331		$	16,572,551


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		179,600,001			42,400,001			5,200,001			600,001
Net Asset Value	$	38.56		$	47.76		$	47.05		$	27.62

† Securities on loan, at value	$	491,197,028		$	185,056,097		$	27,759,368		$	—
†† Cost of foreign cash	$	14,296,646		$	6,273,330		$	508,327		$	—


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

ASSETS
Securities, at cost	$	1,330,163,281	$	287,654,026		$	509,465,426		$	26,583,706
Affiliate securities, at cost		—		—			—			—
Securities Lending Reinvestments, at cost		129,443,897		18,783,683			2,149,574			125,891

Securities, at value†		1,475,944,235		311,680,030			489,966,079			25,342,351
Affiliate securities, at value		—		—			—			—
Securities Lending Reinvestments, at value		129,449,855		18,783,683			2,149,574			125,891
Cash		790,358		1,159,428			1,044,964			362,273
Cash segregated at broker*		392,110		276,551			956,449			142,747
Foreign cash††		—		—			4,801,677			460,971
Unrealized appreciation on forward foreign currency contracts		—		—			212,595			—
Receivables:		—		—			—			—
Dividends and interest		1,832,869		331,873			3,363,902			288,033
Securities lending income		51,201		8,919			11,655			595
Capital shares issued		—		—			—			—
Investment adviser		5,563		992			46,981			45
Securities sold		—		—			—			—
Variation margin on futures contracts		—		—			—			—

Total Assets		1,608,466,191		332,241,476			502,553,876			26,722,906


LIABILITIES
Cash overdraft		—		—			—			—
Unrealized depreciation on forward foreign currency contracts		—		—			135,605			—
Payables:
Cash collateral received from securities loaned		129,448,662		18,783,683			2,149,574			125,891
Deferred compensation (Note 7)		195,602		45,058			76,714			9,844
Investment advisory fees (Note 4)		473,493		100,017			202,770			7,264
Trustee fees (Note 7)		11,840		2,716			3,914			312
Securities purchased		—		—			—			—
Deferred non-US capital gains taxes		—		—			574,995			1,768
Due to Authorized Participant		—		—			—			—
Variation margin on futures contracts		58,788		76,404			522,390			74,455
Capital shares redeemed		—		—			—			—
Other		4,990		2,500			12,000			—

Total Liabilities		130,193,375		19,010,378			3,677,962			219,534

Net Assets	$	1,478,272,816	$	313,231,098		$	498,875,914		$	26,503,372


NET ASSETS CONSIST OF:
Paid-in capital	$	1,477,021,150	$	326,777,651		$	713,024,210		$	57,004,550
Distributable earnings (loss)		1,251,666		(13,546,553	)		(214,148,296	)		(30,501,178	)

Net Assets	$	1,478,272,816	$	313,231,098		$	498,875,914		$	26,503,372


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		27,167,921		5,875,001			24,100,001			1,400,001
Net Asset Value	$	54.41	$	53.32		$	20.70		$	18.93

† Securities on loan, at value	$	149,621,313	$	26,472,637		$	24,751,395		$	1,119,564
†† Cost of foreign cash	$	—	$	—		$	4,828,308		$	460,068


	FlexShares^® International Quality Dividend Dynamic Index Fund			FlexShares^® iBoxx 3-Year Target Duration TIPS Index Fund			FlexShares^® iBoxx 5-Year Target Duration TIPS Index Fund			FlexShares^® Disciplined Duration MBS Index Fund

ASSETS
Securities, at cost	$	70,125,114		$	2,015,549,742		$	871,004,354		$	81,464,885
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		695,880			—			—			—

Securities, at value†		64,781,455			1,923,187,015			809,374,738			73,778,449
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		695,880			—			—			—
Cash		466,450			2,971,936			1,785,614			11,917,382
Cash segregated at broker*		117,684			—			—			—
Foreign cash††		120,651			—			—			—
Unrealized appreciation on forward foreign currency contracts		5,506			—			—			—
Receivables:		—			—			—			—
Dividends and interest		479,002			3,504,025			1,664,433			204,321
Securities lending income		1,055			2,335			1,155			—
Capital shares issued		—			—			—			—
Investment adviser		—			4,709			1,790			150
Securities sold		—			60,279,072			36,313,271			—
Variation margin on futures contracts		—			—			—			—

Total Assets		66,667,683			1,989,949,092			849,141,001			85,900,302


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		1,549			—			—			—
Payables:
Cash collateral received from securities loaned		695,880			—			—			—
Deferred compensation (Note 7)		6,642			278,900			98,966			8,144
Investment advisory fees (Note 4)		26,663			295,604			124,152			11,320
Trustee fees (Note 7)		3,958			15,863			5,056			772
Securities purchased		—			60,275,369			33,947,342			11,454,027
Deferred non-US capital gains taxes		147,073			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		68,710			—			—			—
Capital shares redeemed		—			1,160,119			3,415,083			—
Other		3,500			—			—			2,000

Total Liabilities		953,975			62,025,855			37,590,599			11,476,263

Net Assets	$	65,713,708		$	1,927,923,237		$	811,550,402		$	74,424,039


NET ASSETS CONSIST OF:
Paid-in capital	$	94,685,648		$	2,172,291,648		$	921,517,996		$	96,332,336
Distributable earnings (loss)		(28,971,940	)		(244,368,411	)		(109,967,594	)		(21,908,297	)

Net Assets	$	65,713,708		$	1,927,923,237		$	811,550,402		$	74,424,039


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		2,700,001			83,204,000			35,650,001			3,800,001
Net Asset Value	$	24.34		$	23.17		$	22.76		$	19.59

† Securities on loan, at value	$	2,403,416		$	1,197,583		$	—		$	—
†† Cost of foreign cash	$	121,554		$	—		$	—		$	—


	FlexShares^® Credit-Scored US Corporate Bond Index Fund			FlexShares^® Credit-Scored US Long Corporate Bond Index Fund			FlexShares^® High Yield Value-Scored Bond Index Fund			FlexShares^® ESG & Climate Investment Grade Corporate Core Index Fund

ASSETS
Securities, at cost	$	280,469,072		$	34,128,436		$	1,262,089,529		$	27,258,976
Affiliate securities, at cost		—			—			—			—
Securities Lending Reinvestments, at cost		—			—			—			—

Securities, at value†		265,621,732			27,787,389			1,199,469,056			23,856,368
Affiliate securities, at value		—			—			—			—
Securities Lending Reinvestments, at value		—			—			—			—
Cash		4,973,677			444,830			11,721,098			544,398
Cash segregated at broker*		—			—			—			—
Foreign cash††		—			—			—			—
Due from Custodian		—			—			370,076			—
Unrealized appreciation on forward foreign currency contracts		—			—			—			—
Receivables:		—			—			—			—
Dividends and interest		2,871,765			435,805			23,574,590			281,528
Securities lending income		—			—			—			—
Capital shares issued		—			—			3,875,284			—
Investment adviser		686			88			25,072			224
Securities sold		25,582,442			2,521,186			100,752,851			688,634
Variation margin on futures contracts		—			—			—			—

Total Assets		299,050,302			31,189,298			1,339,788,027			25,371,152


LIABILITIES
Cash overdraft		—			—			—			—
Unrealized depreciation on forward foreign currency contracts		—			—			—			—
Payables:
Cash collateral received from securities loaned		—			—			—			—
Deferred compensation (Note 7)		17,626			3,747			24,907			407
Investment advisory fees (Note 4)		50,990			5,433			387,076			2,534
Trustee fees (Note 7)		1,600			298			6,315			232
Securities purchased		24,427,347			2,604,356			111,225,782			693,832
Deferred non-US capital gains taxes		—			—			—			—
Due to Authorized Participant		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Capital shares redeemed		—			—			5,812,926			—
Other		3,000			—			24,500			2,000

Total Liabilities		24,500,563			2,613,834			117,481,506			699,005

Net Assets	$	274,549,739		$	28,575,464		$	1,222,306,521		$	24,672,147


NET ASSETS CONSIST OF:
Paid-in capital	$	315,628,424		$	47,053,815		$	1,434,834,992		$	36,124,837
Distributable earnings (loss)		(41,078,685	)		(18,478,351	)		(212,528,471	)		(11,452,690	)

Net Assets	$	274,549,739		$	28,575,464		$	1,222,306,521		$	24,672,147


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		6,050,001			750,001			31,550,001			650,000
Net Asset Value	$	45.38		$	38.10		$	38.74		$	37.96

† Securities on loan, at value	$	—		$	—		$	—		$	—
†† Cost of foreign cash	$	—		$	—		$	—		$	—


	FlexShares^® Ultra-Short Income Fund		FlexShares^® Core Select Bond Fund

ASSETS
Securities, at cost	$	1,072,642,754	$	150,905,727
Affiliate securities, at cost		—		48,573,769
Securities Lending Reinvestments, at cost		—		80,325

Securities, at value†		1,069,254,268		134,862,826
Affiliate securities, at value		—		47,171,295
Securities Lending Reinvestments, at value		—		80,325
Cash		21,785,475		500,987
Cash segregated at broker*		—		30,288
Foreign cash††		—		—
Unrealized appreciation on forward foreign currency contracts		—		—
Receivables:		—		—
Dividends and interest		7,100,320		—
Securities lending income		—		1,207
Capital shares issued		—		—
Investment adviser		3,133		808
Securities sold		—		1,524,606
Variation margin on futures contracts		—		—

Total Assets		1,098,143,196		184,172,342


LIABILITIES
Cash overdraft		—		—
Unrealized depreciation on forward foreign currency contracts		—		—
Payables:
Cash collateral received from securities loaned		—		80,325
Deferred compensation (Note 7)		43,881		8,287
Investment advisory fees (Note 4)		226,882		55,310
Trustee fees (Note 7)		6,119		1,264
Securities purchased		21,475,311		—
Deferred non-US capital gains taxes		—		—
Due to Authorized Participant		—		—
Variation margin on futures contracts		—		37,055
Capital shares redeemed		—		1,559,238
Other		1,925		—

Total Liabilities		21,754,118		1,741,479

Net Assets	$	1,076,389,078	$	182,430,863


NET ASSETS CONSIST OF:
Paid-in capital	$	1,075,994,186	$	218,122,992
Distributable earnings (loss)		394,892		(35,692,129	)

Net Assets	$	1,076,389,078	$	182,430,863


Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value)		14,330,001		8,775,001
Net Asset Value	$	75.11	$	20.79

† Securities on loan, at value	$	—	$	12,937,865
†† Cost of foreign cash	$	—	$	—


	FlexShares^® US Quality Low Volatility Index Fund			FlexShares^® Developed Markets ex-US Quality Low Volatility Index Fund			FlexShares^® Emerging Markets Quality Low Volatility Index Fund			FlexShares^® Morningstar US Market Factor Tilt Index Fund

INVESTMENT INCOME
Dividend income	$	3,483,589		$	2,497,047		$	625,262		$	25,401,167
Income from non-cash dividends		—			125,957			—			—
Dividend income received from affiliate		—			—			—			19,468
Interest income		3,542			—			1,413			—
Securities lending income (net of fees) (Note 2)		16,398			14,422			—			748,875
Foreign withholding tax on dividends		(6,941	)		(238,253	)		(66,575	)		(12,119	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		3,496,588			2,399,173			560,100			26,157,391


EXPENSES
Deferred compensation (Note 7)		1,755			735			128			14,333
Investment advisory fees		399,546			234,875			59,599			3,564,943
Trustee fees (Note 7)		13,356			5,529			1,117			106,872
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		414,657			241,139			60,844			3,686,148


Less:
Investment advisory fees reimbursed (Note 4)		(6,191	)		(2,620	)		(515	)		(50,967	)

Total Net Expenses		408,466			238,519			60,329			3,635,181

Net Investment Income (Loss)		3,088,122			2,160,654			499,771			22,522,210


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(27,260	)
Transactions in investment securities		(7,143,809	)		(1,372,962	)		(396,042	)⁽¹⁾		(24,155,740	)
In-kind redemptions on investments in affiliated securities		—			—			—			10,777
In-kind redemptions on investments in securities		11,134,030			950,797			(2,860	)		68,199,579
Expiration or closing of futures contracts		82,116			202,228			(5,586	)		292,338
Settlement of forward foreign currency contracts		—			(1,334	)		(8	)		—
Foreign currency transactions		—			4,617			(37,558	)		—

Net Realized Gain (Loss)		4,072,337			(216,654	)		(442,054	)		44,319,694


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in unaffiliated securities		325,198			4,899,856			362,558	⁽²⁾		16,612,800
Investments in affiliated securities		—			—			—			(110,312	)
Securities lending		—			—			—			16,008
Futures contracts		(4,832	)		(36,753	)		(4,868	)		(1,016,036	)
Forward foreign currency contracts		—			(5,891	)		—			—
Translation of other assets and liabilities denominated in foreign currencies		—			15,682			1,036			—

Net Change in Unrealized Appreciation (Depreciation)		320,366			4,872,894			358,726			15,502,460

Net Realized and Unrealized Gain (Loss)		4,392,703			4,656,240			(83,328	)		59,822,154

Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,480,825		$	6,816,894		$	416,443		$	82,344,364


	FlexShares^® Morningstar Developed Markets ex-US Factor Tilt Index Fund			FlexShares^® Morningstar Emerging Markets Factor Tilt Index Fund			FlexShares^® US Quality Large Cap Index Fund			FlexShares^® STOXX^® US ESG Select Index Fund

INVESTMENT INCOME
Dividend income	$	19,128,162		$	8,893,222		$	2,269,040		$	2,799,817
Income from non-cash dividends		—			435,726			—			—
Dividend income received from affiliate		—			—			—			2,449
Interest income		—			16,242			—			—
Securities lending income (net of fees) (Note 2)		470,436			131,089			8,292			7,363
Foreign withholding tax on dividends		(1,821,129	)		(1,098,147	)		—			—
Foreign withholding tax on interest		—			(8	)		—			—

Total Investment Income		17,777,469			8,378,124			2,277,332			2,809,629


EXPENSES
Deferred compensation (Note 7)		5,144			2,327			1,293			1,720
Investment advisory fees		2,016,539			1,388,377			335,673			551,704
Trustee fees (Note 7)		38,626			17,571			9,802			12,924
Other expenses (Note 4)		3,381			21,119			—			—

Total Gross Expenses Before Fees Reimbursed		2,063,690			1,429,394			346,768			566,348


Less:
Investment advisory fees reimbursed (Note 4)		(21,291	)		(45,848	)		(4,459	)		(6,051	)

Total Net Expenses		2,042,399			1,383,546			342,309			560,297

Net Investment Income (Loss)		15,735,070			6,994,578			1,935,023			2,249,332


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(7,201	)
Transactions in investment securities		(10,341,168	)		(7,087,688	)(1)		(2,857,571	)		(861,087	)
In-kind redemptions on investments in affiliated securities		—			—			—			(266	)
In-kind redemptions on investments in securities		4,871,522			384,978			3,349,919			7,404,431
Expiration or closing of futures contracts		1,184,364			(15,728	)		20,757			112,767
Settlement of forward foreign currency contracts		(47,567	)		18,704			—			—
Foreign currency transactions		70,392			(343,019	)		—			—

Net Realized Gain (Loss)		(4,262,457	)		(7,042,753	)		513,105			6,648,644


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in unaffiliated securities		49,637,108			27,389,253	(2)		8,250,292			10,548,192
Investments in affiliated securities		—			—			—			(17,217	)
Securities lending		—			—			—			—
Futures contracts		(391,983	)		125,329			(17,315	)		(80,050	)
Forward foreign currency contracts		21,599			1,326			—			—
Translation of other assets and liabilities denominated in foreign currencies		172,194			59,719			—			—

Net Change in Unrealized Appreciation (Depreciation)		49,438,918			27,575,627			8,232,977			10,450,925

Net Realized and Unrealized Gain (Loss)		45,176,461			20,532,874			8,746,082			17,099,569

Net Increase (Decrease) in Net Assets Resulting from Operations	$	60,911,531		$	27,527,452		$	10,681,105		$	19,348,901


	FlexShares^® STOXX^® Global ESG Select Index Fund			FlexShares^® ESG & Climate US Large Cap Core Index Fund			FlexShares^® ESG & Climate Developed Markets ex-US Core Index Fund			FlexShares^® ESG & Climate Emerging Markets Core Index Fund

INVESTMENT INCOME
Dividend income	$	3,724,221		$	534,743		$	1,232,134		$	128,645
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			1,195			—			—
Securities lending income (net of fees) (Note 2)		18,246			—			—			—
Foreign withholding tax on dividends		(223,585	)		(258	)		(125,217	)		(18,455	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		3,518,882			535,680			1,106,917			110,190


EXPENSES
Deferred compensation (Note 7)		1,563			272			293			45
Investment advisory fees		656,624			28,256			41,277			8,066
Trustee fees (Note 7)		11,717			2,197			2,406			350
Other expenses (Note 4)		—			—			—			—

Total Gross Expenses Before Fees Reimbursed		669,904			30,725			43,976			8,461


Less:
Investment advisory fees reimbursed (Note 4)		(5,417	)		(927	)		(1,012	)		(173	)

Total Net Expenses		664,487			29,798			42,964			8,288

Net Investment Income (Loss)		2,854,395			505,882			1,063,953			101,902


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(1,349,624	)		(399,518	)		(1,289,113	)		(175,668	)⁽¹⁾
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		3,774,231			358,040			—			—
Expiration or closing of futures contracts		140,996			23,434			34,251			(1,316	)
Settlement of forward foreign currency contracts		957			—			343			7
Foreign currency transactions		8,247			—			(12,117	)		(5,294	)

Net Realized Gain (Loss)		2,574,807			(18,044	)		(1,266,636	)		(182,271	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in unaffiliated securities		14,843,615			2,089,029			1,681,403			513,921
Investments in affiliated securities		—			—			—			—
Securities lending		—			—			—			—
Futures contracts		(54,222	)		(12,103	)		(16,718	)		3,300
Forward foreign currency contracts		3,160			—			408			3
Translation of other assets and liabilities denominated in foreign currencies		14,108			—			(4,452	)		310

Net Change in Unrealized Appreciation (Depreciation)		14,806,661			2,076,926			1,660,641			517,534

Net Realized and Unrealized Gain (Loss)		17,381,468			2,058,882			394,005			335,263

Net Increase (Decrease) in Net Assets Resulting from Operations	$	20,235,863		$	2,564,764		$	1,457,958		$	437,165


	FlexShares^® Morningstar Global Upstream Natural Resources Index Fund			FlexShares^® STOXX^® Global Broad Infrastructure Index Fund			FlexShares^® Global Quality Real Estate Index Fund			FlexShares^® Real Assets Allocation Index Fund

INVESTMENT INCOME
Dividend income	$	303,850,295		$	78,759,280		$	10,952,298		$	—
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			532,845
Interest income		—			55,626			—			—
Securities lending income (net of fees) (Note 2)		2,505,995			908,051			60,398			—
Foreign withholding tax on dividends		(17,078,398	)		(5,143,864	)		(523,558	)		—
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		289,277,892			74,579,093			10,489,138			532,845


EXPENSES
Deferred compensation (Note 7)		74,311			24,745			3,362			232
Investment advisory fees		33,743,024			10,896,769			1,435,405			118,048
Administration fees (Note 5)		—			—			1,573			—
Trustee fees (Note 7)		545,297			179,574			24,562			1,706
Other expenses (Note 4)		56,856			—			—			—

Total Gross Expenses Before Fees Reimbursed		34,419,488			11,101,088			1,464,902			119,986


Less:
Investment advisory fees reimbursed (Note 4)		(322,945	)		(90,757	)		(14,271	)		(98,833	)

Total Net Expenses		34,096,543			11,010,331			1,450,631			21,153

Net Investment Income (Loss)		255,181,349			63,568,762			9,038,507			511,692


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			(574,000	)
Transactions in investment securities		26,611,649	⁽¹⁾		(60,907,295	)⁽²⁾		(30,195,487	)		—
In-kind redemptions on investments in affiliated securities		—			—			—			(1,193,639	)
In-kind redemptions on investments in securities		13,171,091			118,182,191			3,452,008			—
Expiration or closing of futures contracts		(1,699,233	)		1,789,383			425,518			—
Settlement of forward foreign currency contracts		(492,100	)		53,105			112,370			—
Foreign currency transactions		(297,240	)		(351,195	)		2,470			—

Net Realized Gain (Loss)		37,294,167			58,766,189			(26,203,121	)		(1,767,639	)


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in unaffiliated securities		(603,501,036	)		(59,229,140	)⁽³⁾		(2,528,412	)		—
Investments in affiliated securities		—			—			—			1,536,542	⁽⁴⁾
Securities lending		14,613			—			—			—
Futures contracts		(1,694,521	)		(921,993	)		(187,225	)		—
Forward foreign currency contracts		266,510			112,999			(16,487	)		—
Translation of other assets and liabilities denominated in foreign currencies		(107,065	)		104,982			16,041			—

Net Change in Unrealized Appreciation (Depreciation)		(605,021,499	)		(59,933,152	)		(2,716,083	)		1,536,542

Net Realized and Unrealized Gain (Loss)		(567,727,332	)		(1,166,963	)		(28,919,204	)		(231,097	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(312,545,983	)	$	62,401,799		$	(19,880,697	)	$	280,595


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

INVESTMENT INCOME
Dividend income	$	43,558,447		$	9,322,276		$	33,308,880		$	1,851,409
Income from non-cash dividends		—			—			—			—
Dividend income received from affiliate		—			—			—			—
Interest income		—			—			—			—
Securities lending income (net of fees) (Note 2)		1,121,444			218,965			261,483			14,727
Foreign withholding tax on dividends		(656,478	)		(147,831	)		(3,864,449	)		(191,639	)
Foreign withholding tax on interest		—			—			—			—

Total Investment Income		44,023,413			9,393,410			29,705,914			1,674,497


EXPENSES
Deferred compensation (Note 7)		15,772			3,500			5,125			372
Investment advisory fees		5,758,194			1,253,222			2,485,060			152,814
Trustee fees (Note 7)		116,387			25,461			38,858			2,619
Other expenses (Note 4)		—			—			44,638			—

Total Gross Expenses Before Fees Reimbursed		5,890,353			1,282,183			2,573,681			155,805


Less:
Investment advisory fees reimbursed (Note 4)		(55,150	)		(12,200	)		(62,037	)		(1,348	)

Total Net Expenses		5,835,203			1,269,983			2,511,644			154,457

Net Investment Income (Loss)		38,188,210			8,123,427			27,194,270			1,520,040


NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities of affiliated issuers		—			—			—			—
Transactions in investment securities		(92,662,836	)		(10,859,478	)		(14,259,749	)⁽¹⁾		(1,098,205	)⁽²⁾
In-kind redemptions on investments in affiliated securities		—			—			—			—
In-kind redemptions on investments in securities		152,543,538			26,282,096			3,130,154			1,103,875
Expiration or closing of futures contracts		357,938			154,895			926,785			68,091
Settlement of forward foreign currency contracts		—			—			(74,191	)		(41,670	)
Foreign currency transactions		—			—			(120,659	)		(12,764	)

Net Realized Gain (Loss)		60,238,640			15,577,513			(10,397,660	)		19,327


NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON:
Investments in unaffiliated securities		3,681,484			2,034,842			58,195,156	⁽³⁾		3,826,375	⁽⁴⁾
Securities lending		7,965			—			—			—
Futures contracts		(101,537	)		(31,829	)		(180,632	)		(41,044	)
Forward foreign currency contracts		—			—			93,106			(18,270	)
Translation of other assets and liabilities denominated in foreign currencies		—			—			101,623			16,509

Net Change in Unrealized Appreciation (Depreciation)		3,587,912			2,003,013			58,209,253			3,783,570

Net Realized and Unrealized Gain (Loss)		63,826,552			17,580,526			47,811,593			3,802,897

Net Increase (Decrease) in Net Assets Resulting from Operations	$	102,014,762		$	25,703,953		$	75,005,863		$	5,322,937