FlexShares® Trust
Semiannual Report
April 30, 2022
2 | ||||
10 | ||||
18 | ||||
34 | ||||
67 | ||||
67 | ||||
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund |
71 | |||
FlexShares® Emerging Markets Quality Low Volatility Index Fund |
78 | |||
83 | ||||
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund |
125 | |||
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
172 | |||
221 | ||||
226 | ||||
233 | ||||
248 | ||||
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund |
253 | |||
262 | ||||
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
268 | |||
275 | ||||
282 | ||||
287 | ||||
288 | ||||
293 | ||||
298 | ||||
305 | ||||
FlexShares® International Quality Dividend Defensive Index Fund |
310 | |||
FlexShares® International Quality Dividend Dynamic Index Fund |
317 | |||
324 | ||||
325 | ||||
326 | ||||
331 | ||||
347 | ||||
356 | ||||
FlexShares® ESG & Climate High Yield Corporate Core Index Fund |
375 | |||
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund |
390 | |||
399 | ||||
412 | ||||
415 | ||||
463 | ||||
467 | ||||
468 | ||||
471 | ||||
484 |
FlexShares® Trust
Statements of Assets and Liabilities April 30, 2022 (Unaudited)
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 |
$ | 140,491,034 | $ | 66,363,409 | $ | 14,445,142 | $ | 942,368,425 | ||||||||
Affiliate securities, at cost |
— | — | — | 457,315 | ||||||||||||
Securities Lending Reinvestments, at cost |
— | 968,888 | — | 224,504,072 | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
159,611,468 | 67,897,986 | 14,728,604 | 1,487,531,138 | ||||||||||||
Affiliate securities, at value |
— | — | — | 639,322 | ||||||||||||
Securities Lending Reinvestments, at value |
— | 968,888 | — | 224,509,853 | ||||||||||||
Cash |
1,915,287 | 296,153 | 140,681 | 8,181,959 | ||||||||||||
Cash segregated at broker* |
5,266 | 121,465 | 25,220 | 889,559 | ||||||||||||
Foreign cash†† |
— | 494,578 | 75,429 | — | ||||||||||||
Restricted cash** |
— | — | — | — | ||||||||||||
Due from Authorized Participant |
— | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
— | 46,852 | — | — | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
109,539 | 497,488 | 25,636 | 951,748 | ||||||||||||
Securities lending income |
755 | 663 | — | 38,534 | ||||||||||||
Capital shares issued |
— | — | — | — | ||||||||||||
Investment adviser |
601 | 298 | 56 | 6,657 | ||||||||||||
Securities sold |
— | — | — | — | ||||||||||||
Variation margin on futures contracts |
— | — | 1,456 | — | ||||||||||||
|
|
|||||||||||||||
Total Assets |
161,642,916 | 70,324,371 | 14,997,082 | 1,722,748,770 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
||||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
— | 19,702 | 7 | — | ||||||||||||
Due to brokers |
36,890 | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
— | 968,888 | — | 224,498,570 | ||||||||||||
Deferred compensation (Note 7) |
6,668 | 3,769 | 670 | 160,443 | ||||||||||||
Investment advisory fees (Note 4) |
30,557 | 19,272 | 4,981 | 326,831 | ||||||||||||
Trustee fees (Note 7) |
1,318 | 649 | 139 | 15,215 | ||||||||||||
Securities purchased |
— | — | — | 302,616 | ||||||||||||
Deferred non-US capital gains taxes |
— | — | 26,014 | — | ||||||||||||
Due to Authorized Participant |
— | — | — | — | ||||||||||||
Variation margin on futures contracts |
44,808 | 44,736 | — | 452,746 | ||||||||||||
Capital shares redeemed |
— | — | — | 1,708 | ||||||||||||
Other |
700 | 2,250 | — | 1,500 | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
120,941 | 1,059,266 | 31,811 | 225,759,629 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 161,521,975 | $ | 69,265,105 | $ | 14,965,271 | $ | 1,496,989,141 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 138,978,179 | $ | 68,069,095 | $ | 15,170,847 | $ | 912,802,399 | ||||||||
Distributable earnings (loss) |
22,543,796 | 1,196,010 | (205,576 | ) | 584,186,742 | |||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 161,521,975 | $ | 69,265,105 | $ | 14,965,271 | $ | 1,496,989,141 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
3,100,001 | 2,700,001 | 600,001 | 9,400,001 | ||||||||||||
Net Asset Value |
$ | 52.10 | $ | 25.65 | $ | 24.94 | $ | 159.25 | ||||||||
† Securities on loan, at value |
$ | 8,082,484 | $ | 1,820,532 | $ | — | $ | 273,615,671 | ||||||||
†† Cost of foreign cash |
$ | — | $ | 509,148 | $ | 75,724 | $ | — |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
2 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Assets and Liabilities (cont.)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
FlexShares® US Quality Large Cap Index Fund |
FlexShares® STOXX® US ESG Select Index Fund |
|||||||||||||
ASSETS |
| |||||||||||||||
Securities, at cost |
$ | 497,335,966 | $ | 240,653,989 | $ | 121,600,985 | $ | 171,124,663 | ||||||||
Affiliate securities, at cost |
— | — | — | 126,155 | ||||||||||||
Securities Lending Reinvestments, at cost |
20,154,710 | 1,939,381 | — | 248,877 | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
541,709,255 | 268,198,880 | 138,992,889 | 180,067,420 | ||||||||||||
Affiliate securities, at value |
— | — | — | 112,840 | ||||||||||||
Securities Lending Reinvestments, at value |
20,154,710 | 1,939,381 | — | 248,877 | ||||||||||||
Cash |
2,907,819 | 152,492 | 1,706,009 | 667,652 | ||||||||||||
Cash segregated at broker* |
1,303,381 | 155,851 | 295,182 | 95,953 | ||||||||||||
Foreign cash†† |
4,620,790 | 348,121 | — | — | ||||||||||||
Restricted cash** |
— | — | — | — | ||||||||||||
Due from Authorized Participant |
— | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
145,305 | 34,473 | — | — | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
5,222,318 | 737,952 | 106,364 | 156,018 | ||||||||||||
Securities lending income |
38,309 | 12,346 | 1,101 | 762 | ||||||||||||
Capital shares issued |
— | — | 1,186,821 | — | ||||||||||||
Investment adviser |
2,613 | 1,414 | 598 | 846 | ||||||||||||
Securities sold |
10,873,352 | 66,126 | — | — | ||||||||||||
Variation margin on futures contracts |
130,532 | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Assets |
587,108,384 | 271,647,036 | 142,288,964 | 181,350,368 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
| |||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
264,535 | 8,641 | — | — | ||||||||||||
Due to brokers |
— | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
20,154,710 | 1,939,381 | — | 248,877 | ||||||||||||
Deferred compensation (Note 7) |
91,412 | 45,819 | 6,663 | 8,145 | ||||||||||||
Investment advisory fees (Note 4) |
187,985 | 138,090 | 38,806 | 50,862 | ||||||||||||
Trustee fees (Note 7) |
5,706 | 2,992 | 1,164 | 1,587 | ||||||||||||
Securities purchased |
3,877 | 69 | 1,162,180 | — | ||||||||||||
Deferred non-US capital gains taxes |
— | 824,320 | — | — | ||||||||||||
Due to Authorized Participant |
— | 3,469 | — | — | ||||||||||||
Variation margin on futures contracts |
— | 29,584 | 56,016 | 49,363 | ||||||||||||
Capital shares redeemed |
12,872,599 | — | — | — | ||||||||||||
Other |
13,500 | 50,000 | 2,500 | — | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
33,594,324 | 3,042,365 | 1,267,329 | 358,834 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 553,514,060 | $ | 268,604,671 | $ | 141,021,635 | $ | 180,991,534 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 611,403,371 | $ | 302,405,456 | $ | 125,063,483 | $ | 167,061,361 | ||||||||
Distributable earnings (loss) |
(57,889,311 | ) | (33,800,785 | ) | 15,958,152 | 13,930,173 | ||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 553,514,060 | $ | 268,604,671 | $ | 141,021,635 | $ | 180,991,534 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
8,600,001 | 5,000,001 | 3,075,001 | 1,825,001 | ||||||||||||
Net Asset Value |
$ | 64.36 | $ | 53.72 | $ | 45.86 | $ | 99.17 | ||||||||
† Securities on loan, at value |
$ | 79,077,868 | $ | 9,267,693 | $ | 10,583,830 | $ | 3,994,982 | ||||||||
†† Cost of foreign cash |
$ | 4,790,050 | $ | 335,967 | $ | — | $ | — |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 3 |
Statements of Assets and Liabilities (cont.)
FlexShares® 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 |
$ | 141,113,185 | $ | 13,715,807 | $ | 19,041,956 | $ | 4,943,860 | ||||||||
Affiliate securities, at cost |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at cost |
2,134,066 | — | — | — | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
162,192,893 | 12,976,705 | 17,759,098 | 4,831,794 | ||||||||||||
Affiliate securities, at value |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at value |
2,134,066 | — | — | — | ||||||||||||
Cash |
765,397 | 86,523 | 119,601 | 62,950 | ||||||||||||
Cash segregated at broker* |
175,072 | 200 | 41,040 | 6,998 | ||||||||||||
Foreign cash†† |
626,875 | 1,022 | 67,947 | 1,363 | ||||||||||||
Restricted cash** |
429 | (1) | — | 11,524 | 441,975 | |||||||||||
Due from Authorized Participant |
— | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
48,271 | — | 11,248 | — | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
482,476 | 7,047 | 57,615 | 1,394 | ||||||||||||
Securities lending income |
2,330 | — | — | — | ||||||||||||
Capital shares issued |
— | — | — | — | ||||||||||||
Investment adviser |
815 | — | 44 | 2 | ||||||||||||
Securities sold |
4,490,739 | — | 271 | — | ||||||||||||
Variation margin on futures contracts |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Assets |
170,919,363 | 13,071,497 | 18,068,388 | 5,346,476 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
| |||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
12,365 | — | 12,994 | — | ||||||||||||
Due to brokers |
— | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
2,134,495 | — | — | — | ||||||||||||
Deferred compensation (Note 7) |
9,483 | 30 | 60 | — | ||||||||||||
Investment advisory fees (Note 4) |
59,538 | 722 | 1,661 | 240 | ||||||||||||
Trustee fees (Note 7) |
1,615 | 10 | 46 | 8 | ||||||||||||
Securities purchased |
4,876,451 | 27,193 | 79 | — | ||||||||||||
Deferred non-US capital gains taxes |
— | — | — | 34 | ||||||||||||
Due to Authorized Participant |
— | — | 11,524 | 441,975 | ||||||||||||
Variation margin on futures contracts |
72,291 | 2,548 | 7,383 | 1,545 | ||||||||||||
Capital shares redeemed |
— | — | — | — | ||||||||||||
Other |
13,000 | 2,500 | 13,500 | — | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
7,179,238 | 33,003 | 47,247 | 443,802 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 163,740,125 | $ | 13,038,494 | $ | 18,021,141 | $ | 4,902,674 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 135,703,467 | $ | 13,788,265 | $ | 19,322,886 | $ | 5,000,000 | ||||||||
Distributable earnings (loss) |
28,036,658 | (749,771 | ) | (1,301,745 | ) | (97,326 | ) | |||||||||
|
|
|||||||||||||||
Net Assets |
$ | 163,740,125 | $ | 13,038,494 | $ | 18,021,141 | $ | 4,902,674 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
1,250,001 | 275,000 | 400,000 | 100,000 | ||||||||||||
Net Asset Value |
$ | 130.99 | $ | 47.41 | $ | 45.05 | $ | 49.03 | ||||||||
† Securities on loan, at value |
$ | 9,543,032 | $ | — | $ | — | $ | — | ||||||||
†† Cost of foreign cash |
$ | 644,419 | $ | 1,051 | $ | 69,511 | $ | 1,376 |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
(1) |
Uninvested cash collateral received for securities on loan in the amount of $429. |
See Accompanying Notes to the Financial Statements.
4 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Assets and Liabilities (cont.)
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 |
$ | 6,127,170,314 | $ | 2,321,364,371 | $ | 369,596,680 | $ | — | ||||||||
Affiliate securities, at cost |
— | — | — | 51,938,053 | ||||||||||||
Securities Lending Reinvestments, at cost |
202,359,834 | 38,469,275 | 6,052,675 | — | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
8,090,675,445 | 2,520,492,194 | 405,054,763 | — | ||||||||||||
Affiliate securities, at value |
— | — | — | 52,218,833 | ||||||||||||
Securities Lending Reinvestments, at value |
202,364,005 | 38,469,275 | 6,052,675 | — | ||||||||||||
Cash |
21,917,643 | 5,818,003 | 11,047,912 | 2,130 | ||||||||||||
Cash segregated at broker* |
4,831,220 | 3,299,588 | 1,401,965 | — | ||||||||||||
Foreign cash†† |
7,844,669 | 5,340,092 | 2,056,825 | — | ||||||||||||
Restricted cash** |
80,357 | 472,628 | (1) | — | — | |||||||||||
Due from Authorized Participant |
117,365 | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
2,243,935 | 1,093,330 | 13,046 | — | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
21,566,199 | 6,316,072 | 698,897 | — | ||||||||||||
Securities lending income |
48,761 | 34,334 | 5,302 | — | ||||||||||||
Capital shares issued |
13,500,535 | — | — | — | ||||||||||||
Investment adviser |
24,031 | 10,359 | 1,795 | 138 | ||||||||||||
Securities sold |
4,433,543 | 3,710,928 | 13,394 | 1,348,611 | ||||||||||||
Variation margin on futures contracts |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Assets |
8,369,647,708 | 2,585,056,803 | 426,346,574 | 53,569,712 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
| |||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
2,246,482 | 1,154,235 | 84,549 | — | ||||||||||||
Due to brokers |
— | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
202,348,694 | 38,480,637 | 6,052,675 | — | ||||||||||||
Deferred compensation (Note 7) |
568,944 | 168,757 | 31,415 | 1,008 | ||||||||||||
Investment advisory fees (Note 4) |
3,115,096 | 1,022,232 | 163,452 | 5,503 | ||||||||||||
Trustee fees (Note 7) |
40,060 | 22,364 | 3,515 | 116 | ||||||||||||
Securities purchased |
13,176,214 | 7,688 | — | 1,357,358 | ||||||||||||
Deferred non-US capital gains taxes |
1,204,319 | 1,413,613 | — | — | ||||||||||||
Due to Authorized Participant |
80,357 | 1,465,300 | — | — | ||||||||||||
Variation margin on futures contracts |
1,580,640 | 641,389 | 314,712 | — | ||||||||||||
Capital shares redeemed |
4,514,160 | 2,729,005 | — | — | ||||||||||||
Other |
49,500 | 10,000 | 2,000 | — | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
228,924,466 | 47,115,220 | 6,652,318 | 1,363,985 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 8,140,723,242 | $ | 2,537,941,583 | $ | 419,694,256 | $ | 52,205,727 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 7,051,246,245 | $ | 2,458,245,199 | $ | 394,147,294 | $ | 52,232,038 | ||||||||
Distributable earnings (loss) |
1,089,476,997 | 79,696,384 | 25,546,962 | (26,311 | ) | |||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 8,140,723,242 | $ | 2,537,941,583 | $ | 419,694,256 | $ | 52,205,727 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
180,900,001 | 46,500,001 | 6,300,001 | 1,575,001 | ||||||||||||
Net Asset Value |
$ | 45.00 | $ | 54.58 | $ | 66.62 | $ | 33.15 | ||||||||
† Securities on loan, at value |
$ | 543,174,950 | $ | 130,306,071 | $ | 42,566,894 | $ | — | ||||||||
†† Cost of foreign cash |
$ | 8,179,562 | $ | 5,419,233 | $ | 2,116,480 | $ | — |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
(1) |
Uninvested cash collateral received for securities on loan in the amount of $11,362. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 5 |
Statements of Assets and Liabilities (cont.)
FlexShares® Quality Dividend Index Fund |
FlexShares® Quality Dividend Defensive Index Fund |
FlexShares® Quality Dividend Dynamic Index Fund |
FlexShares® International Quality Dividend Index Fund |
|||||||||||||
ASSETS |
| |||||||||||||||
Securities, at cost |
$ | 1,327,698,109 | $ | 337,126,729 | $ | 17,097,999 | $ | 563,553,925 | ||||||||
Affiliate securities, at cost |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at cost |
147,554,010 | 26,521,823 | 228,520 | 15,101,779 | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
1,617,736,640 | 389,915,667 | 20,410,215 | 553,427,055 | ||||||||||||
Affiliate securities, at value |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at value |
147,555,458 | 26,521,823 | 228,520 | 15,101,779 | ||||||||||||
Cash |
7,960,699 | 4,608,540 | 211,300 | 6,088,953 | ||||||||||||
Cash segregated at broker* |
776,002 | 532,538 | 44,538 | 1,512,064 | ||||||||||||
Foreign cash†† |
— | — | — | 4,777,993 | ||||||||||||
Restricted cash** |
— | — | — | — | ||||||||||||
Due from Authorized Participant |
— | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
— | — | — | 324,486 | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
2,054,001 | 492,518 | 27,479 | 4,520,829 | ||||||||||||
Securities lending income |
39,908 | 9,476 | 487 | 28,562 | ||||||||||||
Capital shares issued |
— | — | — | — | ||||||||||||
Investment adviser |
6,685 | 1,787 | 93 | 2,508 | ||||||||||||
Securities sold |
— | — | 2,217 | — | ||||||||||||
Variation margin on futures contracts |
— | — | — | 168,649 | ||||||||||||
|
|
|||||||||||||||
Total Assets |
1,776,129,393 | 422,082,349 | 20,924,849 | 585,952,878 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
| |||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
— | — | — | 471,165 | ||||||||||||
Due to brokers |
— | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
147,549,869 | 26,521,823 | 228,520 | 15,101,779 | ||||||||||||
Deferred compensation (Note 7) |
178,024 | 43,153 | 6,093 | 73,676 | ||||||||||||
Investment advisory fees (Note 4) |
517,623 | 129,025 | 6,588 | 227,880 | ||||||||||||
Trustee fees (Note 7) |
13,813 | 3,886 | 189 | 5,339 | ||||||||||||
Securities purchased |
— | — | — | 10,583 | ||||||||||||
Deferred non-US capital gains taxes |
— | — | — | — | ||||||||||||
Due to Authorized Participant |
— | — | — | — | ||||||||||||
Variation margin on futures contracts |
340,842 | 164,200 | 8,960 | — | ||||||||||||
Capital shares redeemed |
— | — | — | — | ||||||||||||
Other |
6,000 | 4,250 | 750 | 8,500 | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
148,606,171 | 26,866,337 | 251,100 | 15,898,922 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 1,627,523,222 | $ | 395,216,012 | $ | 20,673,749 | $ | 570,053,956 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 1,313,665,811 | $ | 335,213,884 | $ | 16,700,838 | $ | 724,658,056 | ||||||||
Distributable earnings (loss) |
313,857,411 | 60,002,128 | 3,972,911 | (154,604,100 | ) | |||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 1,627,523,222 | $ | 395,216,012 | $ | 20,673,749 | $ | 570,053,956 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
29,150,001 | 7,400,001 | 350,001 | 25,000,001 | ||||||||||||
Net Asset Value |
$ | 55.83 | $ | 53.41 | $ | 59.07 | $ | 22.80 | ||||||||
† Securities on loan, at value |
$ | 195,375,435 | $ | 37,545,141 | $ | 1,202,024 | $ | 52,163,598 | ||||||||
†† Cost of foreign cash |
$ | — | $ | — | $ | — | $ | 4,859,556 |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
6 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Assets and Liabilities (cont.)
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 |
|||||||||||||
ASSETS |
| |||||||||||||||
Securities, at cost |
$ | 60,098,632 | $ | 79,879,120 | $ | 2,166,008,617 | $ | 823,613,215 | ||||||||
Affiliate securities, at cost |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at cost |
1,465,336 | 1,766,975 | — | — | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
61,300,121 | 75,802,678 | 2,151,600,078 | 811,141,771 | ||||||||||||
Affiliate securities, at value |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at value |
1,465,336 | 1,766,975 | — | — | ||||||||||||
Cash |
195,829 | 966,768 | 491,403 | 158,433 | ||||||||||||
Cash segregated at broker* |
134,083 | 188,634 | — | — | ||||||||||||
Foreign cash†† |
523,209 | 232,341 | — | — | ||||||||||||
Restricted cash** |
— | — | — | — | ||||||||||||
Due from Authorized Participant |
— | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
50,107 | 36,125 | — | — | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
583,722 | 528,137 | 2,427,238 | 1,127,970 | ||||||||||||
Securities lending income |
3,763 | 6,056 | 3,434 | 3,703 | ||||||||||||
Capital shares issued |
— | — | — | 5,306,928 | ||||||||||||
Investment adviser |
283 | 360 | 3,914 | 2,516 | ||||||||||||
Securities sold |
342,374 | — | 1,754,393 | — | ||||||||||||
Variation margin on futures contracts |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Assets |
64,598,827 | 79,528,074 | 2,156,280,460 | 817,741,321 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
| |||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
3,639 | 4,996 | — | — | ||||||||||||
Due to brokers |
— | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
1,465,336 | 1,766,975 | — | — | ||||||||||||
Deferred compensation (Note 7) |
9,781 | 5,951 | 259,068 | 94,231 | ||||||||||||
Investment advisory fees (Note 4) |
25,907 | 31,245 | 306,582 | 120,362 | ||||||||||||
Trustee fees (Note 7) |
632 | 632 | 9,102 | 5,541 | ||||||||||||
Securities purchased |
— | — | 1,753,133 | 5,308,233 | ||||||||||||
Deferred non-US capital gains taxes |
— | 28,216 | — | — | ||||||||||||
Due to Authorized Participant |
330,089 | — | — | — | ||||||||||||
Variation margin on futures contracts |
42,159 | 48,868 | — | — | ||||||||||||
Capital shares redeemed |
— | — | — | — | ||||||||||||
Other |
3,500 | 3,500 | — | — | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
1,881,043 | 1,890,383 | 2,327,885 | 5,528,367 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 62,717,784 | $ | 77,637,691 | $ | 2,153,952,575 | $ | 812,212,954 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 84,671,666 | $ | 95,694,025 | $ | 2,190,678,485 | $ | 818,744,665 | ||||||||
Distributable earnings (loss) |
(21,953,882 | ) | (18,056,334 | ) | (36,725,910 | ) | (6,531,711 | ) | ||||||||
|
|
|||||||||||||||
Net Assets |
$ | 62,717,784 | $ | 77,637,691 | $ | 2,153,952,575 | $ | 812,212,954 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
2,900,001 | 2,900,001 | 83,804,000 | 30,600,001 | ||||||||||||
Net Asset Value |
$ | 21.63 | $ | 26.77 | $ | 25.70 | $ | 26.54 | ||||||||
† Securities on loan, at value |
$ | 5,080,629 | $ | 5,315,295 | $ | 196,220,377 | $ | 97,755,280 | ||||||||
†† Cost of foreign cash |
$ | 530,158 | $ | 237,430 | $ | — | $ | — |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 7 |
Statements of Assets and Liabilities (cont.)
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 |
|||||||||||||
ASSETS |
| |||||||||||||||
Securities, at cost |
$ | 109,644,947 | $ | 264,573,693 | $ | 56,021,111 | $ | 920,190,750 | ||||||||
Affiliate securities, at cost |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at cost |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
102,737,009 | 242,634,200 | 46,122,793 | 852,591,488 | ||||||||||||
Affiliate securities, at value |
— | — | — | — | ||||||||||||
Securities Lending Reinvestments, at value |
— | — | — | — | ||||||||||||
Cash |
4,516,197 | 3,046,551 | 604,761 | 14,769,186 | ||||||||||||
Cash segregated at broker* |
— | — | — | — | ||||||||||||
Foreign cash†† |
— | — | — | — | ||||||||||||
Restricted cash** |
— | — | — | — | ||||||||||||
Due from Authorized Participant |
— | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
— | — | — | — | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
299,285 | 2,176,164 | 577,397 | 15,988,229 | ||||||||||||
Securities lending income |
— | — | — | — | ||||||||||||
Capital shares issued |
— | — | — | — | ||||||||||||
Investment adviser |
419 | 1,219 | 238 | 2,284 | ||||||||||||
Securities sold |
7,422,473 | 10,293,639 | 2,940,480 | 72,884,924 | ||||||||||||
Variation margin on futures contracts |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Assets |
114,975,383 | 258,151,773 | 50,245,669 | 956,236,111 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
| |||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
— | — | — | — | ||||||||||||
Due to brokers |
— | — | — | — | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
— | — | — | — | ||||||||||||
Deferred compensation (Note 7) |
7,517 | 16,117 | 3,628 | 14,990 | ||||||||||||
Investment advisory fees (Note 4) |
18,182 | 45,715 | 8,885 | 262,802 | ||||||||||||
Trustee fees (Note 7) |
981 | 2,927 | 545 | 3,272 | ||||||||||||
Securities purchased |
6,905,561 | 11,942,357 | 3,256,159 | 79,449,553 | ||||||||||||
Deferred non-US capital gains taxes |
— | — | — | — | ||||||||||||
Due to Authorized Participant |
— | — | — | — | ||||||||||||
Variation margin on futures contracts |
— | — | — | — | ||||||||||||
Capital shares redeemed |
— | — | — | — | ||||||||||||
Other |
1,600 | 1,500 | — | 6,500 | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
6,933,841 | 12,008,616 | 3,269,217 | 79,737,117 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 108,041,542 | $ | 246,143,157 | $ | 46,976,452 | $ | 876,498,994 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 122,095,074 | $ | 272,242,675 | $ | 57,927,253 | $ | 953,344,046 | ||||||||
Distributable earnings (loss) |
(14,053,532 | ) | (26,099,518 | ) | (10,950,801 | ) | (76,845,052 | ) | ||||||||
|
|
|||||||||||||||
Net Assets |
$ | 108,041,542 | $ | 246,143,157 | $ | 46,976,452 | $ | 876,498,994 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
5,050,001 | 5,100,001 | 1,000,001 | 19,750,001 | ||||||||||||
Net Asset Value |
$ | 21.39 | $ | 48.26 | $ | 46.98 | $ | 44.38 | ||||||||
† Securities on loan, at value |
$ | — | $ | — | $ | — | $ | — | ||||||||
†† Cost of foreign cash |
$ | — | $ | — | $ | — | $ | — |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
8 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Assets and Liabilities (cont.)
FlexShares® ESG & Climate High Yield Corporate Core Index Fund |
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund |
FlexShares® Ready Access Variable Income Fund |
FlexShares® Core Select Bond Fund |
|||||||||||||
ASSETS |
| |||||||||||||||
Securities, at cost |
$ | 28,972,681 | $ | 50,547,346 | $ | 649,815,804 | $ | 99,696,307 | ||||||||
Affiliate securities, at cost |
— | — | — | 55,521,156 | ||||||||||||
Securities Lending Reinvestments, at cost |
— | — | — | 33,593,976 | ||||||||||||
|
|
|||||||||||||||
Securities, at value† |
26,237,737 | 43,698,860 | 644,113,868 | 91,442,997 | ||||||||||||
Affiliate securities, at value |
— | — | — | 51,571,715 | ||||||||||||
Securities Lending Reinvestments, at value |
— | — | — | 33,593,976 | ||||||||||||
Cash |
645,872 | 579,968 | 91,226,039 | 1,010,570 | ||||||||||||
Cash segregated at broker* |
— | — | — | — | ||||||||||||
Foreign cash†† |
— | — | — | — | ||||||||||||
Restricted cash** |
— | — | — | — | ||||||||||||
Due from Authorized Participant |
— | — | — | — | ||||||||||||
Unrealized appreciation on forward foreign currency contracts |
— | — | — | — | ||||||||||||
Receivables: |
||||||||||||||||
Dividends and interest |
406,664 | 391,929 | 2,686,327 | — | ||||||||||||
Securities lending income |
— | — | — | 7,137 | ||||||||||||
Capital shares issued |
— | — | — | — | ||||||||||||
Investment adviser |
143 | 181 | 1,017 | 463 | ||||||||||||
Securities sold |
887,087 | 1,104,000 | — | — | ||||||||||||
Variation margin on futures contracts |
— | — | — | 28,144 | ||||||||||||
|
|
|||||||||||||||
Total Assets |
28,177,503 | 45,774,938 | 738,027,251 | 177,655,002 | ||||||||||||
|
|
|||||||||||||||
LIABILITIES |
| |||||||||||||||
Cash overdraft |
— | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency contracts |
— | — | — | — | ||||||||||||
Due to brokers |
— | — | — | 18,191 | ||||||||||||
Payables: |
||||||||||||||||
Cash collateral received from securities loaned |
— | — | — | 33,593,976 | ||||||||||||
Deferred compensation (Note 7) |
225 | 341 | 33,164 | 6,534 | ||||||||||||
Investment advisory fees (Note 4) |
4,695 | 4,526 | 122,953 | 25,672 | ||||||||||||
Trustee fees (Note 7) |
449 | 359 | 2,118 | 1,038 | ||||||||||||
Securities purchased |
1,216,663 | 964,505 | 89,645,769 | — | ||||||||||||
Deferred non-US capital gains taxes |
— | — | — | — | ||||||||||||
Due to Authorized Participant |
— | — | — | — | ||||||||||||
Variation margin on futures contracts |
— | — | — | — | ||||||||||||
Capital shares redeemed |
— | — | — | — | ||||||||||||
Other |
— | 500 | 4,725 | — | ||||||||||||
|
|
|||||||||||||||
Total Liabilities |
1,222,032 | 970,231 | 89,808,729 | 33,645,411 | ||||||||||||
|
|
|||||||||||||||
Net Assets |
$ | 26,955,471 | $ | 44,804,707 | $ | 648,218,522 | $ | 144,009,591 | ||||||||
|
|
|||||||||||||||
NET ASSETS CONSIST OF: |
| |||||||||||||||
Paid-in capital |
$ | 30,234,795 | $ | 52,238,513 | $ | 654,233,797 | $ | 160,387,482 | ||||||||
Distributable earnings (loss) |
(3,279,324 | ) | (7,433,806 | ) | (6,015,275 | ) | (16,377,891 | ) | ||||||||
|
|
|||||||||||||||
Net Assets |
$ | 26,955,471 | $ | 44,804,707 | $ | 648,218,522 | $ | 144,009,591 | ||||||||
|
|
|||||||||||||||
Shares Outstanding (unlimited number of shares authorized $ 0.0001 par value) |
600,000 | 1,050,000 | 8,675,001 | 6,175,001 | ||||||||||||
Net Asset Value |
$ | 44.93 | $ | 42.67 | $ | 74.72 | $ | 23.32 | ||||||||
† Securities on loan, at value |
$ | — | $ | — | $ | — | $ | 32,557,764 | ||||||||
†† Cost of foreign cash |
$ | — | $ | — | $ | — | $ | — |
* |
Includes cash pledged by the Fund to cover margin requirements for open futures contracts as of 04/30. |
** |
Includes cash pledged by an Authorized Participant for missing deposit securities required to secure Creation Units. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 9 |
FlexShares® Trust
For the six months ended April 30, 2022 (Unaudited)
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 |
$ | 1,193,609 | $ | 1,145,160 | $ | 166,485 | $ | 13,272,117 | ||||||||
Income from non-cash dividends |
— | — | 13,562 | — | ||||||||||||
Dividend income received from affiliate |
— | — | — | 9,423 | ||||||||||||
Interest income |
130 | — | — | — | ||||||||||||
Securities lending income (net of fees) (Note 2) |
6,064 | 3,009 | — | 212,126 | ||||||||||||
Foreign withholding tax on dividends |
(4,353 | ) | (109,880 | ) | (13,852 | ) | (4,008 | ) | ||||||||
Foreign withholding tax on interest |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Investment Income |
1,195,450 | 1,038,289 | 166,195 | 13,489,658 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
1,361 | 614 | 123 | 13,598 | ||||||||||||
Investment advisory fees |
180,812 | 121,016 | 30,864 | 2,043,187 | ||||||||||||
Trustee fees (Note 7) |
4,653 | 2,188 | 451 | 48,803 | ||||||||||||
Other expenses (Note 4) |
— | — | — | 157 | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
186,826 | 123,818 | 31,438 | 2,105,745 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(2,033 | ) | (1,004 | ) | (206 | ) | (23,798 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
184,793 | 122,814 | 31,232 | 2,081,947 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
1,010,657 | 915,475 | 134,963 | 11,407,711 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | 20,169 | ||||||||||||
Transactions in investment securities |
(1,551,542 | ) | (1,323,627 | ) | (83,332 | )(1) | (1,069,726 | ) | ||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | 13,626 | ||||||||||||
In-kind redemptions on investments in securities |
5,744,045 | 1,241,765 | — | 54,260,141 | ||||||||||||
Expiration or closing of futures contracts |
(69,400 | ) | (119,449 | ) | (31,753 | ) | (314,133 | ) | ||||||||
Settlement of forward foreign currency contracts |
— | 25,132 | 72 | — | ||||||||||||
Foreign currency transactions |
— | (3,822 | ) | (20,474 | ) | — | ||||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
4,123,103 | (180,001 | ) | (135,487 | ) | 52,910,077 | ||||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
(11,715,147 | ) | (6,053,559 | ) | (733,385 | )(2) | (237,064,958 | )(3) | ||||||||
Securities lending |
— | — | — | 5,737 | ||||||||||||
Futures contracts |
(48,083 | ) | (21,986 | ) | 3,067 | (789,471 | ) | |||||||||
Forward foreign currency contracts |
— | 21,933 | (9 | ) | — | |||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
— | (40,781 | ) | 898 | — | |||||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(11,763,230 | ) | (6,094,393 | ) | (729,429 | ) | (237,848,692 | ) | ||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
(7,640,127 | ) | (6,274,394 | ) | (864,916 | ) | (184,938,615 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (6,629,470 | ) | $ | (5,358,919 | ) | $ | (729,953 | ) | $ | (173,530,904 | ) | ||||
|
|
(1) |
Net of non-US capital gains tax of $(19,367). |
(2) |
Net of deferred non-US capital gains tax of $26,014. |
(3) |
Includes $(163,655) change in unrealized depreciation on investments in affiliates. |
See Accompanying Notes to the Financial Statements.
10 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Operations (cont.)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund |
FlexShares® US Quality Large Cap Index Fund |
FlexShares® STOXX® US ESG Select Index Fund |
|||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Dividend income |
$ | 10,405,483 | $ | 4,418,994 | $ | 1,071,545 | $ | 1,433,150 | ||||||||
Income from non-cash dividends |
— | 253,587 | — | — | ||||||||||||
Dividend income received from affiliate |
— | — | — | — | ||||||||||||
Interest income |
22 | — | — | — | ||||||||||||
Securities lending income (net of fees) (Note 2) |
243,739 | 89,117 | 5,511 | 2,600 | ||||||||||||
Foreign withholding tax on dividends |
(1,042,971 | ) | (537,647 | ) | (166 | ) | — | |||||||||
Foreign withholding tax on interest |
— | (4 | ) | — | — | |||||||||||
|
|
|||||||||||||||
Total Investment Income |
9,606,273 | 4,224,047 | 1,076,890 | 1,435,750 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
4,991 | 2,567 | 1,197 | 1,572 | ||||||||||||
Investment advisory fees |
1,196,702 | 925,867 | 229,134 | 308,509 | ||||||||||||
Trustee fees (Note 7) |
18,279 | 9,449 | 4,143 | 5,535 | ||||||||||||
Other expenses (Note 4) |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
1,219,972 | 937,883 | 234,474 | 315,616 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(9,134 | ) | (4,940 | ) | (1,948 | ) | (2,600 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
1,210,838 | 932,943 | 232,526 | 313,016 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
8,395,435 | 3,291,104 | 844,364 | 1,122,734 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | — | ||||||||||||
Transactions in investment securities |
7,317,415 | (4,821,059 | ) | (653,740 | ) | 312,817 | ||||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | — | ||||||||||||
In-kind redemptions on investments in securities |
4,531,591 | 1,021,235 | 1,459,816 | 6,876,076 | ||||||||||||
Expiration or closing of futures contracts |
(690,178 | ) | (557,490 | ) | (96,634 | ) | (10,571 | ) | ||||||||
Settlement of forward foreign currency contracts |
(282,644 | ) | 43,407 | — | — | |||||||||||
Foreign currency transactions |
(247,224 | ) | (29,927 | ) | — | — | ||||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
10,628,960 | (4,343,834 | ) | 709,442 | 7,178,322 | |||||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
(90,152,176 | ) | (31,205,508 | )(1) | (13,886,299 | ) | (31,469,908 | )(2) | ||||||||
Securities lending |
— | — | — | — | ||||||||||||
Futures contracts |
193,236 | 72,241 | (97,564 | ) | (88,860 | ) | ||||||||||
Forward foreign currency contracts |
3,515 | 16,596 | — | — | ||||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
(544,866 | ) | 7,149 | — | — | |||||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(90,500,291 | ) | (31,109,522 | ) | (13,983,863 | ) | (31,558,768 | ) | ||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
(79,871,331 | ) | (35,453,356 | ) | (13,274,421 | ) | (24,380,446 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (71,475,896 | ) | $ | (32,162,252 | ) | $ | (12,430,057 | ) | $ | (23,257,712 | ) | ||||
|
|
(1) |
Net of deferred non-US capital gains tax of $824,320. |
(2) |
Includes $(13,315) change in unrealized depreciation on investments in affiliates. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 11 |
Statements of Operations (cont.)
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 |
|||||||||||||
April
20, 2022* through April 30, 2022 |
||||||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Dividend income |
$ | 1,792,696 | $ | 25,453 | $ | 171,481 | $ | 1,585 | ||||||||
Income from non-cash dividends |
— | — | — | — | ||||||||||||
Dividend income received from affiliate |
— | — | — | — | ||||||||||||
Interest income |
4 | 4 | — | — | ||||||||||||
Securities lending income (net of fees) (Note 2) |
10,757 | — | — | — | ||||||||||||
Foreign withholding tax on dividends |
(103,274 | ) | — | (17,295 | ) | (12 | ) | |||||||||
Foreign withholding tax on interest |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Investment Income |
1,700,183 | 25,457 | 154,186 | 1,573 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
1,485 | 32 | 65 | — | ||||||||||||
Investment advisory fees |
375,518 | 1,742 | 4,952 | 240 | ||||||||||||
Trustee fees (Note 7) |
5,303 | 73 | 192 | 8 | ||||||||||||
Other expenses (Note 4) |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
382,306 | 1,847 | 5,209 | 248 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(2,660 | ) | (12 | ) | (59 | ) | (2 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
379,646 | 1,835 | 5,150 | 246 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
1,320,537 | 23,622 | 149,036 | 1,327 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | — | ||||||||||||
Transactions in investment securities |
127,710 | (16,243 | ) | (106,156 | ) | — | ||||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | — | ||||||||||||
In-kind redemptions on investments in securities |
8,341,868 | — | — | — | ||||||||||||
Expiration or closing of futures contracts |
(166,170 | ) | (424 | ) | (4,908 | ) | — | |||||||||
Settlement of forward foreign currency contracts |
60,192 | — | (1,058 | ) | — | |||||||||||
Foreign currency transactions |
(68,327 | ) | (10 | ) | (1,311 | ) | 15,018 | |||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
8,295,273 | (16,677 | ) | (113,433 | ) | 15,018 | ||||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
(30,189,604 | ) | (905,044 | ) | (1,388,179 | ) | (112,100 | )(1) | ||||||||
Securities lending |
— | — | — | — | ||||||||||||
Futures contracts |
(96,809 | ) | (3,792 | ) | (7,397 | ) | (1,547 | ) | ||||||||
Forward foreign currency contracts |
25,067 | — | (399 | ) | — | |||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
(25,960 | ) | (29 | ) | (3,169 | ) | (24 | ) | ||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(30,287,306 | ) | (908,865 | ) | (1,399,144 | ) | (113,671 | ) | ||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
(21,992,033 | ) | (925,542 | ) | (1,512,577 | ) | (98,653 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (20,671,496 | ) | $ | (901,920 | ) | $ | (1,363,541 | ) | $ | (97,326 | ) | ||||
|
|
* |
Commencement of investment operations. |
(1) |
Net of deferred non-US capital gains tax of $34. |
See Accompanying Notes to the Financial Statements.
12 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Operations (cont.)
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 |
$ | 149,621,192 | $ | 40,005,252 | $ | 7,319,886 | $ | — | ||||||||
Income from non-cash dividends |
— | — | — | — | ||||||||||||
Dividend income received from affiliate |
— | — | — | 519,421 | ||||||||||||
Interest income |
— | — | — | — | ||||||||||||
Securities lending income (net of fees) (Note 2) |
525,747 | 261,538 | 30,343 | — | ||||||||||||
Foreign withholding tax on dividends |
(4,988,679 | ) | (2,373,783 | ) | (259,507 | ) | — | |||||||||
Foreign withholding tax on interest |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Investment Income |
145,158,260 | 37,893,007 | 7,090,722 | 519,421 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
56,271 | 21,229 | 3,567 | 293 | ||||||||||||
Investment advisory fees |
16,267,150 | 6,073,103 | 975,594 | 114,110 | ||||||||||||
Trustee fees (Note 7) |
178,430 | 74,732 | 12,364 | 899 | ||||||||||||
Other expenses (Note 4) |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
16,501,851 | 6,169,064 | 991,525 | 115,302 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(48,017 | ) | (34,536 | ) | (5,607 | ) | (92,527 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
16,453,834 | 6,134,528 | 985,918 | 22,775 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
128,704,426 | 31,758,479 | 6,104,804 | 496,646 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | (118,244 | ) | |||||||||||
Transactions in investment securities |
20,174,687 | (1) | (10,433,847 | )(2) | 5,358,727 | — | ||||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | — | ||||||||||||
In-kind redemptions on investments in securities |
185,481,517 | 17,923,478 | 9,813,262 | — | ||||||||||||
Expiration or closing of futures contracts |
1,287,196 | 280,685 | (563,298 | ) | — | |||||||||||
Settlement of forward foreign currency contracts |
(371,371 | ) | (814,306 | ) | 129,114 | — | ||||||||||
Foreign currency transactions |
(288,006 | ) | (1,076,972 | ) | (335,595 | ) | — | |||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
206,284,023 | 5,879,038 | 14,402,210 | (118,244 | ) | |||||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
845,093,338 | (3) | (148,485,385 | )(4) | (37,255,755 | ) | (880,549 | )(5) | ||||||||
Securities lending |
4,122 | — | — | — | ||||||||||||
Futures contracts |
(1,750,302 | ) | (394,717 | ) | (430,722 | ) | — | |||||||||
Forward foreign currency contracts |
(396,904 | ) | 189,928 | (65,575 | ) | — | ||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
(975,849 | ) | (381,474 | ) | (120,149 | ) | — | |||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
841,974,405 | (149,071,648 | ) | (37,872,201 | ) | (880,549 | ) | |||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
1,048,258,428 | (143,192,610 | ) | (23,469,991 | ) | (998,793 | ) | |||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | 1,176,962,854 | $ | (111,434,131 | ) | $ | (17,365,187 | ) | $ | (502,147 | ) | |||||
|
|
(1) |
Net of non-US capital gains tax of $(106,667). |
(2) |
Net of non-US capital gains tax of $(270,661). |
(3) |
Net of deferred non-US capital gains tax of $1,204,319. |
(4) |
Net of deferred non-US capital gains tax of $1,413,613. |
(5) |
Includes $(880,549) change in unrealized depreciation on investments in affiliates. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 13 |
Statements of Operations (cont.)
FlexShares® Quality Dividend Index Fund |
FlexShares® Quality Dividend Defensive Index Fund |
FlexShares® Quality Dividend Dynamic Index Fund |
FlexShares® International Quality Dividend Index Fund |
|||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Dividend income |
$ | 20,390,013 | $ | 5,065,894 | $ | 257,130 | $ | 15,934,672 | ||||||||
Income from non-cash dividends |
— | — | — | 811,787 | ||||||||||||
Dividend income received from affiliate |
— | — | — | — | ||||||||||||
Interest income |
— | — | — | — | ||||||||||||
Securities lending income (net of fees) (Note 2) |
170,127 | 33,364 | 1,912 | 89,113 | ||||||||||||
Foreign withholding tax on dividends |
— | — | — | (1,734,429 | ) | |||||||||||
Foreign withholding tax on interest |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Investment Income |
20,560,140 | 5,099,258 | 259,042 | 15,101,143 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
13,603 | 3,665 | 178 | 4,883 | ||||||||||||
Investment advisory fees |
3,078,009 | 804,707 | 40,588 | 1,415,866 | ||||||||||||
Trustee fees (Note 7) |
47,405 | 12,640 | 638 | 17,544 | ||||||||||||
Other expenses (Note 4) |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
3,139,017 | 821,012 | 41,404 | 1,438,293 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(20,992 | ) | (5,844 | ) | (292 | ) | (8,624 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
3,118,025 | 815,168 | 41,112 | 1,429,669 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
17,442,115 | 4,284,090 | 217,930 | 13,671,474 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | — | ||||||||||||
Transactions in investment securities |
(18,520,962 | ) | (2,204,777 | ) | (49,825 | ) | (3,065,921 | ) | ||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | — | ||||||||||||
In-kind redemptions on investments in securities |
45,753,634 | 27,975,823 | 778,103 | 218,774 | ||||||||||||
Expiration or closing of futures contracts |
(131,838 | ) | (401,500 | ) | (8,836 | ) | (1,313,325 | ) | ||||||||
Settlement of forward foreign currency contracts |
— | — | — | (292,926 | ) | |||||||||||
Foreign currency transactions |
— | — | — | (425,365 | ) | |||||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
27,100,834 | 25,369,546 | 719,442 | (4,878,763 | ) | |||||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
(98,362,111 | ) | (44,031,131 | ) | (1,966,035 | ) | (72,065,005 | ) | ||||||||
Securities lending |
1,412 | — | — | — | ||||||||||||
Futures contracts |
(638,373 | ) | (202,718 | ) | (18,436 | ) | 193,749 | |||||||||
Forward foreign currency contracts |
— | — | — | (49,356 | ) | |||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
— | — | — | (352,947 | ) | |||||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(98,999,072 | ) | (44,233,849 | ) | (1,984,471 | ) | (72,273,559 | ) | ||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
(71,898,238 | ) | (18,864,303 | ) | (1,265,029 | ) | (77,152,322 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (54,456,123 | ) | $ | (14,580,213 | ) | $ | (1,047,099 | ) | $ | (63,480,848 | ) | ||||
|
|
See Accompanying Notes to the Financial Statements.
14 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Operations (cont.)
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 |
|||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Dividend income |
$ | 1,729,649 | $ | 1,965,934 | $ | — | $ | — | ||||||||
Income from non-cash dividends |
— | 238,616 | — | — | ||||||||||||
Dividend income received from affiliate |
— | — | — | — | ||||||||||||
Interest income |
— | — | 50,037,599 | 23,268,093 | ||||||||||||
Securities lending income (net of fees) (Note 2) |
12,359 | 18,223 | 15,005 | 25,313 | ||||||||||||
Foreign withholding tax on dividends |
(166,188 | ) | (237,448 | ) | — | — | ||||||||||
Foreign withholding tax on interest |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Investment Income |
1,575,820 | 1,985,325 | 50,052,604 | 23,293,406 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
559 | 629 | 13,618 | 6,156 | ||||||||||||
Investment advisory fees |
161,740 | 189,344 | 1,473,464 | 689,050 | ||||||||||||
Administration fees (Note 5) |
— | — | — | 30,372 | ||||||||||||
Trustee fees (Note 7) |
2,022 | 2,295 | 40,686 | 20,970 | ||||||||||||
Other expenses (Note 4) |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
164,321 | 192,268 | 1,527,768 | 746,548 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(980 | ) | (1,081 | ) | (14,446 | ) | (38,965 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
163,341 | 191,187 | 1,513,322 | 707,583 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
1,412,479 | 1,794,138 | 48,539,282 | 22,585,823 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | — | ||||||||||||
Transactions in investment securities |
(574,608 | ) | (1,168,302 | )(1) | 2,845,499 | (1,012,790 | ) | |||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | — | ||||||||||||
In-kind redemptions on investments in securities |
170,629 | — | 716,750 | 3,494,379 | ||||||||||||
Expiration or closing of futures contracts |
(188,337 | ) | (189,274 | ) | — | — | ||||||||||
Settlement of forward foreign currency contracts |
54,271 | 26,991 | — | — | ||||||||||||
Foreign currency transactions |
(115,711 | ) | (56,934 | ) | — | — | ||||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
(653,756 | ) | (1,387,519 | ) | 3,562,249 | 2,481,589 | ||||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
(6,389,061 | ) | (9,033,158 | )(2) | (67,325,074 | ) | (52,098,191 | ) | ||||||||
Securities lending |
— | — | — | — | ||||||||||||
Futures contracts |
(11,945 | ) | (36,517 | ) | — | — | ||||||||||
Forward foreign currency contracts |
32,947 | 27,067 | — | — | ||||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
(36,844 | ) | (36,142 | ) | — | — | ||||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(6,404,903 | ) | (9,078,750 | ) | (67,325,074 | ) | (52,098,191 | ) | ||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
(7,058,659 | ) | (10,466,269 | ) | (63,762,825 | ) | (49,616,602 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (5,646,180 | ) | $ | (8,672,131 | ) | $ | (15,223,543 | ) | $ | (27,030,779 | ) | ||||
|
|
(1) |
Net of non-US capital gains tax of $(12,828). |
(2) |
Net of deferred non-US capital gains tax of $28,216. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 15 |
Statements of Operations (cont.)
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 |
|||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Dividend income |
$ | — | $ | — | $ | — | $ | — | ||||||||
Income from non-cash dividends |
— | — | — | — | ||||||||||||
Dividend income received from affiliate |
— | — | — | — | ||||||||||||
Interest income |
472,547 | 3,041,687 | 990,633 | 21,535,086 | ||||||||||||
Securities lending income (net of fees) (Note 2) |
— | — | — | — | ||||||||||||
Foreign withholding tax on dividends |
— | — | — | — | ||||||||||||
Foreign withholding tax on interest |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Investment Income |
472,547 | 3,041,687 | 990,633 | 21,535,086 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
861 | 2,335 | 456 | 5,574 | ||||||||||||
Investment advisory fees |
114,676 | 326,620 | 60,537 | 1,308,214 | ||||||||||||
Trustee fees (Note 7) |
3,311 | 9,166 | 1,696 | 17,406 | ||||||||||||
Other expenses (Note 4) |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
118,848 | 338,121 | 62,689 | 1,331,194 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(1,421 | ) | (4,412 | ) | (890 | ) | (6,488 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
117,427 | 333,709 | 61,799 | 1,324,706 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
355,120 | 2,707,978 | 928,834 | 20,210,380 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | — | ||||||||||||
Transactions in investment securities |
(2,107,164 | ) | (4,201,144 | ) | (1,187,296 | ) | (12,607,175 | ) | ||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | — | ||||||||||||
In-kind redemptions on investments in securities |
— | — | — | 416,638 | ||||||||||||
Expiration or closing of futures contracts |
— | — | — | — | ||||||||||||
Settlement of forward foreign currency contracts |
— | — | — | — | ||||||||||||
Foreign currency transactions |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
(2,107,164 | ) | (4,201,144 | ) | (1,187,296 | ) | (12,190,537 | ) | ||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
(7,132,054 | ) | (23,096,542 | ) | (11,754,532 | ) | (67,666,055 | ) | ||||||||
Securities lending |
— | — | — | — | ||||||||||||
Futures contracts |
— | — | — | — | ||||||||||||
Forward foreign currency contracts |
— | — | — | — | ||||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(7,132,054 | ) | (23,096,542 | ) | (11,754,532 | ) | (67,666,055 | ) | ||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
(9,239,218 | ) | (27,297,686 | ) | (12,941,828 | ) | (79,856,592 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (8,884,098 | ) | $ | (24,589,708 | ) | $ | (12,012,994 | ) | $ | (59,646,212 | ) | ||||
|
|
See Accompanying Notes to the Financial Statements.
16 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Operations (cont.)
FlexShares® ESG & Climate High Yield Corporate Core Index Fund |
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund |
FlexShares® Ready Access Variable Income Fund |
FlexShares® Core Select Bond Fund |
|||||||||||||
INVESTMENT INCOME |
| |||||||||||||||
Dividend income |
$ | — | $ | — | $ | — | $ | 560,150 | ||||||||
Income from non-cash dividends |
— | — | — | — | ||||||||||||
Dividend income received from affiliate |
— | — | — | 693,931 | ||||||||||||
Interest income |
737,431 | 519,508 | 1,831,683 | 612 | ||||||||||||
Securities lending income (net of fees) (Note 2) |
— | — | — | 24,279 | ||||||||||||
Foreign withholding tax on dividends |
— | — | — | — | ||||||||||||
Foreign withholding tax on interest |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Investment Income |
737,431 | 519,508 | 1,831,683 | 1,278,972 | ||||||||||||
|
|
|||||||||||||||
EXPENSES |
| |||||||||||||||
Deferred compensation (Note 7) |
273 | 388 | 3,657 | 1,000 | ||||||||||||
Investment advisory fees |
39,628 | 28,207 | 572,073 | 230,238 | ||||||||||||
Trustee fees (Note 7) |
1,339 | 1,442 | 10,558 | 3,658 | ||||||||||||
Other expenses (Note 4) |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Total Gross Expenses Before Fees Reimbursed |
41,240 | 30,037 | 586,288 | 234,896 | ||||||||||||
|
|
|||||||||||||||
Less: |
| |||||||||||||||
Investment advisory fees reimbursed (Note 4) |
(788 | ) | (701 | ) | (3,055 | ) | (96,965 | ) | ||||||||
|
|
|||||||||||||||
Total Net Expenses |
40,452 | 29,336 | 583,233 | 137,931 | ||||||||||||
|
|
|||||||||||||||
Net Investment Income (Loss) |
696,979 | 490,172 | 1,248,450 | 1,141,041 | ||||||||||||
|
|
|||||||||||||||
NET REALIZED GAIN (LOSS) FROM: |
| |||||||||||||||
Transactions in investment securities of affiliated issuers |
— | — | — | (2,540,954 | ) | |||||||||||
Transactions in investment securities |
(446,707 | ) | (590,220 | ) | (464,835 | ) | (353,649 | ) | ||||||||
In-kind redemptions on investments in affiliated securities |
— | — | — | (8,868 | ) | |||||||||||
In-kind redemptions on investments in securities |
(72,176 | ) | — | — | 58,605 | |||||||||||
Expiration or closing of futures contracts |
— | — | — | (5,785 | ) | |||||||||||
Settlement of forward foreign currency contracts |
— | — | — | — | ||||||||||||
Foreign currency transactions |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Net Realized Gain (Loss) |
(518,883 | ) | (590,220 | ) | (464,835 | ) | (2,850,651 | ) | ||||||||
|
|
|||||||||||||||
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON: |
| |||||||||||||||
Investments in securities |
(2,325,179 | ) | (6,165,917 | ) | (6,347,887 | ) | (12,608,855 | )(1) | ||||||||
Securities lending |
— | — | — | — | ||||||||||||
Futures contracts |
— | — | — | 28,144 | ||||||||||||
Forward foreign currency contracts |
— | — | — | — | ||||||||||||
Translation of other assets and liabilities denominated in foreign currencies |
— | — | — | — | ||||||||||||
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) |
(2,325,179 | ) | (6,165,917 | ) | (6,347,887 | ) | (12,580,711 | ) | ||||||||
|
|
|||||||||||||||
Net Realized and Unrealized Gain (Loss) |
(2,844,062 | ) | (6,756,137 | ) | (6,812,722 | ) | (15,431,362 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations |
$ | (2,147,083 | ) | $ | (6,265,965 | ) | $ | (5,564,272 | ) | $ | (14,290,321 | ) | ||||
|
|
(1) |
Includes $(4,010,788) change in unrealized depreciation on investments in affiliates. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 17 |
FlexShares® Trust
Statements of Changes in Net Assets
FlexShares® US Quality
Low Volatility Index Fund |
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six Months Ended |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 1,010,657 | $ | 1,643,691 | $ | 915,475 | $ | 2,226,694 | ||||||||
Net realized gain (loss) |
4,123,103 | 9,877,154 | (180,001 | ) | 4,060,236 | |||||||||||
Net change in unrealized appreciation (depreciation) |
(11,763,230 | ) | 29,486,420 | (6,094,393 | ) | 8,924,507 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(6,629,470 | ) | 41,007,265 | (5,358,919 | ) | 15,211,437 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(931,512 | ) | (1,694,565 | ) | (880,977 | ) | (2,249,889 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(931,512 | ) | (1,694,565 | ) | (880,977 | ) | (2,249,889 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
29,086,514 | 56,108,720 | 8,149,550 | 13,390,874 | ||||||||||||
Cost of shares redeemed |
(21,078,049 | ) | (44,870,466 | ) | (8,015,506 | ) | (16,728,469 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
8,008,465 | 11,238,254 | 134,044 | (3,337,595 | ) | |||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
447,483 | 50,550,954 | (6,105,852 | ) | 9,623,953 | |||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 161,074,492 | $ | 110,523,538 | $ | 75,370,957 | $ | 65,747,004 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 161,521,975 | $ | 161,074,492 | $ | 69,265,105 | $ | 75,370,957 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
2,950,001 | 2,700,001 | 2,700,001 | 2,800,001 | ||||||||||||
Shares issued |
— | — | 100,000 | — | ||||||||||||
Shares issued in-kind |
550,000 | 1,150,000 | 200,000 | 500,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(400,000 | ) | (900,000 | ) | (300,000 | ) | (600,000 | ) | ||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
3,100,001 | 2,950,001 | 2,700,001 | 2,700,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
18 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® Emerging Markets Quality Low Volatility Index Fund |
FlexShares® Morningstar
US Market Factor Tilt Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 134,963 | $ | 384,138 | $ | 11,407,711 | $ | 20,467,734 | ||||||||
Net realized gain (loss) |
(135,487 | ) | 204,217 | 52,910,077 | 125,723,634 | |||||||||||
Net change in unrealized appreciation (depreciation) |
(729,429 | ) | 669,161 | (237,848,692 | ) | 436,303,767 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(729,953 | ) | 1,257,516 | (173,530,904 | ) | 582,495,135 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(148,467 | ) | (269,007 | ) | (11,284,311 | ) | (19,993,786 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(148,467 | ) | (269,007 | ) | (11,284,311 | ) | (19,993,786 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
— | 5,276,872 | 44,415,344 | 95,734,574 | ||||||||||||
Cost of shares redeemed |
— | — | (89,630,006 | ) | (106,003,334 | ) | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
— | 5,276,872 | (45,214,662 | ) | (10,268,760 | ) | ||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(878,420 | ) | 6,265,381 | (230,029,877 | ) | 552,232,589 | ||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 15,843,691 | $ | 9,578,310 | $ | 1,727,019,018 | $ | 1,174,786,429 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 14,965,271 | $ | 15,843,691 | $ | 1,496,989,141 | $ | 1,727,019,018 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
600,001 | 400,001 | 9,650,001 | 9,700,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
— | 200,000 | 250,000 | 600,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
— | — | (500,000 | ) | (650,000 | ) | ||||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
600,001 | 600,001 | 9,400,001 | 9,650,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 19 |
Statements of Changes in Net Assets (cont.)
FlexShares®
Morningstar Developed Markets ex-US Factor Tilt Index Fund |
FlexShares®
Morningstar Emerging Markets Factor Tilt Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 8,395,435 | $ | 15,324,867 | $ | 3,291,104 | $ | 7,624,187 | ||||||||
Net realized gain (loss) |
10,628,960 | 21,856,890 | (4,343,834 | ) | 25,611,349 | |||||||||||
Net change in unrealized appreciation (depreciation) |
(90,500,291 | ) | 152,302,928 | (31,109,522 | ) | 31,176,773 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(71,475,896 | ) | 189,484,685 | (32,162,252 | ) | 64,412,309 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(12,030,789 | ) | (13,410,048 | ) | (5,433,825 | ) | (6,011,707 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(12,030,789 | ) | (13,410,048 | ) | (5,433,825 | ) | (6,011,707 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
14,615,863 | 44,016,396 | — | 50,124,591 | ||||||||||||
Cost of shares redeemed |
(26,233,611 | ) | (70,468,136 | ) | (28,171,247 | ) | — | |||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
(11,617,748 | ) | (26,451,740 | ) | (28,171,247 | ) | 50,124,591 | |||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(95,124,433 | ) | 149,622,897 | (65,767,324 | ) | 108,525,193 | ||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 648,638,493 | $ | 499,015,596 | $ | 334,371,995 | $ | 225,846,802 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 553,514,060 | $ | 648,638,493 | $ | 268,604,671 | $ | 334,371,995 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
8,800,001 | 9,200,001 | 5,500,001 | 4,700,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
200,000 | 600,000 | — | 800,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(400,000 | ) | (1,000,000 | ) | (500,000 | ) | — | |||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
8,600,001 | 8,800,001 | 5,000,001 | 5,500,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
20 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® US Quality Large Cap Index Fund |
FlexShares® STOXX® US ESG Select Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 844,364 | $ | 1,172,409 | $ | 1,122,734 | $ | 2,051,388 | ||||||||
Net realized gain (loss) |
709,442 | 5,820,892 | 7,178,322 | 25,495,358 | ||||||||||||
Net change in unrealized appreciation (depreciation) |
(13,983,863 | ) | 26,126,364 | (31,558,768 | ) | 24,935,787 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(12,430,057 | ) | 33,119,665 | (23,257,712 | ) | 52,482,533 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(800,199 | ) | (1,136,947 | ) | (1,155,791 | ) | (1,955,493 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(800,199 | ) | (1,136,947 | ) | (1,155,791 | ) | (1,955,493 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
13,543,283 | 54,387,819 | 30,792,000 | 115,766,022 | ||||||||||||
Cost of shares redeemed |
(3,766,641 | ) | (13,737,728 | ) | (17,029,708 | ) | (63,701,888 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
9,776,642 | 40,650,091 | 13,762,292 | 52,064,134 | ||||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(3,453,614 | ) | 72,632,809 | (10,651,211 | ) | 102,591,174 | ||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 144,475,249 | $ | 71,842,440 | $ | 191,642,745 | $ | 89,051,571 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 141,021,635 | $ | 144,475,249 | $ | 180,991,534 | $ | 191,642,745 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
2,875,001 | 2,025,001 | 1,700,001 | 1,125,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
275,000 | 1,150,000 | 275,000 | 1,200,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(75,000 | ) | (300,000 | ) | (150,000 | ) | (625,000 | ) | ||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
3,075,001 | 2,875,001 | 1,825,001 | 1,700,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 21 |
Statements of Changes in Net Assets (cont.)
FlexShares® STOXX® Global ESG Select Index Fund |
FlexShares® ESG & Climate US Large Cap Core Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
September 20, 2021* through October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 1,320,537 | $ | 2,456,041 | $ | 23,622 | $ | 2,838 | ||||||||
Net realized gain (loss) |
8,295,273 | 13,795,248 | (16,677 | ) | (534 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) |
(30,287,306 | ) | 34,498,730 | (908,865 | ) | 167,182 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(20,671,496 | ) | 50,750,019 | (901,920 | ) | 169,486 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(1,268,473 | ) | (2,324,712 | ) | (17,337 | ) | — | |||||||||
|
|
|||||||||||||||
Total distributions |
(1,268,473 | ) | (2,324,712 | ) | (17,337 | ) | — | |||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
14,352,430 | 53,795,593 | 11,288,265 | — | ||||||||||||
Cost of shares redeemed |
(14,389,810 | ) | (27,826,718 | ) | — | — | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
(37,380 | ) | 25,968,875 | 11,288,265 | — | |||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(21,977,349 | ) | 74,394,182 | 10,369,008 | 169,486 | |||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 185,717,474 | $ | 111,323,292 | $ | 2,669,486 | $ | 2,500,000 | (2),(3) | |||||||
|
|
|||||||||||||||
End of Period |
$ | 163,740,125 | $ | 185,717,474 | $ | 13,038,494 | $ | 2,669,486 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
1,250,001 | 1,050,001 | 50,000 | 50,000 | (2) | |||||||||||
Shares issued |
50,000 | — | — | — | ||||||||||||
Shares issued in-kind |
50,000 | 400,000 | 225,000 | — | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(100,000 | ) | (200,000 | ) | — | — | ||||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
1,250,001 | 1,250,001 | 275,000 | 50,000 | ||||||||||||
|
|
* |
Commencement of investment operations. |
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
(2) |
Amount includes the initial subscription. |
(3) |
Includes amounts paid in capital from the Authorized Participant in addition to the order’s original cash component. This amount is made to offset taxes, commissions, and price differences from the NAV that would otherwise impact the fund on these order trades. |
See Accompanying Notes to the Financial Statements.
22 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® ESG & Climate Developed Markets ex-US Core Index Fund |
FlexShares® ESG & Climate Emerging Markets Core Index Fund |
|||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
September 20, 2021* through October 31, 2021 |
April 20, 2022* through April 30, 2022 |
||||||||||
OPERATIONS |
|
|||||||||||
Net investment income (loss) |
$ | 149,036 | $ | 15,775 | $ | 1,327 | ||||||
Net realized gain (loss) |
(113,433 | ) | (777 | ) | 15,018 | |||||||
Net change in unrealized appreciation (depreciation) |
(1,399,144 | ) | 103,891 | (113,671 | ) | |||||||
|
|
|||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||
Resulting from Operations |
(1,363,541 | ) | 118,889 | (97,326 | ) | |||||||
|
|
|||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||
Distributable earnings |
(57,093 | ) | — | — | ||||||||
|
|
|||||||||||
Total distributions |
(57,093 | ) | — | — | ||||||||
|
|
|||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||
Proceeds from shares issued |
14,322,715 | — | — | |||||||||
Cost of shares redeemed |
— | — | — | |||||||||
|
|
|||||||||||
Net Increase (Decrease) from Capital Transactions |
14,322,715 | — | — | |||||||||
|
|
|||||||||||
Total Increase (Decrease) in Net Assets |
12,902,081 | 118,889 | (97,326 | ) | ||||||||
|
|
|||||||||||
NET ASSETS |
||||||||||||
Beginning of Period |
$ | 5,119,060 | $ | 5,000,171 | (2),(3) | $ | 5,000,000 | (2),(3) | ||||
|
|
|||||||||||
End of Period |
$ | 18,021,141 | $ | 5,119,060 | $ | 4,902,674 | ||||||
|
|
|||||||||||
SHARE TRANSACTIONS |
||||||||||||
Beginning of period |
100,000 | 100,000 | (2) | 100,000 | (2) | |||||||
Shares issued |
— | — | — | |||||||||
Shares issued in-kind |
300,000 | — | — | |||||||||
Shares redeemed |
— | — | — | |||||||||
Shares redeemed in-kind |
— | — | — | |||||||||
|
|
|||||||||||
Shares Outstanding, End of Period |
400,000 | 100,000 | 100,000 | |||||||||
|
|
* |
Commencement of investment operations. |
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
(2) |
Amount includes the initial subscription. |
(3) |
Includes amounts paid in capital from the Authorized Participant in addition to the order’s original cash component. This amount is made to offset taxes, commissions, and price differences from the NAV that would otherwise impact the fund on these order trades. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 23 |
Statements of Changes in Net Assets (cont.)
FlexShares® Morningstar Global Upstream Natural Resources Index Fund |
FlexShares® STOXX® Global Broad Infrastructure Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 128,704,426 | $ | 188,997,153 | $ | 31,758,479 | $ | 61,807,665 | ||||||||
Net realized gain (loss) |
206,284,023 | (71,904,345 | ) | 5,879,038 | 117,716,133 | |||||||||||
Net change in unrealized appreciation (depreciation) |
841,974,405 | 1,409,046,021 | (149,071,648 | ) | 271,965,150 | |||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
1,176,962,854 | 1,526,138,829 | (111,434,131 | ) | 451,488,948 | |||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(128,767,470 | ) | (167,354,837 | ) | (34,319,736 | ) | (58,905,802 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(128,767,470 | ) | (167,354,837 | ) | (34,319,736 | ) | (58,905,802 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
1,436,199,035 | 1,894,646,901 | 93,605,875 | 754,964,371 | ||||||||||||
Cost of shares redeemed |
(396,381,443 | ) | (125,446,435 | ) | (53,816,491 | ) | (360,237,628 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
1,039,817,592 | 1,769,200,466 | 39,789,384 | 394,726,743 | ||||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
2,088,012,976 | 3,127,984,458 | (105,964,483 | ) | 787,309,889 | |||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 6,052,710,266 | $ | 2,924,725,808 | $ | 2,643,906,066 | $ | 1,856,596,177 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 8,140,723,242 | $ | 6,052,710,266 | $ | 2,537,941,583 | $ | 2,643,906,066 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
156,550,001 | 109,500,001 | 45,800,001 | 38,600,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
33,600,000 | 50,850,000 | 1,650,000 | 13,350,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(9,250,000 | ) | (3,800,000 | ) | (950,000 | ) | (6,150,000 | ) | ||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
180,900,001 | 156,550,001 | 46,500,001 | 45,800,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
24 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® Global Quality Real Estate Index Fund |
FlexShares® Real
Assets Allocation Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 6,104,804 | $ | 7,422,552 | $ | 496,646 | $ | 379,252 | ||||||||
Net realized gain (loss) |
14,402,210 | 10,254,699 | (118,244 | ) | 233,987 | |||||||||||
Net change in unrealized appreciation (depreciation) |
(37,872,201 | ) | 91,009,496 | (880,549 | ) | 1,551,258 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(17,365,187 | ) | 108,686,747 | (502,147 | ) | 2,164,497 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(6,447,159 | ) | (5,654,125 | ) | (504,499 | ) | (383,940 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(6,447,159 | ) | (5,654,125 | ) | (504,499 | ) | (383,940 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
55,270,757 | 74,006,928 | 22,912,687 | 24,868,156 | ||||||||||||
Cost of shares redeemed |
(30,361,538 | ) | (23,016,532 | ) | — | (850,756 | ) | |||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
24,909,219 | 50,990,396 | 22,912,687 | 24,017,400 | ||||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
1,096,873 | 154,023,018 | 21,906,041 | 25,797,957 | ||||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 418,597,383 | $ | 264,574,365 | $ | 30,299,686 | $ | 4,501,729 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 419,694,256 | $ | 418,597,383 | $ | 52,205,727 | $ | 30,299,686 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
5,950,001 | 5,200,001 | 900,001 | 175,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
800,000 | 1,150,000 | 675,000 | 750,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(450,000 | ) | (400,000 | ) | — | (25,000 | ) | |||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
6,300,001 | 5,950,001 | 1,575,001 | 900,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 25 |
Statements of Changes in Net Assets (cont.)
FlexShares®
Quality Dividend Index Fund |
FlexShares® Quality
Dividend Defensive Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 17,442,115 | $ | 32,968,130 | $ | 4,284,090 | $ | 9,828,754 | ||||||||
Net realized gain (loss) |
27,100,834 | 155,267,183 | 25,369,546 | 61,643,521 | ||||||||||||
Net change in unrealized appreciation (depreciation) |
(98,999,072 | ) | 267,516,624 | (44,233,849 | ) | 63,438,797 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(54,456,123 | ) | 455,751,937 | (14,580,213 | ) | 134,911,072 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(17,822,843 | ) | (31,171,462 | ) | (4,409,901 | ) | (9,806,498 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(17,822,843 | ) | (31,171,462 | ) | (4,409,901 | ) | (9,806,498 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
271,620,405 | 441,818,714 | 66,824,673 | 116,279,178 | ||||||||||||
Cost of shares redeemed |
(214,363,097 | ) | (489,030,914 | ) | (100,676,533 | ) | (204,498,560 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
57,257,308 | (47,212,200 | ) | (33,851,860 | ) | (88,219,382 | ) | |||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(15,021,658 | ) | 377,368,275 | (52,841,974 | ) | 36,885,192 | ||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 1,642,544,880 | $ | 1,265,176,605 | $ | 448,057,986 | $ | 411,172,794 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 1,627,523,222 | $ | 1,642,544,880 | $ | 395,216,012 | $ | 448,057,986 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
28,150,001 | 29,150,001 | 8,000,001 | 9,650,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
4,700,000 | 8,100,000 | 1,200,000 | 2,250,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(3,700,000 | ) | (9,100,000 | ) | (1,800,000 | ) | (3,900,000 | ) | ||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
29,150,001 | 28,150,001 | 7,400,001 | 8,000,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
26 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® Quality
Dividend Dynamic Index Fund |
FlexShares®
International Quality Dividend Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 217,930 | $ | 404,524 | $ | 13,671,474 | $ | 22,006,728 | ||||||||
Net realized gain (loss) |
719,442 | 1,782,150 | (4,878,763 | ) | 48,065,144 | |||||||||||
Net change in unrealized appreciation (depreciation) |
(1,984,471 | ) | 4,139,378 | (72,273,559 | ) | 73,816,552 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(1,047,099 | ) | 6,326,052 | (63,480,848 | ) | 143,888,424 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(218,313 | ) | (369,573 | ) | (10,341,805 | ) | (20,693,535 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(218,313 | ) | (369,573 | ) | (10,341,805 | ) | (20,693,535 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
3,151,733 | 5,862,851 | 30,175,935 | 60,426,090 | ||||||||||||
Cost of shares redeemed |
(3,117,576 | ) | (3,095,145 | ) | (2,306,229 | ) | (21,090,657 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
34,157 | 2,767,706 | 27,869,706 | 39,335,433 | ||||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(1,231,255 | ) | 8,724,185 | (45,952,947 | ) | 162,530,322 | ||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 21,905,004 | $ | 13,180,819 | $ | 616,006,903 | $ | 453,476,581 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 20,673,749 | $ | 21,905,004 | $ | 570,053,956 | $ | 616,006,903 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
350,001 | 300,001 | 23,900,001 | 22,500,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
50,000 | 100,000 | 1,200,000 | 2,300,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(50,000 | ) | (50,000 | ) | (100,000 | ) | (900,000 | ) | ||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
350,001 | 350,001 | 25,000,001 | 23,900,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 27 |
Statements of Changes in Net Assets (cont.)
FlexShares® International Quality Dividend Defensive Index Fund |
FlexShares® International Quality Dividend Dynamic Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 1,412,479 | $ | 2,799,484 | $ | 1,794,138 | $ | 2,288,529 | ||||||||
Net realized gain (loss) |
(653,756 | ) | 5,928,070 | (1,387,519 | ) | 1,919,295 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(6,404,903 | ) | 8,195,139 | (9,078,750 | ) | 5,806,232 | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(5,646,180 | ) | 16,922,693 | (8,672,131 | ) | 10,014,056 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(953,475 | ) | (2,683,528 | ) | (1,400,102 | ) | (1,876,931 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(953,475 | ) | (2,683,528 | ) | (1,400,102 | ) | (1,876,931 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
— | — | 11,735,227 | 45,461,250 | ||||||||||||
Cost of shares redeemed |
(2,141,152 | ) | (2,184,308 | ) | — | — | ||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
(2,141,152 | ) | (2,184,308 | ) | 11,735,227 | 45,461,250 | ||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(8,740,807 | ) | 12,054,857 | 1,662,994 | 53,598,375 | |||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 71,458,591 | $ | 59,403,734 | $ | 75,974,697 | $ | 22,376,322 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 62,717,784 | $ | 71,458,591 | $ | 77,637,691 | $ | 75,974,697 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
3,000,001 | 3,100,001 | 2,500,001 | 1,000,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
— | — | 400,000 | 1,500,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(100,000 | ) | (100,000 | ) | — | — | ||||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
2,900,001 | 3,000,001 | 2,900,001 | 2,500,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
28 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund |
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 48,539,282 | $ | 58,365,045 | $ | 22,585,823 | $ | 26,012,110 | ||||||||
Net realized gain (loss) |
3,562,249 | 36,821,507 | 2,481,589 | 12,575,174 | ||||||||||||
Net change in unrealized appreciation (depreciation) |
(67,325,074 | ) | (1,328,792 | ) | (52,098,191 | ) | 2,282,079 | |||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(15,223,543 | ) | 93,857,760 | (27,030,779 | ) | 40,869,363 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(34,384,238 | ) | (61,292,947 | ) | (17,189,819 | ) | (26,674,665 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(34,384,238 | ) | (61,292,947 | ) | (17,189,819 | ) | (26,674,665 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
777,809,011 | 302,448,698 | 200,701,344 | 155,885,058 | ||||||||||||
Cost of shares redeemed |
(11,833,074 | ) | (326,919,699 | ) | (58,747,101 | ) | (51,695,657 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
765,975,937 | (24,471,001 | ) | 141,954,243 | 104,189,401 | |||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
716,368,156 | 8,093,812 | 97,733,645 | 118,384,099 | ||||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 1,437,584,419 | $ | 1,429,490,607 | $ | 714,479,309 | $ | 596,095,210 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 2,153,952,575 | $ | 1,437,584,419 | $ | 812,212,954 | $ | 714,479,309 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
54,504,000 | 55,554,000 | 25,500,001 | 21,800,001 | ||||||||||||
Shares issued |
— | — | — | — | ||||||||||||
Shares issued in-kind |
29,750,000 | 11,450,000 | 7,250,000 | 5,550,000 | ||||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Shares redeemed in-kind |
(450,000 | ) | (12,500,000 | ) | (2,150,000 | ) | (1,850,000 | ) | ||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
83,804,000 | 54,504,000 | 30,600,001 | 25,500,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 29 |
Statements of Changes in Net Assets (cont.)
FlexShares®
Disciplined Duration MBS Index Fund |
FlexShares® Credit-Scored US Corporate Bond Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 355,120 | $ | 381,266 | $ | 2,707,978 | $ | 4,833,547 | ||||||||
Net realized gain (loss) |
(2,107,164 | ) | 1,283,596 | (4,201,144 | ) | 3,014,355 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(7,132,054 | ) | (2,030,761 | ) | (23,096,542 | ) | (6,321,483 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(8,884,098 | ) | (365,899 | ) | (24,589,708 | ) | 1,526,419 | |||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(1,360,472 | ) | (2,676,548 | ) | (5,391,860 | ) | (7,983,218 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(1,360,472 | ) | (2,676,548 | ) | (5,391,860 | ) | (7,983,218 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
18,157,387 | 19,053,611 | 21,196,585 | 133,299,728 | ||||||||||||
Cost of shares redeemed |
(11,114,063 | ) | (4,788,861 | ) | (60,811,839 | ) | (13,500,359 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
7,043,324 | 14,264,750 | (39,615,254 | ) | 119,799,369 | |||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(3,201,246 | ) | 11,222,303 | (69,596,822 | ) | 113,342,570 | ||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 111,242,788 | $ | 100,020,485 | $ | 315,739,979 | $ | 202,397,409 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 108,041,542 | $ | 111,242,788 | $ | 246,143,157 | $ | 315,739,979 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
4,750,001 | 4,150,001 | 5,900,001 | 3,700,001 | ||||||||||||
Shares issued |
800,000 | 800,000 | 400,000 | 2,250,000 | ||||||||||||
Shares issued in-kind |
— | — | — | 200,000 | ||||||||||||
Shares redeemed |
(500,000 | ) | (200,000 | ) | (1,200,000 | ) | — | |||||||||
Shares redeemed in-kind |
— | — | — | (250,000 | ) | |||||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
5,050,001 | 4,750,001 | 5,100,001 | 5,900,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
30 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® Credit-Scored US Long Corporate Bond Index Fund |
FlexShares® High
Yield Value-Scored Bond Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 928,834 | $ | 1,701,113 | $ | 20,210,380 | $ | 15,485,875 | ||||||||
Net realized gain (loss) |
(1,187,296 | ) | 1,029,123 | (12,190,537 | ) | 9,388,965 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(11,754,532 | ) | (16,024 | ) | (67,666,055 | ) | 1,852,410 | |||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(12,012,994 | ) | 2,714,212 | (59,646,212 | ) | 26,727,250 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(1,865,131 | ) | (3,440,094 | ) | (23,507,612 | ) | (14,752,663 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(1,865,131 | ) | (3,440,094 | ) | (23,507,612 | ) | (14,752,663 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
— | 27,084,379 | 453,262,692 | 415,533,944 | ||||||||||||
Cost of shares redeemed |
— | (11,864,331 | ) | (68,793,574 | ) | (41,947,766 | ) | |||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
— | 15,220,048 | 384,469,118 | 373,586,178 | ||||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(13,878,125 | ) | 14,494,166 | 301,315,294 | 385,560,765 | |||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 60,854,577 | $ | 46,360,411 | $ | 575,183,700 | $ | 189,622,935 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 46,976,452 | $ | 60,854,577 | $ | 876,498,994 | $ | 575,183,700 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
1,000,001 | 750,001 | 11,600,001 | 4,100,001 | ||||||||||||
Shares issued |
— | 450,000 | 8,050,000 | 7,200,000 | ||||||||||||
Shares issued in-kind |
— | — | 1,500,000 | 1,150,000 | ||||||||||||
Shares redeemed |
— | (200,000 | ) | (1,300,000 | ) | (850,000 | ) | |||||||||
Shares redeemed in-kind |
— | — | (100,000 | ) | — | |||||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
1,000,001 | 1,000,001 | 19,750,001 | 11,600,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 31 |
Statements of Changes in Net Assets (cont.)
FlexShares® ESG & Climate High Yield Corporate Core Index Fund |
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
September 20, 2021* through October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
September 20, 2021* through October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 696,979 | $ | 208,614 | $ | 490,172 | $ | 102,578 | ||||||||
Net realized gain (loss) |
(518,883 | ) | (16,194 | ) | (590,220 | ) | (68,270 | ) | ||||||||
Net change in unrealized appreciation (depreciation) |
(2,325,179 | ) | (409,765 | ) | (6,165,917 | ) | (682,569 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(2,147,083 | ) | (217,345 | ) | (6,265,965 | ) | (648,261 | ) | ||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(914,896 | ) | — | (519,580 | ) | — | ||||||||||
|
|
|||||||||||||||
Total distributions |
(914,896 | ) | — | (519,580 | ) | — | ||||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
4,960,576 | — | 2,243,196 | — | ||||||||||||
Cost of shares redeemed |
(24,709,761 | ) | — | — | — | |||||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
(19,749,185 | ) | — | 2,243,196 | — | |||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
(22,811,164 | ) | (217,345 | ) | (4,542,349 | ) | (648,261 | ) | ||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 49,766,635 | $ | 49,983,980 | (2),(3) | $ | 49,347,056 | $ | 49,995,317 | (2),(3) | ||||||
|
|
|||||||||||||||
End of Period |
$ | 26,955,471 | $ | 49,766,635 | $ | 44,804,707 | $ | 49,347,056 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
1,000,000 | 1,000,000 | (2) | 1,000,000 | 1,000,000 | (2) | ||||||||||
Shares issued |
100,000 | — | 50,000 | — | ||||||||||||
Shares issued in-kind |
— | — | — | — | ||||||||||||
Shares redeemed |
(300,000 | ) | — | — | — | |||||||||||
Shares redeemed in-kind |
(200,000 | ) | — | — | — | |||||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
600,000 | 1,000,000 | 1,050,000 | 1,000,000 | ||||||||||||
|
|
* |
Commencement of investment operations. |
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
(2) |
Amount includes the initial subscription. |
(3) |
Includes amounts paid in capital from the Authorized Participant in addition to the order’s original cash component. This amount is made to offset taxes, commissions, and price differences from the NAV that would otherwise impact the fund on these order trades. |
See Accompanying Notes to the Financial Statements.
32 | FLEXSHARES SEMIANNUAL REPORT |
Statements of Changes in Net Assets (cont.)
FlexShares® Ready
Access Variable Income Fund |
FlexShares® Core
Select Bond Fund |
|||||||||||||||
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
Six
Months Ended April 30, 2022 (Unaudited) |
Year
Ended October 31, 2021 |
|||||||||||||
OPERATIONS |
| |||||||||||||||
Net investment income (loss) |
$ | 1,248,450 | $ | 2,617,948 | $ | 1,141,041 | $ | 1,991,134 | ||||||||
Net realized gain (loss) |
(464,835 | ) | 1,261,361 | (2,850,651 | ) | 252,759 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(6,347,887 | ) | (2,362,864 | ) | (12,580,711 | ) | (1,848,559 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) in Net Assets |
||||||||||||||||
Resulting from Operations |
(5,564,272 | ) | 1,516,445 | (14,290,321 | ) | 395,334 | ||||||||||
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||
Distributable earnings |
(2,105,236 | ) | (3,046,370 | ) | (1,251,519 | ) | (2,693,092 | ) | ||||||||
|
|
|||||||||||||||
Total distributions |
(2,105,236 | ) | (3,046,370 | ) | (1,251,519 | ) | (2,693,092 | ) | ||||||||
|
|
|||||||||||||||
CAPITAL TRANSACTIONS(1) |
||||||||||||||||
Proceeds from shares issued |
334,362,025 | 55,265,356 | 40,599,544 | 36,362,834 | ||||||||||||
Cost of shares redeemed |
(52,813,134 | ) | (148,597,576 | ) | (7,565,081 | ) | (16,671,414 | ) | ||||||||
|
|
|||||||||||||||
Net Increase (Decrease) from Capital Transactions |
281,548,891 | (93,332,220 | ) | 33,034,463 | 19,691,420 | |||||||||||
|
|
|||||||||||||||
Total Increase (Decrease) in Net Assets |
273,879,383 | (94,862,145 | ) | 17,492,623 | 17,393,662 | |||||||||||
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||
Beginning of Period |
$ | 374,339,139 | $ | 469,201,284 | $ | 126,516,968 | $ | 109,123,306 | ||||||||
|
|
|||||||||||||||
End of Period |
$ | 648,218,522 | $ | 374,339,139 | $ | 144,009,591 | $ | 126,516,968 | ||||||||
|
|
|||||||||||||||
SHARE TRANSACTIONS |
||||||||||||||||
Beginning of period |
4,925,001 | 6,150,001 | 4,825,001 | 4,075,001 | ||||||||||||
Shares issued |
4,450,000 | 725,000 | — | — | ||||||||||||
Shares issued in-kind |
— | — | 1,650,000 | 1,375,000 | ||||||||||||
Shares redeemed |
(700,000 | ) | (1,950,000 | ) | — | — | ||||||||||
Shares redeemed in-kind |
— | — | (300,000 | ) | (625,000 | ) | ||||||||||
|
|
|||||||||||||||
Shares Outstanding, End of Period |
8,675,001 | 4,925,001 | 6,175,001 | 4,825,001 | ||||||||||||
|
|
(1) |
Capital transactions may include transaction fees associated with creation and redemption transactions which occurred during the period. See Note 9 to the Financial Statements. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 33 |
FlexShares® Trust
FlexShares® US Quality Low Volatility Index Fund | ||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For
the period 07/15/19* through 10/31/19 |
|||||||||||||||
Year ended October 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Net asset value, beginning of period |
$ | 54.60 | $ | 40.93 | $ | 40.44 | $ | 40.00 | ||||||||
|
|
|||||||||||||||
PER SHARE |
||||||||||||||||
Investment Operations |
||||||||||||||||
Net Investment Income |
0.33 | (a) | 0.57 | (a) | 0.64 | (a) | 0.17 | (a) | ||||||||
Net Realized and Unrealized Gain (Loss) |
(2.53 | ) | 13.69 | 0.38 | 0.35 | |||||||||||
|
|
|||||||||||||||
Total from Operations |
(2.20 | ) | 14.26 | 1.02 | 0.52 | |||||||||||
|
|
|||||||||||||||
Distributions |
||||||||||||||||
Net Investment Income |
(0.30 | ) | (0.59 | ) | (0.53 | ) | (0.08 | ) | ||||||||
|
|
|||||||||||||||
Total from Distributions |
(0.30 | ) | (0.59 | ) | (0.53 | ) | (0.08 | ) | ||||||||
|
|
|||||||||||||||
Net Asset Value, end of period |
$ | 52.10 | $ | 54.60 | $ | 40.93 | $ | 40.44 | ||||||||
|
|
|||||||||||||||
Total Return(b) |
||||||||||||||||
Net Asset Value(d) |
(4.05 | )% | 35.05 | % | 2.63 | % | 1.30 | % | ||||||||
Market Value (Unaudited)(e) |
(4.03 | )% | 34.99 | % | 2.60 | % | 1.43 | % | ||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||
Expenses |
0.23 | % | 0.23 | % | 0.23 | % | 0.23 | % | ||||||||
Expenses net of reimbursements |
0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | ||||||||
Net Investment Income Before Reimbursements |
1.23 | % | 1.17 | % | 1.55 | % | 1.45 | % | ||||||||
Net Investment Income Net of Reimbursements |
1.23 | % | 1.17 | % | 1.56 | % | 1.45 | % | ||||||||
Supplemental Data |
||||||||||||||||
Portfolio Turnover Rate(b)(f) |
22 | % | 43 | % | 47 | % | 9 | % | ||||||||
Net assets, end of period (thousands) |
$ | 161,522 | $ | 161,074 | $ | 110,524 | $ | 6,067 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
34 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund | ||||||||||||||||
Six Months April 30, 2022 |
For the period |
|||||||||||||||
Year ended October 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Net asset value, beginning of period |
$ | 27.92 | $ | 23.48 | $ | 25.60 | $ | 25.00 | ||||||||
|
|
|||||||||||||||
PER SHARE |
||||||||||||||||
Investment Operations |
||||||||||||||||
Net Investment Income |
0.33 | (a) | 0.73 | (a) | 0.64 | (a) | 0.16 | (a) | ||||||||
Net Realized and Unrealized Gain (Loss) |
(2.29 | ) | 4.43 | (2.22 | ) | 0.53 | ||||||||||
|
|
|||||||||||||||
Total from Operations |
(1.96 | ) | 5.16 | (1.58 | ) | 0.69 | ||||||||||
|
|
|||||||||||||||
Distributions |
||||||||||||||||
Net Investment Income |
(0.31 | ) | (0.72 | ) | (0.54 | ) | (0.09 | ) | ||||||||
|
|
|||||||||||||||
Total from Distributions |
(0.31 | ) | (0.72 | ) | (0.54 | ) | (0.09 | ) | ||||||||
|
|
|||||||||||||||
Net Asset Value, end of period |
$ | 25.65 | $ | 27.92 | $ | 23.48 | $ | 25.60 | ||||||||
|
|
|||||||||||||||
Total Return(b) |
||||||||||||||||
Net Asset Value(d) |
(7.08 | )% | 22.05 | % | (6.24 | )% | 2.76 | % | ||||||||
Market Value (Unaudited)(e) |
(8.18 | )% | 21.88 | % | (6.06 | )% | 3.04 | % | ||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||
Expenses |
0.33 | % | 0.33 | % | 0.33 | % | 0.32 | % | ||||||||
Expenses net of reimbursements |
0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||
Net Investment Income Before Reimbursements |
2.42 | % | 2.68 | % | 2.63 | % | 2.21 | % | ||||||||
Net Investment Income Net of Reimbursements |
2.42 | % | 2.68 | % | 2.64 | % | 2.21 | % | ||||||||
Supplemental Data |
||||||||||||||||
Portfolio Turnover Rate(b)(f) |
28 | % | 56 | % | 62 | % | 14 | % | ||||||||
Net assets, end of period (thousands) |
$ | 69,265 | $ | 75,371 | $ | 65,747 | $ | 5,120 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 35 |
Financial Highlights (cont.)
FlexShares® Emerging Markets Quality Low Volatility Index Fund | ||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For the period |
|||||||||||||||
Year ended October 31, | ||||||||||||||||
2021 | 2020 | |||||||||||||||
Net asset value, beginning of period |
$ | 26.41 | $ | 23.95 | $ | 24.94 | $ | 25.00 | ||||||||
|
|
|||||||||||||||
PER SHARE |
||||||||||||||||
Investment Operations |
||||||||||||||||
Net Investment Income |
0.22 | (a) | 0.69 | (a) | 0.56 | (a) | 0.23 | (a) | ||||||||
Net Realized and Unrealized Gain (Loss) |
(1.44 | ) | 2.22 | (0.91 | ) | (0.18 | ) | |||||||||
|
|
|||||||||||||||
Total from Operations |
(1.22 | ) | 2.91 | (0.35 | ) | 0.05 | ||||||||||
|
|
|||||||||||||||
Distributions |
||||||||||||||||
Net Investment Income |
(0.25 | ) | (0.45 | ) | (0.64 | ) | (0.11 | ) | ||||||||
|
|
|||||||||||||||
Total from Distributions |
(0.25 | ) | (0.45 | ) | (0.64 | ) | (0.11 | ) | ||||||||
|
|
|||||||||||||||
Net Asset Value, end of period |
$ | 24.94 | $ | 26.41 | $ | 23.95 | $ | 24.94 | ||||||||
|
|
|||||||||||||||
Total Return(b) |
||||||||||||||||
Net Asset Value(d) |
(4.62 | )% | 12.09 | % | (1.41 | )% | 0.19 | % | ||||||||
Market Value (Unaudited)(e) |
(5.54 | )% | 11.62 | % | (0.59 | )% | 0.31 | % | ||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||
Expenses |
0.41 | % | 0.41 | % | 0.41 | % | 0.40 | % | ||||||||
Expenses net of reimbursements |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | ||||||||
Net Investment Income Before Reimbursements |
1.75 | % | 2.57 | % | 2.38 | % | 3.18 | % | ||||||||
Net Investment Income Net of Reimbursements |
1.75 | % | 2.58 | % | 2.39 | % | 3.18 | % | ||||||||
Supplemental Data |
||||||||||||||||
Portfolio Turnover Rate(b)(f) |
25 | % | 54 | % | 81 | % | 12 | % | ||||||||
Net assets, end of period (thousands) |
$ | 14,965 | $ | 15,844 | $ | 9,578 | $ | 4,989 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
36 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® Morningstar US Market Factor Tilt Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 178.97 | $ | 121.11 | $ | 119.52 | $ | 110.13 | $ | 107.50 | $ | 88.32 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
1.21 | (a) | 2.08 | (a) | 2.10 | (a) | 1.95 | (a) | 2.02 | (a) | 1.74 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(19.75 | ) | 57.80 | 1.60 | 9.33 | 2.59 | 19.13 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(18.54 | ) | 59.88 | 3.70 | 11.28 | 4.61 | 20.87 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(1.18 | ) | (2.02 | ) | (2.11 | ) | (1.89 | ) | (1.98 | ) | (1.69 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(1.18 | ) | (2.02 | ) | (2.11 | ) | (1.89 | ) | (1.98 | ) | (1.69 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 159.25 | $ | 178.97 | $ | 121.11 | $ | 119.52 | $ | 110.13 | $ | 107.50 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(10.42 | )% | 49.68 | % | 3.28 | % | 10.41 | % | 4.22 | % | 23.77 | % | ||||||||||||
Market Value (Unaudited)(e) |
(10.38 | )% | 49.57 | % | 3.33 | % | 10.41 | % | 4.19 | % | 23.72 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.26 | % | 0.26 | % | 0.26 | % | 0.26 | % | 0.25 | % | 0.26 | % | ||||||||||||
Expenses net of reimbursements |
0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Net Investment Income Before Reimbursements |
1.39 | % | 1.28 | % | 1.78 | % | 1.72 | % | 1.77 | % | 1.73 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.40 | % | 1.29 | % | 1.79 | % | 1.72 | % | 1.77 | % | 1.74 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
6 | % | 24 | % | 26 | % | 28 | % | 15 | % | 22 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 1,496,989 | $ | 1,727,019 | $ | 1,174,786 | $ | 1,446,137 | $ | 1,387,665 | $ | 1,150,199 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 37 |
Financial Highlights (cont.)
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 73.71 | $ | 54.24 | $ | 62.67 | $ | 59.76 | $ | 67.51 | $ | 55.62 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.95 | (a) | 1.71 | (a) | 1.31 | (a) | 1.85 | (a) | 1.78 | (a) | 1.58 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(8.93 | ) | 19.27 | (7.88 | ) | 2.89 | (7.39 | ) | 11.91 | (g) | ||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(7.98 | ) | 20.98 | (6.57 | ) | 4.74 | (5.61 | ) | 13.49 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(1.37 | ) | (1.51 | ) | (1.86 | ) | (1.83 | ) | (2.14 | ) | (1.60 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(1.37 | ) | (1.51 | ) | (1.86 | ) | (1.83 | ) | (2.14 | ) | (1.60 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 64.36 | $ | 73.71 | $ | 54.24 | $ | 62.67 | $ | 59.76 | $ | 67.51 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(10.97 | )% | 38.79 | % | (10.57 | )% | 8.13 | % | (8.61 | )% | 24.58 | %(g) | ||||||||||||
Market Value (Unaudited)(e) |
(12.20 | )% | 38.95 | % | (10.23 | )% | 8.16 | % | (9.48 | )% | 25.38 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.40 | % | 0.40 | % | 0.40 | % | 0.40 | % | 0.39 | % | 0.40 | % | ||||||||||||
Expenses net of reimbursements |
0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
Net Investment Income Before Reimbursements |
2.74 | % | 2.42 | % | 2.28 | % | 3.09 | % | 2.65 | % | 2.57 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
2.74 | % | 2.42 | % | 2.28 | % | 3.09 | % | 2.65 | % | 2.57 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
16 | % | 29 | % | 21 | % | 25 | % | 34 | % | 22 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 553,514 | $ | 648,638 | $ | 499,016 | $ | 965,142 | $ | 968,096 | $ | 985,608 |
See Accompanying Notes to the Financial Statements.
38 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund | ||||||||||||||||||||||||
Six Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 60.79 | $ | 48.05 | $ | 50.42 | $ | 47.92 | $ | 57.38 | $ | 47.52 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.60 | (a) | 1.51 | (a) | 1.02 | (a) | 1.49 | (a) | 1.46 | (a) | 1.28 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(6.68 | ) | 12.40 | (1.97 | ) | 2.46 | (9.34 | ) | 9.80 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(6.08 | ) | 13.91 | (0.95 | ) | 3.95 | (7.88 | ) | 11.08 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.99 | ) | (1.17 | ) | (1.42 | ) | (1.45 | ) | (1.58 | ) | (1.22 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.99 | ) | (1.17 | ) | (1.42 | ) | (1.45 | ) | (1.58 | ) | (1.22 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 53.72 | $ | 60.79 | $ | 48.05 | $ | 50.42 | $ | 47.92 | $ | 57.38 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(10.14 | )% | 28.95 | % | (1.86 | )% | 8.29 | % | (14.05 | )% | 23.56 | % | ||||||||||||
Market Value (Unaudited)(e) |
(11.91 | )% | 30.12 | % | (1.44 | )% | 8.08 | % | (15.22 | )% | 23.47 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.60 | % | 0.60 | % | 0.60 | % | 0.60 | % | 0.59 | % | 0.60 | % | ||||||||||||
Expenses net of reimbursements |
0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
Net Investment Income Before Reimbursements |
2.10 | % | 2.46 | % | 2.13 | % | 2.92 | % | 2.56 | % | 2.44 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
2.10 | % | 2.47 | % | 2.14 | % | 2.93 | % | 2.56 | % | 2.44 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
16 | % | 40 | % | 41 | % | 45 | % | 49 | % | 34 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 268,605 | $ | 334,372 | $ | 225,847 | $ | 413,414 | $ | 488,736 | $ | 568,071 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 39 |
Financial Highlights (cont.)
FlexShares® US Quality Large Cap Index Fund | ||||||||||||||||||||||||
Six Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 50.25 | $ | 35.48 | $ | 34.69 | $ | 33.44 | $ | 31.83 | $ | 26.15 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.29 | (a) | 0.50 | (a) | 0.62 | (a) | 0.68 | (a) | 0.54 | (a) | 0.49 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(4.40 | ) | 14.76 | 0.76 | 1.29 | 1.58 | 5.65 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(4.11 | ) | 15.26 | 1.38 | 1.97 | 2.12 | 6.14 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.28 | ) | (0.49 | ) | (0.59 | ) | (0.72 | ) | (0.51 | ) | (0.46 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.28 | ) | (0.49 | ) | (0.59 | ) | (0.72 | ) | (0.51 | ) | (0.46 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 45.86 | $ | 50.25 | $ | 35.48 | $ | 34.69 | $ | 33.44 | $ | 31.83 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(8.23 | )% | 43.21 | % | 4.13 | % | 6.04 | % | 6.63 | % | 23.65 | % | ||||||||||||
Market Value (Unaudited)(e) |
(8.15 | )% | 43.09 | % | 4.16 | % | 6.01 | % | 6.30 | % | 24.08 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.33 | % | 0.33 | % | 0.33 | % | 0.33 | % | 0.33 | % | 0.34 | % | ||||||||||||
Expenses net of reimbursements |
0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||||||
Net Investment Income Before Reimbursements |
1.18 | % | 1.11 | % | 1.77 | % | 2.04 | % | 1.56 | % | 1.65 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.18 | % | 1.11 | % | 1.77 | % | 2.05 | % | 1.57 | % | 1.67 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
8 | % | 30 | % | 48 | % | 69 | % | 94 | % | 64 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 141,022 | $ | 144,475 | $ | 71,842 | $ | 51,171 | $ | 61,859 | $ | 27,055 |
See Accompanying Notes to the Financial Statements.
40 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® STOXX® US ESG Select Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 112.73 | $ | 79.16 | $ | 72.29 | $ | 64.33 | $ | 60.49 | $ | 49.96 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.63 | (a) | 1.26 | (a) | 1.27 | (a) | 1.21 | (a) | 1.09 | (a) | 1.05 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(13.55 | ) | 33.50 | 6.81 | 7.83 | 3.84 | 10.45 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(12.92 | ) | 34.76 | 8.08 | 9.04 | 4.93 | 11.50 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.64 | ) | (1.19 | ) | (1.21 | ) | (1.08 | ) | (1.09 | ) | (0.97 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.64 | ) | (1.19 | ) | (1.21 | ) | (1.08 | ) | (1.09 | ) | (0.97 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 99.17 | $ | 112.73 | $ | 79.16 | $ | 72.29 | $ | 64.33 | $ | 60.49 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(11.52 | )% | 44.15 | % | 11.40 | % | 14.21 | % | 8.13 | % | 23.19 | % | ||||||||||||
Market Value (Unaudited)(e) |
(11.55 | )% | 44.12 | % | 11.45 | % | 14.26 | % | 7.97 | % | 23.30 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.33 | % | 0.33 | % | 0.33 | % | 0.33 | % | 0.33 | % | 0.35 | % | ||||||||||||
Expenses net of reimbursements |
0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | ||||||||||||
Net Investment Income Before Reimbursements |
1.16 | % | 1.25 | % | 1.67 | % | 1.78 | % | 1.66 | % | 1.82 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.17 | % | 1.26 | % | 1.68 | % | 1.79 | % | 1.67 | % | 1.85 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
29 | % | 40 | % | 66 | % | 75 | % | 110 | % | 67 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 180,992 | $ | 191,643 | $ | 89,052 | $ | 56,024 | $ | 28,946 | $ | 13,610 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 41 |
Financial Highlights (cont.)
FlexShares® STOXX® Global ESG Select Index Fund | ||||||||||||||||||||||||
Six Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 148.57 | $ | 106.02 | $ | 101.77 | $ | 91.61 | $ | 91.97 | $ | 75.52 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
1.05 | (a) | 2.03 | (a) | 1.72 | (a) | 2.05 | (a) | 1.95 | (a) | 1.56 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(17.65 | ) | 42.38 | 4.26 | 10.12 | (0.61 | ) | 16.67 | (h) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(16.60 | ) | 44.41 | 5.98 | 12.17 | 1.34 | 18.23 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.98 | ) | (1.86 | ) | (1.73 | ) | (2.01 | ) | (1.70 | ) | (1.78 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.98 | ) | (1.86 | ) | (1.73 | ) | (2.01 | ) | (1.70 | ) | (1.78 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 130.99 | $ | 148.57 | $ | 106.02 | $ | 101.77 | $ | 91.61 | $ | 91.97 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(11.24 | )% | 42.10 | % | 6.03 | % | 13.49 | % | 1.38 | % | 24.37 | %(h) | ||||||||||||
Market Value (Unaudited)(e) |
(11.92 | )% | 41.84 | % | 6.46 | % | 12.96 | % | 1.71 | % | 24.55 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.43 | % | 0.45 | % | ||||||||||||
Expenses net of reimbursements |
0.42 | % | 0.42 | % | 0.42 | % | 0.42 | % | 0.42 | % | 0.42 | % | ||||||||||||
Net Investment Income Before Reimbursements |
1.47 | % | 1.50 | % | 1.66 | % | 2.15 | % | 2.03 | % | 1.81 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.48 | % | 1.51 | % | 1.66 | % | 2.16 | % | 2.04 | % | 1.83 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
33 | % | 48 | % | 58 | % | 66 | % | 78 | % | 64 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 163,740 | $ | 185,717 | $ | 111,323 | $ | 91,590 | $ | 73,284 | $ | 32,189 |
See Accompanying Notes to the Financial Statements.
42 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® ESG & Climate US Large Cap Core Index Fund |
||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For
the period 09/20/21* through 10/31/21 |
|||||||
Net asset value, beginning of period |
$ | 53.39 | $ | 50.00 | ||||
|
|
|||||||
PER SHARE |
||||||||
Investment Operations |
||||||||
Net Investment Income |
0.31 | (a) | 0.06 | (a) | ||||
Net Realized and Unrealized Gain (Loss) |
(5.95 | ) | 3.33 | |||||
|
|
|||||||
Total from Operations |
(5.64 | ) | 3.39 | |||||
|
|
|||||||
Distributions |
||||||||
Net Investment Income |
(0.33 | ) | — | |||||
From Net Realized Gains |
(0.01 | ) | — | |||||
|
|
|||||||
Total from Distributions |
(0.34 | ) | — | |||||
|
|
|||||||
Net Asset Value, end of period |
$ | 47.41 | $ | 53.39 | ||||
|
|
|||||||
Total Return(b) |
||||||||
Net Asset Value(d) |
(10.61 | )% | 6.78 | % | ||||
Market Value (Unaudited)(e) |
(10.56 | )% | 6.76 | % | ||||
RATIOS/SUPPLEMENT DATA |
||||||||
Ratios to Average Net Assets(c) |
||||||||
Expenses |
0.10 | % | 0.09 | % | ||||
Expenses net of reimbursements |
0.09 | % | 0.09 | % | ||||
Net Investment Income Before Reimbursements |
1.22 | % | 0.96 | % | ||||
Net Investment Income Net of Reimbursements |
1.22 | % | 0.96 | % | ||||
Supplemental Data |
||||||||
Portfolio Turnover Rate(b)(f) |
6 | % | — | %(i) | ||||
Net assets, end of period (thousands) |
$ | 13,038 | $ | 2,669 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 43 |
Financial Highlights (cont.)
FlexShares® ESG & Climate
Developed Markets ex-US Core Index Fund |
||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For
the period 09/20/21* through 10/31/21 |
|||||||
Net asset value, beginning of period |
$ | 51.19 | $ | 50.00 | ||||
|
|
|||||||
PER SHARE |
||||||||
Investment Operations |
||||||||
Net Investment Income |
0.86 | (a) | 0.16 | (a) | ||||
Net Realized and Unrealized Gain (Loss) |
(6.58 | ) | 1.03 | |||||
|
|
|||||||
Total from Operations |
(5.72 | ) | 1.19 | |||||
|
|
|||||||
Distributions |
||||||||
Net Investment Income |
(0.42 | ) | — | |||||
|
|
|||||||
Total from Distributions |
(0.42 | ) | — | |||||
|
|
|||||||
Net Asset Value, end of period |
$ | 45.05 | $ | 51.19 | ||||
|
|
|||||||
Total Return(b) |
||||||||
Net Asset Value(d) |
(11.24 | )% | 2.38 | % | ||||
Market Value (Unaudited)(e) |
(12.15 | )% | 2.82 | % | ||||
RATIOS/SUPPLEMENT DATA |
||||||||
Ratios to Average Net Assets(c) |
||||||||
Expenses |
0.13 | % | 0.12 | % | ||||
Expenses net of reimbursements |
0.12 | % | 0.12 | % | ||||
Net Investment Income Before Reimbursements |
3.61 | % | 2.72 | % | ||||
Net Investment Income Net of Reimbursements |
3.61 | % | 2.72 | % | ||||
Supplemental Data |
||||||||
Portfolio Turnover Rate(b)(f) |
9 | % | — | %(i) | ||||
Net assets, end of period (thousands) |
$ | 18,021 | $ | 5,119 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
44 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® ESG & Climate Emerging Markets Core Index Fund |
||||
For
the period 04/20/22* through 04/30/22 (Unaudited) |
||||
Net asset value, beginning of period |
$ | 50.00 | ||
|
|
|||
PER SHARE |
||||
Investment Operations |
||||
Net Investment Income |
0.01 | (a) | ||
Net Realized and Unrealized Gain (Loss) |
(0.98 | ) | ||
|
|
|||
Total from Operations |
(0.97 | ) | ||
|
|
|||
Distributions |
||||
Net Asset Value, end of period |
$ | 49.03 | ||
|
|
|||
Total Return(b) |
||||
Net Asset Value(d) |
(1.94 | )% | ||
Market Value (Unaudited)(e) |
(2.72 | )% | ||
RATIOS/SUPPLEMENT DATA |
||||
Ratios to Average Net Assets(c) |
||||
Expenses |
0.19 | % | ||
Expenses net of reimbursements |
0.18 | % | ||
Net Investment Income Before Reimbursements |
0.90 | % | ||
Net Investment Income Net of Reimbursements |
0.90 | % | ||
Supplemental Data |
||||
Portfolio Turnover Rate(b)(f) |
— | %(i) | ||
Net assets, end of period (thousands) |
$ | 4,903 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 45 |
Financial Highlights (cont.)
FlexShares® Morningstar Global Upstream Natural Resources Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 38.66 | $ | 26.71 | $ | 31.40 | $ | 31.51 | $ | 31.59 | $ | 27.40 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.77 | (a) | 1.44 | (a) | 0.89 | (a) | 1.08 | (a) | 0.91 | (a) | 0.70 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
6.32 | 11.72 | (4.65 | ) | (0.09 | ) | (0.13 | ) | 4.13 | (j) | ||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
7.09 | 13.16 | (3.76 | ) | 0.99 | 0.78 | 4.83 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.75 | ) | (1.21 | ) | (0.93 | ) | (1.10 | ) | (0.86 | ) | (0.64 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.75 | ) | (1.21 | ) | (0.93 | ) | (1.10 | ) | (0.86 | ) | (0.64 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 45.00 | $ | 38.66 | $ | 26.71 | $ | 31.40 | $ | 31.51 | $ | 31.59 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
18.55 | % | 49.70 | % | (11.87 | )% | 3.16 | % | 2.33 | % | 17.81 | %(j) | ||||||||||||
Market Value (Unaudited)(e) |
17.56 | % | 49.58 | % | (11.46 | )% | 3.06 | % | 2.01 | % | 17.97 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.46 | % | 0.47 | % | ||||||||||||
Expenses net of reimbursements |
0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | ||||||||||||
Net Investment Income Before Reimbursements |
3.64 | % | 3.95 | % | 3.03 | % | 3.40 | % | 2.72 | % | 2.36 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
3.64 | % | 3.95 | % | 3.04 | % | 3.41 | % | 2.72 | % | 2.36 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
17 | % | 28 | % | 29 | % | 24 | % | 30 | % | 18 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 8,140,723 | $ | 6,052,710 | $ | 2,924,726 | $ | 5,510,201 | $ | 5,435,783 | $ | 4,760,397 |
See Accompanying Notes to the Financial Statements.
46 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® STOXX® Global Broad Infrastructure Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 57.73 | $ | 48.10 | $ | 52.56 | $ | 45.09 | $ | 47.85 | $ | 43.49 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.69 | (a) | 1.38 | (a) | 1.25 | (a) | 1.35 | (a) | 1.36 | (a) | 1.37 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(3.10 | ) | 9.57 | (4.53 | ) | 7.34 | (2.71 | ) | 4.40 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(2.41 | ) | 10.95 | (3.28 | ) | 8.69 | (1.35 | ) | 5.77 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.74 | ) | (1.32 | ) | (1.18 | ) | (1.22 | ) | (1.41 | ) | (1.41 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.74 | ) | (1.32 | ) | (1.18 | ) | (1.22 | ) | (1.41 | ) | (1.41 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 54.58 | $ | 57.73 | $ | 48.10 | $ | 52.56 | $ | 45.09 | $ | 47.85 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(4.20 | )% | 22.85 | % | (6.23 | )% | 19.52 | % | (2.90 | )% | 13.44 | % | ||||||||||||
Market Value (Unaudited)(e) |
(4.64 | )% | 22.51 | % | (5.93 | )% | 19.99 | % | (3.25 | )% | 13.23 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.47 | % | 0.48 | % | ||||||||||||
Expenses net of reimbursements |
0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | ||||||||||||
Net Investment Income Before Reimbursements |
2.46 | % | 2.45 | % | 2.51 | % | 2.73 | % | 2.88 | % | 2.97 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
2.46 | % | 2.45 | % | 2.52 | % | 2.74 | % | 2.89 | % | 2.98 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
10 | % | 13 | % | 13 | % | 12 | % | 13 | % | 12 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 2,537,942 | $ | 2,643,906 | $ | 1,856,596 | $ | 1,477,030 | $ | 773,363 | $ | 875,628 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 47 |
Financial Highlights (cont.)
FlexShares® Global Quality Real Estate Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 70.35 | $ | 50.88 | $ | 66.60 | $ | 57.96 | $ | 62.02 | $ | 57.12 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.98 | (a) | 1.38 | (a) | 1.43 | (a) | 1.76 | (a) | 1.80 | (a) | 0.99 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(3.66 | ) | 19.13 | (14.62 | ) | 8.68 | (3.99 | ) | 5.54 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(2.68 | ) | 20.51 | (13.19 | ) | 10.44 | (2.19 | ) | 6.53 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(1.05 | ) | (1.04 | ) | (2.50 | ) | (1.80 | ) | (1.87 | ) | (1.63 | ) | ||||||||||||
Tax Return of Capital |
— | — | (0.03 | ) | — | — | — | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(1.05 | ) | (1.04 | ) | (2.53 | ) | (1.80 | ) | (1.87 | ) | (1.63 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 66.62 | $ | 70.35 | $ | 50.88 | $ | 66.60 | $ | 57.96 | $ | 62.02 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(3.92 | )% | 40.58 | % | (20.29 | )% | 18.37 | % | (3.69 | )% | 11.71 | % | ||||||||||||
Market Value (Unaudited)(e) |
(4.34 | )% | 40.98 | % | (20.40 | )% | 18.65 | % | (3.95 | )% | 11.71 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | 0.46 | % | ||||||||||||
Expenses net of reimbursements |
0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||
Net Investment Income Before Reimbursements |
2.81 | % | 2.16 | % | 2.53 | % | 2.80 | % | 2.92 | % | 1.67 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
2.82 | % | 2.17 | % | 2.54 | % | 2.81 | % | 2.92 | % | 1.67 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
25 | % | 52 | % | 56 | % | 53 | % | 61 | % | 64 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 419,694 | $ | 418,597 | $ | 264,574 | $ | 376,264 | $ | 275,332 | $ | 244,970 |
See Accompanying Notes to the Financial Statements.
48 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® Real Assets Allocation Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 33.67 | $ | 25.72 | $ | 30.30 | $ | 26.45 | $ | 28.08 | $ | 25.63 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.42 | (a) | 0.83 | (a) | 0.86 | (a) | 0.76 | (a) | 0.80 | (a) | 0.66 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(0.46 | ) | 7.78 | (4.58 | ) | 3.85 | (1.64 | ) | 2.54 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(0.04 | ) | 8.61 | (3.72 | ) | 4.61 | (0.84 | ) | 3.20 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.48 | ) | (0.66 | ) | (0.86 | ) | (0.76 | ) | (0.79 | ) | (0.75 | ) | ||||||||||||
From Net Realized Gains |
— | — | — | — | 0.00 | (k) | — | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.48 | ) | (0.66 | ) | (0.86 | ) | (0.76 | ) | (0.79 | ) | (0.75 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 33.15 | $ | 33.67 | $ | 25.72 | $ | 30.30 | $ | 26.45 | $ | 28.08 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(0.17 | )% | 33.66 | % | (12.45 | )% | 17.69 | % | (3.09 | )% | 12.73 | % | ||||||||||||
Market Value (Unaudited)(e) |
(0.23 | )% | 33.74 | % | (12.54 | )% | 17.72 | % | (3.32 | )% | 13.05 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.58 | %(l) | 0.58 | %(l) | 0.58 | %(l) | 0.58 | %(l) | 0.59 | %(l) | 0.65 | %(l) | ||||||||||||
Expenses net of reimbursements |
0.11 | %(l) | 0.12 | %(l) | 0.11 | %(l) | 0.11 | %(l) | 0.11 | %(l) | 0.11 | %(l) | ||||||||||||
Net Investment Income Before Reimbursements |
2.02 | % | 2.07 | % | 2.65 | % | 2.22 | % | 2.39 | % | 1.88 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
2.48 | % | 2.53 | % | 3.11 | % | 2.69 | % | 2.87 | % | 2.42 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
5 | % | 40 | % | 14 | % | 4 | % | 5 | % | 11 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 52,206 | $ | 30,300 | $ | 4,502 | $ | 11,361 | $ | 13,887 | $ | 6,318 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 49 |
Financial Highlights (cont.)
FlexShares® Quality Dividend Index Fund | ||||||||||||||||||||||||
Six Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 58.35 | $ | 43.40 | $ | 46.33 | $ | 44.53 | $ | 42.57 | $ | 37.11 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.61 | (a) | 1.16 | (a) | 1.24 | (a) | 1.24 | (a) | 1.20 | (a) | 1.23 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(2.50 | ) | 14.89 | (2.67 | ) | 2.29 | 1.98 | 5.43 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(1.89 | ) | 16.05 | (1.43 | ) | 3.53 | 3.18 | 6.66 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.63 | ) | (1.10 | ) | (1.25 | ) | (1.19 | ) | (1.22 | ) | (1.20 | ) | ||||||||||||
From Net Realized Gains |
— | — | (0.25 | ) | (0.54 | ) | — | — | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.63 | ) | (1.10 | ) | (1.50 | ) | (1.73 | ) | (1.22 | ) | (1.20 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 55.83 | $ | 58.35 | $ | 43.40 | $ | 46.33 | $ | 44.53 | $ | 42.57 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(3.30 | )% | 37.27 | % | (2.98 | )% | 8.45 | % | 7.42 | % | 18.10 | % | ||||||||||||
Market Value (Unaudited)(e) |
(3.29 | )% | 37.20 | % | (2.98 | )% | 8.52 | % | 7.40 | % | 18.03 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.37 | % | 0.38 | % | ||||||||||||
Expenses net of reimbursements |
0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | ||||||||||||
Net Investment Income Before Reimbursements |
2.09 | % | 2.16 | % | 2.79 | % | 2.80 | % | 2.64 | % | 3.00 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
2.10 | % | 2.16 | % | 2.79 | % | 2.81 | % | 2.64 | % | 3.00 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
19 | % | 51 | % | 75 | % | 95 | % | 76 | % | 89 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 1,627,523 | $ | 1,642,545 | $ | 1,265,177 | $ | 1,707,344 | $ | 1,759,108 | $ | 1,815,665 |
See Accompanying Notes to the Financial Statements.
50 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® Quality Dividend Defensive Index Fund | ||||||||||||||||||||||||
Six Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 56.01 | $ | 42.61 | $ | 46.25 | $ | 44.46 | $ | 42.04 | $ | 36.82 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.55 | (a) | 1.09 | (a) | 1.21 | (a) | 1.22 | (a) | 1.21 | (a) | 1.18 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(2.58 | ) | 13.39 | (3.28 | ) | 3.35 | 2.45 | 5.18 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(2.03 | ) | 14.48 | (2.07 | ) | 4.57 | 3.66 | 6.36 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.57 | ) | (1.08 | ) | (1.21 | ) | (1.14 | ) | (1.24 | ) | (1.14 | ) | ||||||||||||
From Net Realized Gains |
— | — | (0.36 | ) | (1.64 | ) | — | — | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.57 | ) | (1.08 | ) | (1.57 | ) | (2.78 | ) | (1.24 | ) | (1.14 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 53.41 | $ | 56.01 | $ | 42.61 | $ | 46.25 | $ | 44.46 | $ | 42.04 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(3.69 | )% | 34.28 | % | (4.45 | )% | 11.40 | % | 8.69 | % | 17.44 | % | ||||||||||||
Market Value (Unaudited)(e) |
(3.65 | )% | 34.19 | % | (4.43 | )% | 11.40 | % | 8.74 | % | 17.41 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||||
Expenses net of reimbursements |
0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | ||||||||||||
Net Investment Income Before Reimbursements |
1.97 | % | 2.10 | % | 2.77 | % | 2.76 | % | 2.70 | % | 2.94 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.97 | % | 2.11 | % | 2.77 | % | 2.76 | % | 2.71 | % | 2.95 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
22 | % | 57 | % | 76 | % | 91 | % | 94 | % | 74 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 395,216 | $ | 448,058 | $ | 411,173 | $ | 450,963 | $ | 320,091 | $ | 313,167 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 51 |
Financial Highlights (cont.)
FlexShares® Quality Dividend Dynamic Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 62.59 | $ | 43.94 | $ | 45.49 | $ | 42.20 | $ | 41.84 | $ | 35.32 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.62 | (a) | 1.22 | (a) | 1.33 | (a) | 1.21 | (a) | 1.15 | (a) | 1.19 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(3.52 | ) | 18.57 | (1.21 | ) | 3.26 | 0.40 | 6.45 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(2.90 | ) | 19.79 | 0.12 | 4.47 | 1.55 | 7.64 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.62 | ) | (1.14 | ) | (1.67 | ) | (1.18 | ) | (1.19 | ) | (1.12 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.62 | ) | (1.14 | ) | (1.67 | ) | (1.18 | ) | (1.19 | ) | (1.12 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 59.07 | $ | 62.59 | $ | 43.94 | $ | 45.49 | $ | 42.20 | $ | 41.84 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(4.69 | )% | 45.38 | % | 0.86 | % | 10.86 | % | 3.59 | % | 21.81 | % | ||||||||||||
Market Value (Unaudited)(e) |
(4.68 | )% | 45.32 | % | 0.91 | % | 10.89 | % | 3.67 | % | 21.59 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||||
Expenses net of reimbursements |
0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | ||||||||||||
Net Investment Income Before Reimbursements |
1.98 | % | 2.14 | % | 2.93 | % | 2.81 | % | 2.61 | % | 2.99 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.99 | % | 2.15 | % | 2.94 | % | 2.82 | % | 2.62 | % | 3.00 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
23 | % | 53 | % | 77 | % | 77 | % | 77 | % | 63 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 20,674 | $ | 21,905 | $ | 13,181 | $ | 52,308 | $ | 44,305 | $ | 58,571 |
See Accompanying Notes to the Financial Statements.
52 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® International Quality Dividend Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 25.77 | $ | 20.15 | $ | 23.06 | $ | 22.37 | $ | 26.27 | $ | 22.45 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.56 | (a) | 0.97 | (a) | 0.79 | (a) | 1.13 | (a) | 1.22 | (a) | 1.06 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(3.11 | ) | 5.55 | (2.86 | ) | 0.70 | (3.86 | ) | 3.69 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(2.55 | ) | 6.52 | (2.07 | ) | 1.83 | (2.64 | ) | 4.75 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.42 | ) | (0.90 | ) | (0.84 | ) | (1.14 | ) | (1.26 | ) | (0.93 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.42 | ) | (0.90 | ) | (0.84 | ) | (1.14 | ) | (1.26 | ) | (0.93 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 22.80 | $ | 25.77 | $ | 20.15 | $ | 23.06 | $ | 22.37 | $ | 26.27 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(9.99 | )% | 32.42 | % | (8.94 | )% | 8.41 | % | (10.48 | )% | 21.50 | % | ||||||||||||
Market Value (Unaudited)(e) |
(11.39 | )% | 32.85 | % | (8.93 | )% | 9.09 | % | (11.30 | )% | 21.80 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.47 | % | 0.48 | % | ||||||||||||
Expenses net of reimbursements |
0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | ||||||||||||
Net Investment Income Before Reimbursements |
4.54 | % | 3.80 | % | 3.68 | % | 4.98 | % | 4.77 | % | 4.27 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
4.54 | % | 3.81 | % | 3.68 | % | 4.98 | % | 4.78 | % | 4.28 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
31 | % | 68 | % | 74 | % | 71 | % | 71 | % | 69 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 570,054 | $ | 616,007 | $ | 453,477 | $ | 774,685 | $ | 765,167 | $ | 979,701 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 53 |
Financial Highlights (cont.)
FlexShares® International Quality Dividend Defensive Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 23.82 | $ | 19.16 | $ | 21.87 | $ | 21.39 | $ | 25.06 | $ | 22.16 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.47 | (a) | 0.93 | (a) | 0.74 | (a) | 1.09 | (a) | 1.14 | (a) | 0.99 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(2.34 | ) | 4.62 | (2.70 | ) | 0.51 | (3.54 | ) | 2.81 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(1.87 | ) | 5.55 | (1.96 | ) | 1.60 | (2.40 | ) | 3.80 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.32 | ) | (0.89 | ) | (0.75 | ) | (1.12 | ) | (1.27 | ) | (0.90 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.32 | ) | (0.89 | ) | (0.75 | ) | (1.12 | ) | (1.27 | ) | (0.90 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 21.63 | $ | 23.82 | $ | 19.16 | $ | 21.87 | $ | 21.39 | $ | 25.06 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(7.93 | )% | 29.03 | % | (8.92 | )% | 7.66 | % | (10.03 | )% | 17.45 | % | ||||||||||||
Market Value (Unaudited)(e) |
(9.08 | )% | 28.97 | % | (8.88 | )% | 8.12 | % | (10.91 | )% | 17.69 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
Expenses net of reimbursements |
0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | ||||||||||||
Net Investment Income Before Reimbursements |
4.10 | % | 3.91 | % | 3.65 | % | 5.02 | % | 4.68 | % | 4.18 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
4.11 | % | 3.92 | % | 3.66 | % | 5.03 | % | 4.68 | % | 4.19 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
31 | % | 65 | % | 75 | % | 63 | % | 69 | % | 72 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 62,718 | $ | 71,459 | $ | 59,404 | $ | 78,719 | $ | 87,703 | $ | 95,217 |
See Accompanying Notes to the Financial Statements.
54 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® International Quality Dividend Dynamic Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 30.39 | $ | 22.38 | $ | 24.94 | $ | 23.51 | $ | 27.82 | $ | 23.47 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.65 | (a) | 1.28 | (a) | 0.70 | (a) | 1.05 | (a) | 1.32 | (a) | 1.11 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(3.76 | ) | 7.63 | (2.45 | ) | 1.52 | (4.34 | ) | 4.08 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(3.11 | ) | 8.91 | (1.75 | ) | 2.57 | (3.02 | ) | 5.19 | |||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.51 | ) | (0.90 | ) | (0.81 | ) | (1.14 | ) | (1.29 | ) | (0.84 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.51 | ) | (0.90 | ) | (0.81 | ) | (1.14 | ) | (1.29 | ) | (0.84 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 26.77 | $ | 30.39 | $ | 22.38 | $ | 24.94 | $ | 23.51 | $ | 27.82 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(10.37 | )% | 39.87 | % | (6.99 | )% | 11.30 | % | (11.34 | )% | 22.37 | % | ||||||||||||
Market Value (Unaudited)(e) |
(11.80 | )% | 40.37 | % | (7.03 | )% | 12.23 | % | (12.11 | )% | 22.91 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||
Expenses net of reimbursements |
0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | 0.47 | % | ||||||||||||
Net Investment Income Before Reimbursements |
4.45 | % | 4.24 | % | 2.90 | % | 4.36 | % | 4.83 | % | 4.19 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
4.46 | % | 4.25 | % | 2.91 | % | 4.37 | % | 4.83 | % | 4.20 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
32 | % | 72 | % | 85 | % | 88 | % | 75 | % | 76 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 77,638 | $ | 75,975 | $ | 22,376 | $ | 47,391 | $ | 63,481 | $ | 91,796 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 55 |
Financial Highlights (cont.)
FlexShares® iBoxx 3-Year Target Duration TIPS Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 26.38 | $ | 25.73 | $ | 24.58 | $ | 23.81 | $ | 24.60 | $ | 24.82 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.77 | (a) | 1.09 | (a) | 0.33 | (a) | 0.46 | (a) | 0.68 | (a) | 0.37 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(0.91 | ) | 0.68 | 1.09 | 0.79 | (0.78 | ) | (0.27 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(0.14 | ) | 1.77 | 1.42 | 1.25 | (0.10 | ) | 0.10 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.54 | ) | (1.12 | ) | (0.27 | ) | (0.48 | ) | (0.69 | ) | (0.32 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.54 | ) | (1.12 | ) | (0.27 | ) | (0.48 | ) | (0.69 | ) | (0.32 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 25.70 | $ | 26.38 | $ | 25.73 | $ | 24.58 | $ | 23.81 | $ | 24.60 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(0.54 | )% | 6.95 | % | 5.81 | % | 5.30 | % | (0.41 | )% | 0.42 | % | ||||||||||||
Market Value (Unaudited)(e) |
(0.53 | )% | 6.95 | % | 5.85 | % | 5.35 | % | (0.49 | )% | 0.46 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.19 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.18 | % | 0.21 | % | ||||||||||||
Expenses net of reimbursements |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.20 | % | ||||||||||||
Net Investment Income Before Reimbursements |
5.93 | % | 4.14 | % | 1.33 | % | 1.89 | % | 2.79 | % | 1.49 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
5.93 | % | 4.15 | % | 1.33 | % | 1.89 | % | 2.80 | % | 1.50 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
50 | % | 53 | % | 71 | % | 52 | % | 85 | % | 134 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 2,153,953 | $ | 1,437,584 | $ | 1,429,491 | $ | 1,178,722 | $ | 1,641,610 | $ | 2,113,130 |
See Accompanying Notes to the Financial Statements.
56 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® iBoxx 5-Year Target Duration TIPS Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 28.02 | $ | 27.34 | $ | 25.50 | $ | 23.95 | $ | 25.06 | $ | 25.45 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.80 | (a) | 1.16 | (a) | 0.36 | (a) | 0.44 | (a) | 0.71 | (a) | 0.47 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(1.67 | ) | 0.70 | 1.76 | 1.59 | (1.08 | ) | (0.45 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(0.87 | ) | 1.86 | 2.12 | 2.03 | (0.37 | ) | 0.02 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.61 | ) | (1.18 | ) | (0.28 | ) | (0.48 | ) | (0.74 | ) | (0.41 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.61 | ) | (1.18 | ) | (0.28 | ) | (0.48 | ) | (0.74 | ) | (0.41 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 26.54 | $ | 28.02 | $ | 27.34 | $ | 25.50 | $ | 23.95 | $ | 25.06 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(3.15 | )% | 6.88 | % | 8.39 | % | 8.53 | % | (1.51 | )% | 0.08 | % | ||||||||||||
Market Value (Unaudited)(e) |
(3.18 | )% | 6.96 | % | 8.47 | % | 8.45 | % | (1.51 | )% | 0.08 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.20 | % | 0.19 | % | 0.19 | % | 0.19 | % | 0.18 | % | 0.21 | % | ||||||||||||
Expenses net of reimbursements |
0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.18 | % | 0.20 | % | ||||||||||||
Net Investment Income Before Reimbursements |
5.89 | % | 4.17 | % | 1.35 | % | 1.77 | % | 2.88 | % | 1.86 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
5.90 | % | 4.17 | % | 1.35 | % | 1.78 | % | 2.88 | % | 1.87 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
31 | % | 46 | % | 66 | % | 41 | % | 65 | % | 87 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 812,213 | $ | 714,479 | $ | 596,095 | $ | 557,185 | $ | 904,027 | $ | 819,372 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 57 |
Financial Highlights (cont.)
FlexShares® Disciplined Duration MBS Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 23.42 | $ | 24.10 | $ | 23.55 | $ | 22.74 | $ | 23.86 | $ | 24.74 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.07 | (a) | 0.09 | (a) | 0.37 | (a) | 0.61 | (a) | 0.49 | (a) | 0.39 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(1.83 | ) | (0.16 | ) | 0.85 | 1.03 | (0.88 | ) | (0.50 | ) | ||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(1.76 | ) | (0.07 | ) | 1.22 | 1.64 | (0.39 | ) | (0.11 | ) | ||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.27 | ) | (0.61 | ) | (0.67 | ) | (0.83 | ) | (0.73 | ) | (0.77 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.27 | ) | (0.61 | ) | (0.67 | ) | (0.83 | ) | (0.73 | ) | (0.77 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 21.39 | $ | 23.42 | $ | 24.10 | $ | 23.55 | $ | 22.74 | $ | 23.86 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(7.55 | )% | (0.28 | )% | 5.19 | % | 7.36 | % | (1.65 | )% | (0.44 | )% | ||||||||||||
Market Value (Unaudited)(e) |
(7.80 | )% | (0.11 | )% | 5.19 | % | 7.07 | % | (1.31 | )% | (0.53 | )% | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | 0.21 | % | ||||||||||||
Expenses net of reimbursements |
0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||
Net Investment Income Before Reimbursements |
0.62 | % | 0.35 | % | 1.54 | % | 2.64 | % | 2.09 | % | 1.61 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
0.62 | % | 0.36 | % | 1.54 | % | 2.65 | % | 2.10 | % | 1.62 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
168 | % | 476 | % | 175 | % | 61 | % | 160 | % | 61 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 108,042 | $ | 111,243 | $ | 100,020 | $ | 35,330 | $ | 71,628 | $ | 38,183 |
See Accompanying Notes to the Financial Statements.
58 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® Credit-Scored US Corporate Bond Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 53.52 | $ | 54.70 | $ | 52.58 | $ | 48.59 | $ | 50.98 | $ | 51.49 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.47 | (a) | 0.91 | (a) | 1.32 | (a) | 1.63 | (a) | 1.40 | (a) | 1.26 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(4.84 | ) | (0.51 | ) | 2.39 | 3.94 | (2.43 | ) | (0.34 | ) | ||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(4.37 | ) | 0.40 | 3.71 | 5.57 | (1.03 | ) | 0.92 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.48 | ) | (0.96 | ) | (1.37 | ) | (1.58 | ) | (1.36 | ) | (1.23 | ) | ||||||||||||
From Net Realized Gains |
(0.41 | ) | (0.62 | ) | (0.22 | ) | — | — | (0.20 | ) | ||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.89 | ) | (1.58 | ) | (1.59 | ) | (1.58 | ) | (1.36 | ) | (1.43 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 48.26 | $ | 53.52 | $ | 54.70 | $ | 52.58 | $ | 48.59 | $ | 50.98 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(8.26 | )% | 0.70 | % | 7.20 | % | 11.66 | % | (2.05 | )% | 1.85 | % | ||||||||||||
Market Value (Unaudited)(e) |
(8.45 | )% | 0.68 | % | 7.22 | % | 11.56 | % | (2.23 | )% | 1.99 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.23 | % | 0.23 | % | 0.23 | % | 0.23 | % | 0.23 | % | 0.23 | % | ||||||||||||
Expenses net of reimbursements |
0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | ||||||||||||
Net Investment Income Before Reimbursements |
1.82 | % | 1.68 | % | 2.46 | % | 3.20 | % | 2.83 | % | 2.48 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.83 | % | 1.69 | % | 2.46 | % | 3.21 | % | 2.84 | % | 2.49 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
32 | % | 53 | % | 62 | % | 65 | % | 76 | % | 65 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 246,143 | $ | 315,740 | $ | 202,397 | $ | 97,275 | $ | 60,736 | $ | 50,982 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 59 |
Financial Highlights (cont.)
FlexShares® Credit-Scored US Long Corporate Bond Index Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 60.85 | $ | 61.81 | $ | 57.84 | $ | 48.04 | $ | 53.88 | $ | 53.83 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.93 | (a) | 1.90 | (a) | 1.99 | (a) | 2.11 | (a) | 2.07 | (a) | 2.06 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(12.93 | ) | 1.22 | 3.90 | 9.89 | (5.87 | ) | 0.74 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(12.00 | ) | 3.12 | 5.89 | 12.00 | (3.80 | ) | 2.80 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.93 | ) | (1.88 | ) | (1.92 | ) | (2.20 | ) | (2.04 | ) | (2.07 | ) | ||||||||||||
From Net Realized Gains |
(0.94 | ) | (2.20 | ) | — | — | — | (0.68 | ) | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(1.87 | ) | (4.08 | ) | (1.92 | ) | (2.20 | ) | (2.04 | ) | (2.75 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 46.98 | $ | 60.85 | $ | 61.81 | $ | 57.84 | $ | 48.04 | $ | 53.88 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(20.28 | )% | 5.14 | % | 10.34 | % | 25.57 | % | (7.24 | )% | 5.58 | % | ||||||||||||
Market Value (Unaudited)(e) |
(20.78 | )% | 5.23 | % | 10.57 | % | 25.51 | % | (7.86 | )% | 4.25 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.23 | % | 0.23 | % | 0.23 | % | 0.23 | % | 0.23 | % | 0.24 | % | ||||||||||||
Expenses net of reimbursements |
0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | ||||||||||||
Net Investment Income Before Reimbursements |
3.38 | % | 3.13 | % | 3.27 | % | 4.06 | % | 4.05 | % | 3.92 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
3.38 | % | 3.14 | % | 3.28 | % | 4.07 | % | 4.06 | % | 3.94 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
31 | % | 88 | % | 74 | % | 44 | % | 93 | % | 91 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 46,976 | $ | 60,855 | $ | 46,360 | $ | 17,352 | $ | 26,424 | $ | 18,858 |
See Accompanying Notes to the Financial Statements.
60 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® High Yield Value-Scored Bond Index Fund | ||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For
the period 07/17/18* through 10/31/18 |
|||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||
Net asset value, beginning of period |
$ | 49.58 | $ | 46.25 | $ | 47.85 | $ | 48.84 | $ | 50.00 | ||||||||||
|
|
|||||||||||||||||||
PER SHARE |
||||||||||||||||||||
Investment Operations |
||||||||||||||||||||
Net Investment Income |
1.34 | (a) | 2.67 | (a) | 3.12 | (a) | 2.67 | (a) | 1.68 | (a) | ||||||||||
Net Realized and Unrealized Gain (Loss) |
(4.84 | ) | 3.42 | (1.77 | ) | 0.78 | (1.60 | ) | ||||||||||||
|
|
|||||||||||||||||||
Total from Operations |
(3.50 | ) | 6.09 | 1.35 | 3.45 | 0.08 | ||||||||||||||
|
|
|||||||||||||||||||
Distributions |
||||||||||||||||||||
Net Investment Income |
(1.33 | ) | (2.76 | ) | (2.95 | ) | (3.57 | ) | (1.24 | ) | ||||||||||
From Net Realized Gains |
(0.37 | ) | — | — | — | — | ||||||||||||||
Tax Return of Capital |
— | — | — | (0.87 | ) | — | ||||||||||||||
|
|
|||||||||||||||||||
Total from Distributions |
(1.70 | ) | (2.76 | ) | (2.95 | ) | (4.44 | ) | (1.24 | ) | ||||||||||
|
|
|||||||||||||||||||
Net Asset Value, end of period |
$ | 44.38 | $ | 49.58 | $ | 46.25 | $ | 47.85 | $ | 48.84 | ||||||||||
|
|
|||||||||||||||||||
Total Return(b) |
||||||||||||||||||||
Net Asset Value(d) |
(7.25 | )% | 13.38 | % | 3.07 | % | 7.48 | % | 0.13 | % | ||||||||||
Market Value (Unaudited)(e) |
(7.89 | )% | 13.20 | % | 3.12 | % | 7.64 | % | 0.13 | % | ||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||
Expenses |
0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | 0.38 | % | ||||||||||
Expenses net of reimbursements |
0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | 0.37 | % | ||||||||||
Net Investment Income Before Reimbursements |
5.72 | % | 5.40 | % | 6.78 | % | 5.56 | % | 11.56 | % | ||||||||||
Net Investment Income Net of Reimbursements |
5.72 | % | 5.40 | % | 6.78 | % | 5.57 | % | 11.57 | % | ||||||||||
Supplemental Data |
||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
64 | % | 128 | % | 95 | % | 44 | % | 18 | % | ||||||||||
Net assets, end of period (thousands) |
$ | 876,499 | $ | 575,184 | $ | 189,623 | $ | 100,480 | $ | 48,845 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 61 |
Financial Highlights (cont.)
FlexShares® ESG & Climate High Yield Corporate Core Index Fund |
||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For
the period 09/20/21* through 10/31/21 |
|||||||
Net asset value, beginning of period |
$ | 49.77 | $ | 50.00 | ||||
|
|
|||||||
PER SHARE |
||||||||
Investment Operations |
||||||||
Net Investment Income |
0.97 | (a) | 0.21 | (a) | ||||
Net Realized and Unrealized Gain (Loss) |
(4.69 | ) | (0.44 | ) | ||||
|
|
|||||||
Total from Operations |
(3.72 | ) | (0.23 | ) | ||||
|
|
|||||||
Distributions |
||||||||
Net Investment Income |
(1.12 | ) | — | |||||
|
|
|||||||
Total from Distributions |
(1.12 | ) | — | |||||
|
|
|||||||
Net Asset Value, end of period |
$ | 44.93 | $ | 49.77 | ||||
|
|
|||||||
Total Return(b) |
||||||||
Net Asset Value(d) |
(7.58 | )% | (0.50 | )% | ||||
Market Value (Unaudited)(e) |
(8.01 | )% | (0.50 | )% | ||||
RATIOS/SUPPLEMENT DATA |
||||||||
Ratios to Average Net Assets(c) |
||||||||
Expenses |
0.24 | % | 0.23 | % | ||||
Expenses net of reimbursements |
0.23 | % | 0.23 | % | ||||
Net Investment Income Before Reimbursements |
4.04 | % | 3.64 | % | ||||
Net Investment Income Net of Reimbursements |
4.05 | % | 3.64 | % | ||||
Supplemental Data |
||||||||
Portfolio Turnover Rate(b)(f) |
24 | % | 8 | % | ||||
Net assets, end of period (thousands) |
$ | 26,955 | $ | 49,767 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
62 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® ESG & Climate Investment Grade Corporate Core Index Fund |
||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For
the period 09/20/21* through 10/31/21 |
|||||||
Net asset value, beginning of period |
$ | 49.35 | $ | 50.00 | ||||
|
|
|||||||
PER SHARE |
||||||||
Investment Operations |
||||||||
Net Investment Income |
0.49 | (a) | 0.10 | (a) | ||||
Net Realized and Unrealized Gain (Loss) |
(6.65 | ) | (0.75 | ) | ||||
|
|
|||||||
Total from Operations |
(6.16 | ) | (0.65 | ) | ||||
|
|
|||||||
Distributions |
||||||||
Net Investment Income |
(0.52 | ) | — | |||||
|
|
|||||||
Total from Distributions |
(0.52 | ) | — | |||||
|
|
|||||||
Net Asset Value, end of period |
$ | 42.67 | $ | 49.35 | ||||
|
|
|||||||
Total Return(b) |
||||||||
Net Asset Value(d) |
(12.58 | )% | (1.32 | )% | ||||
Market Value (Unaudited)(e) |
(12.91 | )% | (1.30 | )% | ||||
RATIOS/SUPPLEMENT DATA |
||||||||
Ratios to Average Net Assets(c) |
||||||||
Expenses |
0.13 | % | 0.12 | % | ||||
Expenses net of reimbursements |
0.12 | % | 0.12 | % | ||||
Net Investment Income Before Reimbursements |
2.08 | % | 1.81 | % | ||||
Net Investment Income Net of Reimbursements |
2.09 | % | 1.81 | % | ||||
Supplemental Data |
||||||||
Portfolio Turnover Rate(b)(f) |
23 | % | 8 | % | ||||
Net assets, end of period (thousands) |
$ | 44,805 | $ | 49,347 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 63 |
Financial Highlights (cont.)
FlexShares® Ready Access Variable Income Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
||||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||
Net asset value, beginning of period |
$ | 76.01 | $ | 76.29 | $ | 75.89 | $ | 75.48 | $ | 75.61 | $ | 75.56 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.20 | (a) | 0.48 | (a) | 1.07 | (a) | 1.98 | (a) | 1.58 | (a) | 0.89 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(1.09 | ) | (0.22 | ) | 0.57 | 0.41 | (0.24 | ) | 0.00 | (k) | ||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(0.89 | ) | 0.26 | 1.64 | 2.39 | 1.34 | 0.89 | |||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.20 | ) | (0.52 | ) | (1.23 | ) | (1.98 | ) | (1.47 | ) | (0.84 | ) | ||||||||||||
From Net Realized Gains |
(0.20 | ) | (0.02 | ) | (0.01 | ) | — | — | — | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.40 | ) | (0.54 | ) | (1.24 | ) | (1.98 | ) | (1.47 | ) | (0.84 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 74.72 | $ | 76.01 | $ | 76.29 | $ | 75.89 | $ | 75.48 | $ | 75.61 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(1.16 | )% | 0.34 | % | 2.18 | % | 3.21 | % | 1.80 | % | 1.18 | % | ||||||||||||
Market Value (Unaudited)(e) |
(1.15 | )% | 0.35 | % | 2.17 | % | 3.18 | % | 1.91 | % | 1.06 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.26 | % | 0.26 | % | 0.26 | % | 0.26 | % | 0.26 | % | 0.26 | % | ||||||||||||
Expenses net of reimbursements |
0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||
Net Investment Income Before Reimbursements |
0.54 | % | 0.62 | % | 1.41 | % | 2.61 | % | 2.09 | % | 1.17 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
0.55 | % | 0.63 | % | 1.41 | % | 2.62 | % | 2.10 | % | 1.18 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
30 | % | 84 | % | 79 | % | 73 | % | 131 | % | 71 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 648,219 | $ | 374,339 | $ | 469,201 | $ | 275,097 | $ | 211,350 | $ | 162,557 |
See Accompanying Notes to the Financial Statements.
64 | FLEXSHARES SEMIANNUAL REPORT |
Financial Highlights (cont.)
FlexShares® Core Select Bond Fund | ||||||||||||||||||||||||
Six
Months ended April 30, 2022 (Unaudited) |
For
the period 11/18/16* through 10/31/17 |
|||||||||||||||||||||||
Year ended October 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | |||||||||||||||||||||
Net asset value, beginning of period |
$ | 26.22 | $ | 26.78 | $ | 25.66 | $ | 23.74 | $ | 25.08 | $ | 25.00 | ||||||||||||
|
|
|||||||||||||||||||||||
PER SHARE |
||||||||||||||||||||||||
Investment Operations |
||||||||||||||||||||||||
Net Investment Income |
0.22 | (a) | 0.46 | (a) | 0.51 | (a) | 0.73 | (a) | 0.63 | (a) | 0.55 | (a) | ||||||||||||
Net Realized and Unrealized Gain (Loss) |
(2.88 | ) | (0.39 | ) | 1.19 | 1.93 | (1.31 | ) | 0.15 | |||||||||||||||
|
|
|||||||||||||||||||||||
Total from Operations |
(2.66 | ) | 0.07 | 1.70 | 2.66 | (0.68 | ) | 0.70 | ||||||||||||||||
|
|
|||||||||||||||||||||||
Distributions |
||||||||||||||||||||||||
Net Investment Income |
(0.24 | ) | (0.52 | ) | (0.58 | ) | (0.74 | ) | (0.66 | ) | (0.62 | ) | ||||||||||||
From Net Realized Gains |
— | (0.11 | ) | — | — | — | — | |||||||||||||||||
|
|
|||||||||||||||||||||||
Total from Distributions |
(0.24 | ) | (0.63 | ) | (0.58 | ) | (0.74 | ) | (0.66 | ) | (0.62 | ) | ||||||||||||
|
|
|||||||||||||||||||||||
Net Asset Value, end of period |
$ | 23.32 | $ | 26.22 | $ | 26.78 | $ | 25.66 | $ | 23.74 | $ | 25.08 | ||||||||||||
|
|
|||||||||||||||||||||||
Total Return(b) |
||||||||||||||||||||||||
Net Asset Value(d) |
(10.20 | )% | 0.26 | % | 6.69 | % | 11.38 | % | (2.73 | )% | 2.86 | % | ||||||||||||
Market Value (Unaudited)(e) |
(10.23 | )% | 0.30 | % | 6.57 | % | 11.41 | % | (2.92 | )% | 3.19 | % | ||||||||||||
RATIOS/SUPPLEMENT DATA |
||||||||||||||||||||||||
Ratios to Average Net Assets(c) |
||||||||||||||||||||||||
Expenses |
0.36 | %(l) | 0.36 | %(l) | 0.36 | %(l) | 0.36 | %(l) | 0.36 | %(l) | 0.43 | %(l) | ||||||||||||
Expenses net of reimbursements |
0.21 | %(l) | 0.20 | %(l) | 0.20 | %(l) | 0.19 | %(l) | 0.16 | %(l) | 0.16 | %(l) | ||||||||||||
Net Investment Income Before Reimbursements |
1.59 | % | 1.56 | % | 1.76 | % | 2.80 | % | 2.41 | % | 2.08 | % | ||||||||||||
Net Investment Income Net of Reimbursements |
1.74 | % | 1.72 | % | 1.93 | % | 2.97 | % | 2.61 | % | 2.35 | % | ||||||||||||
Supplemental Data |
||||||||||||||||||||||||
Portfolio Turnover Rate(b)(f) |
53 | % | 50 | % | 91 | % | 135 | % | 53 | % | 99 | % | ||||||||||||
Net assets, end of period (thousands) |
$ | 144,010 | $ | 126,517 | $ | 109,123 | $ | 26,299 | $ | 38,583 | $ | 3,762 |
* |
Commencement of investment operations. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 65 |
Financial Highlights (cont.)
(a) |
Net investment income per share is based on average shares outstanding. |
(b) |
Not annualized for periods less than one year. |
(c) |
Annualized for periods less than one year. |
(d) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at adjusted net asset value. |
(e) |
Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at market value. Market value is determined by the mid point of the bid/ask spread at 4:00 p.m. Eastern Time from the primary listing exchange. Market value returns may vary from net asset value returns. |
(f) |
In-kind transactions are not included in portfolio turnover calculations. |
(g) |
Northern Trust Investments, Inc. reimbursed the Funds for losses incurred related to an error. For the FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund, the impact to the net realized and unrealized gain (loss) on investments per share amount is less than $0.005 and the total returns are less than 0.005%. Had these reimbursements not been made, the total returns would have been lower. |
(h) |
Northern Trust Investments, Inc. reimbursed the Funds for losses incurred related to an error. For the FlexShares STOXX Global ESG Select Index Fund, the impact to the net realized and unrealized gain (loss) on investments per share amount is less than $0.005 and the total returns are less than 0.005%. Had these reimbursements not been made, the total returns would have been lower. |
(i) |
Less than 0.5%. |
(j) |
Northern Trust Investments, Inc. reimbursed the Funds for losses incurred related to an error. The impact was an increase of $0.02 to the net realized and unrealized gain (loss) on investments per share and an increase of 0.06% to the total return of the FlexShares Morningstar Global Upstream Natural Resources Index Fund. Had these reimbursements not been made, the total returns would have been lower. |
(k) |
Per share amount is less than $0.005. |
(l) |
The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Fund(s) in which the Fund is invested. This ratio does not include these indirect fees and expenses. |
See Accompanying Notes to the Financial Statements.
66 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® US Quality Low Volatility Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 98.7% | ||||||||
Air Freight & Logistics – 1.3% | ||||||||
CH Robinson Worldwide, Inc. |
9,486 | $ | 1,006,939 | |||||
Expeditors International of Washington, Inc. |
10,540 | 1,044,198 | ||||||
2,051,137 | ||||||||
Automobiles – 0.6% | ||||||||
Tesla, Inc.* |
1,178 | 1,025,755 | ||||||
Banks – 0.1% | ||||||||
JPMorgan Chase & Co. |
868 | 103,605 | ||||||
Beverages – 1.4% | ||||||||
PepsiCo, Inc. |
13,082 | 2,246,310 | ||||||
Biotechnology – 5.0% | ||||||||
AbbVie, Inc. |
11,098 | 1,630,074 | ||||||
Amgen, Inc.(a) |
10,788 | 2,515,654 | ||||||
BioMarin Pharmaceutical, Inc.* |
7,750 | 630,462 | ||||||
Gilead Sciences, Inc. |
24,490 | 1,453,237 | ||||||
Regeneron Pharmaceuticals, Inc.* |
2,323 | 1,531,112 | ||||||
United Therapeutics Corp.* |
930 | 165,131 | ||||||
Vir Biotechnology, Inc.* |
10,974 | 223,321 | ||||||
8,148,991 | ||||||||
Capital Markets – 1.5% | ||||||||
Nasdaq, Inc. |
4,526 | 712,257 | ||||||
S&P Global, Inc. |
2,728 | 1,027,092 | ||||||
Virtu Financial, Inc., Class A |
23,126 | 667,879 | ||||||
2,407,228 | ||||||||
Chemicals – 0.8% | ||||||||
Ecolab, Inc. |
6,448 | 1,091,904 | ||||||
Linde plc |
434 | 135,391 | ||||||
1,227,295 | ||||||||
Commercial Services & Supplies – 3.0% | ||||||||
Republic Services, Inc. |
7,812 | 1,048,917 | ||||||
Tetra Tech, Inc. |
7,130 | 993,066 | ||||||
Waste Connections, Inc. |
7,812 | 1,077,822 | ||||||
Waste Management, Inc. |
10,168 | 1,672,026 | ||||||
4,791,831 |
Investments | Shares | Value | ||||||
Containers & Packaging – 0.8% | ||||||||
Packaging Corp. of America |
2,976 | $ | 479,642 | |||||
Sonoco Products Co.(a) |
14,260 | 882,837 | ||||||
1,362,479 | ||||||||
Diversified Consumer Services – 0.2% | ||||||||
Service Corp. International |
4,650 | 305,087 | ||||||
Diversified Financial Services – 0.4% | ||||||||
Berkshire Hathaway, Inc., Class B* |
1,860 | 600,464 | ||||||
Diversified Telecommunication Services – 2.0% | ||||||||
AT&T, Inc. |
17,918 | 337,934 | ||||||
Iridium Communications, Inc.* |
29,388 | 1,049,445 | ||||||
Verizon Communications, Inc. |
39,060 | 1,808,478 | ||||||
3,195,857 | ||||||||
Electric Utilities – 3.7% | ||||||||
American Electric Power Co., Inc. |
11,470 | 1,136,792 | ||||||
Duke Energy Corp. |
15,190 | 1,673,330 | ||||||
NextEra Energy, Inc. |
17,980 | 1,276,939 | ||||||
PNM Resources, Inc. |
17,298 | 807,125 | ||||||
Xcel Energy, Inc. |
14,446 | 1,058,314 | ||||||
5,952,500 | ||||||||
Entertainment – 0.0%(b) | ||||||||
Warner Bros Discovery, Inc.* |
4,334 | 78,662 | ||||||
Equity Real Estate Investment Trusts (REITs) – 3.9% | ||||||||
American Tower Corp. |
1,240 | 298,865 | ||||||
Crown Castle International Corp. |
4,092 | 757,879 | ||||||
Digital Realty Trust, Inc. |
7,192 | 1,050,895 | ||||||
Equinix, Inc. |
1,550 | 1,114,574 | ||||||
Essex Property Trust, Inc. |
3,348 | 1,102,396 | ||||||
Extra Space Storage, Inc. |
558 | 106,020 | ||||||
Public Storage |
4,092 | 1,520,178 | ||||||
SBA Communications Corp. |
930 | 322,812 | ||||||
6,273,619 | ||||||||
Food & Staples Retailing – 4.4% | ||||||||
Albertsons Cos., Inc., Class A |
28,520 | 892,106 | ||||||
Costco Wholesale Corp. |
4,154 | 2,208,765 | ||||||
Kroger Co. (The) |
21,018 | 1,134,131 | ||||||
Walmart, Inc. |
18,972 | 2,902,526 | ||||||
7,137,528 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 67 |
FlexShares® US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Food Products – 1.7% | ||||||||
Flowers Foods, Inc. |
9,734 | $ | 258,146 | |||||
Hershey Co. (The) |
6,572 | 1,483,760 | ||||||
Hormel Foods Corp. |
18,476 | 967,958 | ||||||
2,709,864 | ||||||||
Health Care Equipment & Supplies – 0.6% | ||||||||
Abbott Laboratories |
8,308 | 942,957 | ||||||
Health Care Providers & Services – 0.0%(b) | ||||||||
UnitedHealth Group, Inc. |
186 | 94,590 | ||||||
Hotels, Restaurants & Leisure – 0.9% | ||||||||
Airbnb, Inc., Class A* |
1,984 | 303,969 | ||||||
Booking Holdings, Inc.* |
516 | 1,140,520 | ||||||
1,444,489 | ||||||||
Household Durables – 0.5% | ||||||||
Newell Brands, Inc.(a) |
32,302 | 747,791 | ||||||
Household Products – 3.1% | ||||||||
Clorox Co. (The) |
9,114 | 1,307,585 | ||||||
Procter & Gamble Co. (The) |
22,816 | 3,663,109 | ||||||
4,970,694 | ||||||||
Industrial Conglomerates – 0.9% | ||||||||
Roper Technologies, Inc. |
3,038 | 1,427,617 | ||||||
Insurance – 7.4% | ||||||||
Alleghany Corp.* |
1,798 | 1,504,027 | ||||||
Aon plc, Class A |
3,410 | 982,046 | ||||||
Assurant, Inc. |
7,564 | 1,375,740 | ||||||
Chubb Ltd. |
8,184 | 1,689,587 | ||||||
Everest Re Group Ltd. |
2,852 | 783,473 | ||||||
Markel Corp.* |
682 | 922,937 | ||||||
Progressive Corp. (The) |
9,920 | 1,065,011 | ||||||
RenaissanceRe Holdings Ltd. |
5,456 | 783,045 | ||||||
Travelers Cos., Inc. (The) |
8,060 | 1,378,743 | ||||||
W R Berkley Corp. |
14,322 | 952,270 | ||||||
Willis Towers Watson plc |
2,108 | 452,925 | ||||||
11,889,804 | ||||||||
Interactive Media & Services – 4.3% | ||||||||
Alphabet, Inc., Class A* |
1,331 | 3,037,595 | ||||||
Alphabet, Inc., Class C* |
1,565 | 3,598,451 |
Investments | Shares | Value | ||||||
Interactive Media & Services – (continued) | ||||||||
Meta Platforms, Inc., Class A* |
1,364 | $ | 273,441 | |||||
6,909,487 | ||||||||
IT Services – 5.7% | ||||||||
Akamai Technologies, Inc.* (a) |
8,432 | 946,745 | ||||||
Amdocs Ltd. |
10,292 | 820,170 | ||||||
Automatic Data Processing, Inc. |
5,766 | 1,258,026 | ||||||
Jack Henry & Associates, Inc. |
7,440 | 1,410,475 | ||||||
Mastercard, Inc., Class A |
2,232 | 811,064 | ||||||
VeriSign, Inc.* |
2,728 | 487,466 | ||||||
Visa, Inc., Class A(a) |
16,616 | 3,541,368 | ||||||
9,275,314 | ||||||||
Life Sciences Tools & Services – 1.2% | ||||||||
ICON plc* |
3,286 | 743,326 | ||||||
QIAGEN NV* |
25,420 | 1,153,305 | ||||||
1,896,631 | ||||||||
Media – 1.2% | ||||||||
Cable One, Inc.(a) |
558 | 650,740 | ||||||
Charter Communications, Inc., Class A* (a) |
2,356 | 1,009,522 | ||||||
New York Times Co. (The), Class A |
7,440 | 285,101 | ||||||
1,945,363 | ||||||||
Metals & Mining – 2.2% | ||||||||
Agnico Eagle Mines Ltd. |
16,244 | 945,888 | ||||||
Newmont Corp. |
22,196 | 1,616,979 | ||||||
Royal Gold, Inc. |
7,688 | 1,003,130 | ||||||
3,565,997 | ||||||||
Multiline Retail – 2.1% | ||||||||
Dollar General Corp. |
5,084 | 1,207,603 | ||||||
Target Corp. |
9,300 | 2,126,445 | ||||||
3,334,048 | ||||||||
Multi-Utilities – 2.5% | ||||||||
CMS Energy Corp. |
20,832 | 1,430,950 | ||||||
Consolidated Edison, Inc. |
11,222 | 1,040,728 | ||||||
Dominion Energy, Inc. |
1,550 | 126,542 | ||||||
WEC Energy Group, Inc. |
14,756 | 1,476,338 | ||||||
4,074,558 |
See Accompanying Notes to the Financial Statements.
68 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Oil, Gas & Consumable Fuels – 1.0% | ||||||||
Coterra Energy, Inc.(a) |
56,172 | $ | 1,617,192 | |||||
Pharmaceuticals – 10.9% | ||||||||
Bristol-Myers Squibb Co. |
10,168 | 765,345 | ||||||
Eli Lilly & Co. |
15,066 | 4,401,231 | ||||||
Johnson & Johnson |
44,020 | 7,943,849 | ||||||
Merck & Co., Inc. |
38,378 | 3,403,745 | ||||||
Zoetis, Inc. |
6,572 | 1,164,887 | ||||||
17,679,057 | ||||||||
Professional Services – 1.2% | ||||||||
FTI Consulting, Inc.* (a) |
5,642 | 889,800 | ||||||
Thomson Reuters Corp. |
682 | 68,173 | ||||||
Verisk Analytics, Inc. |
5,022 | 1,024,739 | ||||||
1,982,712 | ||||||||
Road & Rail – 1.9% | ||||||||
JB Hunt Transport Services, Inc. |
5,146 | 879,194 | ||||||
Landstar System, Inc. |
7,378 | 1,142,852 | ||||||
Old Dominion Freight Line, Inc. |
3,968 | 1,111,516 | ||||||
3,133,562 | ||||||||
Semiconductors & Semiconductor Equipment – 0.4% | ||||||||
NVIDIA Corp. |
3,162 | 586,456 | ||||||
Software – 10.1% | ||||||||
Adobe, Inc.* |
2,976 | 1,178,347 | ||||||
Check Point Software Technologies Ltd.* |
9,610 | 1,213,647 | ||||||
Citrix Systems, Inc. |
8,494 | 850,249 | ||||||
Microsoft Corp. |
44,144 | 12,250,843 | ||||||
Tyler Technologies, Inc.* |
1,736 | 685,217 | ||||||
VMware, Inc., Class A |
1,426 | 154,065 | ||||||
16,332,368 | ||||||||
Specialty Retail – 3.3% | ||||||||
AutoZone, Inc.* |
124 | 242,478 | ||||||
Home Depot, Inc. (The) |
12,958 | 3,892,583 | ||||||
O’Reilly Automotive, Inc.* |
2,046 | 1,241,002 | ||||||
5,376,063 | ||||||||
Technology Hardware, Storage & Peripherals – 5.1% | ||||||||
Apple, Inc. |
52,452 | 8,269,058 |
Investments | Shares | Value | ||||||
Water Utilities – 0.8% | ||||||||
American Water Works Co., Inc. |
8,122 | $ | 1,251,438 | |||||
Wireless Telecommunication Services – 0.6% | ||||||||
T-Mobile US, Inc.* |
8,618 | 1,061,221 | ||||||
Total
Common Stocks (Cost $140,306,157) |
|
159,426,679 | ||||||
Principal Amount |
||||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||
U.S. TREASURY OBLIGATIONS – 0.1% | ||||||||
U.S.
Treasury Bills 0.40%, 6/30/2022(c) (d) |
$ | 185,000 | 184,789 | |||||
Total
Investments – 98.8% (Cost $140,491,034) |
|
159,611,468 | ||||||
Other assets less liabilities – 1.2% |
|
1,910,507 | ||||||
NET ASSETS – 100.0% |
|
$ | 161,521,975 |
* |
Non-income producing security. |
(a) |
The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $8,082,484, collateralized in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from May 12, 2022 – February 15, 2052; a total value of $8,427,849. |
(b) |
Represents less than 0.05% of net assets. |
(c) |
All or a portion of the security pledged as collateral for Futures Contracts. |
(d) |
The rate shown was the current yield as of April 30, 2022. |
Percentages shown are based on Net Assets.
As of April 30, 2022, 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 |
$ | 22,761,126 | ||
Aggregate gross unrealized depreciation |
(3,705,121 | ) | ||
Net unrealized appreciation |
$ | 19,056,005 | ||
Federal income tax cost |
$ | 140,515,921 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 69 |
FlexShares® US Quality Low Volatility Index Fund (cont.)
Futures Contracts
FlexShares® US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Depreciation* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
S&P 500 E-Mini Index |
17 | 06/17/2022 | USD | $ | 2,022,475 | $ | (39,542 | ) |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
Abbreviations:
USD – US Dollar
Security Type | % of Net Assets | |||
Common Stocks |
98.7 | % | ||
Short-Term Investments |
0.1 | |||
Others(1) |
1.2 | |||
100.0 | % |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
70 | FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 98.0% | ||||||||
Aerospace & Defense – 0.9% | ||||||||
Elbit Systems Ltd. |
243 | $ | 52,963 | |||||
Singapore Technologies Engineering Ltd. |
197,100 | 585,205 | ||||||
638,168 | ||||||||
Air Freight & Logistics – 0.9% | ||||||||
Deutsche Post AG (Registered) |
3,159 | 136,369 | ||||||
DSV A/S |
621 | 103,041 | ||||||
SG Holdings Co. Ltd. |
21,600 | 382,285 | ||||||
621,695 | ||||||||
Auto Components – 0.5% | ||||||||
Bridgestone Corp. |
2,700 | 99,343 | ||||||
Pirelli & C SpA(a) |
45,171 | 226,257 | ||||||
325,600 | ||||||||
Automobiles – 0.1% | ||||||||
Ferrari NV |
270 | 57,822 | ||||||
Banks – 12.3% | ||||||||
Bank Hapoalim BM |
56,052 | 523,021 | ||||||
Bank Leumi Le-Israel BM |
58,347 | 616,375 | ||||||
Bankinter SA(b) |
48,033 | 285,387 | ||||||
Banque Cantonale Vaudoise (Registered) |
2,727 | 232,482 | ||||||
BOC Hong Kong Holdings Ltd. |
148,500 | 542,244 | ||||||
Chiba Bank Ltd. (The)(b) |
37,800 | 218,526 | ||||||
Commonwealth Bank of Australia |
945 | 69,762 | ||||||
DBS Group Holdings Ltd. |
27,000 | 663,220 | ||||||
FinecoBank Banca Fineco SpA |
30,888 | 434,199 | ||||||
Hang Seng Bank Ltd. |
27,000 | 480,044 | ||||||
HSBC Holdings plc |
26,784 | 168,574 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
48,600 | 282,950 | ||||||
Mizuho Financial Group, Inc. |
37,800 | 460,538 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
54,000 | 484,510 | ||||||
Royal Bank of Canada |
14,580 | 1,480,188 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
20,200 | 610,397 | ||||||
Swedbank AB, Class A |
4,266 | 68,368 | ||||||
Toronto-Dominion Bank (The) |
7,074 | 513,592 | ||||||
United Overseas Bank Ltd. |
18,900 | 410,465 | ||||||
8,544,842 |
Investments | Shares | Value | ||||||
Beverages – 0.5% | ||||||||
Budweiser Brewing Co. APAC Ltd.(a) |
40,500 | $ | 102,100 | |||||
Suntory Beverage & Food Ltd. |
5,400 | 213,816 | ||||||
315,916 | ||||||||
Capital Markets – 2.3% | ||||||||
Deutsche Boerse AG |
3,861 | 676,960 | ||||||
Euronext NV(a) |
2,025 | 163,681 | ||||||
Japan Exchange Group, Inc. |
16,200 | 244,013 | ||||||
Singapore Exchange Ltd. |
72,900 | 516,830 | ||||||
1,601,484 | ||||||||
Chemicals – 5.2% | ||||||||
Air Liquide SA |
7,020 | 1,224,466 | ||||||
Akzo Nobel NV |
999 | 87,579 | ||||||
Givaudan SA (Registered) |
135 | 541,725 | ||||||
Kansai Paint Co. Ltd. |
5,400 | 75,065 | ||||||
Koninklijke DSM NV |
2,781 | 471,171 | ||||||
Novozymes A/S, Class B |
9,261 | 649,070 | ||||||
Symrise AG |
4,779 | 571,970 | ||||||
3,621,046 | ||||||||
Commercial Services & Supplies – 1.4% | ||||||||
Brambles Ltd. |
52,812 | 395,950 | ||||||
Secom Co. Ltd. |
8,100 | 573,552 | ||||||
969,502 | ||||||||
Diversified Financial Services – 0.5% | ||||||||
Groupe Bruxelles Lambert SA |
2,970 | 283,805 | ||||||
Investor AB, Class A(b) |
1,836 | 38,845 | ||||||
L E Lundbergforetagen AB, Class B |
540 | 25,585 | ||||||
Sofina SA |
54 | 16,748 | ||||||
364,983 | ||||||||
Diversified Telecommunication Services – 6.0% | ||||||||
BT Group plc |
63,045 | 140,378 | ||||||
Elisa OYJ |
9,207 | 541,593 | ||||||
HKT Trust & HKT Ltd. |
27,000 | 38,748 | ||||||
Koninklijke KPN NV(b) |
147,879 | 512,476 | ||||||
Nippon Telegraph & Telephone Corp. |
18,900 | 561,194 | ||||||
Orange SA |
30,780 | 367,511 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 71 |
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Diversified Telecommunication Services – (continued) | ||||||||
Proximus SADP |
14,958 | $ | 261,947 | |||||
Singapore Telecommunications Ltd. |
183,600 | 368,290 | ||||||
Spark New Zealand Ltd. |
2,457 | 7,846 | ||||||
Swisscom AG (Registered) |
1,080 | 641,780 | ||||||
Telecom Italia SpA |
194,940 | 57,192 | ||||||
Telefonica Deutschland Holding AG |
78,651 | 238,049 | ||||||
Telia Co. AB |
1,836 | 7,664 | ||||||
TELUS Corp. |
10,179 | 255,978 | ||||||
United Internet AG (Registered) |
4,995 | 161,931 | ||||||
4,162,577 | ||||||||
Electric Utilities – 4.7% | ||||||||
Chubu Electric Power Co., Inc. |
24,300 | 246,076 | ||||||
CLP Holdings Ltd. |
7,000 | 68,250 | ||||||
Emera, Inc.(b) |
5,265 | 255,536 | ||||||
Fortis, Inc. |
6,912 | 338,069 | ||||||
Hydro One Ltd.(a) |
10,638 | 289,079 | ||||||
Iberdrola SA |
75,330 | 874,958 | ||||||
Kansai Electric Power Co., Inc. (The) |
21,600 | 190,059 | ||||||
Power Assets Holdings Ltd. |
94,500 | 636,532 | ||||||
Red Electrica Corp. SA |
16,686 | 336,831 | ||||||
3,235,390 | ||||||||
Electronic Equipment, Instruments & Components – 0.8% | ||||||||
Halma plc |
9,855 | 306,230 | ||||||
Hirose Electric Co. Ltd. |
1,900 | 244,026 | ||||||
550,256 | ||||||||
Equity Real Estate Investment Trusts (REITs) – 0.4% | ||||||||
Link REIT |
34,062 | 295,638 | ||||||
Food & Staples Retailing – 4.7% | ||||||||
Carrefour SA |
14,661 | 311,807 | ||||||
Coles Group Ltd. |
8,046 | 106,925 | ||||||
Etablissements Franz Colruyt NV |
6,426 | 236,794 | ||||||
J Sainsbury plc |
77,544 | 227,133 | ||||||
Jeronimo Martins SGPS SA |
11,097 | 231,794 | ||||||
Koninklijke Ahold Delhaize NV(b) |
21,924 | 649,686 | ||||||
Loblaw Cos. Ltd. |
4,644 | 426,992 | ||||||
Metro, Inc. |
5,238 | 289,390 | ||||||
Tesco plc |
110,484 | 377,298 | ||||||
Welcia Holdings Co. Ltd. |
18,900 | 390,808 | ||||||
3,248,627 |
Investments | Shares | Value | ||||||
Food Products – 5.9% | ||||||||
JDE Peet’s NV |
8,370 | $ | 247,238 | |||||
MEIJI Holdings Co. Ltd. |
5,400 | 269,667 | ||||||
Nestle SA (Registered) |
25,218 | 3,273,547 | ||||||
Yakult Honsha Co. Ltd. |
5,400 | 280,086 | ||||||
4,070,538 | ||||||||
Gas Utilities – 1.2% | ||||||||
Osaka Gas Co. Ltd. |
13,500 | 244,346 | ||||||
Snam SpA |
54,459 | 300,127 | ||||||
Tokyo Gas Co. Ltd. |
13,500 | 259,559 | ||||||
804,032 | ||||||||
Health Care Equipment & Supplies – 1.1% | ||||||||
Coloplast A/S, Class B |
2,673 | 363,537 | ||||||
ConvaTec Group plc(a) (b) |
43,038 | 114,552 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
5,292 | 73,848 | ||||||
Hoya Corp. |
2,400 | 240,630 | ||||||
792,567 | ||||||||
Hotels, Restaurants & Leisure – 0.3% | ||||||||
McDonald’s Holdings Co. Japan Ltd. |
5,400 | 214,650 | ||||||
Household Durables – 0.3% | ||||||||
SEB SA |
351 | 42,472 | ||||||
Sekisui House Ltd. |
10,800 | 188,308 | ||||||
230,780 | ||||||||
Household Products – 0.7% | ||||||||
Reckitt Benckiser Group plc |
5,751 | 450,552 | ||||||
Independent Power and Renewable
Electricity Producers – 0.5% |
||||||||
Uniper SE |
12,879 | 333,146 | ||||||
Industrial Conglomerates – 1.2% | ||||||||
CK Hutchison Holdings Ltd. |
40,500 | 284,930 | ||||||
Jardine Matheson Holdings Ltd. |
5,400 | 286,902 | ||||||
Keppel Corp. Ltd. |
51,300 | 255,218 | ||||||
827,050 | ||||||||
Insurance – 2.2% | ||||||||
Admiral Group plc |
11,475 | 363,629 | ||||||
Fairfax Financial Holdings Ltd. |
432 | 238,595 | ||||||
Gjensidige Forsikring ASA |
702 | 15,190 |
See Accompanying Notes to the Financial Statements.
72 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Insurance – (continued) | ||||||||
Japan Post Holdings Co. Ltd. |
37,800 | $ | 265,936 | |||||
Medibank Pvt Ltd. |
128,655 | 292,572 | ||||||
Sampo OYJ, Class A |
1,593 | 77,994 | ||||||
Tryg A/S |
12,204 | 292,496 | ||||||
1,546,412 | ||||||||
IT Services – 1.6% | ||||||||
CGI, Inc.* |
3,996 | 320,293 | ||||||
Itochu Techno-Solutions Corp. |
5,400 | 127,331 | ||||||
Nomura Research Institute Ltd. |
8,100 | 231,947 | ||||||
Obic Co. Ltd. |
3,100 | 461,315 | ||||||
1,140,886 | ||||||||
Leisure Products – 0.4% | ||||||||
Shimano, Inc. |
1,500 | 269,759 | ||||||
Machinery – 1.7% | ||||||||
GEA Group AG |
7,533 | 295,388 | ||||||
Knorr-Bremse AG |
2,322 | 167,405 | ||||||
Kone OYJ, Class B |
9,693 | 471,299 | ||||||
Schindler Holding AG |
1,377 | 268,690 | ||||||
1,202,782 | ||||||||
Marine – 0.9% | ||||||||
Hapag-Lloyd AG(a) |
108 | 43,637 | ||||||
Kuehne + Nagel International AG (Registered) |
1,917 | 543,313 | ||||||
586,950 | ||||||||
Metals & Mining – 1.1% | ||||||||
BHP Group Ltd.(b) |
3,699 | 126,204 | ||||||
Franco-Nevada Corp. |
2,754 | 418,643 | ||||||
Hitachi Metals Ltd.* |
13,500 | 211,315 | ||||||
756,162 | ||||||||
Multiline Retail – 1.1% | ||||||||
B&M European Value Retail SA |
17,982 | 110,669 | ||||||
Pan Pacific International Holdings Corp. |
2,700 | 41,909 | ||||||
Wesfarmers Ltd. |
18,009 | 632,354 | ||||||
784,932 |
Investments | Shares | Value | ||||||
Multi-Utilities – 0.8% | ||||||||
National Grid plc |
35,451 | $ | 531,434 | |||||
Oil, Gas & Consumable Fuels – 1.3% | ||||||||
Enbridge, Inc. |
2,349 | 103,036 | ||||||
ENEOS Holdings, Inc. |
75,600 | 266,199 | ||||||
Idemitsu Kosan Co. Ltd. |
10,800 | 283,838 | ||||||
Shell plc |
8,937 | 243,819 | ||||||
896,892 | ||||||||
Personal Products – 1.2% | ||||||||
Beiersdorf AG |
2,187 | 221,074 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
6,500 | 446,010 | ||||||
Unilever plc |
4,158 | 194,145 | ||||||
861,229 | ||||||||
Pharmaceuticals – 14.4% | ||||||||
AstraZeneca plc |
9,099 | 1,220,975 | ||||||
GlaxoSmithKline plc |
70,119 | 1,581,978 | ||||||
Hikma Pharmaceuticals plc |
9,990 | 236,237 | ||||||
Novartis AG (Registered) |
2,295 | 204,544 | ||||||
Novo Nordisk A/S, Class B |
17,415 | 2,006,184 | ||||||
Ono Pharmaceutical Co. Ltd. |
10,800 | 277,836 | ||||||
Otsuka Holdings Co. Ltd. |
8,100 | 272,772 | ||||||
Roche Holding AG |
8,343 | 3,114,926 | ||||||
Roche Holding AG – BR |
108 | 43,705 | ||||||
Sanofi |
9,774 | 1,043,275 | ||||||
10,002,432 | ||||||||
Professional Services – 1.6% | ||||||||
RELX plc |
6,966 | 209,287 | ||||||
SGS SA (Registered) |
108 | 280,612 | ||||||
Wolters Kluwer NV |
6,102 | 621,715 | ||||||
1,111,614 | ||||||||
Real Estate Management & Development – 3.3% | ||||||||
CK Asset Holdings Ltd. |
81,000 | 551,277 | ||||||
Daito Trust Construction Co. Ltd. |
2,700 | 260,914 | ||||||
Henderson Land Development Co. Ltd. |
135,000 | 548,008 | ||||||
New World Development Co. Ltd. |
27,000 | 103,579 | ||||||
PSP Swiss Property AG (Registered) |
1,971 | 250,170 | ||||||
Sun Hung Kai Properties Ltd. |
50,500 | 585,379 | ||||||
2,299,327 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 73 |
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Road & Rail – 0.8% | ||||||||
MTR Corp. Ltd. |
54,000 | $ | 288,027 | |||||
Tobu Railway Co. Ltd. |
10,800 | 243,658 | ||||||
531,685 | ||||||||
Semiconductors & Semiconductor Equipment – 0.6% | ||||||||
ASML Holding NV |
702 | 405,835 | ||||||
Software – 2.9% | ||||||||
Constellation Software, Inc. |
297 | 469,853 | ||||||
Dassault Systemes SE |
10,800 | 484,621 | ||||||
Nice Ltd.* |
1,107 | 227,691 | ||||||
Open Text Corp. |
5,346 | 215,212 | ||||||
Oracle Corp. Japan |
5,400 | 349,275 | ||||||
Sage Group plc (The) |
8,073 | 74,740 | ||||||
SAP SE |
1,971 | 202,857 | ||||||
2,024,249 | ||||||||
Specialty Retail – 1.4% | ||||||||
Nitori Holdings Co. Ltd. |
4,100 | 422,468 | ||||||
USS Co. Ltd. |
32,400 | 540,417 | ||||||
962,885 | ||||||||
Technology Hardware, Storage & Peripherals – 1.2% | ||||||||
Canon, Inc. |
16,200 | 374,490 | ||||||
FUJIFILM Holdings Corp. |
8,800 | 487,206 | ||||||
861,696 | ||||||||
Textiles, Apparel & Luxury Goods – 2.1% | ||||||||
Hermes International |
513 | 642,121 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
1,215 | 794,053 | ||||||
1,436,174 | ||||||||
Tobacco – 0.5% | ||||||||
Japan Tobacco, Inc. |
18,900 | 324,361 | ||||||
Trading Companies & Distributors – 1.4% | ||||||||
Brenntag SE |
567 | 44,228 | ||||||
ITOCHU Corp. |
21,600 | 655,535 | ||||||
MonotaRO Co. Ltd. |
13,500 | 235,385 | ||||||
935,148 |
Investments | Shares | Value | ||||||
Water Utilities – 0.5% | ||||||||
United Utilities Group plc |
21,843 | $ | 315,649 | |||||
Wireless Telecommunication Services – 2.6% | ||||||||
KDDI Corp. |
25,800 | 863,253 | ||||||
Rogers Communications, Inc., Class B |
189 | 10,349 | ||||||
SoftBank Corp. |
45,900 | 536,728 | ||||||
Vodafone Group plc |
276,750 | 422,302 | ||||||
1,832,632 | ||||||||
Total Common
Stocks (Cost $66,363,409) |
67,897,986 | |||||||
Principal Amount |
||||||||
SECURITIES LENDING REINVESTMENTS(c) – 1.4% | ||||||||
REPURCHASE AGREEMENTS – 1.4% | ||||||||
CF
Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price
$968,902, collateralized by various U.S. Treasury Securities, ranging from
0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value
$981,652 |
$ | 968,888 | 968,888 | |||||
Total
Investments – 99.4% (Cost $67,332,297) |
|
68,866,874 | ||||||
Other assets less liabilities – 0.6% |
|
398,231 | ||||||
NET ASSETS – 100.0% |
|
$ | 69,265,105 |
* |
Non-income producing security. |
(a) |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) |
The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $1,820,532, collateralized in the form of cash with a value of $968,888 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $584,421 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from June 30, 2022 – February 15, 2052 and $404,862 of collateral in the form of Foreign Government |
See Accompanying Notes to the Financial Statements.
74 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Fixed Income Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from May 25, 2022 – September 20, 2117; a total value of $1,958,171. |
(c) |
The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $968,888. |
Percentages shown are based on Net Assets.
Abbreviations
OYJ – Public Limited Company
As of April 30, 2022, 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 |
$ | 5,912,435 | ||
Aggregate gross unrealized depreciation |
(4,728,973 | ) | ||
Net unrealized appreciation |
$ | 1,183,462 | ||
Federal income tax cost |
$ | 67,693,324 |
Futures Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Depreciation* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
MSCI EAFE E-Mini Index |
11 | 06/17/2022 | USD | $ | 1,098,130 | $ | (17,238 | ) |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
Forward Foreign Currency Contracts
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund had the following outstanding contracts as of April 30, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
USD |
71,337 | Morgan Stanley | AUD | 97,302 | 06/15/2022 | $ | 2,132 | |||||||||||||||
USD |
48,040 | Toronto-Dominion Bank (The) | AUD | 64,513 | 06/15/2022 | 2,156 | ||||||||||||||||
USD |
10,103 | Toronto-Dominion Bank (The) | CAD | 12,765 | 06/15/2022 | 116 | ||||||||||||||||
USD |
44,004 | Morgan Stanley | CHF | 40,642 | 06/15/2022 | 2,038 | ||||||||||||||||
USD |
24,507 | Toronto-Dominion Bank (The) | CHF | 22,805 | 06/15/2022 | 959 | ||||||||||||||||
USD |
58,409 | BNP Paribas SA | DKK | 394,074 | 06/15/2022 | 2,407 | ||||||||||||||||
USD |
29,324 | JPMorgan Chase Bank | DKK | 196,917 | 06/15/2022 | 1,340 | ||||||||||||||||
USD |
141,005 | Morgan Stanley | EUR | 127,819 | 06/15/2022 | 5,883 | ||||||||||||||||
USD |
86,338 | Toronto-Dominion Bank (The) | EUR | 78,305 | 06/15/2022 | 3,559 | ||||||||||||||||
USD |
124,084 | Morgan Stanley | GBP | 94,823 | 06/15/2022 | 5,028 | ||||||||||||||||
USD |
25,489 | Toronto-Dominion Bank (The) | GBP | 19,358 | 06/15/2022 | 1,184 | ||||||||||||||||
USD |
20,213 | JPMorgan Chase Bank | HKD | 158,002 | 06/15/2022 | 55 | ||||||||||||||||
USD |
73,344 | Citibank NA | ILS | 239,196 | 06/15/2022 | 1,585 | ||||||||||||||||
USD |
7,719 | JPMorgan Chase Bank | ILS | 24,981 | 06/15/2022 | 225 | ||||||||||||||||
USD |
195,872 | Citigroup Global Markets, Inc. | JPY | 23,858,367 | 06/15/2022 | 11,431 | ||||||||||||||||
USD |
78,361 | Morgan Stanley | JPY | 9,821,507 | 06/15/2022 | 2,435 | ||||||||||||||||
USD |
15,975 | Toronto-Dominion Bank (The) | JPY | 1,900,242 | 06/15/2022 | 1,285 | ||||||||||||||||
USD |
15,866 | Bank of New York | NOK | 141,685 | 06/15/2022 | 656 | ||||||||||||||||
USD |
4,978 | Citibank NA | NOK | 43,607 | 06/15/2022 | 297 | ||||||||||||||||
USD |
2,537 | Morgan Stanley | NZD | 3,702 | 06/15/2022 | 135 | ||||||||||||||||
USD |
83,991 | BNP Paribas SA | SEK | 810,605 | 06/15/2022 | 1,117 | ||||||||||||||||
USD |
13,204 | Citibank NA | SEK | 124,066 | 06/15/2022 | 520 | ||||||||||||||||
USD |
18,695 | Toronto-Dominion Bank (The) | SGD | 25,390 | 06/15/2022 | 309 | ||||||||||||||||
Total unrealized appreciation |
|
$ | 46,852 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 75 |
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
Forward Foreign Currency Contracts (cont.)
Contracts to Receive | Counterparty | In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
AUD |
10,625 | Toronto-Dominion Bank (The) | USD | 7,922 | 06/15/2022 | $ | (365 | ) | ||||||||||||||
CAD |
43,624 | Citibank NA | USD | 34,307 | 06/15/2022 | (178 | ) | |||||||||||||||
CAD |
19,999 | Toronto-Dominion Bank (The) | USD | 16,060 | 06/15/2022 | (414 | ) | |||||||||||||||
CHF |
13,358 | BNP Paribas SA | USD | 14,387 | 06/15/2022 | (593 | ) | |||||||||||||||
CHF |
27,101 | Citibank NA | USD | 28,728 | 06/15/2022 | (745 | ) | |||||||||||||||
CHF |
132,456 | Toronto-Dominion Bank (The) | USD | 142,184 | 06/15/2022 | (5,412 | ) | |||||||||||||||
DKK |
436,517 | Toronto-Dominion Bank (The) | USD | 65,446 | 06/15/2022 | (3,412 | ) | |||||||||||||||
EUR |
30,742 | Morgan Stanley | USD | 34,041 | 06/15/2022 | (1,543 | ) | |||||||||||||||
EUR |
27,768 | Toronto-Dominion Bank (The) | USD | 30,137 | 06/15/2022 | (782 | ) | |||||||||||||||
GBP |
17,397 | BNP Paribas SA | USD | 22,764 | 06/15/2022 | (920 | ) | |||||||||||||||
GBP |
10,209 | Morgan Stanley | USD | 13,537 | 06/15/2022 | (718 | ) | |||||||||||||||
HKD |
66,774 | Citibank NA | USD | 8,544 | 06/15/2022 | (25 | ) | |||||||||||||||
HKD |
84,852 | Citigroup Global Markets, Inc. | USD | 10,852 | 06/15/2022 | (27 | ) | |||||||||||||||
HKD |
39,720 | Goldman Sachs & Co. | USD | 5,079 | 06/15/2022 | (12 | ) | |||||||||||||||
JPY |
6,178,630 | Morgan Stanley | USD | 52,221 | 06/15/2022 | (4,456 | ) | |||||||||||||||
SGD |
7,316 | Citibank NA | USD | 5,398 | 06/15/2022 | (100 | ) | |||||||||||||||
Total unrealized depreciation |
|
$ | (19,702 | ) | ||||||||||||||||||
Net unrealized appreciation |
|
$ | 27,150 |
Abbreviations:
AUD – Australian Dollar
CAD – Canadian Dollar
CHF – Swiss Franc
DKK – Danish Krone
EUR – Euro
GBP – British Pound
HKD – Hong Kong Dollar
ILS – Israeli Shekel
JPY – Japanese Yen
NOK – Norwegian Krone
NZD – New Zealand Dollar
SEK – Swedish Krona
SGD – Singapore Dollar
USD – US Dollar
See Accompanying Notes to the Financial Statements.
76 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund (cont.)
FlexShares® Developed Markets ex-US Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:
Australia |
2.3 | % | ||
Belgium |
1.2 | |||
Canada |
8.1 | |||
Denmark |
4.9 | |||
Finland |
1.6 | |||
France |
7.3 | |||
Germany |
4.5 | |||
Hong Kong |
6.5 | |||
Israel |
2.0 | |||
Italy |
1.5 | |||
Japan |
21.6 | |||
Netherlands |
4.4 | |||
New Zealand |
0.1 | |||
Norway |
0.0 | † | ||
Portugal |
0.3 | |||
Singapore |
5.2 | |||
Spain |
2.2 | |||
Sweden |
0.2 | |||
Switzerland |
13.6 | |||
United Kingdom |
10.5 | |||
Other1 |
2.0 | |||
100.0 | % |
† |
Amount represents less than 0.05%. |
1 |
Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Common Stocks |
98.0 | % | ||
Securities Lending Reinvestments |
1.4 | |||
Others(1) |
0.6 | |||
100.0 | % |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 77 |
Schedule of Investments
FlexShares® Emerging Markets Quality Low Volatility Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 98.4% | ||||||||
Air Freight & Logistics – 0.7% | ||||||||
Agility Public Warehousing Co. KSC |
25,482 | $ | 103,940 | |||||
Auto Components – 0.9% | ||||||||
MRF Ltd. |
138 | 131,296 | ||||||
Automobiles – 1.1% | ||||||||
Bajaj Auto Ltd. |
2,586 | 126,168 | ||||||
Hero MotoCorp Ltd. |
1,086 | 35,612 | ||||||
161,780 | ||||||||
Banks – 22.4% | ||||||||
Abu Dhabi Islamic Bank PJSC |
51,324 | 122,684 | ||||||
Agricultural Bank of China Ltd., Class H |
198,000 | 74,696 | ||||||
Al Rajhi Bank |
4,416 | 207,920 | ||||||
Attijariwafa Bank |
1,566 | 72,928 | ||||||
Banco BBVA Peru SA |
5,634 | 2,611 | ||||||
Banco de Credito del Peru SA, Class C |
6,390 | 5,109 | ||||||
Bank Central Asia Tbk. PT |
25,200 | 14,124 | ||||||
Bank of China Ltd., Class H |
780,000 | 308,177 | ||||||
Bank of Communications Co. Ltd., Class H |
126,000 | 87,842 | ||||||
Boubyan Bank KSCP |
32,848 | 105,152 | ||||||
Chang Hwa Commercial Bank Ltd. |
127,200 | 79,836 | ||||||
China Construction Bank Corp., Class H |
210,000 | 149,615 | ||||||
China Merchants Bank Co. Ltd., Class H |
2,000 | 12,210 | ||||||
Commercial Bank PSQC (The) |
12,480 | 26,350 | ||||||
Commercial International Bank Egypt SAE |
38,502 | 93,288 | ||||||
E.Sun Financial Holding Co. Ltd. |
83,519 | 95,914 | ||||||
First Financial Holding Co. Ltd. |
115,260 | 108,708 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
135,484 | 109,167 | ||||||
ICICI Bank Ltd. |
5,538 | 53,849 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
492,000 | 297,226 | ||||||
Itau Unibanco Holding SA (Preference)* |
1,200 | 5,784 | ||||||
Kuwait Finance House KSCP |
54,205 | 174,227 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Malayan Banking Bhd. |
25,385 | $ | 52,887 | |||||
Masraf Al Rayan QSC |
65,430 | 96,840 | ||||||
Mega Financial Holding Co. Ltd. |
114,000 | 160,893 | ||||||
National Bank of Kuwait SAKP |
39,387 | 135,210 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) |
126,000 | 96,353 | ||||||
Qatar Islamic Bank SAQ |
23,184 | 155,907 | ||||||
Qatar National Bank QPSC |
44,526 | 284,267 | ||||||
Saudi National Bank (The) |
1,884 | 39,681 | ||||||
Sberbank of Russia PJSC‡ (b) |
12,360 | — | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
124,207 | 120,096 | ||||||
3,349,551 | ||||||||
Capital Markets – 0.8% | ||||||||
Macquarie Korea Infrastructure Fund |
10,776 | 121,831 | ||||||
Chemicals – 3.1% | ||||||||
Asian Paints Ltd. |
3,798 | 160,838 | ||||||
PhosAgro PJSC‡ (b) |
1,158 | — | ||||||
Pidilite Industries Ltd. |
2,748 | 87,129 | ||||||
SABIC Agri-Nutrients Co. |
3,084 | 133,694 | ||||||
Yanbu National Petrochemical Co. |
4,710 | 76,725 | ||||||
458,386 | ||||||||
Construction Materials – 1.1% | ||||||||
ACC Ltd. |
1,014 | 30,893 | ||||||
Asia Cement Corp. |
18,000 | 29,373 | ||||||
LafargeHolcim Maroc SA |
342 | 68,495 | ||||||
Taiwan Cement Corp. |
24,000 | 37,373 | ||||||
166,134 | ||||||||
Consumer Finance – 0.0%(c) | ||||||||
Bajaj Finance Ltd. |
42 | 3,666 | ||||||
Diversified Financial Services – 0.6% | ||||||||
Far East Horizon Ltd. |
114,000 | 93,134 | ||||||
Diversified Telecommunication Services – 6.3% | ||||||||
China Tower Corp. Ltd., Class H(a) |
696,000 | 81,609 | ||||||
Chunghwa Telecom Co. Ltd. |
39,000 | 173,330 | ||||||
Emirates Integrated Telecommunications Co. PJSC |
48,234 | 86,539 |
See Accompanying Notes to the Financial Statements.
78 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Diversified Telecommunication Services – (continued) | ||||||||
Emirates Telecommunications Group Co. PJSC |
17,160 | $ | 163,515 | |||||
Hellenic Telecommunications Organization SA |
6,198 | 120,310 | ||||||
Itissalat Al-Maghrib |
8,076 | 108,369 | ||||||
Saudi Telecom Co. |
5,928 | 183,334 | ||||||
Telefonica Brasil SA |
1,800 | 19,333 | ||||||
936,339 | ||||||||
Electric Utilities – 1.6% | ||||||||
Cia de Transmissao de Energia Eletrica Paulista (Preference) |
6,600 | 33,532 | ||||||
Manila Electric Co. |
16,860 | 113,810 | ||||||
Tenaga Nasional Bhd. |
45,600 | 94,688 | ||||||
242,030 | ||||||||
Electronic Equipment, Instruments & Components – 1.4% | ||||||||
Hon Hai Precision Industry Co. Ltd. |
13,000 | 44,986 | ||||||
Synnex Technology International Corp. |
36,000 | 94,655 | ||||||
WPG Holdings Ltd. |
42,000 | 77,373 | ||||||
217,014 | ||||||||
Entertainment – 0.6% | ||||||||
NetEase, Inc., ADR |
888 | 84,653 | ||||||
Food & Staples Retailing – 1.4% | ||||||||
BIM Birlesik Magazalar A/S |
6,750 | 37,962 | ||||||
InRetail Peru Corp.(a) |
2,370 | 86,268 | ||||||
President Chain Store Corp. |
9,000 | 83,510 | ||||||
207,740 | ||||||||
Food Products – 5.9% | ||||||||
Almarai Co. JSC |
4,788 | 66,380 | ||||||
Dali Foods Group Co. Ltd.(a) |
216,000 | 110,668 | ||||||
International Holding Co. PJSC* |
2,268 | 134,794 | ||||||
Nestle Malaysia Bhd. |
3,900 | 119,325 | ||||||
Orion Corp. |
798 | 60,358 | ||||||
Tingyi Cayman Islands Holding Corp. |
58,000 | 106,299 | ||||||
Uni-President China Holdings Ltd. |
78,000 | 68,892 | ||||||
Uni-President Enterprises Corp. |
42,000 | 97,464 |
Investments | Shares | Value | ||||||
Food Products – (continued) | ||||||||
Want Want China Holdings Ltd. |
126,000 | $ | 113,857 | |||||
878,037 | ||||||||
Gas Utilities – 1.7% | ||||||||
China Resources Gas Group Ltd. |
16,000 | 60,871 | ||||||
ENN Energy Holdings Ltd. |
5,800 | 78,283 | ||||||
Petronas Gas Bhd. |
30,000 | 117,009 | ||||||
256,163 | ||||||||
Health Care Providers & Services – 3.9% | ||||||||
Bangkok Dusit Medical Services PCL, NVDR |
158,400 | 119,089 | ||||||
Bangkok Dusit Medical Services PCL, Class F |
17,400 | 12,955 | ||||||
Bumrungrad Hospital PCL, NVDR |
25,200 | 118,090 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,758 | 93,740 | ||||||
IHH Healthcare Bhd. |
52,800 | 80,167 | ||||||
Mouwasat Medical Services Co. |
1,506 | 96,765 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
42,000 | 68,304 | ||||||
589,110 | ||||||||
Hotels, Restaurants & Leisure – 0.6% | ||||||||
Yum China Holdings, Inc. |
2,334 | 97,561 | ||||||
Household Durables – 1.5% | ||||||||
Coway Co. Ltd. |
2,100 | 118,543 | ||||||
Whirlpool of India Ltd. |
5,208 | 110,612 | ||||||
229,155 | ||||||||
Independent Power and Renewable
Electricity Producers – 0.0% |
||||||||
Unipro PJSC‡ (b) |
726,000 | — | ||||||
Insurance – 0.5% | ||||||||
Bupa Arabia for Cooperative Insurance Co. |
1,830 | 81,088 | ||||||
Interactive Media & Services – 3.1% | ||||||||
Tencent Holdings Ltd. |
9,600 | 461,760 | ||||||
Internet & Direct Marketing Retail – 3.3% | ||||||||
Alibaba Group Holding Ltd., ADR* |
4,434 | 430,497 | ||||||
JD.com, Inc., ADR* |
840 | 51,794 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 79 |
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Internet & Direct Marketing Retail – (continued) | ||||||||
JD.com, Inc., Class A* |
457 | $ | 15,470 | |||||
Pinduoduo, Inc., ADR* |
84 | 3,620 | ||||||
501,381 | ||||||||
IT Services – 4.3% | ||||||||
Infosys Ltd. |
4,602 | 94,370 | ||||||
Samsung SDS Co. Ltd. |
1,086 | 128,400 | ||||||
Tata Consultancy Services Ltd. |
9,102 | 422,305 | ||||||
645,075 | ||||||||
Life Sciences Tools & Services – 0.1% | ||||||||
Samsung Biologics Co. Ltd.* (a) |
25 | 16,680 | ||||||
Marine – 0.6% | ||||||||
MISC Bhd. |
47,400 | 85,034 | ||||||
Metals & Mining – 0.6% | ||||||||
Polyus PJSC‡ (b) |
546 | — | ||||||
Vale SA |
5,400 | 90,821 | ||||||
90,821 | ||||||||
Multiline Retail – 0.0%(c) | ||||||||
Robinson PCL* |
600 | 342 | ||||||
Multi-Utilities – 0.8% | ||||||||
Qatar Electricity & Water Co. QSC |
24,336 | 114,271 | ||||||
Oil, Gas & Consumable Fuels – 1.4% | ||||||||
Petroleo Brasileiro SA |
600 | 4,051 | ||||||
Petroleo Brasileiro SA (Preference) |
2,400 | 14,675 | ||||||
Petronas Dagangan Bhd. |
16,200 | 80,898 | ||||||
Qatar Fuel QSC |
22,932 | 115,423 | ||||||
Surgutneftegas PJSC (Preference)‡ (b) |
156,600 | — | ||||||
215,047 | ||||||||
Personal Products – 1.3% | ||||||||
Colgate-Palmolive India Ltd. |
6,174 | 133,632 | ||||||
Hengan International Group Co. Ltd. |
9,000 | 42,671 | ||||||
Hindustan Unilever Ltd. |
594 | 17,366 | ||||||
193,669 | ||||||||
Pharmaceuticals – 3.5% | ||||||||
Cipla Ltd. |
10,440 | 134,006 |
Investments | Shares | Value | ||||||
Pharmaceuticals – (continued) | ||||||||
Dr Reddy’s Laboratories Ltd. |
720 | $ | 38,918 | |||||
Lupin Ltd. |
2,370 | 23,087 | ||||||
Richter Gedeon Nyrt. |
3,324 | 66,287 | ||||||
Sino Biopharmaceutical Ltd. |
12,000 | 6,347 | ||||||
Sun Pharmaceutical Industries Ltd. |
5,910 | 71,797 | ||||||
Torrent Pharmaceuticals Ltd. |
132 | 4,860 | ||||||
Yuhan Corp. |
1,758 | 85,521 | ||||||
Zydus Lifesciences Ltd. |
19,434 | 89,514 | ||||||
520,337 | ||||||||
Professional Services – 1.0% | ||||||||
51job, Inc., ADR* |
2,430 | 147,866 | ||||||
Real Estate Management & Development – 1.4% | ||||||||
Aldar Properties PJSC |
100,278 | 154,251 | ||||||
Wharf Holdings Ltd. (The) |
18,000 | 52,879 | ||||||
207,130 | ||||||||
Semiconductors & Semiconductor Equipment – 5.8% | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
48,000 | 876,117 | ||||||
Specialty Retail – 3.0% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
108,522 | 122,023 | ||||||
Home Product Center PCL, NVDR |
264,000 | 115,620 | ||||||
Hotel Shilla Co. Ltd. |
294 | 19,007 | ||||||
Jarir Marketing Co. |
2,220 | 113,640 | ||||||
Zhongsheng Group Holdings Ltd. |
11,000 | 73,323 | ||||||
443,613 | ||||||||
Technology Hardware, Storage & Peripherals – 4.1% | ||||||||
Compal Electronics, Inc. |
96,000 | 72,467 | ||||||
Inventec Corp. |
90,000 | 77,556 | ||||||
Lite-On Technology Corp. |
7,000 | 15,437 | ||||||
Samsung Electronics Co. Ltd. |
8,358 | 448,510 | ||||||
613,970 | ||||||||
Textiles, Apparel & Luxury Goods – 0.1% | ||||||||
Li Ning Co. Ltd. |
500 | 3,986 | ||||||
Page Industries Ltd. |
12 | 7,155 | ||||||
11,141 | ||||||||
Tobacco – 0.9% | ||||||||
KT&G Corp. |
1,962 | 129,030 |
See Accompanying Notes to the Financial Statements.
80 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Transportation Infrastructure – 1.5% | ||||||||
Taiwan High Speed Rail Corp. |
120,000 | $ | 113,993 | |||||
Westports Holdings Bhd. |
123,000 | 111,317 | ||||||
225,310 | ||||||||
Water Utilities – 0.5% | ||||||||
Guangdong Investment Ltd. |
62,000 | 79,810 | ||||||
Wireless Telecommunication Services – 5.0% | ||||||||
Advanced Info Service PCL, NVDR |
18,000 | 112,993 | ||||||
Bharti Airtel Ltd.* |
246 | 2,378 | ||||||
Etihad Etisalat Co. |
6,762 | 77,972 | ||||||
Far EasTone Telecommunications Co. Ltd. |
38,000 | 106,746 | ||||||
Globe Telecom, Inc. |
210 | 9,131 | ||||||
Intouch Holdings PCL, NVDR |
49,800 | 101,781 | ||||||
Maxis Bhd. |
69,000 | 60,228 | ||||||
Mobile Telecommunications Co. KSCP |
41,730 | 92,733 | ||||||
PLDT, Inc. |
690 | 24,663 | ||||||
Taiwan Mobile Co. Ltd. |
25,000 | 92,026 | ||||||
Vodacom Group Ltd. |
6,342 | 60,941 | ||||||
741,592 | ||||||||
Total Common
Stocks (Cost $14,445,142) |
14,728,604 | |||||||
Total
Investments – 98.4% (Cost $14,445,142) |
|
14,728,604 | ||||||
Other assets less liabilities – 1.6% |
|
236,667 | ||||||
NET ASSETS – 100.0% |
|
$ | 14,965,271 |
* |
Non-income producing security. |
(a) |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) |
Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
(c) |
Represents less than 0.05% of net assets. |
‡ |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
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.
As of April 30, 2022, 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 |
$ | 1,827,822 | ||
Aggregate gross unrealized depreciation |
(1,584,292 | ) | ||
Net unrealized appreciation |
$ | 243,530 | ||
Federal income tax cost |
$ | 14,486,513 |
Futures Contracts
FlexShares® Emerging Markets Quality Low Volatility Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Appreciation* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
MSCI Emerging Markets E-Mini Index |
5 | 06/17/2022 | USD | $ | 264,350 | $ | 1,446 |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 81 |
FlexShares® Emerging Markets Quality Low Volatility Index Fund (cont.)
Forward Foreign Currency Contracts
FlexShares® Emerging Markets Quality Low Volatility Index Fund had the following outstanding contracts as of April 30, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date | Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
HKD |
20,000 | Citibank NA | USD | 2,559 | 06/15/2022 | $ | (7 | ) | ||||||||||||||
Net unrealized depreciation |
|
$ | (7 | ) |
Abbreviations:
HKD – Hong Kong Dollar
USD – US Dollar
FlexShares® Emerging Markets Quality Low Volatility Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:
Brazil |
1.1 | % | ||
China |
22.5 | |||
Egypt |
0.6 | |||
Greece |
0.8 | |||
Hungary |
0.4 | |||
India |
11.9 | |||
Indonesia |
0.1 | |||
Kuwait |
4.1 | |||
Malaysia |
5.4 | |||
Morocco |
1.7 | |||
Peru |
0.6 | |||
Philippines |
1.0 | |||
Qatar |
5.3 | |||
Saudi Arabia |
7.8 | |||
South Africa |
0.4 | |||
South Korea |
7.5 | |||
Taiwan |
17.8 | |||
Thailand |
3.9 | |||
Turkey |
0.3 | |||
United Arab Emirates |
5.2 | |||
Other1 |
1.6 | |||
100.0 | % |
1 |
Includes any non-equity securities and net other assets (liabilities). |
Security Type | % of Net Assets | |||
Common Stocks |
98.4 | % | ||
Others(1) |
1.6 | |||
100.0 | % |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
82 | FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares® Morningstar US Market Factor Tilt Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.4% | ||||||||
Aerospace & Defense – 1.5% | ||||||||
AAR Corp.* (a) |
2,820 | $ | 132,484 | |||||
Aerojet Rocketdyne Holdings, Inc.* (a) |
2,068 | 82,679 | ||||||
AeroVironment, Inc.* (a) |
1,316 | 105,701 | ||||||
Astronics Corp.* (a) |
8,084 | 78,334 | ||||||
Axon Enterprise, Inc.* (a) |
2,256 | 253,123 | ||||||
Boeing Co. (The)* |
17,672 | 2,630,300 | ||||||
BWX Technologies, Inc.(a) |
4,324 | 224,502 | ||||||
Byrna Technologies, Inc.* (a) |
940 | 5,565 | ||||||
Curtiss-Wright Corp. |
2,632 | 376,139 | ||||||
Ducommun, Inc.* (a) |
564 | 28,804 | ||||||
General Dynamics Corp. |
7,332 | 1,734,238 | ||||||
HEICO Corp.(a) |
1,692 | 238,961 | ||||||
HEICO Corp., Class A |
1,880 | 219,283 | ||||||
Hexcel Corp.(a) |
5,076 | 275,931 | ||||||
Howmet Aerospace, Inc. |
12,220 | 416,946 | ||||||
Huntington Ingalls Industries, Inc. |
1,316 | 279,966 | ||||||
Kaman Corp.(a) |
3,384 | 132,010 | ||||||
Kratos Defense & Security Solutions, Inc.* |
4,324 | 65,595 | ||||||
L3Harris Technologies, Inc. |
6,392 | 1,484,606 | ||||||
Lockheed Martin Corp. |
7,708 | 3,330,781 | ||||||
Maxar Technologies, Inc.(a) |
4,888 | 157,442 | ||||||
Mercury Systems, Inc.* (a) |
4,324 | 241,236 | ||||||
Moog, Inc., Class A |
7,144 | 570,591 | ||||||
Northrop Grumman Corp. |
4,888 | 2,147,787 | ||||||
Parsons Corp.* (a) |
7,332 | 270,771 | ||||||
Raytheon Technologies Corp. |
48,128 | 4,567,829 | ||||||
Spirit AeroSystems Holdings, Inc., Class A(a) |
4,512 | 189,684 | ||||||
Textron, Inc. |
6,956 | 481,703 | ||||||
TransDigm Group, Inc.* |
1,316 | 782,770 | ||||||
Triumph Group, Inc.* (a) |
7,144 | 161,026 | ||||||
Vectrus, Inc.* (a) |
3,384 | 122,162 | ||||||
Virgin Galactic Holdings, Inc.* (a) |
10,340 | 77,447 | ||||||
Woodward, Inc.(a) |
1,316 | 145,392 | ||||||
22,011,788 |
Investments | Shares | Value | ||||||
Air Freight & Logistics – 0.6% | ||||||||
Air Transport Services Group, Inc.* (a) |
16,920 | $ | 529,596 | |||||
Atlas Air Worldwide Holdings, Inc.* (a) |
7,144 | 492,507 | ||||||
CH Robinson Worldwide, Inc.(a) |
3,948 | 419,080 | ||||||
Expeditors International of Washington, Inc. |
4,324 | 428,379 | ||||||
FedEx Corp. |
7,708 | 1,531,888 | ||||||
Forward Air Corp.(a) |
940 | 91,152 | ||||||
GXO Logistics, Inc.* |
1,692 | 100,149 | ||||||
Hub Group, Inc., Class A* (a) |
9,212 | 618,678 | ||||||
United Parcel Service, Inc., Class B(a) |
24,064 | 4,331,039 | ||||||
8,542,468 | ||||||||
Airlines – 0.3% | ||||||||
Alaska Air Group, Inc.* |
5,452 | 296,534 | ||||||
Allegiant Travel Co.* (a) |
940 | 145,879 | ||||||
American Airlines Group, Inc.* (a) |
26,132 | 490,498 | ||||||
Delta Air Lines, Inc.* |
14,664 | 630,992 | ||||||
Frontier Group Holdings, Inc.* (a) |
1,504 | 15,957 | ||||||
Hawaiian Holdings, Inc.* (a) |
6,768 | 114,785 | ||||||
JetBlue Airways Corp.* (a) |
70,500 | 776,205 | ||||||
SkyWest, Inc.* (a) |
13,348 | 389,094 | ||||||
Southwest Airlines Co.* (a) |
15,228 | 711,452 | ||||||
Spirit Airlines, Inc.* (a) |
4,136 | 97,651 | ||||||
Sun Country Airlines Holdings, Inc.* (a) |
2,256 | 62,063 | ||||||
United Airlines Holdings, Inc.* (a) |
6,580 | 332,290 | ||||||
4,063,400 | ||||||||
Auto Components – 0.4% | ||||||||
Adient plc* (a) |
23,312 | 795,872 | ||||||
American Axle & Manufacturing Holdings, Inc.* (a) |
20,116 | 133,168 | ||||||
Aptiv plc* |
6,580 | 700,112 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 83 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Auto Components – (continued) | ||||||||
Autoliv, Inc.(a) |
3,384 | $ | 249,333 | |||||
BorgWarner, Inc. |
9,776 | 360,050 | ||||||
Cooper-Standard Holdings, Inc.* (a) |
3,948 | 18,200 | ||||||
Dana, Inc.(a) |
30,832 | 456,622 | ||||||
Dorman Products, Inc.* (a) |
940 | 92,797 | ||||||
Fox Factory Holding Corp.* |
1,880 | 153,934 | ||||||
Garrett Motion, Inc.* (a) |
9,964 | 66,460 | ||||||
Gentex Corp.(a) |
8,648 | 253,819 | ||||||
Gentherm, Inc.* (a) |
1,128 | 76,050 | ||||||
Goodyear Tire & Rubber Co. (The)* (a) |
63,544 | 846,406 | ||||||
LCI Industries(a) |
5,640 | 548,885 | ||||||
Lear Corp.(a) |
2,444 | 312,685 | ||||||
Luminar Technologies, Inc.* (a) |
11,844 | 146,510 | ||||||
Modine Manufacturing Co.* (a) |
9,400 | 74,260 | ||||||
Patrick Industries, Inc.(a) |
4,888 | 304,278 | ||||||
Standard Motor Products, Inc.(a) |
3,008 | 128,382 | ||||||
Tenneco, Inc., Class A* (a) |
17,108 | 293,744 | ||||||
Visteon Corp.* |
2,256 | 236,226 | ||||||
XL Fleet Corp.* (a) |
9,776 | 13,686 | ||||||
6,261,479 | ||||||||
Automobiles – 1.7% | ||||||||
Arcimoto, Inc.* (a) |
1,504 | 5,053 | ||||||
Ford Motor Co. |
132,352 | 1,874,104 | ||||||
General Motors Co.* |
48,880 | 1,853,041 | ||||||
Harley-Davidson, Inc.(a) |
34,968 | 1,274,584 | ||||||
Tesla, Inc.* |
22,372 | 19,480,643 | ||||||
Thor Industries, Inc.(a) |
13,348 | 1,021,789 | ||||||
Winnebago Industries, Inc.(a) |
7,520 | 399,914 | ||||||
Workhorse Group, Inc.* (a) |
10,152 | 30,557 | ||||||
25,939,685 | ||||||||
Banks – 6.1% | ||||||||
1st Source Corp.(a) |
5,640 | 244,043 | ||||||
Allegiance Bancshares, Inc.(a) |
3,008 | 122,907 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Ameris Bancorp(a) |
14,100 | $ | 587,970 | |||||
Associated Banc-Corp. |
33,088 | 660,106 | ||||||
Atlantic Union Bankshares Corp.(a) |
18,612 | 628,713 | ||||||
Banc of California, Inc.(a) |
3,760 | 67,830 | ||||||
BancFirst Corp.(a) |
3,384 | 276,642 | ||||||
Bancorp, Inc. (The)* (a) |
6,204 | 140,769 | ||||||
Bank of America Corp. |
235,752 | 8,411,631 | ||||||
Bank of Hawaii Corp.(a) |
2,444 | 181,687 | ||||||
Bank OZK(a) |
29,516 | 1,134,005 | ||||||
BankUnited, Inc.(a) |
21,808 | 818,672 | ||||||
Banner Corp. |
6,768 | 363,442 | ||||||
Berkshire Hills Bancorp, Inc.(a) |
3,948 | 97,673 | ||||||
BOK Financial Corp.(a) |
7,896 | 654,815 | ||||||
Brookline Bancorp, Inc. |
13,160 | 190,294 | ||||||
Cadence Bank |
46,436 | 1,162,757 | ||||||
Cathay General Bancorp(a) |
16,544 | 663,249 | ||||||
Central Pacific Financial Corp. |
3,948 | 95,463 | ||||||
Citigroup, Inc. |
64,860 | 3,126,901 | ||||||
Citizens Financial Group, Inc. |
15,416 | 607,390 | ||||||
City Holding Co.(a) |
376 | 29,095 | ||||||
Columbia Banking System, Inc.(a) |
16,168 | 453,997 | ||||||
Comerica, Inc. |
5,264 | 431,122 | ||||||
Commerce Bancshares, Inc.(a) |
3,197 | 218,545 | ||||||
Community Bank System, Inc.(a) |
3,384 | 217,930 | ||||||
Community Trust Bancorp, Inc. |
2,068 | 82,327 | ||||||
ConnectOne Bancorp, Inc.(a) |
4,324 | 120,467 | ||||||
Cullen/Frost Bankers, Inc. |
2,068 | 273,576 | ||||||
Customers Bancorp, Inc.* (a) |
5,828 | 245,184 | ||||||
CVB Financial Corp.(a) |
28,952 | 666,475 | ||||||
Dime Community Bancshares, Inc.(a) |
10,528 | 331,000 | ||||||
Eagle Bancorp, Inc.(a) |
6,204 | 312,371 | ||||||
East West Bancorp, Inc. |
5,640 | 402,132 | ||||||
Eastern Bankshares, Inc.(a) |
6,204 | 118,869 | ||||||
Enterprise Financial Services Corp.(a) |
3,760 | 166,079 |
See Accompanying Notes to the Financial Statements.
84 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Banks – (continued) | ||||||||
FB Financial Corp. |
1,316 | $ | 50,705 | |||||
Fifth Third Bancorp |
24,252 | 910,178 | ||||||
First Bancorp/NC |
3,572 | 133,807 | ||||||
First Bancorp/PR(a) |
55,836 | 759,928 | ||||||
First Bancshares, Inc. (The)(a) |
3,196 | 102,879 | ||||||
First Busey Corp. |
14,476 | 325,276 | ||||||
First Citizens BancShares, Inc., Class A(a) |
752 | 480,814 | ||||||
First Commonwealth Financial Corp. |
25,568 | 344,657 | ||||||
First Financial Bancorp(a) |
18,988 | 388,305 | ||||||
First Financial Bankshares, Inc.(a) |
6,768 | 270,585 | ||||||
First Financial Corp.(a) |
3,760 | 160,251 | ||||||
First Foundation, Inc.(a) |
5,264 | 116,966 | ||||||
First Hawaiian, Inc.(a) |
27,824 | 656,925 | ||||||
First Horizon Corp. |
21,432 | 479,648 | ||||||
First Interstate BancSystem, Inc., Class A |
6,392 | 207,868 | ||||||
First Merchants Corp.(a) |
13,348 | 523,108 | ||||||
First Republic Bank(a) |
4,324 | 645,227 | ||||||
Flushing Financial Corp.(a) |
5,452 | 117,218 | ||||||
FNB Corp. |
75,200 | 866,304 | ||||||
Fulton Financial Corp.(a) |
33,840 | 513,353 | ||||||
Glacier Bancorp, Inc.(a) |
4,888 | 223,675 | ||||||
Hancock Whitney Corp. |
19,364 | 905,654 | ||||||
Hanmi Financial Corp. |
7,896 | 182,792 | ||||||
HarborOne Bancorp, Inc.(a) |
2,068 | 27,690 | ||||||
Heartland Financial USA, Inc.(a) |
9,212 | 403,209 | ||||||
Heritage Commerce Corp.(a) |
10,340 | 116,118 | ||||||
Heritage Financial Corp.(a) |
6,016 | 145,707 | ||||||
Hilltop Holdings, Inc.(a) |
16,920 | 431,291 | ||||||
Home BancShares, Inc.(a) |
35,156 | 760,073 | ||||||
HomeStreet, Inc.(a) |
3,196 | 129,726 | ||||||
Hope Bancorp, Inc.(a) |
27,824 | 397,883 | ||||||
Horizon Bancorp, Inc.(a) |
12,220 | 213,606 | ||||||
Huntington Bancshares, Inc.(a) |
47,188 | 620,522 | ||||||
Independent Bank Corp. – MA(a) |
2,444 | 188,579 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Independent Bank Corp. – MI |
8,836 | $ | 174,423 | |||||
Independent Bank Group, Inc. |
9,964 | 675,559 | ||||||
International Bancshares Corp.(a) |
13,536 | 538,597 | ||||||
JPMorgan Chase & Co. |
97,008 | 11,578,875 | ||||||
KeyCorp |
34,028 | 657,081 | ||||||
Lakeland Bancorp, Inc.(a) |
12,220 | 183,667 | ||||||
Lakeland Financial Corp.(a) |
752 | 54,761 | ||||||
Live Oak Bancshares, Inc.(a) |
940 | 39,790 | ||||||
M&T Bank Corp. |
6,686 | 1,114,155 | ||||||
Meta Financial Group, Inc. |
3,008 | 131,299 | ||||||
Metropolitan Bank Holding Corp.* (a) |
1,316 | 117,190 | ||||||
Midland States Bancorp, Inc.(a) |
4,888 | 128,848 | ||||||
National Bank Holdings Corp., Class A |
1,128 | 41,183 | ||||||
NBT Bancorp, Inc. |
8,084 | 284,557 | ||||||
Nicolet Bankshares, Inc.* (a) |
3,760 | 305,989 | ||||||
Northwest Bancshares, Inc.(a) |
24,252 | 307,515 | ||||||
OceanFirst Financial Corp.(a) |
15,980 | 299,305 | ||||||
OFG Bancorp(a) |
15,416 | 409,757 | ||||||
Old National Bancorp |
71,064 | 1,077,330 | ||||||
Pacific Premier Bancorp, Inc.(a) |
20,492 | 642,629 | ||||||
PacWest Bancorp(a) |
27,260 | 896,581 | ||||||
Park National Corp.(a) |
940 | 110,779 | ||||||
Peoples Bancorp, Inc. |
6,016 | 164,959 | ||||||
Pinnacle Financial Partners, Inc.(a) |
4,700 | 364,485 | ||||||
PNC Financial Services Group, Inc. (The) |
14,288 | 2,373,237 | ||||||
Popular, Inc.(a) |
20,116 | 1,568,847 | ||||||
Preferred Bank |
2,256 | 151,423 | ||||||
Premier Financial Corp.(a) |
11,092 | 294,382 | ||||||
Prosperity Bancshares, Inc.(a) |
21,056 | 1,376,641 | ||||||
QCR Holdings, Inc. |
2,068 | 112,272 | ||||||
Regions Financial Corp.(a) |
34,780 | 720,642 | ||||||
Renasant Corp.(a) |
11,092 | 330,431 | ||||||
S&T Bancorp, Inc.(a) |
6,768 | 191,264 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 85 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Banks – (continued) | ||||||||
Sandy Spring Bancorp, Inc.(a) |
9,212 | $ | 361,755 | |||||
Seacoast Banking Corp. of Florida(a) |
5,076 | 164,970 | ||||||
ServisFirst Bancshares, Inc.(a) |
1,504 | 120,801 | ||||||
Signature Bank |
1,880 | 455,430 | ||||||
Silvergate Capital Corp., Class A* |
1,128 | 131,931 | ||||||
Simmons First National Corp., Class A(a) |
24,816 | 592,358 | ||||||
Southside Bancshares, Inc.(a) |
752 | 29,471 | ||||||
SouthState Corp.(a) |
18,612 | 1,441,313 | ||||||
Stock Yards Bancorp, Inc.(a) |
564 | 29,486 | ||||||
SVB Financial Group* |
1,504 | 733,410 | ||||||
Synovus Financial Corp.(a) |
34,968 | 1,452,571 | ||||||
Texas Capital Bancshares, Inc.* |
12,784 | 656,586 | ||||||
Tompkins Financial Corp.(a) |
188 | 13,724 | ||||||
Towne Bank |
14,288 | 393,920 | ||||||
TriCo Bancshares(a) |
564 | 21,178 | ||||||
TriState Capital Holdings, Inc.* |
4,324 | 130,628 | ||||||
Triumph Bancorp, Inc.* (a) |
564 | 39,164 | ||||||
Truist Financial Corp. |
44,180 | 2,136,103 | ||||||
Trustmark Corp.(a) |
15,792 | 440,281 | ||||||
UMB Financial Corp.(a) |
1,504 | 135,631 | ||||||
Umpqua Holdings Corp. |
56,400 | 932,856 | ||||||
United Bankshares, Inc.(a) |
30,456 | 1,012,966 | ||||||
United Community Banks, Inc.(a) |
25,192 | 759,287 | ||||||
Univest Financial Corp. |
6,016 | 151,603 | ||||||
US Bancorp |
45,120 | 2,191,027 | ||||||
Valley National Bancorp(a) |
95,316 | 1,141,886 | ||||||
Veritex Holdings, Inc. |
4,700 | 154,395 | ||||||
Washington Trust Bancorp, Inc.(a) |
5,452 | 255,917 | ||||||
Webster Financial Corp.(a) |
41,924 | 2,095,781 | ||||||
Wells Fargo & Co. |
128,404 | 5,602,266 | ||||||
WesBanco, Inc.(a) |
12,972 | 418,217 | ||||||
Westamerica Bancorp(a) |
2,632 | 155,077 | ||||||
Western Alliance Bancorp |
4,136 | 314,791 | ||||||
Wintrust Financial Corp. |
12,784 | 1,116,299 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Zions Bancorp NA(a) |
6,392 | $ | 361,212 | |||||
90,669,399 | ||||||||
Beverages – 1.2% | ||||||||
Boston Beer Co., Inc. (The), Class A* (a) |
376 | 141,000 | ||||||
Brown-Forman Corp., Class A(a) |
1,504 | 93,880 | ||||||
Brown-Forman Corp., Class B |
4,512 | 304,289 | ||||||
Celsius Holdings, Inc.* (a) |
564 | 29,328 | ||||||
Coca-Cola Co. (The) |
104,340 | 6,741,408 | ||||||
Coca-Cola Consolidated, Inc. |
940 | 415,010 | ||||||
Constellation Brands, Inc., Class A |
5,076 | 1,249,153 | ||||||
Keurig Dr Pepper, Inc. |
26,508 | 991,399 | ||||||
Molson Coors Beverage Co., Class B(a) |
6,956 | 376,598 | ||||||
Monster Beverage Corp.* |
9,588 | 821,500 | ||||||
National Beverage Corp.(a) |
1,128 | 49,722 | ||||||
PepsiCo, Inc. |
37,036 | 6,359,452 | ||||||
Vintage Wine Estates, Inc.* (a) |
1,316 | 13,594 | ||||||
Zevia PBC, Class A* (a) |
7,144 | 24,575 | ||||||
17,610,908 | ||||||||
Biotechnology – 2.3% | ||||||||
4D Molecular Therapeutics, Inc.* (a) |
2,256 | 26,869 | ||||||
AbbVie, Inc. |
58,468 | 8,587,780 | ||||||
ACADIA Pharmaceuticals, Inc.* (a) |
9,400 | 173,336 | ||||||
Acumen Pharmaceuticals, Inc.* (a) |
5,264 | 20,319 | ||||||
Agenus, Inc.* (a) |
57,340 | 106,079 | ||||||
Agios Pharmaceuticals, Inc.* (a) |
188 | 4,130 | ||||||
Akebia Therapeutics, Inc.* (a) |
10,904 | 4,527 | ||||||
Alaunos Therapeutics, Inc.* (a) |
18,988 | 10,090 | ||||||
Aldeyra Therapeutics, Inc.* |
188 | 577 | ||||||
Alector, Inc.* (a) |
5,264 | 50,534 | ||||||
Alkermes plc* |
6,016 | 173,562 |
See Accompanying Notes to the Financial Statements.
86 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Biotechnology – (continued) | ||||||||
Allakos, Inc.* (a) |
752 | $ | 2,835 | |||||
Allogene Therapeutics, Inc.* (a) |
19,176 | 160,120 | ||||||
Alnylam Pharmaceuticals, Inc.* (a) |
3,572 | 476,612 | ||||||
Altimmune, Inc.* (a) |
188 | 850 | ||||||
Amgen, Inc.(a) |
18,048 | 4,208,613 | ||||||
Amicus Therapeutics, Inc.* (a) |
7,332 | 51,911 | ||||||
Anavex Life Sciences Corp.* (a) |
5,640 | 48,448 | ||||||
Anika Therapeutics, Inc.* (a) |
376 | 8,095 | ||||||
Apellis Pharmaceuticals, Inc.* (a) |
3,760 | 163,673 | ||||||
Arcturus Therapeutics Holdings, Inc.* (a) |
940 | 18,217 | ||||||
Arcus Biosciences, Inc.* (a) |
1,692 | 40,963 | ||||||
Arrowhead Pharmaceuticals, Inc.* |
4,888 | 200,946 | ||||||
Atara Biotherapeutics, Inc.* (a) |
188 | 1,196 | ||||||
Atossa Therapeutics, Inc.* (a) |
7,896 | 7,975 | ||||||
Avid Bioservices, Inc.* (a) |
1,504 | 20,244 | ||||||
Avidity Biosciences, Inc.* (a) |
2,256 | 32,261 | ||||||
Avita Medical, Inc.* (a) |
5,264 | 32,110 | ||||||
Beam Therapeutics, Inc.* (a) |
1,316 | 49,390 | ||||||
BioCryst Pharmaceuticals, Inc.* (a) |
14,852 | 137,975 | ||||||
Biogen, Inc.* |
4,512 | 935,969 | ||||||
BioMarin Pharmaceutical, Inc.* |
3,948 | 321,170 | ||||||
Bioxcel Therapeutics, Inc.* (a) |
5,828 | 76,405 | ||||||
Bluebird Bio, Inc.* |
5,828 | 21,156 | ||||||
Blueprint Medicines Corp.* (a) |
2,068 | 120,668 | ||||||
Bolt Biotherapeutics, Inc.* (a) |
9,024 | 14,077 | ||||||
Bridgebio Pharma, Inc.* |
4,136 | 33,171 | ||||||
CareDx, Inc.* (a) |
2,632 | 80,118 | ||||||
Caribou Biosciences, Inc.* |
1,316 | 9,738 | ||||||
Catalyst Pharmaceuticals, Inc.* |
16,732 | 127,498 |
Investments | Shares | Value | ||||||
Biotechnology – (continued) | ||||||||
Celldex Therapeutics, Inc.* (a) |
1,504 | $ | 45,947 | |||||
CEL-SCI Corp.* (a) |
11,468 | 32,798 | ||||||
ChemoCentryx, Inc.* (a) |
2,444 | 45,116 | ||||||
Clovis Oncology, Inc.* (a) |
13,536 | 27,072 | ||||||
Coherus Biosciences, Inc.* (a) |
8,084 | 73,079 | ||||||
Crinetics Pharmaceuticals, Inc.* (a) |
5,264 | 106,964 | ||||||
CRISPR Therapeutics AG* (a) |
3,760 | 186,571 | ||||||
Cue Biopharma, Inc.* (a) |
3,008 | 11,912 | ||||||
Curis, Inc.* (a) |
188 | 172 | ||||||
Cytokinetics, Inc.* (a) |
3,384 | 134,920 | ||||||
CytomX Therapeutics, Inc.* (a) |
15,604 | 26,683 | ||||||
Deciphera Pharmaceuticals, Inc.* (a) |
3,196 | 32,344 | ||||||
Denali Therapeutics, Inc.* (a) |
22,372 | 532,454 | ||||||
Design Therapeutics, Inc.* (a) |
940 | 11,224 | ||||||
Dynavax Technologies Corp.* (a) |
752 | 6,640 | ||||||
Eagle Pharmaceuticals, Inc.* (a) |
1,692 | 74,668 | ||||||
Editas Medicine, Inc.* (a) |
1,504 | 19,913 | ||||||
Emergent BioSolutions, Inc.* (a) |
11,280 | 365,246 | ||||||
Enanta Pharmaceuticals, Inc.* (a) |
1,880 | 121,072 | ||||||
Epizyme, Inc.* (a) |
26,320 | 16,987 | ||||||
Evelo Biosciences, Inc.* (a) |
1,504 | 3,715 | ||||||
Exact Sciences Corp.* (a) |
4,700 | 258,735 | ||||||
Exelixis, Inc.* |
14,476 | 323,394 | ||||||
Fate Therapeutics, Inc.* (a) |
4,136 | 118,124 | ||||||
FibroGen, Inc.* (a) |
3,384 | 31,471 | ||||||
Fortress Biotech, Inc.* (a) |
5,076 | 5,584 | ||||||
G1 Therapeutics, Inc.* (a) |
4,700 | 24,158 | ||||||
Geron Corp.* (a) |
16,356 | 23,062 | ||||||
Gilead Sciences, Inc. |
39,856 | 2,365,055 | ||||||
Global Blood Therapeutics, Inc.* (a) |
3,760 | 115,432 | ||||||
Gossamer Bio, Inc.* (a) |
1,316 | 9,094 | ||||||
Gritstone bio, Inc.* (a) |
5,076 | 13,147 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 87 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Biotechnology – (continued) | ||||||||
Halozyme Therapeutics, Inc.* (a) |
6,580 | $ | 262,542 | |||||
Heron Therapeutics, Inc.* (a) |
376 | 1,700 | ||||||
Homology Medicines, Inc.* (a) |
18,048 | 29,960 | ||||||
Horizon Therapeutics plc* |
6,768 | 667,054 | ||||||
Immuneering Corp., Class A* (a) |
752 | 3,737 | ||||||
ImmunoGen, Inc.* (a) |
21,996 | 106,241 | ||||||
Incyte Corp.* |
4,324 | 324,127 | ||||||
Inhibrx, Inc.* |
564 | 8,939 | ||||||
Insmed, Inc.* (a) |
6,392 | 140,432 | ||||||
Intellia Therapeutics, Inc.* (a) |
2,444 | 119,829 | ||||||
Intercept Pharmaceuticals, Inc.* (a) |
6,956 | 109,279 | ||||||
Ionis Pharmaceuticals, Inc.* |
7,520 | 276,435 | ||||||
Iovance Biotherapeutics, Inc.* (a) |
3,008 | 45,571 | ||||||
Ironwood Pharmaceuticals, Inc.* (a) |
4,512 | 54,144 | ||||||
IVERIC bio, Inc.* (a) |
188 | 2,604 | ||||||
Jounce Therapeutics, Inc.* (a) |
2,068 | 10,960 | ||||||
KalVista Pharmaceuticals, Inc.* (a) |
6,392 | 81,370 | ||||||
Karyopharm Therapeutics, Inc.* (a) |
7,332 | 44,725 | ||||||
Keros Therapeutics, Inc.* (a) |
752 | 39,864 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A* (a) |
6,956 | 64,899 | ||||||
Kodiak Sciences, Inc.* |
1,880 | 11,318 | ||||||
Krystal Biotech, Inc.* (a) |
2,256 | 136,736 | ||||||
Kura Oncology, Inc.* (a) |
19,364 | 277,873 | ||||||
Kymera Therapeutics, Inc.* |
188 | 5,894 | ||||||
Lexicon Pharmaceuticals, Inc.* (a) |
3,572 | 6,465 | ||||||
Ligand Pharmaceuticals, Inc.* (a) |
752 | 69,831 | ||||||
MacroGenics, Inc.* (a) |
188 | 1,344 | ||||||
Madrigal Pharmaceuticals, Inc.* (a) |
940 | 65,800 | ||||||
MannKind Corp.* (a) |
7,896 | 24,714 |
Investments | Shares | Value | ||||||
Biotechnology – (continued) | ||||||||
MeiraGTx Holdings plc* |
5,264 | $ | 54,167 | |||||
Mersana Therapeutics, Inc.* (a) |
10,716 | 37,292 | ||||||
Mirati Therapeutics, Inc.* (a) |
1,316 | 81,316 | ||||||
Moderna, Inc.* (a) |
11,280 | 1,516,145 | ||||||
Myriad Genetics, Inc.* (a) |
3,196 | 65,518 | ||||||
Natera, Inc.* (a) |
1,504 | 52,820 | ||||||
Neurocrine Biosciences, Inc.* |
2,256 | 203,108 | ||||||
Novavax, Inc.* (a) |
2,444 | 110,151 | ||||||
Ocugen, Inc.* (a) |
11,092 | 24,292 | ||||||
OPKO Health, Inc.* |
91,180 | 246,186 | ||||||
Organogenesis Holdings, Inc.* (a) |
1,692 | 10,896 | ||||||
Pieris Pharmaceuticals, Inc.* (a) |
4,136 | 11,581 | ||||||
Precigen, Inc.* (a) |
5,640 | 7,501 | ||||||
Precision BioSciences, Inc.* (a) |
2,632 | 5,238 | ||||||
Protagonist Therapeutics, Inc.* (a) |
1,692 | 15,380 | ||||||
Prothena Corp. plc* (a) |
1,504 | 43,857 | ||||||
PTC Therapeutics, Inc.* (a) |
3,572 | 126,199 | ||||||
Radius Health, Inc.* (a) |
5,452 | 37,292 | ||||||
Recursion Pharmaceuticals, Inc., Class A* (a) |
1,316 | 8,159 | ||||||
Regeneron Pharmaceuticals, Inc.* |
3,572 | 2,354,341 | ||||||
REGENXBIO, Inc.* (a) |
188 | 5,219 | ||||||
Relay Therapeutics, Inc.* (a) |
4,700 | 112,001 | ||||||
REVOLUTION Medicines, Inc.* (a) |
4,324 | 86,350 | ||||||
Rhythm Pharmaceuticals, Inc.* (a) |
4,700 | 29,422 | ||||||
Rigel Pharmaceuticals, Inc.* (a) |
20,304 | 47,917 | ||||||
Rocket Pharmaceuticals, Inc.* (a) |
2,820 | 28,990 | ||||||
Rubius Therapeutics, Inc.* (a) |
940 | 1,560 | ||||||
Sage Therapeutics, Inc.* (a) |
12,972 | 408,877 | ||||||
Sangamo Therapeutics, Inc.* |
3,196 | 13,263 | ||||||
Sarepta Therapeutics, Inc.* |
5,264 | 380,692 | ||||||
Scholar Rock Holding Corp.* (a) |
2,068 | 14,621 |
See Accompanying Notes to the Financial Statements.
88 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Biotechnology – (continued) | ||||||||
Seagen, Inc.* |
3,948 | $ | 517,227 | |||||
Selecta Biosciences, Inc.* (a) |
376 | 288 | ||||||
Seres Therapeutics, Inc.* (a) |
2,256 | 10,671 | ||||||
Shattuck Labs, Inc.* (a) |
5,264 | 20,214 | ||||||
Sorrento Therapeutics, Inc.* (a) |
1,880 | 2,839 | ||||||
Spero Therapeutics, Inc.* (a) |
2,820 | 13,705 | ||||||
Stoke Therapeutics, Inc.* |
2,820 | 40,721 | ||||||
Surface Oncology, Inc.* |
12,220 | 25,906 | ||||||
Sutro Biopharma, Inc.* (a) |
3,384 | 20,338 | ||||||
TG Therapeutics, Inc.* (a) |
8,084 | 56,103 | ||||||
Travere Therapeutics, Inc.* (a) |
1,880 | 47,244 | ||||||
Twist Bioscience Corp.* (a) |
1,504 | 43,375 | ||||||
Ultragenyx Pharmaceutical, Inc.* (a) |
3,384 | 239,215 | ||||||
United Therapeutics Corp.* |
1,880 | 333,813 | ||||||
Vanda Pharmaceuticals, Inc.* (a) |
1,316 | 13,055 | ||||||
Vaxart, Inc.* (a) |
188 | 654 | ||||||
Veracyte, Inc.* (a) |
3,572 | 73,119 | ||||||
Verastem, Inc.* (a) |
12,596 | 17,886 | ||||||
Vericel Corp.* (a) |
1,692 | 48,222 | ||||||
Vertex Pharmaceuticals, Inc.* |
8,648 | 2,362,807 | ||||||
Viking Therapeutics, Inc.* (a) |
24,252 | 57,720 | ||||||
Vir Biotechnology, Inc.* (a) |
5,264 | 107,122 | ||||||
Xencor, Inc.* (a) |
2,068 | 51,659 | ||||||
Y-mAbs Therapeutics, Inc.* (a) |
4,324 | 36,322 | ||||||
34,997,923 | ||||||||
Building Products – 0.7% | ||||||||
A O Smith Corp.(a) |
3,572 | 208,712 | ||||||
AAON, Inc.(a) |
2,632 | 128,284 | ||||||
Advanced Drainage Systems, Inc. |
1,692 | 173,362 | ||||||
Allegion plc(a) |
2,820 | 322,157 | ||||||
American Woodmark Corp.* |
1,692 | 79,270 | ||||||
Apogee Enterprises, Inc.(a) |
3,196 | 140,624 | ||||||
Armstrong World Industries, Inc.(a) |
2,068 | 175,077 |
Investments | Shares | Value | ||||||
Building Products – (continued) | ||||||||
AZEK Co., Inc. (The)* (a) |
4,700 | $ | 99,828 | |||||
Builders FirstSource, Inc.* |
7,332 | 451,431 | ||||||
Carlisle Cos., Inc. |
1,504 | 390,077 | ||||||
Carrier Global Corp.(a) |
24,440 | 935,319 | ||||||
Cornerstone Building Brands, Inc.* |
12,220 | 298,046 | ||||||
Fortune Brands Home & Security, Inc. |
4,324 | 308,085 | ||||||
Gibraltar Industries, Inc.* |
940 | 35,570 | ||||||
Griffon Corp. |
8,272 | 154,769 | ||||||
Insteel Industries, Inc.(a) |
188 | 7,975 | ||||||
JELD-WEN Holding, Inc.* (a) |
18,988 | 394,760 | ||||||
Johnson Controls International plc |
24,252 | 1,451,967 | ||||||
Lennox International, Inc. |
940 | 200,399 | ||||||
Masco Corp. |
7,520 | 396,229 | ||||||
Masonite International Corp.* |
6,392 | 495,508 | ||||||
Owens Corning(a) |
4,136 | 376,086 | ||||||
PGT Innovations, Inc.* (a) |
5,828 | 103,564 | ||||||
Quanex Building Products Corp.(a) |
4,700 | 90,334 | ||||||
Resideo Technologies, Inc.* (a) |
31,396 | 706,096 | ||||||
Simpson Manufacturing Co., Inc. |
1,692 | 175,410 | ||||||
Trane Technologies plc |
6,016 | 841,578 | ||||||
Trex Co., Inc.* |
3,572 | 207,855 | ||||||
UFP Industries, Inc. |
13,912 | 1,076,371 | ||||||
Zurn Water Solutions Corp.(a) |
4,888 | 152,603 | ||||||
10,577,346 | ||||||||
Capital Markets – 2.9% | ||||||||
Affiliated Managers Group, Inc. |
10,152 | 1,274,787 | ||||||
Ameriprise Financial, Inc. |
3,948 | 1,048,155 | ||||||
Ares Management Corp. |
3,760 | 248,987 | ||||||
Artisan Partners Asset Management, Inc., Class A(a) |
13,912 | 447,132 | ||||||
AssetMark Financial Holdings, Inc.* (a) |
4,136 | 79,535 | ||||||
B. Riley Financial, Inc.(a) |
3,948 | 178,292 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 89 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Capital Markets – (continued) | ||||||||
Bank of New York Mellon Corp. (The) |
25,004 | $ | 1,051,668 | |||||
BGC Partners, Inc., Class A |
68,996 | 250,455 | ||||||
BlackRock, Inc. |
3,794 | 2,370,036 | ||||||
Blackstone, Inc., Class A |
18,048 | 1,833,135 | ||||||
Blucora, Inc.* (a) |
16,168 | 327,402 | ||||||
Brightsphere Investment Group, Inc.(a) |
5,640 | 113,026 | ||||||
Carlyle Group, Inc. (The) |
3,008 | 109,160 | ||||||
Charles Schwab Corp. (The) |
40,796 | 2,705,999 | ||||||
CME Group, Inc. |
9,212 | 2,020,560 | ||||||
Cohen & Steers, Inc.(a) |
752 | 58,423 | ||||||
Coinbase Global, Inc., Class A* |
752 | 84,758 | ||||||
Cowen, Inc., Class A(a) |
8,084 | 184,719 | ||||||
Evercore, Inc., Class A |
8,836 | 934,407 | ||||||
FactSet Research Systems, Inc. |
940 | 379,281 | ||||||
Federated Hermes, Inc., Class B(a) |
21,056 | 599,675 | ||||||
Focus Financial Partners, Inc., Class A* (a) |
3,948 | 155,749 | ||||||
Franklin Resources, Inc.(a) |
11,092 | 272,752 | ||||||
Goldman Sachs Group, Inc. (The) |
11,092 | 3,388,495 | ||||||
Hamilton Lane, Inc., Class A(a) |
2,632 | 180,503 | ||||||
Houlihan Lokey, Inc. |
1,880 | 156,585 | ||||||
Interactive Brokers Group, Inc., Class A |
3,384 | 201,551 | ||||||
Intercontinental Exchange, Inc. |
15,604 | 1,807,099 | ||||||
Invesco Ltd. |
14,852 | 272,980 | ||||||
Janus Henderson Group plc(a) |
39,292 | 1,197,620 | ||||||
Jefferies Financial Group, Inc.(a) |
8,648 | 266,012 | ||||||
KKR & Co., Inc. |
15,792 | 804,918 | ||||||
LPL Financial Holdings, Inc. |
2,632 | 494,474 | ||||||
MarketAxess Holdings, Inc. |
940 | 247,793 | ||||||
Moelis & Co., Class A(a) |
1,692 | 74,888 | ||||||
Moody’s Corp. |
4,512 | 1,427,958 | ||||||
Morgan Stanley |
47,376 | 3,818,032 |
Investments | Shares | Value | ||||||
Capital Markets – (continued) | ||||||||
Morningstar, Inc.(a) |
564 | $ | 142,822 | |||||
MSCI, Inc. |
2,068 | 871,145 | ||||||
Nasdaq, Inc. |
3,008 | 473,369 | ||||||
Northern Trust Corp.(a) (b) |
6,204 | 639,322 | ||||||
Open Lending Corp., Class A* (a) |
1,316 | 17,950 | ||||||
Oppenheimer Holdings, Inc., Class A |
376 | 12,115 | ||||||
Piper Sandler Cos.(a) |
3,384 | 389,092 | ||||||
PJT Partners, Inc., Class A |
376 | 24,812 | ||||||
Raymond James Financial, Inc. |
5,828 | 567,997 | ||||||
S&P Global, Inc.(a) |
9,588 | 3,609,882 | ||||||
Sculptor Capital Management, Inc.(a) |
564 | 5,899 | ||||||
SEI Investments Co.(a) |
3,196 | 178,081 | ||||||
State Street Corp. |
11,468 | 768,012 | ||||||
StepStone Group, Inc., Class A(a) |
376 | 9,633 | ||||||
Stifel Financial Corp.(a) |
26,696 | 1,651,148 | ||||||
StoneX Group, Inc.* (a) |
4,888 | 331,309 | ||||||
T. Rowe Price Group, Inc.(a) |
7,332 | 902,129 | ||||||
Tradeweb Markets, Inc., Class A(a) |
3,572 | 254,291 | ||||||
Victory Capital Holdings, Inc., Class A |
6,016 | 162,372 | ||||||
Virtu Financial, Inc., Class A |
20,680 | 597,238 | ||||||
Virtus Investment Partners, Inc.(a) |
1,504 | 266,449 | ||||||
WisdomTree Investments, Inc.(a) |
18,988 | 110,700 | ||||||
43,052,768 | ||||||||
Chemicals – 1.9% | ||||||||
AdvanSix, Inc. |
8,648 | 385,182 | ||||||
Air Products & Chemicals, Inc. |
5,640 | 1,320,155 | ||||||
Albemarle Corp. |
3,196 | 616,285 | ||||||
Amyris, Inc.* (a) |
8,084 | 27,728 | ||||||
Ashland Global Holdings, Inc.(a) |
2,068 | 217,078 | ||||||
Avient Corp. |
3,008 | 148,114 | ||||||
Axalta Coating Systems Ltd.* |
9,588 | 243,247 | ||||||
Balchem Corp.(a) |
2,068 | 254,777 |
See Accompanying Notes to the Financial Statements.
90 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Chemicals – (continued) | ||||||||
Cabot Corp.(a) |
13,160 | $ | 866,586 | |||||
Celanese Corp. |
3,760 | 552,494 | ||||||
CF Industries Holdings, Inc. |
8,084 | 782,774 | ||||||
Chase Corp.(a) |
188 | 15,860 | ||||||
Chemours Co. (The)(a) |
39,292 | 1,299,386 | ||||||
Corteva, Inc. |
18,048 | 1,041,189 | ||||||
Danimer Scientific, Inc.* (a) |
5,828 | 22,846 | ||||||
Dow, Inc.(a) |
22,748 | 1,512,742 | ||||||
DuPont de Nemours, Inc. |
16,732 | 1,103,141 | ||||||
Eastman Chemical Co. |
4,324 | 443,945 | ||||||
Ecolab, Inc. |
6,580 | 1,114,257 | ||||||
Ecovyst, Inc.(a) |
1,316 | 13,239 | ||||||
Element Solutions, Inc. |
14,476 | 298,495 | ||||||
FMC Corp. |
4,324 | 573,103 | ||||||
GCP Applied Technologies, Inc.* (a) |
3,384 | 106,156 | ||||||
Hawkins, Inc.(a) |
564 | 21,026 | ||||||
HB Fuller Co.(a) |
1,692 | 112,856 | ||||||
Huntsman Corp.(a) |
48,128 | 1,630,095 | ||||||
Ingevity Corp.* |
752 | 45,045 | ||||||
Innospec, Inc. |
752 | 71,673 | ||||||
International Flavors & Fragrances, Inc. |
6,392 | 775,350 | ||||||
Koppers Holdings, Inc. |
6,580 | 159,631 | ||||||
Kronos Worldwide, Inc.(a) |
4,700 | 71,534 | ||||||
Linde plc |
13,724 | 4,281,339 | ||||||
Livent Corp.* (a) |
7,896 | 168,658 | ||||||
Loop Industries, Inc.* (a) |
7,520 | 48,880 | ||||||
LyondellBasell Industries NV, Class A(a) |
8,460 | 897,014 | ||||||
Minerals Technologies, Inc. |
8,272 | 526,182 | ||||||
Mosaic Co. (The) |
10,528 | 657,158 | ||||||
NewMarket Corp.(a) |
1,880 | 610,267 | ||||||
Olin Corp. |
6,204 | 356,110 | ||||||
PPG Industries, Inc. |
5,828 | 745,926 | ||||||
Quaker Chemical Corp.(a) |
376 | 61,179 | ||||||
Rayonier Advanced Materials, Inc.* (a) |
15,228 | 78,120 | ||||||
RPM International, Inc. |
4,324 | 358,459 | ||||||
Scotts Miracle-Gro Co. (The)(a) |
1,316 | 136,772 |
Investments | Shares | Value | ||||||
Chemicals – (continued) | ||||||||
Sensient Technologies Corp.(a) |
1,316 | $ | 111,334 | |||||
Sherwin-Williams Co. (The) |
6,392 | 1,757,544 | ||||||
Stepan Co.(a) |
564 | 57,590 | ||||||
Tredegar Corp.(a) |
10,152 | 116,240 | ||||||
Trinseo plc(a) |
8,084 | 383,586 | ||||||
Tronox Holdings plc, Class A |
23,688 | 407,433 | ||||||
Valvoline, Inc.(a) |
6,768 | 204,597 | ||||||
Westlake Corp.(a) |
376 | 47,583 | ||||||
Zymergen, Inc.* (a) |
2,820 | 4,738 | ||||||
27,862,698 | ||||||||
Commercial Services & Supplies – 0.6% | ||||||||
ABM Industries, Inc.(a) |
15,228 | 735,056 | ||||||
ACCO Brands Corp. |
27,824 | 203,950 | ||||||
ACV Auctions, Inc., Class A* (a) |
5,076 | 67,765 | ||||||
Brady Corp., Class A |
3,948 | 176,673 | ||||||
BrightView Holdings, Inc.* (a) |
12,220 | 154,705 | ||||||
Brink’s Co. (The)(a) |
2,444 | 144,074 | ||||||
Casella Waste Systems, Inc., Class A* |
2,256 | 185,533 | ||||||
Cintas Corp. |
2,256 | 896,219 | ||||||
Clean Harbors, Inc.* |
1,692 | 177,542 | ||||||
Copart, Inc.* |
5,452 | 619,620 | ||||||
CoreCivic, Inc., REIT* (a) |
29,328 | 364,547 | ||||||
Deluxe Corp.(a) |
10,528 | 285,098 | ||||||
Driven Brands Holdings, Inc.* (a) |
3,572 | 99,623 | ||||||
GEO Group, Inc. (The), REIT* (a) |
32,712 | 213,609 | ||||||
Harsco Corp.* |
3,008 | 30,742 | ||||||
Healthcare Services Group, Inc.(a) |
5,452 | 93,175 | ||||||
HNI Corp.(a) |
3,760 | 134,006 | ||||||
IAA, Inc.* (a) |
2,068 | 75,792 | ||||||
Interface, Inc.(a) |
8,460 | 107,357 | ||||||
KAR Auction Services, Inc.* (a) |
31,396 | 460,265 | ||||||
Kimball International, Inc., Class B(a) |
9,776 | 75,080 | ||||||
Matthews International Corp., Class A(a) |
5,640 | 168,128 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 91 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Commercial Services & Supplies – (continued) | ||||||||
MillerKnoll, Inc. |
17,297 | $ | 548,819 | |||||
Montrose Environmental Group, Inc.* (a) |
188 | 8,530 | ||||||
MSA Safety, Inc.(a) |
1,316 | 158,828 | ||||||
Pitney Bowes, Inc.(a) |
18,988 | 100,067 | ||||||
Republic Services, Inc. |
5,640 | 757,283 | ||||||
Rollins, Inc.(a) |
4,888 | 163,943 | ||||||
Shapeways Holdings, Inc.* (a) |
9,400 | 17,860 | ||||||
SP Plus Corp.* (a) |
4,136 | 117,876 | ||||||
Steelcase, Inc., Class A(a) |
8,272 | 97,031 | ||||||
Stericycle, Inc.* (a) |
3,196 | 160,407 | ||||||
Tetra Tech, Inc. |
1,880 | 261,846 | ||||||
UniFirst Corp.(a) |
564 | 97,177 | ||||||
US Ecology, Inc.* (a) |
376 | 18,044 | ||||||
Viad Corp.* (a) |
2,444 | 80,041 | ||||||
Waste Management, Inc. |
10,152 | 1,669,395 | ||||||
9,725,706 | ||||||||
Communications Equipment – 0.9% | ||||||||
ADTRAN, Inc.(a) |
4,136 | 71,925 | ||||||
Arista Networks, Inc.* (a) |
5,452 | 630,088 | ||||||
CalAmp Corp.* (a) |
188 | 1,028 | ||||||
Calix, Inc.* (a) |
3,948 | 157,565 | ||||||
Cambium Networks Corp.* (a) |
564 | 8,612 | ||||||
Casa Systems, Inc.* (a) |
4,888 | 23,951 | ||||||
Ciena Corp.* (a) |
3,948 | 217,811 | ||||||
Cisco Systems, Inc. |
139,120 | 6,814,098 | ||||||
CommScope Holding Co., Inc.* |
46,812 | 282,276 | ||||||
Comtech Telecommunications Corp.(a) |
4,888 | 66,477 | ||||||
Digi International, Inc.* (a) |
3,760 | 71,139 | ||||||
Extreme Networks, Inc.* |
12,596 | 120,921 | ||||||
F5, Inc.* |
1,504 | 251,785 | ||||||
Harmonic, Inc.* (a) |
2,820 | 23,406 | ||||||
Infinera Corp.* (a) |
7,332 | 56,383 | ||||||
Inseego Corp.* (a) |
5,076 | 14,467 | ||||||
Juniper Networks, Inc. |
12,972 | 408,877 | ||||||
Lumentum Holdings, Inc.* (a) |
18,236 | 1,480,945 |
Investments | Shares | Value | ||||||
Communications Equipment – (continued) | ||||||||
Motorola Solutions, Inc. |
4,700 | $ | 1,004,343 | |||||
NETGEAR, Inc.* (a) |
7,708 | 167,264 | ||||||
NetScout Systems, Inc.* (a) |
15,416 | 474,813 | ||||||
Plantronics, Inc.* (a) |
9,024 | 359,697 | ||||||
Ribbon Communications, Inc.* (a) |
28,764 | 99,236 | ||||||
Viasat, Inc.* (a) |
3,384 | 124,565 | ||||||
Viavi Solutions, Inc.* (a) |
16,920 | 242,633 | ||||||
13,174,305 | ||||||||
Construction & Engineering – 0.4% | ||||||||
AECOM |
5,828 | 411,224 | ||||||
Ameresco, Inc., Class A* (a) |
1,316 | 66,379 | ||||||
API Group Corp.* |
13,536 | 251,228 | ||||||
Arcosa, Inc.(a) |
1,504 | 80,509 | ||||||
Argan, Inc.(a) |
1,880 | 69,147 | ||||||
Comfort Systems USA, Inc.(a) |
2,632 | 222,194 | ||||||
Construction Partners, Inc., Class A* (a) |
940 | 24,261 | ||||||
Dycom Industries, Inc.* (a) |
1,504 | 127,705 | ||||||
EMCOR Group, Inc. |
3,384 | 360,328 | ||||||
Fluor Corp.* (a) |
4,136 | 102,366 | ||||||
Granite Construction, Inc.(a) |
3,760 | 111,484 | ||||||
Great Lakes Dredge & Dock Corp.* (a) |
8,648 | 119,429 | ||||||
Infrastructure and Energy Alternatives, Inc.* |
2,444 | 22,851 | ||||||
MasTec, Inc.* (a) |
15,416 | 1,110,106 | ||||||
MDU Resources Group, Inc. |
46,436 | 1,196,191 | ||||||
MYR Group, Inc.* |
1,692 | 133,820 | ||||||
Primoris Services Corp.(a) |
11,468 | 265,828 | ||||||
Quanta Services, Inc. |
4,512 | 523,302 | ||||||
Sterling Construction Co., Inc.* |
6,580 | 150,616 | ||||||
Tutor Perini Corp.* (a) |
3,572 | 33,113 | ||||||
Valmont Industries, Inc. |
752 | 187,105 | ||||||
WillScot Mobile Mini Holdings Corp.* |
12,972 | 455,317 | ||||||
6,024,503 | ||||||||
Construction Materials – 0.1% | ||||||||
Eagle Materials, Inc.(a) |
1,880 | 231,842 | ||||||
Martin Marietta Materials, Inc. |
1,692 | 599,340 |
See Accompanying Notes to the Financial Statements.
92 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Construction Materials – (continued) | ||||||||
Summit Materials, Inc., Class A* (a) |
5,452 | $ | 151,566 | |||||
Vulcan Materials Co. |
3,384 | 583,029 | ||||||
1,565,777 | ||||||||
Consumer Finance – 0.9% | ||||||||
Ally Financial, Inc. |
13,160 | 525,874 | ||||||
American Express Co. |
16,920 | 2,956,093 | ||||||
Atlanticus Holdings Corp.* (a) |
564 | 24,275 | ||||||
Capital One Financial Corp. |
14,288 | 1,780,571 | ||||||
Credit Acceptance Corp.* (a) |
376 | 192,700 | ||||||
Curo Group Holdings Corp.(a) |
3,948 | 46,349 | ||||||
Discover Financial Services |
9,588 | 1,078,266 | ||||||
Encore Capital Group, Inc.* (a) |
7,332 | 423,863 | ||||||
Enova International, Inc.* (a) |
8,084 | 302,342 | ||||||
EZCORP, Inc., Class A* (a) |
2,444 | 17,108 | ||||||
FirstCash Holdings, Inc.(a) |
1,504 | 119,989 | ||||||
Green Dot Corp., Class A* (a) |
2,632 | 69,695 | ||||||
LendingClub Corp.* (a) |
8,084 | 123,281 | ||||||
LendingTree, Inc.* (a) |
564 | 44,793 | ||||||
Moneylion, Inc.* (a) |
18,800 | 39,104 | ||||||
Navient Corp.(a) |
36,096 | 573,565 | ||||||
Nelnet, Inc., Class A(a) |
4,700 | 385,729 | ||||||
OneMain Holdings, Inc. |
25,192 | 1,157,069 | ||||||
PRA Group, Inc.* (a) |
11,656 | 489,902 | ||||||
PROG Holdings, Inc.* (a) |
15,416 | 408,061 | ||||||
Regional Management Corp. |
752 | 32,374 | ||||||
SLM Corp. |
72,756 | 1,217,208 | ||||||
SoFi Technologies, Inc.* (a) |
16,168 | 98,948 | ||||||
Synchrony Financial |
16,168 | 595,144 | ||||||
Upstart Holdings, Inc.* (a) |
752 | 56,415 | ||||||
World Acceptance Corp.* (a) |
376 | 70,955 | ||||||
12,829,673 | ||||||||
Containers & Packaging – 0.6% | ||||||||
Amcor plc(a) |
52,640 | 624,310 | ||||||
AptarGroup, Inc. |
1,504 | 172,704 |
Investments | Shares | Value | ||||||
Containers & Packaging – (continued) | ||||||||
Avery Dennison Corp. |
1,880 | $ | 339,528 | |||||
Ball Corp. |
8,460 | 686,614 | ||||||
Berry Global Group, Inc.* (a) |
5,640 | 317,814 | ||||||
Crown Holdings, Inc. |
4,888 | 537,875 | ||||||
Graphic Packaging Holding Co. |
63,732 | 1,389,358 | ||||||
Greif, Inc., Class A(a) |
6,204 | 376,459 | ||||||
International Paper Co. |
12,408 | 574,242 | ||||||
Myers Industries, Inc. |
188 | 4,123 | ||||||
O-I Glass, Inc.* (a) |
31,772 | 428,287 | ||||||
Packaging Corp. of America |
3,196 | 515,099 | ||||||
Ranpak Holdings Corp.* (a) |
4,324 | 65,206 | ||||||
Sealed Air Corp. |
6,204 | 398,359 | ||||||
Silgan Holdings, Inc.(a) |
18,236 | 809,131 | ||||||
Sonoco Products Co.(a) |
25,004 | 1,547,998 | ||||||
TriMas Corp. |
1,504 | 44,428 | ||||||
Westrock Co. |
9,212 | 456,270 | ||||||
9,287,805 | ||||||||
Distributors – 0.1% | ||||||||
Funko, Inc., Class A* (a) |
4,324 | 70,438 | ||||||
Genuine Parts Co. |
4,700 | 611,235 | ||||||
LKQ Corp.(a) |
10,152 | 503,844 | ||||||
Pool Corp. |
940 | 380,907 | ||||||
1,566,424 | ||||||||
Diversified Consumer Services – 0.3% | ||||||||
2U, Inc.* (a) |
5,640 | 56,287 | ||||||
ADT, Inc.(a) |
33,840 | 231,804 | ||||||
Adtalem Global Education, Inc.* (a) |
12,032 | 352,658 | ||||||
American Public Education, Inc.* (a) |
2,256 | 43,857 | ||||||
Beachbody Co., Inc. (The)* |
17,672 | 28,982 | ||||||
Bright Horizons Family Solutions, Inc.* |
1,316 | 150,340 | ||||||
Chegg, Inc.* (a) |
4,324 | 106,976 | ||||||
Coursera, Inc.* (a) |
940 | 17,681 | ||||||
Duolingo, Inc.* (a) |
564 | 48,769 | ||||||
frontdoor, Inc.* |
4,700 | 145,277 | ||||||
Graham Holdings Co., Class B(a) |
940 | 556,828 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 93 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Diversified Consumer Services – (continued) | ||||||||
Grand Canyon Education, Inc.* (a) |
9,024 | $ | 866,033 | |||||
H&R Block, Inc.(a) |
43,428 | 1,132,168 | ||||||
Laureate Education, Inc., Class A(a) |
13,160 | 149,103 | ||||||
OneSpaWorld Holdings Ltd.* (a) |
9,588 | 96,263 | ||||||
Perdoceo Education Corp.* |
13,160 | 147,129 | ||||||
PowerSchool Holdings, Inc., Class A* (a) |
2,256 | 34,156 | ||||||
Service Corp. International |
4,888 | 320,702 | ||||||
Stride, Inc.* (a) |
12,032 | 472,857 | ||||||
Terminix Global Holdings, Inc.* (a) |
4,136 | 189,801 | ||||||
Udemy, Inc.* (a) |
1,504 | 16,409 | ||||||
Vivint Smart Home, Inc.* (a) |
3,948 | 20,687 | ||||||
WW International, Inc.* (a) |
14,100 | 138,039 | ||||||
5,322,806 | ||||||||
Diversified Financial Services – 1.5% | ||||||||
A-Mark Precious Metals, Inc.(a) |
1,504 | 118,515 | ||||||
Apollo Global Management, Inc. |
11,092 | 551,938 | ||||||
Berkshire Hathaway, Inc., Class B* |
60,160 | 19,421,453 | ||||||
Cannae Holdings, Inc.* (a) |
19,928 | 446,387 | ||||||
Compass Diversified Holdings |
376 | 8,220 | ||||||
Equitable Holdings, Inc. |
14,852 | 428,183 | ||||||
Jackson Financial, Inc., Class A(a) |
20,304 | 859,062 | ||||||
Voya Financial, Inc.(a) |
4,888 | 308,628 | ||||||
22,142,386 | ||||||||
Diversified Telecommunication Services – 0.8% | ||||||||
Anterix, Inc.* (a) |
188 | 9,746 | ||||||
AT&T, Inc. |
232,744 | 4,389,552 | ||||||
Bandwidth, Inc., Class A* (a) |
188 | 4,159 | ||||||
Cogent Communications Holdings, Inc. |
3,196 | 186,966 | ||||||
Consolidated Communications Holdings, Inc.* (a) |
14,288 | 85,014 |
Investments | Shares | Value | ||||||
Diversified Telecommunication Services – (continued) | ||||||||
EchoStar Corp., Class A* (a) |
8,648 | $ | 201,931 | |||||
Globalstar, Inc.* (a) |
22,372 | 25,951 | ||||||
IDT Corp., Class B* |
3,384 | 89,608 | ||||||
Iridium Communications, Inc.* (a) |
7,520 | 268,539 | ||||||
Liberty Latin America Ltd., Class A* |
9,024 | 83,382 | ||||||
Liberty Latin America Ltd., Class C* |
40,984 | 378,692 | ||||||
Lumen Technologies, Inc.(a) |
27,824 | 279,909 | ||||||
Ooma, Inc.* (a) |
940 | 12,070 | ||||||
Verizon Communications, Inc. |
136,488 | 6,319,394 | ||||||
12,334,913 | ||||||||
Electric Utilities – 1.5% | ||||||||
ALLETE, Inc. |
3,948 | 234,274 | ||||||
Alliant Energy Corp. |
7,896 | 464,364 | ||||||
American Electric Power Co., Inc. |
16,544 | 1,639,676 | ||||||
Avangrid, Inc.(a) |
752 | 33,351 | ||||||
Duke Energy Corp. |
25,004 | 2,754,441 | ||||||
Edison International |
11,092 | 763,019 | ||||||
Entergy Corp. |
6,016 | 715,002 | ||||||
Evergy, Inc. |
6,204 | 420,941 | ||||||
Eversource Energy |
9,588 | 837,991 | ||||||
Exelon Corp. |
32,148 | 1,503,883 | ||||||
FirstEnergy Corp. |
18,424 | 797,943 | ||||||
Hawaiian Electric Industries, Inc. |
6,768 | 278,233 | ||||||
IDACORP, Inc.(a) |
3,008 | 316,382 | ||||||
MGE Energy, Inc.(a) |
1,128 | 87,837 | ||||||
NextEra Energy, Inc. |
52,076 | 3,698,438 | ||||||
NRG Energy, Inc. |
9,588 | 344,209 | ||||||
OGE Energy Corp. |
46,060 | 1,781,601 | ||||||
Otter Tail Corp.(a) |
940 | 54,482 | ||||||
PG&E Corp.* (a) |
42,488 | 537,473 | ||||||
Pinnacle West Capital Corp. |
3,008 | 214,170 | ||||||
PNM Resources, Inc. |
2,444 | 114,037 | ||||||
Portland General Electric Co. |
23,124 | 1,094,459 | ||||||
PPL Corp. |
24,816 | 702,541 | ||||||
Southern Co. (The) |
35,344 | 2,593,896 | ||||||
Xcel Energy, Inc. |
15,416 | 1,129,376 | ||||||
23,112,019 |
See Accompanying Notes to the Financial Statements.
94 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electrical Equipment – 0.7% | ||||||||
Acuity Brands, Inc. |
2,256 | $ | 389,115 | |||||
American Superconductor Corp.* (a) |
188 | 1,002 | ||||||
AMETEK, Inc. |
5,452 | 688,370 | ||||||
Array Technologies, Inc.* (a) |
6,016 | 39,284 | ||||||
Atkore, Inc.* (a) |
11,656 | 1,120,142 | ||||||
AZZ, Inc.(a) |
2,632 | 120,124 | ||||||
Blink Charging Co.* (a) |
2,068 | 39,499 | ||||||
Bloom Energy Corp., Class A* (a) |
7,520 | 139,571 | ||||||
Eaton Corp. plc |
11,092 | 1,608,562 | ||||||
Emerson Electric Co. |
19,928 | 1,797,107 | ||||||
Encore Wire Corp. |
4,324 | 487,790 | ||||||
EnerSys |
1,128 | 73,839 | ||||||
Eos Energy Enterprises, Inc.* (a) |
3,948 | 8,370 | ||||||
Fluence Energy, Inc.* (a) |
7,332 | 67,234 | ||||||
FTC Solar, Inc.* (a) |
2,632 | 7,370 | ||||||
FuelCell Energy, Inc.* (a) |
19,928 | 81,306 | ||||||
Generac Holdings, Inc.* |
1,692 | 371,191 | ||||||
GrafTech International Ltd.(a) |
40,984 | 372,135 | ||||||
Hubbell, Inc.(a) |
1,316 | 257,094 | ||||||
nVent Electric plc(a) |
10,716 | 361,986 | ||||||
Plug Power, Inc.* (a) |
16,544 | 347,755 | ||||||
Regal Rexnord Corp. |
2,256 | 287,053 | ||||||
Rockwell Automation, Inc.(a) |
3,008 | 760,031 | ||||||
Romeo Power, Inc.* (a) |
8,084 | 8,892 | ||||||
Sensata Technologies Holding plc* (a) |
4,324 | 196,353 | ||||||
Shoals Technologies Group, Inc., Class A* (a) |
2,068 | 20,639 | ||||||
Sunrun, Inc.* (a) |
5,264 | 105,175 | ||||||
TPI Composites, Inc.* |
3,008 | 34,412 | ||||||
Vertiv Holdings Co.(a) |
4,700 | 58,891 | ||||||
Vicor Corp.* (a) |
752 | 45,511 | ||||||
9,895,803 | ||||||||
Electronic Equipment, Instruments & Components – 1.2% | ||||||||
Advanced Energy Industries, Inc.(a) |
2,820 | 215,786 | ||||||
Aeva Technologies, Inc.* |
22,372 | 73,380 | ||||||
Akoustis Technologies, Inc.* (a) |
4,324 | 19,198 |
Investments | Shares | Value | ||||||
Electronic Equipment, Instruments & Components – (continued) | ||||||||
Alpine 4 Holdings, Inc.* |
5,452 | $ | 4,238 | |||||
Amphenol Corp., Class A |
16,544 | 1,182,896 | ||||||
Arlo Technologies, Inc.* (a) |
9,212 | 71,301 | ||||||
Arrow Electronics, Inc.* |
3,008 | 354,523 | ||||||
Avnet, Inc. |
21,808 | 952,137 | ||||||
Badger Meter, Inc.(a) |
940 | 75,849 | ||||||
Belden, Inc.(a) |
3,572 | 184,422 | ||||||
Benchmark Electronics, Inc.(a) |
940 | 22,334 | ||||||
CDW Corp. |
3,384 | 552,201 | ||||||
Cognex Corp. |
4,136 | 279,718 | ||||||
Coherent, Inc.* |
940 | 251,826 | ||||||
Corning, Inc. |
24,440 | 860,044 | ||||||
CTS Corp.(a) |
940 | 33,248 | ||||||
ePlus, Inc.* (a) |
2,820 | 159,274 | ||||||
Fabrinet* (a) |
1,316 | 129,218 | ||||||
FARO Technologies, Inc.* (a) |
376 | 12,893 | ||||||
Flex Ltd.* |
18,988 | 313,112 | ||||||
II-VI, Inc.* (a) |
24,440 | 1,495,972 | ||||||
Insight Enterprises, Inc.* (a) |
8,648 | 859,352 | ||||||
IPG Photonics Corp.* (a) |
940 | 88,811 | ||||||
Itron, Inc.* (a) |
2,068 | 98,809 | ||||||
Jabil, Inc. |
6,016 | 347,304 | ||||||
Keysight Technologies, Inc.* |
4,888 | 685,640 | ||||||
Kimball Electronics, Inc.* (a) |
9,964 | 177,758 | ||||||
Knowles Corp.* (a) |
2,820 | 52,226 | ||||||
Lightwave Logic, Inc.* (a) |
940 | 10,688 | ||||||
Littelfuse, Inc. |
940 | 215,495 | ||||||
Methode Electronics, Inc.(a) |
10,152 | 452,881 | ||||||
MicroVision, Inc.* (a) |
8,460 | 27,326 | ||||||
National Instruments Corp. |
4,700 | 169,858 | ||||||
nLight, Inc.* (a) |
1,128 | 14,833 | ||||||
Novanta, Inc.* (a) |
2,068 | 266,152 | ||||||
OSI Systems, Inc.* (a) |
564 | 44,612 | ||||||
PC Connection, Inc. |
2,068 | 102,345 | ||||||
Plexus Corp.* (a) |
7,708 | 625,427 | ||||||
Rogers Corp.* |
1,128 | 305,372 | ||||||
Sanmina Corp.* (a) |
16,356 | 668,797 | ||||||
ScanSource, Inc.* (a) |
4,324 | 148,054 | ||||||
TD SYNNEX Corp.(a) |
9,212 | 922,029 | ||||||
TE Connectivity Ltd. |
9,024 | 1,126,015 | ||||||
Teledyne Technologies, Inc.* |
940 | 405,657 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 95 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electronic Equipment, Instruments & Components – (continued) | ||||||||
Trimble, Inc.* |
6,768 | $ | 451,426 | |||||
TTM Technologies, Inc.* (a) |
22,748 | 317,335 | ||||||
Velodyne Lidar, Inc.* |
376 | 707 | ||||||
Vishay Intertechnology, Inc. |
27,824 | 518,361 | ||||||
Vontier Corp.(a) |
37,976 | 972,945 | ||||||
Zebra Technologies Corp., Class A* |
1,316 | 486,472 | ||||||
17,806,257 | ||||||||
Energy Equipment & Services – 0.6% | ||||||||
Archrock, Inc.(a) |
14,100 | 122,811 | ||||||
Baker Hughes Co. |
27,260 | 845,605 | ||||||
Cactus, Inc., Class A(a) |
4,700 | 234,671 | ||||||
ChampionX Corp.(a) |
13,912 | 293,543 | ||||||
Core Laboratories NV(a) |
2,444 | 63,544 | ||||||
DMC Global, Inc.* (a) |
752 | 15,033 | ||||||
Dril-Quip, Inc.* (a) |
188 | 5,429 | ||||||
Halliburton Co. |
21,432 | 763,408 | ||||||
Helix Energy Solutions Group, Inc.* (a) |
41,736 | 171,535 | ||||||
Helmerich & Payne, Inc.(a) |
7,520 | 346,146 | ||||||
Liberty Energy, Inc., Class A* (a) |
8,272 | 133,510 | ||||||
Nabors Industries Ltd.* (a) |
1,692 | 261,657 | ||||||
Newpark Resources, Inc.* (a) |
16,168 | 56,426 | ||||||
NexTier Oilfield Solutions, Inc.* (a) |
32,336 | 356,666 | ||||||
Noble Corp.* (a) |
13,348 | 426,202 | ||||||
NOV, Inc. |
90,428 | 1,639,460 | ||||||
Oceaneering International, Inc.* (a) |
11,092 | 125,672 | ||||||
Oil States International, Inc.* (a) |
564 | 3,813 | ||||||
Patterson-UTI Energy, Inc.(a) |
4,888 | 80,359 | ||||||
ProPetro Holding Corp.* (a) |
14,476 | 204,691 | ||||||
RPC, Inc.* (a) |
18,988 | 196,336 | ||||||
Schlumberger NV |
35,156 | 1,371,436 | ||||||
Select Energy Services, Inc., Class A* |
27,448 | 212,996 | ||||||
Transocean Ltd.* |
139,496 | 524,505 | ||||||
US Silica Holdings, Inc.* (a) |
5,828 | 108,284 |
Investments | Shares | Value | ||||||
Energy Equipment & Services – (continued) | ||||||||
Weatherford International plc* |
14,476 | $ | 467,285 | |||||
9,031,023 | ||||||||
Entertainment – 1.0% | ||||||||
Activision Blizzard, Inc. |
21,244 | 1,606,047 | ||||||
AMC Entertainment Holdings, Inc., Class A* (a) |
10,152 | 155,326 | ||||||
Cinedigm Corp., Class A* (a) |
16,544 | 11,516 | ||||||
Cinemark Holdings, Inc.* (a) |
10,528 | 166,974 | ||||||
CuriosityStream, Inc.* |
5,264 | 10,686 | ||||||
Electronic Arts, Inc. |
7,144 | 843,349 | ||||||
IMAX Corp.* |
2,068 | 32,716 | ||||||
Liberty Media Corp-Liberty Formula One, Class A* |
1,880 | 107,950 | ||||||
Liberty Media Corp-Liberty Formula One, Class C* (a) |
5,828 | 363,259 | ||||||
Lions Gate Entertainment Corp., Class A* |
17,860 | 240,931 | ||||||
Lions Gate Entertainment Corp., Class B* |
34,592 | 434,822 | ||||||
Live Nation Entertainment, Inc.* (a) |
3,572 | 374,631 | ||||||
Madison Square Garden Entertainment Corp.* (a) |
1,880 | 137,710 | ||||||
Madison Square Garden Sports Corp., Class A* (a) |
376 | 60,953 | ||||||
Marcus Corp. (The)* (a) |
5,640 | 88,717 | ||||||
Netflix, Inc.* |
11,844 | 2,254,624 | ||||||
Playtika Holding Corp.* |
3,760 | 66,101 | ||||||
Redbox Entertainment, Inc.* (a) |
3,008 | 17,988 | ||||||
Roku, Inc.* (a) |
3,196 | 296,908 | ||||||
Sciplay Corp., Class A* |
188 | 2,512 | ||||||
Skillz, Inc.* (a) |
16,168 | 33,144 | ||||||
Take-Two Interactive Software, Inc.* |
2,820 | 337,018 | ||||||
Walt Disney Co. (The)* |
49,068 | 5,477,461 | ||||||
Warner Bros Discovery, Inc.* |
72,569 | 1,317,127 | ||||||
Warner Music Group Corp., Class A(a) |
6,580 | 195,887 |
See Accompanying Notes to the Financial Statements.
96 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Entertainment – (continued) | ||||||||
World Wrestling Entertainment, Inc., Class A(a) |
1,316 | $ | 76,841 | |||||
Zynga, Inc., Class A* (a) |
30,080 | 248,762 | ||||||
14,959,960 | ||||||||
Equity Real Estate Investment Trusts (REITs) – 3.4% | ||||||||
Acadia Realty Trust |
4,136 | 86,525 | ||||||
Agree Realty Corp.(a) |
3,384 | 229,841 | ||||||
Alexander & Baldwin, Inc. |
6,016 | 127,539 | ||||||
Alexander’s, Inc.(a) |
188 | 46,656 | ||||||
Alexandria Real Estate Equities, Inc.(a) |
4,324 | 787,660 | ||||||
American Assets Trust, Inc. |
376 | 13,762 | ||||||
American Campus Communities, Inc. |
5,452 | 352,581 | ||||||
American Homes 4 Rent, Class A(a) |
6,768 | 268,080 | ||||||
American Tower Corp. |
12,408 | 2,990,576 | ||||||
Americold Realty Trust(a) |
4,512 | 119,027 | ||||||
Apartment Income REIT Corp. |
5,640 | 277,319 | ||||||
Apple Hospitality REIT, Inc.(a) |
5,640 | 99,772 | ||||||
Armada Hoffler Properties, Inc.(a) |
1,692 | 22,927 | ||||||
Ashford Hospitality Trust, Inc.* (a) |
9,400 | 66,270 | ||||||
AvalonBay Communities, Inc. |
3,760 | 855,325 | ||||||
Bluerock Residential Growth REIT, Inc. |
4,888 | 130,070 | ||||||
Boston Properties, Inc.(a) |
3,572 | 420,067 | ||||||
Braemar Hotels & Resorts, Inc.(a) |
376 | 2,279 | ||||||
Brandywine Realty Trust(a) |
14,852 | 173,323 | ||||||
Brixmor Property Group, Inc. |
11,468 | 291,058 | ||||||
Camden Property Trust |
2,444 | 383,439 | ||||||
CareTrust REIT, Inc.(a) |
2,444 | 39,617 | ||||||
CatchMark Timber Trust, Inc., Class A(a) |
5,452 | 44,761 | ||||||
Centerspace(a) |
1,504 | 138,759 | ||||||
Chatham Lodging Trust* |
7,708 | 110,687 |
Investments | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
City Office REIT, Inc.(a) |
6,580 | $ | 97,647 | |||||
Community Healthcare Trust, Inc.(a) |
1,316 | 48,455 | ||||||
Corporate Office Properties Trust(a) |
8,648 | 230,815 | ||||||
Cousins Properties, Inc.(a) |
6,016 | 215,974 | ||||||
Crown Castle International Corp. |
11,280 | 2,089,169 | ||||||
CubeSmart |
7,332 | 348,343 | ||||||
DiamondRock Hospitality Co.* |
41,548 | 441,240 | ||||||
Digital Realty Trust, Inc. |
8,084 | 1,181,234 | ||||||
DigitalBridge Group, Inc.* (a) |
26,132 | 181,879 | ||||||
Diversified Healthcare Trust |
86,292 | 194,157 | ||||||
Douglas Emmett, Inc. |
8,084 | 238,155 | ||||||
Duke Realty Corp. |
9,400 | 514,650 | ||||||
EastGroup Properties, Inc. |
2,256 | 423,000 | ||||||
Empire State Realty Trust, Inc., Class A(a) |
10,152 | 87,713 | ||||||
EPR Properties(a) |
5,640 | 296,213 | ||||||
Equinix, Inc. |
2,444 | 1,757,431 | ||||||
Equity Commonwealth* (a) |
2,820 | 73,856 | ||||||
Equity LifeStyle Properties, Inc. |
4,888 | 377,745 | ||||||
Equity Residential |
8,084 | 658,846 | ||||||
Essential Properties Realty Trust, Inc.(a) |
3,008 | 72,192 | ||||||
Essex Property Trust, Inc.(a) |
1,504 | 495,222 | ||||||
Extra Space Storage, Inc. |
3,384 | 642,960 | ||||||
Federal Realty Investment Trust(a) |
2,444 | 286,095 | ||||||
First Industrial Realty Trust, Inc. |
7,896 | 457,968 | ||||||
Four Corners Property Trust, Inc.(a) |
6,768 | 185,849 | ||||||
Franklin Street Properties Corp.(a) |
18,612 | 96,038 | ||||||
Gaming and Leisure Properties, Inc. |
7,332 | 325,394 | ||||||
Getty Realty Corp. |
4,700 | 126,477 | ||||||
Global Net Lease, Inc.(a) |
10,904 | 152,983 | ||||||
Healthcare Realty Trust, Inc.(a) |
8,648 | 234,188 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 97 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Healthcare Trust of America, Inc., Class A |
11,844 | $ | 360,768 | |||||
Healthpeak Properties, Inc. |
12,972 | 425,611 | ||||||
Hersha Hospitality Trust* (a) |
188 | 1,839 | ||||||
Highwoods Properties, Inc. |
7,144 | 291,761 | ||||||
Host Hotels & Resorts, Inc.(a) |
20,868 | 424,664 | ||||||
Hudson Pacific Properties, Inc.(a) |
10,340 | 240,715 | ||||||
Independence Realty Trust, Inc.(a) |
9,400 | 256,244 | ||||||
Industrial Logistics Properties Trust(a) |
4,512 | 72,914 | ||||||
Innovative Industrial Properties, Inc. |
940 | 135,915 | ||||||
Invitation Homes, Inc. |
14,288 | 568,948 | ||||||
Iron Mountain, Inc.(a) |
7,520 | 404,050 | ||||||
iStar, Inc. |
6,204 | 104,475 | ||||||
JBG SMITH Properties(a) |
6,580 | 173,449 | ||||||
Kilroy Realty Corp.(a) |
4,700 | 329,000 | ||||||
Kimco Realty Corp. |
19,928 | 504,776 | ||||||
Kite Realty Group Trust(a) |
6,956 | 155,119 | ||||||
Lamar Advertising Co., Class A(a) |
3,008 | 332,113 | ||||||
Life Storage, Inc. |
2,820 | 373,622 | ||||||
LTC Properties, Inc.(a) |
4,136 | 136,488 | ||||||
LXP Industrial Trust(a) |
8,836 | 110,892 | ||||||
Macerich Co. (The) |
15,604 | 195,830 | ||||||
Medical Properties Trust, Inc.(a) |
15,604 | 286,957 | ||||||
Mid-America Apartment Communities, Inc.(a) |
3,008 | 591,613 | ||||||
National Health Investors, Inc.(a) |
752 | 38,751 | ||||||
National Retail Properties, Inc.(a) |
6,392 | 280,225 | ||||||
National Storage Affiliates Trust(a) |
2,820 | 159,612 | ||||||
Necessity Retail REIT, Inc. (The)(a) |
26,508 | 198,015 | ||||||
NexPoint Residential Trust, Inc. |
188 | 16,762 | ||||||
Office Properties Income Trust(a) |
15,228 | 329,229 |
Investments | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Omega Healthcare Investors, Inc.(a) |
59,408 | $ | 1,513,716 | |||||
Outfront Media, Inc. |
10,716 | 274,330 | ||||||
Paramount Group, Inc.(a) |
43,428 | 413,000 | ||||||
Park Hotels & Resorts, Inc. |
54,144 | 1,067,178 | ||||||
Pebblebrook Hotel Trust(a) |
9,588 | 234,139 | ||||||
Physicians Realty Trust(a) |
13,912 | 238,452 | ||||||
Piedmont Office Realty Trust, Inc., Class A |
10,904 | 175,554 | ||||||
Plymouth Industrial REIT, Inc.(a) |
4,512 | 108,829 | ||||||
PotlatchDeltic Corp. |
18,048 | 999,679 | ||||||
Preferred Apartment Communities, Inc., Class A(a) |
16,356 | 406,937 | ||||||
Prologis, Inc. |
20,116 | 3,224,394 | ||||||
PS Business Parks, Inc.(a) |
564 | 105,581 | ||||||
Public Storage |
4,136 | 1,536,524 | ||||||
Rayonier, Inc.(a) |
9,024 | 389,837 | ||||||
Realty Income Corp. |
13,724 | 951,897 | ||||||
Regency Centers Corp.(a) |
3,008 | 207,041 | ||||||
Retail Opportunity Investments Corp.(a) |
7,520 | 140,098 | ||||||
Rexford Industrial Realty, Inc. |
5,076 | 396,131 | ||||||
RLJ Lodging Trust |
2,820 | 39,536 | ||||||
RPT Realty(a) |
9,400 | 124,926 | ||||||
Ryman Hospitality Properties, Inc.* (a) |
3,572 | 333,911 | ||||||
Sabra Health Care REIT, Inc. |
61,476 | 718,040 | ||||||
Safehold, Inc. |
188 | 8,093 | ||||||
SBA Communications Corp. |
2,820 | 978,850 | ||||||
Service Properties Trust |
6,392 | 51,903 | ||||||
Simon Property Group, Inc. |
8,084 | 953,912 | ||||||
SITE Centers Corp. |
5,452 | 86,687 | ||||||
SL Green Realty Corp. |
2,820 | 195,200 | ||||||
Spirit Realty Capital, Inc. |
4,512 | 196,046 | ||||||
STAG Industrial, Inc.(a) |
9,212 | 343,792 | ||||||
STORE Capital Corp. |
9,024 | 256,552 | ||||||
Summit Hotel Properties, Inc.* (a) |
10,528 | 103,911 | ||||||
Sun Communities, Inc. |
3,572 | 627,136 | ||||||
Sunstone Hotel Investors, Inc.* |
9,400 | 115,150 |
See Accompanying Notes to the Financial Statements.
98 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Tanger Factory Outlet Centers, Inc.(a) |
9,588 | $ | 154,654 | |||||
Terreno Realty Corp.(a) |
4,324 | 314,571 | ||||||
UDR, Inc. |
9,024 | 480,167 | ||||||
Uniti Group, Inc.(a) |
5,828 | 72,209 | ||||||
Universal Health Realty Income Trust(a) |
1,128 | 56,614 | ||||||
Urban Edge Properties(a) |
5,076 | 94,870 | ||||||
Urstadt Biddle Properties, Inc., Class A(a) |
5,452 | 94,592 | ||||||
Ventas, Inc. |
9,776 | 543,057 | ||||||
VICI Properties, Inc.(a) |
27,636 | 823,829 | ||||||
Vornado Realty Trust(a) |
3,948 | 152,827 | ||||||
Washington REIT(a) |
6,956 | 167,570 | ||||||
Welltower, Inc.(a) |
10,528 | 956,048 | ||||||
Weyerhaeuser Co. |
22,372 | 922,174 | ||||||
Whitestone REIT(a) |
12,408 | 150,757 | ||||||
WP Carey, Inc. |
4,888 | 394,804 | ||||||
Xenia Hotels & Resorts, Inc.* |
29,140 | 562,111 | ||||||
51,567,981 | ||||||||
Food & Staples Retailing – 1.5% | ||||||||
Albertsons Cos., Inc., Class A |
752 | 23,523 | ||||||
Andersons, Inc. (The)(a) |
5,264 | 264,411 | ||||||
BJ’s Wholesale Club Holdings, Inc.* (a) |
33,088 | 2,129,213 | ||||||
Casey’s General Stores, Inc. |
1,504 | 302,755 | ||||||
Chefs’ Warehouse, Inc. (The)* (a) |
4,324 | 158,258 | ||||||
Costco Wholesale Corp. |
11,844 | 6,297,692 | ||||||
Grocery Outlet Holding Corp.* (a) |
3,196 | 107,609 | ||||||
Ingles Markets, Inc., Class A |
2,444 | 227,585 | ||||||
Kroger Co. (The) |
23,688 | 1,278,205 | ||||||
Performance Food Group Co.* |
8,648 | 425,914 | ||||||
PriceSmart, Inc.(a) |
376 | 29,873 | ||||||
Rite Aid Corp.* (a) |
12,596 | 80,237 | ||||||
SpartanNash Co.(a) |
10,340 | 354,455 | ||||||
Sprouts Farmers Market, Inc.* |
29,704 | 885,179 | ||||||
Sysco Corp. |
13,536 | 1,157,057 |
Investments | Shares | Value | ||||||
Food & Staples Retailing – (continued) | ||||||||
United Natural Foods, Inc.* (a) |
15,228 | $ | 653,738 | |||||
US Foods Holding Corp.* |
8,460 | 318,265 | ||||||
Walgreens Boots Alliance, Inc.(a) |
21,808 | 924,659 | ||||||
Walmart, Inc. |
45,872 | 7,017,957 | ||||||
Weis Markets, Inc.(a) |
5,076 | 405,471 | ||||||
23,042,056 | ||||||||
Food Products – 1.2% | ||||||||
Archer-Daniels-Midland Co. |
19,176 | 1,717,403 | ||||||
B&G Foods, Inc.(a) |
6,016 | 162,011 | ||||||
Beyond Meat, Inc.* (a) |
3,572 | 131,735 | ||||||
Bunge Ltd. |
3,948 | 446,598 | ||||||
Calavo Growers, Inc.(a) |
2,820 | 102,197 | ||||||
Campbell Soup Co.(a) |
4,700 | 221,934 | ||||||
Conagra Brands, Inc. |
16,544 | 577,882 | ||||||
Darling Ingredients, Inc.* |
4,888 | 358,730 | ||||||
Flowers Foods, Inc.(a) |
12,408 | 329,060 | ||||||
Fresh Del Monte Produce, Inc.(a) |
6,956 | 181,204 | ||||||
Freshpet, Inc.* (a) |
2,444 | 228,147 | ||||||
General Mills, Inc. |
21,056 | 1,489,291 | ||||||
Hain Celestial Group, Inc. (The)* (a) |
2,820 | 94,583 | ||||||
Hershey Co. (The) |
3,760 | 848,895 | ||||||
Hormel Foods Corp. |
5,828 | 305,329 | ||||||
Hostess Brands, Inc.* (a) |
3,948 | 89,580 | ||||||
Ingredion, Inc. |
15,228 | 1,296,055 | ||||||
J & J Snack Foods Corp.(a) |
376 | 56,287 | ||||||
J M Smucker Co. (The)(a) |
3,948 | 540,600 | ||||||
John B Sanfilippo & Son, Inc. |
188 | 14,596 | ||||||
Kellogg Co.(a) |
6,956 | 476,486 | ||||||
Kraft Heinz Co. (The)(a) |
20,868 | 889,603 | ||||||
Lamb Weston Holdings, Inc.(a) |
3,948 | 260,963 | ||||||
Lancaster Colony Corp.(a) |
564 | 87,521 | ||||||
McCormick & Co., Inc. (Non-Voting)(a) |
7,520 | 756,286 | ||||||
Mondelez International, Inc., Class A |
45,120 | 2,909,338 | ||||||
Pilgrim’s Pride Corp.* |
9,400 | 266,490 | ||||||
Post Holdings, Inc.* |
3,384 | 251,736 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 99 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Food Products – (continued) | ||||||||
Sanderson Farms, Inc.(a) |
4,700 | $ | 890,039 | |||||
Seaboard Corp. |
62 | 261,949 | ||||||
Simply Good Foods Co. (The)* (a) |
2,632 | 109,623 | ||||||
Tattooed Chef, Inc.* (a) |
10,340 | 82,617 | ||||||
Tootsie Roll Industries, Inc.(a) |
3,196 | 111,956 | ||||||
TreeHouse Foods, Inc.* (a) |
11,844 | 373,086 | ||||||
Tyson Foods, Inc., Class A |
8,648 | 805,648 | ||||||
Vita Coco Co., Inc. (The)* (a) |
5,640 | 61,250 | ||||||
Vital Farms, Inc.* |
1,880 | 21,620 | ||||||
Whole Earth Brands, Inc.* (a) |
188 | 1,299 | ||||||
17,809,627 | ||||||||
Gas Utilities – 0.5% | ||||||||
Atmos Energy Corp.(a) |
3,948 | 447,703 | ||||||
Chesapeake Utilities Corp. |
564 | 70,596 | ||||||
Macquarie Infrastructure Holdings LLC(a) |
3,384 | 12,690 | ||||||
National Fuel Gas Co.(a) |
23,312 | 1,634,871 | ||||||
New Jersey Resources Corp.(a) |
21,620 | 933,119 | ||||||
ONE Gas, Inc.(a) |
3,760 | 317,231 | ||||||
South Jersey Industries, Inc.(a) |
28,764 | 983,441 | ||||||
Southwest Gas Holdings, Inc. |
13,536 | 1,192,657 | ||||||
Spire, Inc.(a) |
13,536 | 984,744 | ||||||
UGI Corp. |
7,896 | 270,833 | ||||||
6,847,885 | ||||||||
Health Care Equipment & Supplies – 2.3% | ||||||||
Abbott Laboratories |
47,376 | 5,377,176 | ||||||
ABIOMED, Inc.* (a) |
1,128 | 323,262 | ||||||
Accuray, Inc.* (a) |
4,512 | 12,002 | ||||||
Align Technology, Inc.* (a) |
1,880 | 545,031 | ||||||
Alphatec Holdings, Inc.* |
188 | 2,040 | ||||||
AngioDynamics, Inc.* (a) |
564 | 11,872 | ||||||
Artivion, Inc.* (a) |
3,008 | 61,032 | ||||||
Asensus Surgical, Inc.* (a) |
752 | 341 | ||||||
Aspira Women’s Health, Inc.* (a) |
23,124 | 14,716 |
Investments | Shares | Value | ||||||
Health Care Equipment & Supplies – (continued) | ||||||||
AtriCure, Inc.* (a) |
1,128 | $ | 58,577 | |||||
Avanos Medical, Inc.* |
1,128 | 32,892 | ||||||
Axogen, Inc.* (a) |
7,520 | 54,445 | ||||||
Axonics, Inc.* (a) |
752 | 38,969 | ||||||
Baxter International, Inc. |
12,972 | 921,790 | ||||||
Becton Dickinson and Co. |
9,024 | 2,230,643 | ||||||
BioLife Solutions, Inc.* (a) |
1,880 | 23,820 | ||||||
Bioventus, Inc., Class A* (a) |
2,820 | 33,925 | ||||||
Boston Scientific Corp.* |
35,908 | 1,512,086 | ||||||
Cardiovascular Systems, Inc.* |
188 | 3,516 | ||||||
Cerus Corp.* (a) |
18,048 | 83,382 | ||||||
ClearPoint Neuro, Inc.* (a) |
2,068 | 17,723 | ||||||
CONMED Corp.(a) |
940 | 124,982 | ||||||
Cooper Cos., Inc. (The)(a) |
1,316 | 475,129 | ||||||
CryoPort, Inc.* (a) |
1,692 | 38,171 | ||||||
CVRx, Inc.* (a) |
3,948 | 24,596 | ||||||
Dentsply Sirona, Inc. |
5,640 | 225,544 | ||||||
DexCom, Inc.* |
2,632 | 1,075,382 | ||||||
Eargo, Inc.* (a) |
9,212 | 34,821 | ||||||
Edwards Lifesciences Corp.* |
16,168 | 1,710,251 | ||||||
Enovis Corp.* (a) |
2,882 | 186,977 | ||||||
Envista Holdings Corp.* (a) |
6,768 | 268,148 | ||||||
Figs, Inc., Class A* (a) |
1,692 | 26,497 | ||||||
Glaukos Corp.* (a) |
2,632 | 124,467 | ||||||
Globus Medical, Inc., Class A* (a) |
4,512 | 298,785 | ||||||
Haemonetics Corp.* (a) |
3,008 | 152,415 | ||||||
Heska Corp.* (a) |
376 | 41,300 | ||||||
Hologic, Inc.* |
7,144 | 514,297 | ||||||
ICU Medical, Inc.* |
752 | 160,920 | ||||||
IDEXX Laboratories, Inc.* (a) |
2,068 | 890,233 | ||||||
Inari Medical, Inc.* (a) |
564 | 45,515 | ||||||
Inogen, Inc.* (a) |
1,316 | 33,268 | ||||||
Insulet Corp.* (a) |
1,692 | 404,371 | ||||||
Integer Holdings Corp.* |
940 | 70,660 | ||||||
Integra LifeSciences Holdings Corp.* (a) |
4,136 | 252,958 | ||||||
Intersect ENT, Inc.* (a) |
940 | 25,728 | ||||||
Intuitive Surgical, Inc.* |
9,776 | 2,339,397 | ||||||
iRhythm Technologies, Inc.* |
1,504 | 185,548 | ||||||
Lantheus Holdings, Inc.* (a) |
5,264 | 349,582 | ||||||
LeMaitre Vascular, Inc. |
188 | 8,123 |
See Accompanying Notes to the Financial Statements.
100 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Health Care Equipment & Supplies – (continued) | ||||||||
LivaNova plc* |
3,196 | $ | 245,005 | |||||
Masimo Corp.* (a) |
1,316 | 148,668 | ||||||
Medtronic plc |
36,660 | 3,825,838 | ||||||
Merit Medical Systems, Inc.* |
1,692 | 104,921 | ||||||
Natus Medical, Inc.* |
1,128 | 37,529 | ||||||
Neogen Corp.* |
6,204 | 163,786 | ||||||
Nevro Corp.* |
2,068 | 127,575 | ||||||
Novocure Ltd.* (a) |
2,632 | 201,559 | ||||||
NuVasive, Inc.* (a) |
3,008 | 154,731 | ||||||
OraSure Technologies, Inc.* (a) |
188 | 1,154 | ||||||
Ortho Clinical Diagnostics Holdings plc* |
7,708 | 135,738 | ||||||
Orthofix Medical, Inc.* |
2,820 | 87,420 | ||||||
Outset Medical, Inc.* (a) |
2,632 | 91,804 | ||||||
Penumbra, Inc.* (a) |
940 | 162,206 | ||||||
PROCEPT BioRobotics Corp.* (a) |
1,880 | 66,853 | ||||||
Quidel Corp.* (a) |
9,588 | 964,745 | ||||||
ResMed, Inc. |
3,760 | 751,887 | ||||||
Retractable Technologies, Inc.* (a) |
6,016 | 23,041 | ||||||
RxSight, Inc.* (a) |
1,880 | 23,068 | ||||||
SeaSpine Holdings Corp.* (a) |
4,888 | 45,507 | ||||||
Senseonics Holdings, Inc.* (a) |
564 | 790 | ||||||
Shockwave Medical, Inc.* (a) |
2,068 | 312,537 | ||||||
SI-BONE, Inc.* (a) |
3,008 | 60,100 | ||||||
Sientra, Inc.* (a) |
8,648 | 12,280 | ||||||
Sight Sciences, Inc.* (a) |
2,068 | 14,435 | ||||||
SmileDirectClub, Inc.* (a) |
37,036 | 68,517 | ||||||
STAAR Surgical Co.* (a) |
2,256 | 128,795 | ||||||
Stereotaxis, Inc.* (a) |
3,760 | 9,400 | ||||||
STERIS plc |
3,008 | 673,942 | ||||||
Stryker Corp. |
9,212 | 2,222,487 | ||||||
Surmodics, Inc.* |
188 | 7,268 | ||||||
Tactile Systems Technology, Inc.* (a) |
3,760 | 63,469 | ||||||
Tandem Diabetes Care, Inc.* |
2,256 | 217,659 | ||||||
Teleflex, Inc. |
1,128 | 322,179 |
Investments | Shares | Value | ||||||
Health Care Equipment & Supplies – (continued) | ||||||||
TransMedics Group, Inc.* (a) |
1,504 | $ | 31,524 | |||||
Treace Medical Concepts, Inc.* (a) |
2,632 | 51,587 | ||||||
Varex Imaging Corp.* (a) |
4,888 | 97,027 | ||||||
ViewRay, Inc.* (a) |
7,144 | 19,074 | ||||||
Zimmer Biomet Holdings, Inc. |
5,076 | 612,927 | ||||||
Zynex, Inc.(a) |
5,076 | 32,334 | ||||||
33,768,671 | ||||||||
Health Care Providers & Services – 3.3% | ||||||||
1Life Healthcare, Inc.* (a) |
11,280 | 79,524 | ||||||
Acadia Healthcare Co., Inc.* (a) |
6,016 | 408,366 | ||||||
Accolade, Inc.* |
188 | 1,045 | ||||||
AdaptHealth Corp.* |
6,016 | 76,163 | ||||||
Addus HomeCare Corp.* (a) |
1,504 | 126,757 | ||||||
Agiliti, Inc.* (a) |
376 | 7,422 | ||||||
Amedisys, Inc.* (a) |
1,692 | 215,984 | ||||||
AmerisourceBergen Corp. |
5,452 | 824,833 | ||||||
AMN Healthcare Services, Inc.* (a) |
3,196 | 312,409 | ||||||
Anthem, Inc. |
8,084 | 4,057,602 | ||||||
Apollo Medical Holdings, Inc.* (a) |
752 | 27,433 | ||||||
Aveanna Healthcare Holdings, Inc.* (a) |
6,016 | 17,567 | ||||||
Brookdale Senior Living, Inc.* (a) |
54,708 | 338,095 | ||||||
Cardinal Health, Inc. |
9,964 | 578,410 | ||||||
Castle Biosciences, Inc.* |
2,256 | 50,399 | ||||||
Centene Corp.* |
20,116 | 1,620,344 | ||||||
Chemed Corp. |
376 | 184,763 | ||||||
Cigna Corp. |
11,092 | 2,737,284 | ||||||
Community Health Systems, Inc.* (a) |
27,260 | 209,084 | ||||||
Covetrus, Inc.* |
4,324 | 59,671 | ||||||
CVS Health Corp. |
43,052 | 4,138,589 | ||||||
DaVita, Inc.* (a) |
2,820 | 305,603 | ||||||
Encompass Health Corp. |
22,936 | 1,578,685 | ||||||
Ensign Group, Inc. (The)(a) |
2,444 | 196,327 | ||||||
Fulgent Genetics, Inc.* (a) |
4,324 | 237,301 | ||||||
Guardant Health, Inc.* (a) |
2,632 | 162,394 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 101 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Health Care Providers & Services – (continued) | ||||||||
Hanger, Inc.* |
3,572 | $ | 58,724 | |||||
HCA Healthcare, Inc. |
8,084 | 1,734,422 | ||||||
HealthEquity, Inc.* (a) |
5,264 | 328,052 | ||||||
Henry Schein, Inc.* |
4,700 | 381,170 | ||||||
Humana, Inc. |
4,136 | 1,838,700 | ||||||
Innovage Holding Corp.* (a) |
188 | 863 | ||||||
Invitae Corp.* (a) |
5,452 | 28,950 | ||||||
Joint Corp. (The)* (a) |
188 | 5,738 | ||||||
Laboratory Corp. of America Holdings* |
3,384 | 813,108 | ||||||
LHC Group, Inc.* |
1,504 | 249,438 | ||||||
McKesson Corp. |
5,264 | 1,629,787 | ||||||
MEDNAX, Inc.* (a) |
4,512 | 83,562 | ||||||
ModivCare, Inc.* (a) |
376 | 39,093 | ||||||
Molina Healthcare, Inc.* |
2,068 | 648,215 | ||||||
National HealthCare Corp. |
2,068 | 140,748 | ||||||
Oak Street Health, Inc.* (a) |
4,324 | 78,221 | ||||||
Option Care Health, Inc.* (a) |
10,152 | 303,342 | ||||||
Owens & Minor, Inc.(a) |
17,484 | 620,507 | ||||||
Patterson Cos., Inc.(a) |
20,492 | 630,539 | ||||||
PetIQ, Inc.* (a) |
2,444 | 48,636 | ||||||
Premier, Inc., Class A |
27,072 | 980,277 | ||||||
Progyny, Inc.* (a) |
3,384 | 130,115 | ||||||
Quest Diagnostics, Inc. |
4,324 | 578,724 | ||||||
R1 RCM, Inc.* (a) |
4,324 | 97,376 | ||||||
RadNet, Inc.* (a) |
1,128 | 21,996 | ||||||
Select Medical Holdings Corp.(a) |
23,876 | 539,836 | ||||||
Surgery Partners, Inc.* (a) |
3,572 | 182,744 | ||||||
Tenet Healthcare Corp.* |
25,568 | 1,853,936 | ||||||
Tivity Health, Inc.* (a) |
5,264 | 169,132 | ||||||
UnitedHealth Group, Inc. |
31,020 | 15,775,221 | ||||||
Universal Health Services, Inc., Class B |
2,444 | 299,463 | ||||||
US Physical Therapy, Inc.(a) |
188 | 19,509 | ||||||
48,862,198 | ||||||||
Health Care Technology – 0.3% | ||||||||
Allscripts Healthcare Solutions, Inc.* (a) |
33,840 | 699,134 | ||||||
American Well Corp., Class A* (a) |
17,672 | 55,313 |
Investments | Shares | Value | ||||||
Health Care Technology – (continued) | ||||||||
Cerner Corp. |
8,789 | $ | 823,002 | |||||
Certara, Inc.* (a) |
6,392 | 117,293 | ||||||
Change Healthcare, Inc.* |
63,732 | 1,501,526 | ||||||
Computer Programs & Systems, Inc.* (a) |
3,384 | 108,017 | ||||||
Convey Health Solutions Holdings, Inc.* (a) |
3,196 | 16,268 | ||||||
Doximity, Inc., Class A* (a) |
6,016 | 239,858 | ||||||
Evolent Health, Inc., Class A* (a) |
7,144 | 196,603 | ||||||
Health Catalyst, Inc.* (a) |
376 | 6,257 | ||||||
HealthStream, Inc.* |
188 | 3,591 | ||||||
Inspire Medical Systems, Inc.* (a) |
1,504 | 309,463 | ||||||
Multiplan Corp.* (a) |
376 | 1,666 | ||||||
NextGen Healthcare, Inc.* |
564 | 10,631 | ||||||
Omnicell, Inc.* (a) |
2,444 | 266,812 | ||||||
OptimizeRx Corp.* (a) |
564 | 15,854 | ||||||
Phreesia, Inc.* (a) |
564 | 12,904 | ||||||
Schrodinger, Inc.* (a) |
3,384 | 83,653 | ||||||
Simulations Plus, Inc.(a) |
940 | 43,860 | ||||||
Tabula Rasa HealthCare, Inc.* (a) |
1,692 | 5,702 | ||||||
Teladoc Health, Inc.* (a) |
4,888 | 165,019 | ||||||
Veeva Systems, Inc., Class A* |
3,384 | 615,719 | ||||||
5,298,145 | ||||||||
Hotels, Restaurants & Leisure – 2.0% | ||||||||
Airbnb, Inc., Class A* |
9,588 | 1,468,978 | ||||||
Aramark |
6,392 | 231,710 | ||||||
BJ’s Restaurants, Inc.* (a) |
2,256 | 62,694 | ||||||
Bloomin’ Brands, Inc.(a) |
18,988 | 417,546 | ||||||
Booking Holdings, Inc.* |
1,128 | 2,493,230 | ||||||
Boyd Gaming Corp. |
4,324 | 261,948 | ||||||
Brinker International, Inc.* (a) |
11,656 | 423,463 | ||||||
Caesars Entertainment, Inc.* (a) |
6,580 | 436,122 | ||||||
Carnival Corp.* (a) |
22,936 | 396,793 | ||||||
Cheesecake Factory, Inc. (The)* (a) |
11,280 | 416,345 | ||||||
Chipotle Mexican Grill, Inc.* |
752 | 1,094,619 |
See Accompanying Notes to the Financial Statements.
102 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Hotels, Restaurants & Leisure – (continued) | ||||||||
Choice Hotels International, Inc. |
1,128 | $ | 158,439 | |||||
Churchill Downs, Inc.(a) |
1,316 | 267,069 | ||||||
Cracker Barrel Old Country Store, Inc.(a) |
5,828 | 646,850 | ||||||
Darden Restaurants, Inc.(a) |
3,008 | 396,244 | ||||||
Dave & Buster’s Entertainment, Inc.* (a) |
4,324 | 196,742 | ||||||
Denny’s Corp.* (a) |
1,692 | 21,691 | ||||||
Dine Brands Global, Inc.(a) |
4,136 | 296,510 | ||||||
Domino’s Pizza, Inc.(a) |
1,128 | 381,264 | ||||||
DraftKings, Inc., Class A* (a) |
9,400 | 128,592 | ||||||
El Pollo Loco Holdings, Inc.* |
3,760 | 40,044 | ||||||
Esports Technologies, Inc.* (a) |
1,692 | 6,176 | ||||||
Everi Holdings, Inc.* (a) |
8,460 | 146,866 | ||||||
Expedia Group, Inc.* |
3,948 | 689,913 | ||||||
F45 Training Holdings, Inc.* (a) |
1,316 | 11,568 | ||||||
First Watch Restaurant Group, Inc.* (a) |
1,316 | 17,108 | ||||||
GAN Ltd.* (a) |
7,332 | 27,348 | ||||||
Golden Entertainment, Inc.* (a) |
3,384 | 162,297 | ||||||
Golden Nugget Online Gaming, Inc.* (a) |
5,076 | 25,431 | ||||||
Hilton Grand Vacations, Inc.* |
6,204 | 290,533 | ||||||
Hilton Worldwide Holdings, Inc.* |
7,520 | 1,167,781 | ||||||
Hyatt Hotels Corp., Class A* (a) |
2,444 | 232,082 | ||||||
Jack in the Box, Inc.(a) |
5,828 | 482,325 | ||||||
Las Vegas Sands Corp.* |
9,400 | 333,042 | ||||||
Light & Wonder, Inc.* (a) |
6,204 | 347,796 | ||||||
Lindblad Expeditions Holdings, Inc.* (a) |
6,580 | 100,740 | ||||||
Marriott International, Inc., Class A* |
7,332 | 1,301,577 | ||||||
Marriott Vacations Worldwide Corp. |
2,632 | 393,037 | ||||||
McDonald’s Corp. |
19,928 | 4,965,260 |
Investments | Shares | Value | ||||||
Hotels, Restaurants & Leisure – (continued) | ||||||||
Membership Collective Group, Inc., Class A* (a) |
6,392 | $ | 47,876 | |||||
MGM Resorts International |
12,032 | 493,793 | ||||||
Norwegian Cruise Line Holdings Ltd.* (a) |
13,912 | 278,657 | ||||||
Papa John’s International, Inc. |
940 | 85,587 | ||||||
Penn National Gaming, Inc.* (a) |
5,076 | 185,629 | ||||||
Planet Fitness, Inc., Class A* |
3,196 | 255,776 | ||||||
PlayAGS, Inc.* (a) |
3,760 | 24,816 | ||||||
Portillo’s, Inc., Class A* (a) |
1,692 | 35,244 | ||||||
Red Robin Gourmet Burgers, Inc.* (a) |
5,828 | 76,871 | ||||||
Red Rock Resorts, Inc., Class A(a) |
2,256 | 99,174 | ||||||
Royal Caribbean Cruises Ltd.* (a) |
4,700 | 365,331 | ||||||
Rush Street Interactive, Inc.* (a) |
12,784 | 81,178 | ||||||
Ruth’s Hospitality Group, Inc.(a) |
5,640 | 118,271 | ||||||
SeaWorld Entertainment, Inc.* (a) |
3,760 | 253,574 | ||||||
Shake Shack, Inc., Class A* (a) |
2,256 | 130,464 | ||||||
Six Flags Entertainment Corp.* (a) |
5,640 | 215,843 | ||||||
Starbucks Corp. |
31,396 | 2,343,397 | ||||||
Texas Roadhouse, Inc.(a) |
2,632 | 216,693 | ||||||
Travel + Leisure Co.(a) |
20,304 | 1,126,466 | ||||||
Vail Resorts, Inc. |
1,128 | 286,692 | ||||||
Wendy’s Co. (The) |
6,204 | 122,591 | ||||||
Wingstop, Inc.(a) |
2,068 | 189,760 | ||||||
Wyndham Hotels & Resorts, Inc. |
3,572 | 314,193 | ||||||
Wynn Resorts Ltd.* (a) |
2,444 | 172,253 | ||||||
Yum! Brands, Inc. |
8,460 | 989,905 | ||||||
29,447,807 | ||||||||
Household Durables – 0.7% | ||||||||
Beazer Homes USA, Inc.* |
3,384 | 51,031 | ||||||
Cavco Industries, Inc.* (a) |
188 | 44,415 | ||||||
Century Communities, Inc.(a) |
7,896 | 416,277 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 103 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Household Durables – (continued) | ||||||||
Cricut, Inc., Class A* (a) |
752 | $ | 8,738 | |||||
DR Horton, Inc. |
11,468 | 798,058 | ||||||
Ethan Allen Interiors, Inc.(a) |
4,700 | 111,578 | ||||||
Garmin Ltd. |
3,760 | 412,622 | ||||||
GoPro, Inc., Class A* (a) |
28,764 | 256,575 | ||||||
Green Brick Partners, Inc.* |
8,836 | 174,069 | ||||||
Helen of Troy Ltd.* (a) |
940 | 201,639 | ||||||
Hovnanian Enterprises, Inc., Class A* (a) |
376 | 17,304 | ||||||
Installed Building Products, Inc.(a) |
752 | 60,513 | ||||||
iRobot Corp.* (a) |
1,504 | 76,178 | ||||||
KB Home(a) |
21,056 | 682,846 | ||||||
La-Z-Boy, Inc. |
8,648 | 227,269 | ||||||
Leggett & Platt, Inc.(a) |
4,700 | 167,461 | ||||||
Lennar Corp., Class A |
9,588 | 733,386 | ||||||
Lennar Corp., Class B(a) |
564 | 36,773 | ||||||
LGI Homes, Inc.* (a) |
5,452 | 510,907 | ||||||
Lovesac Co. (The)* (a) |
1,316 | 57,693 | ||||||
M/I Homes, Inc.* |
7,896 | 349,635 | ||||||
MDC Holdings, Inc. |
13,536 | 499,614 | ||||||
Meritage Homes Corp.* |
9,024 | 744,931 | ||||||
Mohawk Industries, Inc.* (a) |
1,692 | 238,674 | ||||||
Newell Brands, Inc.(a) |
12,220 | 282,893 | ||||||
NVR, Inc.* |
107 | 468,255 | ||||||
PulteGroup, Inc. |
9,776 | 408,246 | ||||||
Purple Innovation, Inc.* (a) |
6,768 | 27,884 | ||||||
Skyline Champion Corp.* (a) |
1,880 | 95,955 | ||||||
Sonos, Inc.* (a) |
3,572 | 81,513 | ||||||
Taylor Morrison Home Corp., Class A* (a) |
31,772 | 832,109 | ||||||
Tempur Sealy International, Inc.(a) |
8,084 | 219,157 | ||||||
Toll Brothers, Inc. |
4,888 | 226,657 | ||||||
TopBuild Corp.* (a) |
1,128 | 204,326 | ||||||
Traeger, Inc.* |
3,384 | 20,270 | ||||||
Tri Pointe Homes, Inc.* |
29,892 | 617,868 | ||||||
Tupperware Brands Corp.* (a) |
12,972 | 228,048 | ||||||
Universal Electronics, Inc.* (a) |
2,820 | 83,190 |
Investments | Shares | Value | ||||||
Household Durables – (continued) | ||||||||
Vuzix Corp.* (a) |
188 | $ | 972 | |||||
Weber, Inc., Class A(a) |
2,444 | 21,458 | ||||||
Whirlpool Corp.(a) |
2,256 | 409,509 | ||||||
11,106,496 | ||||||||
Household Products – 1.1% | ||||||||
Central Garden & Pet Co.* |
1,692 | 74,093 | ||||||
Central Garden & Pet Co., Class A* (a) |
10,340 | 427,869 | ||||||
Church & Dwight Co., Inc.(a) |
7,332 | 715,310 | ||||||
Clorox Co. (The)(a) |
2,820 | 404,585 | ||||||
Colgate-Palmolive Co. |
21,244 | 1,636,850 | ||||||
Energizer Holdings, Inc.(a) |
15,416 | 466,951 | ||||||
Kimberly-Clark Corp. |
11,280 | 1,566,002 | ||||||
Procter & Gamble Co. (The) |
64,108 | 10,292,539 | ||||||
Reynolds Consumer Products, Inc.(a) |
10,340 | 305,961 | ||||||
Spectrum Brands Holdings, Inc.(a) |
9,588 | 815,651 | ||||||
WD-40 Co.(a) |
376 | 69,177 | ||||||
16,774,988 | ||||||||
Independent Power and Renewable
Electricity Producers – 0.1% |
||||||||
AES Corp. (The) |
19,552 | 399,252 | ||||||
Clearway Energy, Inc., Class A(a) |
3,572 | 101,516 | ||||||
Clearway Energy, Inc., Class C(a) |
2,444 | 74,615 | ||||||
Ormat Technologies, Inc.(a) |
1,504 | 116,861 | ||||||
Sunnova Energy International, Inc.* (a) |
1,880 | 32,468 | ||||||
Vistra Corp. |
17,672 | 442,153 | ||||||
1,166,865 | ||||||||
Industrial Conglomerates – 0.6% | ||||||||
3M Co. |
18,424 | 2,657,109 | ||||||
General Electric Co. |
28,952 | 2,158,372 | ||||||
Honeywell International, Inc. |
17,860 | 3,456,089 | ||||||
Roper Technologies, Inc. |
3,008 | 1,413,519 | ||||||
9,685,089 | ||||||||
Insurance – 2.8% | ||||||||
Aflac, Inc. |
21,244 | 1,216,856 |
See Accompanying Notes to the Financial Statements.
104 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Insurance – (continued) | ||||||||
Alleghany Corp.* |
376 | $ | 314,524 | |||||
Allstate Corp. (The) |
9,964 | 1,260,845 | ||||||
Ambac Financial Group, Inc.* (a) |
8,648 | 66,849 | ||||||
American Equity Investment Life Holding Co.(a) |
21,996 | 829,689 | ||||||
American Financial Group, Inc. |
2,820 | 390,514 | ||||||
American International Group, Inc. |
26,884 | 1,572,983 | ||||||
American National Group, Inc. |
2,632 | 496,421 | ||||||
AMERISAFE, Inc.(a) |
376 | 17,428 | ||||||
Aon plc, Class A |
5,828 | 1,678,406 | ||||||
Arch Capital Group Ltd.* (a) |
14,476 | 661,119 | ||||||
Argo Group International Holdings Ltd. |
6,956 | 297,717 | ||||||
Arthur J Gallagher & Co. |
5,076 | 855,255 | ||||||
Assurant, Inc. |
2,256 | 410,321 | ||||||
Assured Guaranty Ltd. |
18,424 | 1,016,084 | ||||||
Axis Capital Holdings Ltd.(a) |
16,920 | 970,024 | ||||||
Brighthouse Financial, Inc.* (a) |
18,236 | 936,601 | ||||||
Brown & Brown, Inc.(a) |
6,204 | 384,524 | ||||||
BRP Group, Inc., Class A* |
1,692 | 39,119 | ||||||
Chubb Ltd. |
14,476 | 2,988,570 | ||||||
Cincinnati Financial Corp. |
4,136 | 507,322 | ||||||
CNO Financial Group, Inc.(a) |
32,336 | 780,591 | ||||||
Employers Holdings, Inc.(a) |
752 | 29,584 | ||||||
Enstar Group Ltd.* |
3,008 | 709,136 | ||||||
Erie Indemnity Co., Class A(a) |
940 | 150,663 | ||||||
Everest Re Group Ltd. |
1,128 | 309,873 | ||||||
Fidelity National Financial, Inc. |
10,904 | 434,197 | ||||||
First American Financial Corp.(a) |
4,700 | 274,057 | ||||||
Genworth Financial, Inc., Class A* |
111,860 | 415,001 | ||||||
Globe Life, Inc. |
2,632 | 258,147 | ||||||
GoHealth, Inc., Class A* (a) |
18,236 | 13,626 |
Investments | Shares | Value | ||||||
Insurance – (continued) | ||||||||
Goosehead Insurance, Inc., Class A(a) |
376 | $ | 21,616 | |||||
Hanover Insurance Group, Inc. (The) |
7,896 | 1,159,291 | ||||||
Hartford Financial Services Group, Inc. (The) |
12,408 | 867,691 | ||||||
HCI Group, Inc.(a) |
1,316 | 84,342 | ||||||
Horace Mann Educators Corp. |
7,896 | 314,656 | ||||||
James River Group Holdings Ltd.(a) |
9,212 | 218,416 | ||||||
Kemper Corp. |
1,504 | 69,425 | ||||||
Kinsale Capital Group, Inc.(a) |
1,316 | 291,744 | ||||||
Lemonade, Inc.* (a) |
2,256 | 47,060 | ||||||
Lincoln National Corp. |
6,768 | 407,095 | ||||||
Loews Corp. |
7,896 | 496,185 | ||||||
Markel Corp.* |
376 | 508,833 | ||||||
Marsh & McLennan Cos., Inc. |
13,912 | 2,249,570 | ||||||
MBIA, Inc.* (a) |
6,580 | 79,223 | ||||||
Mercury General Corp.(a) |
6,768 | 341,310 | ||||||
MetLife, Inc. |
24,440 | 1,605,219 | ||||||
National Western Life Group, Inc., Class A(a) |
376 | 74,734 | ||||||
Old Republic International Corp. |
12,596 | 277,238 | ||||||
Oscar Health, Inc., Class A* (a) |
10,528 | 77,486 | ||||||
Primerica, Inc. |
2,068 | 267,930 | ||||||
Principal Financial Group, Inc.(a) |
9,212 | 627,706 | ||||||
ProAssurance Corp.(a) |
1,692 | 41,572 | ||||||
Progressive Corp. (The) |
18,800 | 2,018,368 | ||||||
Prudential Financial, Inc.(a) |
12,972 | 1,407,592 | ||||||
Reinsurance Group of America, Inc. |
1,504 | 161,409 | ||||||
RenaissanceRe Holdings Ltd.(a) |
10,528 | 1,510,979 | ||||||
RLI Corp. |
1,316 | 151,050 | ||||||
Ryan Specialty Group Holdings, Inc., Class A* |
752 | 27,816 | ||||||
Safety Insurance Group, Inc.(a) |
2,444 | 210,282 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 105 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Insurance – (continued) | ||||||||
Selective Insurance Group, Inc. |
13,912 | $ | 1,145,792 | |||||
Selectquote, Inc.* (a) |
30,832 | 63,514 | ||||||
SiriusPoint Ltd.* (a) |
15,228 | 95,632 | ||||||
Stewart Information Services Corp. |
6,956 | 358,930 | ||||||
Travelers Cos., Inc. (The) |
8,460 | 1,447,168 | ||||||
Trupanion, Inc.* (a) |
2,444 | 155,487 | ||||||
Universal Insurance Holdings, Inc.(a) |
11,656 | 146,399 | ||||||
Unum Group(a) |
46,436 | 1,417,227 | ||||||
W R Berkley Corp. |
5,076 | 337,503 | ||||||
White Mountains Insurance Group Ltd.(a) |
188 | 197,028 | ||||||
Willis Towers Watson plc |
3,384 | 727,086 | ||||||
41,993,650 | ||||||||
Interactive Media & Services – 3.5% | ||||||||
Alphabet, Inc., Class A* |
8,002 | 18,262,084 | ||||||
Alphabet, Inc., Class C* |
7,391 | 16,994,348 | ||||||
Angi, Inc., Class A* |
4,700 | 20,727 | ||||||
Bumble, Inc., Class A* (a) |
3,760 | 90,202 | ||||||
Cargurus, Inc.* (a) |
6,016 | 196,603 | ||||||
Cars.com, Inc.* (a) |
19,740 | 219,509 | ||||||
Eventbrite, Inc., Class A* (a) |
5,264 | 55,693 | ||||||
EverQuote, Inc., Class A* (a) |
1,692 | 23,485 | ||||||
fuboTV, Inc.* (a) |
8,272 | 31,351 | ||||||
IAC/InterActiveCorp* (a) |
1,504 | 124,651 | ||||||
Liberty TripAdvisor Holdings, Inc., Class A* (a) |
10,904 | 16,356 | ||||||
Match Group, Inc.* |
6,768 | 535,687 | ||||||
MediaAlpha, Inc., Class A* (a) |
2,632 | 38,796 | ||||||
Meta Platforms, Inc., Class A* |
60,912 | 12,211,029 | ||||||
Pinterest, Inc., Class A* |
15,416 | 316,336 | ||||||
QuinStreet, Inc.* (a) |
1,692 | 16,091 | ||||||
Snap, Inc., Class A* |
26,508 | 754,418 | ||||||
TripAdvisor, Inc.* (a) |
6,204 | 159,257 | ||||||
TrueCar, Inc.* (a) |
10,904 | 39,036 | ||||||
Twitter, Inc.* |
20,680 | 1,013,734 | ||||||
Vimeo, Inc.* (a) |
9,024 | 91,955 |
Investments | Shares | Value | ||||||
Interactive Media & Services – (continued) | ||||||||
Yelp, Inc.* (a) |
1,128 | $ | 36,694 | |||||
Ziff Davis, Inc.* |
3,196 | 282,398 | ||||||
ZoomInfo Technologies, Inc., Class A* |
6,768 | 320,803 | ||||||
51,851,243 | ||||||||
Internet & Direct Marketing Retail – 2.2% | ||||||||
1847 Goedeker, Inc.* (a) |
35,156 | 44,648 | ||||||
1stdibs.com, Inc.* (a) |
1,128 | 8,528 | ||||||
Amazon.com, Inc.* |
11,656 | 28,972,503 | ||||||
CarParts.com, Inc.* (a) |
1,316 | 7,883 | ||||||
Chewy, Inc., Class A* (a) |
2,444 | 71,023 | ||||||
DoorDash, Inc., Class A* (a) |
3,760 | 306,177 | ||||||
eBay, Inc. |
20,868 | 1,083,466 | ||||||
Etsy, Inc.* (a) |
3,008 | 280,315 | ||||||
Groupon, Inc.* (a) |
2,820 | 55,018 | ||||||
Lands’ End, Inc.* (a) |
564 | 7,907 | ||||||
Liquidity Services, Inc.* (a) |
564 | 8,133 | ||||||
MercadoLibre, Inc.* |
1,316 | 1,281,297 | ||||||
Overstock.com, Inc.* (a) |
2,068 | 69,402 | ||||||
PetMed Express, Inc.(a) |
1,504 | 32,938 | ||||||
Porch Group, Inc.* (a) |
3,760 | 13,912 | ||||||
Poshmark, Inc., Class A* (a) |
3,008 | 33,208 | ||||||
Quotient Technology, Inc.* (a) |
5,452 | 28,950 | ||||||
Qurate Retail, Inc., Series A(a) |
89,300 | 375,953 | ||||||
RealReal, Inc. (The)* |
6,204 | 33,626 | ||||||
Revolve Group, Inc.* (a) |
564 | 23,835 | ||||||
Shutterstock, Inc. |
1,880 | 142,354 | ||||||
Stitch Fix, Inc., Class A* (a) |
5,452 | 51,794 | ||||||
ThredUp, Inc., Class A* (a) |
3,572 | 23,539 | ||||||
Wayfair, Inc., Class A* (a) |
2,068 | 159,112 | ||||||
Xometry, Inc., Class A* (a) |
752 | 24,681 | ||||||
33,140,202 | ||||||||
IT Services – 3.6% | ||||||||
Accenture plc, Class A |
16,920 | 5,082,091 | ||||||
Affirm Holdings, Inc.* (a) |
3,760 | 107,912 | ||||||
Akamai Technologies, Inc.* (a) |
5,076 | 569,933 | ||||||
Automatic Data Processing, Inc. |
11,468 | 2,502,088 |
See Accompanying Notes to the Financial Statements.
106 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
IT Services – (continued) | ||||||||
BigCommerce Holdings, Inc., Series 1* (a) |
752 | $ | 13,438 | |||||
Block, Inc., Class A* |
12,972 | 1,291,233 | ||||||
Bread Financial Holdings, Inc. |
12,408 | 679,958 | ||||||
Brightcove, Inc.* (a) |
2,632 | 18,556 | ||||||
Broadridge Financial Solutions, Inc.(a) |
3,384 | 487,736 | ||||||
Cantaloupe, Inc.* (a) |
3,008 | 16,454 | ||||||
Cloudflare, Inc., Class A* (a) |
6,768 | 582,996 | ||||||
Cognizant Technology Solutions Corp., Class A |
18,048 | 1,460,083 | ||||||
Concentrix Corp.(a) |
1,692 | 266,456 | ||||||
Conduent, Inc.* |
48,692 | 274,136 | ||||||
CSG Systems International, Inc.(a) |
3,008 | 184,902 | ||||||
DigitalOcean Holdings, Inc.* |
376 | 14,826 | ||||||
DXC Technology Co.* |
10,904 | 312,945 | ||||||
EPAM Systems, Inc.* |
1,692 | 448,363 | ||||||
Euronet Worldwide, Inc.* (a) |
2,444 | 297,313 | ||||||
EVERTEC, Inc.(a) |
1,880 | 74,072 | ||||||
Evo Payments, Inc., Class A* (a) |
1,316 | 29,649 | ||||||
ExlService Holdings, Inc.* (a) |
1,128 | 153,577 | ||||||
Fastly, Inc., Class A* (a) |
6,016 | 95,654 | ||||||
Fidelity National Information Services, Inc. |
19,176 | 1,901,300 | ||||||
Fiserv, Inc.* (a) |
18,612 | 1,822,487 | ||||||
FleetCor Technologies, Inc.* |
2,068 | 516,007 | ||||||
Flywire Corp.* (a) |
752 | 22,944 | ||||||
Gartner, Inc.* |
2,444 | 710,104 | ||||||
Genpact Ltd. |
3,948 | 158,986 | ||||||
Global Payments, Inc. |
9,212 | 1,261,860 | ||||||
GoDaddy, Inc., Class A* |
4,324 | 349,422 | ||||||
GreenBox POS* (a) |
3,384 | 12,216 | ||||||
Grid Dynamics Holdings, Inc.* (a) |
376 | 5,234 | ||||||
I3 Verticals, Inc., Class A* (a) |
2,632 | 72,248 | ||||||
International Business Machines Corp. |
29,516 | 3,902,310 | ||||||
International Money Express, Inc.* (a) |
2,632 | 52,298 |
Investments | Shares | Value | ||||||
IT Services – (continued) | ||||||||
Jack Henry & Associates, Inc.(a) |
2,068 | $ | 392,051 | |||||
Limelight Networks, Inc.* |
3,760 | 13,423 | ||||||
LiveRamp Holdings, Inc.* |
3,572 | 111,875 | ||||||
Marqeta, Inc., Class A* (a) |
12,972 | 120,640 | ||||||
Mastercard, Inc., Class A |
22,748 | 8,266,168 | ||||||
MAXIMUS, Inc. |
2,444 | 178,119 | ||||||
MongoDB, Inc.* (a) |
1,692 | 600,542 | ||||||
Okta, Inc.* |
3,572 | 426,175 | ||||||
Paya Holdings, Inc.* (a) |
188 | 957 | ||||||
Paychex, Inc. |
8,460 | 1,072,136 | ||||||
Payoneer Global, Inc.* (a) |
19,176 | 80,156 | ||||||
PayPal Holdings, Inc.* |
30,644 | 2,694,527 | ||||||
Perficient, Inc.* (a) |
1,128 | 112,134 | ||||||
Rackspace Technology, Inc.* (a) |
15,792 | 156,183 | ||||||
Repay Holdings Corp.* (a) |
6,204 | 83,010 | ||||||
Sabre Corp.* (a) |
15,040 | 157,469 | ||||||
Shift4 Payments, Inc., Class A* (a) |
3,196 | 167,662 | ||||||
Snowflake, Inc., Class A* |
6,392 | 1,095,844 | ||||||
SolarWinds Corp.(a) |
13,160 | 162,789 | ||||||
Squarespace, Inc., Class A* (a) |
1,880 | 37,544 | ||||||
Switch, Inc., Class A(a) |
6,204 | 185,251 | ||||||
TaskUS, Inc., Class A* (a) |
1,128 | 32,588 | ||||||
Toast, Inc., Class A* |
4,888 | 91,063 | ||||||
TTEC Holdings, Inc.(a) |
564 | 41,629 | ||||||
Tucows, Inc., Class A* (a) |
188 | 10,833 | ||||||
Twilio, Inc., Class A* (a) |
4,324 | 483,510 | ||||||
Unisys Corp.* (a) |
13,912 | 197,690 | ||||||
VeriSign, Inc.* |
2,632 | 470,312 | ||||||
Verra Mobility Corp.* (a) |
11,280 | 158,258 | ||||||
Visa, Inc., Class A(a) |
43,992 | 9,376,015 | ||||||
Western Union Co. (The)(a) |
8,460 | 141,790 | ||||||
WEX, Inc.* (a) |
2,632 | 437,544 | ||||||
53,307,674 | ||||||||
Leisure Products – 0.3% | ||||||||
Acushnet Holdings Corp.(a) |
1,128 | 45,955 | ||||||
AMMO, Inc.* (a) |
18,988 | 76,902 | ||||||
Brunswick Corp.(a) |
3,008 | 227,435 | ||||||
Callaway Golf Co.* |
5,264 | 115,492 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 107 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Leisure Products – (continued) | ||||||||
Genius Brands International, Inc.* (a) |
34,028 | $ | 24,160 | |||||
Hasbro, Inc.(a) |
3,196 | 281,440 | ||||||
Johnson Outdoors, Inc., Class A(a) |
188 | 14,378 | ||||||
Malibu Boats, Inc., Class A* (a) |
4,136 | 208,000 | ||||||
MasterCraft Boat Holdings, Inc.* (a) |
5,828 | 140,280 | ||||||
Mattel, Inc.* |
12,784 | 310,779 | ||||||
Nautilus, Inc.* (a) |
12,032 | 36,216 | ||||||
Peloton Interactive, Inc., Class A* (a) |
8,084 | 141,955 | ||||||
Polaris, Inc.(a) |
13,536 | 1,285,108 | ||||||
Smith & Wesson Brands, Inc. |
8,460 | 116,156 | ||||||
Solo Brands, Inc., Class A* (a) |
1,692 | 10,101 | ||||||
Sturm Ruger & Co., Inc.(a) |
4,136 | 281,868 | ||||||
Vinco Ventures, Inc.* (a) |
7,144 | 17,717 | ||||||
Vista Outdoor, Inc.* (a) |
12,032 | 423,887 | ||||||
YETI Holdings, Inc.* (a) |
2,820 | 137,813 | ||||||
3,895,642 | ||||||||
Life Sciences Tools & Services – 1.3% | ||||||||
10X Genomics, Inc., Class A* (a) |
2,256 | 107,747 | ||||||
Absci Corp.* (a) |
2,068 | 12,222 | ||||||
Adaptive Biotechnologies Corp.* (a) |
2,444 | 20,163 | ||||||
Agilent Technologies, Inc. |
8,084 | 964,179 | ||||||
Akoya Biosciences, Inc.* (a) |
1,128 | 10,614 | ||||||
Alpha Teknova, Inc.* (a) |
1,504 | 16,890 | ||||||
Avantor, Inc.* (a) |
14,100 | 449,508 | ||||||
Azenta, Inc.(a) |
2,632 | 197,295 | ||||||
Berkeley Lights, Inc.* (a) |
188 | 935 | ||||||
Bionano Genomics, Inc.* (a) |
16,356 | 26,660 | ||||||
Bio-Rad Laboratories, Inc., Class A* |
564 | 288,802 | ||||||
Bio-Techne Corp. |
940 | 356,909 | ||||||
Bruker Corp. |
2,632 | 151,314 | ||||||
Charles River Laboratories International, Inc.* |
1,316 | 317,827 |
Investments | Shares | Value | ||||||
Life Sciences Tools & Services – (continued) | ||||||||
ChromaDex Corp.* (a) |
6,580 | $ | 12,436 | |||||
Codexis, Inc.* (a) |
5,640 | 67,849 | ||||||
Cytek Biosciences, Inc.* (a) |
1,316 | 12,436 | ||||||
Danaher Corp. |
17,108 | 4,296,332 | ||||||
Illumina, Inc.* |
3,948 | 1,171,174 | ||||||
IQVIA Holdings, Inc.* (a) |
5,264 | 1,147,499 | ||||||
Maravai LifeSciences Holdings, Inc., Class A* |
3,384 | 103,990 | ||||||
Medpace Holdings, Inc.* |
1,128 | 150,667 | ||||||
Mettler-Toledo International, Inc.* |
564 | 720,527 | ||||||
NanoString Technologies, Inc.* (a) |
3,384 | 63,552 | ||||||
NeoGenomics, Inc.* (a) |
3,572 | 33,755 | ||||||
Pacific Biosciences of California, Inc.* (a) |
10,716 | 67,939 | ||||||
PerkinElmer, Inc.(a) |
3,760 | 551,254 | ||||||
Personalis, Inc.* |
4,700 | 26,320 | ||||||
Quanterix Corp.* |
2,444 | 54,232 | ||||||
Rapid Micro Biosystems, Inc., Class A* |
2,820 | 16,441 | ||||||
Repligen Corp.* (a) |
1,504 | 236,489 | ||||||
Sotera Health Co.* (a) |
5,264 | 107,280 | ||||||
Standard BioTools, Inc.* (a) |
8,272 | 21,921 | ||||||
Syneos Health, Inc.* (a) |
3,572 | 261,077 | ||||||
Thermo Fisher Scientific, Inc. |
10,528 | 5,821,142 | ||||||
Waters Corp.* (a) |
1,692 | 512,710 | ||||||
West Pharmaceutical Services, Inc. |
1,880 | 592,313 | ||||||
18,970,400 | ||||||||
Machinery – 1.9% | ||||||||
AGCO Corp.(a) |
2,632 | 335,317 | ||||||
Agrify Corp.* (a) |
2,444 | 7,063 | ||||||
Alamo Group, Inc. |
376 | 47,541 | ||||||
Albany International Corp., Class A |
2,256 | 176,464 | ||||||
Allison Transmission Holdings, Inc. |
25,004 | 936,150 | ||||||
Altra Industrial Motion Corp. |
3,760 | 146,640 | ||||||
Astec Industries, Inc. |
1,692 | 66,157 | ||||||
Barnes Group, Inc. |
1,504 | 50,504 | ||||||
Blue Bird Corp.* (a) |
3,760 | 60,273 | ||||||
Caterpillar, Inc. |
17,296 | 3,641,500 |
See Accompanying Notes to the Financial Statements.
108 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Machinery – (continued) | ||||||||
Chart Industries, Inc.* (a) |
2,256 | $ | 380,858 | |||||
CIRCOR International, Inc.* (a) |
2,632 | 51,719 | ||||||
Columbus McKinnon Corp.(a) |
564 | 19,994 | ||||||
Commercial Vehicle Group, Inc.* (a) |
6,392 | 45,895 | ||||||
Crane Co.(a) |
3,384 | 325,642 | ||||||
Cummins, Inc. |
4,700 | 889,193 | ||||||
Deere & Co. |
9,024 | 3,407,011 | ||||||
Desktop Metal, Inc., Class A* (a) |
376 | 1,320 | ||||||
Donaldson Co., Inc. |
4,700 | 230,488 | ||||||
Douglas Dynamics, Inc.(a) |
3,384 | 104,769 | ||||||
Dover Corp. |
3,760 | 501,208 | ||||||
EnPro Industries, Inc.(a) |
1,316 | 122,664 | ||||||
ESCO Technologies, Inc. |
2,256 | 140,887 | ||||||
Evoqua Water Technologies Corp.* (a) |
5,640 | 235,132 | ||||||
Federal Signal Corp.(a) |
1,880 | 63,976 | ||||||
Flowserve Corp.(a) |
7,520 | 245,979 | ||||||
Fortive Corp. |
9,024 | 518,880 | ||||||
Franklin Electric Co., Inc.(a) |
1,128 | 78,892 | ||||||
Gates Industrial Corp. plc* (a) |
17,860 | 227,715 | ||||||
Gorman-Rupp Co. (The)(a) |
1,692 | 53,907 | ||||||
Graco, Inc.(a) |
4,324 | 268,174 | ||||||
Greenbrier Cos., Inc. (The)(a) |
6,204 | 264,973 | ||||||
Helios Technologies, Inc. |
752 | 50,519 | ||||||
Hillenbrand, Inc.(a) |
18,612 | 759,742 | ||||||
Hyster-Yale Materials Handling, Inc.(a) |
2,068 | 63,529 | ||||||
Ideanomics, Inc.* (a) |
940 | 676 | ||||||
IDEX Corp. |
1,692 | 321,175 | ||||||
Illinois Tool Works, Inc.(a) |
7,332 | 1,445,211 | ||||||
Ingersoll Rand, Inc. |
9,400 | 413,224 | ||||||
ITT, Inc. |
3,008 | 211,222 | ||||||
John Bean Technologies Corp.(a) |
1,504 | 177,307 | ||||||
Kadant, Inc.(a) |
376 | 69,560 | ||||||
Kennametal, Inc. |
5,264 | 135,443 | ||||||
Lincoln Electric Holdings, Inc.(a) |
2,256 | 303,951 |
Investments | Shares | Value | ||||||
Machinery – (continued) | ||||||||
Lindsay Corp. |
376 | $ | 50,816 | |||||
Manitowoc Co., Inc. (The)* |
3,384 | 44,804 | ||||||
Meritor, Inc.* (a) |
19,740 | 708,863 | ||||||
Middleby Corp. (The)* (a) |
1,880 | 289,313 | ||||||
Mueller Industries, Inc.(a) |
15,228 | 824,596 | ||||||
Mueller Water Products, Inc., Class A(a) |
5,452 | 65,588 | ||||||
Nikola Corp.* (a) |
50,948 | 365,807 | ||||||
Nordson Corp. |
1,316 | 283,848 | ||||||
Oshkosh Corp.(a) |
3,008 | 278,060 | ||||||
Otis Worldwide Corp. |
10,340 | 753,166 | ||||||
PACCAR, Inc. |
12,408 | 1,030,484 | ||||||
Parker-Hannifin Corp. |
3,384 | 916,455 | ||||||
Pentair plc |
4,136 | 209,902 | ||||||
Proto Labs, Inc.* |
1,504 | 64,085 | ||||||
RBC Bearings, Inc.* (a) |
1,128 | 189,899 | ||||||
REV Group, Inc.(a) |
7,144 | 85,156 | ||||||
Snap-on, Inc. |
1,692 | 359,533 | ||||||
SPX Corp.* (a) |
1,504 | 63,018 | ||||||
Standex International Corp. |
188 | 17,680 | ||||||
Stanley Black & Decker, Inc.(a) |
5,264 | 632,470 | ||||||
Tennant Co.(a) |
188 | 12,141 | ||||||
Terex Corp. |
14,852 | 504,968 | ||||||
Timken Co. (The)(a) |
16,356 | 942,760 | ||||||
Toro Co. (The)(a) |
2,444 | 195,838 | ||||||
Trinity Industries, Inc.(a) |
3,008 | 83,442 | ||||||
Wabash National Corp.(a) |
7,144 | 102,231 | ||||||
Watts Water Technologies, Inc., Class A(a) |
940 | 119,812 | ||||||
Welbilt, Inc.* |
10,152 | 239,790 | ||||||
Westinghouse Air Brake Technologies Corp. |
5,076 | 456,383 | ||||||
Xylem, Inc. |
4,136 | 332,948 | ||||||
27,822,300 | ||||||||
Marine – 0.1% | ||||||||
Eagle Bulk Shipping, Inc.(a) |
2,444 | 152,114 | ||||||
Genco Shipping & Trading Ltd. |
5,828 | 128,391 | ||||||
Kirby Corp.* (a) |
4,324 | 281,925 | ||||||
Matson, Inc.(a) |
10,152 | 873,275 | ||||||
1,435,705 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 109 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Media – 1.1% | ||||||||
Advantage Solutions, Inc.* (a) |
30,456 | $ | 153,194 | |||||
Altice USA, Inc., Class A* (a) |
56,212 | 521,647 | ||||||
AMC Networks, Inc., Class A* (a) |
7,708 | 251,512 | ||||||
Audacy, Inc.* (a) |
752 | 1,910 | ||||||
Cable One, Inc.(a) |
188 | 219,246 | ||||||
Cardlytics, Inc.* (a) |
2,256 | 76,997 | ||||||
Charter Communications, Inc., Class A* (a) |
3,384 | 1,450,010 | ||||||
Clear Channel Outdoor Holdings, Inc.* |
102,648 | 252,514 | ||||||
Comcast Corp., Class A |
147,204 | 5,852,831 | ||||||
DISH Network Corp., Class A* (a) |
8,084 | 230,475 | ||||||
EW Scripps Co. (The), Class A* (a) |
14,852 | 244,464 | ||||||
Fox Corp., Class A(a) |
8,084 | 289,731 | ||||||
Fox Corp., Class B |
2,444 | 81,239 | ||||||
Gannett Co., Inc.* (a) |
752 | 3,016 | ||||||
Gray Television, Inc.(a) |
24,816 | 459,592 | ||||||
iHeartMedia, Inc., Class A* (a) |
9,776 | 156,318 | ||||||
Interpublic Group of Cos., Inc. (The)(a) |
11,468 | 374,086 | ||||||
John Wiley & Sons, Inc., Class A(a) |
10,904 | 554,905 | ||||||
Liberty Broadband Corp., Class A* (a) |
564 | 60,720 | ||||||
Liberty Broadband Corp., Class C* |
3,948 | 441,465 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* (a) |
2,068 | 86,504 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class C* |
4,888 | 204,709 | ||||||
Magnite, Inc.* (a) |
940 | 9,071 | ||||||
New York Times Co. (The), Class A |
4,324 | 165,696 | ||||||
News Corp., Class A |
9,776 | 194,151 | ||||||
News Corp., Class B |
3,196 | 63,632 | ||||||
Nexstar Media Group, Inc., Class A(a) |
9,964 | 1,578,497 | ||||||
Omnicom Group, Inc. |
5,828 | 443,686 |
Investments | Shares | Value | ||||||
Media – (continued) | ||||||||
Paramount Global, Class A(a) |
1,128 | $ | 35,588 | |||||
Paramount Global, Class B(a) |
19,928 | 580,303 | ||||||
PubMatic, Inc., Class A* (a) |
940 | 21,216 | ||||||
Scholastic Corp.(a) |
752 | 27,711 | ||||||
Sinclair Broadcast Group, Inc., Class A(a) |
12,220 | 271,773 | ||||||
Sirius XM Holdings, Inc.(a) |
36,096 | 216,576 | ||||||
TechTarget, Inc.* (a) |
1,128 | 75,926 | ||||||
TEGNA, Inc. |
52,452 | 1,156,567 | ||||||
Thryv Holdings, Inc.* (a) |
3,008 | 77,697 | ||||||
Urban One, Inc.* (a) |
9,588 | 77,567 | ||||||
WideOpenWest, Inc.* (a) |
6,768 | 135,698 | ||||||
17,098,440 | ||||||||
Metals & Mining – 0.9% | ||||||||
Alcoa Corp. |
7,332 | 497,110 | ||||||
Allegheny Technologies, Inc.* (a) |
9,964 | 270,821 | ||||||
Arconic Corp.* (a) |
22,936 | 577,070 | ||||||
Carpenter Technology Corp.(a) |
5,076 | 193,802 | ||||||
Century Aluminum Co.* (a) |
10,152 | 171,264 | ||||||
Cleveland-Cliffs, Inc.* (a) |
19,176 | 488,796 | ||||||
Coeur Mining, Inc.* (a) |
23,312 | 84,623 | ||||||
Commercial Metals Co.(a) |
30,456 | 1,248,696 | ||||||
Compass Minerals International, Inc.(a) |
940 | 55,582 | ||||||
Freeport-McMoRan, Inc. |
46,248 | 1,875,356 | ||||||
Gatos Silver, Inc.* (a) |
2,820 | 9,532 | ||||||
Hecla Mining Co.(a) |
15,040 | 78,358 | ||||||
Kaiser Aluminum Corp.(a) |
1,316 | 126,994 | ||||||
Materion Corp.(a) |
564 | 48,025 | ||||||
McEwen Mining, Inc.* (a) |
1,880 | 1,260 | ||||||
MP Materials Corp.* (a) |
4,324 | 164,485 | ||||||
Newmont Corp. |
25,004 | 1,821,541 | ||||||
Nucor Corp. |
9,212 | 1,425,833 | ||||||
Piedmont Lithium, Inc.* (a) |
3,384 | 221,347 | ||||||
Reliance Steel & Aluminum Co.(a) |
2,444 | 484,523 | ||||||
Royal Gold, Inc.(a) |
3,572 | 466,075 | ||||||
Ryerson Holding Corp.(a) |
1,128 | 41,522 |
See Accompanying Notes to the Financial Statements.
110 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Metals & Mining – (continued) | ||||||||
Schnitzer Steel Industries, Inc., Class A(a) |
4,512 | $ | 205,883 | |||||
Southern Copper Corp. |
1,880 | 117,068 | ||||||
Steel Dynamics, Inc. |
7,520 | 644,840 | ||||||
SunCoke Energy, Inc. |
9,024 | 75,080 | ||||||
TimkenSteel Corp.* (a) |
9,400 | 194,298 | ||||||
United States Steel Corp.(a) |
61,288 | 1,868,671 | ||||||
Warrior Met Coal, Inc. |
9,964 | 339,473 | ||||||
Worthington Industries, Inc.(a) |
8,836 | 420,328 | ||||||
14,218,256 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) – 0.5% | ||||||||
AGNC Investment Corp.(a) |
11,656 | 127,983 | ||||||
Annaly Capital Management, Inc.(a) |
37,036 | 237,771 | ||||||
Apollo Commercial Real Estate Finance, Inc.(a) |
31,960 | 384,798 | ||||||
Arbor Realty Trust, Inc.(a) |
31,396 | 536,872 | ||||||
Ares Commercial Real Estate Corp.(a) |
5,452 | 82,162 | ||||||
ARMOUR Residential REIT, Inc.(a) |
12,972 | 95,214 | ||||||
Blackstone Mortgage Trust, Inc., Class A(a) |
41,360 | 1,242,454 | ||||||
BrightSpire Capital, Inc.(a) |
17,672 | 150,212 | ||||||
Broadmark Realty Capital, Inc.(a) |
40,608 | 317,149 | ||||||
Chimera Investment Corp.(a) |
51,512 | 516,150 | ||||||
Dynex Capital, Inc.(a) |
13,912 | 225,792 | ||||||
Ellington Financial, Inc.(a) |
16,168 | 261,760 | ||||||
Granite Point Mortgage Trust, Inc.(a) |
5,640 | 54,877 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a) |
4,136 | 165,399 | ||||||
Invesco Mortgage Capital, Inc.(a) |
85,916 | 149,494 | ||||||
KKR Real Estate Finance Trust, Inc.(a) |
7,144 | 135,736 | ||||||
Ladder Capital Corp. |
7,332 | 83,511 | ||||||
MFA Financial, Inc.(a) |
19,270 | 274,598 |
Investments | Shares | Value | ||||||
Mortgage Real Estate Investment Trusts (REITs) – (continued) | ||||||||
New Residential Investment Corp.(a) |
108,664 | $ | 1,130,106 | |||||
New York Mortgage Trust, Inc.(a) |
83,660 | 269,385 | ||||||
Orchid Island Capital, Inc.(a) |
20,116 | 55,922 | ||||||
PennyMac Mortgage Investment Trust(a) |
23,500 | 360,490 | ||||||
Ready Capital Corp.(a) |
14,288 | 208,176 | ||||||
Redwood Trust, Inc.(a) |
33,840 | 328,248 | ||||||
Starwood Property Trust, Inc.(a) |
12,972 | 296,799 | ||||||
TPG RE Finance Trust, Inc. |
11,656 | 122,971 | ||||||
Two Harbors Investment Corp.(a) |
82,908 | 398,788 | ||||||
8,212,817 | ||||||||
Multiline Retail – 0.5% | ||||||||
Big Lots, Inc.(a) |
8,836 | 273,033 | ||||||
Dillard’s, Inc., Class A(a) |
940 | 285,581 | ||||||
Dollar General Corp. |
6,580 | 1,562,947 | ||||||
Dollar Tree, Inc.* |
6,768 | 1,099,462 | ||||||
Franchise Group, Inc.(a) |
7,896 | 294,442 | ||||||
Kohl’s Corp. |
6,204 | 359,088 | ||||||
Macy’s, Inc.(a) |
13,536 | 327,165 | ||||||
Nordstrom, Inc.(a) |
9,212 | 236,748 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* (a) |
3,384 | 162,601 | ||||||
Target Corp. |
15,792 | 3,610,841 | ||||||
8,211,908 | ||||||||
Multi-Utilities – 0.9% | ||||||||
Ameren Corp. |
6,580 | 611,282 | ||||||
Avista Corp.(a) |
16,920 | 686,444 | ||||||
Black Hills Corp.(a) |
16,544 | 1,211,682 | ||||||
CenterPoint Energy, Inc. |
19,364 | 592,732 | ||||||
CMS Energy Corp.(a) |
8,272 | 568,204 | ||||||
Consolidated Edison, Inc. |
10,904 | 1,011,237 | ||||||
Dominion Energy, Inc. |
27,448 | 2,240,855 | ||||||
DTE Energy Co. |
6,768 | 886,879 | ||||||
NiSource, Inc. |
15,980 | 465,338 | ||||||
NorthWestern Corp.(a) |
12,220 | 692,752 | ||||||
Public Service Enterprise Group, Inc. |
17,860 | 1,244,128 | ||||||
Sempra Energy |
9,964 | 1,607,791 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 111 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Multi-Utilities – (continued) | ||||||||
Unitil Corp. |
2,632 | $ | 134,232 | |||||
WEC Energy Group, Inc. |
8,648 | 865,232 | ||||||
12,818,788 | ||||||||
Oil, Gas & Consumable Fuels – 4.8% | ||||||||
Alto Ingredients, Inc.* (a) |
20,868 | 120,408 | ||||||
Antero Midstream Corp.(a) |
79,712 | 818,642 | ||||||
Antero Resources Corp.* (a) |
70,124 | 2,468,365 | ||||||
APA Corp. |
14,288 | 584,808 | ||||||
Arch Resources, Inc.(a) |
4,324 | 719,427 | ||||||
Berry Corp.(a) |
12,972 | 142,303 | ||||||
Brigham Minerals, Inc., Class A(a) |
6,016 | 149,077 | ||||||
California Resources Corp. |
2,068 | 83,154 | ||||||
Callon Petroleum Co.* (a) |
10,904 | 559,048 | ||||||
Centennial Resource Development, Inc., Class A* (a) |
12,596 | 97,493 | ||||||
Centrus Energy Corp., Class A* (a) |
2,068 | 57,408 | ||||||
Cheniere Energy, Inc. |
8,460 | 1,148,953 | ||||||
Chesapeake Energy Corp.(a) |
24,064 | 1,973,729 | ||||||
Chevron Corp. |
63,732 | 9,984,892 | ||||||
Civitas Resources, Inc.(a) |
15,792 | 925,732 | ||||||
Clean Energy Fuels Corp.* (a) |
17,860 | 104,660 | ||||||
CNX Resources Corp.* |
53,392 | 1,097,206 | ||||||
Comstock Resources, Inc.* (a) |
12,032 | 204,905 | ||||||
ConocoPhillips |
43,052 | 4,112,327 | ||||||
CONSOL Energy, Inc.* (a) |
5,640 | 268,182 | ||||||
Continental Resources, Inc.(a) |
3,572 | 198,496 | ||||||
Coterra Energy, Inc. |
27,261 | 784,843 | ||||||
Crescent Energy, Inc., Class A(a) |
2,820 | 44,302 | ||||||
CVR Energy, Inc. |
10,904 | 273,363 | ||||||
Delek US Holdings, Inc.* |
15,417 | 373,083 | ||||||
Denbury, Inc.* (a) |
1,316 | 84,198 | ||||||
Devon Energy Corp.(a) |
18,424 | 1,071,724 | ||||||
Diamondback Energy, Inc. |
6,392 | 806,862 |
Investments | Shares | Value | ||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||
Dorian LPG Ltd. |
8,460 | $ | 124,531 | |||||
DT Midstream, Inc.(a) |
22,184 | 1,192,390 | ||||||
Earthstone Energy, Inc., Class A* (a) |
6,392 | 86,228 | ||||||
EOG Resources, Inc. |
18,424 | 2,151,186 | ||||||
EQT Corp. |
18,800 | 747,300 | ||||||
Equitrans Midstream Corp.(a) |
97,384 | 765,438 | ||||||
Exxon Mobil Corp. |
137,992 | 11,763,818 | ||||||
Gevo, Inc.* (a) |
376 | 1,395 | ||||||
Green Plains, Inc.* (a) |
5,076 | 142,483 | ||||||
Gulfport Energy Corp.* |
2,256 | 212,019 | ||||||
Hess Corp. |
8,272 | 852,595 | ||||||
HF Sinclair Corp.* (a) |
10,152 | 385,979 | ||||||
International Seaways, Inc.(a) |
3,760 | 79,449 | ||||||
Kinder Morgan, Inc. |
58,844 | 1,068,019 | ||||||
Kosmos Energy Ltd.* |
98,324 | 664,670 | ||||||
Laredo Petroleum, Inc.* (a) |
2,632 | 187,425 | ||||||
Magnolia Oil & Gas Corp., Class A(a) |
11,656 | 270,885 | ||||||
Marathon Oil Corp. |
29,704 | 740,224 | ||||||
Marathon Petroleum Corp. |
16,544 | 1,443,629 | ||||||
Matador Resources Co.(a) |
25,004 | 1,220,695 | ||||||
Murphy Oil Corp. |
32,712 | 1,245,673 | ||||||
New Fortress Energy, Inc.(a) |
2,632 | 102,069 | ||||||
NextDecade Corp.* (a) |
3,384 | 18,917 | ||||||
Northern Oil and Gas, Inc.(a) |
12,972 | 324,041 | ||||||
Oasis Petroleum, Inc.(a) |
3,760 | 498,802 | ||||||
Occidental Petroleum Corp.(a) |
21,996 | 1,211,760 | ||||||
ONEOK, Inc. |
13,160 | 833,423 | ||||||
Ovintiv, Inc.(a) |
10,716 | 548,552 | ||||||
Par Pacific Holdings, Inc.* |
8,460 | 124,108 | ||||||
PBF Energy, Inc., Class A* |
22,184 | 644,667 | ||||||
PDC Energy, Inc.(a) |
25,004 | 1,743,779 | ||||||
Peabody Energy Corp.* (a) |
26,132 | 591,628 | ||||||
Phillips 66 |
11,280 | 978,653 | ||||||
Pioneer Natural Resources Co. |
7,144 | 1,660,766 | ||||||
Range Resources Corp.* (a) |
16,168 | 484,070 | ||||||
Ranger Oil Corp.* |
5,452 | 173,646 |
See Accompanying Notes to the Financial Statements.
112 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||
Renewable Energy Group, Inc.* (a) |
11,656 | $ | 711,715 | |||||
Ring Energy, Inc.* (a) |
15,416 | 68,910 | ||||||
SilverBow Resources, Inc.* (a) |
940 | 34,404 | ||||||
SM Energy Co.(a) |
6,768 | 240,467 | ||||||
Southwestern Energy Co.* (a) |
252,108 | 1,890,810 | ||||||
Targa Resources Corp. |
7,520 | 552,043 | ||||||
Tellurian, Inc.* |
15,980 | 79,580 | ||||||
Texas Pacific Land Corp.(a) |
188 | 256,921 | ||||||
Uranium Energy Corp.* (a) |
3,572 | 15,181 | ||||||
Valero Energy Corp. |
11,844 | 1,320,369 | ||||||
W&T Offshore, Inc.* |
34,404 | 163,763 | ||||||
Whiting Petroleum Corp.(a) |
9,024 | 659,203 | ||||||
Williams Cos., Inc. (The) |
42,676 | 1,463,360 | ||||||
World Fuel Services Corp. |
752 | 18,213 | ||||||
72,017,441 | ||||||||
Paper & Forest Products – 0.2% | ||||||||
Clearwater Paper Corp.* |
2,444 | 80,921 | ||||||
Glatfelter Corp.(a) |
7,144 | 78,584 | ||||||
Louisiana-Pacific Corp.(a) |
22,372 | 1,443,441 | ||||||
Mercer International, Inc. |
10,528 | 168,553 | ||||||
Neenah, Inc.(a) |
1,692 | 59,897 | ||||||
Resolute Forest Products, Inc.(a) |
6,956 | 96,967 | ||||||
Schweitzer-Mauduit International, Inc.(a) |
4,700 | 118,252 | ||||||
Sylvamo Corp.* (a) |
6,392 | 285,403 | ||||||
2,332,018 | ||||||||
Personal Products – 0.3% | ||||||||
BellRing Brands, Inc.* (a) |
8,272 | 177,273 | ||||||
Coty, Inc., Class A* (a) |
22,184 | 179,912 | ||||||
Edgewell Personal Care Co.(a) |
13,912 | 530,604 | ||||||
elf Beauty, Inc.* (a) |
752 | 18,296 | ||||||
Estee Lauder Cos., Inc. (The), Class A |
6,392 | 1,687,871 | ||||||
Herbalife Nutrition Ltd.* (a) |
23,500 | 624,630 | ||||||
Honest Co., Inc. (The)* |
3,008 | 11,912 |
Investments | Shares | Value | ||||||
Personal Products – (continued) | ||||||||
Inter Parfums, Inc.(a) |
564 | $ | 46,096 | |||||
Medifast, Inc. |
564 | 100,595 | ||||||
Nu Skin Enterprises, Inc., Class A(a) |
12,220 | 521,061 | ||||||
Thorne HealthTech, Inc.* (a) |
3,008 | 20,154 | ||||||
USANA Health Sciences, Inc.* (a) |
188 | 14,412 | ||||||
Veru, Inc.* (a) |
188 | 2,203 | ||||||
3,935,019 | ||||||||
Pharmaceuticals – 3.5% | ||||||||
9 Meters Biopharma, Inc.* (a) |
29,516 | 12,332 | ||||||
Aclaris Therapeutics, Inc.* |
752 | 9,265 | ||||||
Aerie Pharmaceuticals, Inc.* (a) |
5,640 | 40,100 | ||||||
Amneal Pharmaceuticals, Inc.* (a) |
3,384 | 13,062 | ||||||
Amphastar Pharmaceuticals, Inc.* (a) |
1,128 | 40,010 | ||||||
Ampio Pharmaceuticals, Inc.* (a) |
36,284 | 8,353 | ||||||
ANI Pharmaceuticals, Inc.* (a) |
188 | 5,548 | ||||||
Antares Pharma, Inc.* (a) |
17,108 | 95,206 | ||||||
Arvinas, Inc.* (a) |
940 | 51,672 | ||||||
Axsome Therapeutics, Inc.* (a) |
1,880 | 59,690 | ||||||
Bristol-Myers Squibb Co. |
71,064 | 5,348,987 | ||||||
Cara Therapeutics, Inc.* (a) |
1,128 | 9,836 | ||||||
Cassava Sciences, Inc.* (a) |
1,128 | 23,541 | ||||||
Catalent, Inc.* |
3,948 | 357,531 | ||||||
Clearside Biomedical, Inc.* |
3,760 | 5,753 | ||||||
Collegium Pharmaceutical, Inc.* |
3,760 | 60,536 | ||||||
Corcept Therapeutics, Inc.* (a) |
5,076 | 109,185 | ||||||
DICE Therapeutics, Inc.* (a) |
1,316 | 26,741 | ||||||
Elanco Animal Health, Inc.* (a) |
9,588 | 242,672 | ||||||
Eli Lilly & Co. |
21,244 | 6,206,010 | ||||||
Endo International plc* (a) |
58,468 | 116,936 | ||||||
Evolus, Inc.* (a) |
2,068 | 23,141 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 113 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Pharmaceuticals – (continued) | ||||||||
Harmony Biosciences Holdings, Inc.* (a) |
752 | $ | 33,870 | |||||
Innoviva, Inc.* (a) |
10,528 | 179,608 | ||||||
Intra-Cellular Therapies, Inc.* |
3,196 | 161,750 | ||||||
Jazz Pharmaceuticals plc* (a) |
1,880 | 301,214 | ||||||
Johnson & Johnson |
86,480 | 15,606,181 | ||||||
KemPharm, Inc.* (a) |
4,136 | 18,488 | ||||||
Marinus Pharmaceuticals, Inc.* |
3,196 | 21,158 | ||||||
Merck & Co., Inc. |
82,720 | 7,336,437 | ||||||
Nektar Therapeutics* (a) |
7,896 | 32,611 | ||||||
NGM Biopharmaceuticals, Inc.* |
1,504 | 18,770 | ||||||
Ocular Therapeutix, Inc.* (a) |
5,640 | 20,135 | ||||||
Omeros Corp.* (a) |
188 | 652 | ||||||
Oramed Pharmaceuticals, Inc.* (a) |
1,128 | 5,798 | ||||||
Organon & Co.(a) |
6,956 | 224,887 | ||||||
Pacira BioSciences, Inc.* (a) |
3,572 | 266,364 | ||||||
Perrigo Co. plc |
33,088 | 1,134,918 | ||||||
Pfizer, Inc. |
184,804 | 9,068,332 | ||||||
Phibro Animal Health Corp., Class A(a) |
2,068 | 37,203 | ||||||
Pliant Therapeutics, Inc.* (a) |
2,256 | 13,220 | ||||||
PLx Pharma, Inc.* (a) |
5,640 | 17,033 | ||||||
Prestige Consumer Healthcare, Inc.* (a) |
13,160 | 719,326 | ||||||
Provention Bio, Inc.* (a) |
376 | 1,688 | ||||||
Reata Pharmaceuticals, Inc., Class A* (a) |
2,256 | 57,257 | ||||||
Relmada Therapeutics, Inc.* (a) |
9,024 | 226,593 | ||||||
Revance Therapeutics, Inc.* (a) |
3,196 | 52,350 | ||||||
Royalty Pharma plc, Class A |
9,400 | 400,252 | ||||||
Supernus Pharmaceuticals, Inc.* |
5,640 | 157,356 | ||||||
TherapeuticsMD, Inc.* (a) |
100,392 | 20,249 | ||||||
Tilray Brands, Inc.* |
24,628 | 122,647 | ||||||
Viatris, Inc. |
38,540 | 398,118 | ||||||
Zoetis, Inc. |
12,784 | 2,265,964 | ||||||
51,786,536 |
Investments | Shares | Value | ||||||
Professional Services – 0.7% | ||||||||
ASGN, Inc.* (a) |
3,384 | $ | 383,915 | |||||
Barrett Business Services, Inc. |
940 | 67,652 | ||||||
Booz Allen Hamilton Holding Corp.(a) |
3,384 | 276,236 | ||||||
CACI International, Inc., Class A* (a) |
5,640 | 1,496,292 | ||||||
CBIZ, Inc.* |
1,880 | 78,753 | ||||||
Clarivate plc* (a) |
8,648 | 135,601 | ||||||
CoStar Group, Inc.* |
9,400 | 598,028 | ||||||
Dun & Bradstreet Holdings, Inc.* (a) |
9,400 | 148,426 | ||||||
Equifax, Inc. |
3,196 | 650,450 | ||||||
Exponent, Inc.(a) |
3,196 | 306,209 | ||||||
First Advantage Corp.* (a) |
752 | 13,055 | ||||||
Forrester Research, Inc.* |
188 | 10,470 | ||||||
FTI Consulting, Inc.* (a) |
1,128 | 177,897 | ||||||
Heidrick & Struggles International, Inc. |
2,820 | 90,127 | ||||||
Huron Consulting Group, Inc.* |
564 | 29,204 | ||||||
ICF International, Inc.(a) |
564 | 55,729 | ||||||
Insperity, Inc. |
1,128 | 119,624 | ||||||
Jacobs Engineering Group, Inc. |
4,136 | 573,043 | ||||||
KBR, Inc.(a) |
8,836 | 434,996 | ||||||
Kelly Services, Inc., Class A(a) |
8,272 | 159,567 | ||||||
Kforce, Inc.(a) |
376 | 26,339 | ||||||
Korn Ferry(a) |
3,760 | 231,014 | ||||||
Leidos Holdings, Inc. |
3,948 | 408,657 | ||||||
ManpowerGroup, Inc. |
12,220 | 1,102,244 | ||||||
ManTech International Corp., Class A(a) |
1,504 | 120,831 | ||||||
Nielsen Holdings plc |
12,972 | 347,779 | ||||||
Resources Connection, Inc. |
6,016 | 103,415 | ||||||
Robert Half International, Inc. |
3,760 | 369,646 | ||||||
Science Applications International Corp.(a) |
14,100 | 1,173,543 | ||||||
Sterling Check Corp.* (a) |
752 | 19,537 | ||||||
TransUnion |
5,076 | 444,251 | ||||||
TriNet Group, Inc.* (a) |
1,316 | 116,729 | ||||||
TrueBlue, Inc.* |
2,632 | 67,300 | ||||||
Upwork, Inc.* |
3,572 | 74,905 |
See Accompanying Notes to the Financial Statements.
114 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Professional Services – (continued) | ||||||||
Verisk Analytics, Inc. |
4,136 | $ | 843,951 | |||||
11,255,415 | ||||||||
Real Estate Management & Development – 0.2% | ||||||||
CBRE Group, Inc., Class A* (a) |
9,588 | 796,187 | ||||||
Cushman & Wakefield plc* (a) |
34,404 | 615,831 | ||||||
eXp World Holdings, Inc.(a) |
2,820 | 37,760 | ||||||
Howard Hughes Corp. (The)* (a) |
1,128 | 113,127 | ||||||
Jones Lang LaSalle, Inc.* (a) |
2,068 | 452,334 | ||||||
Kennedy-Wilson Holdings, Inc.(a) |
2,632 | 59,352 | ||||||
Newmark Group, Inc., Class A(a) |
36,096 | 438,566 | ||||||
Opendoor Technologies, Inc.* (a) |
4,136 | 28,911 | ||||||
RE/MAX Holdings, Inc., Class A |
5,828 | 136,725 | ||||||
Realogy Holdings Corp.* (a) |
30,832 | 337,919 | ||||||
Redfin Corp.* (a) |
5,640 | 62,886 | ||||||
RMR Group, Inc. (The), Class A |
376 | 10,257 | ||||||
St Joe Co. (The)(a) |
564 | 30,010 | ||||||
WeWork, Inc.* (a) |
12,220 | 85,662 | ||||||
Zillow Group, Inc., Class A* |
564 | 21,799 | ||||||
Zillow Group, Inc., Class C* (a) |
3,196 | 127,265 | ||||||
3,354,591 | ||||||||
Road & Rail – 0.9% | ||||||||
AMERCO(a) |
188 | 100,670 | ||||||
ArcBest Corp.(a) |
2,068 | 149,227 | ||||||
Avis Budget Group, Inc.* (a) |
1,692 | 452,898 | ||||||
Covenant Logistics Group, Inc., Class A |
940 | 19,308 | ||||||
CSX Corp. |
57,340 | 1,969,056 | ||||||
Daseke, Inc.* (a) |
10,528 | 88,435 | ||||||
Heartland Express, Inc.(a) |
5,828 | 80,426 | ||||||
JB Hunt Transport Services, Inc.(a) |
2,256 | 385,437 |
Investments | Shares | Value | ||||||
Road & Rail – (continued) | ||||||||
Knight-Swift Transportation Holdings, Inc.(a) |
4,888 | $ | 234,086 | |||||
Landstar System, Inc.(a) |
1,504 | 232,970 | ||||||
Lyft, Inc., Class A* (a) |
8,272 | 269,667 | ||||||
Marten Transport Ltd. |
2,820 | 49,011 | ||||||
Norfolk Southern Corp. |
6,768 | 1,745,332 | ||||||
Old Dominion Freight Line, Inc.(a) |
2,632 | 737,276 | ||||||
Ryder System, Inc.(a) |
11,844 | 827,896 | ||||||
Saia, Inc.* |
940 | 193,602 | ||||||
Schneider National, Inc., Class B(a) |
5,264 | 124,388 | ||||||
Uber Technologies, Inc.* |
42,864 | 1,349,359 | ||||||
Union Pacific Corp. |
17,296 | 4,052,280 | ||||||
Werner Enterprises, Inc. |
16,356 | 648,188 | ||||||
XPO Logistics, Inc.* |
2,820 | 151,688 | ||||||
13,861,200 | ||||||||
Semiconductors & Semiconductor Equipment – 4.2% | ||||||||
ACM Research, Inc., Class A* |
1,128 | 17,044 | ||||||
Advanced Micro Devices, Inc.* |
43,804 | 3,746,118 | ||||||
Allegro MicroSystems, Inc.* (a) |
376 | 9,141 | ||||||
Alpha & Omega Semiconductor Ltd.* (a) |
5,828 | 250,021 | ||||||
Ambarella, Inc.* |
1,692 | 138,879 | ||||||
Amkor Technology, Inc.(a) |
20,680 | 388,991 | ||||||
Analog Devices, Inc. |
13,348 | 2,060,664 | ||||||
Applied Materials, Inc. |
24,252 | 2,676,208 | ||||||
Axcelis Technologies, Inc.* (a) |
1,128 | 61,420 | ||||||
AXT, Inc.* (a) |
7,520 | 44,368 | ||||||
Broadcom, Inc. |
13,536 | 7,504,223 | ||||||
Cirrus Logic, Inc.* |
3,008 | 228,006 | ||||||
CMC Materials, Inc. |
1,128 | 201,810 | ||||||
Cohu, Inc.* (a) |
1,316 | 34,953 | ||||||
Diodes, Inc.* (a) |
1,504 | 109,837 | ||||||
Enphase Energy, Inc.* (a) |
3,196 | 515,834 | ||||||
Entegris, Inc. |
3,572 | 397,885 | ||||||
First Solar, Inc.* (a) |
2,068 | 151,026 | ||||||
FormFactor, Inc.* (a) |
2,444 | 93,141 | ||||||
Ichor Holdings Ltd.* (a) |
2,444 | 71,145 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 115 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||||
Impinj, Inc.* (a) |
1,504 | $ | 74,087 | |||||
Intel Corp. |
135,736 | 5,916,732 | ||||||
KLA Corp. |
3,948 | 1,260,438 | ||||||
Kulicke & Soffa Industries, Inc.(a) |
13,536 | 628,206 | ||||||
Lam Research Corp. |
3,572 | 1,663,695 | ||||||
Lattice Semiconductor Corp.* |
4,700 | 225,788 | ||||||
MACOM Technology Solutions Holdings, Inc.* |
1,504 | 76,629 | ||||||
Magnachip Semiconductor Corp.* |
5,452 | 99,717 | ||||||
Marvell Technology, Inc. |
22,748 | 1,321,204 | ||||||
MaxLinear, Inc.* (a) |
3,572 | 170,992 | ||||||
Microchip Technology, Inc. |
15,604 | 1,017,381 | ||||||
Micron Technology, Inc. |
36,096 | 2,461,386 | ||||||
MKS Instruments, Inc.(a) |
2,068 | 235,711 | ||||||
Monolithic Power Systems, Inc. |
1,128 | 442,447 | ||||||
NeoPhotonics Corp.* |
7,144 | 108,160 | ||||||
NVIDIA Corp. |
66,364 | 12,308,531 | ||||||
NXP Semiconductors NV |
7,332 | 1,253,039 | ||||||
ON Semiconductor Corp.* (a) |
12,596 | 656,377 | ||||||
Onto Innovation, Inc.* (a) |
3,384 | 240,738 | ||||||
PDF Solutions, Inc.* |
376 | 8,742 | ||||||
Photronics, Inc.* |
16,356 | 245,176 | ||||||
Power Integrations, Inc.(a) |
3,196 | 255,680 | ||||||
Qorvo, Inc.* |
3,008 | 342,250 | ||||||
QUALCOMM, Inc. |
37,600 | 5,252,344 | ||||||
Rambus, Inc.* (a) |
3,760 | 93,662 | ||||||
Semtech Corp.* |
3,572 | 212,891 | ||||||
Silicon Laboratories, Inc.* (a) |
2,444 | 329,720 | ||||||
SiTime Corp.* (a) |
564 | 95,073 | ||||||
Skyworks Solutions, Inc. |
4,136 | 468,609 | ||||||
SMART Global Holdings, Inc.* (a) |
9,400 | 213,004 | ||||||
SolarEdge Technologies, Inc.* |
1,504 | 376,617 | ||||||
SunPower Corp.* (a) |
6,580 | 108,636 | ||||||
Synaptics, Inc.* (a) |
1,692 | 251,160 | ||||||
Teradyne, Inc.(a) |
4,700 | 495,662 |
Investments | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||||
Texas Instruments, Inc. |
24,816 | $ | 4,224,924 | |||||
Ultra Clean Holdings, Inc.* |
11,280 | 351,598 | ||||||
Universal Display Corp.(a) |
940 | 120,066 | ||||||
Veeco Instruments, Inc.* (a) |
1,504 | 34,472 | ||||||
Wolfspeed, Inc.* (a) |
3,760 | 344,830 | ||||||
62,687,088 | ||||||||
Software – 7.0% | ||||||||
8x8, Inc.* (a) |
2,820 | 25,859 | ||||||
ACI Worldwide, Inc.* (a) |
5,452 | 150,584 | ||||||
Adobe, Inc.* |
12,408 | 4,912,948 | ||||||
Agilysys, Inc.* (a) |
376 | 13,841 | ||||||
Alarm.com Holdings, Inc.* (a) |
1,316 | 80,381 | ||||||
Altair Engineering, Inc., Class A* (a) |
1,316 | 71,485 | ||||||
Alteryx, Inc., Class A* (a) |
3,760 | 241,392 | ||||||
American Software, Inc., Class A(a) |
1,316 | 22,504 | ||||||
Amplitude, Inc., Class A* (a) |
1,692 | 29,542 | ||||||
Anaplan, Inc.* |
2,068 | 134,399 | ||||||
ANSYS, Inc.* |
2,256 | 621,957 | ||||||
Appfolio, Inc., Class A* (a) |
188 | 19,526 | ||||||
Appian Corp.* (a) |
2,256 | 107,837 | ||||||
AppLovin Corp., Class A* |
376 | 14,344 | ||||||
Asana, Inc., Class A* (a) |
940 | 25,192 | ||||||
Aspen Technology, Inc.* (a) |
1,692 | 268,250 | ||||||
Autodesk, Inc.* (a) |
5,452 | 1,031,955 | ||||||
Avalara, Inc.* |
2,820 | 214,517 | ||||||
Avaya Holdings Corp.* (a) |
19,364 | 179,117 | ||||||
AvidXchange Holdings, Inc.* (a) |
3,384 | 27,715 | ||||||
Benefitfocus, Inc.* (a) |
376 | 4,004 | ||||||
Bentley Systems, Inc., Class B(a) |
4,324 | 183,294 | ||||||
Bill.com Holdings, Inc.* (a) |
2,256 | 385,122 | ||||||
Black Knight, Inc.* |
5,076 | 333,950 | ||||||
Blackbaud, Inc.* (a) |
1,504 | 87,247 | ||||||
Blackline, Inc.* (a) |
1,880 | 126,054 | ||||||
Bottomline Technologies DE, Inc.* |
1,316 | 74,512 | ||||||
Box, Inc., Class A* (a) |
5,452 | 166,940 | ||||||
BTRS Holdings, Inc., Class A* (a) |
10,152 | 68,221 |
See Accompanying Notes to the Financial Statements.
116 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Software – (continued) | ||||||||
C3.ai, Inc., Class A* (a) |
1,128 | $ | 19,165 | |||||
Cadence Design Systems, Inc.* |
7,332 | 1,106,032 | ||||||
CDK Global, Inc. |
7,896 | 429,621 | ||||||
Cerence, Inc.* (a) |
1,128 | 33,276 | ||||||
Ceridian HCM Holding, Inc.* (a) |
2,820 | 158,287 | ||||||
ChannelAdvisor Corp.* (a) |
3,760 | 54,558 | ||||||
Citrix Systems, Inc. |
2,632 | 263,463 | ||||||
Cleanspark, Inc.* (a) |
2,256 | 14,641 | ||||||
Clear Secure, Inc., Class A* (a) |
1,504 | 45,752 | ||||||
Clearwater Analytics Holdings, Inc., Class A* |
1,692 | 29,678 | ||||||
CommVault Systems, Inc.* |
1,316 | 80,276 | ||||||
Confluent, Inc., Class A* (a) |
3,008 | 93,970 | ||||||
Consensus Cloud Solutions, Inc.* (a) |
3,760 | 198,227 | ||||||
Coupa Software, Inc.* |
2,256 | 194,693 | ||||||
Crowdstrike Holdings, Inc., Class A* (a) |
5,076 | 1,008,906 | ||||||
CS Disco, Inc.* (a) |
940 | 28,867 | ||||||
Datadog, Inc., Class A* (a) |
7,332 | 885,559 | ||||||
Digimarc Corp.* (a) |
752 | 19,454 | ||||||
Digital Turbine, Inc.* (a) |
752 | 23,801 | ||||||
DocuSign, Inc.* |
5,264 | 426,384 | ||||||
Dolby Laboratories, Inc., Class A(a) |
2,444 | 189,337 | ||||||
DoubleVerify Holdings, Inc.* (a) |
752 | 16,356 | ||||||
Dropbox, Inc., Class A* (a) |
10,904 | 237,162 | ||||||
Duck Creek Technologies, Inc.* (a) |
752 | 11,979 | ||||||
Dynatrace, Inc.* |
6,392 | 245,197 | ||||||
Ebix, Inc.(a) |
3,948 | 117,650 | ||||||
Elastic NV* |
1,128 | 85,886 | ||||||
Enfusion, Inc., Class A* (a) |
752 | 9,603 | ||||||
Envestnet, Inc.* (a) |
3,760 | 299,446 | ||||||
Everbridge, Inc.* |
2,444 | 105,336 | ||||||
Fair Isaac Corp.* |
752 | 280,880 | ||||||
Five9, Inc.* (a) |
1,880 | 206,988 | ||||||
ForgeRock, Inc., Class A* (a) |
1,316 | 26,886 |
Investments | Shares | Value | ||||||
Software – (continued) | ||||||||
Fortinet, Inc.* |
3,572 | $ | 1,032,344 | |||||
Freshworks, Inc., Class A* (a) |
2,820 | 51,239 | ||||||
Guidewire Software, Inc.* (a) |
3,008 | 261,516 | ||||||
HubSpot, Inc.* (a) |
1,128 | 427,997 | ||||||
Intapp, Inc.* (a) |
752 | 18,755 | ||||||
InterDigital, Inc.(a) |
940 | 53,439 | ||||||
Intuit, Inc. |
7,332 | 3,070,275 | ||||||
Jamf Holding Corp.* (a) |
376 | 11,581 | ||||||
JFrog Ltd.* (a) |
4,136 | 86,318 | ||||||
Kaleyra, Inc.* (a) |
2,256 | 13,152 | ||||||
Kaltura, Inc.* (a) |
7,144 | 11,073 | ||||||
LivePerson, Inc.* (a) |
4,700 | 106,314 | ||||||
Mandiant Corp.* |
11,280 | 247,934 | ||||||
Manhattan Associates, Inc.* |
2,256 | 294,521 | ||||||
Marathon Digital Holdings, Inc.* (a) |
7,144 | 111,446 | ||||||
MeridianLink, Inc.* (a) |
752 | 12,145 | ||||||
Microsoft Corp. |
199,844 | 55,460,707 | ||||||
MicroStrategy, Inc., Class A* (a) |
376 | 133,168 | ||||||
Mimecast Ltd.* (a) |
3,008 | 239,677 | ||||||
Mitek Systems, Inc.* (a) |
940 | 10,500 | ||||||
Model N, Inc.* |
752 | 19,432 | ||||||
Momentive Global, Inc.* (a) |
10,716 | 169,527 | ||||||
N-able, Inc.* (a) |
3,008 | 30,080 | ||||||
nCino, Inc.* (a) |
3,948 | 148,011 | ||||||
NCR Corp.* (a) |
30,080 | 1,053,702 | ||||||
New Relic, Inc.* (a) |
3,572 | 226,000 | ||||||
NortonLifeLock, Inc.(a) |
13,724 | 343,649 | ||||||
Nutanix, Inc., Class A* (a) |
8,084 | 202,343 | ||||||
Olo, Inc., Class A* (a) |
3,760 | 40,194 | ||||||
OneSpan, Inc.* (a) |
1,504 | 21,252 | ||||||
Oracle Corp. |
43,052 | 3,160,017 | ||||||
PagerDuty, Inc.* (a) |
4,512 | 128,908 | ||||||
Palantir Technologies, Inc., Class A* (a) |
37,976 | 394,950 | ||||||
Palo Alto Networks, Inc.* (a) |
2,820 | 1,582,810 | ||||||
Paycom Software, Inc.* |
1,316 | 370,415 | ||||||
Paycor HCM, Inc.* |
1,128 | 27,783 | ||||||
Paylocity Holding Corp.* (a) |
1,128 | 213,903 | ||||||
Pegasystems, Inc. |
940 | 71,995 | ||||||
PROS Holdings, Inc.* (a) |
2,256 | 63,010 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 117 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Software – (continued) | ||||||||
PTC, Inc.* |
2,444 | $ | 279,129 | |||||
Q2 Holdings, Inc.* (a) |
3,196 | 165,329 | ||||||
Qualtrics International, Inc., Class A* (a) |
2,068 | 38,341 | ||||||
Qualys, Inc.* (a) |
1,504 | 204,965 | ||||||
Rapid7, Inc.* (a) |
3,572 | 341,197 | ||||||
RingCentral, Inc., Class A* (a) |
2,444 | 207,373 | ||||||
Riot Blockchain, Inc.* (a) |
3,948 | 40,033 | ||||||
Sailpoint Technologies Holdings, Inc.* (a) |
4,700 | 300,001 | ||||||
Salesforce, Inc.* |
26,132 | 4,597,664 | ||||||
ServiceNow, Inc.* |
5,452 | 2,606,601 | ||||||
Smartsheet, Inc., Class A* (a) |
4,512 | 218,065 | ||||||
Smith Micro Software, Inc.* (a) |
16,544 | 50,956 | ||||||
Splunk, Inc.* (a) |
3,760 | 458,795 | ||||||
Sprinklr, Inc., Class A* (a) |
1,692 | 23,096 | ||||||
Sprout Social, Inc., Class A* (a) |
2,444 | 149,768 | ||||||
SPS Commerce, Inc.* (a) |
2,256 | 269,885 | ||||||
SS&C Technologies Holdings, Inc. |
5,828 | 376,838 | ||||||
Stronghold Digital Mining, Inc., Class A* (a) |
1,880 | 7,332 | ||||||
Sumo Logic, Inc.* (a) |
5,452 | 51,140 | ||||||
Synopsys, Inc.* |
3,948 | 1,132,247 | ||||||
Tenable Holdings, Inc.* (a) |
5,452 | 301,114 | ||||||
Teradata Corp.* (a) |
3,572 | 147,702 | ||||||
Trade Desk, Inc. (The), Class A* |
11,468 | 675,695 | ||||||
Tyler Technologies, Inc.* |
1,316 | 519,438 | ||||||
UiPath, Inc., Class A* (a) |
7,332 | 130,730 | ||||||
Unity Software, Inc.* (a) |
4,136 | 274,672 | ||||||
Upland Software, Inc.* (a) |
5,264 | 78,539 | ||||||
Varonis Systems, Inc.* (a) |
3,760 | 162,432 | ||||||
Verint Systems, Inc.* |
2,068 | 112,830 | ||||||
Veritone, Inc.* (a) |
2,068 | 22,396 | ||||||
Vertex, Inc., Class A* (a) |
3,008 | 42,804 | ||||||
VMware, Inc., Class A(a) |
5,640 | 609,346 | ||||||
Vonage Holdings Corp.* (a) |
9,212 | 183,872 | ||||||
Workday, Inc., Class A* |
5,076 | 1,049,209 |
Investments | Shares | Value | ||||||
Software – (continued) | ||||||||
Workiva, Inc.* (a) |
1,692 | $ | 163,295 | |||||
Xperi Holding Corp. |
25,944 | 404,726 | ||||||
Zendesk, Inc.* |
2,820 | 344,153 | ||||||
Zoom Video Communications, Inc., Class A* |
5,828 | 580,294 | ||||||
Zscaler, Inc.* (a) |
1,880 | 381,151 | ||||||
Zuora, Inc., Class A* (a) |
9,964 | 121,262 | ||||||
104,316,502 | ||||||||
Specialty Retail – 2.5% | ||||||||
Aaron’s Co., Inc. (The)(a) |
4,324 | 88,772 | ||||||
Abercrombie & Fitch Co., Class A* |
12,784 | 442,071 | ||||||
Academy Sports & Outdoors, Inc.(a) |
19,176 | 716,415 | ||||||
Advance Auto Parts, Inc. |
1,880 | 375,304 | ||||||
American Eagle Outfitters, Inc.(a) |
34,592 | 522,685 | ||||||
America’s Car-Mart, Inc.* (a) |
1,504 | 121,598 | ||||||
Arko Corp.(a) |
2,820 | 26,141 | ||||||
Asbury Automotive Group, Inc.* (a) |
5,264 | 967,049 | ||||||
AutoNation, Inc.* |
2,068 | 239,702 | ||||||
AutoZone, Inc.* |
678 | 1,325,809 | ||||||
Bath & Body Works, Inc.(a) |
8,084 | 427,563 | ||||||
Bed Bath & Beyond, Inc.* (a) |
19,740 | 268,661 | ||||||
Best Buy Co., Inc.(a) |
7,520 | 676,274 | ||||||
Big 5 Sporting Goods Corp.(a) |
4,512 | 65,289 | ||||||
Boot Barn Holdings, Inc.* |
1,504 | 135,450 | ||||||
Buckle, Inc. (The) |
7,144 | 221,893 | ||||||
Burlington Stores, Inc.* |
1,692 | 344,423 | ||||||
Caleres, Inc.(a) |
7,896 | 181,055 | ||||||
Camping World Holdings, Inc., Class A(a) |
9,964 | 255,875 | ||||||
CarMax, Inc.* (a) |
4,888 | 419,293 | ||||||
Carvana Co.* (a) |
1,880 | 108,965 | ||||||
Cato Corp. (The), Class A(a) |
1,692 | 22,927 | ||||||
Chico’s FAS, Inc.* |
376 | 1,993 | ||||||
Children’s Place, Inc. (The)* (a) |
1,692 | 78,390 | ||||||
Citi Trends, Inc.* (a) |
940 | 26,292 | ||||||
Conn’s, Inc.* (a) |
3,572 | 55,902 |
See Accompanying Notes to the Financial Statements.
118 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Specialty Retail – (continued) | ||||||||
Container Store Group, Inc. (The)* (a) |
8,084 | $ | 61,843 | |||||
Designer Brands, Inc., Class A(a) |
4,888 | 67,552 | ||||||
Dick’s Sporting Goods, Inc.(a) |
15,980 | 1,540,792 | ||||||
EVgo, Inc.* (a) |
3,948 | 35,769 | ||||||
Five Below, Inc.* |
1,128 | 177,209 | ||||||
Floor & Decor Holdings, Inc., Class A* (a) |
2,256 | 179,848 | ||||||
Foot Locker, Inc.(a) |
23,688 | 694,295 | ||||||
GameStop Corp., Class A* (a) |
2,068 | 258,645 | ||||||
Gap, Inc. (The) |
9,212 | 114,413 | ||||||
Genesco, Inc.* (a) |
2,256 | 139,940 | ||||||
Group 1 Automotive, Inc.(a) |
4,324 | 752,981 | ||||||
GrowGeneration Corp.* (a) |
4,512 | 26,666 | ||||||
Guess?, Inc.(a) |
7,332 | 164,750 | ||||||
Haverty Furniture Cos., Inc.(a) |
2,068 | 51,348 | ||||||
Hibbett, Inc.(a) |
2,444 | 105,532 | ||||||
Home Depot, Inc. (The) |
28,012 | 8,414,805 | ||||||
JOANN, Inc.(a) |
1,504 | 15,702 | ||||||
Leslie’s, Inc.* (a) |
2,632 | 51,587 | ||||||
Lithia Motors, Inc., Class A(a) |
1,316 | 372,599 | ||||||
LL Flooring Holdings, Inc.* (a) |
6,580 | 90,870 | ||||||
Lowe’s Cos., Inc. |
22,560 | 4,460,789 | ||||||
MarineMax, Inc.* (a) |
6,204 | 253,868 | ||||||
Monro, Inc.(a) |
2,820 | 128,959 | ||||||
Murphy USA, Inc. |
5,640 | 1,317,504 | ||||||
National Vision Holdings, Inc.* (a) |
3,384 | 127,408 | ||||||
ODP Corp. (The)* (a) |
13,160 | 566,275 | ||||||
OneWater Marine, Inc., Class A(a) |
752 | 24,583 | ||||||
O’Reilly Automotive, Inc.* |
1,880 | 1,140,314 | ||||||
Party City Holdco, Inc.* (a) |
188 | 581 | ||||||
Penske Automotive Group, Inc.(a) |
1,880 | 197,062 | ||||||
Petco Health & Wellness Co., Inc.* (a) |
3,572 | 68,797 |
Investments | Shares | Value | ||||||
Specialty Retail – (continued) | ||||||||
Rent-A-Center, Inc.(a) |
13,536 | $ | 326,488 | |||||
RH* |
564 | 189,572 | ||||||
Ross Stores, Inc. |
8,836 | 881,568 | ||||||
Sally Beauty Holdings, Inc.* (a) |
23,688 | 358,162 | ||||||
Shift Technologies, Inc.* (a) |
28,012 | 37,536 | ||||||
Shoe Carnival, Inc. |
3,008 | 90,811 | ||||||
Signet Jewelers Ltd.(a) |
11,844 | 831,449 | ||||||
Sleep Number Corp.* (a) |
5,076 | 205,882 | ||||||
Sonic Automotive, Inc., Class A(a) |
6,580 | 279,979 | ||||||
Sportsman’s Warehouse Holdings, Inc.* (a) |
11,468 | 110,207 | ||||||
Tilly’s, Inc., Class A(a) |
1,316 | 11,607 | ||||||
TJX Cos., Inc. (The) |
32,712 | 2,004,591 | ||||||
Tractor Supply Co. |
3,008 | 605,962 | ||||||
TravelCenters of America, Inc.* (a) |
2,256 | 85,750 | ||||||
Ulta Beauty, Inc.* |
1,316 | 522,189 | ||||||
Urban Outfitters, Inc.* (a) |
15,040 | 357,952 | ||||||
Victoria’s Secret & Co.* (a) |
16,168 | 761,836 | ||||||
Vroom, Inc.* (a) |
34,216 | 53,377 | ||||||
Warby Parker, Inc., Class A* (a) |
1,692 | 39,407 | ||||||
Williams-Sonoma, Inc.(a) |
2,444 | 318,893 | ||||||
Zumiez, Inc.* (a) |
6,016 | 220,366 | ||||||
38,012,661 | ||||||||
Technology Hardware, Storage & Peripherals – 4.7% | ||||||||
3D Systems Corp.* (a) |
5,640 | 63,957 | ||||||
Apple, Inc. |
412,660 | 65,055,849 | ||||||
Corsair Gaming, Inc.* |
8,272 | 125,155 | ||||||
Dell Technologies, Inc., Class C |
9,024 | 424,218 | ||||||
Diebold Nixdorf, Inc.* (a) |
20,868 | 85,559 | ||||||
Eastman Kodak Co.* (a) |
20,492 | 105,944 | ||||||
Hewlett Packard Enterprise Co. |
44,932 | 692,402 | ||||||
HP, Inc.(a) |
38,164 | 1,397,947 | ||||||
NetApp, Inc. |
6,768 | 495,756 | ||||||
Pure Storage, Inc., Class A* |
14,852 | 435,164 | ||||||
Seagate Technology Holdings plc |
7,520 | 616,941 | ||||||
Super Micro Computer, Inc.* |
11,280 | 474,888 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 119 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Technology Hardware, Storage & Peripherals – (continued) | ||||||||
Western Digital Corp.* |
10,528 | $ | 558,721 | |||||
Xerox Holdings Corp.(a) |
34,592 | 601,901 | ||||||
71,134,402 | ||||||||
Textiles, Apparel & Luxury Goods – 0.7% | ||||||||
Capri Holdings Ltd.* (a) |
4,700 | 224,190 | ||||||
Carter’s, Inc.(a) |
1,504 | 126,697 | ||||||
Columbia Sportswear Co.(a) |
940 | 77,230 | ||||||
Crocs, Inc.* (a) |
2,068 | 137,377 | ||||||
Deckers Outdoor Corp.* |
940 | 249,805 | ||||||
Fossil Group, Inc.* (a) |
12,784 | 126,306 | ||||||
G-III Apparel Group Ltd.* |
10,340 | 273,803 | ||||||
Hanesbrands, Inc.(a) |
80,652 | 1,069,445 | ||||||
Kontoor Brands, Inc.(a) |
10,340 | 410,808 | ||||||
Levi Strauss & Co., Class A(a) |
1,504 | 27,237 | ||||||
Lululemon Athletica, Inc.* (a) |
3,008 | 1,066,727 | ||||||
Movado Group, Inc.(a) |
1,880 | 67,624 | ||||||
NIKE, Inc., Class B |
34,216 | 4,266,735 | ||||||
Oxford Industries, Inc.(a) |
1,128 | 101,069 | ||||||
PVH Corp. |
3,196 | 232,605 | ||||||
Ralph Lauren Corp.(a) |
1,692 | 176,543 | ||||||
Rocky Brands, Inc.(a) |
1,880 | 72,399 | ||||||
Skechers USA, Inc., Class A* (a) |
5,076 | 194,411 | ||||||
Steven Madden Ltd.(a) |
5,264 | 216,140 | ||||||
Tapestry, Inc. |
10,904 | 358,960 | ||||||
Under Armour, Inc., Class A* (a) |
5,452 | 83,743 | ||||||
Under Armour, Inc., Class C* |
10,152 | 144,057 | ||||||
Vera Bradley, Inc.* (a) |
8,084 | 49,717 | ||||||
VF Corp. |
8,084 | 420,368 | ||||||
Wolverine World Wide, Inc.(a) |
5,828 | 115,511 | ||||||
10,289,507 | ||||||||
Thrifts & Mortgage Finance – 0.6% | ||||||||
Axos Financial, Inc.* |
12,408 | 470,015 | ||||||
Essent Group Ltd.(a) |
24,628 | 998,173 | ||||||
Federal Agricultural Mortgage Corp., Class C |
2,444 | 250,339 | ||||||
Flagstar Bancorp, Inc. |
11,092 | 391,548 | ||||||
Merchants Bancorp(a) |
3,384 | 79,592 |
Investments | Shares | Value | ||||||
Thrifts & Mortgage Finance – (continued) | ||||||||
MGIC Investment Corp. |
83,284 | $ | 1,087,689 | |||||
Mr Cooper Group, Inc.* (a) |
18,424 | 828,527 | ||||||
New York Community Bancorp, Inc.(a) |
104,904 | 969,313 | ||||||
NMI Holdings, Inc., Class A* |
20,680 | 380,098 | ||||||
Northfield Bancorp, Inc.(a) |
14,664 | 191,952 | ||||||
PennyMac Financial Services, Inc.(a) |
8,836 | 429,076 | ||||||
Provident Financial Services, Inc.(a) |
15,040 | 332,835 | ||||||
Radian Group, Inc. |
44,180 | 945,010 | ||||||
Rocket Cos., Inc., Class A(a) |
30,268 | 267,872 | ||||||
TFS Financial Corp.(a) |
1,692 | 25,363 | ||||||
TrustCo Bank Corp.(a) |
3,572 | 111,268 | ||||||
Walker & Dunlop, Inc.(a) |
2,068 | 247,664 | ||||||
Washington Federal, Inc.(a) |
18,236 | 554,921 | ||||||
WSFS Financial Corp. |
15,604 | 625,252 | ||||||
9,186,507 | ||||||||
Tobacco – 0.6% | ||||||||
22nd Century Group, Inc.* (a) |
11,280 | 21,545 | ||||||
Altria Group, Inc. |
58,092 | 3,228,172 | ||||||
Philip Morris International, Inc. |
50,008 | 5,000,800 | ||||||
Turning Point Brands, Inc.(a) |
1,504 | 47,211 | ||||||
Universal Corp.(a) |
7,520 | 435,032 | ||||||
Vector Group Ltd.(a) |
29,516 | 375,443 | ||||||
9,108,203 | ||||||||
Trading Companies & Distributors – 0.8% | ||||||||
Air Lease Corp.(a) |
25,568 | 1,029,879 | ||||||
Applied Industrial Technologies, Inc.(a) |
2,632 | 275,544 | ||||||
Beacon Roofing Supply, Inc.* (a) |
13,536 | 807,152 | ||||||
BlueLinx Holdings, Inc.* (a) |
2,068 | 137,874 | ||||||
Boise Cascade Co.(a) |
9,024 | 682,034 | ||||||
Custom Truck One Source, Inc.* (a) |
12,220 | 80,285 | ||||||
Fastenal Co. |
15,228 | 842,261 | ||||||
GATX Corp.(a) |
2,632 | 272,122 | ||||||
Global Industrial Co.(a) |
376 | 11,603 | ||||||
GMS, Inc.* (a) |
11,468 | 549,891 |
See Accompanying Notes to the Financial Statements.
120 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Trading Companies & Distributors – (continued) | ||||||||
H&E Equipment Services, Inc. |
3,572 | $ | 126,734 | |||||
Herc Holdings, Inc.(a) |
1,692 | 216,271 | ||||||
McGrath RentCorp(a) |
2,256 | 188,286 | ||||||
MRC Global, Inc.* |
6,768 | 81,148 | ||||||
MSC Industrial Direct Co., Inc., Class A(a) |
3,384 | 280,398 | ||||||
NOW, Inc.* |
23,124 | 252,052 | ||||||
Rush Enterprises, Inc., Class A(a) |
8,836 | 449,576 | ||||||
SiteOne Landscape Supply, Inc.* (a) |
1,504 | 212,109 | ||||||
Titan Machinery, Inc.* (a) |
2,256 | 53,196 | ||||||
Triton International Ltd.(a) |
16,732 | 1,022,158 | ||||||
United Rentals, Inc.* (a) |
2,444 | 773,575 | ||||||
Univar Solutions, Inc.* (a) |
38,540 | 1,122,285 | ||||||
Veritiv Corp.* (a) |
1,504 | 211,372 | ||||||
Watsco, Inc.(a) |
752 | 200,619 | ||||||
WESCO International, Inc.* |
10,716 | 1,320,854 | ||||||
WW Grainger, Inc. |
1,128 | 564,034 | ||||||
11,763,312 | ||||||||
Water Utilities – 0.1% | ||||||||
American States Water Co.(a) |
2,632 | 207,033 | ||||||
American Water Works Co., Inc. |
4,700 | 724,176 | ||||||
California Water Service Group(a) |
1,504 | 78,012 | ||||||
Essential Utilities, Inc.(a) |
7,708 | 345,010 | ||||||
Middlesex Water Co.(a) |
564 | 50,168 | ||||||
SJW Group(a) |
2,632 | 155,288 | ||||||
1,559,687 | ||||||||
Wireless Telecommunication Services – 0.2% | ||||||||
Gogo, Inc.* (a) |
8,836 | 162,671 | ||||||
Shenandoah Telecommunications Co.(a) |
2,256 | 45,571 | ||||||
Telephone and Data Systems, Inc.(a) |
22,560 | 413,299 | ||||||
T-Mobile US, Inc.* |
16,168 | 1,990,928 |
Investments | Shares | Value | ||||||
Wireless Telecommunication Services – (continued) | ||||||||
United States Cellular Corp.* (a) |
2,068 | $ | 59,517 | |||||
2,671,986 | ||||||||
Total
Common Stocks (Cost $942,804,623) |
|
1,487,996,130 | ||||||
Number of Warrants |
||||||||
WARRANTS – 0.0%(c) | ||||||||
Oil, Gas & Consumable Fuels – 0.0%(c) | ||||||||
Occidental Petroleum Corp.,
expiring 8/3/2027, price 22.00 USD* |
4,266 | 143,935 | ||||||
Number of Rights |
||||||||
RIGHTS – 0.0%(c) | ||||||||
Biotechnology – 0.0%(c) | ||||||||
Achillion Pharmaceuticals, Inc., CVR* ‡ |
44,344 | 25,720 | ||||||
Media – 0.0% | ||||||||
Media General, Inc., CVR* ‡ |
22,261 | — | ||||||
Pharmaceuticals – 0.0%(c) | ||||||||
Zogenix, Inc., CVR* ‡ (d) |
4,675 | 4,675 | ||||||
Total
Rights (Cost $0) |
30,395 | |||||||
Principal Amount |
||||||||
SECURITIES LENDING REINVESTMENTS(e) – 15.0% | ||||||||
CERTIFICATES OF DEPOSIT – 3.3% | ||||||||
Bank of Montreal, Chicago |
||||||||
(SOFR + 0.14%), 0.42%, 7/18/2022(f) |
$ | 4,000,000 | 4,000,000 | |||||
Commonwealth Bank of Australia, New York |
||||||||
(SOFR + 0.47%), 0.75%, 9/9/2022(f) |
5,000,000 | 5,002,580 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 121 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Principal Amount |
Value | ||||||
SECURITIES LENDING REINVESTMENTS(e) – (continued) | ||||||||
CERTIFICATES OF DEPOSIT – (continued) | ||||||||
Goldman Sachs International |
||||||||
0.90%, 6/3/2022 |
$ | 4,000,000 | $ | 3,996,800 | ||||
Macquarie Bank Ltd. |
||||||||
(SOFR + 0.18%), 0.46%, 5/10/2022(f) (g) |
3,000,000 | 3,000,000 | ||||||
Mitsubishi UFJ Trust & Banking Corp., New York |
||||||||
(SOFR
+ 0.35%), |
2,000,000 | 2,000,216 | ||||||
Mizuho Bank Ltd., New York |
||||||||
0.25%, 5/5/2022 |
7,000,000 | 7,000,000 | ||||||
Natixis SA, New York |
||||||||
(SOFR
+ 0.18%), |
5,000,000 | 5,000,324 | ||||||
Skandinaviska Enskilda Banken AB, New York |
||||||||
(SOFR
+ 0.36%), |
5,000,000 | 5,001,000 | ||||||
Standard Chartered, New York |
||||||||
(SOFR
+ 0.62%), |
5,000,000 | 5,000,000 | ||||||
The Norinchukin Bank, New York |
||||||||
(SOFR + 0.45%), 0.73%, 6/10/2022(f) |
5,000,000 | 5,000,000 | ||||||
Westpac Banking Corp., New York |
||||||||
(SOFR + 0.44%), 0.72%, 9/19/2022(f) |
5,000,000 | 5,001,985 | ||||||
Total
Certificates of Deposit (Cost $49,997,124) |
|
50,002,905 | ||||||
Investments | Principal Amount |
Value | ||||||
REPURCHASE AGREEMENTS – 11.7% | ||||||||
BofA Securities, Inc., 0.77%, dated 4/30/2022, due 8/1/2022, repurchase price $6,011,935, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 2.25%, maturing 12/15/2023 – 8/15/2046; Common Stocks; total market value $6,110,294 |
$ | 6,000,000 | $ | 6,000,000 | ||||
CF Secured LLC, 0.27%, dated 4/30/2022, due 5/2/2022, repurchase price $10,000,150, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 3.00%, maturing 5/26/2022 – 2/15/2052; Cash; total market value $10,131,747 |
10,000,000 | 10,000,000 | ||||||
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $41,507,640, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 –5/15/2040; total market value $41,776,223 |
41,506,948 | 41,506,948 |
See Accompanying Notes to the Financial Statements.
122 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investments | Principal Amount |
Value | ||||||
SECURITIES LENDING REINVESTMENTS(e) – (continued) | ||||||||
REPURCHASE AGREEMENTS – (continued) | ||||||||
Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $87,004,060, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 – 8/15/2051; total market value $88,096,211 |
$ | 87,000,000 | $ | 87,000,000 | ||||
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $30,000,667, collateralized by various Common Stocks; total market value $32,714,141 |
30,000,000 | 30,000,000 | ||||||
Total
Repurchase Agreements (Cost $174,506,948) |
|
174,506,948 | ||||||
Total Securities Lending Reinvestments (Cost $224,504,072) |
|
224,509,853 | ||||||
Total
Investments – 114.4% (Cost $1,167,329,812) |
|
1,712,680,313 | ||||||
Liabilities in excess of other assets – (14.4%) |
|
(215,691,172 | ) | |||||
NET ASSETS – 100.0% |
|
$ | 1,496,989,141 |
* |
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 April 30, 2022. The total value of securities on loan at April 30, 2022 was $273,615,671, collateralized in the form of cash with a value of $224,498,570 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $60,128,129 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $4,193,706 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from |
0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $288,820,405. |
(b) |
Investment in affiliated company. Northern Trust Investments, Inc., the Investment Adviser of the Fund, is a subsidiary of Northern Trust Corporation. |
(c) |
Represents less than 0.05% of net assets. |
(d) |
Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $4,675, which represents approximately 0.00% of net assets of the Fund. |
(e) |
The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $224,509,853. |
(f) |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of April 30, 2022. |
(g) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
Percentages shown are based on Net Assets.
Abbreviations
CVR – Contingent Value Rights
SOFR – Secured Overnight Financing Rate
As of April 30, 2022, 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 |
$ | 587,097,554 | ||
Aggregate gross unrealized depreciation |
(42,102,705 | ) | ||
Net unrealized appreciation |
$ | 544,994,849 | ||
Federal income tax cost |
$ | 1,167,352,369 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 123 |
FlexShares® Morningstar US Market Factor Tilt Index Fund (cont.)
Investment in a company which was affiliated for the period ended April 30, 2022, was as follows:
Security | Value October 31, 2021 |
Purchases at Cost |
Sales Proceeds |
Shares April 30, 2022 |
Value April 30, 2022 |
Change
in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized Gain |
||||||||||||||||||||||||
Northern Trust Corp. |
$ | 902,375 | $ | 21,407 | $ | 154,600 | 6,204 | $ | 639,322 | $ | (163,655 | ) | $ | 9,423 | $ | 33,795 |
Futures Contracts
FlexShares® Morningstar US Market Factor Tilt Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Depreciation* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
Russell 2000 Emini Index |
17 | 06/17/2022 | USD | $ | 1,582,105 | $ | (91,182 | ) | ||||||||||||
S&P 500 E-Mini Index |
24 | 06/17/2022 | USD | 4,953,000 | (200,426 | ) | ||||||||||||||
S&P Midcap 400 E-Mini Index |
6 | 06/17/2022 | USD | 1,497,060 | (41,487 | ) | ||||||||||||||
$ | (333,095 | ) |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
Abbreviations:
USD – US Dollar
Security Type | % of Net Assets | |||
Common Stocks |
99.4 | % | ||
Warrants |
0.0 | † | ||
Rights |
0.0 | † | ||
Securities Lending Reinvestments |
15.0 | |||
Others(1) |
(14.4 | ) | ||
100.0 | % |
† |
Amount represents less than 0.05%. |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
124 | FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 97.9% | ||||||||
Aerospace & Defense – 1.2% | ||||||||
Airbus SE |
9,933 | $ | 1,105,934 | |||||
Austal Ltd.(a) |
130,462 | 187,280 | ||||||
Babcock International Group plc* |
187,867 | 722,697 | ||||||
BAE Systems plc |
75,293 | 699,525 | ||||||
Bombardier, Inc., Class B* |
34,672 | 34,182 | ||||||
CAE, Inc.* |
4,836 | 115,598 | ||||||
Chemring Group plc |
8,536 | 37,670 | ||||||
Dassault Aviation SA |
550 | 92,952 | ||||||
Elbit Systems Ltd. |
412 | 89,797 | ||||||
Hensoldt AG |
13,846 | 387,812 | ||||||
INVISIO AB* |
2,552 | 45,550 | ||||||
Kongsberg Gruppen ASA |
1,540 | 67,111 | ||||||
Leonardo SpA* |
12,056 | 124,946 | ||||||
LISI |
880 | 19,960 | ||||||
Meggitt plc* |
15,738 | 153,133 | ||||||
Montana Aerospace AG* (b) |
1,496 | 22,995 | ||||||
MTU Aero Engines AG* |
774 | 158,121 | ||||||
QinetiQ Group plc |
223,471 | 959,542 | ||||||
Rheinmetall AG |
1,118 | 253,342 | ||||||
Rolls-Royce Holdings plc* |
144,007 | 150,589 | ||||||
Saab AB, Class B |
2,493 | 106,610 | ||||||
Safran SA |
5,676 | 617,831 | ||||||
Senior plc* |
31,416 | 50,487 | ||||||
Singapore Technologies Engineering Ltd. |
17,900 | 53,146 | ||||||
Thales SA |
1,677 | 215,836 | ||||||
Ultra Electronics Holdings plc |
1,232 | 50,487 | ||||||
6,523,133 | ||||||||
Air Freight & Logistics – 0.7% | ||||||||
bpost SA* (a) |
32,637 | 200,557 | ||||||
Cargojet, Inc. |
352 | 41,338 | ||||||
Cia de Distribucion Integral Logista Holdings SA(a) |
23,048 | 425,260 | ||||||
Deutsche Post AG (Registered) |
16,297 | 703,518 | ||||||
DSV A/S |
3,354 | 556,519 | ||||||
Freightways Ltd. |
6,248 | 49,799 | ||||||
ID Logistics Group* |
81 | 25,977 | ||||||
Kerry Logistics Network Ltd. |
18,500 | 42,724 |
Investments | Shares | Value | ||||||
Air Freight & Logistics – (continued) | ||||||||
Kintetsu World Express, Inc. |
1,900 | $ | 45,535 | |||||
Konoike Transport Co. Ltd. |
14,900 | 132,715 | ||||||
Mainfreight Ltd.(a) |
1,892 | 99,837 | ||||||
Oesterreichische Post AG* (a) |
11,438 | 370,442 | ||||||
PostNL NV(a) |
178,364 | 588,580 | ||||||
Royal Mail plc |
14,455 | 62,539 | ||||||
SG Holdings Co. Ltd. |
8,800 | 155,745 | ||||||
Singapore Post Ltd. |
101,200 | 52,399 | ||||||
Yamato Holdings Co. Ltd.(a) |
6,200 | 117,004 | ||||||
3,670,488 | ||||||||
Airlines – 0.2% | ||||||||
Air Canada* |
5,192 | 91,405 | ||||||
Air France-KLM* (a) |
20,064 | 83,692 | ||||||
Air New Zealand Ltd.* (a) |
11,968 | 6,875 | ||||||
ANA Holdings, Inc.* |
2,400 | 45,449 | ||||||
Deutsche Lufthansa AG (Registered)* |
11,748 | 88,651 | ||||||
easyJet plc* |
14,080 | 99,170 | ||||||
Exchange Income Corp.(a) |
13,416 | 435,111 | ||||||
Finnair OYJ* (a) |
82,324 | 40,870 | ||||||
Japan Airlines Co. Ltd.* |
2,800 | 46,487 | ||||||
JET2 plc* |
2,813 | 43,811 | ||||||
Qantas Airways Ltd.* |
22,968 | 91,404 | ||||||
Singapore Airlines Ltd.* |
16,799 | 66,909 | ||||||
Wizz Air Holdings plc* (b) |
728 | 29,020 | ||||||
1,168,854 | ||||||||
Auto Components – 1.2% | ||||||||
Aisin Corp. |
4,500 | 131,291 | ||||||
ARB Corp. Ltd. |
997 | 28,412 | ||||||
Brembo SpA(a) |
3,647 | 36,935 | ||||||
Bridgestone Corp. |
14,400 | 529,830 | ||||||
Burelle SA |
132 | 74,918 | ||||||
CIE Automotive SA |
1,716 | 38,016 | ||||||
Cie Generale des Etablissements Michelin SCA(a) |
4,214 | 529,244 | ||||||
Cie Plastic Omnium SA(a) |
720 | 11,819 | ||||||
Continental AG* |
1,935 | 134,768 | ||||||
Denso Corp. |
8,500 | 522,032 | ||||||
Dometic Group AB(a) (c) |
5,962 | 51,978 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 125 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Auto Components – (continued) | ||||||||
ElringKlinger AG* |
11,880 | $ | 100,137 | |||||
Exedy Corp. |
12,900 | 154,529 | ||||||
Faurecia SE(a) |
3,967 | 88,218 | ||||||
FCC Co. Ltd. |
12,900 | 129,538 | ||||||
Gestamp Automocion SA(a)(b) |
64,027 | 210,606 | ||||||
G-Tekt Corp. |
10,700 | 103,482 | ||||||
GUD Holdings Ltd.(a) |
6,543 | 59,703 | ||||||
Hella GmbH & Co. KGaA |
660 | 41,811 | ||||||
HI-LEX Corp.(a) |
8,800 | 77,703 | ||||||
Johnson Electric Holdings Ltd.(a) |
151,778 | 173,518 | ||||||
JTEKT Corp. |
6,700 | 46,904 | ||||||
Koito Manufacturing Co. Ltd. |
2,500 | 92,332 | ||||||
KYB Corp. |
8,600 | 195,551 | ||||||
Linamar Corp.(a) |
1,584 | 63,060 | ||||||
Magna International, Inc. |
6,665 | 403,743 | ||||||
Musashi Seimitsu Industry Co. Ltd.(a) |
17,200 | 176,434 | ||||||
NGK Spark Plug Co. Ltd. |
2,700 | 41,659 | ||||||
NHK Spring Co. Ltd.(a) |
2,900 | 18,847 | ||||||
Nifco, Inc. |
2,400 | 50,645 | ||||||
Nippon Seiki Co. Ltd. |
17,200 | 124,924 | ||||||
NOK Corp. |
200 | 1,715 | ||||||
Nokian Renkaat OYJ |
2,552 | 34,662 | ||||||
Pacific Industrial Co. Ltd. |
24,400 | 189,648 | ||||||
Piolax, Inc. |
12,900 | 151,044 | ||||||
Pirelli & C SpA(b) |
9,548 | 47,825 | ||||||
Schaeffler AG (Preference) |
58,050 | 313,548 | ||||||
Shoei Co. Ltd. |
2,200 | 81,931 | ||||||
Stanley Electric Co. Ltd.(a) |
3,800 | 65,817 | ||||||
Sumitomo Electric Industries Ltd. |
17,200 | 185,661 | ||||||
Sumitomo Riko Co. Ltd. |
12,400 | 53,214 | ||||||
Sumitomo Rubber Industries Ltd.(a) |
4,900 | 42,586 | ||||||
TI Fluid Systems plc(b) |
7,392 | 15,072 | ||||||
Tokai Rika Co. Ltd. |
19,600 | 207,255 | ||||||
Topre Corp.(a) |
17,200 | 146,962 | ||||||
Toyo Tire Corp. |
4,600 | 52,938 | ||||||
Toyoda Gosei Co. Ltd. |
2,000 | 29,345 | ||||||
Toyota Boshoku Corp. |
2,700 | 43,368 | ||||||
TS Tech Co. Ltd. |
4,800 | 50,460 | ||||||
Valeo |
3,080 | 56,878 |
Investments | Shares | Value | ||||||
Auto Components – (continued) | ||||||||
Vitesco Technologies Group AG* |
8,471 | $ | 344,412 | |||||
Yokohama Rubber Co. Ltd. (The) |
3,600 | 48,293 | ||||||
6,605,221 | ||||||||
Automobiles – 2.1% | ||||||||
Aston Martin Lagonda Global Holdings plc* (a) (b) |
578 | 6,193 | ||||||
Bayerische Motoren Werke AG |
7,181 | 594,760 | ||||||
Bayerische Motoren Werke AG (Preference) |
1,012 | 75,427 | ||||||
Ferrari NV |
1,978 | 423,598 | ||||||
Honda Motor Co. Ltd. |
38,700 | 1,021,267 | ||||||
Isuzu Motors Ltd. |
12,900 | 151,044 | ||||||
Mazda Motor Corp. |
17,300 | 124,048 | ||||||
Mercedes-Benz Group AG* |
18,920 | 1,339,293 | ||||||
Mitsubishi Motors Corp.* |
900 | 2,271 | ||||||
Nissan Motor Co. Ltd.* |
56,300 | 224,661 | ||||||
PIERER Mobility AG(a) |
440 | 36,491 | ||||||
Porsche Automobil Holding SE (Preference) |
3,182 | 267,004 | ||||||
Renault SA* |
3,344 | 83,167 | ||||||
Stellantis NV |
50,936 | 698,244 | ||||||
Subaru Corp.(a) |
13,300 | 201,101 | ||||||
Suzuki Motor Corp. |
11,900 | 358,947 | ||||||
Toyota Motor Corp. |
292,400 | 5,045,232 | ||||||
Trigano SA |
352 | 45,972 | ||||||
Volkswagen AG (Preference) |
4,214 | 662,122 | ||||||
Volvo Car AB, Class B* (a) |
5,984 | 44,605 | ||||||
Yamaha Motor Co. Ltd. |
6,900 | 143,262 | ||||||
11,548,709 | ||||||||
Banks – 9.7% | ||||||||
77 Bank Ltd. (The) |
30,100 | 375,205 | ||||||
ABN AMRO Bank NV, CVA(a) (b) |
9,020 | 114,140 | ||||||
AIB Group plc |
18,788 | 41,266 | ||||||
Aktia Bank OYJ |
5,368 | 54,761 | ||||||
AMCO – Asset Management Co. SpA* |
239 | 987 | ||||||
Aozora Bank Ltd. |
2,900 | 58,287 |
See Accompanying Notes to the Financial Statements.
126 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Banks – (continued) | ||||||||
Australia & New Zealand Banking Group Ltd.(a) |
64,500 | $ | 1,251,348 | |||||
Awa Bank Ltd. (The)(a) |
17,200 | 285,162 | ||||||
Banca Monte dei Paschi di Siena SpA* (a) |
133,386 | 113,276 | ||||||
Banca Popolare di Sondrio SpA(a) |
33,798 | 135,561 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
151,145 | 806,660 | ||||||
Banco BPM SpA(a) |
32,208 | 102,851 | ||||||
Banco Comercial Portugues SA, Class R* (a) |
379,192 | 59,204 | ||||||
Banco de Sabadell SA |
174,838 | 137,227 | ||||||
Banco Espirito Santo SA (Registered)* ‡ |
48,647 | — | ||||||
Banco Santander SA(a) |
383,646 | 1,139,915 | ||||||
Bank Hapoalim BM |
20,597 | 192,191 | ||||||
Bank Leumi Le-Israel BM |
32,551 | 343,867 | ||||||
Bank Millennium SA* |
25,740 | 29,205 | ||||||
Bank of East Asia Ltd. (The)(a) |
54,378 | 80,810 | ||||||
Bank of Ireland Group plc* |
18,662 | 114,187 | ||||||
Bank of Kyoto Ltd. (The) |
1,600 | 69,898 | ||||||
Bank of Montreal(a) |
14,534 | 1,548,982 | ||||||
Bank of Nova Scotia (The)(a) |
27,821 | 1,770,853 | ||||||
Bank of Queensland Ltd.(a) |
13,492 | 77,951 | ||||||
Bank Polska Kasa Opieki SA |
4,004 | 88,424 | ||||||
Bankinter SA(a) |
20,797 | 123,565 | ||||||
Banque Cantonale de Geneve |
731 | 124,262 | ||||||
Banque Cantonale Vaudoise (Registered)(a) |
701 | 59,762 | ||||||
Barclays plc |
352,299 | 655,506 | ||||||
BAWAG Group AG* (b) |
2,156 | 103,989 | ||||||
Bendigo & Adelaide Bank Ltd.(a) |
9,421 | 71,302 | ||||||
Berner Kantonalbank AG (Registered) |
1,548 | 357,237 | ||||||
BNP Paribas SA(a) |
25,757 | 1,350,602 | ||||||
BPER Banca(a) |
40,348 | 68,317 | ||||||
CaixaBank SA |
100,922 | 328,771 | ||||||
Canadian Imperial Bank of Commerce |
10,406 | 1,156,340 | ||||||
Canadian Western Bank |
3,124 | 79,221 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Chiba Bank Ltd. (The) |
17,400 | $ | 100,591 | |||||
Chugoku Bank Ltd. (The)(a) |
73,100 | 539,392 | ||||||
Close Brothers Group plc |
1,760 | 24,527 | ||||||
Commerzbank AG* |
21,801 | 144,480 | ||||||
Commonwealth Bank of Australia(a) |
27,176 | 2,006,195 | ||||||
Concordia Financial Group Ltd.(a) |
32,321 | 117,749 | ||||||
Credit Agricole SA(a) |
29,498 | 322,890 | ||||||
Credito Emiliano SpA |
29,455 | 181,159 | ||||||
Dah Sing Banking Group Ltd. |
156,640 | 132,561 | ||||||
Dah Sing Financial Holdings Ltd. |
68,800 | 202,117 | ||||||
Daishi Hokuetsu Financial Group, Inc.(a) |
17,200 | 334,548 | ||||||
Danske Bank A/S |
13,717 | 212,234 | ||||||
DBS Group Holdings Ltd. |
42,156 | 1,035,507 | ||||||
DNB Bank ASA(a) |
15,910 | 313,792 | ||||||
Erste Group Bank AG |
7,740 | 242,183 | ||||||
FIBI Holdings Ltd. |
1,100 | 51,880 | ||||||
FinecoBank Banca Fineco SpA |
11,567 | 162,600 | ||||||
First International Bank of Israel Ltd. (The) |
1,144 | 48,375 | ||||||
Fukuoka Financial Group, Inc. |
2,800 | 51,306 | ||||||
Graubuendner Kantonalbank |
7 | 11,647 | ||||||
Gunma Bank Ltd. (The)(a) |
146,200 | 420,906 | ||||||
Hachijuni Bank Ltd. (The) |
3,200 | 10,571 | ||||||
Hang Seng Bank Ltd. |
12,900 | 229,355 | ||||||
Heartland Group Holdings Ltd.(a) |
50,556 | 75,471 | ||||||
Hirogin Holdings, Inc. |
5,200 | 25,767 | ||||||
Hokuhoku Financial Group, Inc. |
51,300 | 348,441 | ||||||
HSBC Holdings plc |
467,496 | 2,942,336 | ||||||
Hyakugo Bank Ltd. (The)(a) |
94,600 | 251,176 | ||||||
ING Bank Slaski SA |
748 | 33,206 | ||||||
ING Groep NV(a) |
86,774 | 833,034 | ||||||
Intesa Sanpaolo SpA |
379,346 | 782,294 | ||||||
Israel Discount Bank Ltd., Class A |
31,322 | 186,533 | ||||||
Iyo Bank Ltd. (The)(a) |
124,600 | 606,843 | ||||||
Jyske Bank A/S (Registered)* |
1,292 | 72,485 | ||||||
KBC Ancora |
352 | 14,386 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 127 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Banks – (continued) | ||||||||
KBC Group NV |
5,805 | $ | 398,181 | |||||
Kiyo Bank Ltd. (The) |
28,000 | 308,830 | ||||||
Kyushu Financial Group, Inc.(a) |
166,600 | 511,785 | ||||||
Laurentian Bank of Canada(a) |
15,523 | 474,538 | ||||||
Liechtensteinische Landesbank AG |
3,698 | 206,492 | ||||||
Lloyds Banking Group plc |
1,583,174 | 911,945 | ||||||
Luzerner Kantonalbank AG (Registered) |
16 | 6,849 | ||||||
Mebuki Financial Group, Inc. |
28,010 | 56,643 | ||||||
Mediobanca Banca di Credito Finanziario SpA(a) |
14,448 | 146,505 | ||||||
Mitsubishi UFJ Financial Group, Inc. |
292,400 | 1,702,357 | ||||||
Mizrahi Tefahot Bank Ltd. |
3,121 | 116,283 | ||||||
Mizuho Financial Group, Inc. |
55,929 | 681,413 | ||||||
Nanto Bank Ltd. (The)(a) |
12,946 | 203,443 | ||||||
National Australia Bank Ltd.(a) |
53,578 | 1,242,394 | ||||||
National Bank of Canada |
8,084 | 567,502 | ||||||
NatWest Group plc |
74,949 | 205,135 | ||||||
Nishi-Nippon Financial Holdings, Inc. |
55,900 | 337,833 | ||||||
Nordea Bank Abp |
57,061 | 576,941 | ||||||
North Pacific Bank Ltd.(a) |
98,900 | 188,548 | ||||||
Ogaki Kyoritsu Bank Ltd. (The)(a) |
14,100 | 207,430 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
90,370 | 810,837 | ||||||
Pareto Bank ASA |
16,280 | 95,584 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA* |
11,308 | 83,607 | ||||||
Raiffeisen Bank International AG(a) |
4,224 | 48,928 | ||||||
Resona Holdings, Inc. |
58,900 | 256,812 | ||||||
Ringkjoebing Landbobank A/S |
704 | 87,060 | ||||||
Royal Bank of Canada |
32,680 | 3,317,734 | ||||||
San-In Godo Bank Ltd. (The) |
55,900 | 278,723 | ||||||
Santander Bank Polska SA |
836 | 50,978 | ||||||
Shiga Bank Ltd. (The)(a) |
18,200 | 344,024 | ||||||
Shinsei Bank Ltd. |
2,600 | 45,715 | ||||||
Shizuoka Bank Ltd. (The) |
17,200 | 111,649 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Skandinaviska Enskilda Banken AB, Class A |
28,122 | $ | 320,320 | |||||
Skandinaviska Enskilda Banken AB, Class C(a) |
684 | 8,423 | ||||||
Societe Generale SA |
17,157 | 419,372 | ||||||
Spar Nord Bank A/S |
30,229 | 386,688 | ||||||
SpareBank 1 Nord Norge |
39,302 | 421,430 | ||||||
Sparebank 1 Oestlandet |
1,329 | 19,629 | ||||||
SpareBank 1 SMN |
3,103 | 44,031 | ||||||
SpareBank 1 Sorost-Norge(a) |
16,236 | 101,425 | ||||||
SpareBank 1 SR-Bank ASA |
4,796 | 61,774 | ||||||
Sparebanken More |
13,545 | 116,658 | ||||||
Sparebanken Vest |
36,722 | 388,641 | ||||||
St Galler Kantonalbank AG (Registered) |
110 | 53,377 | ||||||
Standard Chartered plc |
57,362 | 397,395 | ||||||
Sumitomo Mitsui Financial Group, Inc. |
32,300 | 976,030 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. |
8,600 | 267,572 | ||||||
Suruga Bank Ltd.(a) |
73,900 | 232,720 | ||||||
Svenska Handelsbanken AB, Class A |
26,187 | 267,342 | ||||||
Svenska Handelsbanken AB, Class B(a) |
908 | 10,329 | ||||||
Swedbank AB, Class A |
13,502 | 216,386 | ||||||
Sydbank A/S |
23,134 | 803,143 | ||||||
TBC Bank Group plc |
15,308 | 242,546 | ||||||
Toronto-Dominion Bank (The) |
41,409 | 3,006,409 | ||||||
Unicaja Banco SA(b) |
453,865 | 431,403 | ||||||
UniCredit SpA |
48,633 | 456,874 | ||||||
United Overseas Bank Ltd. |
36,626 | 795,433 | ||||||
Valiant Holding AG (Registered) |
5,547 | 558,900 | ||||||
Virgin Money UK plc |
41,844 | 91,858 | ||||||
Walliser Kantonalbank (Registered) |
485 | 55,213 | ||||||
Westpac Banking Corp.(a) |
54,309 | 921,255 | ||||||
Yamaguchi Financial Group, Inc. |
94,600 | 520,607 | ||||||
Zuger Kantonalbank AG |
10 | 75,413 | ||||||
53,790,923 |
See Accompanying Notes to the Financial Statements.
128 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Beverages – 1.1% | ||||||||
Anheuser-Busch InBev SA/NV(a) |
14,147 | $ | 826,811 | |||||
Asahi Group Holdings Ltd. |
11,400 | 427,896 | ||||||
Britvic plc |
3,520 | 37,874 | ||||||
Budweiser Brewing Co. APAC Ltd.(a) (b) |
39,600 | 99,831 | ||||||
C&C Group plc* (a) |
23,522 | 61,722 | ||||||
Carlsberg A/S, Class B |
1,677 | 216,043 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc.(a) |
3,354 | 37,796 | ||||||
Coca-Cola Europacific Partners plc |
3,408 | 170,230 | ||||||
Coca-Cola HBC AG* |
4,000 | 82,235 | ||||||
Davide Campari-Milano NV |
10,340 | 117,645 | ||||||
Diageo plc |
38,270 | 1,930,808 | ||||||
Fevertree Drinks plc |
2,199 | 50,109 | ||||||
Heineken Holding NV |
1,496 | 117,892 | ||||||
Heineken NV |
3,569 | 351,662 | ||||||
Ito En Ltd.(a) |
800 | 32,973 | ||||||
Kirin Holdings Co. Ltd. |
12,938 | 189,786 | ||||||
Olvi OYJ, Class A |
1,452 | 48,328 | ||||||
Pernod Ricard SA |
3,354 | 699,345 | ||||||
Primo Water Corp. |
9,245 | 135,921 | ||||||
Remy Cointreau SA |
396 | 79,166 | ||||||
Royal Unibrew A/S |
836 | 72,819 | ||||||
Sapporo Holdings Ltd. |
1,800 | 37,512 | ||||||
Suntory Beverage & Food Ltd. |
1,800 | 71,272 | ||||||
Takara Holdings, Inc. |
4,200 | 35,529 | ||||||
Treasury Wine Estates Ltd. |
8,668 | 69,422 | ||||||
6,000,627 | ||||||||
Biotechnology – 0.6% | ||||||||
Abcam plc* |
4,545 | 71,328 | ||||||
Argenx SE* |
903 | 260,923 | ||||||
Bavarian Nordic A/S* (a) |
3,916 | 75,473 | ||||||
BioGaia AB, Class B |
1,134 | 71,444 | ||||||
Clinuvel Pharmaceuticals Ltd.(a) |
1,368 | 16,099 | ||||||
CSL Ltd. |
7,697 | 1,494,916 | ||||||
Galapagos NV* |
924 | 54,587 | ||||||
Genmab A/S* |
989 | 351,346 | ||||||
Genus plc |
1,232 | 38,917 | ||||||
GNI Group Ltd.* (a) |
4,400 | 39,055 |
Investments | Shares | Value | ||||||
Biotechnology – (continued) | ||||||||
Grifols SA(a) |
3,564 | $ | 60,158 | |||||
Grifols SA (Preference), Class B |
5,680 | 62,558 | ||||||
HEALIOS KK* |
1,100 | 6,334 | ||||||
Idorsia Ltd.* (a) |
3,564 | 61,502 | ||||||
Imugene Ltd.* (a) |
171,556 | 26,822 | ||||||
Mesoblast Ltd.* (a) |
44,748 | 34,185 | ||||||
MorphoSys AG* |
2,816 | 60,306 | ||||||
Oxford Biomedica plc* |
44 | 315 | ||||||
Pacific Edge Ltd.* (a) |
60,412 | 35,289 | ||||||
PeptiDream, Inc.* |
2,500 | 40,560 | ||||||
Pharma Mar SA* (a) |
414 | 31,874 | ||||||
PureTech Health plc* |
5,168 | 11,199 | ||||||
SanBio Co. Ltd.* (a) |
2,200 | 18,882 | ||||||
Takara Bio, Inc. |
400 | 6,471 | ||||||
Telix Pharmaceuticals Ltd.* |
14,168 | 46,416 | ||||||
Valneva SE* (a) |
4,620 | 60,290 | ||||||
Vitrolife AB |
880 | 22,950 | ||||||
3,060,199 | ||||||||
Building Products – 1.0% | ||||||||
AGC, Inc. |
5,200 | 196,264 | ||||||
Aica Kogyo Co. Ltd. |
1,500 | 34,791 | ||||||
Arbonia AG |
2,156 | 38,649 | ||||||
Assa Abloy AB, Class B(a) |
15,566 | 398,951 | ||||||
Belimo Holding AG (Registered) |
132 | 66,024 | ||||||
Bunka Shutter Co. Ltd.(a) |
23,200 | 174,770 | ||||||
Carel Industries SpA(a) (b) |
2,464 | 59,916 | ||||||
Central Glass Co. Ltd. |
13,100 | 241,758 | ||||||
Cie de Saint-Gobain |
11,696 | 695,039 | ||||||
Daikin Industries Ltd. |
4,900 | 758,108 | ||||||
dormakaba Holding AG |
44 | 20,625 | ||||||
Fletcher Building Ltd. |
17,649 | 70,907 | ||||||
Geberit AG (Registered) |
559 | 322,506 | ||||||
Genuit Group plc |
15,664 | 88,891 | ||||||
GWA Group Ltd.(a) |
17,760 | 28,776 | ||||||
Inrom Construction Industries Ltd. |
8,932 | 38,652 | ||||||
Inwido AB |
4,884 | 68,123 | ||||||
James Halstead plc |
9,372 | 29,181 | ||||||
Kingspan Group plc |
2,581 | 242,495 | ||||||
Lindab International AB |
2,244 | 52,976 | ||||||
Lixil Corp. |
6,000 | 106,236 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 129 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Building Products – (continued) | ||||||||
Munters Group AB(b) |
10,384 | $ | 62,876 | |||||
Nibe Industrier AB, Class B |
24,897 | 247,715 | ||||||
Nichias Corp. |
800 | 14,455 | ||||||
Nichiha Corp. |
12,900 | 234,084 | ||||||
Nitto Boseki Co. Ltd. |
1,900 | 37,073 | ||||||
Noritz Corp.(a) |
17,200 | 199,932 | ||||||
Reliance Worldwide Corp. Ltd. |
13,860 | 39,004 | ||||||
ROCKWOOL International A/S, Class A |
88 | 24,561 | ||||||
ROCKWOOL International A/S, Class B |
174 | 49,205 | ||||||
Sanwa Holdings Corp. |
5,400 | 49,515 | ||||||
Schweiter Technologies AG |
56 | 56,943 | ||||||
Sekisui Jushi Corp. |
14,100 | 193,391 | ||||||
Steico SE |
396 | 40,105 | ||||||
Takara Standard Co. Ltd. |
19,376 | 194,568 | ||||||
Takasago Thermal Engineering Co. Ltd.(a) |
21,500 | 281,943 | ||||||
TOTO Ltd. |
3,000 | 101,536 | ||||||
Tyman plc |
17,160 | 59,462 | ||||||
Uponor OYJ |
2,112 | 37,409 | ||||||
Volution Group plc |
7,524 | 38,872 | ||||||
5,696,287 | ||||||||
Capital Markets – 3.2% | ||||||||
3i Group plc |
22,016 | 366,244 | ||||||
ABG Sundal Collier Holding ASA |
145,813 | 111,748 | ||||||
Abrdn plc |
27,500 | 65,358 | ||||||
AJ Bell plc |
11,352 | 35,574 | ||||||
Allfunds Group plc |
4,048 | 34,975 | ||||||
Alpha FX Group plc(b) |
1,804 | 46,657 | ||||||
Amundi SA(b) |
880 | 53,566 | ||||||
Anima Holding SpA(b) |
105,264 | 519,706 | ||||||
Ashmore Group plc |
9,588 | 26,820 | ||||||
ASX Ltd. |
2,752 | 169,501 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA |
2,464 | 66,337 | ||||||
Avanza Bank Holding AB |
2,704 | 69,468 | ||||||
Azimut Holding SpA |
3,740 | 80,449 | ||||||
Banca Generali SpA(a) |
1,397 | 46,748 | ||||||
Brederode SA* |
80 | 10,279 |
Investments | Shares | Value | ||||||
Capital Markets – (continued) | ||||||||
Brewin Dolphin Holdings plc |
17,746 | $ | 114,297 | |||||
Brookfield Asset Management, Inc., Class A |
23,822 | 1,194,383 | ||||||
Bure Equity AB |
968 | 23,208 | ||||||
Canaccord Genuity Group, Inc. |
34,701 | 306,812 | ||||||
CI Financial Corp. |
5,304 | 69,514 | ||||||
Cie Financiere Tradition SA |
572 | 64,528 | ||||||
CMC Markets plc(a) (b) |
47,257 | 172,060 | ||||||
Credit Suisse Group AG (Registered) |
54,137 | 374,690 | ||||||
Daiwa Securities Group, Inc. |
38,700 | 189,975 | ||||||
Deutsche Bank AG (Registered)* |
44,634 | 453,256 | ||||||
Deutsche Boerse AG |
2,924 | 512,673 | ||||||
EFG International AG* |
27,262 | 208,120 | ||||||
EQT AB |
4,988 | 144,852 | ||||||
Euronext NV(b) |
1,462 | 118,174 | ||||||
Fairfax India Holdings Corp.* (a) (b) |
35,045 | 421,241 | ||||||
flatexDEGIRO AG* |
4,400 | 76,241 | ||||||
Flow Traders(b) |
11,825 | 385,471 | ||||||
Gimv NV |
7,697 | 443,349 | ||||||
Haitong International Securities Group Ltd.(a) |
860,000 | 137,010 | ||||||
Hargreaves Lansdown plc |
5,061 | 58,280 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
19,858 | 854,946 | ||||||
HUB24 Ltd.(a) |
4,532 | 77,650 | ||||||
IG Group Holdings plc |
8,448 | 86,496 | ||||||
IGM Financial, Inc.(a) |
2,200 | 70,077 | ||||||
Impax Asset Management Group plc |
4,224 | 46,191 | ||||||
Insignia Financial Ltd.(a) |
26,488 | 65,130 | ||||||
IntegraFin Holdings plc(b) |
5,764 | 26,081 | ||||||
Intermediate Capital Group plc |
5,280 | 102,584 | ||||||
Investec plc |
16,636 | 98,814 | ||||||
IP Group plc |
82,720 | 86,615 | ||||||
JAFCO Group Co. Ltd. |
900 | 10,927 | ||||||
Japan Exchange Group, Inc. |
8,600 | 129,538 | ||||||
JTC plc(b) |
5,016 | 49,184 | ||||||
Julius Baer Group Ltd. |
4,902 | 238,724 | ||||||
Jupiter Fund Management plc |
199,821 | 447,060 |
See Accompanying Notes to the Financial Statements.
130 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Capital Markets – (continued) | ||||||||
Leonteq AG |
616 | $ | 42,457 | |||||
Liontrust Asset Management plc |
2,508 | 36,841 | ||||||
London Stock Exchange Group plc |
4,945 | 491,461 | ||||||
Macquarie Group Ltd. |
5,848 | 860,184 | ||||||
Magellan Financial Group Ltd.(a) |
2,640 | 30,599 | ||||||
Man Group plc |
44,849 | 132,324 | ||||||
Molten Ventures plc* |
53,148 | 462,420 | ||||||
Ninety One plc |
26,268 | 87,659 | ||||||
Nomura Holdings, Inc. |
72,600 | 280,179 | ||||||
Nordnet AB publ(a) |
2,420 | 42,527 | ||||||
Okasan Securities Group, Inc.(a) |
81,100 | 218,462 | ||||||
Onex Corp. |
880 | 53,149 | ||||||
Partners Group Holding AG |
387 | 417,640 | ||||||
Pendal Group Ltd.(a) |
6,964 | 26,279 | ||||||
Perpetual Ltd.(a) |
3,971 | 93,098 | ||||||
Platinum Asset Management Ltd.(a) |
37,488 | 50,085 | ||||||
Polar Capital Holdings plc |
6,468 | 45,232 | ||||||
Quilter plc(b) |
55,748 | 92,249 | ||||||
Rathbones Group plc |
21,844 | 575,928 | ||||||
Ratos AB, Class B(a) |
8,448 | 43,752 | ||||||
Rothschild & Co. |
1,452 | 57,442 | ||||||
Sanne Group plc* |
9,329 | 106,233 | ||||||
SBI Holdings, Inc. |
4,800 | 107,922 | ||||||
Schroders plc |
1,980 | 70,599 | ||||||
Schroders plc (Non-Voting) |
96 | 2,851 | ||||||
Singapore Exchange Ltd. |
16,400 | 116,269 | ||||||
Sprott, Inc. |
1,056 | 48,882 | ||||||
St James’s Place plc |
8,514 | 138,748 | ||||||
Swissquote Group Holding SA (Registered) |
660 | 109,541 | ||||||
Tamburi Investment Partners SpA |
10,560 | 97,143 | ||||||
Tikehau Capital SCA(a) |
1,672 | 38,717 | ||||||
TMX Group Ltd. |
836 | 85,553 | ||||||
Tokai Tokyo Financial Holdings, Inc. |
94,600 | 282,573 | ||||||
TP ICAP Group plc |
267,503 | 442,650 | ||||||
UBS Group AG (Registered) |
84,667 | 1,458,001 |
Investments | Shares | Value | ||||||
Capital Markets – (continued) | ||||||||
UOB-Kay Hian Holdings Ltd. |
124,700 | $ | 147,195 | |||||
Value Partners Group Ltd.(a) |
352,000 | 135,037 | ||||||
Van Lanschot Kempen NV, CVA(a) |
14,448 | 379,524 | ||||||
VNV Global AB* |
31,562 | 132,973 | ||||||
Vontobel Holding AG (Registered)(a) |
339 | 25,006 | ||||||
VZ Holding AG |
285 | 21,346 | ||||||
Warsaw Stock Exchange |
7,260 | 63,412 | ||||||
WealthNavi, Inc.* (a) |
2,400 | 31,991 | ||||||
X-Trade Brokers Dom Maklerski SA* (b) |
17,952 | 83,336 | ||||||
17,827,050 | ||||||||
Chemicals – 3.1% | ||||||||
ADEKA Corp.(a) |
2,300 | 44,417 | ||||||
Air Liquide SA(a) |
7,740 | 1,350,053 | ||||||
Air Water, Inc. |
6,000 | 79,701 | ||||||
Akzo Nobel NV(a) |
3,268 | 286,494 | ||||||
Arkema SA |
1,677 | 193,103 | ||||||
Asahi Kasei Corp. |
34,400 | 284,498 | ||||||
BASF SE* |
20,898 | 1,111,356 | ||||||
Borregaard ASA |
1,692 | 32,690 | ||||||
C Uyemura & Co. Ltd. |
4,300 | 199,467 | ||||||
Calix Ltd.* (a) |
9,988 | 62,462 | ||||||
Chr Hansen Holding A/S |
1,584 | 124,226 | ||||||
Ciech SA |
9,548 | 85,161 | ||||||
Clariant AG (Registered)* (a) |
2,836 | 49,027 | ||||||
Corbion NV |
1,352 | 47,153 | ||||||
Covestro AG(b) |
3,913 | 170,446 | ||||||
Croda International plc |
2,494 | 244,360 | ||||||
Daicel Corp. |
8,900 | 54,474 | ||||||
Denka Co. Ltd. |
1,400 | 37,604 | ||||||
DIC Corp. |
2,899 | 55,380 | ||||||
Elementis plc* |
41,976 | 64,242 | ||||||
Elkem ASA(b) |
7 | 30 | ||||||
EMS-Chemie Holding AG (Registered)(a) |
129 | 116,487 | ||||||
Essentra plc |
16,940 | 66,888 | ||||||
Evonik Industries AG |
4,160 | 109,759 | ||||||
FUCHS PETROLUB SE |
55 | 1,468 | ||||||
FUCHS PETROLUB SE (Preference) |
1,182 | 37,508 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 131 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Chemicals – (continued) | ||||||||
Fujimori Kogyo Co. Ltd. |
7,100 | $ | 196,735 | |||||
Fuso Chemical Co. Ltd. |
1,100 | 32,603 | ||||||
Givaudan SA (Registered) |
129 | 517,648 | ||||||
Hexpol AB(a) |
5,784 | 50,349 | ||||||
ICL Group Ltd. |
9,848 | 108,690 | ||||||
Incitec Pivot Ltd. |
36,784 | 100,903 | ||||||
Israel Corp. Ltd. (The)* |
104 | 59,601 | ||||||
JCU Corp.(a) |
1,400 | 35,875 | ||||||
Johnson Matthey plc |
5,160 | 144,144 | ||||||
JSR Corp. |
3,100 | 85,061 | ||||||
K+S AG (Registered)* |
5,203 | 176,688 | ||||||
Kaneka Corp. |
1,300 | 34,968 | ||||||
Kansai Paint Co. Ltd. |
5,300 | 73,675 | ||||||
Kemira OYJ(a) |
2,992 | 39,455 | ||||||
KH Neochem Co. Ltd. |
2,200 | 41,959 | ||||||
Koninklijke DSM NV |
2,855 | 483,708 | ||||||
Konishi Co. Ltd. |
12,900 | 152,239 | ||||||
Kumiai Chemical Industry Co. Ltd.(a) |
8,000 | 54,276 | ||||||
Kuraray Co. Ltd. |
6,700 | 53,885 | ||||||
Kureha Corp. |
6,400 | 483,606 | ||||||
LANXESS AG |
2,156 | 84,360 | ||||||
Lenzing AG |
132 | 12,143 | ||||||
Lintec Corp. |
1,800 | 33,622 | ||||||
Methanex Corp. |
1,290 | 64,992 | ||||||
Mitsubishi Chemical Holdings Corp. |
35,100 | 214,837 | ||||||
Mitsubishi Gas Chemical Co., Inc. |
6,200 | 90,875 | ||||||
Mitsui Chemicals, Inc. |
5,500 | 126,293 | ||||||
NanoXplore, Inc.* |
8,536 | 21,439 | ||||||
Nihon Parkerizing Co. Ltd. |
40,600 | 288,612 | ||||||
Nippon Kayaku Co. Ltd.(a) |
3,700 | 32,385 | ||||||
Nippon Paint Holdings Co. Ltd. |
21,500 | 172,418 | ||||||
Nippon Sanso Holdings Corp. |
2,800 | 50,506 | ||||||
Nippon Shokubai Co. Ltd. |
400 | 16,178 | ||||||
Nippon Soda Co. Ltd. |
10,339 | 273,717 | ||||||
Nissan Chemical Corp. |
2,900 | 154,670 | ||||||
Nitto Denko Corp. |
2,800 | 189,102 | ||||||
NOF Corp. |
1,200 | 45,199 | ||||||
Novozymes A/S, Class B |
3,741 | 262,193 | ||||||
Nufarm Ltd. |
23,520 | 107,808 |
Investments | Shares | Value | ||||||
Chemicals – (continued) | ||||||||
Nutrien Ltd. |
12,599 | $ | 1,244,472 | |||||
OCI NV* |
1,318 | 50,500 | ||||||
Okamoto Industries, Inc.(a) |
6,100 | 180,326 | ||||||
Orica Ltd.(a) |
4,722 | 55,268 | ||||||
Osaka Organic Chemical Industry Ltd. |
1,400 | 30,516 | ||||||
Osaka Soda Co. Ltd.(a) |
9,200 | 227,231 | ||||||
Palram Industries 1990 Ltd. |
3,652 | 51,028 | ||||||
Re:NewCell AB* (a) |
1,804 | 21,552 | ||||||
Recticel SA |
2,200 | 48,507 | ||||||
Robertet SA |
44 | 40,987 | ||||||
Sakata INX Corp.(a) |
17,200 | 130,633 | ||||||
Sanyo Chemical Industries Ltd.(a) |
5,900 | 226,783 | ||||||
Shikoku Chemicals Corp. |
16,100 | 161,298 | ||||||
Shin-Etsu Chemical Co. Ltd. |
6,500 | 902,304 | ||||||
Shin-Etsu Polymer Co. Ltd. |
13,400 | 106,116 | ||||||
Showa Denko KK |
4,200 | 81,919 | ||||||
Sika AG (Registered) |
2,365 | 733,390 | ||||||
SOL SpA |
3,009 | 53,139 | ||||||
Solvay SA |
1,548 | 147,890 | ||||||
Sumitomo Chemical Co. Ltd. |
37,400 | 159,057 | ||||||
Symrise AG |
2,236 | 267,614 | ||||||
Synthomer plc |
9,988 | 38,322 | ||||||
T Hasegawa Co. Ltd. |
900 | 17,610 | ||||||
Taiyo Holdings Co. Ltd. |
1,800 | 43,277 | ||||||
Teijin Ltd.(a) |
3,000 | 32,140 | ||||||
Tenma Corp. |
1,300 | 22,195 | ||||||
Tessenderlo Group SA* |
4,343 | 153,256 | ||||||
Toagosei Co. Ltd. |
5,300 | 43,730 | ||||||
Tokai Carbon Co. Ltd. |
6,600 | 54,813 | ||||||
Tokuyama Corp.(a) |
25,800 | 345,102 | ||||||
Tokyo Ohka Kogyo Co. Ltd. |
700 | 38,577 | ||||||
Toray Industries, Inc. |
38,700 | 184,867 | ||||||
Tosoh Corp. |
7,800 | 108,006 | ||||||
Toyo Gosei Co. Ltd. |
300 | 22,623 | ||||||
Toyo Ink SC Holdings Co. Ltd. |
1,600 | 23,896 | ||||||
Toyobo Co. Ltd. |
34,400 | 283,038 | ||||||
Treatt plc |
3,432 | 45,588 | ||||||
Turpaz Industries Ltd. |
9,724 | 64,719 | ||||||
UBE Corp. |
3,900 | 60,685 | ||||||
Umicore SA(a) |
3,182 | 123,969 | ||||||
Victrex plc |
1,452 | 33,324 |
See Accompanying Notes to the Financial Statements.
132 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Chemicals – (continued) | ||||||||
Wacker Chemie AG |
256 | $ | 41,091 | |||||
Yara International ASA |
3,354 | 173,054 | ||||||
Zeon Corp. |
3,600 | 38,401 | ||||||
16,988,684 | ||||||||
Commercial Services & Supplies – 1.2% | ||||||||
Befesa SA(b) |
2,236 | 140,117 | ||||||
Biffa plc(b) |
15,576 | 68,210 | ||||||
Big Technologies plc* |
11,924 | 35,929 | ||||||
Bilfinger SE* |
10,492 | 427,910 | ||||||
Boyd Group Services, Inc. |
208 | 25,877 | ||||||
Brambles Ltd. |
25,069 | 187,951 | ||||||
Bravida Holding AB* (b) |
4,312 | 44,646 | ||||||
Caverion OYJ(a) |
8,888 | 43,788 | ||||||
Cewe Stiftung & Co. KGAA |
308 | 28,236 | ||||||
Cleanaway Waste Management Ltd.(a) |
35,024 | 79,647 | ||||||
Clipper Logistics plc |
5,236 | 56,535 | ||||||
Coor Service Management Holding AB(b) |
6,692 | 61,191 | ||||||
Dai Nippon Printing Co. Ltd. |
5,700 | 119,623 | ||||||
Daiseki Co. Ltd. |
1,499 | 54,321 | ||||||
Derichebourg SA |
33,368 | 305,726 | ||||||
Downer EDI Ltd. |
9,548 | 37,726 | ||||||
Duskin Co. Ltd. |
3,700 | 79,135 | ||||||
Elis SA* |
12 | 174 | ||||||
Elis SA – XLON* |
4,520 | 65,565 | ||||||
GFL Environmental, Inc.(a) |
1,760 | 53,294 | ||||||
HomeServe plc |
3,784 | 46,700 | ||||||
Intrum AB* |
2,464 | 60,132 | ||||||
ISS A/S* |
2,508 | 41,952 | ||||||
Lassila & Tikanoja OYJ |
960 | 10,350 | ||||||
Loomis AB |
2,271 | 57,185 | ||||||
Marlowe plc* |
4,092 | 42,127 | ||||||
Matsuda Sangyo Co. Ltd. |
6,900 | 122,598 | ||||||
Mitie Group plc |
492,909 | 335,415 | ||||||
Mitsubishi Pencil Co. Ltd. |
1,800 | 17,436 | ||||||
Nippon Kanzai Co. Ltd. |
1,300 | 27,995 | ||||||
Okamura Corp. |
31,900 | 294,969 | ||||||
Park24 Co. Ltd.* |
2,200 | 31,567 | ||||||
Pilot Corp. |
1,700 | 68,887 | ||||||
Prestige International, Inc. |
4,000 | 19,296 |
Investments | Shares | Value | ||||||
Commercial Services & Supplies – (continued) | ||||||||
Prosegur Cash SA(a) (b) |
163,760 | $ | 121,622 | |||||
Prosegur Cia de Seguridad SA |
80,969 | 169,043 | ||||||
Raksul, Inc.* (a) |
1,600 | 33,751 | ||||||
Rentokil Initial plc |
31,476 | 217,350 | ||||||
Restore plc |
7,172 | 40,070 | ||||||
Ritchie Bros Auctioneers, Inc. |
2,193 | 121,417 | ||||||
Sato Holdings Corp. |
1,100 | 15,206 | ||||||
Sdiptech AB, Class B* |
1,056 | 37,373 | ||||||
Secom Co. Ltd. |
3,800 | 269,074 | ||||||
Securitas AB, Class B(a) |
7,047 | 84,154 | ||||||
Serco Group plc |
441,395 | 842,895 | ||||||
SG Fleet Group Ltd. |
60,588 | 106,350 | ||||||
Smart Metering Systems plc |
5,165 | 53,498 | ||||||
Societe BIC SA |
8,729 | 523,052 | ||||||
Sohgo Security Services Co. Ltd. |
1,900 | 53,087 | ||||||
SPIE SA |
2,992 | 71,209 | ||||||
TOMRA Systems ASA(a) |
1,936 | 77,469 | ||||||
TOPPAN, Inc. |
8,600 | 142,847 | ||||||
Veridis Environment Ltd. |
18,963 | 225,294 | ||||||
Waste Connections, Inc. |
4,429 | 614,179 | ||||||
6,911,150 | ||||||||
Communications Equipment – 0.3% | ||||||||
AudioCodes Ltd. |
1,936 | 45,591 | ||||||
BATM Advanced Communications Ltd. |
10,755 | 6,218 | ||||||
Gilat Satellite Networks Ltd.* |
7,568 | 55,782 | ||||||
Nokia OYJ* |
88,107 | 452,706 | ||||||
Spirent Communications plc |
42,656 | 123,818 | ||||||
Telefonaktiebolaget LM Ericsson, Class A(a) |
3,789 | 32,190 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
43,774 | 354,676 | ||||||
VTech Holdings Ltd.(a) |
64,500 | 458,298 | ||||||
1,529,279 | ||||||||
Construction & Engineering – 2.0% | ||||||||
Ackermans & van Haaren NV |
454 | 81,613 | ||||||
ACS Actividades de Construccion y Servicios SA(a) |
6,798 | 176,348 | ||||||
Aecon Group, Inc.(a) |
20,812 | 243,774 | ||||||
AF Gruppen ASA |
704 | 14,297 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 133 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Construction & Engineering – (continued) | ||||||||
Arcadis NV |
1,848 | $ | 77,826 | |||||
Ashtrom Group Ltd. |
1,861 | 52,362 | ||||||
Badger Infrastructure Solutions Ltd.(a) |
2,812 | 65,457 | ||||||
Balfour Beatty plc |
246,992 | 752,919 | ||||||
Boskalis Westminster |
218 | 7,612 | ||||||
Bouygues SA |
4,085 | 141,566 | ||||||
Chudenko Corp. |
12,900 | 208,097 | ||||||
Cie d’Entreprises CFE |
352 | 46,492 | ||||||
COMSYS Holdings Corp. |
4,300 | 89,843 | ||||||
Daiho Corp. |
4,300 | 148,024 | ||||||
Eiffage SA |
1,720 | 171,363 | ||||||
Elco Ltd. |
231 | 17,974 | ||||||
Elecnor SA |
12,556 | 149,017 | ||||||
Electra Ltd. |
15 | 10,325 | ||||||
EXEO Group, Inc. |
3,900 | 65,231 | ||||||
Fasadgruppen Group AB |
2,508 | 40,155 | ||||||
Ferrovial SA |
7,181 | 186,284 | ||||||
Fomento de Construcciones y Contratas SA |
3,843 | 44,190 | ||||||
Fugro NV* (a) |
7,040 | 87,191 | ||||||
GOLD FIN HLDG* ‡ |
89,827 | — | ||||||
Hazama Ando Corp. |
71,200 | 496,795 | ||||||
HOCHTIEF AG |
442 | 27,110 | ||||||
Instalco AB(b) |
7,260 | 45,228 | ||||||
JGC Holdings Corp. |
5,400 | 61,477 | ||||||
Johns Lyng Group Ltd. |
7,568 | 48,027 | ||||||
Kajima Corp. |
12,700 | 142,135 | ||||||
Kandenko Co. Ltd. |
37,400 | 237,863 | ||||||
Keller Group plc |
25,069 | 266,271 | ||||||
Kinden Corp. |
2,300 | 27,303 | ||||||
Kumagai Gumi Co. Ltd. |
13,700 | 287,302 | ||||||
Kyudenko Corp. |
2,100 | 47,718 | ||||||
Maire Tecnimont SpA(a) |
12,452 | 36,939 | ||||||
Mirait Holdings Corp. |
2,300 | 32,398 | ||||||
Monadelphous Group Ltd.(a) |
7,216 | 54,614 | ||||||
Morgan Sindall Group plc |
15,781 | 430,934 | ||||||
NCC AB, Class B |
246 | 3,080 | ||||||
Nippon Densetsu Kogyo Co. Ltd. |
18,900 | 235,739 | ||||||
Nippon Road Co. Ltd. (The)(a) |
2,500 | 139,511 |
Investments | Shares | Value | ||||||
Construction & Engineering – (continued) | ||||||||
Nishimatsu Construction Co. Ltd. |
17,000 | $ | 501,891 | |||||
NRW Holdings Ltd.(a) |
178,278 | 247,052 | ||||||
Obayashi Corp. |
17,300 | 119,642 | ||||||
Okumura Corp. |
14,400 | 340,105 | ||||||
Peab AB, Class B(a) |
3,999 | 38,608 | ||||||
Penta-Ocean Construction Co. Ltd. |
1,500 | 7,375 | ||||||
Raito Kogyo Co. Ltd. |
20,400 | 305,780 | ||||||
Raiznext Corp. |
8,800 | 73,084 | ||||||
Sacyr SA – BATE(a) |
120,877 | 329,255 | ||||||
Sanki Engineering Co. Ltd. |
18,800 | 213,161 | ||||||
Shapir Engineering and Industry Ltd. |
2,525 | 23,780 | ||||||
Shikun & Binui Ltd.* |
3,396 | 20,204 | ||||||
Shimizu Corp. |
17,800 | 93,836 | ||||||
SHO-BOND Holdings Co. Ltd. |
1,200 | 50,756 | ||||||
Skanska AB, Class B |
6,794 | 131,498 | ||||||
SNC-Lavalin Group, Inc.(a) |
2,068 | 46,229 | ||||||
Sumitomo Densetsu Co. Ltd. |
6,400 | 109,861 | ||||||
Sumitomo Mitsui Construction Co. Ltd. |
66,140 | 215,430 | ||||||
Sweco AB, Class B |
4,708 | 67,159 | ||||||
Taikisha Ltd. |
13,300 | 329,523 | ||||||
Taisei Corp. |
4,800 | 130,596 | ||||||
Takamatsu Construction Group Co. Ltd. |
8,700 | 145,851 | ||||||
Tess Holdings Co. Ltd.(a) |
2,000 | 21,689 | ||||||
Toda Corp. |
5,200 | 29,941 | ||||||
Toenec Corp. |
2,900 | 74,425 | ||||||
Tokyu Construction Co. Ltd.(a) |
35,200 | 164,100 | ||||||
Totetsu Kogyo Co. Ltd.(a) |
10,400 | 188,077 | ||||||
Veidekke ASA |
3,088 | 40,437 | ||||||
Vestum AB* |
21,560 | 63,106 | ||||||
Vinci SA |
8,213 | 804,394 | ||||||
Webuild SpA(a) |
146,630 | 251,367 | ||||||
WSP Global, Inc. |
1,183 | 138,678 | ||||||
YIT OYJ(a) |
66,855 | 271,253 | ||||||
Yokogawa Bridge Holdings Corp.(a) |
15,400 | 226,317 | ||||||
11,312,864 |
See Accompanying Notes to the Financial Statements.
134 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Construction Materials – 0.6% | ||||||||
Adbri Ltd.(a) |
22,176 | $ | 46,333 | |||||
Boral Ltd.(a) |
3,476 | 8,819 | ||||||
Breedon Group plc |
81,796 | 81,334 | ||||||
Brickworks Ltd. |
3,147 | 53,160 | ||||||
Buzzi Unicem SpA |
3,148 | 58,947 | ||||||
Cementir Holding NV |
18,963 | 132,833 | ||||||
CRH plc(a) |
12,686 | 512,460 | ||||||
CSR Ltd.(a) |
15,532 | 67,772 | ||||||
Forterra plc(b) |
13,728 | 42,916 | ||||||
HeidelbergCement AG |
3,225 | 188,006 | ||||||
Holcim AG* |
11,610 | 575,925 | ||||||
Ibstock plc(b) |
27,720 | 65,951 | ||||||
Imerys SA |
1,103 | 43,915 | ||||||
James Hardie Industries plc, CHDI |
6,490 | 191,587 | ||||||
Maeda Kosen Co. Ltd. |
1,200 | 27,629 | ||||||
Marshalls plc |
8,360 | 64,288 | ||||||
Mitani Sekisan Co. Ltd.(a) |
1,200 | 48,163 | ||||||
RHI Magnesita NV |
13,803 | 415,912 | ||||||
Sumitomo Osaka Cement Co. Ltd.(a) |
14,600 | 407,934 | ||||||
Taiheiyo Cement Corp. |
2,200 | 35,727 | ||||||
Titan Cement International SA* |
13,115 | 185,398 | ||||||
Vicat SA |
6,407 | 194,661 | ||||||
Wienerberger AG |
2,596 | 73,944 | ||||||
3,523,614 | ||||||||
Consumer Finance – 0.4% | ||||||||
AEON Financial Service Co. Ltd. |
400 | 3,683 | ||||||
Aiful Corp.(a) |
107,500 | 308,660 | ||||||
Allied Group Ltd. |
176,000 | 62,135 | ||||||
Cembra Money Bank AG(a) |
11,352 | 829,778 | ||||||
Credit Corp. Group Ltd.(a) |
3,350 | 65,564 | ||||||
Credit Saison Co. Ltd.(a) |
6,200 | 70,011 | ||||||
goeasy Ltd.(a) |
528 | 47,638 | ||||||
Gruppo MutuiOnline SpA |
1,056 | 32,507 | ||||||
Isracard Ltd. |
11,630 | 58,819 | ||||||
Jaccs Co. Ltd. |
11,300 | 287,820 | ||||||
Marui Group Co. Ltd.(a) |
3,200 | 55,400 | ||||||
Provident Financial plc |
11,220 | 36,175 | ||||||
Resurs Holding AB(a) (b) |
37,356 | 109,627 |
Investments | Shares | Value | ||||||
Consumer Finance – (continued) | ||||||||
Zip Co. Ltd.* (a) |
14,040 | $ | 10,925 | |||||
1,978,742 | ||||||||
Containers & Packaging – 0.5% | ||||||||
BillerudKorsnas AB(a) |
2,965 | 46,307 | ||||||
Cascades, Inc.(a) |
27,133 | 268,135 | ||||||
CCL Industries, Inc., Class B |
2,893 | 126,784 | ||||||
DS Smith plc |
27,004 | 112,187 | ||||||
FP Corp. |
1,200 | 27,305 | ||||||
Fuji Seal International, Inc.(a) |
14,900 | 198,728 | ||||||
Huhtamaki OYJ |
2,051 | 78,175 | ||||||
Intertape Polymer Group, Inc. |
23,005 | 715,503 | ||||||
Mayr Melnhof Karton AG(a) |
275 | 48,855 | ||||||
Orora Ltd. |
19,096 | 54,282 | ||||||
Pact Group Holdings Ltd.(a) |
75,938 | 124,660 | ||||||
Rengo Co. Ltd. |
9,500 | 56,460 | ||||||
SIG Group AG* |
6,450 | 136,622 | ||||||
Smurfit Kappa Group plc |
4,214 | 180,845 | ||||||
Toyo Seikan Group Holdings Ltd. |
5,600 | 60,945 | ||||||
Transcontinental, Inc., Class A(a) |
28,380 | 357,068 | ||||||
Verallia SA(b) |
1,364 | 37,729 | ||||||
Vidrala SA |
415 | 29,902 | ||||||
Winpak Ltd. |
1,716 | 57,050 | ||||||
2,717,542 | ||||||||
Distributors – 0.1% | ||||||||
Arata Corp. |
6,600 | 182,880 | ||||||
Bapcor Ltd.(a) |
6,776 | 32,793 | ||||||
D’ieteren Group |
220 | 35,974 | ||||||
Doshisha Co. Ltd. |
7,000 | 82,772 | ||||||
Inchcape plc |
8,938 | 80,179 | ||||||
Inter Cars SA |
484 | 44,718 | ||||||
PALTAC Corp. |
800 | 29,299 | ||||||
488,615 | ||||||||
Diversified Consumer Services – 0.1% | ||||||||
AcadeMedia AB(b) |
27,993 | 159,354 | ||||||
Benesse Holdings, Inc. |
2,000 | 35,165 | ||||||
Cary Group AB* |
4,488 | 33,912 | ||||||
G8 Education Ltd.(a) |
353,890 | 275,384 | ||||||
IDP Education Ltd. |
2,501 | 47,757 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 135 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Diversified Consumer Services – (continued) | ||||||||
InvoCare Ltd.(a) |
4,432 | $ | 38,645 | |||||
LITALICO, Inc. |
1,200 | 25,258 | ||||||
Park Lawn Corp. |
1,496 | 39,775 | ||||||
Perfect Medical Health Management Ltd. |
88,000 | 51,592 | ||||||
706,842 | ||||||||
Diversified Financial Services – 1.0% | ||||||||
AMP Ltd.* |
110,352 | 90,969 | ||||||
Banca IFIS SpA |
8,901 | 164,045 | ||||||
Banca Mediolanum SpA |
4,444 | 32,705 | ||||||
Banque Nationale de Belgique |
86 | 153,326 | ||||||
BFF Bank SpA(b) |
10,956 | 68,770 | ||||||
Burford Capital Ltd. |
13,545 | 116,319 | ||||||
Challenger Ltd. |
9,812 | 50,832 | ||||||
Creades AB, Class A(a) |
21,586 | 206,970 | ||||||
ECN Capital Corp. |
16,720 | 76,140 | ||||||
eGuarantee, Inc. |
2,800 | 46,811 | ||||||
Element Fleet Management Corp.(a) |
9,988 | 89,638 | ||||||
Eurazeo SE* |
1,144 | 88,825 | ||||||
EXOR NV |
2,752 | 193,935 | ||||||
Fuyo General Lease Co. Ltd. |
700 | 37,982 | ||||||
GRENKE AG |
1,804 | 47,959 | ||||||
Groupe Bruxelles Lambert SA |
1,376 | 131,487 | ||||||
HAL Trust(a) |
1,247 | 180,490 | ||||||
Hypoport SE* |
88 | 24,602 | ||||||
Illimity Bank SpA* |
3,080 | 40,323 | ||||||
Industrivarden AB, Class A(a) |
3,388 | 88,148 | ||||||
Industrivarden AB, Class C(a) |
3,828 | 97,915 | ||||||
Investment AB Oresund |
9,417 | 113,273 | ||||||
Investor AB, Class A(a) |
8,178 | 173,024 | ||||||
Investor AB, Class B |
28,846 | 562,997 | ||||||
Japan Securities Finance Co. Ltd. |
8,800 | 63,711 | ||||||
Kinnevik AB, Class B* (a) |
4,687 | 93,373 | ||||||
L E Lundbergforetagen AB, Class B |
1,348 | 63,867 | ||||||
M&G plc |
71,036 | 191,036 | ||||||
Mitsubishi HC Capital, Inc. |
24,429 | 110,304 | ||||||
Mizuho Leasing Co. Ltd.(a) |
13,038 | 302,905 | ||||||
Omni Bridgeway Ltd.* (a) |
110,983 | 268,158 |
Investments | Shares | Value | ||||||
Diversified Financial Services – (continued) | ||||||||
ORIX Corp. |
27,300 | $ | 500,233 | |||||
PEUGEOT INVEST |
308 | 34,637 | ||||||
Plus500 Ltd. |
37,926 | 742,335 | ||||||
Ricoh Leasing Co. Ltd. |
5,600 | 147,175 | ||||||
Sofina SA |
323 | 100,180 | ||||||
SRH NV* ‡ |
2,857 | — | ||||||
Svolder AB, Class B |
33,540 | 199,938 | ||||||
Tokyo Century Corp.(a) |
600 | 18,547 | ||||||
Wendel SE |
497 | 50,072 | ||||||
Zenkoku Hosho Co. Ltd. |
600 | 21,141 | ||||||
5,785,097 | ||||||||
Diversified Telecommunication Services – 1.3% | ||||||||
ARTERIA Networks Corp.(a) |
10,700 | 110,006 | ||||||
Aussie Broadband Ltd.* |
13,244 | 52,330 | ||||||
BCE, Inc.(a) |
4,429 | 236,689 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.* |
52,780 | 84,204 | ||||||
BT Group plc |
192,468 | 428,555 | ||||||
Cellnex Telecom SA(b) |
8,729 | 410,338 | ||||||
Chorus Ltd. |
13,585 | 64,808 | ||||||
Deutsche Telekom AG (Registered) |
75,637 | 1,401,967 | ||||||
Elisa OYJ |
2,494 | 146,707 | ||||||
Gamma Communications plc |
3,432 | 51,534 | ||||||
Helios Towers plc* (a) |
10,824 | 15,234 | ||||||
HKBN Ltd. |
51,500 | 60,189 | ||||||
HKT Trust & HKT Ltd. |
53,400 | 76,634 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
5,179 | 55,619 | ||||||
Internet Initiative Japan, Inc. |
1,000 | 31,723 | ||||||
Koninklijke KPN NV |
56,158 | 194,616 | ||||||
NetLink NBN Trust(b) |
61,600 | 44,609 | ||||||
Nippon Telegraph & Telephone Corp. |
26,800 | 795,767 | ||||||
NOS SGPS SA |
86,344 | 366,358 | ||||||
Orange SA |
44,032 | 525,739 | ||||||
PCCW Ltd. |
36,035 | 20,529 | ||||||
Proximus SADP |
2,464 | 43,150 | ||||||
Singapore Telecommunications Ltd. |
129,000 | 258,766 | ||||||
Spark New Zealand Ltd. |
20,724 | 66,179 |
See Accompanying Notes to the Financial Statements.
136 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Diversified Telecommunication Services – (continued) | ||||||||
Swisscom AG (Registered) |
387 | $ | 229,971 | |||||
Telecom Italia SpA(a) |
112,508 | 33,008 | ||||||
Telecom Italia SpA (Retirement Savings Plan) |
96,272 | 26,833 | ||||||
Telefonica Deutschland Holding AG |
24,508 | 74,177 | ||||||
Telefonica SA |
116,272 | 568,289 | ||||||
Telekom Austria AG* |
1,426 | 10,230 | ||||||
Telenor ASA |
12,642 | 180,337 | ||||||
Telia Co. AB |
32,379 | 135,158 | ||||||
Telstra Corp. Ltd. |
67,037 | 192,465 | ||||||
TELUS Corp. |
8,041 | 202,213 | ||||||
United Internet AG (Registered) |
1,848 | 59,910 | ||||||
Uniti Group Ltd.* |
6,635 | 23,434 | ||||||
7,278,275 | ||||||||
Electric Utilities – 1.5% | ||||||||
Acciona SA |
528 | 104,440 | ||||||
BKW AG |
440 | 54,034 | ||||||
Chubu Electric Power Co., Inc. |
17,200 | 174,177 | ||||||
Chugoku Electric Power Co., Inc. (The)(a) |
4,206 | 27,724 | ||||||
CK Infrastructure Holdings Ltd. |
11,000 | 74,094 | ||||||
CLP Holdings Ltd. |
26,500 | 258,375 | ||||||
Contact Energy Ltd. |
11,528 | 61,205 | ||||||
EDP – Energias de Portugal SA(a) |
41,753 | 195,658 | ||||||
Electricite de France SA |
12,414 | 113,727 | ||||||
Elia Group SA/NV(a) |
446 | 71,376 | ||||||
Elmera Group ASA(b) |
42,441 | 97,213 | ||||||
Emera, Inc.(a) |
3,827 | 185,743 | ||||||
Endesa SA(a) |
6,278 | 132,658 | ||||||
Enea SA* |
63,769 | 138,097 | ||||||
Enel SpA |
177,547 | 1,164,651 | ||||||
EVN AG |
748 | 19,215 | ||||||
Fortis, Inc.(a) |
6,966 | 340,710 | ||||||
Fortum OYJ |
9,675 | 162,286 | ||||||
Genesis Energy Ltd.(a) |
14,837 | 27,590 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(b) |
44,500 | 43,955 | ||||||
Hokkaido Electric Power Co., Inc. |
75,600 | 281,837 |
Investments | Shares | Value | ||||||
Electric Utilities – (continued) | ||||||||
Hokuriku Electric Power Co. |
69,300 | $ | 275,467 | |||||
Hydro One Ltd.(b) |
6,149 | 167,094 | ||||||
Iberdrola SA(a) |
92,384 | 1,073,040 | ||||||
Infratil Ltd. |
8,272 | 45,099 | ||||||
Kansai Electric Power Co., Inc. (The) |
21,500 | 189,179 | ||||||
Kyushu Electric Power Co., Inc. |
13,200 | 83,035 | ||||||
Mercury NZ Ltd. |
17,560 | 69,068 | ||||||
Okinawa Electric Power Co., Inc. (The)(a) |
17,970 | 179,062 | ||||||
Origin Energy Ltd. |
43,645 | 212,152 | ||||||
Orsted A/S(b) |
3,010 | 338,466 | ||||||
PGE Polska Grupa Energetyczna SA* |
10,843 | 24,146 | ||||||
Power Assets Holdings Ltd. |
23,500 | 158,291 | ||||||
Red Electrica Corp. SA |
9,632 | 194,436 | ||||||
Romande Energie Holding SA (Registered) |
21 | 25,529 | ||||||
Shikoku Electric Power Co., Inc. |
77,300 | 445,090 | ||||||
SSE plc |
17,915 | 420,268 | ||||||
Terna – Rete Elettrica Nazionale |
22,460 | 184,009 | ||||||
Tohoku Electric Power Co., Inc.(a) |
10,900 | 60,742 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* |
22,400 | 77,456 | ||||||
Trustpower Ltd. |
5,123 | 22,411 | ||||||
Verbund AG* |
1,354 | 145,983 | ||||||
8,118,788 | ||||||||
Electrical Equipment – 1.3% | ||||||||
ABB Ltd. (Registered)(a) |
29,670 | 904,788 | ||||||
Alfen Beheer BV* (a) (b) |
968 | 88,006 | ||||||
Ballard Power Systems, Inc.* (a) |
1,824 | 15,228 | ||||||
Daihen Corp. |
8,600 | 247,592 | ||||||
DiscoverIE Group plc |
4,796 | 46,003 | ||||||
Fagerhult AB |
6,336 | 32,122 | ||||||
Fuji Electric Co. Ltd. |
3,100 | 137,581 | ||||||
Fujikura Ltd. |
107,500 | 515,263 | ||||||
Furukawa Electric Co. Ltd. |
25,800 | 422,167 | ||||||
GARO AB(a) (b) |
1,980 | 29,922 | ||||||
GS Yuasa Corp. |
2,700 | 47,244 | ||||||
Hexatronic Group AB(a) |
1,540 | 66,517 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 137 |
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 | $ | 76,727 | |||||
Idec Corp. |
2,200 | 39,242 | ||||||
ITM Power plc* (a) |
10,192 | 42,406 | ||||||
Legrand SA |
4,472 | 399,875 | ||||||
Mabuchi Motor Co. Ltd. |
700 | 18,829 | ||||||
Mitsubishi Electric Corp. |
49,200 | 519,494 | ||||||
NEL ASA* |
12,688 | 18,535 | ||||||
Nexans SA |
748 | 69,125 | ||||||
Nidec Corp. |
8,710 | 574,056 | ||||||
Nissin Electric Co. Ltd. |
18,400 | 197,833 | ||||||
Nitto Kogyo Corp. |
10,600 | 125,341 | ||||||
NKT A/S* |
2,838 | 136,521 | ||||||
Nordex SE* |
1,408 | 20,691 | ||||||
PowerCell Sweden AB* (a) |
2,948 | 43,994 | ||||||
Prysmian SpA |
4,128 | 135,958 | ||||||
Sanyo Denki Co. Ltd. |
4,300 | 186,192 | ||||||
Schneider Electric SE |
9,331 | 1,355,483 | ||||||
Siemens Energy AG |
6,536 | 127,078 | ||||||
Siemens Gamesa Renewable Energy SA* |
4,136 | 66,867 | ||||||
Signify NV(a) (b) |
2,795 | 119,713 | ||||||
Somfy SA |
275 | 37,018 | ||||||
TKH Group NV, CVA |
2,194 | 108,368 | ||||||
Varta AG |
352 | 33,339 | ||||||
Vestas Wind Systems A/S |
16,383 | 424,764 | ||||||
7,429,882 | ||||||||
Electronic Equipment, Instruments & Components – 1.7% | ||||||||
Ai Holdings Corp. |
3,800 | 50,154 | ||||||
Alps Alpine Co. Ltd. |
5,348 | 47,676 | ||||||
ALSO Holding AG (Registered)* |
52 | 11,947 | ||||||
Amano Corp. |
700 | 13,556 | ||||||
Anritsu Corp.(a) |
500 | 6,341 | ||||||
AT&S Austria Technologie & Systemtechnik AG |
880 | 45,814 | ||||||
Azbil Corp. |
2,100 | 64,430 | ||||||
Barco NV |
2,992 | 68,305 | ||||||
Basler AG |
264 | 29,689 | ||||||
Canon Marketing Japan, Inc. |
1,500 | 32,730 | ||||||
Celestica, Inc.* |
38,485 | 434,821 |
Investments | Shares | Value | ||||||
Electronic Equipment, Instruments
& Components – (continued) |
||||||||
Citizen Watch Co. Ltd. |
22,400 | $ | 85,236 | |||||
Codan Ltd.(a) |
7,304 | 37,372 | ||||||
Comet Holding AG (Registered) |
473 | 104,039 | ||||||
CONEXIO Corp. |
6,600 | 74,375 | ||||||
Daiwabo Holdings Co. Ltd. |
34,400 | 448,984 | ||||||
Dexerials Corp. |
3,500 | 78,072 | ||||||
FIH Mobile Ltd.* (a) |
328,000 | 40,968 | ||||||
Fingerprint Cards AB, Class B* (a) |
10,108 | 11,823 | ||||||
FIT Hon Teng Ltd.* (b) |
264,000 | 34,320 | ||||||
Halma plc |
6,837 | 212,450 | ||||||
Hamamatsu Photonics KK |
2,700 | 122,121 | ||||||
Hexagon AB, Class B* (a) |
35,604 | 467,165 | ||||||
Hioki EE Corp.(a) |
700 | 42,413 | ||||||
Hirose Electric Co. Ltd. |
582 | 74,749 | ||||||
Horiba Ltd. |
800 | 39,271 | ||||||
Hosiden Corp. |
21,500 | 206,769 | ||||||
Ibiden Co. Ltd. |
2,800 | 106,761 | ||||||
Inficon Holding AG (Registered) |
44 | 40,571 | ||||||
Iriso Electronics Co. Ltd.(a) |
1,200 | 28,296 | ||||||
Japan Aviation Electronics Industry Ltd. |
21,544 | 302,973 | ||||||
Jenoptik AG |
2,585 | 73,467 | ||||||
Kaga Electronics Co. Ltd. |
8,700 | 206,823 | ||||||
Keyence Corp. |
3,200 | 1,305,341 | ||||||
Kyocera Corp. |
5,900 | 312,532 | ||||||
Lagercrantz Group AB, Class B |
2,640 | 27,092 | ||||||
Landis+Gyr Group AG* (a) |
1,102 | 62,216 | ||||||
LEM Holding SA (Registered) |
27 | 62,587 | ||||||
Macnica Fuji Electronics Holdings, Inc. |
17,300 | 363,332 | ||||||
Maruwa Co. Ltd. |
600 | 70,902 | ||||||
Meiko Electronics Co. Ltd.(a) |
8,600 | 231,993 | ||||||
Murata Manufacturing Co. Ltd. |
10,500 | 631,653 | ||||||
Mycronic AB |
924 | 16,389 | ||||||
NCAB Group AB |
5,280 | 33,696 | ||||||
Nichicon Corp. |
3,200 | 29,145 | ||||||
Nippon Ceramic Co. Ltd. |
900 | 16,554 | ||||||
Nippon Electric Glass Co. Ltd. |
2,200 | 44,540 | ||||||
Nippon Signal Co. Ltd.(a) |
23,000 | 160,304 |
See Accompanying Notes to the Financial Statements.
138 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electronic Equipment, Instruments
& Components – (continued) |
||||||||
Nissha Co. Ltd.(a) |
17,200 | $ | 183,072 | |||||
Nohmi Bosai Ltd. |
11,100 | 164,153 | ||||||
Novonix Ltd.* (a) |
6,864 | 25,511 | ||||||
Oki Electric Industry Co. Ltd. |
34,400 | 224,359 | ||||||
Omron Corp. |
3,800 | 226,604 | ||||||
Oxford Instruments plc |
3,036 | 88,813 | ||||||
Renishaw plc |
880 | 47,000 | ||||||
Riken Keiki Co. Ltd.(a) |
1,200 | 38,021 | ||||||
Sensirion Holding AG* (b) |
528 | 64,079 | ||||||
Shimadzu Corp. |
5,100 | 168,675 | ||||||
Siix Corp.(a) |
8,828 | 68,138 | ||||||
Softwareone Holding AG* (a) |
3,256 | 44,614 | ||||||
Spectris plc |
2,112 | 78,223 | ||||||
Taiyo Yuden Co. Ltd. |
2,500 | 99,954 | ||||||
TDK Corp. |
8,600 | 269,829 | ||||||
Topcon Corp. |
2,200 | 28,544 | ||||||
Vaisala OYJ, Class A |
836 | 38,717 | ||||||
Venture Corp. Ltd. |
4,500 | 55,887 | ||||||
VSTECS Holdings Ltd. |
348,000 | 301,600 | ||||||
Yokogawa Electric Corp. |
4,900 | 78,780 | ||||||
9,307,330 | ||||||||
Energy Equipment & Services – 0.4% | ||||||||
Aker Solutions ASA(a) (b) |
17,908 | 63,201 | ||||||
BW Offshore Ltd.(a) |
43,202 | 126,408 | ||||||
Drilling Co. of 1972 A/S (The)* |
843 | 42,322 | ||||||
John Wood Group plc* |
245,788 | 689,383 | ||||||
Modec, Inc. |
6,400 | 60,265 | ||||||
Odfjell Drilling Ltd.* |
32,516 | 85,508 | ||||||
Saipem SpA* (a) |
177,547 | 202,662 | ||||||
SBM Offshore NV |
5,113 | 74,437 | ||||||
Secure Energy Services, Inc.(a) |
16,104 | 83,037 | ||||||
Subsea 7 SA(a) |
26 | 218 | ||||||
Technip Energies NV* |
36,593 | 447,225 | ||||||
Tenaris SA |
7,656 | 119,616 | ||||||
TGS ASA |
7,656 | 120,470 | ||||||
Vallourec SA* |
9,020 | 107,576 | ||||||
Worley Ltd.(a) |
10,916 | 107,906 | ||||||
2,330,234 |
Investments | Shares | Value | ||||||
Entertainment – 0.6% | ||||||||
Bollore SE |
12,858 | $ | 60,633 | |||||
Capcom Co. Ltd. |
3,400 | 90,144 | ||||||
CD Projekt SA |
1,193 | 32,524 | ||||||
CTS Eventim AG & Co. KGaA* |
704 | 49,017 | ||||||
Daiichikosho Co. Ltd. |
1,100 | 30,140 | ||||||
DeNA Co. Ltd. |
1,100 | 15,996 | ||||||
Embracer Group AB* (a) |
6,644 | 45,169 | ||||||
EVENT Hospitality and Entertainment Ltd.* |
2,282 | 23,725 | ||||||
Frontier Developments plc* (a) |
2,332 | 37,593 | ||||||
IGG, Inc.(a) |
316,000 | 131,698 | ||||||
Kinepolis Group NV* |
1,030 | 57,481 | ||||||
Koei Tecmo Holdings Co. Ltd.(a) |
1,246 | 38,132 | ||||||
Konami Holdings Corp. |
2,200 | 136,524 | ||||||
Modern Times Group MTG AB, Class B* |
7,040 | 75,264 | ||||||
Nexon Co. Ltd. |
9,000 | 206,453 | ||||||
Nintendo Co. Ltd. |
2,000 | 924,822 | ||||||
Paradox Interactive AB |
952 | 16,054 | ||||||
Shochiku Co. Ltd.* |
800 | 82,001 | ||||||
Square Enix Holdings Co. Ltd. |
1,800 | 72,383 | ||||||
Stillfront Group AB* (a) |
177,461 | 365,492 | ||||||
Team17 Group plc* |
5,676 | 30,999 | ||||||
Toei Animation Co. Ltd. |
200 | 15,638 | ||||||
Toho Co. Ltd. |
3,100 | 115,568 | ||||||
Ubisoft Entertainment SA* |
1,425 | 64,868 | ||||||
Universal Music Group NV(a) |
20,339 | 478,161 | ||||||
3,196,479 | ||||||||
Equity Real Estate Investment Trusts (REITs) – 2.4% | ||||||||
Activia Properties, Inc. |
15 | 47,931 | ||||||
Advance Residence Investment Corp. |
18 | 49,529 | ||||||
Aedifica SA |
704 | 83,998 | ||||||
AEON REIT Investment Corp. |
29 | 33,463 | ||||||
Allied Properties REIT(a) |
1,540 | 50,283 | ||||||
Altarea SCA |
88 | 13,535 | ||||||
ARA LOGOS Logistics Trust(d) |
70,400 | 43,334 | ||||||
Arena REIT |
14,330 | 49,391 | ||||||
ARGAN SA |
989 | 116,855 | ||||||
Argosy Property Ltd. |
68,432 | 57,963 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 139 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Artis REIT(a) |
22,317 | $ | 228,924 | |||||
Ascendas REIT |
67,135 | 139,044 | ||||||
Ascott Residence Trust |
30,164 | 25,339 | ||||||
Assura plc |
57,957 | 47,952 | ||||||
Befimmo SA |
1,091 | 54,613 | ||||||
Big Yellow Group plc(a) |
4,224 | 75,836 | ||||||
Boardwalk REIT(a) |
7,783 | 343,279 | ||||||
British Land Co. plc (The) |
10,868 | 70,653 | ||||||
BWP Trust |
12,444 | 36,788 | ||||||
Canadian Apartment Properties REIT(a) |
1,012 | 39,845 | ||||||
Capital & Counties Properties plc |
43,340 | 90,000 | ||||||
CapitaLand China Trust |
73,814 | 62,541 | ||||||
CapitaLand Integrated Commercial Trust |
77,546 | 130,844 | ||||||
Care Property Invest NV |
1,540 | 39,397 | ||||||
Carmila SA(a) |
18,478 | 288,112 | ||||||
CDL Hospitality Trusts |
36,800 | 35,710 | ||||||
Centuria Industrial REIT |
20,592 | 58,388 | ||||||
Centuria Office REIT(a) |
157,079 | 245,582 | ||||||
Champion REIT(a) |
24,000 | 10,522 | ||||||
Charter Hall Group(a) |
8,140 | 90,588 | ||||||
Charter Hall Long Wale REIT |
7,926 | 30,191 | ||||||
Charter Hall Retail REIT |
6,292 | 19,987 | ||||||
Charter Hall Social Infrastructure REIT(a) |
16,370 | 46,882 | ||||||
Choice Properties REIT(a) |
3,957 | 46,999 | ||||||
Cofinimmo SA |
507 | 68,622 | ||||||
Comforia Residential REIT, Inc. |
19 | 47,515 | ||||||
Covivio |
660 | 47,311 | ||||||
CRE Logistics REIT, Inc. |
44 | 67,650 | ||||||
Crombie REIT(a) |
3,256 | 44,609 | ||||||
Cromwell European REIT(b) |
23,174 | 56,228 | ||||||
Cromwell Property Group(a) |
48,403 | 29,410 | ||||||
CT REIT(a) |
3,432 | 47,665 | ||||||
Daiwa House REIT Investment Corp. |
42 | 102,115 | ||||||
Daiwa Securities Living Investments Corp. |
26 | 23,018 | ||||||
Derwent London plc |
1,508 | 57,102 | ||||||
Dexus |
14,476 | 114,910 |
Investments | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Dexus Industria REIT |
18,568 | $ | 44,864 | |||||
Dream Office REIT(a) |
1,452 | 29,539 | ||||||
ESR-REIT |
252,000 | 71,171 | ||||||
Far East Hospitality Trust |
53,976 | 26,189 | ||||||
First Capital REIT(a) |
1,819 | 24,366 | ||||||
Fortune REIT |
92,000 | 80,554 | ||||||
Frasers Centrepoint Trust |
33,249 | 58,991 | ||||||
Frasers Hospitality Trust |
39,200 | 18,310 | ||||||
Frasers Logistics & Commercial Trust(b) |
43,839 | 46,033 | ||||||
Frontier Real Estate Investment Corp. |
12 | 46,588 | ||||||
Fukuoka REIT Corp.(a) |
26 | 32,590 | ||||||
Gecina SA |
704 | 79,913 | ||||||
Global One Real Estate Investment Corp. |
48 | 41,272 | ||||||
GLP J-REIT |
74 | 100,411 | ||||||
Goodman Group |
26,961 | 459,453 | ||||||
Goodman Property Trust |
19,085 | 27,995 | ||||||
GPT Group (The)(a) |
29,568 | 106,954 | ||||||
Granite REIT |
484 | 36,030 | ||||||
Great Portland Estates plc(a) |
14,577 | 125,273 | ||||||
Growthpoint Properties Australia Ltd. |
4,004 | 12,577 | ||||||
H&R REIT(a) |
5,632 | 56,318 | ||||||
Hamborner REIT AG |
6,058 | 56,687 | ||||||
Hammerson plc |
171,380 | 62,183 | ||||||
Hankyu Hanshin REIT, Inc. |
26 | 29,761 | ||||||
Heiwa Real Estate REIT, Inc. |
43 | 49,552 | ||||||
Hibernia REIT plc(a) |
34,222 | 58,558 | ||||||
HomeCo Daily Needs REIT(b) |
87,577 | 88,687 | ||||||
Hoshino Resorts REIT, Inc.(a) |
16 | 82,618 | ||||||
Hulic Reit, Inc. |
23 | 28,652 | ||||||
ICADE |
836 | 50,315 | ||||||
Ichigo Office REIT Investment Corp.(a) |
128 | 82,297 | ||||||
Industrial & Infrastructure Fund Investment Corp. |
44 | 63,405 | ||||||
Ingenia Communities Group |
28,760 | 95,856 | ||||||
Inmobiliaria Colonial Socimi SA |
7,185 | 60,411 | ||||||
InterRent REIT(a) |
6,380 | 70,437 | ||||||
Invincible Investment Corp. |
121 | 39,645 |
See Accompanying Notes to the Financial Statements.
140 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Irish Residential Properties REIT plc |
25,256 | $ | 38,687 | |||||
Irongate Group(a) |
19,889 | 27,067 | ||||||
Itochu Advance Logistics Investment Corp. |
44 | 54,677 | ||||||
Japan Hotel REIT Investment Corp. |
77 | 39,284 | ||||||
Japan Logistics Fund, Inc. |
19 | 46,635 | ||||||
Japan Metropolitan Fund Invest |
147 | 117,205 | ||||||
Japan Prime Realty Investment Corp. |
13 | 39,584 | ||||||
Japan Real Estate Investment Corp. |
24 | 116,517 | ||||||
Kenedix Office Investment Corp.(a) |
9 | 47,306 | ||||||
Kenedix Retail REIT Corp. |
31 | 65,536 | ||||||
Keppel DC REIT |
21,100 | 31,629 | ||||||
Keppel Pacific Oak US REIT(b) |
253,700 | 183,932 | ||||||
Keppel REIT |
27,933 | 24,678 | ||||||
Killam Apartment REIT |
23,306 | 368,541 | ||||||
Kiwi Property Group Ltd. |
3,973 | 2,733 | ||||||
Klepierre SA* |
3,960 | 95,500 | ||||||
Land Securities Group plc |
12,513 | 118,234 | ||||||
LaSalle Logiport REIT |
44 | 59,704 | ||||||
Lendlease Global Commercial REIT |
636,400 | 366,383 | ||||||
Link REIT |
37,623 | 326,546 | ||||||
LondonMetric Property plc |
19,536 | 66,126 | ||||||
LXI REIT plc(b) |
62,752 | 116,760 | ||||||
Manulife US REIT(b) |
114,400 | 71,500 | ||||||
Mapletree Commercial Trust |
34,368 | 46,541 | ||||||
Mapletree Industrial Trust |
35,086 | 66,315 | ||||||
Mapletree Logistics Trust |
45,115 | 58,481 | ||||||
Mapletree North Asia Commercial Trust(b) |
49,500 | 43,015 | ||||||
Mercialys SA* |
19,479 | 189,260 | ||||||
Merlin Properties Socimi SA |
2,992 | 32,858 | ||||||
Mirai Corp.(a) |
88 | 34,369 | ||||||
Mirvac Group |
65,446 | 112,552 | ||||||
Mitsui Fudosan Logistics Park, Inc. |
9 | 38,762 | ||||||
Montea NV |
396 | 47,541 |
Investments | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Mori Hills REIT Investment Corp. |
16 | $ | 18,240 | |||||
National Storage REIT |
8,949 | 16,599 | ||||||
Nextensa |
1,012 | 75,800 | ||||||
Nippon Accommodations Fund, Inc. |
8 | 39,457 | ||||||
Nippon Building Fund, Inc. |
24 | 124,853 | ||||||
Nippon Prologis REIT, Inc. |
41 | 114,082 | ||||||
NIPPON REIT Investment Corp. |
11 | 31,626 | ||||||
Nomura Real Estate Master Fund, Inc. |
95 | 119,520 | ||||||
NorthWest Healthcare Properties REIT(a) |
4,268 | 44,248 | ||||||
NTT UD REIT Investment Corp.(a) |
23 | 26,646 | ||||||
One REIT, Inc. |
14 | 29,748 | ||||||
Orix JREIT, Inc. |
49 | 66,299 | ||||||
OUE Commercial REIT |
2,977 | 895 | ||||||
Parkway Life REIT |
12,500 | 43,812 | ||||||
Precinct Properties New Zealand Ltd. |
22,735 | 22,429 | ||||||
Primary Health Properties plc |
28,776 | 52,278 | ||||||
Prime US REIT(b) |
180,600 | 133,644 | ||||||
Property for Industry Ltd.(a) |
26,697 | 46,438 | ||||||
Reit 1 Ltd. |
15,092 | 98,730 | ||||||
Retail Estates NV |
4,257 | 325,592 | ||||||
RioCan REIT |
2,596 | 48,749 | ||||||
Rural Funds Group |
20,724 | 44,919 | ||||||
Safestore Holdings plc |
4,488 | 70,997 | ||||||
Samty Residential Investment Corp.(a) |
44 | 44,659 | ||||||
Sasseur REIT(b) |
149,600 | 90,460 | ||||||
Scentre Group |
70,391 | 149,570 | ||||||
Secure Income REIT plc |
14,030 | 75,919 | ||||||
Segro plc |
18,662 | 314,550 | ||||||
Sekisui House Reit, Inc.(a) |
55 | 32,348 | ||||||
Shaftesbury plc |
8,712 | 65,463 | ||||||
Shopping Centres Australasia Property Group |
32,912 | 71,804 | ||||||
SOSiLA Logistics REIT, Inc. |
44 | 53,659 | ||||||
SPH REIT(d) |
44,800 | 31,632 | ||||||
Star Asia Investment Corp. |
669 | 306,720 | ||||||
Starhill Global REIT |
146,296 | 63,036 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 141 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Stockland |
56,588 | $ | 167,291 | |||||
Stride Property Group |
32,208 | 41,391 | ||||||
Summit Industrial Income REIT |
3,212 | 51,119 | ||||||
Sunlight REIT |
55,000 | 26,988 | ||||||
Suntec REIT |
43,500 | 57,962 | ||||||
Target Healthcare REIT plc |
40,084 | 55,861 | ||||||
Tokyu REIT, Inc. |
21 | 29,629 | ||||||
Tritax Big Box REIT plc |
33,836 | 103,569 | ||||||
UK Commercial Property REIT Ltd. |
63,932 | 70,956 | ||||||
Unibail-Rodamco-Westfield* (a) |
3,096 | 222,096 | ||||||
Unibail-Rodamco-Westfield, CHDI* |
5 | 18 | ||||||
UNITE Group plc (The) |
6,028 | 85,899 | ||||||
United Urban Investment Corp. |
40 | 43,872 | ||||||
Vicinity Centres(a) |
65,692 | 87,533 | ||||||
Vital Healthcare Property Trust(a) (d) |
25,273 | 51,179 | ||||||
Warehouse Reit plc(b) |
20,284 | 40,848 | ||||||
Warehouses De Pauw CVA |
2,992 | 116,093 | ||||||
Waypoint REIT Ltd. |
43,262 | 82,702 | ||||||
Workspace Group plc |
8,954 | 74,982 | ||||||
Xior Student Housing NV(b) |
924 | 49,518 | ||||||
13,404,293 | ||||||||
Food & Staples Retailing – 1.8% | ||||||||
Aeon Co. Ltd. |
14,413 | 274,610 | ||||||
Ain Holdings, Inc. |
800 | 36,060 | ||||||
Alimentation Couche-Tard, Inc. |
13,846 | 619,579 | ||||||
Arcs Co. Ltd. |
20,018 | 315,195 | ||||||
Axfood AB |
1,496 | 44,467 | ||||||
Axial Retailing, Inc.(a) |
8,600 | 224,691 | ||||||
Belc Co. Ltd. |
5,100 | 216,502 | ||||||
Carrefour SA(a) |
13,158 | 279,842 | ||||||
Coles Group Ltd. |
19,350 | 257,145 | ||||||
Cosmos Pharmaceutical Corp. |
200 | 18,663 | ||||||
Create SD Holdings Co. Ltd. |
500 | 11,470 | ||||||
Daikokutenbussan Co. Ltd.(a) |
400 | 14,696 | ||||||
Dairy Farm International Holdings Ltd. |
7,600 | 20,672 | ||||||
Dino Polska SA* (b) |
1,012 | 65,702 |
Investments | Shares | Value | ||||||
Food & Staples Retailing – (continued) | ||||||||
Empire Co. Ltd., Class A |
3,212 | $ | 106,635 | |||||
Endeavour Group Ltd. |
24,768 | 137,291 | ||||||
Etablissements Franz Colruyt NV(a) |
1,044 | 38,471 | ||||||
Fuji Co. Ltd.(a) |
4,400 | 75,258 | ||||||
George Weston Ltd. |
1,524 | 190,576 | ||||||
GrainCorp Ltd., Class A |
10,837 | 79,632 | ||||||
Heiwado Co. Ltd. |
14,100 | 212,762 | ||||||
HelloFresh SE* |
1,980 | 84,764 | ||||||
Inageya Co. Ltd.(a) |
11,198 | 115,818 | ||||||
Itochu-Shokuhin Co. Ltd. |
1,900 | 72,299 | ||||||
J Sainsbury plc |
32,120 | 94,082 | ||||||
Jeronimo Martins SGPS SA |
5,280 | 110,289 | ||||||
Kato Sangyo Co. Ltd. |
11,700 | 304,330 | ||||||
Kesko OYJ, Class A |
2,248 | 53,122 | ||||||
Kesko OYJ, Class B |
4,945 | 125,358 | ||||||
Kobe Bussan Co. Ltd. |
1,900 | 46,928 | ||||||
Koninklijke Ahold Delhaize NV(a) |
24,080 | 713,576 | ||||||
Kusuri no Aoki Holdings Co. Ltd.(a) |
600 | 26,675 | ||||||
Lawson, Inc. |
800 | 29,453 | ||||||
Loblaw Cos. Ltd. |
2,580 | 237,217 | ||||||
Marks & Spencer Group plc* |
48,796 | 84,390 | ||||||
MARR SpA |
1,155 | 18,886 | ||||||
MatsukiyoCocokara & Co. |
2,400 | 79,747 | ||||||
Maxvalu Tokai Co. Ltd. |
500 | 10,061 | ||||||
Metcash Ltd.(a) |
29,436 | 100,200 | ||||||
Metro, Inc. |
4,429 | 244,694 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
4,400 | 109,015 | ||||||
North West Co., Inc. (The)(a) |
16,813 | 471,351 | ||||||
Ocado Group plc* (a) |
10,105 | 117,226 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. |
3,463 | 262,921 | ||||||
San-A Co. Ltd. |
7,500 | 234,447 | ||||||
Seven & i Holdings Co. Ltd. |
17,500 | 772,345 | ||||||
Sheng Siong Group Ltd. |
51,500 | 57,061 | ||||||
Shop Apotheke Europe NV* (a) (b) |
748 | 62,434 | ||||||
Shufersal Ltd. |
3,578 | 30,217 | ||||||
Sligro Food Group NV* |
2,552 | 60,171 | ||||||
Sonae SGPS SA |
349,934 | 379,869 |
See Accompanying Notes to the Financial Statements.
142 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Food & Staples Retailing – (continued) | ||||||||
Sugi Holdings Co. Ltd. |
800 | $ | 34,455 | |||||
Sundrug Co. Ltd. |
1,600 | 37,295 | ||||||
Tesco plc |
174,534 | 596,027 | ||||||
Tsuruha Holdings, Inc. |
900 | 46,195 | ||||||
United Super Markets Holdings, Inc. |
2,000 | 16,888 | ||||||
Valor Holdings Co. Ltd. |
19,100 | 301,036 | ||||||
Welcia Holdings Co. Ltd. |
2,300 | 47,559 | ||||||
Woolworths Group Ltd. |
18,834 | 515,433 | ||||||
Zur Rose Group AG* (a) |
260 | 32,304 | ||||||
9,976,057 | ||||||||
Food Products – 3.0% | ||||||||
a2 Milk Co. Ltd. (The)* |
12,579 | 40,169 | ||||||
AAK AB |
2,860 | 50,040 | ||||||
Agrana Beteiligungs AG |
6,028 | 107,153 | ||||||
Ajinomoto Co., Inc. |
8,000 | 209,015 | ||||||
Ariake Japan Co. Ltd.(a) |
800 | 32,170 | ||||||
Aryzta AG* |
62,524 | 58,811 | ||||||
Associated British Foods plc |
7,697 | 155,245 | ||||||
Ausnutria Dairy Corp. Ltd.* (a) |
308,000 | 287,346 | ||||||
Austevoll Seafood ASA |
3,432 | 55,220 | ||||||
Bakkafrost P/F* |
1,281 | 89,098 | ||||||
Bakkavor Group plc(b) |
38,192 | 50,731 | ||||||
Barry Callebaut AG (Registered) |
38 | 88,242 | ||||||
Bega Cheese Ltd.(a) |
22,616 | 81,164 | ||||||
Bell Food Group AG (Registered) |
860 | 235,677 | ||||||
Calbee, Inc.(a) |
3,200 | 57,425 | ||||||
Chocoladefabriken Lindt & Spruengli AG |
24 | 270,994 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) |
3 | 356,668 | ||||||
Cloetta AB, Class B |
16,456 | 41,907 | ||||||
Costa Group Holdings Ltd.(a) |
16,050 | 38,096 | ||||||
Cranswick plc |
924 | 36,867 | ||||||
Danone SA |
10,707 | 651,064 | ||||||
DyDo Group Holdings, Inc. |
500 | 19,412 | ||||||
Ebro Foods SA |
1,618 | 29,017 | ||||||
Elders Ltd. |
12,728 | 129,165 | ||||||
Emmi AG (Registered) |
41 | 41,015 |
Investments | Shares | Value | ||||||
Food Products – (continued) | ||||||||
First Pacific Co. Ltd. |
860,000 | $ | 347,457 | |||||
First Resources Ltd. |
5,100 | 7,867 | ||||||
Fuji Oil Holdings, Inc.(a) |
1,200 | 17,052 | ||||||
Fujicco Co. Ltd.(a) |
2,000 | 31,337 | ||||||
Glanbia plc(a) |
2,024 | 24,299 | ||||||
Golden Agri-Resources Ltd. |
213,400 | 50,225 | ||||||
Greencore Group plc* (a) |
27,148 | 39,061 | ||||||
Grieg Seafood ASA* |
3,299 | 49,857 | ||||||
Hilton Food Group plc |
3,916 | 59,883 | ||||||
Hokuto Corp. |
8,600 | 135,346 | ||||||
House Foods Group, Inc.(a) |
2,400 | 56,314 | ||||||
Inghams Group Ltd.(a) |
148,350 | 325,763 | ||||||
Itoham Yonekyu Holdings, Inc. |
2,100 | 10,617 | ||||||
Japfa Ltd. |
201,820 | 88,421 | ||||||
JDE Peet’s NV(a) |
1,804 | 53,288 | ||||||
Kagome Co. Ltd. |
900 | 22,576 | ||||||
Kameda Seika Co. Ltd. |
900 | 29,280 | ||||||
Kernel Holding SA |
13,728 | 80,928 | ||||||
Kerry Group plc, Class A(a) |
2,537 | 281,023 | ||||||
Kewpie Corp. |
2,100 | 35,497 | ||||||
Kikkoman Corp. |
3,500 | 197,746 | ||||||
KWS Saat SE & Co. KGaA |
704 | 52,136 | ||||||
Leroy Seafood Group ASA |
5,456 | 51,945 | ||||||
Maple Leaf Foods, Inc. |
301 | 6,663 | ||||||
Maruha Nichiro Corp.(a) |
17,200 | 318,086 | ||||||
Megmilk Snow Brand Co. Ltd. |
19,200 | 287,200 | ||||||
Mehadrin Ltd.* |
— | (e) | 19 | |||||
MEIJI Holdings Co. Ltd. |
2,800 | 139,827 | ||||||
Morinaga & Co. Ltd. |
1,100 | 34,343 | ||||||
Morinaga Milk Industry Co. Ltd. |
1,200 | 48,626 | ||||||
Mowi ASA |
5,977 | 171,100 | ||||||
Nestle SA (Registered) |
45,408 | 5,894,409 | ||||||
Neto Malinda Trading Ltd.* |
3,440 | 176,038 | ||||||
NH Foods Ltd. |
3,200 | 101,389 | ||||||
Nichirei Corp. |
1,600 | 29,454 | ||||||
Nippn Corp.(a) |
27,300 | 356,105 | ||||||
Nippon Suisan Kaisha Ltd. |
13,200 | 58,481 | ||||||
Nisshin Oillio Group Ltd. (The) |
9,700 | 219,740 | ||||||
Nisshin Seifun Group, Inc.(a) |
2,690 | 36,085 | ||||||
Nissin Foods Holdings Co. Ltd. |
1,500 | 104,778 | ||||||
Norway Royal Salmon ASA |
132 | 3,478 | ||||||
Orkla ASA |
13,485 | 110,525 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 143 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Food Products – (continued) | ||||||||
Premier Foods plc |
273,738 | $ | 381,483 | |||||
Premium Brands Holdings Corp.(a) |
660 | 54,161 | ||||||
Prima Meat Packers Ltd. |
8,600 | 141,386 | ||||||
Riken Vitamin Co. Ltd.(a) |
10,400 | 136,863 | ||||||
S Foods, Inc. |
7,300 | 170,442 | ||||||
Sakata Seed Corp. |
2,800 | 94,551 | ||||||
Salmar ASA |
748 | 62,062 | ||||||
Saputo, Inc.(a) |
4,455 | 95,719 | ||||||
Savencia SA |
1,716 | 111,152 | ||||||
Schouw & Co. A/S(a) |
4,472 | 343,107 | ||||||
Showa Sangyo Co. Ltd.(a) |
12,900 | 261,266 | ||||||
Societe LDC SA |
1,695 | 155,926 | ||||||
Strauss Group Ltd. |
952 | 25,498 | ||||||
Suedzucker AG |
1,979 | 25,930 | ||||||
Synlait Milk Ltd.* (a) |
1,760 | 4,032 | ||||||
Tassal Group Ltd.(a) |
66,650 | 178,092 | ||||||
Tate & Lyle plc |
11,000 | 107,308 | ||||||
Toyo Suisan Kaisha Ltd. |
1,800 | 55,642 | ||||||
United Malt Grp Ltd.(a) |
25,168 | 74,404 | ||||||
Vilmorin & Cie SA |
1,612 | 76,611 | ||||||
Viscofan SA |
825 | 45,736 | ||||||
Vitasoy International Holdings Ltd.(a) |
72,000 | 130,673 | ||||||
WH Group Ltd.(b) |
154,000 | 106,970 | ||||||
Wilmar International Ltd. |
73,100 | 235,038 | ||||||
Yakult Honsha Co. Ltd. |
2,500 | 129,670 | ||||||
Yamazaki Baking Co. Ltd. |
2,900 | 35,948 | ||||||
16,595,645 | ||||||||
Gas Utilities – 0.3% | ||||||||
AltaGas Ltd.(a) |
6,645 | 152,756 | ||||||
APA Group(a) |
16,324 | 133,291 | ||||||
Brookfield Infrastructure Corp., Class A(a) |
704 | 50,209 | ||||||
Enagas SA(a) |
5,500 | 119,352 | ||||||
Hong Kong & China Gas Co. Ltd.(a) |
155,907 | 172,675 | ||||||
Italgas SpA |
6,908 | 45,037 | ||||||
Keppel Infrastructure Trust |
55,647 | 22,365 | ||||||
Naturgy Energy Group SA(a) |
5,117 | 155,090 | ||||||
Nippon Gas Co. Ltd.(a) |
6,000 | 85,304 |
Investments | Shares | Value | ||||||
Gas Utilities – (continued) | ||||||||
Osaka Gas Co. Ltd.(a) |
9,900 | $ | 179,187 | |||||
Rubis SCA |
2,784 | 74,717 | ||||||
Saibu Gas Holdings Co. Ltd. |
1,400 | 23,006 | ||||||
Shizuoka Gas Co. Ltd. |
21,500 | 154,496 | ||||||
Snam SpA |
30,874 | 170,148 | ||||||
Superior Plus Corp. |
10,208 | 90,495 | ||||||
Toho Gas Co. Ltd. |
2,000 | 47,160 | ||||||
Tokyo Gas Co. Ltd. |
11,000 | 211,493 | ||||||
1,886,781 | ||||||||
Health Care Equipment & Supplies – 1.2% | ||||||||
Advanced Medical Solutions Group plc |
10,648 | 37,499 | ||||||
Alcon, Inc. |
8,170 | 591,718 | ||||||
Ambu A/S, Class B(a) |
3,172 | 42,475 | ||||||
Ansell Ltd.(a) |
2,200 | 42,713 | ||||||
Arjo AB, Class B |
4,131 | 31,214 | ||||||
Asahi Intecc Co. Ltd. |
3,200 | 62,735 | ||||||
BioMerieux |
825 | 79,009 | ||||||
Carl Zeiss Meditec AG |
715 | 90,816 | ||||||
Cellavision AB* |
1,320 | 41,716 | ||||||
Cochlear Ltd. |
866 | 142,618 | ||||||
Coloplast A/S, Class B |
1,720 | 233,926 | ||||||
ConvaTec Group plc(b) |
26,224 | 69,799 | ||||||
Demant A/S* |
1,980 | 87,862 | ||||||
DiaSorin SpA(a) |
293 | 38,653 | ||||||
Draegerwerk AG & Co. KGaA |
1,496 | 68,810 | ||||||
Draegerwerk AG & Co. KGaA (Preference) |
2,752 | 137,032 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG |
264 | 13,441 | ||||||
Eiken Chemical Co. Ltd. |
1,600 | 21,266 | ||||||
El.En. SpA |
2,684 | 37,829 | ||||||
Elekta AB, Class B(a) |
6,069 | 41,359 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. |
10,601 | 147,932 | ||||||
Fukuda Denshi Co. Ltd. |
4,300 | 248,919 | ||||||
Getinge AB, Class B(a) |
3,050 | 89,258 | ||||||
GN Store Nord A/S |
2,064 | 78,681 | ||||||
Hogy Medical Co. Ltd. |
1,200 | 30,102 | ||||||
Hoya Corp. |
6,300 | 631,653 | ||||||
Japan Lifeline Co. Ltd.(a) |
24,500 | 205,175 | ||||||
Jeol Ltd. |
1,100 | 50,517 |
See Accompanying Notes to the Financial Statements.
144 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Health Care Equipment & Supplies – (continued) | ||||||||
Koninklijke Philips NV |
14,449 | $ | 381,074 | |||||
Medistim ASA |
1,188 | 32,453 | ||||||
Menicon Co. Ltd.(a) |
1,900 | 40,857 | ||||||
Nagaileben Co. Ltd. |
1,500 | 22,380 | ||||||
Nanosonics Ltd.* (a) |
16,777 | 47,929 | ||||||
Nihon Kohden Corp. |
2,300 | 55,743 | ||||||
Nipro Corp. |
5,200 | 41,179 | ||||||
Olympus Corp. |
21,500 | 383,170 | ||||||
Paramount Bed Holdings Co. Ltd.(a) |
1,600 | 26,811 | ||||||
PolyNovo Ltd.* (a) |
32,604 | 22,012 | ||||||
Revenio Group OYJ |
924 | 44,586 | ||||||
Riverstone Holdings Ltd. |
232,200 | 162,266 | ||||||
Sartorius AG (Preference) |
430 | 162,898 | ||||||
Sedana Medical AB* |
4,620 | 17,936 | ||||||
Siemens Healthineers AG(b) |
4,945 | 267,409 | ||||||
Smith & Nephew plc |
15,093 | 246,909 | ||||||
Sonova Holding AG (Registered) |
823 | 301,169 | ||||||
STRATEC SE |
308 | 35,027 | ||||||
Straumann Holding AG (Registered) |
1,870 | 224,539 | ||||||
Surgical Science Sweden AB* |
1,584 | 30,618 | ||||||
Sysmex Corp. |
2,700 | 179,430 | ||||||
Terumo Corp. |
12,600 | 378,700 | ||||||
Xvivo Perfusion AB* |
1,892 | 41,053 | ||||||
Ypsomed Holding AG (Registered) |
81 | 11,666 | ||||||
6,552,541 | ||||||||
Health Care Providers & Services – 0.7% | ||||||||
Alfresa Holdings Corp. |
5,500 | 75,181 | ||||||
Ambea AB(b) |
29,670 | 151,935 | ||||||
Amplifon SpA |
2,112 | 85,156 | ||||||
Arvida Group Ltd. |
33,660 | 35,829 | ||||||
As One Corp. |
800 | 42,791 | ||||||
Australian Clinical Labs Ltd.(b) |
40,420 | 147,931 | ||||||
BML, Inc.(a) |
10,500 | 271,091 | ||||||
CareTech Holdings plc |
39,818 | 368,437 | ||||||
Chartwell Retirement Residences(a) |
5,472 | 52,235 | ||||||
China Evergrande New Energy Vehicle Group Ltd.* (d) |
40,000 | 5,914 |
Investments | Shares | Value | ||||||
Health Care Providers & Services – (continued) | ||||||||
CVS Group plc |
4,356 | $ | 98,441 | |||||
dentalcorp Holdings Ltd.* (a) |
3,652 | 41,176 | ||||||
EBOS Group Ltd.(a) |
2,014 | 55,425 | ||||||
Fagron |
2,504 | 47,100 | ||||||
Fresenius Medical Care AG & Co. KGaA |
4,085 | 256,155 | ||||||
Fresenius SE & Co. KGaA |
9,503 | 338,851 | ||||||
Galenica AG(b) |
792 | 58,748 | ||||||
H.U. Group Holdings, Inc.(a) |
21,500 | 481,908 | ||||||
Healius Ltd. |
14,608 | 46,923 | ||||||
Integral Diagnostics Ltd.(a) |
13,068 | 36,590 | ||||||
Korian SA(a) |
572 | 12,129 | ||||||
Mediclinic International plc* |
11,132 | 51,908 | ||||||
Medicover AB, Class B |
1,320 | 22,064 | ||||||
Medipal Holdings Corp. |
5,100 | 83,806 | ||||||
NMC Health plc* |
2,074 | 31 | ||||||
Oceania Healthcare Ltd. |
48,312 | 32,298 | ||||||
Orpea SA(a) |
950 | 34,155 | ||||||
Raffles Medical Group Ltd. |
4,124 | 3,584 | ||||||
Ramsay Health Care Ltd. |
3,096 | 178,456 | ||||||
Ryman Healthcare Ltd.(a) |
8,272 | 49,448 | ||||||
Ship Healthcare Holdings, Inc.(a) |
1,800 | 30,287 | ||||||
Solasto Corp. |
4,400 | 30,565 | ||||||
Sonic Healthcare Ltd.(a) |
7,826 | 204,276 | ||||||
Spire Healthcare Group plc* (b) |
14,036 | 38,064 | ||||||
Summerset Group Holdings Ltd.(a) |
6,644 | 50,540 | ||||||
Suzuken Co. Ltd. |
1,880 | 55,721 | ||||||
Toho Holdings Co. Ltd.(a) |
25,700 | 419,142 | ||||||
Uniphar plc |
9,064 | 37,483 | ||||||
Well Health Technologies Corp.* (a) |
16,192 | 57,012 | ||||||
4,088,786 | ||||||||
Health Care Technology – 0.1% | ||||||||
CompuGroup Medical SE & Co. KGaA |
624 | 33,704 | ||||||
Craneware plc |
1,936 | 41,625 | ||||||
EMIS Group plc |
2,728 | 45,827 | ||||||
M3, Inc. |
6,700 | 217,300 | ||||||
Nexus AG* |
880 | 42,937 | ||||||
Pro Medicus Ltd.(a) |
1,100 | 37,116 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 145 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Health Care Technology – (continued) | ||||||||
Sectra AB, Class B* |
2,948 | $ | 37,567 | |||||
456,076 | ||||||||
Hotels, Restaurants & Leisure – 1.2% | ||||||||
888 Holdings plc |
8,316 | 19,900 | ||||||
Accor SA* |
2,133 | 70,949 | ||||||
Arcland Service Holdings Co. Ltd. |
1,400 | 24,281 | ||||||
Aristocrat Leisure Ltd. |
10,879 | 260,231 | ||||||
Atom Corp.(a) |
5,800 | 33,127 | ||||||
Autogrill SpA* |
902 | 6,771 | ||||||
Basic-Fit NV* (b) |
1,196 | 50,544 | ||||||
Betsson AB, Class B* |
44,978 | 279,237 | ||||||
Cafe de Coral Holdings Ltd.(a) |
38,000 | 59,958 | ||||||
Carnival plc* |
4,488 | 72,490 | ||||||
Collins Foods Ltd.(a) |
6,204 | 45,588 | ||||||
Colowide Co. Ltd. |
3,500 | 44,952 | ||||||
Compass Group plc |
29,584 | 632,169 | ||||||
Corporate Travel Management Ltd.* (a) |
3,366 | 62,791 | ||||||
Create Restaurants Holdings, Inc. |
4,400 | 27,576 | ||||||
Crown Resorts Ltd.* |
2,112 | 19,361 | ||||||
Dalata Hotel Group plc* |
18,392 | 84,401 | ||||||
Domino’s Pizza Enterprises Ltd.(a) |
1,398 | 74,820 | ||||||
Domino’s Pizza Group plc(a) |
25,542 | 111,468 | ||||||
Doutor Nichires Holdings Co. Ltd. |
2,700 | 31,072 | ||||||
Entain plc* |
10,019 | 191,010 | ||||||
Evolution AB(b) |
2,967 | 310,959 | ||||||
Flight Centre Travel Group Ltd.* (a) |
4,576 | 73,461 | ||||||
Flutter Entertainment plc* |
1,493 | 152,394 | ||||||
Flutter Entertainment plc – XDUB* (a) |
952 | 96,996 | ||||||
Food & Life Cos. Ltd. |
2,000 | 47,931 | ||||||
Fuji Kyuko Co. Ltd.(a) |
1,000 | 31,839 | ||||||
Galaxy Entertainment Group Ltd.(a) |
36,000 | 209,224 | ||||||
Genting Singapore Ltd.* |
104,400 | 61,238 | ||||||
Greggs plc |
2,464 | 72,698 |
Investments | Shares | Value | ||||||
Hotels, Restaurants & Leisure – (continued) | ||||||||
Heiwa Corp. |
2,450 | $ | 36,932 | |||||
HIS Co. Ltd.* (a) |
4,400 | 75,326 | ||||||
Hongkong & Shanghai Hotels Ltd. (The)* (a) |
66,000 | 65,696 | ||||||
Ichibanya Co. Ltd. |
1,000 | 37,126 | ||||||
Imperial Hotel Ltd. |
2,700 | 37,616 | ||||||
InterContinental Hotels Group plc |
2,537 | 164,739 | ||||||
J D Wetherspoon plc* |
3,795 | 35,044 | ||||||
Jumbo Interactive Ltd. |
3,476 | 43,352 | ||||||
Kindred Group plc, SDR(a) |
7,392 | 65,728 | ||||||
KOMEDA Holdings Co. Ltd. |
1,200 | 20,729 | ||||||
Kura Sushi, Inc.(a) |
1,400 | 34,903 | ||||||
Kyoritsu Maintenance Co. Ltd.(a) |
1,600 | 58,660 | ||||||
La Francaise des Jeux SAEM(b) |
1,364 | 51,241 | ||||||
Mandarin Oriental International Ltd.* |
8,000 | 16,400 | ||||||
McDonald’s Holdings Co. Japan Ltd. |
1,100 | 43,725 | ||||||
Melco International Development Ltd.* (a) |
21,000 | 16,862 | ||||||
Melia Hotels International SA* |
9,988 | 83,873 | ||||||
MGM China Holdings Ltd.* (a) |
32,400 | 18,748 | ||||||
Mitchells & Butlers plc* |
22,924 | 65,621 | ||||||
Monogatari Corp. (The) |
700 | 29,176 | ||||||
MOS Food Services, Inc.(a) |
2,100 | 48,270 | ||||||
MTY Food Group, Inc. |
1,452 | 58,998 | ||||||
Ohsho Food Service Corp. |
704 | 33,146 | ||||||
Oriental Land Co. Ltd.(a) |
3,900 | 595,265 | ||||||
Playtech plc* |
8,360 | 54,999 | ||||||
Plenus Co. Ltd. |
1,000 | 14,711 | ||||||
Restaurant Brands International, Inc.(a) |
4,687 | 269,144 | ||||||
Restaurant Brands New Zealand Ltd.(a) |
1,154 | 9,610 | ||||||
Restaurant Group plc (The)* |
15,488 | 12,075 | ||||||
Round One Corp.(a) |
5,100 | 57,235 | ||||||
Royal Holdings Co. Ltd.* |
1,600 | 25,687 | ||||||
Saizeriya Co. Ltd.(a) |
1,800 | 33,205 | ||||||
Sands China Ltd.* |
40,400 | 90,829 | ||||||
Scandic Hotels Group AB* (b) |
17,204 | 67,211 | ||||||
Shangri-La Asia Ltd.* |
32,000 | 24,348 |
See Accompanying Notes to the Financial Statements.
146 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Hotels, Restaurants & Leisure – (continued) | ||||||||
SJM Holdings Ltd.* (a) |
76,000 | $ | 32,449 | |||||
SkiStar AB |
2,828 | 55,443 | ||||||
Skylark Holdings Co. Ltd. |
3,700 | 44,065 | ||||||
Sodexo SA |
1,462 | 111,233 | ||||||
SSP Group plc* |
20,152 | 60,039 | ||||||
Star Entertainment Grp Ltd. (The)* |
11,421 | 25,729 | ||||||
Tabcorp Holdings Ltd. |
43,606 | 169,198 | ||||||
Tokyotokeiba Co. Ltd. |
1,200 | 41,031 | ||||||
Toridoll Holdings Corp. |
1,100 | 20,020 | ||||||
Trainline plc* (b) |
34,012 | 121,103 | ||||||
TUI AG, DI* |
28,116 | 81,295 | ||||||
Webjet Ltd.* (a) |
2,112 | 9,050 | ||||||
Whitbread plc* |
2,508 | 88,702 | ||||||
Wynn Macau Ltd.* (a) |
12,800 | 7,994 | ||||||
Yoshinoya Holdings Co. Ltd.(a) |
4,900 | 89,332 | ||||||
Zensho Holdings Co. Ltd. |
1,800 | 42,652 | ||||||
6,655,001 | ||||||||
Household Durables – 1.2% | ||||||||
Azorim-Investment Development & Construction Co. Ltd. |
4,285 | 22,313 | ||||||
Barratt Developments plc |
23,779 | 147,631 | ||||||
Bellway plc |
2,640 | 80,808 | ||||||
Berkeley Group Holdings plc* |
2,069 | 105,964 | ||||||
Bonava AB, Class B |
31,656 | 155,478 | ||||||
Breville Group Ltd.(a) |
2,420 | 41,447 | ||||||
Cairn Homes plc |
38,456 | 46,688 | ||||||
Casio Computer Co. Ltd.(a) |
3,600 | 37,650 | ||||||
Countryside Properties plc* (b) |
13,624 | 43,002 | ||||||
Crest Nicholson Holdings plc |
92,966 | 295,532 | ||||||
De’ Longhi SpA(a) |
1,012 | 24,811 | ||||||
DFS Furniture plc |
103,544 | 218,399 | ||||||
Dom Development SA |
2,244 | 47,989 | ||||||
Electra Consumer Products 1970 Ltd. |
3,831 | 218,403 | ||||||
Electrolux AB, Class B(a) |
7,073 | 109,229 | ||||||
Fiskars OYJ Abp |
574 | 13,261 | ||||||
Focusrite plc |
2,156 | 26,933 | ||||||
Forbo Holding AG (Registered) |
24 | 35,407 | ||||||
Fujitsu General Ltd. |
2,100 | 37,523 |
Investments | Shares | Value | ||||||
Household Durables – (continued) | ||||||||
Glenveagh Properties plc* (a) (b) |
34,100 | $ | 41,298 | |||||
Haseko Corp. |
3,500 | 38,442 | ||||||
Iida Group Holdings Co. Ltd. |
5,400 | 86,610 | ||||||
JM AB |
1,842 | 43,034 | ||||||
JS Global Lifestyle Co. Ltd.(b) |
22,000 | 26,497 | ||||||
Kaufman & Broad SA(a) |
6,321 | 193,715 | ||||||
Ki-Star Real Estate Co. Ltd.(a) |
3,300 | 138,052 | ||||||
Man Wah Holdings Ltd.(a) |
19,200 | 18,280 | ||||||
Nagawa Co. Ltd. |
500 | 35,505 | ||||||
Neinor Homes SA* (b) |
15,910 | 179,927 | ||||||
Nikon Corp.(a) |
5,800 | 65,852 | ||||||
Nobia AB* |
52,159 | 206,647 | ||||||
Open House Group Co. Ltd. |
1,800 | 70,022 | ||||||
Panasonic Holdings Corp.(a) |
51,600 | 462,194 | ||||||
Persimmon plc |
7,267 | 191,598 | ||||||
Pressance Corp.(a) |
8,600 | 103,683 | ||||||
Redrow plc |
10,340 | 68,544 | ||||||
Rinnai Corp. |
600 | 38,530 | ||||||
Sangetsu Corp. |
2,256 | 27,147 | ||||||
SEB SA |
616 | 74,538 | ||||||
Sekisui Chemical Co. Ltd. |
10,900 | 147,986 | ||||||
Sekisui House Ltd. |
16,300 | 284,206 | ||||||
Sharp Corp. |
6,200 | 52,640 | ||||||
Sony Group Corp. |
20,500 | 1,775,316 | ||||||
Sumitomo Forestry Co. Ltd. |
3,300 | 50,916 | ||||||
Tama Home Co. Ltd.(a) |
4,400 | 86,329 | ||||||
Tamron Co. Ltd.(a) |
4,400 | 78,009 | ||||||
Taylor Wimpey plc |
85,527 | 136,264 | ||||||
Token Corp.(a) |
2,600 | 173,788 | ||||||
Victoria plc* (a) |
5,192 | 41,719 | ||||||
Vistry Group plc |
7,172 | 75,322 | ||||||
Vitec Group plc (The) |
2,376 | 37,050 | ||||||
Zojirushi Corp. |
1,300 | 13,787 | ||||||
6,771,915 | ||||||||
Household Products – 0.4% | ||||||||
Earth Corp. |
600 | 25,471 | ||||||
Essity AB, Class A |
616 | 16,448 | ||||||
Essity AB, Class B |
9,374 | 249,824 | ||||||
Henkel AG & Co. KGaA |
1,730 | 110,599 | ||||||
Henkel AG & Co. KGaA (Preference) |
3,010 | 194,842 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 147 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Household Products – (continued) | ||||||||
Lion Corp. |
6,800 | $ | 70,278 | |||||
Pigeon Corp.(a) |
2,400 | 41,068 | ||||||
Reckitt Benckiser Group plc |
11,782 | 923,040 | ||||||
Sano-Brunos Enterprises Ltd. |
308 | 33,689 | ||||||
Unicharm Corp.(a) |
8,100 | 283,025 | ||||||
1,948,284 | ||||||||
Independent Power and Renewable
Electricity Producers – 0.3% |
||||||||
Albioma SA |
1,496 | 79,778 | ||||||
Boralex, Inc., Class A(a) |
2,081 | 62,704 | ||||||
Brookfield Renewable Corp. |
2,068 | 74,643 | ||||||
Capital Power Corp.(a) |
2,596 | 85,758 | ||||||
ContourGlobal plc(b) |
17,776 | 42,895 | ||||||
Corp. ACCIONA Energias Renovables SA |
1,276 | 47,626 | ||||||
Doral Group Renewable Energy Resources Ltd.* |
2,244 | 8,697 | ||||||
Drax Group plc |
13,330 | 135,225 | ||||||
EDP Renovaveis SA(a) |
5,117 | 122,215 | ||||||
Electric Power Development Co. Ltd. |
3,100 | 42,758 | ||||||
Encavis AG |
7,267 | 160,609 | ||||||
Enlight Renewable Energy Ltd.* |
14,280 | 30,987 | ||||||
eRex Co. Ltd.(a) |
2,700 | 41,429 | ||||||
ERG SpA |
704 | 24,434 | ||||||
Falck Renewables SpA |
5,060 | 47,162 | ||||||
Innergex Renewable Energy, Inc. |
559 | 7,523 | ||||||
Meridian Energy Ltd. |
28,875 | 88,834 | ||||||
Neoen SA* (a) (b) |
1,144 | 46,102 | ||||||
Northland Power, Inc. |
3,652 | 110,784 | ||||||
Scatec ASA(b) |
988 | 12,249 | ||||||
Solaria Energia y Medio Ambiente SA* |
4,928 | 110,838 | ||||||
TransAlta Corp. |
6,864 | 74,008 | ||||||
Uniper SE |
2,028 | 52,459 | ||||||
Voltalia SA (Registered)* |
2,112 | 44,895 | ||||||
1,554,612 | ||||||||
Industrial Conglomerates – 1.0% | ||||||||
Aker ASA, Class A(a) |
264 | 21,947 |
Investments | Shares | Value | ||||||
Industrial Conglomerates – (continued) | ||||||||
Arad Investment & Industrial Development Ltd. |
1,075 | $ | 145,090 | |||||
Bonheur ASA |
1,276 | 48,142 | ||||||
CK Hutchison Holdings Ltd. |
63,356 | 445,728 | ||||||
DCC plc |
2,236 | 170,628 | ||||||
Hitachi Ltd. |
22,300 | 1,045,119 | ||||||
Indus Holding AG |
7,120 | 203,555 | ||||||
Investment AB Latour, Class B |
2,024 | 54,375 | ||||||
Italmobiliare SpA |
245 | 7,806 | ||||||
Jardine Cycle & Carriage Ltd. |
3,600 | 75,603 | ||||||
Jardine Matheson Holdings Ltd. |
6,000 | 318,780 | ||||||
Keihan Holdings Co. Ltd. |
2,500 | 53,662 | ||||||
Keppel Corp. Ltd. |
30,100 | 149,748 | ||||||
Lifco AB, Class B* (a) |
4,576 | 97,797 | ||||||
Melrose Industries plc |
71,556 | 106,099 | ||||||
Nisshinbo Holdings, Inc.(a) |
55,000 | 413,901 | ||||||
Nolato AB, Class B |
3,080 | 21,543 | ||||||
Noritsu Koki Co. Ltd. |
800 | 13,374 | ||||||
NWS Holdings Ltd. |
44,000 | 40,040 | ||||||
Siemens AG (Registered) |
12,771 | 1,586,822 | ||||||
Smiths Group plc |
5,500 | 102,025 | ||||||
Storskogen Group AB, Class B* |
7,392 | 15,821 | ||||||
TOKAI Holdings Corp. |
45,795 | 308,929 | ||||||
Toshiba Corp. |
7,600 | 317,116 | ||||||
5,763,650 | ||||||||
Insurance – 4.1% | ||||||||
Admiral Group plc |
4,601 | 145,800 | ||||||
Aegon NV |
25,413 | 133,109 | ||||||
Ageas SA |
4,558 | 220,612 | ||||||
AIA Group Ltd. |
196,200 | 1,944,208 | ||||||
Allianz SE (Registered) |
9,288 | 2,118,409 | ||||||
Alm Brand A/S |
225,922 | 393,128 | ||||||
ASR Nederland NV |
3,538 | 161,763 | ||||||
Assicurazioni Generali SpA(a) |
26,316 | 502,493 | ||||||
AUB Group Ltd.(a) |
4,928 | 81,704 | ||||||
Aviva plc |
83,678 | 455,215 | ||||||
AXA SA |
47,300 | 1,270,432 | ||||||
Baloise Holding AG (Registered) |
1,032 | 181,064 | ||||||
Beazley plc |
13,904 | 75,342 | ||||||
Clal Insurance Enterprises Holdings Ltd.* |
2,684 | 59,792 |
See Accompanying Notes to the Financial Statements.
148 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Insurance – (continued) | ||||||||
CNP Assurances |
3,124 | $ | 68,813 | |||||
Coface SA |
5,065 | 61,502 | ||||||
Conduit Holdings Ltd. |
4,092 | 19,574 | ||||||
Dai-ichi Life Holdings, Inc. |
25,900 | 520,659 | ||||||
Direct Line Insurance Group plc |
22,704 | 72,317 | ||||||
Fairfax Financial Holdings Ltd. |
559 | 308,737 | ||||||
Gjensidige Forsikring ASA |
2,860 | 61,887 | ||||||
Great Eastern Holdings Ltd. |
2,400 | 35,455 | ||||||
Great-West Lifeco, Inc. |
6,200 | 171,924 | ||||||
Grupo Catalana Occidente SA |
704 | 20,461 | ||||||
Hannover Rueck SE |
1,204 | 189,127 | ||||||
Harel Insurance Investments & Financial Services Ltd. |
3,957 | 48,788 | ||||||
Helvetia Holding AG (Registered) |
880 | 114,233 | ||||||
Hiscox Ltd. |
5,060 | 60,136 | ||||||
iA Financial Corp., Inc. |
2,967 | 155,936 | ||||||
IDI Insurance Co. Ltd. |
3,036 | 100,578 | ||||||
Insurance Australia Group Ltd.(a) |
42,742 | 137,901 | ||||||
Intact Financial Corp. |
2,752 | 386,988 | ||||||
Japan Post Holdings Co. Ltd. |
24,400 | 171,663 | ||||||
Japan Post Insurance Co. Ltd. |
4,400 | 71,488 | ||||||
Just Group plc |
407,812 | 435,207 | ||||||
Lancashire Holdings Ltd. |
82,818 | 441,075 | ||||||
Legal & General Group plc |
134,246 | 424,904 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros |
40,084 | 57,890 | ||||||
Manulife Financial Corp. |
42,828 | 841,782 | ||||||
Mapfre SA |
22,440 | 41,309 | ||||||
Medibank Pvt Ltd. |
51,283 | 116,622 | ||||||
Menora Mivtachim Holdings Ltd.* |
1,761 | 44,110 | ||||||
Migdal Insurance & Financial Holdings Ltd. |
26,952 | 45,725 | ||||||
MS&AD Insurance Group Holdings, Inc. |
10,000 | 299,552 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) |
3,096 | 742,390 |
Investments | Shares | Value | ||||||
Insurance – (continued) | ||||||||
nib holdings Ltd. |
11,260 | $ | 56,654 | |||||
NN Group NV |
7,353 | 364,116 | ||||||
Phoenix Group Holdings plc |
15,781 | 120,661 | ||||||
Phoenix Holdings Ltd. (The) |
5,085 | 64,309 | ||||||
Poste Italiane SpA(b) |
11,981 | 118,532 | ||||||
Power Corp. of Canada |
12,651 | 374,170 | ||||||
Powszechny Zaklad Ubezpieczen SA |
9,856 | 68,185 | ||||||
Protector Forsikring ASA |
4,092 | 46,908 | ||||||
Prudential plc |
42,613 | 540,356 | ||||||
PSC Insurance Group Ltd. |
14,212 | 46,459 | ||||||
QBE Insurance Group Ltd.(a) |
32,508 | 284,614 | ||||||
Sampo OYJ, Class A |
8,729 | 427,374 | ||||||
SCOR SE |
3,124 | 88,983 | ||||||
Societa Cattolica Di Assicurazione SpA* |
16,060 | 104,959 | ||||||
Sompo Holdings, Inc. |
8,400 | 342,652 | ||||||
Steadfast Group Ltd. |
17,908 | 65,668 | ||||||
Storebrand ASA |
12,857 | 113,493 | ||||||
Sun Life Financial, Inc.(a) |
13,889 | 694,531 | ||||||
Suncorp Group Ltd. |
25,284 | 205,914 | ||||||
Swiss Life Holding AG (Registered) |
688 | 406,144 | ||||||
Swiss Re AG |
6,579 | 544,403 | ||||||
T&D Holdings, Inc. |
12,900 | 166,278 | ||||||
Talanx AG |
968 | 40,643 | ||||||
Tokio Marine Holdings, Inc. |
16,500 | 893,899 | ||||||
Topdanmark A/S |
880 | 49,520 | ||||||
Trisura Group Ltd.* |
2,200 | 53,173 | ||||||
Tryg A/S |
5,124 | 122,808 | ||||||
Unipol Gruppo SpA |
6,080 | 33,482 | ||||||
UnipolSai Assicurazioni SpA(a) |
11,528 | 32,641 | ||||||
UNIQA Insurance Group AG(a) |
43,817 | 337,441 | ||||||
Wuestenrot & Wuerttembergische AG |
7,568 | 143,071 | ||||||
Yunfeng Financial Group Ltd.* |
312,000 | 54,875 | ||||||
Zurich Insurance Group AG |
3,483 | 1,600,031 | ||||||
22,618,751 | ||||||||
Interactive Media & Services – 0.2% | ||||||||
Adevinta ASA* |
6,732 | 53,254 | ||||||
Auto Trader Group plc(b) |
15,566 | 124,060 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 149 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Interactive Media & Services – (continued) | ||||||||
Baltic Classifieds Group plc* |
16,280 | $ | 26,980 | |||||
Better Collective A/S* (a) |
2,464 | 38,369 | ||||||
carsales.com Ltd.(a) |
5,148 | 78,217 | ||||||
Dip Corp. |
1,400 | 46,033 | ||||||
Kakaku.com, Inc. |
1,600 | 33,875 | ||||||
Moneysupermarket.com Group plc |
22,168 | 48,706 | ||||||
New Work SE |
159 | 27,173 | ||||||
REA Group Ltd.(a) |
1,056 | 97,123 | ||||||
Rightmove plc |
13,244 | 102,827 | ||||||
Scout24 SE(b) |
1,232 | 78,762 | ||||||
SEEK Ltd.(a) |
5,525 | 111,429 | ||||||
Trustpilot Group plc* (b) |
10,868 | 14,231 | ||||||
Wirtualna Polska Holding SA(b) |
1,936 | 43,496 | ||||||
Z Holdings Corp. |
45,000 | 178,736 | ||||||
1,103,271 | ||||||||
Internet & Direct Marketing Retail – 0.3% | ||||||||
Allegro.eu SA* (b) |
3,080 | 15,988 | ||||||
ASKUL Corp. |
1,000 | 12,288 | ||||||
ASOS plc* (a) |
1,370 | 24,046 | ||||||
Auction Technology Group plc* |
4,356 | 48,072 | ||||||
Belluna Co. Ltd.(a) |
15,600 | 88,018 | ||||||
BHG Group AB* (a) |
7,216 | 50,399 | ||||||
boohoo Group plc* (a) |
15,511 | 15,821 | ||||||
Boozt AB* (b) |
2,508 | 26,557 | ||||||
Cazoo Group Ltd.* |
3,471 | 5,865 | ||||||
Delivery Hero SE* (b) |
2,288 | 81,680 | ||||||
Demae-Can Co. Ltd.* (a) |
8,800 | 37,018 | ||||||
Dustin Group AB(a) (b) |
3,680 | 26,717 | ||||||
Just Eat Takeaway.com NV* (a) (b) |
1,936 | 53,727 | ||||||
Mercari, Inc.* (a) |
1,900 | 32,410 | ||||||
Oisix ra daichi, Inc.* (a) |
2,000 | 41,865 | ||||||
Prosus NV* |
13,416 | 659,398 | ||||||
Rakuten Group, Inc.(a) |
15,800 | 111,951 | ||||||
Redbubble Ltd.* |
44 | 36 | ||||||
Takkt AG |
2,728 | 44,205 | ||||||
Temple & Webster Group Ltd.* (a) |
7,304 | 30,624 |
Investments | Shares | Value | ||||||
Internet & Direct Marketing Retail – (continued) | ||||||||
THG plc* |
44 | $ | 59 | |||||
Zalando SE* (b) |
1,814 | 72,394 | ||||||
Zalando SE* (b) |
938 | 37,434 | ||||||
ZOZO, Inc. |
2,800 | 59,648 | ||||||
1,576,220 | ||||||||
IT Services – 1.6% | ||||||||
AddNode Group AB |
2,640 | 112,546 | ||||||
Adesso SE |
220 | 43,401 | ||||||
Adyen NV* (b) |
516 | 883,487 | ||||||
Alten SA |
616 | 84,025 | ||||||
Amadeus IT Group SA* |
7,654 | 487,705 | ||||||
Appen Ltd.(a) |
2,420 | 11,454 | ||||||
Atea ASA* |
2,420 | 29,300 | ||||||
Atos SE |
968 | 23,896 | ||||||
Bechtle AG |
1,364 | 63,774 | ||||||
Bell System24 Holdings, Inc. |
14,100 | 163,027 | ||||||
BIPROGY, Inc. |
1,100 | 28,018 | ||||||
Bouvet ASA |
5,764 | 42,999 | ||||||
CANCOM SE |
1,981 | 96,342 | ||||||
Capgemini SE |
2,494 | 515,948 | ||||||
Capita plc* |
482,460 | 145,254 | ||||||
CGI, Inc.* |
3,870 | 310,194 | ||||||
Change, Inc.(a) |
3,500 | 49,301 | ||||||
Computacenter plc |
1,092 | 36,716 | ||||||
Computershare Ltd. |
11,438 | 205,893 | ||||||
Comture Corp.(a) |
2,300 | 50,239 | ||||||
Converge Technology Solutions Corp.* |
11,792 | 79,625 | ||||||
Data#3 Ltd. |
12,760 | 52,775 | ||||||
Digital Garage, Inc. |
1,300 | 43,347 | ||||||
DTS Corp.(a) |
2,100 | 46,179 | ||||||
Econocom Group SA/NV |
29,084 | 111,990 | ||||||
Edenred |
4,257 | 215,744 | ||||||
EML Payments Ltd.* (a) |
24,816 | 28,217 | ||||||
FDM Group Holdings plc |
3,850 | 49,207 | ||||||
Formula Systems 1985 Ltd. |
389 | 37,834 | ||||||
Fujitsu Ltd. |
3,200 | 461,500 | ||||||
Future Corp. |
3,400 | 50,596 | ||||||
GFT Technologies SE |
924 | 37,041 | ||||||
GMO internet, Inc. |
1,200 | 24,313 | ||||||
GMO Payment Gateway, Inc.(a) |
1,000 | 85,597 |
See Accompanying Notes to the Financial Statements.
150 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
IT Services – (continued) | ||||||||
Indra Sistemas SA* (a) |
9,988 | $ | 102,892 | |||||
Infocom Corp. |
1,600 | 27,478 | ||||||
Infomart Corp. |
5,300 | 26,795 | ||||||
Itochu Techno-Solutions Corp. |
2,400 | 56,592 | ||||||
Keywords Studios plc |
1,144 | 34,528 | ||||||
KNOW IT AB |
1,144 | 35,698 | ||||||
Matrix IT Ltd. |
924 | 23,429 | ||||||
Megaport Ltd.* (a) |
3,960 | 24,427 | ||||||
Mitsubishi Research Institute, Inc.(a) |
4,300 | 130,102 | ||||||
NCC Group plc |
23,672 | 54,388 | ||||||
NEC Corp. |
6,300 | 245,562 | ||||||
NEC Networks & System Integration Corp. |
2,400 | 34,270 | ||||||
NET One Systems Co. Ltd. |
2,300 | 55,210 | ||||||
Nexi SpA* (b) |
15,910 | 158,141 | ||||||
NEXTDC Ltd.* (a) |
10,736 | 86,061 | ||||||
Nomura Research Institute Ltd. |
6,645 | 190,282 | ||||||
NS Solutions Corp. |
800 | 24,082 | ||||||
NTT Data Corp. |
10,200 | 189,183 | ||||||
Nuvei Corp.* (b) |
836 | 46,992 | ||||||
Obic Co. Ltd. |
1,300 | 193,455 | ||||||
One Software Technologies Ltd. |
3,388 | 56,221 | ||||||
Otsuka Corp. |
2,500 | 82,491 | ||||||
Relia, Inc. |
15,300 | 126,122 | ||||||
Reply SpA |
484 | 72,147 | ||||||
S&T AG(a) |
3,168 | 54,142 | ||||||
SCSK Corp. |
2,700 | 43,263 | ||||||
SHIFT, Inc.* |
300 | 57,448 | ||||||
Shopify, Inc., Class A* |
1,806 | 776,535 | ||||||
Softcat plc |
2,288 | 40,676 | ||||||
Solutions 30 SE* |
5,136 | 30,158 | ||||||
Sopra Steria Group SACA |
396 | 70,894 | ||||||
SUNeVision Holdings Ltd. |
90,000 | 74,903 | ||||||
TechMatrix Corp. |
3,300 | 51,324 | ||||||
TELUS International CDA, Inc.* (a) |
4,752 | 103,514 | ||||||
TietoEVRY OYJ(a) |
1,598 | 40,358 | ||||||
TIS, Inc. |
4,700 | 106,399 | ||||||
Transcosmos, Inc.(a) |
8,600 | 204,114 | ||||||
Tyro Payments Ltd.* |
8,888 | 7,927 |
Investments | Shares | Value | ||||||
IT Services – (continued) | ||||||||
Wise plc, Class A* |
9,328 | $ | 46,260 | |||||
Worldline SA* (b) |
4,558 | 182,000 | ||||||
8,673,947 | ||||||||
Leisure Products – 0.3% | ||||||||
Accell Group NV* |
1,452 | 87,925 | ||||||
Bandai Namco Holdings, Inc. |
4,000 | 273,510 | ||||||
Beneteau SA* |
2,904 | 36,763 | ||||||
BRP, Inc.(a) |
639 | 52,033 | ||||||
Games Workshop Group plc |
684 | 63,634 | ||||||
GLOBERIDE, Inc. |
8,600 | 175,306 | ||||||
Harvia OYJ(a) (b) |
748 | 25,898 | ||||||
MIPS AB(b) |
440 | 31,738 | ||||||
Mizuno Corp. |
8,600 | 142,183 | ||||||
Sega Sammy Holdings, Inc. |
2,600 | 46,357 | ||||||
Shimano, Inc. |
1,600 | 287,743 | ||||||
Snow Peak, Inc.(a) |
1,600 | 29,849 | ||||||
Spin Master Corp.* (b) |
1,936 | 69,999 | ||||||
Technogym SpA(b) |
4,905 | 37,438 | ||||||
Thule Group AB(a) (b) |
2,024 | 71,694 | ||||||
Tomy Co. Ltd.(a) |
34,900 | 333,484 | ||||||
Universal Entertainment Corp.* |
300 | 5,402 | ||||||
Yamaha Corp. |
3,400 | 131,213 | ||||||
Yonex Co. Ltd. |
5,600 | 36,869 | ||||||
1,939,038 | ||||||||
Life Sciences Tools & Services – 0.4% | ||||||||
AddLife AB, Class B |
1,496 | 33,759 | ||||||
Bachem Holding AG (Registered), Class B* (a) |
88 | 38,894 | ||||||
Chemometec A/S |
572 | 65,504 | ||||||
Ergomed plc* |
2,420 | 36,095 | ||||||
Eurofins Scientific SE |
2,150 | 201,230 | ||||||
Evotec SE* |
3,042 | 74,709 | ||||||
Gerresheimer AG |
755 | 52,966 | ||||||
Lonza Group AG (Registered) |
1,204 | 717,451 | ||||||
Oxford Nanopore Technologies plc* |
5,808 | 22,350 | ||||||
QIAGEN NV* |
4,369 | 198,222 | ||||||
Sartorius Stedim Biotech |
344 | 113,552 | ||||||
Siegfried Holding AG (Registered)* |
88 | 64,369 | ||||||
Tecan Group AG (Registered) |
220 | 66,998 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 151 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Life Sciences Tools & Services – (continued) | ||||||||
Wuxi Biologics Cayman, Inc.* (b) |
43,000 | $ | 328,824 | |||||
2,014,923 | ||||||||
Machinery – 2.9% | ||||||||
Aalberts NV |
1,404 | 69,066 | ||||||
Aichi Corp. |
13,200 | 92,306 | ||||||
Aida Engineering Ltd.(a) |
25,500 | 190,128 | ||||||
Alfa Laval AB(a) |
5,160 | 145,895 | ||||||
Alstom SA(a) |
4,634 | 103,248 | ||||||
Amada Co. Ltd. |
7,200 | 56,351 | ||||||
ANDRITZ AG |
2,081 | 89,483 | ||||||
Atlas Copco AB, Class A(a) |
10,793 | 498,027 | ||||||
Atlas Copco AB, Class B(a) |
6,794 | 273,401 | ||||||
ATS Automation Tooling Systems, Inc.* |
1,980 | 58,081 | ||||||
Beijer Alma AB |
2,304 | 48,464 | ||||||
Bobst Group SA (Registered) |
528 | 45,095 | ||||||
Bodycote plc |
11,283 | 88,324 | ||||||
Bucher Industries AG (Registered) |
176 | 64,369 | ||||||
Burckhardt Compression Holding AG |
132 | 67,996 | ||||||
Bystronic AG |
55 | 46,010 | ||||||
Cargotec OYJ, Class B |
684 | 23,942 | ||||||
CKD Corp. |
2,500 | 32,803 | ||||||
CNH Industrial NV |
17,802 | 257,852 | ||||||
Concentric AB |
2,420 | 47,692 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA |
720 | 22,255 | ||||||
Daetwyler Holding AG |
176 | 57,207 | ||||||
Daifuku Co. Ltd. |
2,300 | 142,907 | ||||||
Danieli & C Officine Meccaniche SpA(a) |
528 | 11,335 | ||||||
Danieli & C Officine Meccaniche SpA (Retirement Savings Plan) |
4,004 | 62,853 | ||||||
Deutz AG |
7,436 | 33,324 | ||||||
DMG Mori Co. Ltd. |
2,100 | 26,615 | ||||||
Duerr AG |
2,684 | 70,334 | ||||||
Ebara Corp. |
2,600 | 120,809 | ||||||
Electrolux Professional AB, Class B |
4,532 | 25,637 |
Investments | Shares | Value | ||||||
Machinery – (continued) | ||||||||
Epiroc AB, Class A(a) |
9,900 | $ | 203,795 | |||||
Epiroc AB, Class B |
7,697 | 136,007 | ||||||
FANUC Corp. |
3,100 | 482,491 | ||||||
Fincantieri SpA* (a) |
208,253 | 127,973 | ||||||
FLSmidth & Co. A/S |
3,696 | 102,945 | ||||||
Fluidra SA |
912 | 25,130 | ||||||
Frencken Group Ltd. |
30,800 | 31,895 | ||||||
Fuji Corp. |
1,000 | 16,842 | ||||||
Fujitec Co. Ltd. |
2,400 | 52,109 | ||||||
Fukushima Galilei Co. Ltd. |
4,300 | 125,455 | ||||||
GEA Group AG |
3,182 | 124,774 | ||||||
Georg Fischer AG (Registered) |
880 | 48,504 | ||||||
Giken Ltd. |
1,200 | 33,019 | ||||||
Glory Ltd.(a) |
21,600 | 349,274 | ||||||
Harmonic Drive Systems, Inc.(a) |
1,500 | 38,206 | ||||||
Hino Motors Ltd. |
10,300 | 53,583 | ||||||
Hirata Corp. |
800 | 29,639 | ||||||
Hitachi Construction Machinery Co. Ltd. |
2,800 | 63,862 | ||||||
Hitachi Zosen Corp.(a) |
12,400 | 67,475 | ||||||
Hoshizaki Corp. |
1,200 | 76,412 | ||||||
Husqvarna AB, Class B |
7,480 | 72,178 | ||||||
IHI Corp. |
2,500 | 57,194 | ||||||
IMI plc |
3,784 | 64,374 | ||||||
Indutrade AB |
5,016 | 120,261 | ||||||
Interpump Group SpA |
1,584 | 64,803 | ||||||
Interroll Holding AG (Registered) |
19 | 58,136 | ||||||
Japan Steel Works Ltd. (The)(a) |
900 | 25,563 | ||||||
JOST Werke AG(b) |
5,934 | 230,371 | ||||||
Jungheinrich AG (Preference) |
3,036 | 75,202 | ||||||
Kardex Holding AG (Registered) |
264 | 50,915 | ||||||
Kawasaki Heavy Industries Ltd.(a) |
2,800 | 49,880 | ||||||
KION Group AG |
1,419 | 79,729 | ||||||
Kitz Corp. |
30,100 | 154,031 | ||||||
Komatsu Ltd. |
16,600 | 374,256 | ||||||
Komax Holding AG (Registered) |
176 | 46,781 | ||||||
Kone OYJ, Class B |
6,192 | 301,071 | ||||||
Konecranes OYJ |
2,273 | 64,743 |
See Accompanying Notes to the Financial Statements.
152 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Machinery – (continued) | ||||||||
Krones AG |
484 | $ | 37,861 | |||||
Kubota Corp.(a) |
19,200 | 328,768 | ||||||
Kurita Water Industries Ltd. |
2,500 | 86,350 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. |
13,000 | 131,545 | ||||||
Makino Milling Machine Co. Ltd. |
8,600 | 264,518 | ||||||
Makita Corp. |
4,700 | 140,427 | ||||||
Manitou BF SA(a) |
5,246 | 119,263 | ||||||
Max Co. Ltd. |
2,800 | 34,384 | ||||||
Meidensha Corp. |
16,400 | 298,228 | ||||||
Metso Outotec OYJ |
13,287 | 115,053 | ||||||
MINEBEA MITSUMI, Inc. |
7,311 | 142,202 | ||||||
MISUMI Group, Inc. |
3,900 | 98,734 | ||||||
Mitsubishi Heavy Industries Ltd.(a) |
8,600 | 294,389 | ||||||
Miura Co. Ltd. |
2,100 | 44,250 | ||||||
Morgan Advanced Materials plc |
20,416 | 72,411 | ||||||
Morita Holdings Corp. |
15,500 | 149,186 | ||||||
Nabtesco Corp. |
2,900 | 66,658 | ||||||
Nachi-Fujikoshi Corp. |
8,600 | 250,247 | ||||||
NFI Group, Inc.(a) |
3,960 | 36,531 | ||||||
NGK Insulators Ltd. |
7,900 | 106,829 | ||||||
Nikkiso Co. Ltd.(a) |
21,500 | 134,417 | ||||||
Nitta Corp. |
8,600 | 183,603 | ||||||
Nittoku Co. Ltd. |
1,300 | 19,647 | ||||||
Norma Group SE |
2,596 | 64,468 | ||||||
NSK Ltd. |
9,600 | 53,276 | ||||||
NTN Corp.* (a) |
176,300 | 283,038 | ||||||
OC Oerlikon Corp. AG (Registered) |
469 | 3,385 | ||||||
OKUMA Corp.(a) |
1,000 | 36,045 | ||||||
Organo Corp. |
3,100 | 214,387 | ||||||
OSG Corp. |
1,500 | 18,895 | ||||||
Palfinger AG |
787 | 19,926 | ||||||
Pfeiffer Vacuum Technology AG |
220 | 39,409 | ||||||
Rational AG |
55 | 33,856 | ||||||
Rotork plc |
13,640 | 50,142 | ||||||
Sandvik AB(a) |
17,630 | 338,888 | ||||||
Savaria Corp.(a) |
3,080 | 36,968 |
Investments | Shares | Value | ||||||
Machinery – (continued) | ||||||||
Schindler Holding AG |
690 | $ | 134,638 | |||||
Schindler Holding AG (Registered) |
220 | 42,928 | ||||||
SFS Group AG |
220 | 27,833 | ||||||
Shibaura Machine Co. Ltd. |
2,349 | 56,477 | ||||||
Shibuya Corp. |
8,600 | 155,857 | ||||||
Shima Seiki Manufacturing Ltd. |
1,300 | 18,603 | ||||||
Shinmaywa Industries Ltd. |
21,000 | 147,823 | ||||||
Skellerup Holdings Ltd.(a) |
10,736 | 39,858 | ||||||
SKF AB, Class A |
1,408 | 27,690 | ||||||
SKF AB, Class B(a) |
5,764 | 95,553 | ||||||
SMC Corp. |
1,100 | 535,312 | ||||||
Spirax-Sarco Engineering plc |
1,204 | 183,662 | ||||||
Stabilus SE |
1,188 | 56,648 | ||||||
Stadler Rail AG(a) |
1,056 | 38,622 | ||||||
Star Micronics Co. Ltd. |
12,900 | 145,469 | ||||||
Sumitomo Heavy Industries Ltd. |
3,300 | 70,019 | ||||||
Tadano Ltd. |
8,900 | 63,473 | ||||||
Takeuchi Manufacturing Co. Ltd. |
2,600 | 47,782 | ||||||
Takuma Co. Ltd. |
30,300 | 340,746 | ||||||
Techtronic Industries Co. Ltd. |
29,500 | 400,043 | ||||||
THK Co. Ltd. |
1,700 | 34,037 | ||||||
Tocalo Co. Ltd. |
3,800 | 38,276 | ||||||
Toyota Industries Corp. |
3,800 | 228,481 | ||||||
Trelleborg AB, Class B(a) |
4,796 | 106,759 | ||||||
Tsubakimoto Chain Co. |
10,800 | 247,243 | ||||||
Tsugami Corp. |
20,600 | 194,298 | ||||||
Union Tool Co. |
500 | 14,433 | ||||||
Valmet OYJ |
3,228 | 87,382 | ||||||
VAT Group AG(b) |
473 | 149,602 | ||||||
Vesuvius plc |
9,944 | 40,376 | ||||||
Volvo AB, Class A(a) |
3,212 | 53,329 | ||||||
Volvo AB, Class B |
27,047 | 437,575 | ||||||
Wacker Neuson SE |
1,713 | 36,016 | ||||||
Wartsila OYJ Abp |
5,720 | 46,452 | ||||||
Weir Group plc (The) |
3,920 | 76,727 | ||||||
Yaskawa Electric Corp. |
4,300 | 147,692 | ||||||
15,866,585 | ||||||||
Marine – 0.6% | ||||||||
AP Moller – Maersk A/S, Class A |
66 | 189,072 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 153 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Marine – (continued) | ||||||||
AP Moller – Maersk A/S, Class B |
129 | $ | 378,330 | |||||
Clarkson plc |
1,408 | 65,230 | ||||||
D/S Norden A/S |
11,094 | 415,358 | ||||||
Dfds A/S |
660 | 25,796 | ||||||
Golden Ocean Group Ltd.(a) |
4,796 | 61,336 | ||||||
Kawasaki Kisen Kaisha Ltd. |
2,000 | 105,743 | ||||||
Kuehne + Nagel International AG (Registered) |
731 | 207,179 | ||||||
Mitsui OSK Lines Ltd. |
9,700 | 229,847 | ||||||
MPC Container Ships ASA |
18,920 | 57,492 | ||||||
Nippon Yusen KK(a) |
3,800 | 277,462 | ||||||
NS United Kaiun Kaisha Ltd.(a) |
4,300 | 119,315 | ||||||
Pacific Basin Shipping Ltd. |
1,720,000 | 802,330 | ||||||
SITC International Holdings Co. Ltd. |
24,000 | 81,059 | ||||||
Stolt-Nielsen Ltd. |
8,815 | 161,037 | ||||||
Wallenius Wilhelmsen ASA(a) |
5,632 | 35,969 | ||||||
Wilh Wilhelmsen Holding ASA, Class A |
4,472 | 110,881 | ||||||
3,323,436 | ||||||||
Media – 1.0% | ||||||||
4imprint Group plc |
836 | 28,654 | ||||||
Ascential plc* (b) |
26,918 | 107,538 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA |
25,344 | 97,589 | ||||||
Cogeco Communications, Inc.(a) |
572 | 47,217 | ||||||
Cogeco, Inc. |
3,010 | 180,169 | ||||||
Corus Entertainment, Inc., Class B(a) |
67,682 | 222,950 | ||||||
CyberAgent, Inc. |
6,300 | 67,396 | ||||||
Cyfrowy Polsat SA |
8,140 | 44,427 | ||||||
Dentsu Group, Inc. |
3,800 | 137,998 | ||||||
Euromoney Institutional Investor plc |
4,083 | 50,903 | ||||||
Eutelsat Communications SA |
3,740 | 41,862 | ||||||
Future plc |
2,332 | 64,939 | ||||||
Hakuhodo DY Holdings, Inc. |
4,700 | 55,866 | ||||||
Informa plc* (a) |
28,337 | 204,426 | ||||||
Intage Holdings, Inc. |
4,100 | 50,000 |
Investments | Shares | Value | ||||||
Media – (continued) | ||||||||
IPSOS |
15,050 | $ | 731,930 | |||||
ITV plc |
82,500 | 76,959 | ||||||
JCDecaux SA* |
968 | 20,444 | ||||||
Kadokawa Corp. |
2,200 | 55,611 | ||||||
Lagardere SA |
2,552 | 67,198 | ||||||
Mediaset Espana Comunicacion SA* |
49,364 | 222,055 | ||||||
Metropole Television SA |
4,972 | 92,893 | ||||||
MFE-MediaForEurope NV, Class B(a) |
33,079 | 30,604 | ||||||
Next Fifteen Communications Group plc |
5,104 | 85,099 | ||||||
Nine Entertainment Co. Holdings Ltd.(a) |
10,556 | 20,179 | ||||||
Nippon Television Holdings, Inc. |
2,400 | 23,118 | ||||||
Nordic Entertainment Group AB, Class B* |
1,188 | 39,631 | ||||||
oOh!media Ltd.(a) |
47,520 | 52,681 | ||||||
Pearson plc |
14,104 | 139,146 | ||||||
ProSiebenSat.1 Media SE |
2,772 | 32,212 | ||||||
Publicis Groupe SA |
5,117 | 310,827 | ||||||
Quebecor, Inc., Class B(a) |
2,728 | 64,526 | ||||||
RAI Way SpA(b) |
8,120 | 48,099 | ||||||
Reach plc |
111,155 | 226,917 | ||||||
RTL Group SA |
1,056 | 55,300 | ||||||
S4 Capital plc* |
10,516 | 40,269 | ||||||
Schibsted ASA, Class A |
1,144 | 24,276 | ||||||
Schibsted ASA, Class B(a) |
2,493 | 48,567 | ||||||
SES SA, Receipts |
9,724 | 87,565 | ||||||
Seven West Media Ltd.* (a) |
410,478 | 204,194 | ||||||
Shaw Communications, Inc., Class B |
6,736 | 201,651 | ||||||
Singapore Press Holdings Ltd.(d) |
27,000 | 45,948 | ||||||
SKY Perfect JSAT Holdings, Inc. |
50,300 | 163,060 | ||||||
Stroeer SE & Co. KGaA |
620 | 37,380 | ||||||
Telenet Group Holding NV |
1,320 | 39,409 | ||||||
Television Francaise 1 |
37,109 | 316,513 | ||||||
TX Group AG |
352 | 50,190 | ||||||
ValueCommerce Co. Ltd. |
1,400 | 41,548 | ||||||
Vivendi SE |
10,019 | 115,842 | ||||||
WPP plc |
20,339 | 256,633 |
See Accompanying Notes to the Financial Statements.
154 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Media – (continued) | ||||||||
YouGov plc |
7,040 | $ | 110,926 | |||||
5,581,334 | ||||||||
Metals & Mining – 6.0% | ||||||||
Acerinox SA |
7,260 | 77,240 | ||||||
Agnico Eagle Mines Ltd. |
7,310 | 427,716 | ||||||
Alamos Gold, Inc., Class A(a) |
3,983 | 31,102 | ||||||
Allkem Ltd.* (a) |
8,316 | 72,395 | ||||||
Alumina Ltd.(a) |
42,504 | 54,672 | ||||||
AMG Advanced Metallurgical Group NV(a) |
1,540 | 60,988 | ||||||
Anglo American plc |
31,519 | 1,419,056 | ||||||
Antofagasta plc |
6,963 | 135,589 | ||||||
Aperam SA |
1,554 | 60,707 | ||||||
ArcelorMittal SA |
13,545 | 401,744 | ||||||
Asahi Holdings, Inc.(a) |
29,300 | 467,000 | ||||||
Aurubis AG |
1,075 | 123,784 | ||||||
AVZ Minerals Ltd.* (a) |
111,012 | 78,102 | ||||||
B2Gold Corp.(a) |
29,025 | 123,772 | ||||||
Barrick Gold Corp. |
5,914 | 132,574 | ||||||
Barrick Gold Corp. – XLON |
22,380 | 505,962 | ||||||
Bekaert SA |
1,540 | 57,772 | ||||||
Bellevue Gold Ltd.* (a) |
49,941 | 34,071 | ||||||
BHP Group Ltd. |
51,120 | 1,748,937 | ||||||
BHP Group Ltd. |
63,948 | 2,181,798 | ||||||
BlueScope Steel Ltd. |
10,707 | 156,287 | ||||||
Boliden AB(a) |
5,418 | 238,554 | ||||||
Capricorn Metals Ltd.* |
19,272 | 56,837 | ||||||
Capstone Copper Corp.* (a) |
10,472 | 47,933 | ||||||
Centamin plc |
402,394 | 462,667 | ||||||
Centerra Gold, Inc. |
83,850 | 780,076 | ||||||
Chalice Mining Ltd.* (a) |
10,120 | 49,983 | ||||||
Daido Steel Co. Ltd. |
800 | 22,877 | ||||||
Daiki Aluminium Industry Co. Ltd.(a) |
12,900 | 144,572 | ||||||
De Grey Mining Ltd.* (a) |
86,240 | 73,850 | ||||||
Deterra Royalties Ltd. |
15,180 | 52,428 | ||||||
Dowa Holdings Co. Ltd. |
1,100 | 47,036 | ||||||
Dundee Precious Metals, Inc. |
76,239 | 443,815 | ||||||
Eldorado Gold Corp.* |
64,500 | 629,835 | ||||||
Endeavour Mining plc |
3,438 | 84,559 | ||||||
Endeavour Silver Corp.* (a) |
11,132 | 42,680 |
Investments | Shares | Value | ||||||
Metals & Mining – (continued) | ||||||||
Equinox Gold Corp.* (a) |
98,169 | $ | 703,594 | |||||
Eramet SA* (a) |
3,827 | 517,177 | ||||||
ERO Copper Corp.* (a) |
4,268 | 61,680 | ||||||
Evolution Mining Ltd.(a) |
35,786 | 102,997 | ||||||
Falcon Metals Ltd.* |
1 | — | (f) | |||||
Ferrexpo plc |
10,868 | 22,555 | ||||||
First Majestic Silver Corp. |
3,432 | 35,634 | ||||||
First Quantum Minerals Ltd. |
9,589 | 276,329 | ||||||
Fortescue Metals Group Ltd.(a) |
39,646 | 609,413 | ||||||
Fortuna Silver Mines, Inc.* (a) |
103,329 | 363,012 | ||||||
Franco-Nevada Corp. |
2,881 | 437,949 | ||||||
Fresnillo plc(a) |
3,872 | 37,695 | ||||||
Glencore plc* |
242,950 | 1,516,883 | ||||||
Gold Road Resources Ltd.(a) |
80,872 | 89,369 | ||||||
Granges AB(a) |
38,442 | 318,932 | ||||||
Greatland Gold plc* (a) |
350,768 | 58,572 | ||||||
Grupa Kety SA |
308 | 44,559 | ||||||
Hill & Smith Holdings plc |
5,236 | 90,981 | ||||||
Hitachi Metals Ltd.* |
4,740 | 74,195 | ||||||
Hochschild Mining plc(a) |
99,717 | 147,730 | ||||||
Hudbay Minerals, Inc. |
13,288 | 85,568 | ||||||
IAMGOLD Corp.* |
17,424 | 49,489 | ||||||
IGO Ltd. |
13,200 | 123,542 | ||||||
Iluka Resources Ltd. |
6,916 | 55,734 | ||||||
Imdex Ltd. |
22,176 | 39,556 | ||||||
ioneer Ltd.* (a) |
110,528 | 53,019 | ||||||
Ivanhoe Mines Ltd., Class A* (a) |
13,068 | 105,317 | ||||||
Jastrzebska Spolka Weglowa SA* |
3,124 | 47,603 | ||||||
Jervois Global Ltd.* (a) |
49,165 | 31,620 | ||||||
JFE Holdings, Inc. |
12,900 | 158,811 | ||||||
K92 Mining, Inc.* (a) |
16,544 | 118,444 | ||||||
KGHM Polska Miedz SA |
2,288 | 74,735 | ||||||
Kinross Gold Corp. |
23,532 | 119,497 | ||||||
Kobe Steel Ltd. |
7,000 | 30,526 | ||||||
Kyoei Steel Ltd. |
8,300 | 85,780 | ||||||
Labrador Iron Ore Royalty Corp.(a) |
24,811 | 674,802 | ||||||
Lake Resources NL* (a) |
76,296 | 106,813 | ||||||
Lithium Americas Corp.* (a) |
2,508 | 63,541 | ||||||
Lundin Gold, Inc.* (a) |
6,342 | 51,359 | ||||||
Lundin Mining Corp. |
13,029 | 119,581 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 155 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Metals & Mining – (continued) | ||||||||
Lynas Rare Earths Ltd.* (a) |
19,307 | $ | 125,680 | |||||
MAG Silver Corp.* |
4,656 | 68,999 | ||||||
Maruichi Steel Tube Ltd.(a) |
1,900 | 40,681 | ||||||
Mineral Resources Ltd. |
3,698 | 153,842 | ||||||
Mitsubishi Materials Corp. |
3,800 | 59,628 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
1,600 | 40,753 | ||||||
New Gold, Inc.* (a) |
231,856 | 339,244 | ||||||
Newcrest Mining Ltd.(a) |
15,050 | 287,489 | ||||||
Nickel Mines Ltd.(a) |
46,684 | 43,626 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
21,500 | 276,301 | ||||||
Nippon Steel Corp. |
21,015 | 335,679 | ||||||
Norsk Hydro ASA |
34,959 | 299,963 | ||||||
Northern Star Resources Ltd. |
17,974 | 125,433 | ||||||
Novagold Resources, Inc.* (a) |
16,426 | 102,948 | ||||||
OceanaGold Corp.* |
1,000 | 2,504 | ||||||
OceanaGold Corp.* (a) |
247,090 | 618,668 | ||||||
Orla Mining Ltd.* (a) |
10,780 | 45,969 | ||||||
Osisko Gold Royalties Ltd.(a) |
9,245 | 114,364 | ||||||
Osisko Mining, Inc.* |
27,456 | 87,005 | ||||||
Outokumpu OYJ(a) |
7,392 | 36,924 | ||||||
OZ Minerals Ltd.(a) |
6,973 | 123,884 | ||||||
Pan American Silver Corp. |
4,082 | 101,727 | ||||||
Perenti Global Ltd.(a) |
313,556 | 158,208 | ||||||
Perseus Mining Ltd.(a) |
483,320 | 681,791 | ||||||
Pilbara Minerals Ltd.* |
36,168 | 73,253 | ||||||
Ramelius Resources Ltd.(a) |
358,792 | 385,013 | ||||||
Regis Resources Ltd.(a) |
257,226 | 382,047 | ||||||
Rio Tinto Ltd. |
8,686 | 696,466 | ||||||
Rio Tinto plc |
24,080 | 1,725,063 | ||||||
Salzgitter AG* |
15,093 | 634,028 | ||||||
Sandfire Resources Ltd. |
150,672 | 611,399 | ||||||
Sandstorm Gold Ltd. |
13,772 | 103,017 | ||||||
Sanyo Special Steel Co. Ltd. |
9,000 | 138,654 | ||||||
Sayona Mining Ltd.* (a) |
267,529 | 60,838 | ||||||
Seabridge Gold, Inc.* |
5,588 | 99,295 | ||||||
Silver Lake Resources Ltd.* |
70,620 | 93,346 | ||||||
SilverCrest Metals, Inc.* |
9,416 | 71,391 | ||||||
Sims Ltd.(a) |
5,980 | 88,266 | ||||||
Solaris Resources, Inc.* |
3,872 | 38,931 | ||||||
South32 Ltd. |
117,433 | 398,074 |
Investments | Shares | Value | ||||||
Metals & Mining – (continued) | ||||||||
SSAB AB, Class A |
10,296 | $ | 66,591 | |||||
SSAB AB, Class B |
9,504 | 56,907 | ||||||
SSR Mining, Inc. |
5,762 | 127,408 | ||||||
St Barbara Ltd.(a) |
292,572 | 277,568 | ||||||
Stelco Holdings, Inc. |
596 | 21,866 | ||||||
Sumitomo Metal Mining Co. Ltd. |
6,100 | 267,005 | ||||||
Teck Resources Ltd., Class B(a) |
10,406 | 412,641 | ||||||
thyssenkrupp AG* |
8,316 | 64,745 | ||||||
Toho Titanium Co. Ltd. |
200 | 2,294 | ||||||
Tokyo Steel Manufacturing Co. Ltd. |
30,100 | 312,012 | ||||||
Torex Gold Resources, Inc.* |
34,787 | 391,407 | ||||||
Turquoise Hill Resources Ltd.* (a) |
35,733 | 979,963 | ||||||
UACJ Corp. |
11,500 | 193,856 | ||||||
voestalpine AG |
1,880 | 49,702 | ||||||
Vulcan Energy Resources Ltd.* (a) |
6,732 | 40,569 | ||||||
Wesdome Gold Mines Ltd.* |
8,888 | 91,171 | ||||||
West African Resources Ltd.* |
70,224 | 67,870 | ||||||
Western Areas Ltd.* |
19,404 | 52,952 | ||||||
Westgold Resources Ltd.(a) |
157,067 | 182,498 | ||||||
Wheaton Precious Metals Corp.(a) |
7,267 | 327,400 | ||||||
Yamana Gold, Inc. |
23,875 | 132,447 | ||||||
Yamato Kogyo Co. Ltd. |
1,300 | 42,143 | ||||||
Yodogawa Steel Works Ltd. |
11,500 | 218,532 | ||||||
33,483,501 | ||||||||
Multiline Retail – 0.4% | ||||||||
B&M European Value Retail SA |
17,329 | 106,651 | ||||||
Canadian Tire Corp. Ltd., Class A |
1,220 | 168,913 | ||||||
Dollarama, Inc. |
4,343 | 242,696 | ||||||
Europris ASA(b) |
66,177 | 339,531 | ||||||
H2O Retailing Corp. |
5,615 | 36,708 | ||||||
Harvey Norman Holdings Ltd.(a) |
17,952 | 64,936 | ||||||
Isetan Mitsukoshi Holdings Ltd. |
9,100 | 67,639 | ||||||
Izumi Co. Ltd. |
1,300 | 28,125 | ||||||
J Front Retailing Co. Ltd. |
9,100 | 68,341 | ||||||
Next plc |
2,365 | 178,928 |
See Accompanying Notes to the Financial Statements.
156 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Multiline Retail – (continued) | ||||||||
Pan Pacific International Holdings Corp. |
7,500 | $ | 116,413 | |||||
Ryohin Keikaku Co. Ltd. |
6,000 | 54,137 | ||||||
Seria Co. Ltd. |
1,000 | 19,697 | ||||||
Takashimaya Co. Ltd. |
4,400 | 40,108 | ||||||
Tokmanni Group Corp. |
2,948 | 38,564 | ||||||
Warehouse Group Ltd. (The)(a) |
30,712 | 68,771 | ||||||
Wesfarmers Ltd. |
18,748 | 658,303 | ||||||
2,298,461 | ||||||||
Multi-Utilities – 0.7% | ||||||||
A2A SpA |
51,964 | 89,465 | ||||||
ACEA SpA |
1,552 | 26,802 | ||||||
AGL Energy Ltd. |
12,344 | 76,143 | ||||||
Algonquin Power & Utilities Corp.(a) |
12,062 | 175,544 | ||||||
Atco Ltd., Class I |
1,064 | 38,104 | ||||||
Canadian Utilities Ltd., Class A |
1,628 | 49,195 | ||||||
Centrica plc* |
123,453 | 123,159 | ||||||
E.ON SE |
53,492 | 560,364 | ||||||
Engie SA(a) |
38,442 | 459,157 | ||||||
Hera SpA |
19,272 | 72,297 | ||||||
Iren SpA |
19,624 | 51,259 | ||||||
National Grid plc |
63,985 | 959,178 | ||||||
REN – Redes Energeticas Nacionais SGPS SA |
142,244 | 433,674 | ||||||
RWE AG |
10,578 | 441,795 | ||||||
Sembcorp Industries Ltd. |
4,000 | 8,545 | ||||||
Telecom Plus plc |
4,843 | 101,056 | ||||||
Veolia Environnement SA(a) |
11,352 | 334,125 | ||||||
3,999,862 | ||||||||
Oil, Gas & Consumable Fuels – 6.0% | ||||||||
Advantage Energy Ltd.* |
10,340 | 86,811 | ||||||
Aker BP ASA(a) |
1,828 | 66,810 | ||||||
Ampol Ltd. |
2,420 | 58,214 | ||||||
ARC Resources Ltd.(a) |
17,931 | 249,874 | ||||||
Baytex Energy Corp.* |
29,713 | 152,744 | ||||||
Beach Energy Ltd. |
39,336 | 45,425 | ||||||
Birchcliff Energy Ltd. |
97,524 | 717,285 | ||||||
BP plc |
456,058 | 2,241,940 | ||||||
BRIGHTOIL* ‡ |
50,147 | — |
Investments | Shares | Value | ||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||
BW LPG Ltd.(b) |
35,819 | $ | 229,719 | |||||
Cameco Corp.(a) |
7,095 | 184,141 | ||||||
Canadian Natural Resources Ltd. |
27,176 | 1,690,672 | ||||||
Capricorn Energy plc* (a) |
23,656 | 61,242 | ||||||
Cenovus Energy, Inc.(a) |
21,672 | 402,731 | ||||||
Crescent Point Energy Corp. |
15,928 | 110,918 | ||||||
Denison Mines Corp.* (a) |
53,196 | 69,094 | ||||||
Diversified Energy Co. plc(b) |
315,706 | 479,606 | ||||||
DNO ASA |
22,968 | 35,673 | ||||||
Enbridge, Inc. |
32,164 | 1,410,832 | ||||||
ENEOS Holdings, Inc. |
77,450 | 272,713 | ||||||
Energean plc* |
8,008 | 119,040 | ||||||
Energy Fuels, Inc.* (a) |
10,296 | 77,982 | ||||||
Enerplus Corp.(a) |
92,149 | 1,134,874 | ||||||
Eni SpA |
55,298 | 781,127 | ||||||
Equinor ASA |
24,123 | 831,283 | ||||||
Equital Ltd.* |
6,794 | 278,750 | ||||||
Euronav NV |
8,360 | 97,983 | ||||||
FLEX LNG Ltd. |
10,750 | 309,004 | ||||||
Freehold Royalties Ltd. |
5,060 | 59,308 | ||||||
Galp Energia SGPS SA |
12,298 | 150,885 | ||||||
Gaztransport Et Technigaz SA |
660 | 79,514 | ||||||
Gibson Energy, Inc.(a) |
1,537 | 29,416 | ||||||
Hafnia Ltd.* |
46,860 | 139,324 | ||||||
Harbour Energy plc |
13,992 | 88,573 | ||||||
Idemitsu Kosan Co. Ltd. |
5,982 | 157,215 | ||||||
Imperial Oil Ltd. |
5,117 | 258,963 | ||||||
Inpex Corp. |
23,500 | 277,879 | ||||||
Itochu Enex Co. Ltd. |
17,300 | 142,876 | ||||||
Iwatani Corp. |
1,397 | 55,962 | ||||||
Japan Petroleum Exploration Co. Ltd. |
14,600 | 289,273 | ||||||
Karoon Energy Ltd.* |
45,716 | 67,250 | ||||||
Keyera Corp.(a) |
4,972 | 123,984 | ||||||
Koninklijke Vopak NV |
1,558 | 42,109 | ||||||
Lundin Energy AB |
4,076 | 170,642 | ||||||
MEG Energy Corp.* |
4,928 | 74,418 | ||||||
Mitsuuroko Group Holdings Co. Ltd. |
1,200 | 9,345 | ||||||
Naphtha Israel Petroleum Corp. Ltd.* |
7,920 | 63,307 | ||||||
Neste OYJ |
7,482 | 325,197 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 157 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||
New Hope Corp. Ltd.(a) |
175,053 | $ | 436,649 | |||||
NexGen Energy Ltd.* (a) |
16,236 | 80,415 | ||||||
NuVista Energy Ltd.* |
64,156 | 550,174 | ||||||
Oil Refineries Ltd.* |
549,927 | 246,365 | ||||||
OMV AG |
3,827 | 198,231 | ||||||
Paramount Resources Ltd., Class A |
4,048 | 98,377 | ||||||
Parex Resources, Inc. |
44,204 | 866,060 | ||||||
Parkland Corp. |
2,207 | 63,013 | ||||||
Paz Oil Co. Ltd.* |
3,637 | 564,520 | ||||||
Pembina Pipeline Corp. |
7,869 | 299,294 | ||||||
Peyto Exploration & Development Corp.(a) |
60,974 | 624,506 | ||||||
Polski Koncern Naftowy ORLEN SA |
5,060 | 85,884 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA |
60,060 | 84,319 | ||||||
PrairieSky Royalty Ltd.(a) |
12,040 | 166,085 | ||||||
Repsol SA |
34,529 | 520,351 | ||||||
San-Ai Obbli Co. Ltd. |
25,600 | 187,712 | ||||||
Santos Ltd. |
46,870 | 266,465 | ||||||
Shell plc |
172,731 | 4,712,450 | ||||||
Suncor Energy, Inc.(a) |
33,153 | 1,197,923 | ||||||
Tamarack Valley Energy Ltd. |
123,969 | 487,903 | ||||||
TC Energy Corp. |
15,695 | 834,455 | ||||||
Topaz Energy Corp. |
3,344 | 59,551 | ||||||
TotalEnergies SE(a) |
56,674 | 2,823,499 | ||||||
Tourmaline Oil Corp. |
6,982 | 361,433 | ||||||
Tullow Oil plc* |
538,962 | 380,963 | ||||||
United Energy Group Ltd.(a) |
3,462,000 | 410,349 | ||||||
Vermilion Energy, Inc.(a) |
60,888 | 1,192,462 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
5,720 | 113,045 | ||||||
Whitecap Resources, Inc.(a) |
16,598 | 136,753 | ||||||
Whitehaven Coal Ltd.(a) |
17,109 | 59,820 | ||||||
Woodside Petroleum Ltd. |
14,417 | 319,146 | ||||||
Z Energy Ltd.(a) (d) |
19,228 | 47,049 | ||||||
33,277,148 | ||||||||
Paper & Forest Products – 0.6% | ||||||||
Altri SGPS SA |
22,145 | 148,465 | ||||||
Canfor Corp.* (a) |
1,464 | 28,042 |
Investments | Shares | Value | ||||||
Paper & Forest Products – (continued) | ||||||||
Daiken Corp. |
6,500 | $ | 105,557 | |||||
Daio Paper Corp. |
3,745 | 44,832 | ||||||
Hokuetsu Corp.(a) |
64,600 | 332,075 | ||||||
Holmen AB, Class B |
1,540 | 90,167 | ||||||
Interfor Corp.(a) |
23,005 | 659,163 | ||||||
Metsa Board OYJ, Class B(a) |
6,595 | 71,592 | ||||||
Mondi plc |
8,557 | 162,224 | ||||||
Navigator Co. SA (The) |
5,269 | 21,789 | ||||||
Nippon Paper Industries Co. Ltd.(a) |
38,100 | 303,483 | ||||||
Oji Holdings Corp. |
26,000 | 123,618 | ||||||
Semapa-Sociedade de Investimento e Gestao |
3,520 | 48,720 | ||||||
Stella-Jones, Inc. |
3,652 | 101,440 | ||||||
Stora Enso OYJ, Class R |
12,212 | 243,425 | ||||||
Svenska Cellulosa AB SCA, Class A |
2,068 | 40,924 | ||||||
Svenska Cellulosa AB SCA, Class B |
9,116 | 178,860 | ||||||
Tokushu Tokai Paper Co. Ltd. |
4,400 | 117,166 | ||||||
UPM-Kymmene OYJ |
8,772 | 305,753 | ||||||
West Fraser Timber Co. Ltd.(a) |
2,150 | 189,943 | ||||||
3,317,238 | ||||||||
Personal Products – 0.9% | ||||||||
Beiersdorf AG |
1,720 | 173,867 | ||||||
Blackmores Ltd.(a) |
1,320 | 67,868 | ||||||
euglena Co. Ltd.* (a) |
4,400 | 29,274 | ||||||
Fancl Corp. |
400 | 7,718 | ||||||
Interparfums SA |
132 | 7,380 | ||||||
Jamieson Wellness, Inc.(b) |
2,330 | 58,886 | ||||||
Kao Corp. |
7,700 | 310,888 | ||||||
Kobayashi Pharmaceutical Co. Ltd. |
900 | 61,755 | ||||||
Kose Corp.(a) |
700 | 72,615 | ||||||
L’Occitane International SA |
4,500 | 14,367 | ||||||
L’Oreal SA |
3,741 | 1,376,958 | ||||||
Mandom Corp. |
2,600 | 25,988 | ||||||
Milbon Co. Ltd. |
1,000 | 41,911 | ||||||
Noevir Holdings Co. Ltd. |
1,000 | 39,364 | ||||||
Ontex Group NV* (a) |
23,263 | 161,973 | ||||||
Pola Orbis Holdings, Inc. |
2,000 | 23,248 | ||||||
PZ Cussons plc |
28,228 | 72,653 |
See Accompanying Notes to the Financial Statements.
158 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Personal Products – (continued) | ||||||||
Rohto Pharmaceutical Co. Ltd. |
2,000 | $ | 53,566 | |||||
Shiseido Co. Ltd. |
6,600 | 312,578 | ||||||
Unilever plc |
18,528 | 865,110 | ||||||
Unilever plc |
23,440 | 1,094,710 | ||||||
4,872,677 | ||||||||
Pharmaceuticals – 4.9% | ||||||||
ALK-Abello A/S* |
2,640 | 58,125 | ||||||
Almirall SA |
4,404 | 57,703 | ||||||
Astellas Pharma, Inc. |
30,000 | 458,012 | ||||||
AstraZeneca plc |
24,768 | 3,323,564 | ||||||
Aurora Cannabis, Inc.* |
44 | 134 | ||||||
Bausch Health Cos., Inc.* |
7,181 | 137,153 | ||||||
Bayer AG (Registered)* |
21,758 | 1,443,782 | ||||||
Camurus AB* (a) |
2,860 | 47,514 | ||||||
Canopy Growth Corp.* |
6,156 | 35,692 | ||||||
Chugai Pharmaceutical Co. Ltd. |
11,200 | 337,400 | ||||||
COSMO Pharmaceuticals NV* (a) |
413 | 23,742 | ||||||
Daiichi Sankyo Co. Ltd. |
29,700 | 747,773 | ||||||
Dechra Pharmaceuticals plc |
2,193 | 100,166 | ||||||
Eisai Co. Ltd. |
4,700 | 205,471 | ||||||
Faes Farma SA |
17,235 | 72,183 | ||||||
Financiere de Tubize SA(a) |
264 | 26,180 | ||||||
GlaxoSmithKline plc |
113,778 | 2,566,984 | ||||||
H Lundbeck A/S |
484 | 11,188 | ||||||
Haw Par Corp. Ltd. |
3,200 | 27,066 | ||||||
Hikma Pharmaceuticals plc |
2,900 | 68,577 | ||||||
Hisamitsu Pharmaceutical Co., Inc. |
1,900 | 52,427 | ||||||
Hutchmed China Ltd.* (a) |
7,150 | 22,038 | ||||||
Indivior plc* |
45,193 | 177,709 | ||||||
Ipsen SA |
770 | 80,175 | ||||||
JCR Pharmaceuticals Co. Ltd. |
2,400 | 44,977 | ||||||
Kaken Pharmaceutical Co. Ltd. |
1,500 | 45,558 | ||||||
Kissei Pharmaceutical Co. Ltd. |
1,400 | 27,782 | ||||||
KYORIN Holdings, Inc. |
4,400 | 64,220 | ||||||
Kyowa Kirin Co. Ltd. |
4,400 | 92,816 | ||||||
Merck KGaA |
2,193 | 409,375 | ||||||
Mithra Pharmaceuticals SA* (a) (b) |
1,848 | 18,170 |
Investments | Shares | Value | ||||||
Pharmaceuticals – (continued) | ||||||||
Mochida Pharmaceutical Co. Ltd. |
900 | $ | 25,702 | |||||
Nippon Shinyaku Co. Ltd. |
1,400 | 95,199 | ||||||
Novartis AG (Registered) |
39,001 | 3,475,997 | ||||||
Novo Nordisk A/S, Class B |
26,875 | 3,095,963 | ||||||
Ono Pharmaceutical Co. Ltd. |
9,200 | 236,675 | ||||||
Orion OYJ, Class A |
352 | 14,334 | ||||||
Orion OYJ, Class B |
1,404 | 55,454 | ||||||
Otsuka Holdings Co. Ltd. |
8,700 | 292,977 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
1,628 | 78,986 | ||||||
Roche Holding AG |
11,395 | 4,254,415 | ||||||
Roche Holding AG – BR |
485 | 196,269 | ||||||
Sanofi |
18,275 | 1,950,671 | ||||||
Santen Pharmaceutical Co. Ltd. |
4,500 | 36,921 | ||||||
Sawai Group Holdings Co. Ltd. |
1,800 | 60,505 | ||||||
Shionogi & Co. Ltd. |
4,600 | 258,155 | ||||||
Sosei Group Corp.* (a) |
5,200 | 51,254 | ||||||
Sumitomo Pharma Co. Ltd. |
3,600 | 32,149 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd.(a) |
600 | 23,618 | ||||||
Takeda Pharmaceutical Co. Ltd. |
37,217 | 1,082,671 | ||||||
Teva Pharmaceutical Industries Ltd.* |
27,391 | 244,355 | ||||||
Torii Pharmaceutical Co. Ltd. |
800 | 20,191 | ||||||
Towa Pharmaceutical Co. Ltd.(a) |
9,800 | 208,617 | ||||||
Tsumura & Co. |
900 | 22,194 | ||||||
UCB SA |
2,279 | 260,619 | ||||||
Vetoquinol SA |
308 | 40,291 | ||||||
Vifor Pharma AG |
837 | 148,360 | ||||||
Virbac SA |
132 | 53,752 | ||||||
ZERIA Pharmaceutical Co. Ltd.(a) |
1,800 | 27,647 | ||||||
27,127,597 | ||||||||
Professional Services – 1.3% | ||||||||
Adecco Group AG (Registered) |
3,870 | 152,105 | ||||||
AFRY AB, Class B |
2,640 | 44,183 | ||||||
ALS Ltd. |
8,712 | 81,104 | ||||||
Amadeus Fire AG |
352 | 49,611 | ||||||
Applus Services SA |
49,708 | 389,101 | ||||||
BayCurrent Consulting, Inc. |
300 | 99,915 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 159 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Professional Services – (continued) | ||||||||
Benefit One, Inc. |
1,000 | $ | 15,375 | |||||
BeNext-Yumeshin Group Co.(a) |
4,400 | 50,908 | ||||||
BTS Group AB, Class B |
1,100 | 41,390 | ||||||
Bureau Veritas SA |
4,199 | 121,508 | ||||||
Danel Adir Yeoshua Ltd. |
220 | 34,914 | ||||||
DKSH Holding AG |
660 | 57,150 | ||||||
Experian plc |
15,609 | 547,151 | ||||||
Funai Soken Holdings, Inc. |
2,700 | 45,431 | ||||||
GlobalData plc |
2,508 | 39,124 | ||||||
Hays plc |
34,264 | 52,999 | ||||||
Insource Co. Ltd.(a) |
1,900 | 32,776 | ||||||
Intertek Group plc |
2,322 | 145,997 | ||||||
Intertrust NV* (b) |
33,067 | 683,727 | ||||||
IPH Ltd. |
13,904 | 75,095 | ||||||
JAC Recruitment Co. Ltd. |
1,300 | 18,392 | ||||||
LifeWorks, Inc. |
5,588 | 82,636 | ||||||
McMillan Shakespeare Ltd. |
22,962 | 194,183 | ||||||
Meitec Corp. |
800 | 42,729 | ||||||
Nihon M&A Center Holdings, Inc. |
4,800 | 59,796 | ||||||
Nomura Co. Ltd. |
6,000 | 41,355 | ||||||
Pagegroup plc |
9,108 | 56,192 | ||||||
Pasona Group, Inc. |
1,800 | 28,801 | ||||||
Persol Holdings Co. Ltd. |
4,200 | 84,091 | ||||||
Randstad NV |
1,849 | 99,208 | ||||||
Recruit Holdings Co. Ltd. |
27,500 | 1,022,654 | ||||||
RELX plc |
31,820 | 956,004 | ||||||
RWS Holdings plc |
8,360 | 46,182 | ||||||
SGS SA (Registered) |
86 | 223,450 | ||||||
SmartGroup Corp. Ltd.(a) |
7,766 | 49,284 | ||||||
SMS Co. Ltd. |
2,000 | 47,777 | ||||||
S-Pool, Inc. |
4,400 | 44,455 | ||||||
Stantec, Inc. |
1,848 | 85,268 | ||||||
SThree plc |
7,172 | 33,091 | ||||||
Synergie SE |
440 | 16,966 | ||||||
TechnoPro Holdings, Inc. |
1,100 | 28,273 | ||||||
Teleperformance |
903 | 326,463 | ||||||
Thomson Reuters Corp. |
2,451 | 246,318 | ||||||
Tinexta Spa |
1,056 | 26,803 | ||||||
UT Group Co. Ltd.(a) |
2,000 | 45,523 | ||||||
Weathernews, Inc. |
500 | 26,397 |
Investments | Shares | Value | ||||||
Professional Services – (continued) | ||||||||
Wolters Kluwer NV(a) |
4,472 | $ | 455,639 | |||||
7,147,494 | ||||||||
Real Estate Management & Development – 2.2% | ||||||||
ADLER Group SA(a) (b) |
27,907 | 213,002 | ||||||
Aedas Homes SA(b) |
6,751 | 158,108 | ||||||
Aeon Mall Co. Ltd. |
1,990 | 24,207 | ||||||
AFI Properties Ltd. |
165 | 10,019 | ||||||
Airport City Ltd.* |
1,928 | 43,273 | ||||||
Allreal Holding AG (Registered) |
366 | 69,531 | ||||||
Alony Hetz Properties & Investments Ltd. |
2,596 | 42,729 | ||||||
Altus Group Ltd. |
2,640 | 99,378 | ||||||
Amot Investments Ltd. |
5,448 | 41,640 | ||||||
Aroundtown SA |
20,640 | 104,472 | ||||||
Ascendas India Trust |
262,300 | 239,335 | ||||||
Atrium Ljungberg AB, Class B |
792 | 13,053 | ||||||
Azrieli Group Ltd. |
532 | 46,011 | ||||||
Big Shopping Centers Ltd. |
16 | 2,432 | ||||||
Blue Square Real Estate Ltd. |
283 | 25,382 | ||||||
Bukit Sembawang Estates Ltd. |
60,200 | 219,718 | ||||||
CA Immobilien Anlagen AG(a) |
572 | 16,293 | ||||||
Capitaland Investment Ltd.* |
44,131 | 135,183 | ||||||
Castellum AB(a) |
4,945 | 98,917 | ||||||
Catena AB |
924 | 48,449 | ||||||
Cibus Nordic Real Estate AB |
3,432 | 79,726 | ||||||
City Developments Ltd. |
9,400 | 58,133 | ||||||
CK Asset Holdings Ltd. |
43,000 | 292,653 | ||||||
CLS Holdings plc, REIT |
14,403 | 37,070 | ||||||
Colliers International Group, Inc. |
748 | 83,020 | ||||||
Corem Property Group AB, Class B* |
19,888 | 42,362 | ||||||
Daito Trust Construction Co. Ltd. |
1,600 | 154,616 | ||||||
Daiwa House Industry Co. Ltd. |
15,900 | 385,719 | ||||||
Deutsche EuroShop AG |
19,393 | 322,019 | ||||||
Deutsche Wohnen SE |
1,012 | 29,135 | ||||||
DIC Asset AG |
3,740 | 52,554 | ||||||
Dios Fastigheter AB |
7,480 | 67,671 | ||||||
DREAM Unlimited Corp., Class A |
1,584 | 57,260 | ||||||
Entra ASA(b) |
2,068 | 34,539 |
See Accompanying Notes to the Financial Statements.
160 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Real Estate Management & Development – (continued) | ||||||||
ESR Cayman Ltd.* (b) |
51,600 | $ | 157,507 | |||||
Fabege AB |
5,412 | 66,397 | ||||||
Fastighets AB Balder, Class B* (a) |
2,107 | 105,766 | ||||||
FastPartner AB, Class A |
3,124 | 26,413 | ||||||
FirstService Corp. |
676 | 84,724 | ||||||
Gav-Yam Lands Corp. Ltd. |
593 | 6,566 | ||||||
Gazit-Globe Ltd. |
22,517 | 212,465 | ||||||
Grainger plc |
11,088 | 41,290 | ||||||
Grand City Properties SA |
2,508 | 44,450 | ||||||
Great Eagle Holdings Ltd. |
124,555 | 292,094 | ||||||
GuocoLand Ltd. |
102,400 | 121,613 | ||||||
Hang Lung Group Ltd. |
33,000 | 64,771 | ||||||
Hang Lung Properties Ltd. |
44,000 | 84,230 | ||||||
Heba Fastighets AB, Class B |
2,640 | 34,020 | ||||||
Heiwa Real Estate Co. Ltd. |
1,300 | 40,888 | ||||||
Henderson Land Development Co. Ltd. |
33,239 | 134,928 | ||||||
Hiag Immobilien Holding AG* |
355 | 36,939 | ||||||
Ho Bee Land Ltd. |
80,400 | 176,415 | ||||||
Hufvudstaden AB, Class A |
2,610 | 34,086 | ||||||
Hulic Co. Ltd. |
13,700 | 116,105 | ||||||
Hysan Development Co. Ltd. |
19,000 | 56,059 | ||||||
Ichigo, Inc. |
5,500 | 12,311 | ||||||
Immobel SA(a) |
1,591 | 114,804 | ||||||
IMMOFINANZ AG* |
2,253 | 54,524 | ||||||
Intershop Holding AG |
76 | 49,641 | ||||||
Israel Canada T.R Ltd. |
7,168 | 35,823 | ||||||
Isras Investment Co. Ltd. |
136 | 33,431 | ||||||
IWG plc* |
18,668 | 57,188 | ||||||
Jeudan A/S |
560 | 21,919 | ||||||
K Wah International Holdings Ltd. |
572,089 | 215,094 | ||||||
Katitas Co. Ltd. |
1,100 | 25,853 | ||||||
Keihanshin Building Co. Ltd. |
4,400 | 45,881 | ||||||
Kerry Properties Ltd. |
16,500 | 44,793 | ||||||
K-fast Holding AB* (a) (b) |
5,148 | 23,718 | ||||||
Kojamo OYJ(a) |
1,980 | 39,541 | ||||||
LEG Immobilien SE |
1,419 | 146,105 | ||||||
Lendlease Corp. Ltd.(a) |
14,937 | 130,033 | ||||||
Lifestyle Communities Ltd. |
5,148 | 55,462 | ||||||
Mega Or Holdings Ltd. |
1,085 | 41,789 |
Investments | Shares | Value | ||||||
Real Estate Management & Development – (continued) | ||||||||
Melisron Ltd.* |
460 | $ | 37,636 | |||||
Mitsubishi Estate Co. Ltd. |
21,500 | 312,560 | ||||||
Mitsui Fudosan Co. Ltd. |
21,500 | 455,605 | ||||||
Mivne Real Estate KD Ltd. |
14,248 | 53,725 | ||||||
Mobimo Holding AG (Registered)(a) |
352 | 101,359 | ||||||
Morguard Corp. |
1,419 | 140,118 | ||||||
New World Development Co. Ltd. |
33,590 | 128,860 | ||||||
Nexity SA |
18,017 | 550,824 | ||||||
Nomura Real Estate Holdings, Inc. |
1,400 | 34,092 | ||||||
NP3 Fastigheter AB |
396 | 11,120 | ||||||
Nyfosa AB |
2,684 | 29,928 | ||||||
OUE Ltd. |
90,000 | 88,638 | ||||||
PATRIZIA AG |
3,248 | 55,714 | ||||||
Platzer Fastigheter Holding AB, Class B |
3,080 | 31,513 | ||||||
Prashkovsky Investments and Construction Ltd. |
1,672 | 66,198 | ||||||
Property & Building Corp. Ltd.* |
128 | 17,885 | ||||||
PSP Swiss Property AG (Registered) |
531 | 67,397 | ||||||
Relo Group, Inc. |
2,270 | 32,781 | ||||||
S IMMO AG |
2,564 | 61,536 | ||||||
Sagax AB, Class B |
2,420 | 62,617 | ||||||
Samhallsbyggnadsbolaget i Norden AB(a) |
22,748 | 72,123 | ||||||
SAMTY Co. Ltd.(a) |
8,900 | 144,257 | ||||||
Savills plc |
7,783 | 105,826 | ||||||
Sella Capital Real Estate Ltd., REIT |
76,693 | 261,416 | ||||||
Selvaag Bolig ASA(a) |
11,440 | 54,827 | ||||||
Shun Tak Holdings Ltd.* (a) |
860,000 | 175,373 | ||||||
Singapore Land Group Ltd. |
5,656 | 10,567 | ||||||
Sino Land Co. Ltd. |
97,289 | 129,452 | ||||||
Sirius Real Estate Ltd. |
65,648 | 100,059 | ||||||
Starts Corp., Inc. |
12,900 | 239,859 | ||||||
Sumitomo Realty & Development Co. Ltd.(a) |
11,600 | 307,459 | ||||||
Summit Real Estate Holdings Ltd. |
2,418 | 57,166 | ||||||
Sun Hung Kai Properties Ltd. |
35,500 | 411,504 | ||||||
Swire Pacific Ltd., Class A |
3,500 | 20,029 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 161 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Real Estate Management & Development – (continued) | ||||||||
Swire Properties Ltd. |
24,800 | $ | 59,992 | |||||
Swiss Prime Site AG (Registered) |
1,285 | 126,428 | ||||||
TAG Immobilien AG |
4,270 | 85,858 | ||||||
Tokyo Tatemono Co. Ltd. |
5,200 | 73,208 | ||||||
Tokyu Fudosan Holdings Corp. |
11,200 | 58,524 | ||||||
Tricon Residential, Inc.(a) |
8,256 | 120,088 | ||||||
UOL Group Ltd.* |
6,799 | 35,942 | ||||||
VGP NV |
176 | 45,861 | ||||||
VIB Vermoegen AG |
271 | 9,792 | ||||||
Vonovia SE* |
12,035 | 482,460 | ||||||
Wallenstam AB, Class B(a) |
4,444 | 49,598 | ||||||
Watkin Jones plc |
13,596 | 42,248 | ||||||
Wharf Real Estate Investment Co. Ltd. |
25,000 | 118,370 | ||||||
Wihlborgs Fastigheter AB(a) |
3,652 | 63,991 | ||||||
Wing Tai Holdings Ltd. |
24,000 | 30,415 | ||||||
YH Dimri Construction & Development Ltd. |
452 | 40,972 | ||||||
Zensun Enterprises Ltd. |
144,000 | 67,355 | ||||||
12,374,370 | ||||||||
Road & Rail – 1.4% | ||||||||
Aurizon Holdings Ltd. |
31,840 | 91,187 | ||||||
Canadian National Railway Co. |
10,062 | 1,189,442 | ||||||
Canadian Pacific Railway Ltd. |
14,620 | 1,074,951 | ||||||
Central Japan Railway Co.(a) |
3,700 | 468,640 | ||||||
ComfortDelGro Corp. Ltd. |
18,400 | 19,587 | ||||||
East Japan Railway Co. |
5,700 | 300,002 | ||||||
Europcar Mobility Group* (b) |
237,747 | 126,058 | ||||||
Firstgroup plc* |
31,646 | 44,817 | ||||||
Fukuyama Transporting Co. Ltd. |
1,000 | 28,095 | ||||||
Hankyu Hanshin Holdings, Inc. |
4,500 | 119,308 | ||||||
Hitachi Transport System Ltd. |
1,300 | 85,690 | ||||||
Keikyu Corp.(a) |
5,700 | 57,678 | ||||||
Keio Corp.(a) |
1,800 | 69,396 | ||||||
Keisei Electric Railway Co. Ltd.(a) |
2,900 | 71,515 | ||||||
Kelsian Group Ltd.(a) |
13,288 | 74,884 | ||||||
Kintetsu Group Holdings Co. Ltd. |
3,900 | 112,431 |
Investments | Shares | Value | ||||||
Road & Rail – (continued) | ||||||||
Kyushu Railway Co. |
2,100 | $ | 41,397 | |||||
Maruzen Showa Unyu Co. Ltd. |
6,600 | 161,994 | ||||||
MTR Corp. Ltd. |
25,764 | 137,421 | ||||||
Mullen Group Ltd.(a) |
32,207 | 309,709 | ||||||
Nagoya Railroad Co. Ltd. |
4,400 | 71,081 | ||||||
Nankai Electric Railway Co. Ltd. |
3,000 | 53,790 | ||||||
National Express Group plc* |
204,336 | 638,281 | ||||||
Nikkon Holdings Co. Ltd. |
24,100 | 366,448 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. |
1,600 | 94,350 | ||||||
Nishi-Nippon Railroad Co. Ltd. |
1,000 | 20,114 | ||||||
Northgate plc |
97,008 | 483,520 | ||||||
NTG Nordic Transport Group A/S* (a) |
792 | 43,412 | ||||||
Odakyu Electric Railway Co. Ltd. |
4,600 | 70,157 | ||||||
Sakai Moving Service Co. Ltd. |
2,900 | 99,271 | ||||||
Sankyu, Inc. |
1,333 | 40,692 | ||||||
SBS Transit Ltd. |
26,000 | 55,167 | ||||||
Seibu Holdings, Inc. |
2,600 | 26,008 | ||||||
Seino Holdings Co. Ltd. |
3,100 | 25,411 | ||||||
Senko Group Holdings Co. Ltd.(a) |
50,900 | 346,510 | ||||||
Sixt SE* |
308 | 40,453 | ||||||
Sixt SE (Preference) |
298 | 21,723 | ||||||
Stef SA |
1,290 | 127,379 | ||||||
TFI International, Inc. |
1,591 | 128,644 | ||||||
Tobu Railway Co. Ltd. |
4,000 | 90,244 | ||||||
Tokyu Corp. |
8,700 | 106,836 | ||||||
Trancom Co. Ltd. |
600 | 31,445 | ||||||
West Japan Railway Co. |
4,300 | 160,769 | ||||||
7,725,907 | ||||||||
Semiconductors & Semiconductor Equipment – 1.7% | ||||||||
Advantest Corp. |
3,100 | 215,105 | ||||||
AEM Holdings Ltd. |
13,200 | 45,979 | ||||||
AIXTRON SE |
7,783 | 203,214 | ||||||
Alphawave IP Group plc* (a) |
19,492 | 36,708 | ||||||
ams-OSRAM AG* |
5,984 | 74,842 | ||||||
ASM International NV |
688 | 210,411 | ||||||
ASM Pacific Technology Ltd. |
5,000 | 51,012 | ||||||
ASML Holding NV |
6,579 | 3,803,403 |
See Accompanying Notes to the Financial Statements.
162 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||||
BE Semiconductor Industries NV(a) |
1,505 | $ | 93,261 | |||||
Disco Corp. |
600 | 148,657 | ||||||
Ferrotec Holdings Corp.(a) |
14,900 | 275,551 | ||||||
Furuya Metal Co. Ltd.(a) |
1,600 | 115,962 | ||||||
Infineon Technologies AG |
21,113 | 611,398 | ||||||
Japan Material Co. Ltd. |
3,900 | 59,451 | ||||||
Lasertec Corp. |
1,300 | 177,752 | ||||||
Megachips Corp. |
1,000 | 25,973 | ||||||
Melexis NV |
495 | 43,317 | ||||||
Meyer Burger Technology AG* (a) |
160,380 | 77,327 | ||||||
Mimasu Semiconductor Industry Co. Ltd. |
4,600 | 83,472 | ||||||
Nordic Semiconductor ASA* |
3,828 | 78,663 | ||||||
Nova Ltd.* |
352 | 34,004 | ||||||
Optorun Co. Ltd. |
2,900 | 43,290 | ||||||
REC Silicon ASA* (a) |
22,352 | 39,466 | ||||||
Renesas Electronics Corp.* |
23,900 | 259,735 | ||||||
Rohm Co. Ltd. |
1,600 | 113,121 | ||||||
Sanken Electric Co. Ltd. |
1,600 | 59,648 | ||||||
SCREEN Holdings Co. Ltd. |
1,100 | 91,525 | ||||||
Shinko Electric Industries Co. Ltd. |
1,400 | 61,701 | ||||||
Siltronic AG* |
405 | 38,325 | ||||||
SMA Solar Technology AG |
1,100 | 50,735 | ||||||
SOITEC* |
528 | 96,336 | ||||||
STMicroelectronics NV |
10,664 | 402,018 | ||||||
SUMCO Corp. |
5,700 | 83,459 | ||||||
Tokyo Electron Ltd. |
2,600 | 1,113,368 | ||||||
Tokyo Seimitsu Co. Ltd. |
1,600 | 55,696 | ||||||
Tower Semiconductor Ltd.* |
2,191 | 105,565 | ||||||
Tri Chemical Laboratories, Inc. |
1,800 | 34,302 | ||||||
Ulvac, Inc. |
1,000 | 39,827 | ||||||
X-Fab Silicon Foundries SE* (b) |
4,400 | 31,727 | ||||||
9,185,306 | ||||||||
Software – 1.2% | ||||||||
Altium Ltd. |
1,716 | 40,084 | ||||||
Asseco Poland SA |
3,212 | 56,421 | ||||||
Atoss Software AG |
176 | 25,845 | ||||||
Avast plc(b) |
6,996 | 49,539 |
Investments | Shares | Value | ||||||
Software – (continued) | ||||||||
AVEVA Group plc |
2,332 | $ | 63,680 | |||||
BlackBerry Ltd.* (a) |
8,682 | 49,930 | ||||||
BrainChip Holdings Ltd.* (a) |
89,100 | 62,053 | ||||||
Bytes Technology Group plc |
10,736 | 60,278 | ||||||
Constellation Software, Inc.(a) |
301 | 476,181 | ||||||
Dassault Systemes SE |
11,063 | 496,422 | ||||||
Descartes Systems Group, Inc. (The)* |
1,408 | 87,903 | ||||||
Digital Arts, Inc. |
1,000 | 56,576 | ||||||
Docebo, Inc.* (a) |
1,100 | 47,346 | ||||||
dotdigital group plc |
44 | 48 | ||||||
Dubber Corp. Ltd.* (a) |
23,408 | 17,467 | ||||||
Dye & Durham Ltd.(a) |
3,388 | 56,226 | ||||||
Enghouse Systems Ltd.(a) |
2,552 | 72,144 | ||||||
FD Technologies plc* |
132 | 3,919 | ||||||
Freee KK* |
1,200 | 35,150 | ||||||
Fuji Soft, Inc. |
700 | 37,442 | ||||||
GB Group plc |
18,877 | 138,290 | ||||||
Hansen Technologies Ltd.(a) |
15,092 | 58,774 | ||||||
Hilan Ltd. |
865 | 50,530 | ||||||
Hut 8 Mining Corp.* (a) |
9,856 | 35,320 | ||||||
Ideagen plc |
13,640 | 40,244 | ||||||
IRESS Ltd.(a) |
6,556 | 51,436 | ||||||
Kape Technologies plc* |
8,536 | 36,866 | ||||||
Kinaxis, Inc.* (a) |
520 | 57,841 | ||||||
Learning Technologies Group plc |
20,240 | 33,365 | ||||||
Lectra |
1,188 | 49,505 | ||||||
Lightspeed Commerce, Inc.* (a) |
2,184 | 49,061 | ||||||
LINK Mobility Group Holding ASA* (a) |
24,552 | 40,874 | ||||||
Magic Software Enterprises Ltd. |
2,288 | 39,686 | ||||||
Micro Focus International plc(a) |
140,868 | 671,537 | ||||||
Miroku Jyoho Service Co. Ltd. |
1,000 | 10,212 | ||||||
Money Forward, Inc.* |
1,100 | 38,036 | ||||||
Nemetschek SE |
884 | 71,137 | ||||||
Netcompany Group A/S* (b) |
440 | 24,798 | ||||||
Nice Ltd.* |
1,033 | 212,471 | ||||||
Open Text Corp. |
4,558 | 183,490 | ||||||
Oracle Corp. Japan |
800 | 51,744 | ||||||
QT Group OYJ* |
308 | 27,333 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 163 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Software – (continued) | ||||||||
Rakus Co. Ltd. |
1,600 | $ | 19,969 | |||||
Sage Group plc (The) |
16,125 | 149,286 | ||||||
SAP SE |
17,458 | 1,796,793 | ||||||
SimCorp A/S |
660 | 46,800 | ||||||
Sinch AB* (a) (b) |
7,462 | 33,796 | ||||||
Software AG |
1,320 | 41,135 | ||||||
Systena Corp.(a) |
7,600 | 24,109 | ||||||
TeamViewer AG* (b) |
3,960 | 48,230 | ||||||
Technology One Ltd. |
7,884 | 58,773 | ||||||
Temenos AG (Registered) |
1,188 | 121,535 | ||||||
TomTom NV* |
6,776 | 59,331 | ||||||
Trend Micro, Inc. |
2,500 | 140,090 | ||||||
Truecaller AB, Class B* |
3,168 | 17,986 | ||||||
Vitec Software Group AB, Class B(a) |
2,332 | 118,679 | ||||||
Vobile Group Ltd.* (a) (b) (d) |
46,000 | 22,689 | ||||||
Voyager Digital Ltd.* (a) |
53,535 | 178,443 | ||||||
WiseTech Global Ltd.(a) |
3,397 | 109,285 | ||||||
WithSecure OYJ* |
8,140 | 44,568 | ||||||
6,798,701 | ||||||||
Specialty Retail – 1.7% | ||||||||
ABC-Mart, Inc. |
700 | 28,960 | ||||||
Accent Group Ltd.(a) |
26,488 | 27,012 | ||||||
Adairs Ltd.(a) |
53,196 | 107,363 | ||||||
Alpen Co. Ltd. |
4,600 | 70,122 | ||||||
Arcland Sakamoto Co. Ltd.(a) |
12,700 | 151,839 | ||||||
Aritzia, Inc.* |
1,716 | 61,427 | ||||||
Autobacs Seven Co. Ltd.(a) |
27,900 | 295,022 | ||||||
Bic Camera, Inc.(a) |
4,100 | 34,683 | ||||||
Bilia AB, Class A |
3,652 | 51,275 | ||||||
Carasso Motors Ltd. |
9,988 | 64,294 | ||||||
CECONOMY AG |
63,081 | 218,541 | ||||||
City Chic Collective Ltd.* |
15,004 | 31,881 | ||||||
Clas Ohlson AB, Class B |
13,201 | 151,106 | ||||||
Currys plc |
435,461 | 510,091 | ||||||
DCM Holdings Co. Ltd. |
49,700 | 409,691 | ||||||
Delek Automotive Systems Ltd. |
19,839 | 282,011 | ||||||
Dufry AG (Registered)* |
1,188 | 48,235 | ||||||
Dunelm Group plc |
2,604 | 32,072 | ||||||
Eagers Automotive Ltd.(a) |
4,180 | 39,745 | ||||||
EDION Corp.(a) |
30,100 | 271,820 |
Investments | Shares | Value | ||||||
Specialty Retail – (continued) | ||||||||
Fast Retailing Co. Ltd. |
1,100 | $ | 510,775 | |||||
Fenix Outdoor International AG |
369 | 33,232 | ||||||
Fielmann AG |
607 | 30,865 | ||||||
Fnac Darty SA |
7,439 | 371,670 | ||||||
Fox Wizel Ltd. |
123 | 18,221 | ||||||
Frasers Group plc* |
4,620 | 39,385 | ||||||
H & M Hennes & Mauritz AB, Class B(a) |
11,180 | 142,904 | ||||||
Hikari Tsushin, Inc. |
400 | 47,082 | ||||||
Hornbach Holding AG & Co. KGaA |
3,397 | 408,896 | ||||||
IDOM, Inc. |
20,000 | 100,340 | ||||||
Industria de Diseno Textil SA(a) |
18,060 | 382,953 | ||||||
JB Hi-Fi Ltd.(a) |
2,881 | 108,450 | ||||||
JD Sports Fashion plc |
44,135 | 73,919 | ||||||
JINS Holdings, Inc. |
900 | 29,662 | ||||||
Joshin Denki Co. Ltd.(a) |
8,600 | 132,093 | ||||||
Joyful Honda Co. Ltd.(a) |
23,500 | 282,776 | ||||||
Kid ASA(b) |
11,997 | 135,982 | ||||||
Kingfisher plc |
43,990 | 139,896 | ||||||
KMD Brands Ltd. |
260,752 | 233,553 | ||||||
Kohnan Shoji Co. Ltd. |
10,100 | 291,946 | ||||||
Komeri Co. Ltd. |
12,900 | 273,015 | ||||||
K’s Holdings Corp.(a) |
6,100 | 60,736 | ||||||
Leon’s Furniture Ltd. |
11,841 | 181,592 | ||||||
Luk Fook Holdings International Ltd. |
136,672 | 314,239 | ||||||
Maisons du Monde SA(b) |
2,332 | 40,149 | ||||||
Mekonomen AB* |
15,695 | 182,859 | ||||||
Musti Group OYJ* (a) |
2,068 | 49,000 | ||||||
Nextage Co. Ltd. |
3,200 | 49,497 | ||||||
Nick Scali Ltd.(a) |
6,996 | 50,861 | ||||||
Nishimatsuya Chain Co. Ltd.(a) |
14,200 | 174,486 | ||||||
Nitori Holdings Co. Ltd. |
1,600 | 164,866 | ||||||
Nojima Corp. |
12,900 | 260,171 | ||||||
Pet Valu Holdings Ltd. |
1,716 | 42,227 | ||||||
Pets at Home Group plc |
11,308 | 44,125 | ||||||
Premier Investments Ltd. |
3,036 | 54,952 | ||||||
Sanrio Co. Ltd. |
2,200 | 46,476 | ||||||
Shimamura Co. Ltd. |
500 | 44,535 | ||||||
Sleep Country Canada Holdings, Inc.(b) |
1,760 | 34,372 |
See Accompanying Notes to the Financial Statements.
164 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Specialty Retail – (continued) | ||||||||
Super Retail Group Ltd.(a) |
5,324 | $ | 40,105 | |||||
T-Gaia Corp. |
9,600 | 122,186 | ||||||
USS Co. Ltd. |
5,400 | 90,069 | ||||||
Vivo Energy plc(b) |
175,698 | 319,413 | ||||||
Watches of Switzerland Group plc* (c) |
3,344 | 42,866 | ||||||
WH Smith plc* |
1,408 | 25,729 | ||||||
Yamada Holdings Co. Ltd. |
17,300 | 51,676 | ||||||
Yellow Hat Ltd. |
13,100 | 164,205 | ||||||
9,326,197 | ||||||||
Technology Hardware, Storage & Peripherals – 0.5% | ||||||||
Brother Industries Ltd. |
7,600 | 132,806 | ||||||
Canon, Inc.(a) |
25,100 | 580,229 | ||||||
Eizo Corp. |
8,500 | 222,407 | ||||||
Elecom Co. Ltd. |
1,600 | 19,290 | ||||||
FUJIFILM Holdings Corp. |
6,600 | 365,405 | ||||||
Konica Minolta, Inc. |
14,500 | 50,810 | ||||||
Logitech International SA (Registered) |
3,039 | 201,755 | ||||||
Maxell Ltd. |
17,200 | 154,529 | ||||||
MCJ Co. Ltd.(a) |
25,800 | 169,464 | ||||||
Melco Holdings, Inc. |
2,900 | 88,974 | ||||||
Quadient SA |
11,395 | 214,337 | ||||||
Razer, Inc.* (b) (d) |
264,000 | 94,212 | ||||||
Ricoh Co. Ltd. |
17,200 | 126,252 | ||||||
Riso Kagaku Corp. |
1,700 | 32,055 | ||||||
Seiko Epson Corp. |
8,300 | 116,467 | ||||||
Toshiba TEC Corp. |
1,100 | 37,570 | ||||||
Wacom Co. Ltd. |
8,800 | 64,254 | ||||||
2,670,816 | ||||||||
Textiles, Apparel & Luxury Goods – 1.7% | ||||||||
adidas AG |
2,967 | 606,351 | ||||||
Asics Corp.(a) |
3,400 | 54,270 | ||||||
Brunello Cucinelli SpA* |
660 | 34,298 | ||||||
Burberry Group plc |
7,525 | 150,312 | ||||||
Canada Goose Holdings, Inc.* |
2,464 | 53,982 | ||||||
Chow Sang Sang Holdings International Ltd. |
149,000 | 166,354 | ||||||
Cie Financiere Richemont SA (Registered) |
8,385 | 997,752 |
Investments | Shares | Value | ||||||
Textiles, Apparel & Luxury Goods – (continued) | ||||||||
Coats Group plc |
98,856 | $ | 88,121 | |||||
Crystal International Group Ltd.(b) |
127,500 | 50,050 | ||||||
Delta Galil Industries Ltd. |
1,106 | 74,140 | ||||||
Descente Ltd.(a) |
1,200 | 23,396 | ||||||
Dr. Martens plc |
8,536 | 22,827 | ||||||
EssilorLuxottica SA – IM |
2,578 | 444,121 | ||||||
EssilorLuxottica SA – MO |
2,410 | 416,450 | ||||||
Gildan Activewear, Inc. |
2,703 | 92,063 | ||||||
Goldwin, Inc. |
1,200 | 60,667 | ||||||
Gunze Ltd. |
6,200 | 179,932 | ||||||
Hermes International |
559 | 699,699 | ||||||
HUGO BOSS AG |
1,232 | 70,002 | ||||||
Japan Wool Textile Co. Ltd. (The) |
23,900 | 178,936 | ||||||
Kering SA |
1,204 | 651,719 | ||||||
LPP SA |
24 | 50,865 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
4,343 | 2,838,331 | ||||||
Marimekko OYJ |
2,420 | 34,108 | ||||||
Moncler SpA |
3,612 | 191,591 | ||||||
New Wave Group AB, Class B |
2,552 | 44,977 | ||||||
Pandora A/S |
1,806 | 161,101 | ||||||
Puma SE |
1,720 | 128,250 | ||||||
Samsonite International SA* (a) (b) |
90,000 | 200,735 | ||||||
Seiren Co. Ltd.(a) |
3,600 | 57,296 | ||||||
Spinnova OYJ* (a) |
2,948 | 24,880 | ||||||
Stella International Holdings Ltd. |
151,000 | 159,734 | ||||||
Swatch Group AG (The)(a) |
473 | 124,018 | ||||||
Swatch Group AG (The) (Registered) |
792 | 39,622 | ||||||
Tod’s SpA* (a) |
245 | 9,822 | ||||||
Wacoal Holdings Corp. |
3,900 | 55,689 | ||||||
9,236,461 | ||||||||
Thrifts & Mortgage Finance – 0.5% | ||||||||
Aareal Bank AG |
4,545 | 155,925 | ||||||
Deutsche Pfandbriefbank AG(b) |
48,246 | 613,310 | ||||||
Equitable Group, Inc. |
9,675 | 436,418 | ||||||
First National Financial Corp. |
1,452 | 41,263 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 165 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Thrifts & Mortgage Finance – (continued) | ||||||||
Genworth Mortgage Insurance Australia Ltd. |
135,106 | $ | 288,039 | |||||
Home Capital Group, Inc. |
16,211 | 406,401 | ||||||
Liberty Financial Group Ltd.(b) |
27,280 | 100,810 | ||||||
Mortgage Advice Bureau Holdings Ltd. |
2,596 | 38,786 | ||||||
OSB Group plc |
13,068 | 92,125 | ||||||
Paragon Banking Group plc |
99,029 | 616,681 | ||||||
Resimac Group Ltd.(a) |
26,481 | 30,392 | ||||||
2,820,150 | ||||||||
Tobacco – 0.7% | ||||||||
British American Tobacco plc |
51,944 | 2,186,030 | ||||||
Imperial Brands plc |
21,457 | 448,808 | ||||||
Japan Tobacco, Inc. |
25,800 | 442,778 | ||||||
Scandinavian Tobacco Group A/S, Class A(b) |
22,532 | 473,884 | ||||||
Swedish Match AB(a) |
26,617 | 213,733 | ||||||
3,765,233 | ||||||||
Trading Companies & Distributors – 2.0% | ||||||||
AddTech AB, Class B |
4,180 | 74,907 | ||||||
Ashtead Group plc |
6,923 | 363,231 | ||||||
BayWa AG |
1,056 | 50,521 | ||||||
Beijer Ref AB |
4,576 | 75,228 | ||||||
Bossard Holding AG (Registered), Class A |
220 | 48,050 | ||||||
Brenntag SE |
2,155 | 168,096 | ||||||
Bufab AB |
968 | 32,322 | ||||||
Bunzl plc |
5,848 | 227,827 | ||||||
Diploma plc |
1,364 | 47,231 | ||||||
Electrocomponents plc |
5,808 | 76,930 | ||||||
Ferguson plc |
3,741 | 476,258 | ||||||
Finning International, Inc. |
4,018 | 113,619 | ||||||
Grafton Group plc |
5,016 | 61,704 | ||||||
Hanwa Co. Ltd. |
15,700 | 385,956 | ||||||
Howden Joinery Group plc |
11,782 | 112,629 | ||||||
IMCD NV |
1,032 | 166,246 | ||||||
Inaba Denki Sangyo Co. Ltd. |
20,700 | 408,696 | ||||||
Inabata & Co. Ltd. |
17,400 | 285,658 | ||||||
ITOCHU Corp.(a) |
34,200 | 1,037,931 | ||||||
Kanamoto Co. Ltd.(a) |
14,023 | 210,302 |
Investments | Shares | Value | ||||||
Trading Companies & Distributors – (continued) | ||||||||
Kanematsu Corp. |
30,100 | $ | 312,709 | |||||
Kloeckner & Co. SE* |
29,541 | 386,125 | ||||||
Marubeni Corp. |
41,700 | 457,844 | ||||||
Mitsubishi Corp. |
34,400 | 1,163,748 | ||||||
Mitsui & Co. Ltd. |
37,100 | 902,014 | ||||||
MonotaRO Co. Ltd. |
5,600 | 97,641 | ||||||
Nagase & Co. Ltd. |
2,200 | 31,652 | ||||||
Nippon Steel Trading Corp. |
4,900 | 200,826 | ||||||
Nishio Rent All Co. Ltd. |
8,900 | 192,755 | ||||||
OEM International AB, Class B |
2,244 | 34,829 | ||||||
Reece Ltd.(a) |
5,999 | 74,648 | ||||||
Rexel SA* |
4,641 | 96,158 | ||||||
Richelieu Hardware Ltd. |
2,684 | 76,590 | ||||||
Russel Metals, Inc.(a) |
22,876 | 612,867 | ||||||
Seven Group Holdings Ltd.(a) |
3,036 | 43,129 | ||||||
Sojitz Corp. |
6,899 | 105,807 | ||||||
Sumitomo Corp. |
28,000 | 445,523 | ||||||
Theme International Holdings Ltd.* |
1,720,000 | 241,137 | ||||||
Thermador Groupe |
396 | 40,105 | ||||||
Toromont Industries Ltd. |
1,677 | 148,392 | ||||||
Toyota Tsusho Corp. |
5,200 | 188,438 | ||||||
Travis Perkins plc |
5,412 | 83,474 | ||||||
Trusco Nakayama Corp. |
1,800 | 28,203 | ||||||
Yamazen Corp.(a) |
32,300 | 239,832 | ||||||
Yuasa Trading Co. Ltd. |
8,600 | 192,498 | ||||||
10,820,286 | ||||||||
Transportation Infrastructure – 0.4% | ||||||||
Aena SME SA* (b) |
1,075 | 154,574 | ||||||
Aeroports de Paris* |
555 | 79,364 | ||||||
Atlantia SpA* |
6,579 | 158,452 | ||||||
Atlas Arteria Ltd.(a) |
9,240 | 45,702 | ||||||
Auckland International Airport Ltd.* |
22,876 | 116,332 | ||||||
Enav SpA* (b) |
12,657 | 58,831 | ||||||
Flughafen Zurich AG (Registered)* (a) |
320 | 54,726 | ||||||
Fraport AG Frankfurt Airport Services Worldwide* |
890 | 48,222 | ||||||
Getlink SE |
8,675 | 159,972 | ||||||
Hamburger Hafen und Logistik AG |
1,220 | 19,975 |
See Accompanying Notes to the Financial Statements.
166 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Transportation Infrastructure – (continued) | ||||||||
Japan Airport Terminal Co. Ltd.* |
1,200 | $ | 50,015 | |||||
Kamigumi Co. Ltd. |
3,100 | 52,879 | ||||||
Mitsubishi Logistics Corp. |
1,700 | 39,430 | ||||||
Port of Tauranga Ltd. |
5,225 | 22,010 | ||||||
Qube Holdings Ltd. |
36,652 | 77,098 | ||||||
SATS Ltd.* |
19,000 | 62,604 | ||||||
Sumitomo Warehouse Co. Ltd. (The) |
25,800 | 434,912 | ||||||
Transurban Group |
49,165 | 501,027 | ||||||
Westshore Terminals Investment Corp.(a) |
1,647 | 44,369 | ||||||
2,180,494 | ||||||||
Water Utilities – 0.1% | ||||||||
Pennon Group plc |
2,970 | 41,465 | ||||||
Severn Trent plc |
4,042 | 159,651 | ||||||
United Utilities Group plc |
10,965 | 158,453 | ||||||
359,569 | ||||||||
Wireless Telecommunication Services – 0.9% | ||||||||
Airtel Africa plc(b) |
34,804 | 64,059 | ||||||
Cellcom Israel Ltd.* |
32,508 | 189,704 | ||||||
Freenet AG |
2,198 | 61,007 | ||||||
KDDI Corp. |
38,900 | 1,301,571 | ||||||
Millicom International Cellular SA, SDR* (a) |
3,036 | 69,069 | ||||||
Okinawa Cellular Telephone Co. |
4,300 | 165,614 | ||||||
Orange Belgium SA |
1,188 | 23,086 | ||||||
Partner Communications Co. Ltd.* |
6,160 | 49,036 | ||||||
Rogers Communications, Inc., Class B(a) |
5,031 | 275,474 | ||||||
SoftBank Corp. |
64,600 | 755,395 | ||||||
SoftBank Group Corp. |
21,082 | 857,372 | ||||||
StarHub Ltd. |
189,200 | 172,635 | ||||||
Tele2 AB, Class B(a) |
8,052 | 107,131 | ||||||
Vodafone Group plc |
607,160 | 926,487 | ||||||
5,017,640 | ||||||||
Total Common
Stocks (Cost $497,285,840) |
541,651,162 |
Investments | Shares | Value | ||||||
CLOSED END FUNDS – 0.0%(g) | ||||||||
Independent Power and Renewable
Electricity Producers – 0.0%(g) |
||||||||
Renewables
Infrastructure Group Ltd. (The) |
34,059 | $ | 57,727 | |||||
Number of Warrants |
||||||||
WARRANTS – 0.0%(g) | ||||||||
Capital Markets – 0.0%(g) | ||||||||
Magellan Financial Group Ltd., expiring 4/16/2027, price 35.00 USD* |
329 | 366 | ||||||
Construction & Engineering – 0.0% | ||||||||
Webuild SpA, expiring 8/2/2030* ‡ (a) |
10,785 | — | ||||||
Total
Warrants (Cost $—) |
366 | |||||||
Principal Amount |
||||||||
SECURITIES LENDING REINVESTMENTS(h) – 3.6% | ||||||||
REPURCHASE AGREEMENTS – 3.6% | ||||||||
Citigroup Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase price $13,154,929, collateralized by various U.S. Treasury Securities, ranging from 0.13% – 5.00%, maturing 11/15/2031 –5/15/2040; total market value $13,240,050 |
$ | 13,154,710 | 13,154,710 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 167 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Investments | Principal Amount |
Value | ||||||
SECURITIES LENDING REINVESTMENTS(h) – (continued) | ||||||||
REPURCHASE AGREEMENTS – (continued) | ||||||||
Societe Generale, New York Branch, 0.28%, dated 4/30/2022, due 5/6/2022, repurchase price $2,000,093, collateralized by various U.S. Treasury Securities, ranging from 0.00% – 7.25%, maturing 4/30/2022 –8/15/2051; total market value $2,025,200 |
$ | 2,000,000 | $ | 2,000,000 | ||||
TD Prime Services LLC, 0.40%, dated 4/30/2022, due 5/2/2022, repurchase price $5,000,111, collateralized by various Common Stocks; total market value $5,452,357 |
5,000,000 | 5,000,000 | ||||||
20,154,710 | ||||||||
Total
Securities Lending Reinvestments (Cost $20,154,710) |
|
20,154,710 | ||||||
Total
Investments – 101.5% (Cost $517,490,676) |
|
561,863,965 | ||||||
Liabilities in excess of other assets – (1.5%) |
|
(8,349,905 | ) | |||||
NET ASSETS – 100.0% |
|
$ | 553,514,060 |
* |
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 April 30, 2022. The total value of securities on loan at April 30, 2022 was $79,077,868, collateralized in the form of cash with a value of $20,154,710 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $34,984,751 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – February 15, 2052 and $30,235,958 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 8.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $85,375,419. |
(b) |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offer- |
ings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $341,957, which represents approximately 0.06% of net assets of the Fund. |
(e) |
Amount represents less than one share. |
(f) |
Amount less than one dollar. |
(g) |
Represents less than 0.05% of net assets. |
(h) |
The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $20,154,710. |
Percentages shown are based on Net Assets.
Abbreviations
CHDI – Clearing House Electronic Subregister System (CHESS) Depository Interest
CVA – Dutch Certification
DI – Depositary Interest
OYJ – Public Limited Company
Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA – Limited partnership with share capital
SDR – Swedish Depositary Receipt
As of April 30, 2022, 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 |
$ | 96,601,111 | ||
Aggregate gross unrealized depreciation |
(59,445,495 | ) | ||
Net unrealized appreciation |
$ | 37,155,616 | ||
Federal income tax cost |
$ | 524,900,444 |
See Accompanying Notes to the Financial Statements.
168 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Futures Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Appreciation/ (Depreciation)* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
EURO STOXX 50 Index |
76 | 06/17/2022 | EUR | $ | 2,995,383 | $ | 55,246 | |||||||||||||
FTSE 100 Index |
25 | 06/17/2022 | GBP | 2,358,143 | 114,096 | |||||||||||||||
Nikkei 225 Index |
28 | 06/09/2022 | JPY | 2,958,629 | 187,843 | |||||||||||||||
S&P/TSX 60 Index |
11 | 06/16/2022 | CAD | 2,155,158 | (85,627 | ) | ||||||||||||||
SPI 200 Index |
9 | 06/16/2022 | AUD | 1,184,672 | 39,767 | |||||||||||||||
$ | 311,325 |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
Forward Foreign Currency Contracts
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund had the following outstanding contracts as of April 30, 2022:
Contracts to Receive | Counterparty | In Exchange For | Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
AUD |
1,339,253 | Morgan Stanley | USD | 951,643 | 06/15/2022 | $ | 883 | |||||||||||||||
USD |
391,783 | Toronto-Dominion Bank (The) | AUD | 520,000 | 06/15/2022 | 21,940 | ||||||||||||||||
USD |
193,355 | Citibank NA | CAD | 245,850 | 06/15/2022 | 1,012 | ||||||||||||||||
USD |
496,272 | UBS AG | CHF | 460,788 | 06/15/2022 | 20,471 | ||||||||||||||||
USD |
26,406 | BNP Paribas SA | DKK | 178,253 | 06/15/2022 | 1,074 | ||||||||||||||||
USD |
13,593 | Toronto-Dominion Bank (The) | EUR | 12,313 | 06/15/2022 | 576 | ||||||||||||||||
USD |
1,201,911 | Citibank NA | JPY | 146,400,000 | 06/15/2022 | 70,145 | ||||||||||||||||
USD |
487,137 | Bank of New York | NZD | 711,055 | 06/15/2022 | 25,690 | ||||||||||||||||
USD |
217,927 | Citibank NA | SGD | 296,100 | 06/15/2022 | 3,514 | ||||||||||||||||
Total unrealized appreciation |
|
$ | 145,305 | |||||||||||||||||||
AUD |
568,763 | Citibank NA | USD | 417,166 | 06/15/2022 | $ | (12,641 | ) | ||||||||||||||
CAD |
1,450,000 | Toronto-Dominion Bank (The) | USD | 1,152,864 | 06/15/2022 | (18,443 | ) | |||||||||||||||
CHF |
370,000 | Toronto-Dominion Bank (The) | USD | 397,610 | 06/15/2022 | (15,555 | ) | |||||||||||||||
EUR |
1,120,000 | Toronto-Dominion Bank (The) | USD | 1,244,165 | 06/15/2022 | (60,170 | ) | |||||||||||||||
GBP |
823,203 | Toronto-Dominion Bank (The) | USD | 1,078,894 | 06/15/2022 | (45,307 | ) | |||||||||||||||
HKD |
362,598 | Toronto-Dominion Bank (The) | USD | 46,392 | 06/15/2022 | (133 | ) | |||||||||||||||
ILS |
366,970 | Goldman Sachs & Co. | USD | 112,563 | 06/15/2022 | (2,471 | ) | |||||||||||||||
JPY |
113,890,889 | BNP Paribas SA | USD | 976,132 | 06/15/2022 | (95,682 | ) | |||||||||||||||
NOK |
1,450,557 | Bank of New York | USD | 162,431 | 06/15/2022 | (6,714 | ) | |||||||||||||||
SEK |
554,576 | Citibank NA | USD | 57,452 | 06/15/2022 | (753 | ) | |||||||||||||||
SGD |
440,000 | Citibank NA | USD | 325,280 | 06/15/2022 | (6,666 | ) | |||||||||||||||
Total unrealized depreciation |
|
$ | (264,535 | ) | ||||||||||||||||||
Net unrealized depreciation |
|
$ | (119,230 | ) |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 169 |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Abbreviations:
AUD – Australian Dollar
CAD – Canadian Dollar
CHF – Swiss Franc
DKK – Danish Krone
EUR – Euro
GBP – British Pound
HKD – Hong Kong Dollar
ILS – Israeli Shekel
JPY – Japanese Yen
NOK – Norwegian Krone
NZD – New Zealand Dollar
SEK – Swedish Krona
SGD – Singapore Dollar
USD – US Dollar
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:
Australia |
6.5 | % | ||
Austria |
0.4 | |||
Belgium |
1.0 | |||
Canada |
11.8 | |||
Denmark |
1.9 | |||
Finland |
0.8 | |||
France |
6.9 | |||
Germany |
5.8 | |||
Hong Kong |
2.6 | |||
Ireland |
0.2 | |||
Israel |
1.3 | |||
Italy |
2.0 | |||
Japan |
25.2 | |||
Netherlands |
2.9 | |||
New Zealand |
0.4 | |||
Norway |
1.3 | |||
Poland |
0.3 | |||
Portugal |
0.4 | |||
Singapore |
1.5 | |||
Spain |
2.0 | |||
Sweden |
3.0 | |||
Switzerland |
6.1 | |||
United Kingdom |
13.6 | |||
United States |
0.0 | † | ||
Other1 |
2.1 | |||
100.0 | % |
† |
Amount represents less than 0.05%. |
1 |
Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
See Accompanying Notes to the Financial Statements.
170 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Developed Markets ex-US Factor Tilt Index Fund (cont.)
Security Type | % of Net Assets | |||
Common Stocks |
97.9 | % | ||
Closed End Funds |
0.0 | † | ||
Warrants |
0.0 | † | ||
Securities Lending Reinvestments |
3.6 | |||
Others(1) |
(1.5 | ) | ||
100.0 | % |
† |
Amount represents less than 0.05%. |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 171 |
Schedule of Investments
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.9% | ||||||||
Aerospace & Defense – 0.3% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A |
5,500 | $ | 19,872 | |||||
AECC Aviation Power Co. Ltd., Class A |
4,700 | 26,957 | ||||||
Aselsan Elektronik Sanayi ve Ticaret A/S |
6,972 | 11,498 | ||||||
AVIC Electromechanical Systems Co. Ltd., Class A |
5,300 | 7,982 | ||||||
AviChina Industry & Technology Co. Ltd., Class H |
41,000 | 22,470 | ||||||
Bharat Electronics Ltd. |
24,010 | 74,927 | ||||||
Embraer SA* |
16,500 | 47,346 | ||||||
Hanwha Aerospace Co. Ltd. |
899 | 38,150 | ||||||
Hanwha Systems Co. Ltd. |
689 | 8,612 | ||||||
Hindustan Aeronautics Ltd.(a) |
2,256 | 47,075 | ||||||
Korea Aerospace Industries Ltd. |
1,608 | 56,139 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A* |
5,600 | 11,299 | ||||||
LIG Nex1 Co. Ltd. |
5,157 | 337,094 | ||||||
United Aircraft Corp. PJSC* ‡ (b) |
25,155,036 | — | ||||||
709,421 | ||||||||
Air Freight & Logistics – 0.4% | ||||||||
Agility Public Warehousing Co. KSC |
23,555 | 96,080 | ||||||
Aramex PJSC |
46,860 | 52,052 | ||||||
Blue Dart Express Ltd. |
265 | 23,701 | ||||||
Hanjin Transportation Co. Ltd. |
3,000 | 78,702 | ||||||
Hyundai Glovis Co. Ltd. |
700 | 116,481 | ||||||
JD Logistics, Inc.* (a) |
16,500 | 34,572 | ||||||
Kerry Express Thailand PCL, NVDR |
38,500 | 26,416 | ||||||
Kerry TJ Logistics Co. Ltd. |
100,000 | 151,143 | ||||||
SF Holding Co. Ltd., Class A* |
5,000 | 38,940 | ||||||
Sinotrans Ltd., Class A |
23,500 | 13,450 | ||||||
Sinotrans Ltd., Class H |
83,000 | 25,388 | ||||||
YTO Express Group Co. Ltd., Class A |
4,700 | 12,758 | ||||||
Yunda Holding Co. Ltd., Class A |
10,600 | 24,847 | ||||||
ZTO Express Cayman, Inc. |
8,800 | 245,848 | ||||||
940,378 |
Investments | Shares | Value | ||||||
Airlines – 0.2% | ||||||||
Aeroflot PJSC* ‡ (b) |
74,029 | $ | — | |||||
Air Arabia PJSC |
123,926 | 72,539 | ||||||
AirAsia Group Bhd.* |
174,900 | 28,926 | ||||||
Azul SA (Preference)* |
11,700 | 51,906 | ||||||
China Airlines Ltd.* |
61,000 | 57,636 | ||||||
China Eastern Airlines Corp. Ltd., Class A* |
14,300 | 10,247 | ||||||
China Southern Airlines Co. Ltd., Class A* |
14,100 | 13,914 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, Class A* |
35,000 | 56,131 | ||||||
Eva Airways Corp.* |
53,798 | 65,067 | ||||||
Gol Linhas Aereas Inteligentes SA (Preference)* |
10,600 | 32,556 | ||||||
Hanjin Kal Corp.* |
273 | 12,498 | ||||||
InterGlobe Aviation Ltd.* (a) |
1,913 | 46,500 | ||||||
Jeju Air Co. Ltd.* |
1,962 | 34,601 | ||||||
Jin Air Co. Ltd.* |
658 | 9,666 | ||||||
Korean Air Lines Co. Ltd.* |
3,407 | 81,784 | ||||||
Pegasus Hava Tasimaciligi A/S* |
2,391 | 21,518 | ||||||
Turk Hava Yollari AO* |
16,292 | 45,248 | ||||||
640,737 | ||||||||
Auto Components – 1.0% | ||||||||
Apollo Tyres Ltd. |
137,750 | 369,412 | ||||||
Autel Intelligent Technology Corp. Ltd., Class A* |
2,695 | 11,485 | ||||||
Balkrishna Industries Ltd. |
1,750 | 49,087 | ||||||
Bharat Forge Ltd. |
5,888 | 54,052 | ||||||
Bosch Ltd. |
208 | 39,432 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
50,000 | 56,742 | ||||||
DTR Automotive Corp. |
1,550 | 96,258 | ||||||
Endurance Technologies Ltd.(a) |
1,456 | 23,223 | ||||||
Exide Industries Ltd. |
25,755 | 51,616 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
4,800 | 25,906 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) |
8,400 | 34,901 | ||||||
Halla Holdings Corp. |
4,000 | 133,758 |
See Accompanying Notes to the Financial Statements.
172 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Auto Components – (continued) | ||||||||
Hankook & Co. Co Ltd. |
907 | $ | 10,507 | |||||
Hankook Tire & Technology Co. Ltd. |
2,542 | 70,532 | ||||||
Hanon Systems |
2,756 | 25,015 | ||||||
Hota Industrial Manufacturing Co. Ltd. |
16,134 | 41,381 | ||||||
Huayu Automotive Systems Co. Ltd., Class A |
9,400 | 27,970 | ||||||
Hyundai Mobis Co. Ltd. |
1,950 | 322,154 | ||||||
Hyundai Wia Corp. |
583 | 30,403 | ||||||
Iljin Hysolus Co. Ltd.* |
880 | 28,306 | ||||||
Kenda Rubber Industrial Co. Ltd. |
49,000 | 52,449 | ||||||
Kordsa Teknik Tekstil A/S |
32,850 | 100,655 | ||||||
Kumho Tire Co., Inc.* |
1 | 3 | ||||||
Mando Corp. |
1,155 | 50,025 | ||||||
Minda Industries Ltd. |
1,870 | 22,376 | ||||||
Minth Group Ltd. |
12,000 | 28,753 | ||||||
Motherson Sumi Systems Ltd. |
28,296 | 50,934 | ||||||
MRF Ltd. |
38 | 36,154 | ||||||
Myoung Shin Industrial Co. Ltd.* |
220 | 3,950 | ||||||
Nan Kang Rubber Tire Co. Ltd. |
14,000 | 18,334 | ||||||
Nexen Tire Corp. |
13,315 | 72,830 | ||||||
Nexteer Automotive Group Ltd. |
28,000 | 16,059 | ||||||
Ningbo Joyson Electronic Corp., Class A |
4,700 | 7,792 | ||||||
S&T Motiv Co. Ltd. |
3,100 | 118,348 | ||||||
Sebang Global Battery Co. Ltd. |
605 | 36,608 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A |
5,500 | 14,838 | ||||||
Sundram Fasteners Ltd. |
4,550 | 47,945 | ||||||
Tianneng Power International Ltd.(c) |
312,000 | 262,049 | ||||||
Tong Yang Industry Co. Ltd. |
200,000 | 225,272 | ||||||
Tube Investments of India Ltd. |
1,200 | 29,287 | ||||||
Weifu High-Technology Group Co. Ltd., Class A |
4,700 | 14,477 | ||||||
2,711,278 | ||||||||
Automobiles – 2.1% | ||||||||
Astra International Tbk. PT |
585,000 | 305,675 | ||||||
Bajaj Auto Ltd. |
1,174 | 57,278 |
Investments | Shares | Value | ||||||
Automobiles – (continued) | ||||||||
Brilliance China Automotive Holdings Ltd.* |
96,000 | $ | 44,160 | |||||
BYD Co. Ltd., Class A |
2,400 | 88,538 | ||||||
BYD Co. Ltd., Class H |
15,000 | 450,794 | ||||||
China Motor Corp. |
5,400 | 10,791 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A |
13,160 | 20,918 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B |
5,300 | 2,493 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
1,100,000 | 808,932 | ||||||
DRB-Hicom Bhd. |
360,000 | 114,942 | ||||||
Eicher Motors Ltd. |
2,520 | 86,712 | ||||||
Ford Otomotiv Sanayi A/S |
3,071 | 61,788 | ||||||
Geely Automobile Holdings Ltd. |
101,000 | 160,135 | ||||||
Great Wall Motor Co. Ltd., Class A |
4,700 | 17,710 | ||||||
Great Wall Motor Co. Ltd., Class H(c) |
50,000 | 72,010 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H |
82,000 | 70,753 | ||||||
Hero MotoCorp Ltd. |
4,650 | 152,480 | ||||||
Hyundai Motor Co. |
4,300 | 636,784 | ||||||
Hyundai Motor Co. (2nd Preference) |
1,150 | 87,074 | ||||||
Hyundai Motor Co. (3rd Preference) |
54 | 3,882 | ||||||
Hyundai Motor Co. (Preference) |
715 | 53,739 | ||||||
Kia Corp. |
7,950 | 530,422 | ||||||
Li Auto, Inc., Class A* |
10,000 | 123,309 | ||||||
Mahindra & Mahindra Ltd. |
15,800 | 190,590 | ||||||
Maruti Suzuki India Ltd. |
2,250 | 227,165 | ||||||
NIO, Inc., ADR* |
25,200 | 420,840 | ||||||
Niu Technologies, ADR* (c) |
1,135 | 10,839 | ||||||
Oriental Holdings Bhd. |
8,500 | 13,862 | ||||||
SAIC Motor Corp. Ltd., Class A |
25,000 | 60,536 | ||||||
Sanyang Motor Co. Ltd. |
250,000 | 236,637 | ||||||
Tata Motors Ltd.* |
34,600 | 198,070 | ||||||
Tata Motors Ltd., Class A* |
8,230 | 23,390 | ||||||
Tofas Turk Otomobil Fabrikasi A/S |
3,233 | 17,116 | ||||||
TVS Motor Co. Ltd. |
3,564 | 30,531 | ||||||
UMW Holdings Bhd. |
190,000 | 145,331 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 173 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Automobiles – (continued) | ||||||||
XPeng, Inc., ADR* |
3,297 | $ | 81,139 | |||||
XPeng, Inc., Class A* (c) |
5,000 | 65,637 | ||||||
Yadea Group Holdings Ltd.(a) |
16,000 | 24,389 | ||||||
Yulon Motor Co. Ltd. |
26,986 | 36,255 | ||||||
5,743,646 | ||||||||
Banks – 13.6% | ||||||||
Absa Group Ltd. |
21,650 | 235,222 | ||||||
Abu Dhabi Commercial Bank PJSC |
85,640 | 237,355 | ||||||
Abu Dhabi Islamic Bank PJSC |
19,571 | 46,782 | ||||||
AFFIN Bank Bhd.* |
194,227 | 93,689 | ||||||
Agricultural Bank of China Ltd., Class A |
401,100 | 186,332 | ||||||
Agricultural Bank of China Ltd., Class H |
900,000 | 339,530 | ||||||
Akbank TAS, ADR |
57,801 | 67,338 | ||||||
Al Ahli Bank of Kuwait KSCP* |
27,390 | 26,814 | ||||||
Al Rajhi Bank |
21,750 | 1,024,062 | ||||||
Alinma Bank |
19,000 | 209,969 | ||||||
Alliance Bank Malaysia Bhd. |
501,800 | 435,696 | ||||||
Alpha Services and Holdings SA* |
64,300 | 73,667 | ||||||
AMMB Holdings Bhd.* |
75,000 | 63,570 | ||||||
AU Small Finance Bank Ltd.* (a) |
2,288 | 41,606 | ||||||
Axis Bank Ltd.* |
41,900 | 399,363 | ||||||
Banco Bradesco SA |
44,000 | 132,474 | ||||||
Banco Bradesco SA (Preference) |
165,242 | 599,946 | ||||||
Banco Davivienda SA (Preference) |
47,000 | 392,258 | ||||||
Banco de Bogota SA |
3,134 | 39,762 | ||||||
Banco de Chile |
1,401,200 | 139,865 | ||||||
Banco de Credito e Inversiones SA |
1,574 | 48,693 | ||||||
Banco del Bajio SA(a) |
335,000 | 827,138 | ||||||
Banco do Brasil SA |
45,000 | 301,866 | ||||||
Banco do Estado do Rio Grande do Sul SA (Preference), Class B |
91,000 | 193,680 | ||||||
Banco Inter SA* |
11,000 | 33,696 | ||||||
Banco Pan SA (Preference) |
10,600 | 20,035 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Banco Santander Chile |
1,930,150 | $ | 92,836 | |||||
Bancolombia SA |
9,000 | 87,828 | ||||||
Bancolombia SA (Preference) |
14,027 | 135,404 | ||||||
Bandhan Bank Ltd.(a) |
12,633 | 55,263 | ||||||
Bangkok Bank PCL, NVDR |
15,300 | 58,296 | ||||||
Bank Al Habib Ltd. |
411,400 | 151,138 | ||||||
Bank AlBilad* |
8,534 | 117,858 | ||||||
Bank Al-Jazira |
6,066 | 51,186 | ||||||
Bank Central Asia Tbk. PT |
1,014,500 | 568,587 | ||||||
Bank Jago Tbk. PT* |
75,000 | 60,271 | ||||||
Bank Mandiri Persero Tbk. PT |
575,000 | 354,987 | ||||||
Bank Negara Indonesia Persero Tbk. PT |
235,000 | 149,540 | ||||||
Bank of Ayudhya PCL, NVDR |
71,400 | 71,400 | ||||||
Bank of Baroda* |
33,636 | 49,678 | ||||||
Bank of Beijing Co. Ltd., Class A |
74,200 | 51,479 | ||||||
Bank of Changsha Co. Ltd., Class A |
9,400 | 10,603 | ||||||
Bank of Chengdu Co. Ltd., Class A |
10,600 | 27,019 | ||||||
Bank of China Ltd., Class A |
205,000 | 100,524 | ||||||
Bank of China Ltd., Class H |
2,400,000 | 948,236 | ||||||
Bank of Communications Co. Ltd., Class A |
120,000 | 92,546 | ||||||
Bank of Communications Co. Ltd., Class H |
651,000 | 453,849 | ||||||
Bank of Hangzhou Co. Ltd., Class A |
18,800 | 43,611 | ||||||
Bank of India* |
5,936 | 3,739 | ||||||
Bank of Jiangsu Co. Ltd., Class A |
53,880 | 59,958 | ||||||
Bank of Nanjing Co. Ltd., Class A |
31,800 | 56,001 | ||||||
Bank of Ningbo Co. Ltd., Class A |
16,650 | 91,781 | ||||||
Bank of Qingdao Co. Ltd., Class H(a) |
53,000 | 23,912 | ||||||
Bank of Shanghai Co. Ltd., Class A |
45,000 | 44,337 | ||||||
Bank of the Philippine Islands |
56,000 | 101,799 | ||||||
Bank of Zhengzhou Co. Ltd., Class A* |
17,490 | 7,036 | ||||||
Bank of Zhengzhou Co. Ltd., Class H* (a) |
116,600 | 22,737 |
See Accompanying Notes to the Financial Statements.
174 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Banks – (continued) | ||||||||
Bank Pan Indonesia Tbk. PT* |
71,500 | $ | 4,981 | |||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk. PT |
2,454,660 | 249,750 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk. PT |
1,580,000 | 86,646 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT |
1,145,019 | 384,648 | ||||||
Bank Tabungan Negara Persero Tbk. PT |
1,945,000 | 247,536 | ||||||
Banque Saudi Fransi |
11,800 | 170,513 | ||||||
BDO Unibank, Inc. |
53,000 | 131,980 | ||||||
BNK Financial Group, Inc. |
11,051 | 69,333 | ||||||
BOC Hong Kong Holdings Ltd. |
105,500 | 385,230 | ||||||
Boubyan Bank KSCP |
18,229 | 58,354 | ||||||
Burgan Bank SAK |
30,004 | 28,981 | ||||||
Canara Bank* |
15,092 | 45,340 | ||||||
Capitec Bank Holdings Ltd. |
1,722 | 242,047 | ||||||
Chang Hwa Commercial Bank Ltd. |
115,722 | 72,632 | ||||||
China Bohai Bank Co. Ltd., Class H(a) (c) |
1,200,000 | 197,294 | ||||||
China CITIC Bank Corp. Ltd., Class H |
250,000 | 127,770 | ||||||
China Construction Bank Corp., Class A |
28,200 | 25,987 | ||||||
China Construction Bank Corp., Class H |
3,200,000 | 2,279,844 | ||||||
China Everbright Bank Co. Ltd., Class A |
120,000 | 58,114 | ||||||
China Everbright Bank Co. Ltd., Class H |
53,000 | 19,319 | ||||||
China Merchants Bank Co. Ltd., Class A |
50,000 | 303,097 | ||||||
China Merchants Bank Co. Ltd., Class H |
119,500 | 729,536 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
85,000 | 47,746 | ||||||
China Minsheng Banking Corp. Ltd., Class H(c) |
200,000 | 76,216 | ||||||
China Zheshang Bank Co. Ltd., Class A |
47,000 | 23,618 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
China Zheshang Bank Co. Ltd., Class H(c) |
53,000 | $ | 22,561 | |||||
Chongqing Rural Commercial Bank Co. Ltd., Class A |
18,800 | 11,045 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H |
94,000 | 36,660 | ||||||
CIMB Group Holdings Bhd. |
232,701 | 277,948 | ||||||
City Union Bank Ltd. |
9,675 | 17,352 | ||||||
Commercial Bank PSQC (The) |
60,629 | 128,009 | ||||||
Commercial International Bank Egypt SAE |
55,400 | 134,230 | ||||||
Credicorp Ltd. |
2,050 | 284,725 | ||||||
Credit Agricole Egypt SAE |
241,835 | 86,192 | ||||||
Credit Bank of Moscow PJSC* ‡ (b) |
229,590 | – | ||||||
CTBC Financial Holding Co. Ltd. |
600,000 | 595,410 | ||||||
DGB Financial Group, Inc. |
7,200 | 51,248 | ||||||
Doha Bank QPSC |
41,736 | 29,797 | ||||||
Dubai Islamic Bank PJSC |
78,650 | 138,112 | ||||||
E.Sun Financial Holding Co. Ltd. |
233,879 | 268,589 | ||||||
Emirates NBD Bank PJSC |
74,000 | 307,238 | ||||||
Eurobank Ergasias Services and Holdings SA* (c) |
82,900 | 87,438 | ||||||
Far Eastern International Bank |
58,088 | 23,649 | ||||||
Federal Bank Ltd. |
47,988 | 60,266 | ||||||
First Abu Dhabi Bank PJSC |
78,603 | 480,214 | ||||||
First Financial Holding Co. Ltd. |
312,267 | 294,517 | ||||||
Grupo Aval Acciones y Valores SA (Preference) |
142,166 | 30,377 | ||||||
Grupo Bolivar SA |
825 | 18,946 | ||||||
Grupo Elektra SAB de CV* (c) |
1,000 | 59,958 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
75,000 | 495,051 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O* (c) |
60,000 | 101,693 | ||||||
Gulf Bank KSCP |
47,580 | 52,944 | ||||||
Habib Bank Ltd. |
311,175 | 182,349 | ||||||
Haci Omer Sabanci Holding A/S |
32,096 | 43,296 | ||||||
Hana Financial Group, Inc. |
9,550 | 357,365 | ||||||
Hong Leong Bank Bhd. |
25,000 | 120,478 | ||||||
Hong Leong Financial Group Bhd. |
5,000 | 22,281 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 175 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Banks – (continued) | ||||||||
Hua Nan Financial Holdings Co. Ltd. |
158,473 | $ | 127,690 | |||||
Huaxia Bank Co. Ltd., Class A |
47,000 | 38,887 | ||||||
ICICI Bank Ltd. |
92,500 | 899,437 | ||||||
IDFC First Bank Ltd.* |
61,957 | 32,015 | ||||||
Indian Bank |
7,425 | 15,881 | ||||||
IndusInd Bank Ltd. |
11,600 | 148,493 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
260,000 | 188,675 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
2,050,000 | 1,238,442 | ||||||
Industrial Bank Co. Ltd., Class A |
55,000 | 171,003 | ||||||
Industrial Bank of Korea |
9,950 | 89,122 | ||||||
Intercorp Financial Services, Inc.(a) |
1,040 | 28,600 | ||||||
Itau CorpBanca Chile SA |
2,260,745 | 4,611 | ||||||
Itau Unibanco Holding SA (Preference)* |
150,000 | 723,012 | ||||||
Itausa SA |
27,014 | 52,586 | ||||||
Itausa SA (Preference) |
147,200 | 273,760 | ||||||
JB Financial Group Co. Ltd. |
1,500 | 10,689 | ||||||
Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A |
6,700 | 8,229 | ||||||
KakaoBank Corp.* |
1,250 | 42,148 | ||||||
Kasikornbank PCL, NVDR |
36,500 | 163,051 | ||||||
KB Financial Group, Inc. |
11,900 | 554,260 | ||||||
Kiatnakin Phatra Bank PCL, NVDR |
9,800 | 20,673 | ||||||
King’s Town Bank Co. Ltd. |
50,000 | 66,326 | ||||||
Komercni Banka A/S |
1,272 | 42,214 | ||||||
Kotak Mahindra Bank Ltd. |
20,150 | 472,036 | ||||||
Krung Thai Bank PCL, NVDR |
119,000 | 52,812 | ||||||
Kuwait Finance House KSCP |
100,732 | 323,776 | ||||||
Kuwait International Bank KSCP |
26,655 | 21,136 | ||||||
Malayan Banking Bhd. |
205,000 | 427,093 | ||||||
Malaysia Building Society Bhd. |
1,091,517 | 160,462 | ||||||
Masraf Al Rayan QSC |
83,000 | 122,845 | ||||||
MCB Bank Ltd. |
16,300 | 13,241 | ||||||
Meezan Bank Ltd. |
43,230 | 32,617 | ||||||
Mega Financial Holding Co. Ltd. |
319,000 | 450,218 |
Investments | Shares | Value | ||||||
Banks – (continued) | ||||||||
Metropolitan Bank & Trust Co. |
38,560 | $ | 37,744 | |||||
Moneta Money Bank A/S(a) |
18,360 | 68,882 | ||||||
National Bank of Greece SA* |
13,994 | 56,468 | ||||||
National Bank of Kuwait SAKP |
137,238 | 471,119 | ||||||
Nedbank Group Ltd. |
14,266 | 199,961 | ||||||
O-Bank Co. Ltd. |
106,000 | 34,308 | ||||||
OTP Bank Nyrt.* |
6,850 | 206,338 | ||||||
Ping An Bank Co. Ltd., Class A |
40,000 | 93,032 | ||||||
Piraeus Financial Holdings SA* |
28,658 | 41,963 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
115,000 | 94,451 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) (c) |
300,000 | 229,412 | ||||||
Public Bank Bhd. |
465,000 | 500,942 | ||||||
Punjab National Bank* |
43,248 | 19,858 | ||||||
Qatar International Islamic Bank QSC |
9,789 | 31,046 | ||||||
Qatar Islamic Bank SAQ |
38,850 | 261,258 | ||||||
Qatar National Bank QPSC |
135,200 | 863,156 | ||||||
Qingdao Rural Commercial Bank Corp., Class A |
18,800 | 9,675 | ||||||
RBL Bank Ltd.* (a) |
198,401 | 311,970 | ||||||
Regional SAB de CV |
5,500 | 33,183 | ||||||
RHB Bank Bhd. |
70,202 | 100,784 | ||||||
Riyad Bank |
24,711 | 268,798 | ||||||
Saudi British Bank (The) |
7,100 | 84,898 | ||||||
Saudi Investment Bank (The) |
8,657 | 53,085 | ||||||
Saudi National Bank (The) |
39,900 | 840,381 | ||||||
Sberbank of Russia PJSC‡ (b) |
369,050 | — | ||||||
Sberbank of Russia PJSC (Preference)‡ (b) |
39,708 | — | ||||||
SCB X PCL, NVDR |
48,900 | 164,190 | ||||||
Security Bank Corp. |
2,550 | 5,031 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
121,000 | 201,150 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
75,000 | 91,430 | ||||||
Shinhan Financial Group Co. Ltd. |
15,700 | 526,875 | ||||||
SinoPac Financial Holdings Co. Ltd. |
350,000 | 216,705 | ||||||
Standard Bank Group Ltd. |
40,817 | 433,558 | ||||||
State Bank of India |
58,250 | 378,186 |
See Accompanying Notes to the Financial Statements.
176 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Banks – (continued) | ||||||||
Taichung Commercial Bank Co. Ltd. |
90,591 | $ | 45,948 | |||||
Taishin Financial Holding Co. Ltd. |
346,566 | 228,101 | ||||||
Taiwan Business Bank |
86,892 | 37,586 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
300,200 | 290,265 | ||||||
Thanachart Capital PCL, NVDR |
19,300 | 22,681 | ||||||
Tisco Financial Group PCL, NVDR |
11,200 | 29,676 | ||||||
TMBThanachart Bank PCL, NVDR |
1,314,800 | 49,905 | ||||||
Turkiye Garanti Bankasi A/S* |
67,350 | 67,912 | ||||||
Turkiye Halk Bankasi A/S* |
28,578 | 10,407 | ||||||
Turkiye Is Bankasi A/S, Class C |
54,084 | 38,335 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D* |
28 | 8 | ||||||
Union Bank of India Ltd.* |
10,017 | 4,993 | ||||||
Union Bank of Taiwan* |
114,325 | 62,834 | ||||||
United Bank Ltd. |
197,871 | 146,355 | ||||||
VTB Bank PJSC‡ (b) |
136,511,531 | — | ||||||
Woori Financial Group, Inc. |
18,250 | 214,321 | ||||||
Yapi ve Kredi Bankasi A/S |
42 | 14 | ||||||
Yes Bank Ltd.* |
38,361 | 6,850 | ||||||
36,442,365 | ||||||||
Beverages – 1.1% | ||||||||
Ambev SA |
79,200 | 232,217 | ||||||
Anadolu Efes Biracilik ve Malt Sanayii A/S |
27 | 54 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
3,500 | 46,740 | ||||||
Arca Continental SAB de CV |
15,000 | 95,174 | ||||||
Becle SAB de CV |
10,700 | 26,671 | ||||||
Carabao Group PCL, NVDR |
11,600 | 37,086 | ||||||
China Foods Ltd. |
300,000 | 107,824 | ||||||
China Resources Beer Holdings Co. Ltd. |
33,107 | 196,208 | ||||||
Cia Cervecerias Unidas SA |
4,510 | 30,135 | ||||||
Coca-Cola Femsa SAB de CV |
10,000 | 54,521 | ||||||
Coca-Cola Icecek A/S |
2,875 | 23,920 | ||||||
Distell Group Holdings Ltd.* |
3,420 | 37,432 |
Investments | Shares | Value | ||||||
Beverages – (continued) | ||||||||
Embotelladora Andina SA (Preference), Class B |
9,513 | $ | 17,285 | |||||
Emperador, Inc. |
55,200 | 20,619 | ||||||
Fomento Economico Mexicano SAB de CV |
35,000 | 263,145 | ||||||
Fraser & Neave Holdings Bhd. |
3,700 | 19,547 | ||||||
Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A |
5,500 | 17,960 | ||||||
Heineken Malaysia Bhd. |
3,800 | 20,687 | ||||||
Hite Jinro Co. Ltd. |
348 | 10,335 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
2,100 | 50,710 | ||||||
Kweichow Moutai Co. Ltd., Class A |
1,900 | 527,391 | ||||||
Lotte Chilsung Beverage Co. Ltd. |
150 | 21,736 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
2,400 | 76,780 | ||||||
Nongfu Spring Co. Ltd., Class H(a) |
33,200 | 177,718 | ||||||
Osotspa PCL, NVDR |
31,700 | 32,394 | ||||||
Radico Khaitan Ltd. |
4,450 | 52,384 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
1,960 | 80,935 | ||||||
Tsingtao Brewery Co. Ltd., Class H(c) |
8,000 | 65,714 | ||||||
United Breweries Ltd. |
1,379 | 28,609 | ||||||
United Spirits Ltd.* |
5,697 | 64,305 | ||||||
Varun Beverages Ltd. |
1,741 | 24,678 | ||||||
Vina Concha y Toro SA |
219,226 | 321,238 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
6,100 | 150,143 | ||||||
Yantai Changyu Pioneer Wine Co. Ltd., Class B |
15,000 | 21,488 | ||||||
2,953,783 | ||||||||
Biotechnology – 0.6% | ||||||||
3SBio, Inc.* (a) (c) |
45,980 | 32,524 | ||||||
ABLBio, Inc.* |
1,585 | 31,990 | ||||||
Adimmune Corp. |
19,000 | 26,171 | ||||||
Akeso, Inc.* (a) (c) |
11,000 | 20,973 | ||||||
Alphamab Oncology* (a) (c) |
24,000 | 24,746 | ||||||
Alteogen, Inc.* |
780 | 35,957 | ||||||
Amicogen, Inc.* |
514 | 13,055 | ||||||
Anterogen Co. Ltd.* |
477 | 9,267 | ||||||
AptaBio Therapeutics, Inc.* |
954 | 14,887 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 177 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Biotechnology – (continued) | ||||||||
Ascentage Pharma Group International* (a) (c) |
11,000 | $ | 18,955 | |||||
BeiGene Ltd.* (c) |
12,000 | 159,977 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A |
5,300 | 15,875 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
1,015 | 24,870 | ||||||
Biocon Ltd.* |
6,644 | 32,024 | ||||||
Bioneer Corp.* |
1,265 | 30,769 | ||||||
BNC Korea Co. Ltd.* |
2,035 | 17,498 | ||||||
Brii Biosciences Ltd.* |
16,500 | 17,875 | ||||||
Burning Rock Biotech Ltd., ADR* |
1,431 | 7,885 | ||||||
Cellid Co. Ltd.* |
39 | 756 | ||||||
Celltrion, Inc. |
1,737 | 243,401 | ||||||
CrystalGenomics, Inc.* |
5,353 | 21,821 | ||||||
CStone Pharmaceuticals* (a) (b) |
25,000 | 16,059 | ||||||
Daan Gene Co. Ltd., Class A |
8,000 | 21,849 | ||||||
Eubiologics Co. Ltd.* |
935 | 14,256 | ||||||
GC Cell Corp.* |
474 | 25,210 | ||||||
GeneOne Life Science, Inc.* |
3,823 | 34,090 | ||||||
Genetron Holdings Ltd., ADR* |
4,943 | 8,502 | ||||||
Genexine, Inc.* |
282 | 9,093 | ||||||
Green Cross Corp. |
163 | 24,463 | ||||||
Green Cross Holdings Corp. |
1,219 | 21,498 | ||||||
Helixmith Co. Ltd.* |
1,890 | 31,676 | ||||||
Hualan Biological Engineering, Inc., Class A |
5,300 | 13,429 | ||||||
Hugel, Inc.* |
126 | 12,580 | ||||||
I-Mab, ADR* (c) |
742 | 9,305 | ||||||
Immunotech Biopharm Ltd.* |
25,000 | 16,887 | ||||||
Innovent Biologics, Inc.* (a) |
25,000 | 80,135 | ||||||
iNtRON Biotechnology, Inc.* |
1,643 | 23,612 | ||||||
Jacobio Pharmaceuticals Group Co. Ltd.* (a) |
16,500 | 16,929 | ||||||
Kintor Pharmaceutical Ltd.* (a) (c) |
7,000 | 20,252 | ||||||
L&C Bio Co. Ltd. |
1,325 | 42,250 | ||||||
Medigen Vaccine Biologics Corp.* |
3,000 | 25,496 | ||||||
MedPacto, Inc.* |
235 | 5,997 | ||||||
Medy-Tox, Inc.* |
120 | 13,070 |
Investments | Shares | Value | ||||||
Biotechnology – (continued) | ||||||||
Naturecell Co. Ltd.* |
2,743 | $ | 37,563 | |||||
NKMax Co. Ltd.* |
1,797 | 30,188 | ||||||
OBI Pharma, Inc.* |
10,354 | 39,167 | ||||||
OliX Pharmaceuticals, Inc.* |
901 | 16,858 | ||||||
Pharmicell Co. Ltd.* |
2,919 | 26,610 | ||||||
Remegen Co. Ltd., Class H* (a) (c) |
7,500 | 32,309 | ||||||
Seegene, Inc. |
963 | 31,090 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A* |
1,113 | 16,130 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A |
9,400 | 7,706 | ||||||
SillaJen, Inc.* ‡ |
2,522 | 12,148 | ||||||
SK Bioscience Co. Ltd.* |
450 | 48,547 | ||||||
Taigen Biopharmaceuticals Holdings Ltd.* |
44,000 | 25,899 | ||||||
TaiMed Biologics, Inc.* |
1,000 | 2,124 | ||||||
Vaxcell-Bio Therapeutics Co. Ltd.* |
371 | 13,292 | ||||||
Zai Lab Ltd.* (c) |
13,500 | 56,693 | ||||||
Zhejiang Orient Gene Biotech Co. Ltd., Class A |
550 | 15,298 | ||||||
1,699,536 | ||||||||
Building Products – 0.3% | ||||||||
Astral Ltd. |
1,766 | 49,749 | ||||||
Beijing New Building Materials plc, Class A |
5,300 | 23,358 | ||||||
Blue Star Ltd. |
2,703 | 40,181 | ||||||
China Lesso Group Holdings Ltd. |
33,000 | 41,849 | ||||||
Kajaria Ceramics Ltd. |
2,608 | 35,260 | ||||||
KCC Glass Corp. |
4,500 | 222,850 | ||||||
Kyung Dong Navien Co. Ltd. |
208 | 8,512 | ||||||
Luoyang Glass Co. Ltd., Class H* (c) |
18,000 | 24,547 | ||||||
LX Hausys Ltd. |
2,200 | 103,519 | ||||||
Taiwan Glass Industry Corp. |
48,000 | 36,559 | ||||||
Xinyi Glass Holdings Ltd. |
50,000 | 112,539 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A |
5,300 | 15,280 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
5,300 | 8,939 | ||||||
723,142 |
See Accompanying Notes to the Financial Statements.
178 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Capital Markets – 2.1% | ||||||||
Aju IB Investment Co. Ltd. |
20,700 | $ | 65,099 | |||||
B3 SA – Brasil Bolsa Balcao |
110,000 | 295,424 | ||||||
Banco BTG Pactual SA* |
20,000 | 93,251 | ||||||
Bangkok Commercial Asset Management PCL, NVDR |
26,500 | 14,855 | ||||||
Bolsa Mexicana de Valores SAB de CV |
26,600 | 52,696 | ||||||
Boursa Kuwait Securities Co. KPSC |
2,016 | 17,433 | ||||||
Bursa Malaysia Bhd. |
8,000 | 12,845 | ||||||
Caitong Securities Co. Ltd., Class A |
12,220 | 13,209 | ||||||
Capital Securities Corp. |
100,000 | 53,265 | ||||||
Changjiang Securities Co. Ltd., Class A |
14,100 | 11,880 | ||||||
China Bills Finance Corp. |
53,000 | 31,826 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
3,800,000 | 644,138 | ||||||
China Everbright Ltd. |
356,000 | 344,378 | ||||||
China Galaxy Securities Co. Ltd., Class A |
5,200 | 7,326 | ||||||
China Galaxy Securities Co. Ltd., Class H |
131,000 | 71,793 | ||||||
China International Capital Corp. Ltd., Class H(a) |
37,200 | 75,480 | ||||||
China Merchants Securities Co. Ltd., Class A |
21,220 | 41,138 | ||||||
China Merchants Securities Co. Ltd., Class H(a) |
16,600 | 17,370 | ||||||
China Renaissance Holdings Ltd.* (a) (c) |
75,100 | 96,481 | ||||||
CITIC Securities Co. Ltd., Class A |
17,475 | 52,237 | ||||||
CITIC Securities Co. Ltd., Class H |
44,073 | 97,851 | ||||||
Coronation Fund Managers Ltd. |
7,009 | 18,533 | ||||||
CSC Financial Co. Ltd., Class A |
11,000 | 36,038 | ||||||
CSC Financial Co. Ltd., Class H(a) |
400,000 | 371,137 | ||||||
Daishin Securities Co. Ltd. |
212 | 2,979 | ||||||
Daishin Securities Co. Ltd. (Preference) |
530 | 6,456 |
Investments | Shares | Value | ||||||
Capital Markets – (continued) | ||||||||
Daou Data Corp. |
6,500 | $ | 72,970 | |||||
Daou Technology, Inc. |
9,678 | 159,887 | ||||||
Dhani Services Ltd.* |
14,469 | 10,505 | ||||||
Dubai Financial Market PJSC |
67,052 | 48,741 | ||||||
Edelweiss Financial Services Ltd. |
49,005 | 38,689 | ||||||
Egyptian Financial Group-Hermes Holding Co.* |
329,568 | 303,188 | ||||||
Everbright Securities Co. Ltd., Class A |
9,400 | 16,240 | ||||||
Founder Securities Co. Ltd., Class A |
14,100 | 13,100 | ||||||
GF Securities Co. Ltd., Class A |
14,100 | 34,399 | ||||||
GF Securities Co. Ltd., Class H |
44,000 | 55,630 | ||||||
Glory Sun Financial Group Ltd.* (c) |
1,272,000 | 12,321 | ||||||
Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A |
8,640 | 9,680 | ||||||
Guosen Securities Co. Ltd., Class A |
14,100 | 20,764 | ||||||
Guotai Junan International Holdings Ltd.(c) |
1,235,000 | 135,366 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
20,000 | 44,330 | ||||||
Guotai Junan Securities Co. Ltd., Class H(a) |
21,200 | 27,560 | ||||||
Haitong Securities Co. Ltd., Class A |
18,800 | 25,830 | ||||||
Haitong Securities Co. Ltd., Class H |
100,000 | 70,353 | ||||||
Hanwha Investment & Securities Co. Ltd. |
5,088 | 19,485 | ||||||
HDFC Asset Management Co. Ltd.(a) |
1,717 | 45,860 | ||||||
Huatai Securities Co. Ltd., Class A |
24,100 | 48,844 | ||||||
Huatai Securities Co. Ltd., Class H(a) |
47,000 | 65,293 | ||||||
IBF Financial Holdings Co. Ltd. |
49,893 | 27,168 | ||||||
ICICI Securities Ltd.(a) |
1,880 | 13,790 | ||||||
IDFC Ltd. |
70,150 | 52,400 | ||||||
Indian Energy Exchange Ltd.(a) |
14,850 | 41,679 | ||||||
Industrial Securities Co. Ltd., Class A |
26,500 | 26,190 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 179 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Capital Markets – (continued) | ||||||||
Investec Ltd. |
13,000 | $ | 79,095 | |||||
Is Yatirim Menkul Degerler A/S* |
57,900 | 80,053 | ||||||
JM Financial Ltd. |
203,050 | 204,132 | ||||||
JSE Ltd. |
38,345 | 269,109 | ||||||
KIWOOM Securities Co. Ltd. |
640 | 48,560 | ||||||
Korea Investment Holdings Co. Ltd. |
1,250 | 70,263 | ||||||
Meritz Securities Co. Ltd. |
6,708 | 34,982 | ||||||
Mirae Asset Securities Co. Ltd. |
7,045 | 45,153 | ||||||
Mirae Asset Securities Co. Ltd. (2nd Preference) |
6,840 | 24,125 | ||||||
Moscow Exchange MICEX-RTS PJSC‡ (b) |
29,911 | — | ||||||
Multi Commodity Exchange of India Ltd. |
583 | 10,908 | ||||||
Nanjing Securities Co. Ltd., Class A |
9,400 | 10,660 | ||||||
NH Investment & Securities Co. Ltd. |
5,150 | 44,488 | ||||||
Nippon Life India Asset Management Ltd.(a) |
5,244 | 21,712 | ||||||
Noah Holdings Ltd., ADR* |
1,113 | 20,001 | ||||||
Orient Securities Co. Ltd., Class A |
9,400 | 13,072 | ||||||
Orient Securities Co. Ltd., Class H(a) (c) |
20,400 | 12,454 | ||||||
President Securities Corp. |
53,000 | 37,401 | ||||||
PSG Konsult Ltd. |
3,256 | 2,783 | ||||||
Reinet Investments SCA |
3,950 | 80,168 | ||||||
Samsung Securities Co. Ltd. |
2,050 | 64,797 | ||||||
Saratoga Investama Sedaya Tbk. PT |
27,500 | 6,905 | ||||||
SDIC Capital Co. Ltd., Class A |
14,288 | 13,926 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
47,900 | 29,742 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class H(a) (c) |
75,200 | 15,814 | ||||||
Shinyoung Securities Co. Ltd.* |
1,650 | 75,800 | ||||||
Sinolink Securities Co. Ltd., Class A |
9,400 | 11,773 | ||||||
SPIC Dongfang New Energy Corp., Class A |
25,000 | 16,510 |
Investments | Shares | Value | ||||||
Capital Markets – (continued) | ||||||||
Tata Liquid Fund* ‡ |
5,000 | $ | — | |||||
UTI Asset Management Co. Ltd. |
1,378 | 14,275 | ||||||
Western Securities Co. Ltd., Class A |
10,000 | 9,473 | ||||||
Woori Investment Bank Co. Ltd. |
6,985 | 4,816 | ||||||
Woori Technology Investment Co. Ltd.* |
3,763 | 24,418 | ||||||
Yangzijiang Financial Holding Pte. Ltd.* |
95,000 | 37,494 | ||||||
Yuanta Securities Korea Co. Ltd. |
40,334 | 114,965 | ||||||
Zheshang Securities Co. Ltd., Class A |
4,700 | 6,572 | ||||||
Zhongtai Securities Co. Ltd., Class A |
15,900 | 17,476 | ||||||
5,559,255 | ||||||||
Chemicals – 4.1% | ||||||||
Aarti Industries Ltd. |
4,300 | 49,948 | ||||||
Advanced Petrochemical Co. |
2,025 | 36,226 | ||||||
AECI Ltd. |
48,150 | 310,005 | ||||||
Alkyl Amines Chemicals |
220 | 9,151 | ||||||
Alpek SAB de CV(c) |
163,200 | 220,308 | ||||||
Alujain Holding |
795 | 16,299 | ||||||
Asia Polymer Corp. |
150,000 | 186,256 | ||||||
Asian Paints Ltd. |
8,500 | 359,959 | ||||||
Atul Ltd. |
259 | 30,334 | ||||||
Balaji Amines Ltd. |
742 | 31,368 | ||||||
Barito Pacific Tbk. PT |
474,700 | 27,833 | ||||||
Batu Kawan Bhd. |
6,300 | 42,140 | ||||||
Bayer CropScience Ltd. |
141 | 8,577 | ||||||
Berger Paints India Ltd. |
5,245 | 49,261 | ||||||
Boubyan Petrochemicals Co. KSCP |
7,344 | 24,348 | ||||||
Braskem SA (Preference), Class A |
5,500 | 44,669 | ||||||
Carborundum Universal Ltd. |
5,200 | 52,165 | ||||||
Castrol India Ltd. |
6,655 | 9,411 | ||||||
Chambal Fertilizers and Chemicals Ltd. |
72,750 | 435,448 | ||||||
Chandra Asri Petrochemical Tbk. PT |
41,200 | 28,562 | ||||||
Chemplast Sanmar Ltd.* |
17,000 | 132,188 | ||||||
China Lumena New Materials Corp.* ‡ |
22,200 | — |
See Accompanying Notes to the Financial Statements.
180 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Chemicals – (continued) | ||||||||
China Man-Made Fiber Corp. |
629,042 | $ | 183,321 | |||||
China Petrochemical Development Corp.* |
85,254 | 34,130 | ||||||
China Risun Group Ltd.(a) (c) |
55,000 | 27,829 | ||||||
China Steel Chemical Corp. |
12,000 | 46,615 | ||||||
Chunbo Co. Ltd. |
141 | 31,377 | ||||||
CNNC Hua Yuan Titanium Dioxide Co. Ltd., Class A |
5,500 | 6,120 | ||||||
Coromandel International Ltd. |
1,898 | 22,211 | ||||||
D&L Industries, Inc. |
110,800 | 15,175 | ||||||
DCM Shriram Ltd. |
1,375 | 21,335 | ||||||
Deepak Nitrite Ltd. |
1,909 | 58,102 | ||||||
Dongjin Semichem Co. Ltd. |
1,196 | 36,280 | ||||||
Dongyue Group Ltd.(c) |
42,000 | 50,585 | ||||||
Ecopro Co. Ltd. |
631 | 43,205 | ||||||
Egypt Kuwait Holding Co. SAE |
10,969 | 14,150 | ||||||
EID Parry India Ltd. |
7,975 | 55,392 | ||||||
Engro Corp. Ltd. |
134,984 | 201,840 | ||||||
Engro Fertilizers Ltd. |
244,146 | 125,063 | ||||||
Fauji Fertilizer Co. Ltd. |
286,342 | 185,448 | ||||||
Finolex Industries Ltd. |
19,195 | 39,222 | ||||||
Foosung Co. Ltd. |
1,768 | 26,886 | ||||||
Formosa Chemicals & Fibre Corp. |
69,000 | 187,040 | ||||||
Formosa Plastics Corp. |
86,000 | 307,815 | ||||||
Grand Pacific Petrochemical |
350,000 | 309,325 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A* |
700 | 7,962 | ||||||
Gujarat Fluorochemicals Ltd. |
715 | 26,226 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. |
40,750 | 441,151 | ||||||
Hangzhou Oxygen Plant Group Co. Ltd. |
5,000 | 19,804 | ||||||
Hansol Chemical Co. Ltd. |
232 | 45,532 | ||||||
Hanwha Solutions Corp.* |
3,142 | 80,051 | ||||||
HDC Holdings Co. Ltd. |
16,791 | 96,655 | ||||||
Hengli Petrochemical Co. Ltd., Class A |
15,000 | 47,708 | ||||||
Hengyi Petrochemical Co. Ltd., Class A |
14,100 | 16,311 | ||||||
Huabao International Holdings Ltd.(c) |
17,000 | 9,382 |
Investments | Shares | Value | ||||||
Chemicals – (continued) | ||||||||
Huafon Chemical Co. Ltd., Class A |
5,300 | $ | 6,276 | |||||
Hyosung Advanced Materials Corp. |
55 | 20,931 | ||||||
Hyosung Chemical Corp.* |
801 | 145,086 | ||||||
Hyosung TNC Corp. |
110 | 36,214 | ||||||
Indorama Ventures PCL, NVDR |
68,000 | 89,839 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
23,500 | 15,591 | ||||||
International CSRC Investment Holdings Co. |
53,000 | 41,986 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A |
5,300 | 9,857 | ||||||
Jubilant Ingrevia Ltd. |
6,490 | 42,718 | ||||||
Kansai Nerolac Paints Ltd. |
2,196 | 13,489 | ||||||
KCC Corp. |
106 | 28,905 | ||||||
Kolon Industries, Inc. |
674 | 33,432 | ||||||
Korea Petrochemical Ind Co. Ltd. |
2,075 | 251,115 | ||||||
KuibyshevAzot PJSC‡ (b) |
9,900 | — | ||||||
Kumho Petrochemical Co. Ltd. |
450 | 55,354 | ||||||
LB Group Co. Ltd., Class A |
4,700 | 13,058 | ||||||
LG Chem Ltd. |
850 | 351,234 | ||||||
LG Chem Ltd. (Preference) |
170 | 33,838 | ||||||
Linde India Ltd. |
624 | 29,237 | ||||||
Lotte Chemical Corp. |
500 | 78,224 | ||||||
LOTTE Fine Chemical Co. Ltd. |
397 | 25,761 | ||||||
Luxi Chemical Group Co. Ltd., Class A* (b) |
10,800 | 29,841 | ||||||
Mesaieed Petrochemical Holding Co. |
69,776 | 49,624 | ||||||
Miwon Commercial Co. Ltd. |
212 | 28,947 | ||||||
Nan Pao Resins Chemical Co. Ltd. |
19,000 | 78,964 | ||||||
Nan Ya Plastics Corp. |
100,000 | 294,143 | ||||||
Nantex Industry Co. Ltd. |
7,000 | 13,038 | ||||||
National Industrialization Co.* |
5,584 | 30,728 | ||||||
Navin Fluorine International Ltd. |
645 | 33,175 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A |
10,600 | 22,690 | ||||||
Nizhnekamskneftekhim PJSC‡ (b) |
28,600 | — |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 181 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Chemicals – (continued) | ||||||||
Nizhnekamskneftekhim PJSC (Preference)‡ (b) |
26,400 | $ | — | |||||
OCI Co. Ltd. |
333 | 27,971 | ||||||
Omnia Holdings Ltd. |
11,250 | 59,329 | ||||||
Orbia Advance Corp. SAB de CV |
30,533 | 73,458 | ||||||
Organichesky Sintez PJSC‡ (b) |
11,550 | — | ||||||
Oriental Union Chemical Corp.* |
38,000 | 26,429 | ||||||
Petkim Petrokimya Holding A/S* |
57,016 | 36,614 | ||||||
Petronas Chemicals Group Bhd. |
50,000 | 117,377 | ||||||
PhosAgro PJSC‡ (b) |
1,540 | — | ||||||
PI Advanced Materials Co. Ltd. |
520 | 19,852 | ||||||
PI Industries Ltd. |
1,314 | 48,955 | ||||||
Pidilite Industries Ltd. |
3,250 | 103,045 | ||||||
PTT Global Chemical PCL, NVDR |
64,500 | 94,161 | ||||||
Rain Industries Ltd. |
89,900 | 201,692 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
25,000 | 52,072 | ||||||
SABIC Agri-Nutrients Co. |
3,750 | 162,565 | ||||||
Sahara International Petrochemical Co. |
5,394 | 82,403 | ||||||
Sasa Polyester Sanayi A/S* |
4,051 | 17,452 | ||||||
Sasol Ltd.* |
17,792 | 441,846 | ||||||
Satellite Chemical Co. Ltd., Class A |
2,380 | 13,022 | ||||||
Saudi Basic Industries Corp. |
15,950 | 557,068 | ||||||
Saudi Industrial Investment Group |
6,889 | 60,610 | ||||||
Saudi Kayan Petrochemical Co.* |
16,300 | 82,048 | ||||||
Scientex Bhd. |
26,100 | 22,842 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
6,110 | 28,013 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A* |
1,400 | 25,237 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. |
28,000 | 99,744 | ||||||
Shinkong Synthetic Fibers Corp. |
53,000 | 35,513 |
Investments | Shares | Value | ||||||
Chemicals – (continued) | ||||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A |
3,600 | $ | 14,516 | |||||
Sinofert Holdings Ltd.* (c) |
622,000 | 104,642 | ||||||
SK Chemicals Co. Ltd. |
412 | 41,823 | ||||||
SK IE Technology Co. Ltd.* (a) |
165 | 16,684 | ||||||
SKC Co. Ltd. |
440 | 53,073 | ||||||
Sociedad Quimica y Minera de Chile SA (Preference), Class B |
2,513 | 186,475 | ||||||
Solar Industries India Ltd. |
1,040 | 37,562 | ||||||
Soulbrain Co. Ltd. |
141 | 27,616 | ||||||
Soulbrain Holdings Co. Ltd. |
3,350 | 75,748 | ||||||
SRF Ltd. |
2,640 | 86,778 | ||||||
Sumitomo Chemical India Ltd. |
2,585 | 14,522 | ||||||
Supreme Industries Ltd. |
1,204 | 30,664 | ||||||
Taekwang Industrial Co. Ltd. |
100 | 80,892 | ||||||
Taiwan Fertilizer Co. Ltd. |
24,000 | 60,986 | ||||||
Tata Chemicals Ltd. |
3,975 | 48,888 | ||||||
TKG Huchems Co. Ltd. |
2,002 | 35,704 | ||||||
Tongkun Group Co. Ltd., Class A |
9,400 | 21,677 | ||||||
TSRC Corp. |
47,000 | 51,344 | ||||||
Unid Co. Ltd. |
2,750 | 279,160 | ||||||
Unipar Carbocloro SA (Preference), Class B |
3,056 | 59,248 | ||||||
UPL Ltd. |
9,600 | 103,344 | ||||||
USI Corp. |
28,000 | 27,501 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
5,000 | 59,094 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A |
10,600 | 11,892 | ||||||
Yanbu National Petrochemical Co. |
5,550 | 90,409 | ||||||
Yung Chi Paint & Varnish Manufacturing Co. Ltd. |
41,000 | 100,986 | ||||||
Yunnan Energy New Material Co. Ltd.* |
900 | 27,730 | ||||||
Zhejiang Longsheng Group Co. Ltd., Class A |
9,400 | 14,370 | ||||||
Zhejiang Yongtai Technology Co. Ltd., Class A* |
2,800 | 10,712 | ||||||
11,090,357 |
See Accompanying Notes to the Financial Statements.
182 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Commercial Services & Supplies – 0.2% | ||||||||
China Everbright Environment Group Ltd. |
100,000 | $ | 59,392 | |||||
Cleanaway Co. Ltd. |
6,000 | 40,813 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., Class H(a) (c) |
50,000 | 21,667 | ||||||
Frontken Corp. Bhd. |
44,000 | 28,198 | ||||||
GPS Participacoes e Empreendimentos SA(d) |
14,100 | 42,651 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
5,500 | 53,671 | ||||||
KEPCO Plant Service & Engineering Co. Ltd. |
954 | 28,939 | ||||||
PNB Holdings Corp.* |
46,815 | 37,436 | ||||||
S-1 Corp. |
347 | 19,035 | ||||||
Saudi Airlines Catering Co.* |
2,350 | 59,333 | ||||||
Taiwan Secom Co. Ltd. |
3,165 | 11,758 | ||||||
402,893 | ||||||||
Communications Equipment – 0.5% | ||||||||
Accton Technology Corp. |
9,000 | 71,144 | ||||||
Ace Technologies Corp.* |
705 | 5,866 | ||||||
Addsino Co. Ltd., Class A |
5,300 | 7,233 | ||||||
Advanced Ceramic X Corp. |
2,000 | 16,658 | ||||||
Arcadyan Technology Corp.* |
76,000 | 330,037 | ||||||
BYD Electronic International Co. Ltd.(c) |
24,500 | 50,148 | ||||||
D-Link Corp. |
48,760 | 28,040 | ||||||
Glarun Technology Co. Ltd., Class A |
10,600 | 23,076 | ||||||
KMW Co. Ltd.* |
563 | 14,792 | ||||||
Seojin System Co. Ltd. |
1,590 | 24,622 | ||||||
Sercomm Corp. |
100,000 | 282,947 | ||||||
Sterlite Technologies Ltd. |
11,660 | 29,462 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A |
900 | 3,762 | ||||||
Wistron NeWeb Corp. |
140,000 | 364,303 | ||||||
ZTE Corp., Class A |
4,700 | 17,217 | ||||||
ZTE Corp., Class H |
10,600 | 22,534 | ||||||
1,291,841 |
Investments | Shares | Value | ||||||
Construction & Engineering – 1.3% | ||||||||
BES Engineering Corp. |
105,000 | $ | 34,020 | |||||
CH Karnchang PCL, NVDR |
44,000 | 25,051 | ||||||
China Communications Services Corp. Ltd., Class H |
1,046,000 | 478,596 | ||||||
China Conch Venture Holdings Ltd. |
50,000 | 130,319 | ||||||
China Energy Engineering Corp. Ltd., Class H(c) |
2,500,000 | 347,304 | ||||||
China Railway Group Ltd., Class A |
47,000 | 50,518 | ||||||
China Railway Group Ltd., Class H |
100,000 | 70,225 | ||||||
Continental Holdings Corp. |
200,000 | 181,167 | ||||||
CTCI Corp. |
265,000 | 418,958 | ||||||
Daewoo Engineering & Construction Co. Ltd.* |
3,901 | 21,027 | ||||||
DL Construction Co. Ltd. |
3,900 | 84,459 | ||||||
DL E&C Co. Ltd. |
1,300 | 62,412 | ||||||
DL Holdings Co. Ltd. |
397 | 19,566 | ||||||
Ellaktor SA* |
94,545 | 136,046 | ||||||
Gamuda Bhd. |
48,221 | 41,204 | ||||||
Greentown Management Holdings Co. Ltd.(a) |
53,000 | 40,327 | ||||||
GS Engineering & Construction Corp. |
2,500 | 83,698 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E |
136 | 1,624 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
2,326 | 82,503 | ||||||
IJM Corp. Bhd. |
78,400 | 33,136 | ||||||
IS Dongseo Co. Ltd. |
808 | 34,482 | ||||||
KEC International Ltd. |
6,678 | 34,712 | ||||||
KEPCO Engineering & Construction Co., Inc. |
382 | 22,385 | ||||||
KNR Constructions Ltd. |
6,325 | 22,369 | ||||||
Larsen & Toubro Ltd. |
12,804 | 283,801 | ||||||
Larsen & Toubro Ltd., GDR(a) |
296 | 6,542 | ||||||
Malaysian Resources Corp. Bhd. |
85,090 | 7,525 | ||||||
Metallurgical Corp. of China Ltd., Class A |
65,800 | 34,863 | ||||||
Metallurgical Corp. of China Ltd., Class H |
106,000 | 27,425 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 183 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Construction & Engineering – (continued) | ||||||||
NBCC India Ltd. |
41,870 | $ | 20,759 | |||||
Power Construction Corp. of China Ltd., Class A |
37,600 | 44,296 | ||||||
Rail Vikas Nigam Ltd.(a) |
196,250 | 86,389 | ||||||
Samsung Engineering Co. Ltd.* |
2,900 | 60,032 | ||||||
Shanghai Construction Group Co. Ltd., Class A |
23,500 | 11,559 | ||||||
Shanghai Tunnel Engineering Co. Ltd., Class A |
14,100 | 12,544 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A |
22,000 | 34,935 | ||||||
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A |
9,400 | 6,793 | ||||||
Tekfen Holding A/S |
95,700 | 126,582 | ||||||
TY Holdings Co. Ltd.* |
753 | 15,228 | ||||||
United Integrated Services Co. Ltd. |
6,000 | 36,539 | ||||||
Voltas Ltd. |
4,050 | 66,838 | ||||||
Waskita Karya Persero Tbk. PT* |
603,196 | 22,052 | ||||||
Wijaya Karya Persero Tbk. PT* |
281,200 | 18,427 | ||||||
Xinte Energy Co. Ltd., Class H(c) |
100,000 | 222,784 | ||||||
3,602,021 | ||||||||
Construction Materials – 1.7% | ||||||||
ACC Ltd. |
1,404 | 42,774 | ||||||
Ambuja Cements Ltd. |
11,597 | 56,466 | ||||||
Anhui Conch Cement Co. Ltd., Class A |
10,000 | 60,665 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
40,500 | 221,440 | ||||||
Arabian Cement Co. |
2,310 | 25,836 | ||||||
Asia Cement China Holdings Corp. |
182,500 | 118,625 | ||||||
Asia Cement Co. Ltd. |
7,800 | 95,016 | ||||||
Asia Cement Corp. |
96,000 | 156,659 | ||||||
BBMG Corp., Class A |
42,300 | 17,981 | ||||||
Birla Corp. Ltd. |
2,530 | 36,011 | ||||||
Cementos Argos SA |
22,735 | 34,320 | ||||||
Cemex SAB de CV* (c) |
436,700 | 192,153 | ||||||
Chia Hsin Cement Corp. |
250,000 | 168,360 | ||||||
China Jushi Co. Ltd., Class A |
5,143 | 12,282 |
Investments | Shares | Value | ||||||
Construction Materials – (continued) | ||||||||
China National Building Material Co. Ltd., Class H |
136,050 | $ | 183,107 | |||||
China Resources Cement Holdings Ltd. |
100,000 | 83,480 | ||||||
China Tianrui Group Cement Co. Ltd.* |
400,000 | 299,765 | ||||||
CSG Holding Co. Ltd., Class A |
16,200 | 13,822 | ||||||
Dalmia Bharat Ltd. |
1,710 | 33,983 | ||||||
GCC SAB de CV |
7,800 | 51,585 | ||||||
Goldsun Building Materials Co. Ltd. |
50,000 | 49,617 | ||||||
Grasim Industries Ltd. |
6,100 | 135,043 | ||||||
Grupo Argos SA |
146,200 | 529,232 | ||||||
Hanil Cement Co. Ltd. |
12,850 | 211,268 | ||||||
HLB Global Co. Ltd.* |
2,640 | 16,710 | ||||||
Huaxin Cement Co. Ltd., Class A |
3,700 | 12,245 | ||||||
Huaxin Cement Co. Ltd., Class H* |
10,400 | 19,352 | ||||||
Indocement Tunggal Prakarsa Tbk. PT |
32,900 | 23,772 | ||||||
JK Cement Ltd. |
530 | 18,353 | ||||||
Lucky Cement Ltd.* |
5,787 | 17,658 | ||||||
Nuh Cimento Sanayi A/S |
28,500 | 91,317 | ||||||
Oyak Cimento Fabrikalari A/S* |
149,600 | 108,152 | ||||||
POSCO Chemical Co. Ltd. |
385 | 41,688 | ||||||
Qassim Cement Co. (The) |
2,600 | 55,732 | ||||||
Ramco Cements Ltd. (The)* |
2,289 | 23,797 | ||||||
Saudi Cement Co. |
2,022 | 31,159 | ||||||
Semen Indonesia Persero Tbk. PT |
57,600 | 25,429 | ||||||
Shree Cement Ltd. |
200 | 67,820 | ||||||
Siam Cement PCL (The), NVDR |
11,400 | 123,153 | ||||||
Southern Province Cement Co. |
1,634 | 29,101 | ||||||
SSANGYONG C&E Co. Ltd. |
290 | 1,914 | ||||||
Taiwan Cement Corp. |
166,452 | 259,203 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A |
4,700 | 7,670 | ||||||
Tipco Asphalt PCL, NVDR |
265,100 | 126,164 | ||||||
TPI Polene PCL, NVDR |
1,990,100 | 87,158 | ||||||
UltraTech Cement Ltd. |
2,152 | 186,654 | ||||||
Union Andina de Cementos SAA |
379,200 | 197,500 | ||||||
Universal Cement Corp. |
200,000 | 137,741 |
See Accompanying Notes to the Financial Statements.
184 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Construction Materials – (continued) | ||||||||
Yamama Cement Co.* |
3,763 | $ | 35,064 | |||||
Yanbu Cement Co. |
2,888 | 32,493 | ||||||
4,606,489 | ||||||||
Consumer Finance – 0.8% | ||||||||
360 DigiTech, Inc., ADR |
3,150 | 45,455 | ||||||
AEON Credit Service M Bhd. |
45,000 | 164,351 | ||||||
Bajaj Finance Ltd. |
4,750 | 414,574 | ||||||
BFI Finance Indonesia Tbk. PT |
335,500 | 29,738 | ||||||
Cholamandalam Investment and Finance Co. Ltd. |
7,750 | 74,897 | ||||||
CreditAccess Grameen Ltd.* |
1,166 | 15,805 | ||||||
Differ Group Holding Co. Ltd.* (c) |
166,000 | 43,583 | ||||||
FinVolution Group, ADR |
57,550 | 216,388 | ||||||
JMT Network Services PCL, NVDR |
16,500 | 41,912 | ||||||
Krungthai Card PCL, NVDR |
21,200 | 35,746 | ||||||
Lufax Holding Ltd., ADR(c) |
20,300 | 112,665 | ||||||
Mahindra & Mahindra Financial Services Ltd. |
20,141 | 48,256 | ||||||
Manappuram Finance Ltd. |
218,739 | 329,357 | ||||||
Muangthai Capital PCL, NVDR |
16,500 | 22,281 | ||||||
Muthoot Finance Ltd. |
2,226 | 36,777 | ||||||
Ngern Tid Lor PCL, NVDR |
23,692 | 25,421 | ||||||
Poonawalla Fincorp Ltd.* |
5,720 | 22,931 | ||||||
Ratchthani Leasing PCL, NVDR |
203,500 | 26,024 | ||||||
Samsung Card Co. Ltd. |
1,140 | 30,361 | ||||||
SBI Cards & Payment Services Ltd. |
5,050 | 54,888 | ||||||
Shriram City Union Finance Ltd. |
1,925 | 43,027 | ||||||
Shriram Transport Finance Co. Ltd. |
4,600 | 72,335 | ||||||
Srisawad Corp. PCL, NVDR |
26,403 | 41,435 | ||||||
Sundaram Finance Ltd. |
1,445 | 38,028 | ||||||
Transaction Capital Ltd. |
15,500 | 49,500 | ||||||
Yixin Group Ltd.* (a) |
15,500 | 1,580 | ||||||
Yulon Finance Corp. |
1,391 | 10,925 | ||||||
2,048,240 | ||||||||
Containers & Packaging – 0.2% | ||||||||
Cheng Loong Corp. |
16,000 | 18,157 | ||||||
Klabin SA |
15,000 | 62,820 |
Investments | Shares | Value | ||||||
Containers & Packaging – (continued) | ||||||||
Polyplex Thailand PCL, NVDR |
197,000 | $ | 143,796 | |||||
SCG Packaging PCL, NVDR |
33,400 | 53,879 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. |
118,000 | 301,851 | ||||||
Ton Yi Industrial Corp. |
53,000 | 28,500 | ||||||
609,003 | ||||||||
Distributors – 0.1% | ||||||||
Wuchan Zhongda Group Co. Ltd., Class A |
13,800 | 10,370 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class H |
200,000 | 143,510 | ||||||
153,880 | ||||||||
Diversified Consumer Services – 0.2% | ||||||||
17 Education & Technology Group, Inc., ADR* |
1 | 1 | ||||||
Advtech Ltd. |
24,310 | 27,359 | ||||||
Cairo Investment & Real Estate Development Co. SAE |
14,617 | 9,566 | ||||||
China Education Group Holdings Ltd.(a) |
26,000 | 22,567 | ||||||
China Kepei Education Group Ltd.(a) (c) |
200,000 | 56,079 | ||||||
China Yuhua Education Corp. Ltd.(a) (c) |
702,000 | 124,364 | ||||||
Cogna Educacao* |
33,000 | 16,326 | ||||||
Fu Shou Yuan International Group Ltd. |
55,000 | 38,203 | ||||||
Hope Education Group Co. Ltd.(a) (c) |
202,000 | 12,486 | ||||||
Humansoft Holding Co. KSC |
1,431 | 15,765 | ||||||
Lung Yen Life Service Corp. |
2,000 | 3,260 | ||||||
MegaStudyEdu Co. Ltd. |
385 | 29,212 | ||||||
New Oriental Education & Technology Group, Inc.* |
33,000 | 39,535 | ||||||
Offcn Education Technology Co. Ltd., Class A* |
4,700 | 3,268 | ||||||
TAL Education Group, ADR* (c) |
20,285 | 68,766 | ||||||
YDUQS Participacoes SA |
10,500 | 34,179 | ||||||
500,936 | ||||||||
Diversified Financial Services – 0.9% | ||||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A |
23,500 | 13,735 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 185 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Diversified Financial Services – (continued) | ||||||||
Bajaj Finserv Ltd. |
644 | $ | 125,621 | |||||
Bajaj Holdings & Investment Ltd. |
750 | 50,719 | ||||||
Chailease Holding Co. Ltd. |
27,883 | 223,722 | ||||||
China Shandong Hi-Speed Financial Group Ltd.* (c) |
306,000 | 36,660 | ||||||
Corp. Financiera Colombiana SA* |
3,252 | 23,708 | ||||||
Far East Horizon Ltd.(c) |
55,000 | 44,933 | ||||||
FirstRand Ltd. |
171,750 | 743,739 | ||||||
Genertec Universal Medical Group Co. Ltd.(a) |
390,000 | 252,009 | ||||||
Grupo de Inversiones Suramericana SA |
4,400 | 44,354 | ||||||
Grupo de Inversiones Suramericana SA (Preference) |
42 | 231 | ||||||
L&T Finance Holdings Ltd.* |
26,381 | 30,214 | ||||||
Meritz Financial Group, Inc. |
947 | 28,538 | ||||||
Metro Pacific Investments Corp. |
381,000 | 27,733 | ||||||
National Investments Co. |
113,150 | 156,553 | ||||||
NICE Holdings Co. Ltd. |
6,563 | 89,092 | ||||||
Piramal Enterprises Ltd. |
2,112 | 59,678 | ||||||
Power Finance Corp. Ltd. |
36,542 | 56,288 | ||||||
REC Ltd. |
22,048 | 36,630 | ||||||
Remgro Ltd. |
16,350 | 147,216 | ||||||
Yuanta Financial Holding Co. Ltd. |
400,000 | 354,871 | ||||||
2,546,244 | ||||||||
Diversified Telecommunication Services – 1.4% | ||||||||
AL Yah Satellite Communications Co. PJSC |
43,340 | 31,387 | ||||||
Asia Pacific Telecom Co. Ltd.* |
68,164 | 17,483 | ||||||
China Tower Corp. Ltd., Class H(a) |
800,000 | 93,804 | ||||||
Chunghwa Telecom Co. Ltd. |
74,000 | 328,883 | ||||||
CITIC Telecom International Holdings Ltd. |
732,000 | 263,090 | ||||||
Converge Information and Communications Technology Solutions, Inc.* |
60,500 | 33,376 | ||||||
Emirates Telecommunications Group Co. PJSC |
59,400 | 566,015 |
Investments | Shares | Value | ||||||
Diversified Telecommunication Services – (continued) | ||||||||
Hellenic Telecommunications Organization SA |
7,550 | $ | 146,554 | |||||
HFCL Ltd. |
22,055 | 21,408 | ||||||
Indus Towers Ltd.* |
17,200 | 47,026 | ||||||
KT Corp. |
3,250 | 92,635 | ||||||
LG Uplus Corp. |
7,617 | 84,903 | ||||||
Link Net Tbk. PT |
370,000 | 117,148 | ||||||
Magyar Telekom Telecommunications plc |
169,334 | 183,485 | ||||||
Oi SA* |
268,200 | 42,243 | ||||||
Ooredoo QPSC |
23,350 | 48,018 | ||||||
Operadora de Sites Mexicanos SA de CV, REIT(c) |
22,200 | 27,107 | ||||||
Rostelecom PJSC‡ (b) |
33,770 | — | ||||||
Rostelecom PJSC (Preference)‡ (b) |
15,392 | — | ||||||
Sarana Menara Nusantara Tbk. PT |
315,700 | 21,995 | ||||||
Saudi Telecom Co. |
11,200 | 346,379 | ||||||
Tata Communications Ltd. |
1,646 | 23,567 | ||||||
Tata Teleservices Maharashtra Ltd.* |
23,925 | 43,723 | ||||||
Telefonica Brasil SA |
15,189 | 163,140 | ||||||
Telekom Malaysia Bhd. |
44,000 | 50,433 | ||||||
Telkom Indonesia Persero Tbk. PT |
1,450,000 | 462,096 | ||||||
Telkom SA SOC Ltd.* |
138,212 | 412,987 | ||||||
TIME dotCom Bhd. |
9,000 | 9,199 | ||||||
Tower Bersama Infrastructure Tbk. PT* |
121,300 | 25,185 | ||||||
True Corp. PCL, NVDR |
501,200 | 70,534 | ||||||
Turk Telekomunikasyon A/S |
19,746 | 13,398 | ||||||
3,787,201 | ||||||||
Electric Utilities – 1.3% | ||||||||
Adani Transmission Ltd.* |
5,152 | 188,004 | ||||||
Alupar Investimento SA |
3,500 | 18,574 | ||||||
Celsia SA ESP |
219,950 | 236,096 | ||||||
Centrais Eletricas Brasileiras SA |
11,900 | 97,272 | ||||||
Centrais Eletricas Brasileiras SA (Preference), Class B |
10,000 | 81,075 | ||||||
CESC Ltd. |
298,285 | 334,213 | ||||||
CEZ A/S |
5,002 | 214,686 |
See Accompanying Notes to the Financial Statements.
186 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electric Utilities – (continued) | ||||||||
Cia de Transmissao de Energia Eletrica Paulista (Preference) |
5,200 | $ | 26,419 | |||||
Cia Energetica de Minas Gerais |
7,197 | 27,831 | ||||||
Cia Energetica de Minas Gerais (Preference) |
36,694 | 108,700 | ||||||
Cia Energetica de Minas Gerais (Preference)* (b) |
238 | 856 | ||||||
Cia Paranaense de Energia |
5,500 | 39,871 | ||||||
CPFL Energia SA |
4,700 | 34,309 | ||||||
EDP – Energias do Brasil SA |
9,400 | 40,203 | ||||||
Enel Americas SA |
742,704 | 77,749 | ||||||
Enel Chile SA |
211,903 | 5,587 | ||||||
Energisa SA |
4,800 | 46,176 | ||||||
Enerjisa Enerji A/S(a) |
7,676 | 7,280 | ||||||
Engie Energia Chile SA |
150,450 | 68,406 | ||||||
Equatorial Energia SA |
25,000 | 129,437 | ||||||
Federal Grid Co. Unified Energy System PJSC‡ (b) |
12,705,298 | — | ||||||
First Philippine Holdings Corp. |
79,000 | 105,853 | ||||||
Holding Co. ADMIE IPTO SA(c) |
54,160 | 131,127 | ||||||
Inter RAO UES PJSC‡ (b) |
1,596,292 | — | ||||||
Interconexion Electrica SA ESP |
13,200 | 72,205 | ||||||
Korea Electric Power Corp.* |
7,750 | 142,536 | ||||||
Manila Electric Co. |
11,250 | 75,941 | ||||||
Mosenergo PJSC‡ (b) |
4,455,000 | — | ||||||
Neoenergia SA |
4,700 | 17,824 | ||||||
Power Grid Corp. of India Ltd. |
108,250 | 322,516 | ||||||
Public Power Corp. SA* |
2,126 | 17,158 | ||||||
ROSSETI PJSC‡ (b) |
1,466,436 | — | ||||||
RusHydro PJSC‡ (b) |
2,361,000 | — | ||||||
Saudi Electricity Co.* |
24,100 | 173,804 | ||||||
SGC Energy Co. Ltd. |
3,450 | 139,538 | ||||||
SJVN Ltd. |
231,550 | 86,329 | ||||||
Tata Power Co. Ltd. (The) |
33,250 | 105,414 | ||||||
Tenaga Nasional Bhd. |
91,900 | 190,829 | ||||||
Torrent Power Ltd. |
4,645 | 32,397 | ||||||
Transmissora Alianca de Energia Eletrica SA |
5,800 | 51,509 | ||||||
3,447,724 | ||||||||
Electrical Equipment – 1.1% | ||||||||
ABB India Ltd. |
427 | 11,711 | ||||||
AcBel Polytech, Inc. |
192,000 | 188,577 |
Investments | Shares | Value | ||||||
Electrical Equipment – (continued) | ||||||||
Advanced Energy Solution Holding Co. Ltd. |
1,000 | $ | 31,212 | |||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA |
5,500 | 5,420 | ||||||
Amara Raja Batteries Ltd. |
1,222 | 8,992 | ||||||
Bharat Heavy Electricals Ltd.* |
45,044 | 31,024 | ||||||
Bizlink Holding, Inc. |
2,000 | 20,390 | ||||||
CG Power & Industrial Solutions Ltd.* |
12,320 | 31,895 | ||||||
Chicony Power Technology Co. Ltd. |
66,000 | 156,740 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.* (c) |
200,000 | 112,157 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. |
178,000 | 328,517 | ||||||
CS Wind Corp. |
581 | 27,662 | ||||||
Dongfang Electric Corp. Ltd., Class A |
9,400 | 18,009 | ||||||
Doosan Enerbility* |
5,638 | 92,470 | ||||||
Doosan Fuel Cell Co. Ltd.* |
690 | 19,145 | ||||||
Ecopro BM Co. Ltd. |
200 | 75,860 | ||||||
ElSewedy Electric Co. |
199,809 | 84,614 | ||||||
Fangda Carbon New Material Co. Ltd., Class A |
5,300 | 5,697 | ||||||
Finolex Cables Ltd. |
3,245 | 17,040 | ||||||
Gotion High-tech Co. Ltd., Class A* |
4,600 | 18,716 | ||||||
Graphite India Ltd. |
5 | 35 | ||||||
Havells India Ltd. |
5,800 | 99,532 | ||||||
HEG Ltd. |
1,060 | 17,071 | ||||||
Hitachi Energy India Ltd. |
371 | 15,283 | ||||||
Hyosung Heavy Industries Corp.* |
2,300 | 102,182 | ||||||
Hyundai Electric & Energy System Co. Ltd.* |
10,400 | 180,924 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A |
10,400 | 25,814 | ||||||
KEI Industries Ltd. |
1,595 | 25,189 | ||||||
Korea Electric Terminal Co. Ltd. |
3,050 | 169,984 | ||||||
Kung Long Batteries Industrial Co. Ltd. |
1,000 | 4,665 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 187 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electrical Equipment – (continued) | ||||||||
LS Corp. |
1,200 | $ | 55,127 | |||||
LS Electric Co. Ltd. |
456 | 17,372 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
4,500 | 15,180 | ||||||
NARI Technology Co. Ltd., Class A |
11,400 | 55,382 | ||||||
Polycab India Ltd. |
990 | 32,198 | ||||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret A/S |
21,560 | 27,443 | ||||||
Shanghai Electric Group Co. Ltd., Class A |
24,000 | 13,991 | ||||||
Shanghai Electric Group Co. Ltd., Class H |
94,000 | 23,002 | ||||||
Shanghai Liangxin Electrical Co. Ltd., Class A* |
6,500 | 10,509 | ||||||
Ta Ya Electric Wire & Cable |
39,640 | 38,126 | ||||||
Taihan Electric Wire Co. Ltd.* |
11,376 | 16,394 | ||||||
Tatung Co. Ltd.* |
50,000 | 56,912 | ||||||
TBEA Co. Ltd., Class A |
8,500 | 25,008 | ||||||
Teco Electric and Machinery Co. Ltd. |
22,000 | 23,287 | ||||||
V-Guard Industries Ltd. |
11,448 | 31,697 | ||||||
Voltronic Power Technology Corp. |
1,458 | 64,552 | ||||||
Walsin Lihwa Corp. |
94,000 | 142,871 | ||||||
WEG SA |
25,000 | 151,953 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A |
10,600 | 18,168 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H |
28,200 | 40,542 | ||||||
Zhefu Holding Group Co. Ltd., Class A |
21,200 | 14,419 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
4,700 | 23,325 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H |
12,400 | 49,545 | ||||||
2,873,530 | ||||||||
Electronic Equipment, Instruments & Components – 3.9% | ||||||||
AAC Technologies Holdings, Inc.(c) |
14,000 | 33,010 | ||||||
Apex International Co. Ltd. |
63,000 | 203,905 | ||||||
Asia Optical Co., Inc.* |
17,000 | 40,834 |
Investments | Shares | Value | ||||||
Electronic Equipment,
Instruments & Components – (continued) |
||||||||
AU Optronics Corp. |
300,000 | $ | 174,552 | |||||
Aurora Corp. |
8,900 | 27,266 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A |
4,700 | 21,028 | ||||||
BH Co. Ltd. |
10,800 | 233,885 | ||||||
BOE Technology Group Co. Ltd., Class A |
80,500 | 46,440 | ||||||
Career Technology MFG. Co. Ltd.* |
22,556 | 16,032 | ||||||
Chang Wah Electromaterials, Inc. |
32,000 | 38,323 | ||||||
Cheng Uei Precision Industry Co. Ltd. |
165,000 | 190,607 | ||||||
Chroma ATE, Inc. |
8,000 | 45,190 | ||||||
Compeq Manufacturing Co. Ltd. |
41,000 | 63,777 | ||||||
Coretronic Corp. |
19,000 | 36,807 | ||||||
Daeduck Electronics Co. Ltd. |
2,067 | 50,358 | ||||||
Daejoo Electronic Materials Co. Ltd. |
467 | 31,047 | ||||||
Delta Electronics Thailand PCL, NVDR |
9,500 | 100,686 | ||||||
Delta Electronics, Inc. |
34,000 | 288,375 | ||||||
Dynapack International Technology Corp. |
61,000 | 166,182 | ||||||
E Ink Holdings, Inc. |
15,000 | 88,548 | ||||||
Elite Material Co. Ltd. |
5,000 | 37,658 | ||||||
Erajaya Swasembada Tbk. PT |
3,545,000 | 128,380 | ||||||
FLEXium Interconnect, Inc.* |
10,000 | 31,416 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
35,000 | 50,584 | ||||||
Foxconn Technology Co. Ltd. |
32,000 | 64,053 | ||||||
General Interface Solution Holding Ltd. |
5,000 | 15,555 | ||||||
Genius Electronic Optical Co. Ltd. |
2,237 | 28,764 | ||||||
Global Brands Manufacture Ltd. |
139,800 | 155,331 | ||||||
Gold Circuit Electronics Ltd. |
10,000 | 28,159 | ||||||
Hana Microelectronics PCL, NVDR |
24,900 | 32,715 | ||||||
Hannstar Board Corp. |
137,000 | 179,178 | ||||||
HannStar Display Corp. |
94,000 | 41,937 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd., Class A |
5,100 | 11,838 |
See Accompanying Notes to the Financial Statements.
188 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electronic Equipment,
Instruments & Components – (continued) |
||||||||
Hollysys Automation Technologies Ltd. |
26,100 | $ | 401,940 | |||||
Holy Stone Enterprise Co. Ltd. |
64,000 | 247,528 | ||||||
Hon Hai Precision Industry Co. Ltd. |
385,000 | 1,332,293 | ||||||
Honeywell Automation India Ltd. |
32 | 16,794 | ||||||
Huagong Tech Co. Ltd., Class A |
4,700 | 12,009 | ||||||
Iljin Materials Co. Ltd. |
477 | 33,420 | ||||||
Inari Amertron Bhd. |
65,100 | 42,468 | ||||||
Innolux Corp. |
350,000 | 162,084 | ||||||
Jay Mart PCL, NVDR |
16,500 | 30,109 | ||||||
KCE Electronics PCL, NVDR |
19,100 | 34,296 | ||||||
Kingboard Holdings Ltd. |
25,500 | 116,025 | ||||||
Kingboard Laminates Holdings Ltd. |
37,500 | 58,309 | ||||||
L&F Co. Ltd.* |
436 | 76,126 | ||||||
Largan Precision Co. Ltd. |
2,000 | 114,671 | ||||||
LG Display Co. Ltd. |
6,489 | 86,537 | ||||||
LG Innotek Co. Ltd. |
450 | 125,040 | ||||||
Lingyi iTech Guangdong Co., Class A* |
15,900 | 10,331 | ||||||
Lotes Co. Ltd. |
1,299 | 32,304 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
10,000 | 46,880 | ||||||
Mcnex Co. Ltd. |
1,130 | 40,216 | ||||||
Merry Electronics Co. Ltd. |
96,235 | 267,723 | ||||||
MH Development Ltd.* ‡ |
22,000 | — | ||||||
Nan Ya Printed Circuit Board Corp. |
4,000 | 54,825 | ||||||
OFILM Group Co. Ltd., Class A* |
4,700 | 3,953 | ||||||
Park Systems Corp. |
371 | 33,614 | ||||||
Partron Co. Ltd. |
19,670 | 183,232 | ||||||
Primax Electronics Ltd. |
181,000 | 343,265 | ||||||
Redington India Ltd. |
213,550 | 427,840 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
1,700 | 224,682 | ||||||
Samsung SDI Co. Ltd. |
1,000 | 486,465 | ||||||
SAMT Co. Ltd. |
27,300 | 95,202 | ||||||
Sang-A Frontec Co. Ltd. |
275 | 8,583 |
Investments | Shares | Value | ||||||
Electronic Equipment,
Instruments & Components – (continued) |
||||||||
Shengyi Technology Co. Ltd., Class A |
4,700 | $ | 11,902 | |||||
Shenzhen Kaifa Technology Co. Ltd., Class A |
4,700 | 6,957 | ||||||
Shenzhen Kinwong Electronic Co. Ltd., Class A |
5,000 | 15,637 | ||||||
Simplo Technology Co. Ltd. |
5,200 | 51,426 | ||||||
Sinbon Electronics Co. Ltd. |
3,000 | 26,514 | ||||||
SOLUM Co. Ltd.* |
1,802 | 35,653 | ||||||
Solus Advanced Materials Co. Ltd. |
329 | 18,965 | ||||||
Speed Tech Corp. |
50,000 | 89,905 | ||||||
Sunny Optical Technology Group Co. Ltd. |
15,000 | 222,721 | ||||||
Supreme Electronics Co. Ltd.* |
191,331 | 300,217 | ||||||
Synnex Technology International Corp. |
52,000 | 136,724 | ||||||
Taiwan PCB Techvest Co. Ltd. |
100,000 | 166,409 | ||||||
Taiwan Union Technology Corp. |
117,000 | 306,041 | ||||||
Tianma Microelectronics Co. Ltd., Class A |
9,400 | 13,072 | ||||||
Tong Hsing Electronic Industries Ltd. |
3,022 | 23,991 | ||||||
Tripod Technology Corp. |
14,000 | 58,896 | ||||||
Truly International Holdings Ltd.(c) |
800,000 | 222,275 | ||||||
Unimicron Technology Corp. |
22,000 | 158,979 | ||||||
Universal Scientific Industrial Shanghai Co. Ltd., Class A |
4,700 | 8,641 | ||||||
Vidente Co. Ltd.* |
1,431 | 16,406 | ||||||
VS Industry Bhd. |
45,600 | 10,474 | ||||||
Wah Lee Industrial Corp. |
80,640 | 285,894 | ||||||
Walsin Technology Corp.* |
9,378 | 38,975 | ||||||
Wingtech Technology Co. Ltd., Class A |
3,100 | 30,958 | ||||||
Wintek Corp.* ‡ |
64,000 | — | ||||||
WPG Holdings Ltd. |
50,440 | 92,921 | ||||||
WT Microelectronics Co. Ltd. |
14,000 | 34,103 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A |
6,580 | 15,414 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A |
5,170 | 10,203 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 189 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electronic Equipment,
Instruments & Components – (continued) |
||||||||
Yageo Corp. |
15,000 | $ | 205,849 | |||||
Zhejiang Dahua Technology Co. Ltd., Class A |
2,900 | 7,361 | ||||||
Zhejiang Jiecang Linear Motion Technology Co. Ltd., Class A |
5,500 | 22,210 | ||||||
Zhen Ding Technology Holding Ltd. |
23,150 | 83,252 | ||||||
10,580,129 | ||||||||
Energy Equipment & Services – 0.1% | ||||||||
Bumi Armada Bhd.* |
1,585,000 | 156,552 | ||||||
China Oilfield Services Ltd., Class A |
9,400 | 17,824 | ||||||
China Oilfield Services Ltd., Class H |
18,000 | 18,697 | ||||||
Dialog Group Bhd. |
51,700 | 29,689 | ||||||
Gulf International Services QSC* |
45,210 | 24,171 | ||||||
Serba Dinamik Holdings Bhd.* ‡ |
54,180 | 3,179 | ||||||
250,112 | ||||||||
Entertainment – 0.9% | ||||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A |
4,700 | 17,232 | ||||||
Alibaba Pictures Group Ltd.* |
160,000 | 13,663 | ||||||
Archosaur Games, Inc.(a) (c) |
100,000 | 96,098 | ||||||
Bilibili, Inc., Class Z* (c) |
4,000 | 103,796 | ||||||
CJ CGV Co. Ltd.* |
1,732 | 38,060 | ||||||
CJ ENM Co. Ltd. |
140 | 14,245 | ||||||
CMGE Technology Group Ltd.* (c) |
600,000 | 159,824 | ||||||
Com2uSCorp |
133 | 10,144 | ||||||
Devsisters Co. Ltd. |
495 | 24,080 | ||||||
DouYu International Holdings Ltd., ADR* |
1,081 | 1,913 | ||||||
Fire Rock Holdings Ltd.(b) (c) |
106,000 | 7,565 | ||||||
Giantstep, Inc.* |
935 | 22,296 | ||||||
HYBE Co. Ltd.* |
350 | 70,084 | ||||||
International Games System Co. Ltd. |
1,000 | 24,766 |
Investments | Shares | Value | ||||||
Entertainment – (continued) | ||||||||
iQIYI, Inc., ADR* (c) |
1,686 | $ | 6,002 | |||||
JYP Entertainment Corp. |
489 | 23,126 | ||||||
Kakao Games Corp.* |
956 | 46,049 | ||||||
Kingsoft Corp. Ltd. |
16,000 | 49,145 | ||||||
Krafton, Inc.* |
110 | 22,070 | ||||||
NCSoft Corp. |
286 | 95,979 | ||||||
Neowiz* |
6,850 | 115,076 | ||||||
NetDragon Websoft Holdings Ltd. |
110,500 | 223,080 | ||||||
NetEase, Inc. |
36,000 | 706,589 | ||||||
Netmarble Corp.(a) |
410 | 31,207 | ||||||
NHN Corp.* |
630 | 17,656 | ||||||
Pearl Abyss Corp.* |
900 | 48,869 | ||||||
Perfect World Co. Ltd., Class A |
4,100 | 9,193 | ||||||
PVR Ltd.* |
2,458 | 58,810 | ||||||
SM Entertainment Co. Ltd. |
699 | 37,955 | ||||||
SMI Holdings Group Ltd.* ‡ |
72,000 | — | ||||||
Studio Dragon Corp.* |
385 | 25,565 | ||||||
Tencent Music Entertainment Group, ADR* |
7,897 | 33,562 | ||||||
Webzen, Inc.* |
1,849 | 32,829 | ||||||
Wemade Co. Ltd. |
488 | 30,150 | ||||||
Wysiwyg Studios Co. Ltd.* |
1,485 | 39,431 | ||||||
XD, Inc.* (a) |
8,000 | 21,514 | ||||||
XPEC Entertainment, Inc.* ‡ |
14,800 | — | ||||||
YG Entertainment, Inc. |
605 | 27,456 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A* |
11,280 | 8,151 | ||||||
2,313,230 | ||||||||
Equity Real Estate Investment Trusts (REITs) – 1.2% | ||||||||
Axis REIT |
99,000 | 43,434 | ||||||
Brookfield India Real Estate Trust(a) |
6,435 | 27,943 | ||||||
Concentradora Fibra Danhos SA de CV |
359,600 | 402,267 | ||||||
CPN Retail Growth Leasehold REIT |
44,100 | 26,009 | ||||||
Embassy Office Parks REIT |
9,600 | 48,365 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S |
957,000 | 171,353 | ||||||
Equites Property Fund Ltd. |
27,560 | 37,203 | ||||||
ESR Kendall Square REIT Co. Ltd. |
6,325 | 36,913 |
See Accompanying Notes to the Financial Statements.
190 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Equity Real Estate Investment Trusts (REITs) – (continued) | ||||||||
Fibra Uno Administracion SA de CV(c) |
95,000 | $ | 104,177 | |||||
Fortress REIT Ltd., Class A |
31,313 | 24,649 | ||||||
Growthpoint Properties Ltd. |
82,041 | 73,242 | ||||||
Hyprop Investments Ltd. |
152,650 | 349,383 | ||||||
IGB REIT |
6,200 | 2,321 | ||||||
JR Global Reit |
53,500 | 250,462 | ||||||
KLCCP Stapled Group |
6,900 | 10,540 | ||||||
Korea Asset In Trust Co. Ltd. |
24,750 | 77,344 | ||||||
LOTTE Reit Co. Ltd. |
1,828 | 8,645 | ||||||
MREIT, Inc. |
42,200 | 14,146 | ||||||
Pavilion REIT |
15,000 | 4,548 | ||||||
PLA Administradora Industrial S de RL de CV |
341,600 | 453,101 | ||||||
Prologis Property Mexico SA de CV(c) |
21,400 | 57,431 | ||||||
Redefine Properties Ltd. |
249,977 | 69,226 | ||||||
Resilient REIT Ltd. |
144,750 | 530,449 | ||||||
Sunway REIT |
39,400 | 13,213 | ||||||
Vukile Property Fund Ltd. |
383,200 | 325,870 | ||||||
Yuexiu REIT |
72,610 | 29,058 | ||||||
3,191,292 | ||||||||
Food & Staples Retailing – 1.0% | ||||||||
Abdullah Al Othaim Markets Co. |
363 | 10,820 | ||||||
Al Meera Consumer Goods Co. QSC |
1,990 | 10,382 | ||||||
Atacadao SA |
13,500 | 56,075 | ||||||
Avenue Supermarts Ltd.* (a) |
2,735 | 141,120 | ||||||
Berli Jucker PCL |
500 | 500 | ||||||
Berli Jucker PCL, NVDR |
13,800 | 13,800 | ||||||
BGF retail Co. Ltd. |
239 | 34,442 | ||||||
Bid Corp. Ltd. |
6,800 | 142,094 | ||||||
BIM Birlesik Magazalar A/S |
13,531 | 76,098 | ||||||
Cencosud SA |
45,150 | 72,246 | ||||||
Cia Brasileira de Distribuicao |
70,930 | 291,185 | ||||||
Clicks Group Ltd. |
4,250 | 83,521 | ||||||
Cosco Capital, Inc. |
1,046,400 | 98,216 | ||||||
CP ALL PCL, NVDR |
85,500 | 162,263 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
5,500 | 22,043 |
Investments | Shares | Value | ||||||
Food & Staples Retailing – (continued) | ||||||||
Dis-Chem Pharmacies Ltd.(a) |
6,949 | $ | 16,893 | |||||
Dongsuh Cos., Inc. |
859 | 18,329 | ||||||
E-MART, Inc. |
550 | 57,803 | ||||||
Grupo Comercial Chedraui SA de CV |
55,000 | 138,629 | ||||||
GS Retail Co. Ltd. |
1,333 | 30,612 | ||||||
Hyundai Greenfood Co. Ltd. |
19,585 | 142,522 | ||||||
InRetail Peru Corp.(a) |
406 | 14,778 | ||||||
Magnit PJSC‡ (b) |
2,296 | — | ||||||
Migros Ticaret A/S* |
152 | 465 | ||||||
Organizacion Soriana SAB de CV, Class B |
31,000 | 35,787 | ||||||
Philippine Seven Corp.* |
5,321 | 6,625 | ||||||
Pick n Pay Stores Ltd. |
6,784 | 24,693 | ||||||
President Chain Store Corp. |
11,000 | 102,068 | ||||||
Puregold Price Club, Inc. |
26,060 | 16,473 | ||||||
Raia Drogasil SA |
19,400 | 81,992 | ||||||
Sendas Distribuidora SA |
25,000 | 77,138 | ||||||
Shoprite Holdings Ltd. |
9,100 | 131,768 | ||||||
Sok Marketler Ticaret A/S |
7,298 | 6,396 | ||||||
SPAR Group Ltd. (The) |
4,972 | 52,017 | ||||||
Sumber Alfaria Trijaya Tbk. PT |
351,600 | 41,473 | ||||||
Sun Art Retail Group Ltd.(c) |
24,000 | 7,525 | ||||||
Wal-Mart de Mexico SAB de CV |
95,000 | 335,899 | ||||||
Yonghui Superstores Co. Ltd., Class A |
26,500 | 17,822 | ||||||
2,572,512 | ||||||||
Food Products – 3.2% | ||||||||
Agthia Group PJSC |
11,024 | 12,816 | ||||||
Alicorp SAA |
202,400 | 269,867 | ||||||
Almarai Co. JSC |
3,913 | 54,249 | ||||||
Astra Agro Lestari Tbk. PT |
20,800 | 17,935 | ||||||
Avanti Feeds Ltd. |
507 | 2,892 | ||||||
AVI Ltd. |
8,984 | 39,063 | ||||||
Balrampur Chini Mills Ltd. |
3,850 | 22,317 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A |
5,300 | 5,777 | ||||||
Binggrae Co. Ltd. |
2,553 | 111,795 | ||||||
Bombay Burmah Trading Co. |
2,394 | 31,410 | ||||||
BRF SA* |
15,000 | 41,133 | ||||||
Britannia Industries Ltd. |
1,988 | 85,282 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 191 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Food Products – (continued) | ||||||||
Century Pacific Food, Inc.* |
17,700 | $ | 7,629 | |||||
Charoen Pokphand Enterprise |
88,000 | 242,425 | ||||||
Charoen Pokphand Foods PCL, NVDR |
110,700 | 77,894 | ||||||
Charoen Pokphand Indonesia Tbk. PT |
122,300 | 43,447 | ||||||
Cherkizovo Group PJSC‡ (b) |
2,594 | — | ||||||
China Feihe Ltd.(a) |
50,000 | 47,858 | ||||||
China Huiyuan Juice Group Ltd.* ‡ |
24,000 | — | ||||||
China Mengniu Dairy Co. Ltd.* |
50,000 | 271,471 | ||||||
China Modern Dairy Holdings Ltd.(c) |
1,350,000 | 197,868 | ||||||
China Youran Dairy Group Ltd.* (a) (c) |
350,000 | 142,745 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A |
5,000 | 26,530 | ||||||
CJ CheilJedang Corp. |
319 | 101,084 | ||||||
CJ CheilJedang Corp. (Preference) |
104 | 14,739 | ||||||
COFCO Joycome Foods Ltd.* (a) |
1,000,000 | 411,667 | ||||||
Daesang Corp. |
10,300 | 208,296 | ||||||
Dali Foods Group Co. Ltd.(a) |
45,500 | 23,312 | ||||||
Dongwon F&B Co. Ltd. |
532 | 75,395 | ||||||
Dongwon Industries Co. Ltd. |
500 | 99,323 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
5,555 | 68,748 | ||||||
Genting Plantations Bhd. |
10,400 | 21,739 | ||||||
Great Wall Enterprise Co. Ltd. |
38,000 | 68,070 | ||||||
Gruma SAB de CV, Class B |
4,750 | 56,415 | ||||||
Grupo Bimbo SAB de CV, Series A |
30,000 | 92,461 | ||||||
Grupo Nutresa SA |
2,911 | 35,491 | ||||||
Guangdong Haid Group Co. Ltd., Class A |
4,800 | 44,947 | ||||||
Harim Holdings Co. Ltd. |
24,472 | 213,351 | ||||||
Health & Happiness H&H International Holdings Ltd. |
75,000 | 83,162 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A |
10,600 | 22,658 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
4,700 | 21,227 |
Investments | Shares | Value | ||||||
Food Products – (continued) | ||||||||
HUISHAN DAIRY* ‡ |
158,000 | $ | — | |||||
Indofood CBP Sukses Makmur Tbk. PT |
51,800 | 27,245 | ||||||
Indofood Sukses Makmur Tbk. PT |
100,800 | 43,805 | ||||||
Industrias Bachoco SAB de CV, Series B |
73,000 | 278,393 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
8,200 | 47,890 | ||||||
International Holding Co. PJSC* |
8,750 | 520,038 | ||||||
IOI Corp. Bhd. |
60,000 | 64,362 | ||||||
Japfa Comfeed Indonesia Tbk. PT |
249,100 | 24,915 | ||||||
JBS SA |
20,100 | 153,626 | ||||||
Kuala Lumpur Kepong Bhd. |
10,831 | 73,293 | ||||||
Leong Hup International Bhd.(a) |
515,000 | 62,105 | ||||||
Lien Hwa Industrial Holdings Corp. |
15,400 | 29,363 | ||||||
Lotte Confectionery Co. Ltd. |
900 | 89,570 | ||||||
M Dias Branco SA* |
5,300 | 25,332 | ||||||
Maeil Dairies Co. Ltd. |
2,050 | 113,272 | ||||||
Marfrig Global Foods SA |
10,600 | 40,134 | ||||||
Marico Ltd. |
9,000 | 61,423 | ||||||
Mayora Indah Tbk. PT |
83,900 | 10,128 | ||||||
Mezzan Holding Co. KSCC |
72,100 | 137,401 | ||||||
Minerva SA |
105,000 | 278,391 | ||||||
Monde Nissin Corp.* (a) |
107,400 | 26,703 | ||||||
Muyuan Foods Co. Ltd., Class A |
7,420 | 58,835 | ||||||
Namchow Holdings Co. Ltd. |
69,000 | 111,779 | ||||||
Nestle India Ltd. |
650 | 155,865 | ||||||
Nestle Malaysia Bhd. |
900 | 27,536 | ||||||
New Hope Liuhe Co. Ltd., Class A* |
9,000 | 19,170 | ||||||
NongShim Co. Ltd. |
56 | 13,532 | ||||||
Orion Corp. |
165 | 12,480 | ||||||
Orion Holdings Corp. |
11,663 | 137,430 | ||||||
Ottogi Corp. |
15 | 5,613 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT |
1,355,000 | 128,985 | ||||||
PPB Group Bhd. |
14,080 | 55,563 | ||||||
QL Resources Bhd. |
25,395 | 29,808 | ||||||
Qurain Petrochemical Industries Co. |
15,408 | 18,855 |
See Accompanying Notes to the Financial Statements.
192 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Food Products – (continued) | ||||||||
Samyang Corp. |
1,800 | $ | 78,822 | |||||
Samyang Foods Co. Ltd. |
2,133 | 166,938 | ||||||
Samyang Holdings Corp. |
2,800 | 193,726 | ||||||
San Miguel Food and Beverage, Inc. |
7,670 | 9,109 | ||||||
Sao Martinho SA |
3,500 | 32,801 | ||||||
Saudia Dairy & Foodstuff Co. |
698 | 32,752 | ||||||
Savola Group (The)* |
5,650 | 53,776 | ||||||
Sawit Sumbermas Sarana Tbk. PT |
1,450,000 | 106,522 | ||||||
Sichuan Teway Food Group Co. Ltd., Class A |
5,300 | 16,897 | ||||||
Sime Darby Plantation Bhd. |
55,503 | 66,805 | ||||||
SLC Agricola SA* |
42,700 | 456,213 | ||||||
Taiwan TEA Corp.* |
8,000 | 5,184 | ||||||
Tata Consumer Products Ltd. |
10,619 | 114,431 | ||||||
Thai Union Group PCL, NVDR |
82,200 | 40,560 | ||||||
Thaifoods Group PCL, NVDR |
1,280,000 | 156,963 | ||||||
Tiger Brands Ltd.(c) |
3,445 | 33,761 | ||||||
Tingyi Cayman Islands Holding Corp. |
74,000 | 135,623 | ||||||
Toly Bread Co. Ltd., Class A |
7,420 | 15,399 | ||||||
Tongwei Co. Ltd., Class A |
5,500 | 34,318 | ||||||
Ulker Biskuvi Sanayi A/S |
59,050 | 66,419 | ||||||
Uni-President China Holdings Ltd. |
3,000 | 2,650 | ||||||
Uni-President Enterprises Corp. |
150,000 | 348,086 | ||||||
Universal Robina Corp. |
13,530 | 26,565 | ||||||
Want Want China Holdings Ltd. |
100,000 | 90,363 | ||||||
Yihai International Holding Ltd.* |
7,000 | 19,940 | ||||||
Yuan Longping High-tech Agriculture Co. Ltd., Class A* |
5,100 | 12,620 | ||||||
Zad Holding Co. |
3,130 | 15,728 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.* (a) (c) |
14,000 | 7,316 | ||||||
8,637,615 | ||||||||
Gas Utilities – 0.6% | ||||||||
Adani Total Gas Ltd. |
4,901 | 157,139 | ||||||
Aygaz A/S |
36,850 | 80,864 | ||||||
Beijing Enterprises Holdings Ltd. |
16,000 | 54,447 |
Investments | Shares | Value | ||||||
Gas Utilities – (continued) | ||||||||
China Gas Holdings Ltd. |
60,000 | $ | 73,565 | |||||
China Resources Gas Group Ltd. |
34,000 | 129,350 | ||||||
Daesung Holdings Co. Ltd. |
1,900 | 90,310 | ||||||
ENN Energy Holdings Ltd. |
13,500 | 182,210 | ||||||
GAIL India Ltd. |
61,200 | 127,416 | ||||||
Grupo Energia Bogota SA ESP |
93,400 | 59,168 | ||||||
Gujarat Gas Ltd. |
2,679 | 16,906 | ||||||
Gujarat State Petronet Ltd. |
14,375 | 49,260 | ||||||
Indraprastha Gas Ltd. |
4,564 | 21,040 | ||||||
Korea Gas Corp. |
999 | 32,611 | ||||||
Kunlun Energy Co. Ltd. |
120,000 | 100,941 | ||||||
Mahanagar Gas Ltd.(a) |
1,456 | 14,651 | ||||||
National Gas & Industrialization Co. |
1,155 | 15,027 | ||||||
Perusahaan Gas Negara Tbk. PT* |
155,100 | 15,513 | ||||||
Petronas Gas Bhd. |
15,000 | 58,505 | ||||||
Towngas Smart Energy Co. Ltd.* |
450,000 | 224,250 | ||||||
Zhongyu Energy Holdings Ltd. |
55,000 | 48,508 | ||||||
1,551,681 | ||||||||
Health Care Equipment & Supplies – 0.3% | ||||||||
AK Medical Holdings Ltd.(a) (c) |
24,000 | 13,122 | ||||||
DIO Corp.* |
520 | 14,180 | ||||||
Eoflow Co. Ltd.* |
1,734 | 31,477 | ||||||
Hartalega Holdings Bhd. |
69,300 | 70,040 | ||||||
Humasis Co. Ltd. |
1,982 | 19,646 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A |
5,300 | 19,174 | ||||||
Kangji Medical Holdings Ltd. |
25,000 | 23,355 | ||||||
Kossan Rubber Industries Bhd. |
22,800 | 9,636 | ||||||
Lifetech Scientific Corp.* (c) |
110,000 | 31,124 | ||||||
Microport Scientific Corp.(c) |
11,498 | 23,125 | ||||||
Peijia Medical Ltd.* (a) |
21,000 | 18,173 | ||||||
Poly Medicure Ltd. |
2,864 | 32,704 | ||||||
SD Biosensor, Inc. |
990 | 35,943 | ||||||
Shandong Pharmaceutical Glass Co. Ltd., Class A |
4,700 | 14,906 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
36,000 | 38,679 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 193 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Health Care Equipment & Supplies – (continued) | ||||||||
Sri Trang Gloves Thailand PCL, NVDR |
60,400 | $ | 42,853 | |||||
St Shine Optical Co. Ltd. |
2,000 | 18,219 | ||||||
Suheung Co. Ltd. |
2,400 | 74,427 | ||||||
Supermax Corp. Bhd. |
5,761 | 1,469 | ||||||
TaiDoc Technology Corp. |
24,000 | 236,128 | ||||||
Top Glove Corp. Bhd. |
120,100 | 46,346 | ||||||
Venus MedTech Hangzhou, Inc., Class H* (a) |
18,500 | 34,472 | ||||||
849,198 | ||||||||
Health Care Providers & Services – 0.6% | ||||||||
Al Hammadi Co. for Development and Investment |
3,740 | 48,660 | ||||||
Apollo Hospitals Enterprise Ltd. |
1,640 | 95,564 | ||||||
Bangkok Chain Hospital PCL, NVDR |
20,800 | 13,057 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
73,400 | 55,184 | ||||||
Bumrungrad Hospital PCL, NVDR |
10,300 | 48,267 | ||||||
Celltrion Healthcare Co. Ltd. |
1,343 | 68,647 | ||||||
Chabiotech Co. Ltd.* |
3,303 | 49,440 | ||||||
Chularat Hospital PCL, NVDR |
101,400 | 11,546 | ||||||
CM Hospitalar SA* |
11,000 | 32,652 | ||||||
Dallah Healthcare Co. |
1,217 | 39,066 | ||||||
Diagnosticos da America SA* |
990 | 4,540 | ||||||
Dr Lal PathLabs Ltd.(a) |
430 | 14,625 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
1,017 | 54,228 | ||||||
Fleury SA |
3,600 | 10,483 | ||||||
Fortis Healthcare Ltd.* |
15,205 | 53,138 | ||||||
Hapvida Participacoes e Investimentos SA(a) |
67,578 | 119,676 | ||||||
HLB Life Science CO Ltd.* |
3,012 | 24,940 | ||||||
Huadong Medicine Co. Ltd., Class A |
5,300 | 27,437 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a) (c) |
6,400 | 31,567 | ||||||
IHH Healthcare Bhd. |
60,000 | 91,099 | ||||||
Jinxin Fertility Group Ltd.* (a) (c) |
12,000 | 7,662 | ||||||
Kora Saude Participacoes SA* |
17,305 | 11,811 |
Investments | Shares | Value | ||||||
Health Care Providers & Services – (continued) | ||||||||
KPJ Healthcare Bhd. |
14,124 | $ | 3,082 | |||||
Life Healthcare Group Holdings Ltd. |
29,257 | 39,808 | ||||||
Max Healthcare Institute Ltd.* |
9,075 | 49,131 | ||||||
Medikaloka Hermina Tbk. PT(a) |
313,500 | 30,275 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A* |
9,400 | 7,135 | ||||||
Metro Healthcare Indonesia TBK PT* |
641,300 | 23,003 | ||||||
Metropolis Healthcare Ltd.(a) |
1,540 | 48,306 | ||||||
Mitra Keluarga Karyasehat Tbk. PT(a) |
100,200 | 17,487 | ||||||
Mouwasat Medical Services Co. |
688 | 44,206 | ||||||
Narayana Hrudayalaya Ltd.* (a) |
2,750 | 25,188 | ||||||
Netcare Ltd. |
72,109 | 69,527 | ||||||
Odontoprev SA |
5,390 | 11,047 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA |
3,700 | 9,915 | ||||||
Rede D’Or Sao Luiz SA(a) |
14,300 | 106,062 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
4,700 | 12,551 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
23,500 | 38,218 | ||||||
Sinopharm Group Co. Ltd., Class H |
40,000 | 92,580 | ||||||
Thonburi Healthcare Group PCL, NVDR |
16,500 | 29,628 | ||||||
Xian International Medical Investment Co. Ltd., Class A* |
9,400 | 12,244 | ||||||
1,582,682 | ||||||||
Health Care Technology – 0.0%(e) | ||||||||
Yidu Tech, Inc.* (a) |
5,100 | 5,401 | ||||||
Hotels, Restaurants & Leisure – 0.8% | ||||||||
Alsea SAB de CV* |
25,000 | 54,793 | ||||||
Ananti, Inc.* |
2,798 | 19,448 | ||||||
Asset World Corp. PCL, NVDR |
171,900 | 24,292 | ||||||
Bloomberry Resorts Corp.* |
236,200 | 27,418 | ||||||
Central Plaza Hotel PCL* |
1,600 | 2,172 | ||||||
Central Plaza Hotel PCL, NVDR* |
5,700 | 7,739 |
See Accompanying Notes to the Financial Statements.
194 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Hotels, Restaurants & Leisure – (continued) | ||||||||
DoubleUGames Co. Ltd. |
3,747 | $ | 148,567 | |||||
Genting Bhd. |
70,000 | 74,446 | ||||||
Genting Malaysia Bhd. |
61,100 | 42,806 | ||||||
Grand Korea Leisure Co. Ltd.* |
1,040 | 12,834 | ||||||
Haidilao International Holding Ltd.(a) (c) |
13,164 | 26,274 | ||||||
Hana Tour Service, Inc.* |
718 | 47,219 | ||||||
Herfy Food Services Co.* |
1,705 | 25,456 | ||||||
Huazhu Group Ltd. |
30,000 | 99,412 | ||||||
Indian Hotels Co. Ltd. |
18,028 | 60,492 | ||||||
Jiumaojiu International Holdings Ltd.(a) |
6,000 | 13,459 | ||||||
Jollibee Foods Corp. |
10,380 | 42,749 | ||||||
Jubilant Foodworks Ltd. |
4,950 | 35,356 | ||||||
Kangwon Land, Inc.* |
2,150 | 45,876 | ||||||
Leejam Sports Co. JSC |
1,155 | 34,057 | ||||||
Lotte Tour Development Co. Ltd.* |
1,961 | 25,762 | ||||||
Magnum Bhd. |
19,594 | 8,146 | ||||||
Minor International PCL, NVDR* |
50,300 | 51,401 | ||||||
MK Restaurants Group PCL, NVDR |
4,800 | 7,708 | ||||||
Modetour Network, Inc.* |
1,430 | 25,902 | ||||||
OPAP SA |
4,017 | 60,091 | ||||||
Paradise Co. Ltd.* |
421 | 5,581 | ||||||
Seera Group Holding* |
6,600 | 38,712 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A |
22,200 | 20,390 | ||||||
Sports Toto Bhd. |
372,013 | 164,921 | ||||||
Tongcheng Travel Holdings Ltd.* (a) (c) |
18,800 | 33,833 | ||||||
Travellers International Hotel Group, Inc.* ‡ |
209,900 | 10,896 | ||||||
Trip.com Group Ltd.* |
8,800 | 209,958 | ||||||
Viva China Holdings Ltd. |
1,472,000 | 178,228 | ||||||
Yum China Holdings, Inc. |
7,900 | 330,220 | ||||||
2,016,614 | ||||||||
Household Durables – 1.2% | ||||||||
Amber Enterprises India Ltd.* |
935 | 45,375 | ||||||
AmTRAN Technology Co. Ltd. |
299,767 | 147,466 |
Investments | Shares | Value | ||||||
Household Durables – (continued) | ||||||||
Arcelik A/S |
4,982 | $ | 22,586 | |||||
Bajaj Electricals Ltd.* |
2,173 | 31,204 | ||||||
Beijing Roborock Technology Co. Ltd., Class A |
275 | 23,880 | ||||||
Coway Co. Ltd. |
1,201 | 67,795 | ||||||
Crompton Greaves Consumer Electricals Ltd. |
13,950 | 70,222 | ||||||
Cuckoo Holdings Co. Ltd. |
5,500 | 81,887 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes |
129,900 | 371,165 | ||||||
Dixon Technologies India Ltd.(a) |
705 | 40,545 | ||||||
Ecovacs Robotics Co. Ltd., Class A |
1,500 | 24,617 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A |
15,000 | 71,072 | ||||||
Haier Smart Home Co. Ltd., Class A |
10,600 | 41,695 | ||||||
Haier Smart Home Co. Ltd., Class H |
40,000 | 144,784 | ||||||
Hang Zhou Great Star Industrial Co. Ltd., Class A* |
5,000 | 11,743 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A |
5,300 | 24,863 | ||||||
Hanssem Co. Ltd. |
303 | 18,962 | ||||||
Hisense Home Appliances Group Co. Ltd.(c) |
150,000 | 147,779 | ||||||
Kinpo Electronics |
50,000 | 24,088 | ||||||
LG Electronics, Inc. |
3,452 | 320,190 | ||||||
LG Electronics, Inc. (Preference) |
584 | 27,108 | ||||||
Lock&Lock Co. Ltd.* |
728 | 6,057 | ||||||
Midea Group Co. Ltd., Class A |
10,000 | 86,671 | ||||||
MRV Engenharia e Participacoes SA |
126,000 | 262,574 | ||||||
Nien Made Enterprise Co. Ltd. |
2,000 | 21,272 | ||||||
Orient Electric Ltd. |
6,985 | 30,113 | ||||||
PIK Group PJSC‡ (b) |
4,646 | — | ||||||
Q Technology Group Co. Ltd.(a) (c) |
200,000 | 142,490 | ||||||
Sampo Corp. |
150,000 | 157,758 | ||||||
Skyworth Group Ltd.* |
674,000 | 359,070 | ||||||
TCL Electronics Holdings Ltd.* (c) |
350,000 | 160,588 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 195 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Household Durables – (continued) | ||||||||
TCL Technology Group Corp., Class A |
55,700 | $ | 35,346 | |||||
TTK Prestige Ltd. |
1,825 | 20,266 | ||||||
Vestel Beyaz Esya Sanayi ve Ticaret A/S |
134,950 | 83,390 | ||||||
Vestel Elektronik Sanayi ve Ticaret A/S |
27,860 | 49,021 | ||||||
Whirlpool of India Ltd. |
674 | 14,315 | ||||||
Zinus, Inc. |
770 | 39,665 | ||||||
3,227,622 | ||||||||
Household Products – 0.0%(e) | ||||||||
Blue Moon Group Holdings Ltd.(a) |
26,500 | 20,839 | ||||||
C&S Paper Co. Ltd., Class A |
5,000 | 7,985 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A(c) |
27,000 | 37,692 | ||||||
Unilever Indonesia Tbk. PT |
75,200 | 20,178 | ||||||
Vinda International Holdings Ltd. |
3,000 | 7,265 | ||||||
93,959 | ||||||||
Independent Power and Renewable
Electricity Producers – 1.3% |
||||||||
Aboitiz Power Corp. |
34,200 | 21,062 | ||||||
AC Energy Corp. |
196,100 | 27,121 | ||||||
Adani Green Energy Ltd.* |
7,200 | 271,526 | ||||||
Adani Power Ltd.* |
16,869 | 61,866 | ||||||
AES Brasil Energia SA |
5,300 | 11,826 | ||||||
Aksa Enerji Uretim A/S* |
129,200 | 144,802 | ||||||
Auren Energia SA* |
15,168 | 44,901 | ||||||
Banpu Power PCL, NVDR |
59,300 | 28,222 | ||||||
Canvest Environmental Protection Group Co. Ltd.(a) |
250,000 | 105,466 | ||||||
CGN Power Co. Ltd., Class A |
44,000 | 18,904 | ||||||
CGN Power Co. Ltd., Class H(a) |
350,000 | 99,029 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H(c) |
1,050,000 | 402,809 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
50,000 | 98,265 | ||||||
China National Nuclear Power Co. Ltd., Class A |
42,300 | 45,787 |
Investments | Shares | Value | ||||||
Independent Power and Renewable
Electricity Producers – (continued) |
||||||||
China Power International Development Ltd. |
150,000 | $ | 73,794 | |||||
China Resources Power Holdings Co. Ltd. |
54,000 | 102,960 | ||||||
China Yangtze Power Co. Ltd., Class A |
35,000 | 120,723 | ||||||
Colbun SA |
9 | 1 | ||||||
Datang International Power Generation Co. Ltd., Class H |
212,000 | 34,315 | ||||||
Electricity Generating PCL, NVDR |
8,900 | 43,266 | ||||||
Energy Absolute PCL, NVDR |
31,500 | 81,394 | ||||||
Eneva SA* |
20,000 | 55,410 | ||||||
Engie Brasil Energia SA |
10,000 | 84,609 | ||||||
First Gen Corp. |
29,500 | 13,166 | ||||||
Global Power Synergy PCL, NVDR |
24,700 | 47,958 | ||||||
Guangxi Guiguan Electric Power Co. Ltd., Class A |
15,000 | 12,980 | ||||||
Gulf Energy Development PCL, NVDR |
85,700 | 121,982 | ||||||
Huadian Power International Corp. Ltd., Class A |
26,500 | 15,086 | ||||||
Huaneng Lancang River Hydropower, Inc., Class A |
23,500 | 21,905 | ||||||
Huaneng Power International, Inc., Class A |
24,300 | 26,930 | ||||||
Huaneng Power International, Inc., Class H(c) |
102,000 | 51,870 | ||||||
Hub Power Co. Ltd. (The) |
458,650 | 168,916 | ||||||
Hubei Energy Group Co. Ltd., Class A |
23,500 | 14,663 | ||||||
JSW Energy Ltd. |
8,692 | 36,119 | ||||||
Malakoff Corp. Bhd. |
865,000 | 132,129 | ||||||
Mega First Corp. Bhd. |
265,000 | 231,308 | ||||||
NHPC Ltd. |
79,420 | 34,493 | ||||||
NLC India Ltd. |
97,350 | 104,173 | ||||||
NTPC Ltd. |
146,369 | 299,085 | ||||||
OGK-2 PJSC‡ (b) |
11,431,280 | — | ||||||
Omega Energia SA |
11,994 | 25,866 | ||||||
Ratch Group PCL, NVDR |
8,900 | 11,434 | ||||||
SDIC Power Holdings Co. Ltd., Class A |
23,500 | 34,535 |
See Accompanying Notes to the Financial Statements.
196 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Independent Power and Renewable
Electricity Producers – (continued) |
||||||||
Shanghai Electric Power Co. Ltd., Class A |
14,100 | $ | 19,094 | |||||
Shenzhen Energy Group Co. Ltd., Class A |
10,600 | 9,398 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
9,400 | 15,740 | ||||||
Super Energy Corp. PCL, NVDR |
517,400 | 13,143 | ||||||
Taiwan Cogeneration Corp. |
3,000 | 3,888 | ||||||
Terna Energy SA |
933 | 17,481 | ||||||
TPI Polene Power PCL, NVDR |
1,083,600 | 120,857 | ||||||
Unipro PJSC‡ (b) |
5,337,000 | — | ||||||
3,582,257 | ||||||||
Industrial Conglomerates – 1.7% | ||||||||
3M India Ltd.* |
69 | 18,021 | ||||||
Aamal Co. |
21,949 | 7,082 | ||||||
Aboitiz Equity Ventures, Inc. |
76,640 | 74,284 | ||||||
AG Anadolu Grubu Holding A/S |
58,750 | 162,140 | ||||||
Alfa SAB de CV, Class A |
80,000 | 53,586 | ||||||
Alliance Global Group, Inc. |
157,700 | 35,706 | ||||||
AntarChile SA |
1,696 | 12,448 | ||||||
Ayala Corp. |
4,270 | 60,322 | ||||||
Bidvest Group Ltd. (The) |
11,050 | 152,340 | ||||||
China Baoan Group Co. Ltd., Class A |
5,500 | 7,515 | ||||||
CITIC Ltd. |
200,000 | 208,255 | ||||||
CJ Corp. |
564 | 39,067 | ||||||
DMCI Holdings, Inc. |
121,000 | 19,284 | ||||||
Doosan Co. Ltd. |
574 | 41,039 | ||||||
Dubai Investments PJSC |
954,080 | 651,976 | ||||||
Enka Insaat ve Sanayi A/S |
50,808 | 54,276 | ||||||
Far Eastern New Century Corp. |
123,000 | 125,397 | ||||||
Fosun International Ltd. |
61,500 | 65,371 | ||||||
Godrej Industries Ltd.* |
3,377 | 21,748 | ||||||
Grupo Carso SAB de CV, Series A1 |
11,100 | 36,256 | ||||||
GT Capital Holdings, Inc. |
1,610 | 15,543 | ||||||
Hanwha Corp. |
1,692 | 40,616 | ||||||
Hanwha Corp. (3rd Preference) |
1,425 | 18,039 | ||||||
HAP Seng Consolidated Bhd. |
11,900 | 20,419 | ||||||
Hong Leong Industries Bhd. |
31,200 | 64,572 |
Investments | Shares | Value | ||||||
Industrial Conglomerates – (continued) | ||||||||
Hyosung Corp. |
201 | $ | 13,347 | |||||
Industries Qatar QSC |
32,487 | 167,799 | ||||||
JG Summit Holdings, Inc. |
60,111 | 64,135 | ||||||
KAP Industrial Holdings Ltd. |
1,094,150 | 352,812 | ||||||
KOC Holding A/S |
24,045 | 65,065 | ||||||
LG Corp. |
3,475 | 202,801 | ||||||
Lotte Corp. |
1,392 | 37,959 | ||||||
LT Group, Inc. |
5,100 | 832 | ||||||
Mytilineos SA |
1,603 | 29,932 | ||||||
National Industries Group Holding SAK* |
62,444 | 64,186 | ||||||
PSG Group Ltd.* |
76,540 | 461,769 | ||||||
Quinenco SA |
12,939 | 35,514 | ||||||
Reunert Ltd. |
70,600 | 196,584 | ||||||
Samsung C&T Corp. |
1,477 | 135,823 | ||||||
San Miguel Corp. |
13,510 | 27,509 | ||||||
Shanghai Industrial Holdings Ltd. |
196,000 | 288,773 | ||||||
Siemens Ltd. |
1,416 | 42,074 | ||||||
Sime Darby Bhd. |
54,600 | 29,347 | ||||||
SK, Inc. |
1,185 | 252,850 | ||||||
SM Investments Corp. |
7,740 | 126,245 | ||||||
Sunway Bhd. |
50,749 | 21,216 | ||||||
Thoresen Thai Agencies PCL, NVDR |
44,900 | 12,716 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S |
49,404 | 60,259 | ||||||
4,694,849 | ||||||||
Insurance – 3.1% | ||||||||
Allianz Malaysia Bhd. |
25,000 | 73,160 | ||||||
Bangkok Insurance PCL, NVDR |
10,300 | 82,099 | ||||||
BB Seguridade Participacoes SA |
25,000 | 128,377 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
262 | 11,609 | ||||||
Caixa Seguridade Participacoes S/A |
27,500 | 43,536 | ||||||
Cathay Financial Holding Co. Ltd. |
278,000 | 589,473 | ||||||
China Development Financial Holding Corp. |
500,000 | 304,490 | ||||||
China Life Insurance Co. Ltd., Class H |
225,000 | 330,353 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 197 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Insurance – (continued) | ||||||||
China Pacific Insurance Group Co. Ltd., Class A |
19,500 | $ | 61,576 | |||||
China Pacific Insurance Group Co. Ltd., Class H |
80,000 | 179,043 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
31,800 | 36,720 | ||||||
Co. for Cooperative Insurance (The) |
974 | 17,918 | ||||||
DB Insurance Co. Ltd. |
1,834 | 98,271 | ||||||
Discovery Ltd.* |
6,587 | 63,412 | ||||||
Fubon Financial Holding Co. Ltd. |
250,453 | 632,176 | ||||||
General Insurance Corp. of India* (a) |
39 | 66 | ||||||
Hanwha General Insurance Co. Ltd.* |
27,200 | 102,866 | ||||||
Hanwha Life Insurance Co. Ltd.* |
12,318 | 28,834 | ||||||
HDFC Life Insurance Co. Ltd.(a) |
20,300 | 154,662 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. |
2,700 | 69,972 | ||||||
ICICI Lombard General Insurance Co. Ltd.(a) |
3,684 | 61,697 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) |
6,030 | 41,473 | ||||||
IRB Brasil Resseguros S/A* |
379,451 | 212,245 | ||||||
Korean Reinsurance Co. |
36,128 | 279,589 | ||||||
Max Financial Services Ltd.* |
2,721 | 26,967 | ||||||
Mercuries & Associates Holding Ltd. |
190,500 | 132,168 | ||||||
Mercuries Life Insurance Co. Ltd.* |
126,094 | 33,240 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. |
1,498 | 52,895 | ||||||
Mirae Asset Life Insurance Co. Ltd. |
27,830 | 88,187 | ||||||
Momentum Metropolitan Holdings |
24,539 | 26,112 | ||||||
New China Life Insurance Co. Ltd., Class A |
4,700 | 21,285 | ||||||
New China Life Insurance Co. Ltd., Class H |
28,600 | 73,084 | ||||||
Old Mutual Ltd.(c) |
142,165 | 114,065 |
Investments | Shares | Value | ||||||
Insurance – (continued) | ||||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
229,000 | $ | 73,549 | |||||
PICC Property & Casualty Co. Ltd., Class H |
200,000 | 205,451 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A |
25,100 | 169,797 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
184,000 | 1,205,381 | ||||||
Porto Seguro SA |
9,600 | 39,449 | ||||||
Qatar Insurance Co. SAQ |
697,700 | 469,380 | ||||||
Qualitas Controladora SAB de CV(c) |
85,000 | 458,142 | ||||||
Rand Merchant Investment Holdings Ltd.(c) |
20,434 | 34,896 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
1,015 | 169,705 | ||||||
Samsung Life Insurance Co. Ltd. |
2,566 | 132,999 | ||||||
Sanlam Ltd. |
57,413 | 238,963 | ||||||
Santam Ltd. |
723 | 13,354 | ||||||
SBI Life Insurance Co. Ltd.(a) |
7,528 | 108,869 | ||||||
Shin Kong Financial Holding Co. Ltd. |
450,000 | 150,074 | ||||||
Shinkong Insurance Co. Ltd. |
100,000 | 183,882 | ||||||
Sul America SA* |
10,377 | 55,655 | ||||||
Syarikat Takaful Malaysia Keluarga BHD |
238,760 | 194,693 | ||||||
Tongyang Life Insurance Co. Ltd. |
20,950 | 112,423 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H* (a) (c) |
16,500 | 58,041 | ||||||
8,246,323 | ||||||||
Interactive Media & Services – 2.9% | ||||||||
AfreecaTV Co. Ltd. |
275 | 24,084 | ||||||
Autohome, Inc., Class A(c) |
5,500 | 40,026 | ||||||
Baidu, Inc., Class A* |
40,000 | 665,804 | ||||||
Hello Group, Inc., ADR |
64,012 | 340,544 | ||||||
Hong Seng Consolidated Bhd.* |
62,600 | 36,955 | ||||||
Info Edge India Ltd. |
1,344 | 81,778 | ||||||
JOYY, Inc., ADR |
825 | 32,645 | ||||||
Kakao Corp. |
5,305 | 379,713 | ||||||
Kuaishou Technology* (a) |
25,000 | 212,684 | ||||||
NAVER Corp. |
2,600 | 593,073 | ||||||
Tencent Holdings Ltd. |
110,000 | 5,291,003 |
See Accompanying Notes to the Financial Statements.
198 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Interactive Media & Services – (continued) | ||||||||
Weibo Corp., ADR* |
1,577 | $ | 36,492 | |||||
Zhihu, Inc., ADR* (c) |
1,113 | 1,725 | ||||||
7,736,526 | ||||||||
Internet & Direct Marketing Retail – 2.8% | ||||||||
Alibaba Group Holding Ltd.* |
260,400 | 3,388,520 | ||||||
Alibaba Health Information Technology Ltd.* (c) |
84,000 | 48,712 | ||||||
Americanas SA* |
8,118 | 39,343 | ||||||
Baozun, Inc., Class A* (c) |
8,000 | 20,443 | ||||||
Bukalapak.com PT Tbk.* |
1,765,500 | 46,521 | ||||||
China Ruyi Holdings Ltd.* (c) |
30,799 | 7,497 | ||||||
Dada Nexus Ltd., ADR* |
2,805 | 21,402 | ||||||
Gradiant Corp.(b) |
25,350 | 91,228 | ||||||
Hyundai Home Shopping Network Corp. |
2,801 | 134,698 | ||||||
JD Health International, Inc.* (a) (c) |
15,000 | 96,640 | ||||||
JD.com, Inc., Class A* |
37,501 | 1,269,446 | ||||||
Maoyan Entertainment* (a) (c) |
22,000 | 17,553 | ||||||
Meituan, Class B* (a) |
71,500 | 1,567,393 | ||||||
momo.com, Inc. |
1,300 | 34,887 | ||||||
Naspers Ltd., Class N |
3,700 | 376,112 | ||||||
Pinduoduo, Inc., ADR* |
7,450 | 321,020 | ||||||
Ping An Healthcare and Technology Co. Ltd.* (a) (c) |
16,500 | 41,428 | ||||||
Vipshop Holdings Ltd., ADR* |
9,850 | 75,451 | ||||||
7,598,294 | ||||||||
IT Services – 1.7% | ||||||||
China TransInfo Technology Co. Ltd., Class A |
4,700 | 6,115 | ||||||
Chinasoft International Ltd.* |
46,000 | 37,873 | ||||||
Chindata Group Holdings Ltd., ADR* (c) |
1,925 | 12,012 | ||||||
Cielo SA* |
487,800 | 334,906 | ||||||
Coforge Ltd. |
858 | 47,144 | ||||||
Computer Age Management Services Ltd. |
1,007 | 32,649 | ||||||
Danal Co. Ltd.* |
2,860 | 21,951 | ||||||
DHC Software Co. Ltd., Class A |
9,400 | 8,305 | ||||||
Fawry for Banking & Payment Technology Services SAE* |
18,921 | 4,728 |
Investments | Shares | Value | ||||||
IT Services – (continued) | ||||||||
Firstsource Solutions Ltd. |
22,385 | $ | 36,604 | |||||
GDS Holdings Ltd., Class A* (c) |
15,000 | 64,522 | ||||||
Happiest Minds Technologies Ltd. |
1,568 | 20,510 | ||||||
HCL Technologies Ltd. |
20,000 | 282,369 | ||||||
Hyundai Autoever Corp. |
212 | 22,787 | ||||||
Infosys Ltd. |
64,700 | 1,326,755 | ||||||
Jasmine Technology Solution PCL, NVDR* |
4,100 | 66,079 | ||||||
Kginicis Co. Ltd. |
7,830 | 108,473 | ||||||
Kingsoft Cloud Holdings Ltd., ADR* (c) |
3,457 | 12,514 | ||||||
Larsen & Toubro Infotech Ltd.(a) |
656 | 41,527 | ||||||
Locaweb Servicos de Internet SA* (a) |
4,800 | 6,950 | ||||||
Lotte Data Communication Co. |
2,400 | 69,459 | ||||||
Mastek Ltd. |
660 | 24,289 | ||||||
Mindtree Ltd. |
1,105 | 51,347 | ||||||
Mphasis Ltd. |
1,750 | 65,089 | ||||||
My EG Services Bhd. |
86,314 | 18,637 | ||||||
Persistent Systems Ltd. |
850 | 48,043 | ||||||
Posco ICT Co. Ltd. |
2,080 | 10,251 | ||||||
Samsung SDS Co. Ltd. |
700 | 82,763 | ||||||
Sonata Software Ltd. |
4,565 | 44,914 | ||||||
Systex Corp. |
100,000 | 273,787 | ||||||
Tata Consultancy Services Ltd. |
18,376 | 852,591 | ||||||
Tech Mahindra Ltd. |
10,000 | 164,699 | ||||||
TravelSky Technology Ltd., Class H |
50,000 | 76,088 | ||||||
Vnet Group, Inc., ADR* |
1,563 | 9,331 | ||||||
Wipro Ltd. |
26,041 | 173,328 | ||||||
Yeahka Ltd.* (c) |
17,600 | 46,657 | ||||||
4,506,046 | ||||||||
Leisure Products – 0.2% | ||||||||
Fusheng Precision Co. Ltd. |
7,000 | 52,009 | ||||||
Giant Manufacturing Co. Ltd. |
5,000 | 42,154 | ||||||
GOLFZON Co. Ltd. |
1,500 | 194,427 | ||||||
HLB, Inc.* |
1,320 | 32,685 | ||||||
Johnson Health Tech Co. Ltd. |
50,000 | 98,556 | ||||||
Merida Industry Co. Ltd. |
5,350 | 44,015 | ||||||
O-TA Precision Industry Co. Ltd. |
35,000 | 169,802 | ||||||
633,648 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 199 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Life Sciences Tools & Services – 0.3% | ||||||||
Cellivery Therapeutics, Inc.* |
188 | $ | 5,306 | |||||
Divi’s Laboratories Ltd. |
2,387 | 140,686 | ||||||
EirGenix, Inc.* |
9,000 | 27,053 | ||||||
Genscript Biotech Corp.* |
20,000 | 57,990 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(a) |
6,000 | 59,188 | ||||||
LegoChem Biosciences, Inc.* |
1,250 | 42,795 | ||||||
Pharmaron Beijing Co. Ltd., Class H(a) |
1,600 | 20,372 | ||||||
Samsung Biologics Co. Ltd.* (a) |
306 | 204,162 | ||||||
Shanghai Medicilon, Inc., Class A |
385 | 22,329 | ||||||
ST Pharm Co. Ltd. |
344 | 26,868 | ||||||
Viva Biotech Holdings(a) |
22,500 | 7,169 | ||||||
WuXi AppTec Co. Ltd., Class A |
4,060 | 63,628 | ||||||
WuXi AppTec Co. Ltd., Class H(a) |
6,918 | 96,106 | ||||||
773,652 | ||||||||
Machinery – 1.2% | ||||||||
AIA Engineering Ltd. |
972 | 24,635 | ||||||
Airtac International Group |
2,913 | 80,248 | ||||||
Ashok Leyland Ltd. |
31,124 | 51,750 | ||||||
China CSSC Holdings Ltd., Class A |
10,600 | 25,201 | ||||||
China International Marine Containers Group Co. Ltd., Class H(c) |
15,900 | 22,089 | ||||||
CIMC Enric Holdings Ltd.(c) |
48,000 | 50,899 | ||||||
CNHTC Jinan Truck Co. Ltd., Class A |
1,260 | 1,894 | ||||||
CNPC Capital Co. Ltd., Class A |
29,200 | 20,480 | ||||||
Creative & Innovative System* |
2,703 | 28,838 | ||||||
CSBC Corp. Taiwan* |
53,000 | 37,760 | ||||||
Cummins India Ltd. |
2,280 | 30,735 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.* |
705 | 14,762 | ||||||
Dawonsys Co. Ltd. |
1,869 | 43,898 | ||||||
Doosan Bobcat, Inc. |
1,272 | 42,079 | ||||||
Dufu Technology Corp. Bhd. |
37,100 | 21,475 | ||||||
Escorts Ltd. |
1,666 | 35,630 | ||||||
Estun Automation Co. Ltd., Class A |
5,000 | 11,257 |
Investments | Shares | Value | ||||||
Machinery – (continued) | ||||||||
Haitian International Holdings Ltd. |
16,000 | $ | 39,683 | |||||
Hiwin Technologies Corp. |
5,372 | 40,187 | ||||||
HJ Shipbuilding & Construction Co. Ltd.* |
1,060 | 6,633 | ||||||
Hyundai Construction Equipment Co. Ltd. |
6,131 | 182,075 | ||||||
Hyundai Doosan Infracore Co. Ltd.* |
52,743 | 276,733 | ||||||
Hyundai Elevator Co. Ltd. |
208 | 5,904 | ||||||
Hyundai Heavy Industries Co. Ltd.* |
750 | 83,599 | ||||||
Hyundai Mipo Dockyard Co. Ltd.* |
602 | 40,213 | ||||||
Hyundai Rotem Co. Ltd.* |
1,766 | 26,785 | ||||||
Infore Environment Technology Group Co. Ltd., Class A |
9,400 | 6,365 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
3,800 | 26,497 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.* |
605 | 44,219 | ||||||
Lakshmi Machine Works Ltd. |
165 | 20,255 | ||||||
LK Technology Holdings Ltd.(c) |
9,500 | 12,108 | ||||||
Lonking Holdings Ltd. |
800,000 | 222,275 | ||||||
Pentamaster Corp. Bhd. |
21,200 | 16,752 | ||||||
People & Technology, Inc. |
8,800 | 353,822 | ||||||
Rexon Industrial Corp. Ltd. |
69,000 | 93,052 | ||||||
Riyue Heavy Industry Co. Ltd., Class A |
5,000 | 12,388 | ||||||
SAM KANG M&T Co. Ltd.* |
1,219 | 20,090 | ||||||
Samsung Heavy Industries Co. Ltd.* |
14,477 | 69,849 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. |
12,000 | 11,455 | ||||||
Sany Heavy Industry Co. Ltd., Class A |
25,000 | 62,623 | ||||||
Schaeffler India Ltd. |
1,100 | 33,206 | ||||||
SFA Engineering Corp. |
1,089 | 34,552 | ||||||
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B |
104,700 | 116,636 | ||||||
Shin Zu Shing Co. Ltd. |
78,000 | 221,757 | ||||||
Sinotruk Hong Kong Ltd. |
30,500 | 37,318 |
See Accompanying Notes to the Financial Statements.
200 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Machinery – (continued) | ||||||||
SKF India Ltd. |
624 | $ | 27,463 | |||||
Timken India Ltd. |
605 | 15,703 | ||||||
Turk Traktor ve Ziraat Makineleri A/S |
5,550 | 87,980 | ||||||
UWC Bhd. |
10,600 | 7,840 | ||||||
Weichai Power Co. Ltd., Class A |
17,300 | 29,389 | ||||||
Weichai Power Co. Ltd., Class H |
69,000 | 97,615 | ||||||
XCMG Construction Machinery Co. Ltd., Class A |
18,800 | 14,156 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. |
95,000 | 62,604 | ||||||
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A |
9,400 | 23,917 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A |
9,400 | 16,639 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H(c) |
10,000 | 10,642 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
17,700 | 15,585 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H |
29,200 | 17,305 | ||||||
3,087,499 | ||||||||
Marine – 0.9% | ||||||||
Cia Sud Americana de Vapores SA |
578,613 | 65,387 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H* (c) |
106,450 | 169,047 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
80,558 | 396,292 | ||||||
Far-Eastern Shipping Co. plc* ‡ (b) |
302,500 | — | ||||||
HMM Co. Ltd. |
11,250 | 254,379 | ||||||
Korea Line Corp.* |
73,900 | 157,391 | ||||||
MISC Bhd. |
40,000 | 71,758 | ||||||
Orient Overseas International Ltd. |
5,500 | 154,636 |
Investments | Shares | Value | ||||||
Marine – (continued) | ||||||||
Pan Ocean Co. Ltd. |
8,853 | $ | 46,944 | |||||
Precious Shipping PCL, NVDR |
330,000 | 184,029 | ||||||
Qatar Navigation QSC |
20,237 | 47,290 | ||||||
Regional Container Lines PCL, NVDR |
110,000 | 143,723 | ||||||
Taiwan Navigation Co. Ltd. |
76,000 | 97,335 | ||||||
Transcoal Pacific Tbk. PT* |
32,900 | 22,581 | ||||||
U-Ming Marine Transport Corp. |
14,000 | 30,493 | ||||||
Wan Hai Lines Ltd. |
39,900 | 197,635 | ||||||
Wisdom Marine Lines Co. Ltd. |
11,898 | 37,217 | ||||||
Yang Ming Marine Transport Corp.* |
53,000 | 226,561 | ||||||
2,302,698 | ||||||||
Media – 0.4% | ||||||||
Affle India Ltd.* |
2,120 | 33,883 | ||||||
Astro Malaysia Holdings Bhd. |
139,200 | 31,974 | ||||||
Cheil Worldwide, Inc. |
1,074 | 21,634 | ||||||
China Literature Ltd.* (a) (c) |
6,200 | 26,630 | ||||||
Echo Marketing, Inc. |
9,350 | 149,630 | ||||||
Elang Mahkota Teknologi Tbk. PT* |
342,300 | 70,599 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
23,500 | 20,799 | ||||||
Grupo Televisa SAB, Series CPO(c) |
35,000 | 64,963 | ||||||
Innocean Worldwide, Inc. |
3,468 | 135,020 | ||||||
Leo Group Co. Ltd., Class A |
18,800 | 4,795 | ||||||
Media Nusantara Citra Tbk. PT |
3,295,000 | 228,425 | ||||||
MultiChoice Group |
9,750 | 79,708 | ||||||
NanJi E-Commerce Co. Ltd., Class A |
4,700 | 3,418 | ||||||
Plan B Media PCL, NVDR* |
97,500 | 22,347 | ||||||
Saudi Research & Media Group* |
605 | 42,647 | ||||||
Sun TV Network Ltd. |
1,889 | 11,922 | ||||||
Surya Citra Media Tbk. PT* |
427,000 | 7,481 | ||||||
Zee Entertainment Enterprises Ltd. |
17,800 | 57,783 | ||||||
1,013,658 | ||||||||
Metals & Mining – 5.0% | ||||||||
African Rainbow Minerals Ltd. |
3,900 | 64,577 | ||||||
AJU Steel Co. Ltd.* |
5,400 | 70,295 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 201 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Metals & Mining – (continued) | ||||||||
Alrosa PJSC‡ (b) |
85,800 | $ | — | |||||
Aluminum Corp. of China Ltd., Class A* |
26,500 | 19,150 | ||||||
Aluminum Corp. of China Ltd., Class H* |
60,000 | 28,676 | ||||||
Aneka Tambang Tbk.* |
201,400 | 36,121 | ||||||
Angang Steel Co. Ltd., Class H |
38,000 | 16,903 | ||||||
Anglo American Platinum Ltd. |
1,900 | 210,789 | ||||||
AngloGold Ashanti Ltd. |
12,800 | 266,363 | ||||||
APL Apollo Tubes Ltd.* |
4,469 | 59,824 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
60,000 | 58,843 | ||||||
Beijing Shougang Co. Ltd., Class A |
10,600 | 7,724 | ||||||
Bradespar SA (Preference) |
6,186 | 36,587 | ||||||
CAP SA |
2,756 | 34,172 | ||||||
Century Iron & Steel Industrial Co. Ltd. |
6,000 | 25,954 | ||||||
Chifeng Jilong Gold Mining Co. Ltd., Class A* |
7,900 | 22,020 | ||||||
China Gold International Resources Corp. Ltd. |
105,600 | 400,400 | ||||||
China Hongqiao Group Ltd.(c) |
75,000 | 95,493 | ||||||
China Metal Recycling Holdings Ltd.* ‡ |
51,000 | — | ||||||
China Molybdenum Co. Ltd., Class A |
22,500 | 15,986 | ||||||
China Molybdenum Co. Ltd., Class H(c) |
57,000 | 28,986 | ||||||
China Nonferrous Mining Corp. Ltd. |
450,000 | 232,853 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
5,300 | 25,490 | ||||||
China Oriental Group Co. Ltd. |
500,000 | 133,824 | ||||||
China Steel Corp. |
400,000 | 489,898 | ||||||
China Zhongwang Holdings Ltd.* ‡ (c) |
699,600 | 143,014 | ||||||
Chung Hung Steel Corp. |
23,000 | 29,769 | ||||||
Cia Brasileira de Aluminio* |
11,000 | 38,072 | ||||||
Cia Siderurgica Nacional SA |
20,000 | 85,093 | ||||||
Citic Pacific Special Steel Group Co. Ltd., Class A |
10,600 | 29,031 |
Investments | Shares | Value | ||||||
Metals & Mining – (continued) | ||||||||
Dongkuk Steel Mill Co. Ltd. |
2,067 | $ | 31,021 | |||||
DRDGOLD Ltd. |
190,393 | 156,492 | ||||||
Eregli Demir ve Celik Fabrikalari TAS |
41,200 | 93,072 | ||||||
Feng Hsin Steel Co. Ltd. |
16,000 | 45,163 | ||||||
Ganfeng Lithium Co. Ltd., Class A |
2,200 | 36,963 | ||||||
Ganfeng Lithium Co. Ltd., Class H(a) (c) |
5,200 | 63,491 | ||||||
GEM Co. Ltd., Class A |
5,300 | 5,431 | ||||||
Gerdau SA (Preference) |
32,700 | 184,689 | ||||||
Gold Fields Ltd. |
28,129 | 387,088 | ||||||
Grupo Mexico SAB de CV, Series B |
100,000 | 468,040 | ||||||
Harmony Gold Mining Co. Ltd. |
16,953 | 70,529 | ||||||
Henan Shenhuo Coal & Power Co. Ltd., Class A(b) |
5,500 | 10,003 | ||||||
Hesteel Co. Ltd., Class A |
37,600 | 13,300 | ||||||
Hindalco Industries Ltd. |
46,700 | 294,859 | ||||||
Hindustan Copper Ltd. |
16,483 | 24,430 | ||||||
Hsin Kuang Steel Co. Ltd. |
100,000 | 218,487 | ||||||
Hunan Valin Steel Co. Ltd., Class A |
23,500 | 20,835 | ||||||
Hyundai Steel Co. |
3,128 | 108,334 | ||||||
Impala Platinum Holdings Ltd. |
25,280 | 329,597 | ||||||
Industrias Penoles SAB de CV(c) |
2,325 | 25,600 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A* |
70,500 | 20,121 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class A |
3,200 | 13,797 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd., Class B |
5,300 | 15,068 | ||||||
Jiangxi Copper Co. Ltd., Class A |
9,400 | 25,145 | ||||||
Jiangxi Copper Co. Ltd., Class H |
18,000 | 28,722 | ||||||
Jinchuan Group International Resources Co. Ltd.(c) |
144,000 | 18,720 | ||||||
Jindal Stainless Ltd.* |
67,550 | 161,623 | ||||||
Jindal Steel & Power Ltd. |
13,170 | 93,043 | ||||||
JSW Steel Ltd. |
29,050 | 276,335 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class A* |
111,700 | 94,963 |
See Accompanying Notes to the Financial Statements.
202 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Metals & Mining – (continued) | ||||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S, Class D* |
331,172 | $ | 337,949 | |||||
Korea Zinc Co. Ltd. |
400 | 183,439 | ||||||
Koza Altin Isletmeleri A/S* |
2,182 | 25,292 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri A/S* |
87,550 | 184,223 | ||||||
Kumba Iron Ore Ltd. |
2,000 | 67,525 | ||||||
Maanshan Iron & Steel Co. Ltd., Class A |
21,200 | 12,713 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H |
110,000 | 43,601 | ||||||
Magnitogorsk Iron & Steel Works PJSC‡ (b) |
45,174 | — | ||||||
Merdeka Copper Gold Tbk. PT* |
235,162 | 85,974 | ||||||
Metalurgica Gerdau SA (Preference) |
22,200 | 50,925 | ||||||
MMC Norilsk Nickel PJSC‡ (b) |
2,090 | — | ||||||
MMG Ltd.* |
144,000 | 62,217 | ||||||
National Aluminium Co. Ltd. |
23,045 | 31,669 | ||||||
Nickel Asia Corp. |
2,127,200 | 313,345 | ||||||
NMDC Ltd. |
33,050 | 69,457 | ||||||
Northam Platinum Holdings Ltd.* |
7,418 | 88,624 | ||||||
Novolipetsk Steel PJSC‡ (b) |
51,150 | — | ||||||
Polyus PJSC‡ (b) |
1,155 | — | ||||||
Poongsan Corp. |
7,276 | 185,376 | ||||||
POSCO Holdings, Inc. |
2,350 | 540,725 | ||||||
Press Metal Aluminium Holdings Bhd. |
60,000 | 82,554 | ||||||
Qatar Aluminum Manufacturing Co. |
42,858 | 28,244 | ||||||
Raspadskaya OJSC‡ (b) |
4,240 | — | ||||||
Royal Bafokeng Platinum Ltd. |
4,676 | 46,712 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A |
14,100 | 14,749 | ||||||
Saudi Arabian Mining Co.* |
6,818 | 250,849 | ||||||
Seah Besteel Holdings Corp. |
5,900 | 85,729 | ||||||
Severstal PAO‡ (b) |
5,995 | — | ||||||
Shandong Gold Mining Co. Ltd., Class A |
5,100 | 14,835 |
Investments | Shares | Value | ||||||
Metals & Mining – (continued) | ||||||||
Shandong Gold Mining Co. Ltd., Class H(a) (c) |
13,650 | $ | 25,226 | |||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
42,400 | 20,984 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
15,900 | 14,362 | ||||||
Shougang Fushan Resources Group Ltd.(c) |
1,406,000 | 532,213 | ||||||
Sibanye Stillwater Ltd.(c) |
80,950 | 285,542 | ||||||
Steel Authority of India Ltd. |
47,114 | 59,630 | ||||||
TA Chen Stainless Pipe* |
64,793 | 97,600 | ||||||
Tata Steel Ltd. |
24,500 | 407,374 | ||||||
Tiangong International Co. Ltd.(c) |
52,000 | 17,364 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A |
10,600 | 11,055 | ||||||
Tung Ho Steel Enterprise Corp. |
10,050 | 21,549 | ||||||
United Co. RUSAL International PJSC* ‡ (b) |
75,100 | — | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A |
21,400 | 48,874 | ||||||
Vale Indonesia Tbk. PT |
58,300 | 29,357 | ||||||
Vale SA |
125,000 | 2,102,350 | ||||||
Vedanta Ltd. |
39,400 | 210,472 | ||||||
Volcan Cia Minera SAA, Class B* |
122,924 | 27,530 | ||||||
VSMPO-AVISMA Corp. PJSC* ‡ (b) |
53 | — | ||||||
Xiamen Tungsten Co. Ltd., Class A |
3,900 | 9,331 | ||||||
YC INOX Co. Ltd. |
150,000 | 163,356 | ||||||
Young Poong Corp. |
318 | 172,925 | ||||||
Yunnan Copper Co. Ltd., Class A |
9,400 | 14,956 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H |
47,500 | 45,344 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A |
2,800 | 34,988 | ||||||
Zijin Mining Group Co. Ltd., Class A |
32,900 | 55,291 | ||||||
Zijin Mining Group Co. Ltd., Class H |
100,000 | 149,118 | ||||||
13,404,385 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 203 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Multiline Retail – 0.2% | ||||||||
Central Retail Corp. PCL, NVDR* |
54,475 | $ | 62,825 | |||||
El Puerto de Liverpool SAB de CV, Class C1 |
2,700 | 13,611 | ||||||
Falabella SA |
23,151 | 64,998 | ||||||
Golden Eagle Retail Group Ltd. |
155,000 | 108,850 | ||||||
Hyundai Department Store Co. Ltd. |
760 | 45,806 | ||||||
Lojas Renner SA* |
16,650 | 79,851 | ||||||
Lotte Shopping Co. Ltd. |
211 | 15,875 | ||||||
Magazine Luiza SA* |
60,000 | 59,125 | ||||||
MINISO Group Holding Ltd., ADR |
954 | 7,012 | ||||||
Mitra Adiperkasa Tbk. PT* |
154,600 | 9,598 | ||||||
Shinsegae, Inc. |
212 | 41,944 | ||||||
Woolworths Holdings Ltd. |
18,150 | 68,188 | ||||||
577,683 | ||||||||
Multi-Utilities – 0.0%(e) | ||||||||
Qatar Electricity & Water Co. QSC |
9,684 | 45,472 | ||||||
YTL Corp. Bhd. |
78,870 | 11,504 | ||||||
YTL Power International Bhd. |
1,531 | 272 | ||||||
57,248 | ||||||||
Oil, Gas & Consumable Fuels – 4.4% | ||||||||
Adaro Energy Tbk. PT |
389,800 | 89,807 | ||||||
Aegis Logistics Ltd. |
7 | 20 | ||||||
AKR Corporindo Tbk. PT |
748,500 | 55,246 | ||||||
Aldrees Petroleum and Transport Services Co. |
2,365 | 49,749 | ||||||
Bangchak Corp. PCL, NVDR |
128,900 | 126,077 | ||||||
Banpu PCL, NVDR |
93,200 | 33,470 | ||||||
Bashneft PJSC* ‡ (b) |
1,305 | — | ||||||
Bashneft PJSC (Preference)‡ (b) |
1,163 | — | ||||||
Bayan Resources Tbk. PT |
20,000 | 58,633 | ||||||
Bharat Petroleum Corp. Ltd. |
28,989 | 137,507 | ||||||
Bukit Asam Tbk. PT* |
106,000 | 27,931 | ||||||
China Coal Energy Co. Ltd., Class A |
23,500 | 33,536 | ||||||
China Coal Energy Co. Ltd., Class H |
83,000 | 70,770 | ||||||
China Petroleum & Chemical Corp., Class A |
107,000 | 70,499 |
Investments | Shares | Value | ||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||
China Petroleum & Chemical Corp., Class H |
766,000 | $ | 379,771 | |||||
China Shenhua Energy Co. Ltd., Class A |
20,000 | 93,457 | ||||||
China Shenhua Energy Co. Ltd., Class H |
100,000 | 322,451 | ||||||
China Suntien Green Energy Corp. Ltd., Class H |
50,000 | 28,549 | ||||||
Coal India Ltd. |
66,400 | 158,828 | ||||||
Cosan SA |
36,164 | 153,355 | ||||||
Dana Gas PJSC |
151,247 | 48,589 | ||||||
Ecopetrol SA |
149,450 | 120,447 | ||||||
Empresas COPEC SA |
10,650 | 78,279 | ||||||
Exxaro Resources Ltd.(c) |
8,756 | 125,392 | ||||||
Formosa Petrochemical Corp. |
29,000 | 90,122 | ||||||
Gazprom PJSC‡ (b) |
412,500 | — | ||||||
GS Holdings Corp. |
2,300 | 80,024 | ||||||
Guanghui Energy Co. Ltd., Class A* |
15,100 | 20,311 | ||||||
HD Hyundai Co. Ltd. |
1,300 | 60,342 | ||||||
Hellenic Petroleum Holdings SA |
3,199 | 24,433 | ||||||
Hindustan Petroleum Corp. Ltd. |
24,050 | 85,041 | ||||||
Indian Oil Corp. Ltd. |
73,300 | 120,820 | ||||||
Indo Tambangraya Megah Tbk. PT |
16,500 | 32,324 | ||||||
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A |
5,300 | 11,707 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
445,000 | 599,860 | ||||||
IRPC PCL, NVDR |
242,000 | 24,589 | ||||||
LUKOIL PJSC‡ (b) |
12,265 | — | ||||||
Mari Petroleum Co. Ltd. |
1,984 | 18,324 | ||||||
Medco Energi Internasional Tbk. PT* |
2,772,440 | 105,183 | ||||||
MOL Hungarian Oil & Gas plc |
18,550 | 158,214 | ||||||
Motor Oil Hellas Corinth Refineries SA |
2,820 | 44,922 | ||||||
Novatek PJSC‡ (b) |
20,020 | — | ||||||
Oil & Natural Gas Corp. Ltd. |
114,800 | 240,961 | ||||||
Oil India Ltd. |
12,870 | 38,462 | ||||||
Pakistan Oilfields Ltd. |
56,150 | 114,374 | ||||||
Pakistan Petroleum Ltd. |
29,830 | 11,865 | ||||||
Pakistan State Oil Co. Ltd. |
102,700 | 93,765 | ||||||
Petro Rio SA* |
15,000 | 80,873 |
See Accompanying Notes to the Financial Statements.
204 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||
PetroChina Co. Ltd., Class H |
666,000 | $ | 322,553 | |||||
Petroleo Brasileiro SA |
115,000 | 776,544 | ||||||
Petroleo Brasileiro SA (Preference) |
140,800 | 860,915 | ||||||
Petronas Dagangan Bhd. |
6,600 | 32,958 | ||||||
Petronet LNG Ltd. |
26,146 | 69,741 | ||||||
PTT Exploration & Production PCL |
469 | 2,068 | ||||||
PTT Exploration & Production PCL, NVDR |
40,131 | 176,928 | ||||||
PTT PCL, NVDR |
266,200 | 291,460 | ||||||
Qatar Fuel QSC |
9,120 | 45,904 | ||||||
Qatar Gas Transport Co. Ltd. |
55,314 | 51,946 | ||||||
Reliance Industries Ltd. |
61,000 | 2,226,579 | ||||||
Rosneft Oil Co. PJSC‡ (b) |
74,042 | — | ||||||
Saudi Arabian Oil Co.(a) |
36,350 | 435,138 | ||||||
Semirara Mining & Power Corp. |
42,200 | 22,230 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
25,000 | 65,318 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
22,000 | 46,859 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A |
15,900 | 37,390 | ||||||
Siamgas & Petrochemicals PCL, NVDR |
231,100 | 82,319 | ||||||
SK Discovery Co. Ltd. |
5,350 | 176,346 | ||||||
SK Gas Ltd. |
1,187 | 112,463 | ||||||
SK Innovation Co. Ltd.* |
1,013 | 165,338 | ||||||
S-Oil Corp. |
1,551 | 127,809 | ||||||
Star Petroleum Refining PCL, NVDR |
93,500 | 29,483 | ||||||
Surgutneftegas PJSC‡ (b) |
319,000 | — | ||||||
Surgutneftegas PJSC (Preference)‡ (b) |
225,500 | — | ||||||
Tatneft PJSC‡ (b) |
26,900 | — | ||||||
Tatneft PJSC (Preference)‡ (b) |
3,870 | — | ||||||
Thai Oil PCL, NVDR |
16,500 | 27,219 | ||||||
Thungela Resources Ltd.* (c) |
59,300 | 1,019,812 | ||||||
Transneft PJSC (Preference)‡ (b) |
55 | — | ||||||
Turkiye Petrol Rafinerileri A/S* |
2,530 | 39,885 |
Investments | Shares | Value | ||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||
Ultrapar Participacoes SA |
4,900 | $ | 12,932 | |||||
United Tractors Tbk. PT |
40,000 | 83,535 | ||||||
Yankuang Energy Group Co. Ltd., Class A |
5,300 | 27,944 | ||||||
Yankuang Energy Group Co. Ltd., Class H(c) |
52,000 | 148,455 | ||||||
11,836,950 | ||||||||
Paper & Forest Products – 0.2% | ||||||||
Century Textiles & Industries Ltd. |
4,455 | 48,710 | ||||||
Empresas CMPC SA |
26,895 | 40,072 | ||||||
Indah Kiat Pulp & Paper Tbk. PT |
90,900 | 47,497 | ||||||
Kuk-il Paper Manufacturing Co. Ltd.* |
2,756 | 7,329 | ||||||
Lee & Man Paper Manufacturing Ltd. |
47,000 | 22,643 | ||||||
Nine Dragons Paper Holdings Ltd. |
55,000 | 48,858 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk. PT |
53,800 | 24,493 | ||||||
Sappi Ltd.* |
15,650 | 57,697 | ||||||
Shandong Chenming Paper Holdings Ltd., Class A |
21,200 | 16,994 | ||||||
Shandong Chenming Paper Holdings Ltd., Class B |
15,900 | 5,735 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A |
9,400 | 17,581 | ||||||
Suzano SA |
25,000 | 250,444 | ||||||
YFY, Inc. |
47,000 | 49,830 | ||||||
637,883 | ||||||||
Personal Products – 0.5% | ||||||||
Amorepacific Corp. |
552 | 79,548 | ||||||
AMOREPACIFIC Group |
611 | 24,323 | ||||||
Colgate-Palmolive India Ltd. |
2,341 | 50,670 | ||||||
Cosmax, Inc. |
107 | 7,326 | ||||||
Dabur India Ltd. |
11,050 | 80,473 | ||||||
Emami Ltd. |
4,717 | 30,344 | ||||||
Gillette India Ltd. |
103 | 7,094 | ||||||
Godrej Consumer Products Ltd.* |
8,219 | 84,123 | ||||||
Hengan International Group Co. Ltd.(c) |
25,000 | 118,529 | ||||||
Hindustan Unilever Ltd. |
15,550 | 454,615 | ||||||
Hyundai Bioscience Co. Ltd.* |
1,967 | 44,633 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 205 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Personal Products – (continued) | ||||||||
Kolmar Korea Co. Ltd. |
142 | $ | 5,314 | |||||
LG Household & Health Care Ltd. |
150 | 108,559 | ||||||
LG Household & Health Care Ltd. (Preference) |
43 | 17,015 | ||||||
Microbio Co. Ltd.* |
18,669 | 36,672 | ||||||
Natura & Co. Holding SA |
10,558 | 39,634 | ||||||
TCI Co. Ltd. |
7,000 | 40,491 | ||||||
Yatsen Holding Ltd., ADR* (c) |
20,881 | 12,836 | ||||||
1,242,199 | ||||||||
Pharmaceuticals – 1.4% | ||||||||
Ajanta Pharma Ltd. |
384 | 8,646 | ||||||
Alembic Pharmaceuticals Ltd. |
4,730 | 48,335 | ||||||
Alkem Laboratories Ltd. |
516 | 21,941 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A |
4,700 | 13,264 | ||||||
Aspen Pharmacare Holdings Ltd. |
7,050 | 75,834 | ||||||
AstraZeneca Pharma India Ltd. |
235 | 8,453 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A |
500 | 20,271 | ||||||
Aurobindo Pharma Ltd. |
5,429 | 44,676 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. |
5,000 | 7,265 | ||||||
Binex Co. Ltd.* |
1,942 | 24,120 | ||||||
Bukwang Pharmaceutical Co. Ltd. |
1,431 | 13,558 | ||||||
CanSino Biologics, Inc., Class A* |
318 | 7,339 | ||||||
CanSino Biologics, Inc., Class H* (a) (c) |
800 | 8,595 | ||||||
Celltrion Pharm, Inc.* |
130 | 9,564 | ||||||
Center Laboratories, Inc. |
9,088 | 19,517 | ||||||
Changchun High & New Technology Industry Group, Inc., Class A |
600 | 14,303 | ||||||
China Medical System Holdings Ltd. |
28,000 | 40,540 | ||||||
China Resources Pharmaceutical Group Ltd.(a) |
26,500 | 14,084 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. |
1,110,000 | 544,662 |
Investments | Shares | Value | ||||||
Pharmaceuticals – (continued) | ||||||||
Chong Kun Dang Pharmaceutical Corp. |
102 | $ | 8,040 | |||||
Cipla Ltd. |
8,234 | 105,690 | ||||||
CSPC Pharmaceutical Group Ltd. |
168,080 | 173,518 | ||||||
Daewoong Co. Ltd. |
339 | 8,111 | ||||||
Daewoong Pharmaceutical Co. Ltd. |
49 | 7,139 | ||||||
Dong-A Socio Holdings Co. Ltd. |
104 | 9,440 | ||||||
Dong-A ST Co. Ltd. |
94 | 5,239 | ||||||
DongKook Pharmaceutical Co. Ltd. |
30 | 537 | ||||||
Dr Reddy’s Laboratories Ltd. |
2,450 | 132,430 | ||||||
Enzychem Lifesciences Corp.* |
927 | 16,569 | ||||||
Genomma Lab Internacional SAB de CV, Class B |
12,000 | 12,636 | ||||||
Gland Pharma Ltd.* (a) |
971 | 40,671 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. |
1,140 | 23,429 | ||||||
Glenmark Pharmaceuticals Ltd. |
8,121 | 46,696 | ||||||
Grand Pharmaceutical Group Ltd.(c) |
24,000 | 14,835 | ||||||
Granules India Ltd. |
9,381 | 34,582 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H |
12,000 | 31,200 | ||||||
Hanall Biopharma Co. Ltd.* |
919 | 13,536 | ||||||
Hanmi Pharm Co. Ltd. |
99 | 24,592 | ||||||
Hanmi Science Co. Ltd. |
658 | 26,823 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) |
16,000 | 26,551 | ||||||
Hua Han Health Industry Holdings Ltd.* ‡ |
3,780,000 | — | ||||||
Huons Global Co. Ltd. |
3,784 | 85,712 | ||||||
Hypera SA* |
7,400 | 55,916 | ||||||
Ilyang Pharmaceutical Co. Ltd. |
795 | 15,729 | ||||||
Ipca Laboratories Ltd. |
3,080 | 40,765 | ||||||
JB Chemicals & Pharmaceuticals Ltd. |
2,226 | 50,054 | ||||||
Jeil Pharmaceutical Co. Ltd. |
371 | 7,872 | ||||||
JETEMA Co. Ltd.* |
19 | 284 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
8,400 | 37,594 |
See Accompanying Notes to the Financial Statements.
206 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Pharmaceuticals – (continued) | ||||||||
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A |
11,000 | $ | 24,248 | |||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
4,700 | 7,942 | ||||||
Jubilant Pharmova Ltd. |
4,141 | 25,550 | ||||||
JW Pharmaceutical Corp. |
243 | 5,978 | ||||||
Kalbe Farma Tbk. PT |
373,200 | 42,219 | ||||||
Komipharm International Co. Ltd.* |
1,425 | 10,154 | ||||||
Korea United Pharm, Inc. |
636 | 14,963 | ||||||
Laurus Labs Ltd.(a) |
8,297 | 63,316 | ||||||
Livzon Pharmaceutical Group, Inc., Class H(c) |
3,930 | 13,374 | ||||||
Lupin Ltd. |
4,620 | 45,005 | ||||||
Luye Pharma Group Ltd.* (a) (c) |
725,000 | 228,233 | ||||||
Mega Lifesciences PCL, NVDR |
400 | 572 | ||||||
Mezzion Pharma Co. Ltd.* |
636 | 10,229 | ||||||
Natco Pharma Ltd. |
4,500 | 46,320 | ||||||
Ocumension Therapeutics* (a) |
16,000 | 19,291 | ||||||
Oneness Biotech Co. Ltd.* |
3,000 | 19,796 | ||||||
Oscotec, Inc.* |
1,510 | 32,761 | ||||||
Pfizer Ltd. |
341 | 19,565 | ||||||
Pharmally International Holding Co. Ltd.* ‡ |
2,564 | 3,693 | ||||||
Procter & Gamble Health Ltd. |
636 | 36,915 | ||||||
Reyon Pharmaceutical Co. Ltd. |
1,045 | 23,296 | ||||||
Richter Gedeon Nyrt. |
2,074 | 41,360 | ||||||
Sam Chun Dang Pharm Co. Ltd.* |
890 | 32,100 | ||||||
Sanofi India Ltd. |
163 | 14,873 | ||||||
SciClone Pharmaceuticals Holdings Ltd.* (a) (c) |
55,000 | 58,111 | ||||||
ScinoPharm Taiwan Ltd. |
41,000 | 34,079 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A |
4,700 | 12,965 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A |
3,800 | 24,795 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
8,000 | 34,565 | ||||||
Shin Poong Pharmaceutical Co. Ltd.* |
432 | 10,542 |
Investments | Shares | Value | ||||||
Pharmaceuticals – (continued) | ||||||||
Sihuan Pharmaceutical Holdings Group Ltd. |
264,000 | $ | 42,395 | |||||
Sino Biopharmaceutical Ltd. |
178,999 | 94,677 | ||||||
SK Biopharmaceuticals Co. Ltd.* |
330 | 24,119 | ||||||
SSY Group Ltd.(c) |
110,000 | 54,677 | ||||||
Sun Pharmaceutical Industries Ltd. |
18,425 | 223,833 | ||||||
Suven Pharmaceuticals Ltd. |
3,735 | 29,490 | ||||||
Torrent Pharmaceuticals Ltd. |
717 | 26,397 | ||||||
TTY Biopharm Co. Ltd. |
15,000 | 38,015 | ||||||
United Laboratories International Holdings Ltd. (The) |
400,000 | 197,294 | ||||||
Yifan Pharmaceutical Co. Ltd., Class A |
4,700 | 8,441 | ||||||
Yuhan Corp. |
1,045 | 50,836 | ||||||
Yungjin Pharmaceutical Co. Ltd.* |
1,602 | 6,326 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
1,100 | 12,738 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
700 | 32,535 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A |
4,700 | 10,824 | ||||||
Zhejiang NHU Co. Ltd., Class A |
5,640 | 22,921 | ||||||
Zydus Lifesciences Ltd. |
4,844 | 22,312 | ||||||
3,855,797 | ||||||||
Professional Services – 0.1% | ||||||||
51job, Inc., ADR* (c) |
710 | 43,204 | ||||||
Boa Vista Servicos SA* |
12,500 | 20,269 | ||||||
L&T Technology Services Ltd.(a) |
689 | 36,879 | ||||||
Quess Corp. Ltd.(a) |
3,339 | 30,971 | ||||||
TeamLease Services Ltd.* |
880 | 44,655 | ||||||
175,978 | ||||||||
Real Estate Management & Development – 4.4% | ||||||||
Agile Group Holdings Ltd. |
46,000 | 22,278 | ||||||
Aldar Properties PJSC |
56,911 | 87,542 | ||||||
Aliansce Sonae Shopping Centers sa* |
5,300 | 22,582 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 207 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Real Estate Management & Development – (continued) | ||||||||
A-Living Smart City Services Co. Ltd.(a) (c) |
13,250 | $ | 21,177 | |||||
AP Thailand PCL, NVDR |
416,200 | 143,392 | ||||||
Arabian Centres Co. Ltd. |
5,897 | 34,777 | ||||||
Arriyadh Development Co. |
2,145 | 17,499 | ||||||
Ayala Land, Inc. |
85,000 | 52,184 | ||||||
Barwa Real Estate Co. |
79,500 | 74,113 | ||||||
BR Malls Participacoes SA* |
31,500 | 60,364 | ||||||
Brigade Enterprises Ltd. |
4,730 | 28,203 | ||||||
Bumi Serpong Damai Tbk. PT* |
168,600 | 11,223 | ||||||
C&D International Investment Group Ltd.(c) |
247,791 | 610,149 | ||||||
Cathay Real Estate Development Co. Ltd. |
33,100 | 20,663 | ||||||
Cencosud Shopping SA |
11,704 | 11,936 | ||||||
Central China New Life Ltd.* (a) |
200,000 | 103,490 | ||||||
Central Pattana PCL, NVDR |
28,000 | 49,460 | ||||||
China Aoyuan Group Ltd.(b) (c) |
713,000 | 107,230 | ||||||
China Dili Group* |
100,000 | 23,833 | ||||||
China Evergrande Group(b) (c) |
66,000 | 11,510 | ||||||
China Jinmao Holdings Group Ltd. |
200,000 | 66,529 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
18,800 | 44,724 | ||||||
China Overseas Grand Oceans Group Ltd. |
774,000 | 457,723 | ||||||
China Overseas Land & Investment Ltd. |
108,500 | 338,105 | ||||||
China Overseas Property Holdings Ltd.(c) |
45,000 | 53,912 | ||||||
China Resources Land Ltd. |
94,000 | 422,908 | ||||||
China Resources Mixc Lifestyle Services Ltd.(a) |
10,200 | 49,595 | ||||||
China SCE Group Holdings Ltd.(c) |
679,000 | 122,886 | ||||||
China Vanke Co. Ltd., Class A |
20,000 | 58,843 | ||||||
China Vanke Co. Ltd., Class H |
53,100 | 126,149 | ||||||
Chong Hong Construction Co. Ltd. |
102,000 | 253,309 | ||||||
CIFI Ever Sunshine Services Group Ltd.(a) |
10,000 | 13,484 |
Investments | Shares | Value | ||||||
Real Estate Management & Development – (continued) | ||||||||
CIFI Holdings Group Co. Ltd.(c) |
139,801 | $ | 68,242 | |||||
Ciputra Development Tbk. PT |
179,449 | 13,183 | ||||||
Commercial Real Estate Co. KSC |
47,355 | 18,389 | ||||||
Corp. Inmobiliaria Vesta SAB de CV |
23,200 | 42,982 | ||||||
Country Garden Holdings Co. Ltd.(c) |
218,813 | 152,547 | ||||||
Country Garden Services Holdings Co. Ltd. |
40,887 | 176,395 | ||||||
Dar Al Arkan Real Estate Development Co.* |
16,171 | 46,649 | ||||||
DLF Ltd. |
13,840 | 67,324 | ||||||
Dongwon Development Co. Ltd. |
16,750 | 69,080 | ||||||
Eco World Development Group Bhd. |
66,000 | 14,554 | ||||||
Emaar Development PJSC* |
39,052 | 55,074 | ||||||
Emaar Economic City* |
28,350 | 82,840 | ||||||
Emaar Properties PJSC |
118,085 | 205,111 | ||||||
Evergrande Property Services Group Ltd.* (a) (b) |
78,500 | 20,610 | ||||||
Gemdale Corp., Class A |
14,100 | 30,567 | ||||||
Gemdale Properties & Investment Corp. Ltd. |
2,600,000 | 278,353 | ||||||
Godrej Properties Ltd.* |
2,572 | 52,941 | ||||||
Greenland Holdings Corp. Ltd., Class A |
29,610 | 21,532 | ||||||
Greentown China Holdings Ltd. |
25,500 | 45,370 | ||||||
Greentown Service Group Co. Ltd.(a) |
30,000 | 30,206 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(c) |
760,400 | 285,896 | ||||||
Hanson International Tbk. PT* ‡ |
2,409,275 | 4,155 | ||||||
Highwealth Construction Corp. |
32,500 | 51,768 | ||||||
Hopson Development Holdings Ltd.(c) |
25,079 | 48,521 | ||||||
Huaku Development Co. Ltd. |
100,000 | 312,802 | ||||||
Huijing Holdings Co. Ltd.(c) |
302,000 | 73,901 | ||||||
Indiabulls Real Estate Ltd.* |
21,560 | 25,186 | ||||||
IOI Properties Group Bhd. |
52,800 | 12,371 | ||||||
Jiayuan International Group Ltd.(c) |
523,243 | 79,359 | ||||||
Jinke Properties Group Co. Ltd., Class A |
14,100 | 9,547 |
See Accompanying Notes to the Financial Statements.
208 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Real Estate Management & Development – (continued) | ||||||||
Kaisa Group Holdings Ltd.* (b) |
119,714 | $ | 12,816 | |||||
KE Holdings, Inc., ADR* |
10,500 | 148,890 | ||||||
Kindom Development Co. Ltd. |
167,400 | 196,788 | ||||||
King’s Town Construction Co. Ltd.* |
50,000 | 57,929 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. |
69,770 | 122,764 | ||||||
KWG Group Holdings Ltd.(c) |
26,500 | 9,660 | ||||||
KWG Living Group Holdings Ltd.(a) (c) |
53,000 | 20,265 | ||||||
LAMDA Development SA* |
1,368 | 9,395 | ||||||
Logan Group Co. Ltd. |
29,000 | 9,166 | ||||||
Longfor Group Holdings Ltd.(a) |
50,000 | 248,530 | ||||||
LSR Group PJSC‡ (b) |
21,295 | — | ||||||
LVGEM China Real Estate Investment Co. Ltd.* (c) |
330,000 | 45,003 | ||||||
Mabanee Co. KPSC |
17,775 | 48,432 | ||||||
Macrotech Developers Ltd.* (a) |
825 | 10,891 | ||||||
Mah Sing Group Bhd. |
560,000 | 88,113 | ||||||
MAS P.L.C. |
18,975 | 25,506 | ||||||
MBK PCL, NVDR* |
90,344 | 34,291 | ||||||
Megaworld Corp. |
444,200 | 24,335 | ||||||
Midea Real Estate Holding Ltd.(a) (c) |
109,400 | 209,984 | ||||||
Multiplan Empreendimentos Imobiliarios SA* |
500 | 2,489 | ||||||
National Real Estate Co. KPSC* |
9,515 | 7,421 | ||||||
NEPI Rockcastle plc |
10,206 | 62,018 | ||||||
Oberoi Realty Ltd.* |
2,915 | 36,617 | ||||||
Origin Property PCL, NVDR |
421,500 | 135,372 | ||||||
OSK Holdings Bhd. |
415,000 | 88,653 | ||||||
Pakuwon Jati Tbk. PT* |
534,400 | 20,643 | ||||||
Parque Arauco SA |
15,651 | 13,140 | ||||||
Phoenix Mills Ltd. (The) |
4,744 | 67,425 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A |
35,000 | 96,281 | ||||||
Poly Property Group Co. Ltd. |
800,000 | 201,882 | ||||||
Powerlong Real Estate Holdings Ltd. |
41,000 | 14,109 | ||||||
Prestige Estates Projects Ltd. |
6,042 | 37,516 | ||||||
Prince Housing & Development Corp. |
50,000 | 21,204 |
Investments | Shares | Value | ||||||
Real Estate Management & Development – (continued) | ||||||||
Pruksa Holding PCL, NVDR |
264,700 | $ | 102,789 | |||||
Quality Houses PCL, NVDR |
1,858,500 | 121,549 | ||||||
Radiance Holdings Group Co. Ltd.* (a) (c) |
300,000 | 163,647 | ||||||
Redco Properties Group Ltd.(a) (c) |
452,000 | 126,161 | ||||||
Redsun Properties Group Ltd.(c) |
436,000 | 152,814 | ||||||
RiseSun Real Estate Development Co. Ltd., Class A |
9,400 | 5,337 | ||||||
Robinsons Land Corp. |
871,106 | 319,041 | ||||||
Ruentex Development Co. Ltd. |
21,600 | 57,379 | ||||||
Salhia Real Estate Co. KSCP |
29,032 | 43,674 | ||||||
Saudi Real Estate Co.* |
2,226 | 13,234 | ||||||
Seazen Group Ltd.* (c) |
83,808 | 35,783 | ||||||
Seazen Holdings Co. Ltd., Class A |
4,700 | 19,779 | ||||||
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B |
125,000 | 120,250 | ||||||
Shanghai Lingang Holdings Corp. Ltd., Class A |
5,640 | 10,917 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A |
15,900 | 25,538 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
17,540 | 16,032 | ||||||
Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A |
4,700 | 8,263 | ||||||
Shenzhen Investment Ltd. |
1,099,930 | 238,318 | ||||||
Shimao Group Holdings Ltd.(b) |
32,000 | 18,027 | ||||||
Shimao Services Holdings Ltd.(a) |
11,000 | 5,888 | ||||||
Shinsun Holdings Group Co. Ltd.* (a) |
165,000 | 13,669 | ||||||
Shoucheng Holdings Ltd.(c) |
110,000 | 15,141 | ||||||
Shui On Land Ltd. |
1,425,000 | 203,412 | ||||||
Sichuan Languang Justbon Services Group Co. Ltd., Class H* |
26,500 | 182,889 | ||||||
Sime Darby Property Bhd. |
178,200 | 24,150 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 209 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Real Estate Management & Development – (continued) | ||||||||
Sinic Holdings Group Co. Ltd., Class H* ‡ (a) |
318,000 | $ | 19,448 | |||||
Sino-Ocean Group Holding Ltd. |
1,400,000 | 267,647 | ||||||
SK D&D Co. Ltd. |
3,477 | 79,174 | ||||||
Skyfame Realty Holdings Ltd. |
1,000,000 | 10,833 | ||||||
SM Prime Holdings, Inc.* |
220,000 | 147,495 | ||||||
SOHO China Ltd.* |
76,000 | 13,948 | ||||||
SP Setia Bhd. Group |
75,694 | 20,343 | ||||||
Summarecon Agung Tbk. PT* |
227,900 | 11,162 | ||||||
Sunac China Holdings Ltd.(b) (c) |
145,000 | 84,640 | ||||||
Sunac Services Holdings Ltd.(a) (c) |
24,000 | 13,275 | ||||||
Supalai PCL, NVDR |
23,800 | 15,218 | ||||||
Talaat Moustafa Group |
462,076 | 217,418 | ||||||
Times China Holdings Ltd.(c) |
379,000 | 135,251 | ||||||
United Development Co. QSC |
67,999 | 27,075 | ||||||
UOA Development Bhd. |
20,600 | 8,517 | ||||||
Vista Land & Lifescapes, Inc. |
1,425,200 | 70,434 | ||||||
WHA Corp. PCL, NVDR |
117,490 | 11,526 | ||||||
Wharf Holdings Ltd. (The)(c) |
42,000 | 123,385 | ||||||
Yuexiu Property Co. Ltd. |
58,600 | 61,392 | ||||||
Zhejiang China Commodities City Group Co. Ltd., Class A |
5,500 | 4,267 | ||||||
Zhenro Properties Group Ltd.(a) |
800,000 | 62,196 | ||||||
Zhongliang Holdings Group Co. Ltd.(a) (c) |
236,500 | 75,657 | ||||||
Zhongtian Financial Group Co. Ltd., Class A* |
28,200 | 9,119 | ||||||
Zhuguang Holdings Group Co. Ltd.(c) |
1,100,000 | 200,480 | ||||||
11,778,336 | ||||||||
Road & Rail – 0.2% | ||||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A |
60,200 | 41,949 | ||||||
BTS Group Holdings PCL, NVDR |
119,640 | 31,438 | ||||||
Cia de Locacao das Americas |
14,500 | 68,984 | ||||||
CJ Logistics Corp.* |
150 | 14,690 | ||||||
Container Corp. of India Ltd. |
4,571 | 38,653 | ||||||
Dazhong Transportation Group Co. Ltd., Class B* |
200 | 55 |
Investments | Shares | Value | ||||||
Road & Rail – (continued) | ||||||||
Localiza Rent a Car SA |
9,550 | $ | 102,091 | |||||
Movida Participacoes SA* |
65,000 | 238,227 | ||||||
Rumo SA |
20,000 | 66,112 | ||||||
SIMPAR SA |
17,376 | 40,947 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA |
5,500 | 15,171 | ||||||
658,317 | ||||||||
Semiconductors & Semiconductor Equipment – 5.6% | ||||||||
ADATA Technology Co. Ltd. |
16,000 | 38,323 | ||||||
Alchip Technologies Ltd. |
1,000 | 30,059 | ||||||
Amazing Microelectronic Corp. |
3,000 | 13,486 | ||||||
Andes Technology Corp. |
2,379 | 23,971 | ||||||
Anpec Electronics Corp. |
2,000 | 12,892 | ||||||
AP Memory Technology Corp. |
2,000 | 17,031 | ||||||
Ardentec Corp. |
200,000 | 295,160 | ||||||
ASE Technology Holding Co. Ltd. |
111,000 | 360,014 | ||||||
ASMedia Technology, Inc. |
1,000 | 48,345 | ||||||
Chipbond Technology Corp. |
21,000 | 47,806 | ||||||
ChipMOS Technologies, Inc. |
31,000 | 49,115 | ||||||
D&O Green Technologies Bhd. |
15,300 | 13,847 | ||||||
Daqo New Energy Corp., ADR* |
693 | 28,808 | ||||||
DB HiTek Co. Ltd. |
1,424 | 76,755 | ||||||
Elan Microelectronics Corp. |
4,000 | 20,492 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. |
5,000 | 21,204 | ||||||
eMemory Technology, Inc. |
1,000 | 43,596 | ||||||
ENNOSTAR, Inc.* |
7,000 | 13,940 | ||||||
Eo Technics Co. Ltd. |
134 | 11,938 | ||||||
Episil Technologies, Inc.* |
6,259 | 22,296 | ||||||
Etron Technology, Inc.* |
13,000 | 27,257 | ||||||
Eugene Technology Co. Ltd. |
1,219 | 41,927 | ||||||
Everlight Electronics Co. Ltd. |
200,000 | 293,464 | ||||||
Faraday Technology Corp. |
4,000 | 35,351 | ||||||
Flat Glass Group Co. Ltd., Class A |
3,600 | 22,189 | ||||||
Flat Glass Group Co. Ltd., Class H(c) |
7,000 | 25,337 | ||||||
FocalTech Systems Co. Ltd. |
4,000 | 15,742 |
See Accompanying Notes to the Financial Statements.
210 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||||
Formosa Advanced Technologies Co. Ltd. |
54,000 | $ | 71,266 | |||||
Foxsemicon Integrated Technology, Inc. |
6,000 | 43,867 | ||||||
GCL System Integration Technology Co. Ltd., Class A* |
25,500 | 10,646 | ||||||
GemVax & Kael Co. Ltd.* |
920 | 10,841 | ||||||
Genesys Logic, Inc. |
3,000 | 20,305 | ||||||
Gigadevice Semiconductor Beijing, Inc., Class A |
1,440 | 27,285 | ||||||
Global Mixed Mode Technology, Inc. |
2,000 | 13,639 | ||||||
Global Unichip Corp. |
2,000 | 28,125 | ||||||
Globalwafers Co. Ltd. |
4,000 | 70,567 | ||||||
Greatek Electronics, Inc. |
14,000 | 32,821 | ||||||
Gudeng Precision Industrial Co. Ltd. |
4,000 | 29,177 | ||||||
Hana Materials, Inc. |
318 | 15,951 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A |
1,900 | 26,751 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A |
2,900 | 18,491 | ||||||
Holtek Semiconductor, Inc. |
6,000 | 19,053 | ||||||
Hua Hong Semiconductor Ltd.* (a) (c) |
11,000 | 43,741 | ||||||
Innox Advanced Materials Co. Ltd. |
843 | 33,257 | ||||||
ITE Technology, Inc. |
11,000 | 35,976 | ||||||
JA Solar Technology Co. Ltd., Class A |
2,700 | 33,378 | ||||||
JCET Group Co. Ltd., Class A |
5,300 | 17,396 | ||||||
Jusung Engineering Co. Ltd. |
1,487 | 25,395 | ||||||
King Yuan Electronics Co. Ltd. |
35,000 | 48,031 | ||||||
Koh Young Technology, Inc. |
1,007 | 15,514 | ||||||
LandMark Optoelectronics Corp. |
5,000 | 23,918 | ||||||
LEENO Industrial, Inc. |
180 | 25,381 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
7,120 | 73,459 | ||||||
LX Semicon Co. Ltd. |
411 | 43,522 | ||||||
Macronix International Co. Ltd. |
48,000 | 62,208 |
Investments | Shares | Value | ||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||||
MediaTek, Inc. |
28,000 | $ | 788,451 | |||||
Mi Technovation Bhd. |
26,500 | 10,957 | ||||||
MLS Co. Ltd., Class A |
6,600 | 8,938 | ||||||
MPI Corp. |
43,000 | 131,587 | ||||||
Nanya Technology Corp. |
50,000 | 111,279 | ||||||
NAURA Technology Group Co. Ltd., Class A |
900 | 32,655 | ||||||
NEPES Corp.* |
1,325 | 32,228 | ||||||
NEXTIN, Inc. |
265 | 14,347 | ||||||
Novatek Microelectronics Corp. |
18,000 | 243,355 | ||||||
Nuvoton Technology Corp. |
4,000 | 19,813 | ||||||
OptoTech Corp. |
13,000 | 18,325 | ||||||
Pan Jit International, Inc. |
8,000 | 20,654 | ||||||
Parade Technologies Ltd. |
1,400 | 68,158 | ||||||
Phison Electronics Corp. |
3,000 | 39,440 | ||||||
Pixart Imaging, Inc. |
9,000 | 35,419 | ||||||
Radiant Opto-Electronics Corp. |
14,330 | 49,832 | ||||||
RDC Semiconductor Co. Ltd.* |
3,000 | 32,417 | ||||||
Realtek Semiconductor Corp. |
9,070 | 125,393 | ||||||
RFHIC Corp. |
829 | 18,943 | ||||||
RichWave Technology Corp. |
5,000 | 34,351 | ||||||
S&S Tech Corp. |
423 | 9,396 | ||||||
SDI Corp. |
8,000 | 35,826 | ||||||
Seoul Semiconductor Co. Ltd. |
1,370 | 14,834 | ||||||
SFA Semicon Co. Ltd.* |
3,233 | 17,040 | ||||||
Shenzhen Goodix Technology Co. Ltd., Class A |
1,800 | 15,437 | ||||||
Shinsung E&G Co. Ltd.* |
7,632 | 11,515 | ||||||
Sigurd Microelectronics Corp. |
200,000 | 383,369 | ||||||
Silergy Corp. |
1,000 | 92,110 | ||||||
Silicon Integrated Systems Corp. |
17,240 | 13,102 | ||||||
SIMMTECH Co. Ltd. |
9,100 | 360,450 | ||||||
Sino-American Silicon Products, Inc. |
13,000 | 65,716 | ||||||
Sitronix Technology Corp. |
4,000 | 34,944 | ||||||
SK Hynix, Inc. |
16,500 | 1,477,906 | ||||||
Sonix Technology Co. Ltd. |
67,000 | 172,072 | ||||||
Sunplus Technology Co. Ltd. |
29,000 | 32,615 | ||||||
Taiwan Semiconductor Co. Ltd. |
14,000 | 36,810 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
337,000 | 6,151,075 | ||||||
Taiwan Surface Mounting Technology Corp. |
13,000 | 46,530 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 211 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Semiconductors & Semiconductor Equipment – (continued) | ||||||||
Tesna, Inc. |
770 | $ | 29,365 | |||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A |
4,700 | 27,842 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A |
10,800 | 14,019 | ||||||
Tokai Carbon Korea Co. Ltd. |
86 | 9,709 | ||||||
TongFu Microelectronics Co. Ltd., Class A |
4,700 | 9,469 | ||||||
Topco Scientific Co. Ltd. |
75,000 | 426,201 | ||||||
TSE Co. Ltd. |
165 | 10,496 | ||||||
TSEC Corp.* |
24,000 | 35,949 | ||||||
Ultra Chip, Inc. |
3,000 | 13,435 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A |
1,200 | 33,338 | ||||||
United Microelectronics Corp. |
200,000 | 324,337 | ||||||
United Renewable Energy Co. Ltd.* |
40,574 | 29,596 | ||||||
UniTest, Inc.* |
636 | 12,963 | ||||||
Vanguard International Semiconductor Corp. |
18,000 | 64,426 | ||||||
Via Technologies, Inc. |
100,000 | 166,579 | ||||||
Visual Photonics Epitaxy Co. Ltd. |
10,000 | 29,448 | ||||||
ViTrox Corp. Bhd. |
9,600 | 16,759 | ||||||
Wafer Works Corp. |
18,511 | 34,101 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A |
1,500 | 34,272 | ||||||
Win Semiconductors Corp. |
6,961 | 46,170 | ||||||
WONIK IPS Co. Ltd. |
824 | 26,308 | ||||||
Wonik QnC Corp. |
6,500 | 157,842 | ||||||
Wuxi Taiji Industry Co. Ltd., Class A |
2,700 | 2,726 | ||||||
XinTec, Inc. |
3,000 | 14,046 | ||||||
Xinyi Solar Holdings Ltd. |
81,343 | 122,748 | ||||||
15,069,739 | ||||||||
Software – 0.4% | ||||||||
360 Security Technology, Inc., Class A* |
15,500 | 19,272 | ||||||
Agora, Inc., ADR* (c) |
1,696 | 12,500 | ||||||
Ahnlab, Inc. |
190 | 15,732 |
Investments | Shares | Value | ||||||
Software – (continued) | ||||||||
AsiaInfo Technologies Ltd.(a) |
21,200 | $ | 35,990 | |||||
Beijing Kingsoft Office Software, Inc., Class A |
1,265 | 36,239 | ||||||
Birlasoft Ltd. |
8,950 | 48,460 | ||||||
Cyient Ltd. |
4,500 | 52,107 | ||||||
Douzone Bizon Co. Ltd. |
530 | 17,238 | ||||||
Hancom, Inc.* |
7,350 | 120,549 | ||||||
Hundsun Technologies, Inc., Class A |
5,500 | 31,796 | ||||||
Iflytek Co. Ltd., Class A |
4,700 | 26,400 | ||||||
Intellect Design Arena Ltd.* |
4,580 | 47,380 | ||||||
Kingdee International Software Group Co. Ltd.* |
50,000 | 104,000 | ||||||
KPIT Technologies Ltd. |
6,435 | 46,624 | ||||||
Linklogis, Inc., Class B* (a) (c) |
55,000 | 53,064 | ||||||
Ming Yuan Cloud Group Holdings Ltd.* (c) |
11,000 | 14,721 | ||||||
NavInfo Co. Ltd., Class A* |
4,700 | 8,869 | ||||||
OneConnect Financial Technology Co. Ltd., ADR* |
14,630 | 20,043 | ||||||
Oracle Financial Services Software Ltd. |
632 | 29,443 | ||||||
Route Mobile Ltd. |
954 | 20,447 | ||||||
Shanghai Baosight Software Co. Ltd., Class A |
4,200 | 30,344 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
8,930 | 32,952 | ||||||
Tanla Platforms Ltd. |
2,943 | 54,579 | ||||||
Tata Elxsi Ltd. |
647 | 65,561 | ||||||
TOTVS SA* |
10,100 | 65,203 | ||||||
Weimob, Inc.* (a) (c) |
25,000 | 15,294 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
4,700 | 13,657 | ||||||
1,038,464 | ||||||||
Specialty Retail – 1.4% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
49,400 | 55,546 | ||||||
Ace Hardware Indonesia Tbk. PT |
206,000 | 14,849 | ||||||
Bermaz Auto Bhd. |
435,000 | 176,858 | ||||||
China Meidong Auto Holdings Ltd. |
8,000 | 26,663 |
See Accompanying Notes to the Financial Statements.
212 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Specialty Retail – (continued) | ||||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
2,500 | $ | 69,072 | |||||
China Yongda Automobiles Services Holdings Ltd. |
56,500 | 52,927 | ||||||
Chow Tai Fook Jewellery Group Ltd.* |
50,000 | 84,628 | ||||||
Com7 PCL, NVDR |
22,000 | 26,818 | ||||||
Cuckoo Homesys Co. Ltd. |
3,100 | 86,632 | ||||||
Detsky Mir PJSC‡ (a) (b) |
258,500 | — | ||||||
Dogan Sirketler Grubu Holding A/S* |
519,750 | 121,051 | ||||||
EEKA Fashion Holdings Ltd. |
100,000 | 161,863 | ||||||
Foschini Group Ltd. (The) |
10,416 | 91,488 | ||||||
GOME Retail Holdings Ltd.* (c) |
383,447 | 18,815 | ||||||
Grupo SBF SA* |
5,300 | 25,825 | ||||||
Home Product Center PCL, NVDR |
78,600 | 34,423 | ||||||
Hotai Motor Co. Ltd. |
6,000 | 118,064 | ||||||
Hotel Shilla Co. Ltd. |
861 | 55,663 | ||||||
Italtile Ltd. |
10,931 | 11,880 | ||||||
Jarir Marketing Co. |
839 | 42,948 | ||||||
JUMBO SA |
2,397 | 39,043 | ||||||
K Car Co. Ltd. |
5,400 | 118,662 | ||||||
LOTTE Himart Co. Ltd. |
4,191 | 78,748 | ||||||
M.Video PJSC‡ (b) |
31,680 | – | ||||||
Motus Holdings Ltd. |
76,750 | 551,984 | ||||||
MR DIY Group M Bhd.(a) |
42,400 | 34,185 | ||||||
Mr Price Group Ltd. |
5,300 | 72,073 | ||||||
Pan German Universal Motors Ltd. |
9,000 | 62,136 | ||||||
Pepkor Holdings Ltd.(a) |
25,185 | 34,108 | ||||||
Pet Center Comercio e Participacoes SA |
11,807 | 36,311 | ||||||
Pop Mart International Group Ltd.* (a) (c) |
11,000 | 50,751 | ||||||
PTT Oil & Retail Business PCL, NVDR |
57,500 | 41,971 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd. |
18,800 | 25,658 | ||||||
Shinsegae International, Inc. |
405 | 10,238 | ||||||
Siam Global House PCL, NVDR |
38,944 | 24,788 | ||||||
Suning.com Co. Ltd., Class A* |
23,500 | 11,524 |
Investments | Shares | Value | ||||||
Specialty Retail – (continued) | ||||||||
Super Group Ltd. |
169,700 | $ | 288,408 | |||||
Topsports International Holdings Ltd.(a) |
55,000 | 42,479 | ||||||
Truworths International Ltd. |
188,350 | 669,742 | ||||||
United Electronics Co. |
1,265 | 43,372 | ||||||
Via S/A* |
39,700 | 23,809 | ||||||
Vibra Energia SA |
40,000 | 170,591 | ||||||
Zhongsheng Group Holdings Ltd.(c) |
9,000 | 59,991 | ||||||
3,766,585 | ||||||||
Technology Hardware, Storage & Peripherals – 5.1% | ||||||||
Acer, Inc. |
97,858 | 91,631 | ||||||
Advantech Co. Ltd. |
7,941 | 99,547 | ||||||
Asia Vital Components Co. Ltd. |
112,000 | 397,076 | ||||||
ASROCK, Inc. |
21,000 | 118,268 | ||||||
Asustek Computer, Inc. |
23,000 | 278,570 | ||||||
AURAS Technology Co. Ltd. |
34,000 | 192,635 | ||||||
Canaan, Inc., ADR* |
9,900 | 37,620 | ||||||
Catcher Technology Co. Ltd. |
24,000 | 118,064 | ||||||
Chicony Electronics Co. Ltd.* |
15,992 | 44,761 | ||||||
China Greatwall Technology Group Co. Ltd., Class A |
5,500 | 7,531 | ||||||
Clevo Co. |
44,000 | 50,605 | ||||||
Compal Electronics, Inc. |
150,000 | 113,230 | ||||||
CosmoAM&T Co. Ltd.* |
1,166 | 52,080 | ||||||
Darfon Electronics Corp. |
100,000 | 160,812 | ||||||
Ennoconn Corp. |
30,000 | 201,523 | ||||||
Getac Holdings Corp. |
13,000 | 20,310 | ||||||
Gigabyte Technology Co. Ltd. |
18,000 | 66,258 | ||||||
HTC Corp.* |
18,000 | 29,068 | ||||||
Innodisk Corp. |
4,733 | 32,757 | ||||||
Inventec Corp. |
87,000 | 74,971 | ||||||
KONA I Co. Ltd.* |
689 | 13,193 | ||||||
Legend Holdings Corp., Class H(a) |
259,500 | 309,568 | ||||||
Lenovo Group Ltd. |
200,000 | 195,765 | ||||||
Lite-On Technology Corp. |
73,000 | 160,981 | ||||||
Micro-Star International Co. Ltd. |
21,000 | 86,207 | ||||||
Mitac Holdings Corp. |
46,600 | 43,872 | ||||||
Multilaser Industrial SA* |
90,000 | 94,322 | ||||||
Ninestar Corp., Class A |
4,700 | 29,198 | ||||||
Pegatron Corp. |
76,000 | 181,262 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 213 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Technology Hardware, Storage & Peripherals – (continued) | ||||||||
Qisda Corp. |
57,000 | $ | 61,108 | |||||
Quanta Computer, Inc. |
96,000 | 272,932 | ||||||
Samsung Electronics Co. Ltd. |
160,650 | 8,620,868 | ||||||
Samsung Electronics Co. Ltd. (Preference) |
25,200 | 1,189,777 | ||||||
Shenzhen Transsion Holdings Co. Ltd., Class A |
2,200 | 28,256 | ||||||
Wistron Corp. |
100,000 | 96,690 | ||||||
Wiwynn Corp. |
3,000 | 103,815 | ||||||
13,675,131 | ||||||||
Textiles, Apparel & Luxury Goods – 1.1% | ||||||||
Aditya Birla Fashion and Retail Ltd.* |
6,536 | 24,411 | ||||||
Aksa Akrilik Kimya Sanayii A/S |
62,447 | 193,949 | ||||||
Alok Industries Ltd.* |
23,980 | 8,078 | ||||||
Alpargatas SA (Preference) |
5,500 | 21,768 | ||||||
ANTA Sports Products Ltd. |
20,000 | 234,128 | ||||||
Arezzo Industria e Comercio SA |
4,000 | 72,267 | ||||||
Bata India Ltd. |
848 | 21,617 | ||||||
Bosideng International Holdings Ltd.(c) |
96,000 | 48,452 | ||||||
Eclat Textile Co. Ltd. |
4,698 | 77,701 | ||||||
F&F Co. Ltd. |
275 | 30,872 | ||||||
F&F Holdings Co. Ltd. |
103 | 2,161 | ||||||
Feng TAY Enterprise Co. Ltd. |
10,600 | 68,867 | ||||||
FF Group* ‡ |
3,536 | — | ||||||
Fila Holdings Corp. |
1,167 | 30,290 | ||||||
Fuguiniao Group Ltd.* ‡ |
334,800 | — | ||||||
Golden Solar New Energy Technology Holdings Ltd.* |
42,000 | 41,218 | ||||||
Grendene SA |
8,264 | 15,770 | ||||||
Grupo de Moda Soma SA* |
15,900 | 38,785 | ||||||
Guararapes Confeccoes SA* |
13,200 | 24,576 | ||||||
Handsome Co. Ltd. |
4,950 | 139,908 | ||||||
Hansae Co. Ltd. |
1,281 | 26,620 | ||||||
Hwaseung Enterprise Co. Ltd. |
331 | 4,348 | ||||||
KPR Mill Ltd. |
5,665 | 46,703 | ||||||
Lao Feng Xiang Co. Ltd., Class B |
2,500 | 8,047 | ||||||
LF Corp. |
8,550 | 133,083 | ||||||
Li Ning Co. Ltd. |
44,500 | 354,757 | ||||||
Makalot Industrial Co. Ltd. |
4,334 | 26,908 |
Investments | Shares | Value | ||||||
Textiles, Apparel & Luxury Goods – (continued) | ||||||||
Page Industries Ltd. |
120 | $ | 71,550 | |||||
Paiho Shih Holdings Corp. |
50,000 | 59,795 | ||||||
Pou Chen Corp. |
99,000 | 103,952 | ||||||
Rajesh Exports Ltd. |
6,434 | 52,946 | ||||||
Ruentex Industries Ltd. |
20,540 | 80,486 | ||||||
Shenzhou International Group Holdings Ltd. |
15,000 | 208,191 | ||||||
Shinsung Tongsang Co. Ltd.* |
32,000 | 90,318 | ||||||
Tainan Spinning Co. Ltd. |
48,555 | 33,934 | ||||||
Taiwan Paiho Ltd. |
17,000 | 38,700 | ||||||
Texhong Textile Group Ltd.(c) |
100,000 | 121,588 | ||||||
Titan Co. Ltd. |
7,450 | 239,573 | ||||||
Trident Ltd. |
22,165 | 15,121 | ||||||
Vaibhav Global Ltd. |
41 | 251 | ||||||
Vardhman Textiles Ltd. |
3,575 | 20,402 | ||||||
VIP Industries Ltd. |
3,025 | 26,365 | ||||||
Vivara Participacoes SA |
5,300 | 27,227 | ||||||
Welspun India Ltd. |
7,370 | 8,012 | ||||||
Xtep International Holdings Ltd.(c) |
27,500 | 40,797 | ||||||
Youngone Corp. |
890 | 34,013 | ||||||
Youngone Holdings Co. Ltd. |
2,463 | 100,599 | ||||||
3,069,104 | ||||||||
Thrifts & Mortgage Finance – 0.5% | ||||||||
Aavas Financiers Ltd.* |
611 | 18,290 | ||||||
Can Fin Homes Ltd. |
4,876 | 37,771 | ||||||
Housing Development Finance Corp. Ltd. |
31,450 | 917,344 | ||||||
Indiabulls Housing Finance Ltd. |
150,900 | 303,211 | ||||||
LIC Housing Finance Ltd. |
10,300 | 51,027 | ||||||
Sangsangin Co. Ltd. |
13,850 | 125,709 | ||||||
1,453,352 | ||||||||
Tobacco – 0.2% | ||||||||
British American Tobacco Malaysia Bhd. |
400 | 1,185 | ||||||
Gudang Garam Tbk. PT |
14,900 | 31,554 | ||||||
ITC Ltd. |
52,150 | 177,068 | ||||||
KT&G Corp. |
3,800 | 249,905 | ||||||
RLX Technology, Inc., ADR* (c) |
18,975 | 38,519 | ||||||
Smoore International Holdings Ltd.(a) (c) |
33,000 | 70,911 | ||||||
569,142 |
See Accompanying Notes to the Financial Statements.
214 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Trading Companies & Distributors – 0.5% | ||||||||
Adani Enterprises Ltd. |
4,716 | $ | 143,869 | |||||
ALAFCO Aviation Lease & Finance Co. KSCP* |
146,850 | 103,507 | ||||||
Armac Locacao Logistica E Servicos SA |
11,000 | 32,919 | ||||||
Barloworld Ltd. |
89,223 | 646,823 | ||||||
BOC Aviation Ltd.(a) (c) |
2,900 | 22,953 | ||||||
COSCO SHIPPING Development Co. Ltd., Class A |
37,600 | 17,638 | ||||||
IndiaMart InterMesh Ltd.(a) |
192 | 12,344 | ||||||
LX International Corp. |
12,100 | 370,418 | ||||||
Posco International Corp. |
1,484 | 29,184 | ||||||
SK Networks Co. Ltd. |
2,415 | 9,325 | ||||||
Xiamen C & D, Inc., Class A |
9,400 | 20,635 | ||||||
1,409,615 | ||||||||
Transportation Infrastructure – 1.0% | ||||||||
Adani Ports & Special Economic Zone Ltd. |
14,253 | 159,679 | ||||||
Airports of Thailand PCL* |
54,000 | 105,241 | ||||||
Airports of Thailand PCL, NVDR* |
30,500 | 59,442 | ||||||
Anhui Expressway Co. Ltd., Class H(c) |
138,000 | 121,887 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
142,000 | 34,204 | ||||||
Beijing Capital International Airport Co. Ltd., Class H* |
100,000 | 55,186 | ||||||
CCR SA |
10,400 | 26,062 | ||||||
China Merchants Port Holdings Co. Ltd. |
55,407 | 97,310 | ||||||
COSCO SHIPPING Ports Ltd. |
86,749 | 62,136 | ||||||
EcoRodovias Infraestrutura e Logistica SA* |
4,700 | 6,558 | ||||||
Evergreen International Storage & Transport Corp. |
29,000 | 35,518 | ||||||
GMR Infrastructure Ltd.* |
48,418 | 23,847 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV |
12,181 | 85,470 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B* |
5,000 | 76,936 |
Investments | Shares | Value | ||||||
Transportation Infrastructure – (continued) | ||||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
3,475 | $ | 75,834 | |||||
Guangdong Provincial Expressway Development Co. Ltd., Class B |
125,000 | 94,314 | ||||||
Hainan Meilan International Airport Co. Ltd.* |
6,000 | 11,486 | ||||||
International Container Terminal Services, Inc. |
16,500 | 68,143 | ||||||
Jasa Marga Persero Tbk. PT* |
39,723 | 11,043 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
20,000 | 19,806 | ||||||
Lingkaran Trans Kota Holdings Bhd. |
120,000 | 127,897 | ||||||
Malaysia Airports Holdings Bhd.* |
27,900 | 43,963 | ||||||
Ningbo Zhoushan Port Co. Ltd., Class A |
23,500 | 13,949 | ||||||
Novorossiysk Commercial Sea Port PJSC‡ (b) |
189,696 | — | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
2,160 | 15,745 | ||||||
Qingdao Port International Co. Ltd., Class H(a) (c) |
47,000 | 23,781 | ||||||
Saudi Ground Services Co.* |
4,431 | 40,638 | ||||||
Shanghai International Airport Co. Ltd., Class A* |
5,300 | 39,748 | ||||||
Shanghai International Port Group Co. Ltd., Class A |
57,800 | 52,035 | ||||||
Shenzhen Airport Co. Ltd., Class A* |
9,400 | 9,105 | ||||||
Shenzhen Expressway Corp. Ltd., Class H |
22,000 | 22,684 | ||||||
Shenzhen International Holdings Ltd. |
33,343 | 35,952 | ||||||
Shenzhen Investment Holdings Bay Area Development Co. Ltd.(c) |
250,000 | 87,304 | ||||||
Sichuan Expressway Co. Ltd., Class H(c) |
300,000 | 83,735 | ||||||
Taiwan High Speed Rail Corp. |
51,000 | 48,447 | ||||||
TAV Havalimanlari Holding A/S* |
10,176 | 29,358 | ||||||
Westports Holdings Bhd. |
17,500 | 15,838 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 215 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Transportation Infrastructure – (continued) | ||||||||
Yuexiu Transport Infrastructure Ltd. |
400,000 | $ | 256,431 | |||||
Zhejiang Expressway Co. Ltd., Class H* (c) |
606,000 | 501,257 | ||||||
2,677,969 | ||||||||
Water Utilities – 0.6% | ||||||||
Aguas Andinas SA, Class A |
1,182,633 | 207,954 | ||||||
Athens Water Supply & Sewage Co. SA |
15,900 | 119,764 | ||||||
Beijing Enterprises Water Group Ltd. |
132,000 | 43,068 | ||||||
China Water Affairs Group Ltd.(c) |
402,000 | 443,698 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* |
10,000 | 89,920 | ||||||
Cia de Saneamento de Minas Gerais-COPASA |
85,000 | 234,461 | ||||||
Cia de Saneamento do Parana |
100,000 | 399,216 | ||||||
Grandblue Environment Co. Ltd., Class A |
4,700 | 13,186 | ||||||
Guangdong Investment Ltd. |
100,000 | 128,726 | ||||||
Luenmei Quantum Co. Ltd., Class A |
9,400 | 9,690 | ||||||
1,689,683 | ||||||||
Wireless Telecommunication Services – 1.3% | ||||||||
Advanced Info Service PCL, NVDR |
20,700 | 129,942 | ||||||
America Movil SAB de CV, Series L |
715,000 | 695,784 | ||||||
Axiata Group Bhd. |
78,804 | 63,536 | ||||||
Bharti Airtel Ltd.* |
44,245 | 427,734 | ||||||
DiGi.Com Bhd. |
65,000 | 57,035 | ||||||
Empresa Nacional de Telecomunicaciones SA |
59,237 | 216,310 | ||||||
Etihad Etisalat Co. |
4,695 | 54,137 | ||||||
Far EasTone Telecommunications Co. Ltd. |
30,000 | 84,273 | ||||||
Globe Telecom, Inc. |
825 | 35,873 | ||||||
Indosat Tbk. PT |
31,800 | 15,355 | ||||||
Intouch Holdings PCL, NVDR |
23,700 | 48,438 | ||||||
Kuwait Telecommunications Co. |
10,890 | 29,530 |
Investments | Shares | Value | ||||||
Wireless Telecommunication Services – (continued) | ||||||||
Maxis Bhd. |
32,900 | $ | 28,717 | |||||
Mobile Telecommunications Co. KSCP |
72,450 | 161,000 | ||||||
Mobile Telecommunications Co. Saudi Arabia* |
8,508 | 31,620 | ||||||
Mobile TeleSystems PJSC‡ (b) |
31,356 | — | ||||||
MTN Group Ltd. |
53,650 | 572,210 | ||||||
PLDT, Inc. |
3,140 | 112,235 | ||||||
Sistema PJSFC‡ (b) |
122,643 | — | ||||||
SK Telecom Co. Ltd. |
2,916 | 132,334 | ||||||
Smartfren Telecom Tbk. PT* |
2,936,200 | 16,811 | ||||||
Taiwan Mobile Co. Ltd. |
30,000 | 110,431 | ||||||
TIM SA* |
22,700 | 61,790 | ||||||
Turkcell Iletisim Hizmetleri A/S |
37,150 | 54,115 | ||||||
Vodacom Group Ltd. |
21,800 | 209,478 | ||||||
Vodafone Idea Ltd.* |
97,468 | 12,113 | ||||||
Vodafone Qatar QSC |
107,200 | 48,541 | ||||||
3,409,342 | ||||||||
Total
Common Stocks (Cost $240,642,926) |
|
268,184,299 | ||||||
Principal Amount |
||||||||
CORPORATE BONDS – 0.0%(e) | ||||||||
Independent Power and Renewable
Electricity Producers – 0.0%(e) |
||||||||
NTPC Ltd. |
||||||||
Series
54, |
INR 49,126 | 8,438 | ||||||
Number of Rights |
||||||||
RIGHTS – 0.0%(e) | ||||||||
Airlines – 0.0%(e) | ||||||||
Gol Linhas Aereas Inteligentes SA, expiring 5/13/2022, price 42.67 BRL* |
1,810 | 7 | ||||||
Biotechnology – 0.0%(e) | ||||||||
Medigen Vaccine Biologics Corp., expiring 5/10/2022, price 220.00 TWD* (b) |
78 | 81 |
See Accompanying Notes to the Financial Statements.
216 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Investments | Number of Rights |
Value | ||||||
RIGHTS – (continued) | ||||||||
Capital Markets – 0.0%(e) | ||||||||
Orient Securities Co. Ltd., expiring 4/26/2022, price 8.460000 CNY* (b) |
2,632 | $ | 280 | |||||
Orient Securities Co. Ltd., expiring 5/20/2022, price 10.380000 HKD* ‡ (b) |
5,712 | — | ||||||
280 | ||||||||
Electronic Equipment, Instruments & Components – 0.0%(e) | ||||||||
Solus Advanced Materials Co. Ltd., expiring 5/10/2022, price 49,400.00 KRW* (b) |
48 | 892 | ||||||
IT Services – 0.0%(e) | ||||||||
Fawry for Banking & Payment Technology Services SAE, expiring 5/11/2022, price 0.50 EGP* |
17,731 | 3,683 | ||||||
Semiconductors & Semiconductor Equipment – 0.0%(e) | ||||||||
Episil Technologies, Inc., expiring 5/27/2022, price 95.00 TWD* (b) |
33 | 11 | ||||||
Total
Rights (Cost $11,063) |
|
4,954 | ||||||
Number of Warrants |
||||||||
WARRANTS – 0.0%(e) | ||||||||
Banks – 0.0%(e) | ||||||||
TMBThanachart Bank PCL, expiring 4/21/2099, price 1.00 THB* (b) |
13,148 | 134 | ||||||
Real Estate Management & Development – 0.0%(e) | ||||||||
MBK PCL, expiring 12/31/2099, price 1.00 THB* (b) |
3,613 | 1,055 | ||||||
Total
Warrants (Cost $—) |
|
1,189 |
Investments | Principal Amount |
Value | ||||||
SECURITIES LENDING REINVESTMENTS(f) – 0.7% | ||||||||
REPURCHASE AGREEMENTS – 0.7% | ||||||||
Citigroup
Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase
price $1,939,413, collateralized by various U.S. Treasury Securities,
ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total market
value $1,951,962 |
$ | 1,939,381 | $ | 1,939,381 | ||||
Total
Investments – 100.6% (Cost $242,593,370) |
|
270,138,261 | ||||||
Liabilities in excess of other assets – (0.6%) |
|
(1,533,590 | ) | |||||
NET ASSETS – 100.0% |
|
$ | 268,604,671 |
* |
Non-income producing security. |
‡ |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(a) |
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) |
Security fair valued as of April 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at April 30, 2022 amounted to $412,838, which represents approximately 0.15% of net assets of the Fund. |
(c) |
The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $9,267,693, collateralized in the form of cash with a value of $1,939,381 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments; $4,262,069 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from April 30, 2022 – February 15, 2052 and $3,644,127 of collateral in the form of Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 7.50%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $9,845,577. |
(d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 217 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
(e) |
Represents less than 0.05% of net assets. |
(f) |
The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $1,939,381. |
Percentages shown are based on Net Assets.
Abbreviations
ADR – American Depositary Receipt
GDR – Global Depositary Receipt
NVDR – Non-Voting Depositary Receipt
OJSC – Open Joint Stock Company
PJSC – Public Joint Stock Company
Preference – A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SCA – Limited partnership with share capital
As of April 30, 2022, 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 |
$ | 62,629,603 | ||
Aggregate gross unrealized depreciation |
(39,558,614 | ) | ||
Net unrealized appreciation |
$ | 23,070,989 | ||
Federal income tax cost |
$ | 247,115,974 |
Futures Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Appreciation* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
MSCI Emerging Markets E-Mini Index |
26 | 06/17/2022 | USD | $ | 1,374,620 | $ | 22,870 |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
Forward Foreign Currency Contracts
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund had the following outstanding contracts as of April 30, 2022:
Contracts to Receive | Counterparty | In Exchange For |
Maturity Date |
Unrealized Appreciation/ (Depreciation) |
||||||||||||||||||
INR* |
13,290,000 | Goldman Sachs & Co. | USD | 172,467 | 06/15/2022 | $ | 582 | |||||||||||||||
KRW* |
370,000,000 | Citibank NA | USD | 293,641 | 06/15/2022 | 974 | ||||||||||||||||
USD |
698,073 | Toronto-Dominion Bank (The) | HKD | 5,456,137 | 06/15/2022 | 2,006 | ||||||||||||||||
USD |
345,116 | Citibank NA | KRW* | 423,816,590 | 06/15/2022 | 7,649 | ||||||||||||||||
USD |
171,005 | Toronto-Dominion Bank (The) | KRW* | 208,000,000 | 06/15/2022 | 5,384 | ||||||||||||||||
USD |
535,838 | Citibank NA | TWD* | 15,300,000 | 06/15/2022 | 16,520 | ||||||||||||||||
USD |
31,096 | JPMorgan Chase Bank | TWD* | 876,120 | 06/15/2022 | 1,358 | ||||||||||||||||
Total unrealized appreciation |
$ | 34,473 | ||||||||||||||||||||
TWD* |
5,600,000 | Citibank NA | USD | 191,519 | 06/15/2022 | $ | (1,442 | ) | ||||||||||||||
USD |
65,547 | Citibank NA | BRL* | 339,553 | 06/15/2022 | (2,077 | ) | |||||||||||||||
USD |
188,268 | Goldman Sachs & Co. | BRL* | 950,000 | 06/15/2022 | (932 | ) | |||||||||||||||
USD |
73,497 | Citibank NA | INR* | 5,688,500 | 06/15/2022 | (574 | ) | |||||||||||||||
ZAR |
1,330,000 | Citibank NA | USD | 87,293 | 06/15/2022 | (3,616 | ) | |||||||||||||||
Total unrealized depreciation |
$ | (8,641 | ) | |||||||||||||||||||
Net unrealized appreciation |
$ | 25,832 |
* Non-deliverable forward.
See Accompanying Notes to the Financial Statements.
218 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Abbreviations:
BRL – Brazilian Real
HKD – Hong Kong Dollar
INR – Indian Rupee
KRW – Korean Won
TWD – Taiwan Dollar
USD – US Dollar
ZAR – South African Rand
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund invested, as a percentage of net assets, in companies domiciled in the following countries as of April 30, 2022:
Brazil |
5.6 | % | ||
Chile |
0.7 | |||
China |
26.6 | |||
Colombia |
0.7 | |||
Czech Republic |
0.1 | |||
Egypt |
0.3 | |||
Greece |
0.4 | |||
Hungary |
0.2 | |||
India |
11.2 | |||
Indonesia |
1.9 | |||
Kuwait |
0.7 | |||
Malaysia |
2.4 | |||
Mexico |
2.5 | |||
Pakistan |
0.6 | |||
Peru |
0.3 | |||
Philippines |
1.0 | |||
Qatar |
1.0 | |||
Saudi Arabia |
2.4 | |||
Singapore |
0.0 | † | ||
South Africa |
5.4 | |||
South Korea |
15.4 | |||
Taiwan |
15.7 | |||
Thailand |
2.1 | |||
Turkey |
1.2 | |||
United Arab Emirates |
1.4 | |||
United Kingdom |
0.0 | † | ||
United States |
0.1 | |||
Other1 |
0.1 | |||
100.0 | % |
† |
Amount represents less than 0.05%. |
1 |
Includes any non-equity securities, securities lending reinvestments and net other assets (liabilities). |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 219 |
FlexShares® Morningstar Emerging Markets Factor Tilt Index Fund (cont.)
Security Type | % of Net Assets | |||
Common Stocks |
99.9 | % | ||
Corporate Bonds |
0.0 | † | ||
Rights |
0.0 | † | ||
Warrants |
0.0 | † | ||
Securities Lending Reinvestments |
0.7 | |||
Others(1) |
(0.6 | ) | ||
100.0 | % |
† |
Amount represents less than 0.05%. |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
220 | FLEXSHARES SEMIANNUAL REPORT |
Schedule of Investments
FlexShares® US Quality Large Cap Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 98.6% | ||||||||
Aerospace & Defense – 0.7% | ||||||||
Lockheed Martin Corp. |
984 | $ | 425,206 | |||||
Textron, Inc. |
9,102 | 630,314 | ||||||
1,055,520 | ||||||||
Air Freight & Logistics – 1.5% | ||||||||
Expeditors International of Washington, Inc. |
6,642 | 658,023 | ||||||
United Parcel Service, Inc., Class B |
7,995 | 1,438,940 | ||||||
2,096,963 | ||||||||
Automobiles – 1.6% | ||||||||
Ford Motor Co. |
21,402 | 303,052 | ||||||
Tesla, Inc.* (a) |
2,214 | 1,927,863 | ||||||
2,230,915 | ||||||||
Banks – 3.4% | ||||||||
Bank of America Corp. |
22,386 | 798,733 | ||||||
Citigroup, Inc. |
30,258 | 1,458,738 | ||||||
Citizens Financial Group, Inc. |
8,241 | 324,695 | ||||||
JPMorgan Chase & Co. |
738 | 88,088 | ||||||
Wells Fargo & Co. |
48,216 | 2,103,664 | ||||||
4,773,918 | ||||||||
Biotechnology – 1.9% | ||||||||
AbbVie, Inc. |
— | (b) | 59 | |||||
Amgen, Inc.(a) |
7,995 | 1,864,354 | ||||||
Gilead Sciences, Inc. |
3,198 | 189,769 | ||||||
Moderna, Inc.* |
2,091 | 281,051 | ||||||
Regeneron Pharmaceuticals, Inc.* |
183 | 120,617 | ||||||
Vertex Pharmaceuticals, Inc.* |
984 | 268,849 | ||||||
2,724,699 | ||||||||
Building Products – 0.8% | ||||||||
Lennox International, Inc. |
123 | 26,222 | ||||||
Masco Corp. |
10,332 | 544,393 | ||||||
Trane Technologies plc |
3,567 | 498,988 | ||||||
1,069,603 | ||||||||
Capital Markets – 1.3% | ||||||||
Ameriprise Financial, Inc. |
369 | 97,966 |
Investments | Shares | Value | ||||||
Capital Markets – (continued) | ||||||||
Bank of New York Mellon Corp. (The) |
15,744 | $ | 662,192 | |||||
Goldman Sachs Group, Inc. (The) |
861 | 263,027 | ||||||
Morgan Stanley |
10,086 | 812,831 | ||||||
1,836,016 | ||||||||
Chemicals – 1.3% | ||||||||
Celanese Corp. |
1,353 | 198,810 | ||||||
Dow, Inc. |
13,407 | 891,566 | ||||||
DuPont de Nemours, Inc. |
10,824 | 713,626 | ||||||
1,804,002 | ||||||||
Communications Equipment – 1.5% | ||||||||
Cisco Systems, Inc. |
43,788 | 2,144,736 | ||||||
Consumer Finance – 2.2% | ||||||||
Ally Financial, Inc. |
3,936 | 157,282 | ||||||
American Express Co. |
2,829 | 494,255 | ||||||
Capital One Financial Corp. |
8,118 | 1,011,665 | ||||||
Discover Financial Services |
6,888 | 774,624 | ||||||
Synchrony Financial |
16,728 | 615,758 | ||||||
3,053,584 | ||||||||
Distributors – 0.5% | ||||||||
Genuine Parts Co. |
615 | 79,981 | ||||||
LKQ Corp. |
615 | 30,522 | ||||||
Pool Corp. |
1,476 | 598,105 | ||||||
708,608 | ||||||||
Diversified Financial Services – 2.2% | ||||||||
Berkshire Hathaway, Inc., Class B* |
8,364 | 2,700,150 | ||||||
Equitable Holdings, Inc. |
14,760 | 425,531 | ||||||
3,125,681 | ||||||||
Diversified Telecommunication Services – 0.6% | ||||||||
AT&T, Inc. |
22,140 | 417,560 | ||||||
Verizon Communications, Inc. |
9,840 | 455,592 | ||||||
873,152 | ||||||||
Electric Utilities – 2.4% | ||||||||
Evergy, Inc. |
12,300 | 834,555 | ||||||
Exelon Corp. |
21,156 | 989,678 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 221 |
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Electric Utilities – (continued) | ||||||||
PG&E Corp.* (a) |
11,931 | $ | 150,927 | |||||
Southern Co. (The) |
19,065 | 1,399,180 | ||||||
3,374,340 | ||||||||
Electrical Equipment – 0.1% | ||||||||
Emerson Electric Co. |
1,476 | 133,106 | ||||||
Energy Equipment & Services – 0.3% | ||||||||
Schlumberger NV |
9,348 | 364,665 | ||||||
Entertainment – 1.7% | ||||||||
Activision Blizzard, Inc. |
11,316 | 855,490 | ||||||
Electronic Arts, Inc. |
5,658 | 667,927 | ||||||
Liberty Media Corp-Liberty Formula One, Class C* |
861 | 53,666 | ||||||
Netflix, Inc.* |
246 | 46,828 | ||||||
Warner Bros Discovery, Inc.* |
44,099 | 800,397 | ||||||
2,424,308 | ||||||||
Equity Real Estate Investment Trusts (REITs) – 2.1% | ||||||||
Essex Property Trust, Inc. |
246 | 81,000 | ||||||
Iron Mountain, Inc. |
17,466 | 938,448 | ||||||
Mid-America Apartment Communities, Inc.(a) |
246 | 48,383 | ||||||
Public Storage |
2,829 | 1,050,974 | ||||||
Regency Centers Corp. |
615 | 42,331 | ||||||
Weyerhaeuser Co. |
20,664 | 851,770 | ||||||
3,012,906 | ||||||||
Food & Staples Retailing – 0.3% | ||||||||
Walmart, Inc. |
2,829 | 432,809 | ||||||
Food Products – 1.1% | ||||||||
Campbell Soup Co. |
1,230 | 58,081 | ||||||
General Mills, Inc. |
3,444 | 243,594 | ||||||
Hershey Co. (The) |
1,599 | 361,006 | ||||||
Kraft Heinz Co. (The) |
2,583 | 110,113 | ||||||
Tyson Foods, Inc., Class A |
8,856 | 825,025 | ||||||
1,597,819 | ||||||||
Health Care Equipment & Supplies – 1.2% | ||||||||
Abbott Laboratories |
2,091 | 237,329 | ||||||
Hologic, Inc.* |
5,166 | 371,900 |
Investments | Shares | Value | ||||||
Health Care Equipment & Supplies – (continued) | ||||||||
IDEXX Laboratories, Inc.* |
1,476 | $ | 635,389 | |||||
ResMed, Inc.(a) |
2,091 | 418,137 | ||||||
1,662,755 | ||||||||
Health Care Providers & Services – 3.8% | ||||||||
Anthem, Inc. |
615 | 308,687 | ||||||
Cardinal Health, Inc. |
4,059 | 235,625 | ||||||
Cigna Corp. |
492 | 121,416 | ||||||
CVS Health Corp. |
1,722 | 165,536 | ||||||
DaVita, Inc.* (a) |
738 | 79,977 | ||||||
HCA Healthcare, Inc. |
4,797 | 1,029,196 | ||||||
Laboratory Corp. of America Holdings* |
2,829 | 679,752 | ||||||
McKesson Corp. |
3,321 | 1,028,215 | ||||||
Quest Diagnostics, Inc. |
2,460 | 329,246 | ||||||
UnitedHealth Group, Inc. |
2,829 | 1,438,688 | ||||||
5,416,338 | ||||||||
Health Care Technology – 0.6% | ||||||||
Cerner Corp. |
8,610 | 806,240 | ||||||
Veeva Systems, Inc., Class A* (a) |
246 | 44,760 | ||||||
851,000 | ||||||||
Hotels, Restaurants & Leisure – 0.3% | ||||||||
Yum! Brands, Inc. |
3,198 | 374,198 | ||||||
Household Durables – 0.6% | ||||||||
Lennar Corp., Class A |
5,658 | 432,780 | ||||||
NVR, Inc.* |
33 | 144,415 | ||||||
PulteGroup, Inc.(a) |
2,952 | 123,276 | ||||||
Whirlpool Corp. |
984 | 178,616 | ||||||
879,087 | ||||||||
Household Products – 2.5% | ||||||||
Colgate-Palmolive Co. |
11,808 | 909,806 | ||||||
Procter & Gamble Co. (The) |
16,605 | 2,665,933 | ||||||
3,575,739 | ||||||||
Independent Power and Renewable
Electricity Producers – 0.5% |
||||||||
AES Corp. (The) |
33,579 | 685,683 | ||||||
Industrial Conglomerates – 0.2% | ||||||||
Honeywell International, Inc. |
1,107 | 214,216 |
See Accompanying Notes to the Financial Statements.
222 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Insurance – 2.4% | ||||||||
Aflac, Inc. |
5,904 | $ | 338,181 | |||||
Allstate Corp. (The) |
5,658 | 715,963 | ||||||
American International Group, Inc. |
15,129 | 885,198 | ||||||
MetLife, Inc. |
14,022 | 920,965 | ||||||
Prudential Financial, Inc. |
4,305 | 467,136 | ||||||
3,327,443 | ||||||||
Interactive Media & Services – 6.9% | ||||||||
Alphabet, Inc., Class A* |
1,792 | 4,089,684 | ||||||
Alphabet, Inc., Class C* |
1,690 | 3,885,868 | ||||||
Meta Platforms, Inc., Class A* |
8,241 | 1,652,073 | ||||||
Pinterest, Inc., Class A* |
3,444 | 70,671 | ||||||
9,698,296 | ||||||||
Internet & Direct Marketing Retail – 2.3% | ||||||||
Amazon.com, Inc.* |
1,025 | 2,547,771 | ||||||
eBay, Inc. |
11,808 | 613,071 | ||||||
Etsy, Inc.* (a) |
738 | 68,774 | ||||||
3,229,616 | ||||||||
IT Services – 4.4% | ||||||||
Accenture plc, Class A |
4,182 | 1,256,106 | ||||||
Cognizant Technology Solutions Corp., Class A |
8,487 | 686,598 | ||||||
Gartner, Inc.* |
2,214 | 643,278 | ||||||
Jack Henry & Associates, Inc. |
2,952 | 559,640 | ||||||
Mastercard, Inc., Class A |
1,599 | 581,045 | ||||||
Paychex, Inc. |
2,214 | 280,580 | ||||||
Visa, Inc., Class A(a) |
10,332 | 2,202,059 | ||||||
6,209,306 | ||||||||
Life Sciences Tools & Services – 1.4% | ||||||||
Danaher Corp. |
492 | 123,556 | ||||||
IQVIA Holdings, Inc.* |
492 | 107,251 | ||||||
Mettler-Toledo International, Inc.* |
569 | 726,914 | ||||||
Thermo Fisher Scientific, Inc. |
615 | 340,046 | ||||||
Waters Corp.* |
2,091 | 633,615 | ||||||
1,931,382 | ||||||||
Machinery – 1.5% | ||||||||
CNH Industrial NV |
3,690 | 52,361 | ||||||
Dover Corp. |
615 | 81,980 | ||||||
Fortive Corp. |
2,583 | 148,522 |
Investments | Shares | Value | ||||||
Machinery – (continued) | ||||||||
Illinois Tool Works, Inc. |
5,658 | $ | 1,115,248 | |||||
Parker-Hannifin Corp. |
2,706 | 732,839 | ||||||
2,130,950 | ||||||||
Media – 1.3% | ||||||||
Comcast Corp., Class A |
8,733 | 347,224 | ||||||
DISH Network Corp., Class A* (a) |
3,936 | 112,216 | ||||||
Fox Corp., Class A |
1,968 | 70,533 | ||||||
Interpublic Group of Cos., Inc. (The) |
21,894 | 714,182 | ||||||
Omnicom Group, Inc. |
7,995 | 608,659 | ||||||
1,852,814 | ||||||||
Metals & Mining – 0.6% | ||||||||
Freeport-McMoRan, Inc. |
11,931 | 483,802 | ||||||
Newmont Corp. |
5,535 | 403,225 | ||||||
887,027 | ||||||||
Multiline Retail – 1.2% | ||||||||
Target Corp.(a) |
7,626 | 1,743,685 | ||||||
Multi-Utilities – 1.3% | ||||||||
DTE Energy Co.(a) |
7,134 | 934,840 | ||||||
Public Service Enterprise Group, Inc. |
12,423 | 865,386 | ||||||
1,800,226 | ||||||||
Oil, Gas & Consumable Fuels – 3.0% | ||||||||
Continental Resources, Inc.(a) |
14,514 | 806,543 | ||||||
EOG Resources, Inc. |
10,824 | 1,263,810 | ||||||
Kinder Morgan, Inc. |
32,226 | 584,902 | ||||||
Marathon Petroleum Corp. |
2,952 | 257,592 | ||||||
Occidental Petroleum Corp.(a) |
23,001 | 1,267,125 | ||||||
4,179,972 | ||||||||
Pharmaceuticals – 5.9% | ||||||||
Eli Lilly & Co. |
9,840 | 2,874,559 | ||||||
Johnson & Johnson |
19,065 | 3,440,470 | ||||||
Pfizer, Inc. |
40,221 | 1,973,645 | ||||||
8,288,674 | ||||||||
Real Estate Management & Development – 0.5% | ||||||||
CBRE Group, Inc., Class A* |
8,487 | 704,760 | ||||||
Road & Rail – 0.4% | ||||||||
Old Dominion Freight Line, Inc. |
2,214 | 620,186 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 223 |
FlexShares® US Quality Large Cap Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Semiconductors & Semiconductor Equipment – 6.2% | ||||||||
Advanced Micro Devices, Inc.* |
4,797 | $ | 410,239 | |||||
Applied Materials, Inc. |
6,519 | 719,372 | ||||||
Broadcom, Inc. |
1,845 | 1,022,850 | ||||||
Intel Corp. |
24,231 | 1,056,229 | ||||||
KLA Corp. |
1,968 | 628,304 | ||||||
Lam Research Corp. |
2,091 | 973,904 | ||||||
Microchip Technology, Inc. |
984 | 64,157 | ||||||
NVIDIA Corp. |
6,642 | 1,231,892 | ||||||
QUALCOMM, Inc. |
3,321 | 463,910 | ||||||
Texas Instruments, Inc. |
12,423 | 2,115,016 | ||||||
8,685,873 | ||||||||
Software – 9.2% | ||||||||
Adobe, Inc.* |
3,567 | 1,412,354 | ||||||
Autodesk, Inc.* |
369 | 69,844 | ||||||
Check Point Software Technologies Ltd.* |
5,535 | 699,015 | ||||||
Fair Isaac Corp.* |
738 | 275,651 | ||||||
Fortinet, Inc.* |
2,091 | 604,320 | ||||||
Intuit, Inc. |
4,059 | 1,699,706 | ||||||
Microsoft Corp. |
22,017 | 6,110,158 | ||||||
Oracle Corp. |
26,568 | 1,950,091 | ||||||
SS&C Technologies Holdings, Inc. |
615 | 39,766 | ||||||
Zoom Video Communications, Inc., Class A* (a) |
1,476 | 146,965 | ||||||
13,007,870 | ||||||||
Specialty Retail – 2.8% | ||||||||
AutoZone, Inc.* |
452 | 883,873 | ||||||
Bath & Body Works, Inc.(a) |
6,027 | 318,768 | ||||||
Best Buy Co., Inc.(a) |
4,428 | 398,210 | ||||||
Home Depot, Inc. (The) |
3,813 | 1,145,425 | ||||||
Lowe’s Cos., Inc. |
4,551 | 899,869 | ||||||
O’Reilly Automotive, Inc.* |
369 | 223,817 | ||||||
Ulta Beauty, Inc.* |
369 | 146,419 | ||||||
4,016,381 | ||||||||
Technology Hardware, Storage & Peripherals – 8.7% | ||||||||
Apple, Inc. |
72,693 | 11,460,052 | ||||||
HP, Inc.(a) |
15,621 | 572,197 | ||||||
NetApp, Inc. |
1,353 | 99,107 | ||||||
Seagate Technology Holdings plc |
984 | 80,727 | ||||||
12,212,083 |
Investments | Shares | Value | ||||||
Tobacco – 0.9% | ||||||||
Altria Group, Inc. |
4,797 | $ | 266,569 | |||||
Philip Morris International, Inc. |
9,840 | 984,000 | ||||||
1,250,569 | ||||||||
Trading Companies & Distributors – 0.5% | ||||||||
United Rentals, Inc.* (a) |
1,107 | 350,388 | ||||||
WW Grainger, Inc. |
738 | 369,022 | ||||||
719,410 | ||||||||
Total
Common Stocks (Cost $121,600,985) |
|
138,992,889 | ||||||
Total
Investments – 98.6% (Cost $121,600,985) |
138,992,889 | |||||||
Other assets less liabilities – 1.4% |
|
2,028,746 | ||||||
NET ASSETS – 100.0% | $ | 141,021,635 |
* |
Non-income producing security. |
(a) |
The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $10,583,830, collateralized by $10,838,757 in U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from May 12, 2022 – February 15, 2052 and $348,851 in Foreign Government Fixed Income Securities, interest rates ranging from 0.00% – 6.25%, and maturity dates ranging from May 12, 2022 – June 30, 2120; a total value of $11,187,608. |
(b) |
Amount represents less than one share. |
Percentages shown are based on Net Assets.
As of April 30, 2022, 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 |
$ | 23,076,839 | ||
Aggregate gross unrealized depreciation |
(5,743,448 | ) | ||
Net unrealized appreciation |
$ | 17,333,391 | ||
Federal income tax cost |
$ | 121,608,757 |
See Accompanying Notes to the Financial Statements.
224 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® US Quality Large Cap Index Fund (cont.)
Futures Contracts
FlexShares® US Quality Large Cap Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Depreciation* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
S&P 500 E-Mini Index |
9 | 06/17/2022 | USD | $ | 1,857,375 | $ | (50,741 | ) |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
Security Type | % of Net Assets | |||
Common Stocks |
98.6 | % | ||
Others(1) |
1.4 | |||
100.0 | % |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 225 |
Schedule of Investments
FlexShares® STOXX® US ESG Select Index Fund
April 30, 2022 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS – 99.6% | ||||||||
Air Freight & Logistics – 0.5% | ||||||||
FedEx Corp. |
2,117 | $ | 420,733 | |||||
United Parcel Service, Inc., Class B |
2,482 | 446,710 | ||||||
867,443 | ||||||||
Airlines – 0.3% | ||||||||
American Airlines Group, Inc.* (a) |
2,117 | 39,736 | ||||||
Delta Air Lines, Inc.* |
3,796 | 163,342 | ||||||
Southwest Airlines Co.* |
4,161 | 194,402 | ||||||
United Airlines Holdings, Inc.* (a) |
1,898 | 95,849 | ||||||
493,329 | ||||||||
Auto Components – 0.1% | ||||||||
Aptiv plc* |
1,460 | 155,344 | ||||||
Automobiles – 4.6% | ||||||||
Ford Motor Co. |
20,586 | 291,498 | ||||||
General Motors Co.* |
14,673 | 556,253 | ||||||
Tesla, Inc.* |
8,541 | 7,437,161 | ||||||
8,284,912 | ||||||||
Banks – 4.6% | ||||||||
Bank of America Corp. |
74,606 | 2,661,942 | ||||||
Citigroup, Inc. |
20,294 | 978,374 | ||||||
Fifth Third Bancorp |
5,767 | 216,435 | ||||||
Huntington Bancshares, Inc.(a) |
15,987 | 210,229 | ||||||
JPMorgan Chase & Co. |
30,733 | 3,668,291 | ||||||
KeyCorp |
8,249 | 159,288 | ||||||
NU Holdings Ltd., Class A* (a) |
6,789 | 40,802 | ||||||
Regions Financial Corp. |
5,767 | 119,492 | ||||||
US Bancorp |
4,964 | 241,052 | ||||||
8,295,905 | ||||||||
Beverages – 0.7% | ||||||||
Coca-Cola Co. (The) |
20,586 | 1,330,061 | ||||||
Biotechnology – 2.4% | ||||||||
AbbVie, Inc. |
12,264 | 1,801,336 | ||||||
Amgen, Inc.(a) |
3,869 | 902,212 | ||||||
Biogen, Inc.* |
511 | 106,002 | ||||||
Gilead Sciences, Inc. |
10,950 | 649,773 | ||||||
Regeneron Pharmaceuticals, Inc.* |
511 | 336,805 | ||||||
Vertex Pharmaceuticals, Inc.* |
2,190 | 598,352 | ||||||
4,394,480 |
Investments | Shares | Value | ||||||
Building Products – 0.3% | ||||||||
Johnson Controls International plc |
3,358 | $ | 201,043 | |||||
Trane Technologies plc |
2,482 | 347,207 | ||||||
548,250 | ||||||||
Capital Markets – 3.4% | ||||||||
Bank of New York Mellon Corp. (The) |
4,891 | 205,715 | ||||||
BlackRock, Inc. |
1,460 | 912,033 | ||||||
Blackstone, Inc., Class A |
3,577 | 363,316 | ||||||
Coinbase Global, Inc., Class A* |
511 | 57,595 | ||||||
Goldman Sachs Group, Inc. (The) |
3,431 | 1,048,136 | ||||||
Intercontinental Exchange, Inc. |
1,971 | 228,262 | ||||||
LPL Financial Holdings, Inc. |
292 | 54,858 | ||||||
Moody’s Corp. |
1,387 | 438,958 | ||||||
Morgan Stanley |
12,337 | 994,239 | ||||||
MSCI, Inc. |
730 | 307,512 | ||||||
Northern Trust Corp.(b) |
1,095 | 112,840 | ||||||
S&P Global, Inc. |
3,066 | 1,154,349 | ||||||
State Street Corp. |
2,628 | 175,997 | ||||||
T. Rowe Price Group, Inc. |
803 | 98,801 | ||||||
6,152,611 | ||||||||
Chemicals – 1.0% | ||||||||
Air Products & Chemicals, Inc. |
730 | 170,871 | ||||||
Dow, Inc. |
2,701 | 179,617 | ||||||
DuPont de Nemours, Inc. |
1,825 | 120,322 | ||||||
Eastman Chemical Co. |
511 | 52,465 | ||||||
Ecolab, Inc. |
1,898 | 321,407 | ||||||
International Flavors & Fragrances, Inc. |
730 | 88,549 | ||||||
LyondellBasell Industries NV, Class A |
1,022 | 108,363 | ||||||
PPG Industries, Inc. |
1,679 | 214,895 | ||||||
Sherwin-Williams Co. (The) |
2,044 | 562,018 | ||||||
1,818,507 | ||||||||
Commercial Services & Supplies – 0.3% | ||||||||
Cintas Corp. |
949 | 377,000 | ||||||
Republic Services, Inc. |
1,022 | 137,224 | ||||||
514,224 | ||||||||
Communications Equipment – 0.6% | ||||||||
Cisco Systems, Inc. |
21,608 | 1,058,360 | ||||||
Consumer Finance – 0.3% | ||||||||
Capital One Financial Corp. |
3,723 | 463,960 |
See Accompanying Notes to the Financial Statements.
226 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Containers & Packaging – 0.4% | ||||||||
Amcor plc |
15,330 | $ | 181,814 | |||||
Ball Corp.(a) |
3,358 | 272,535 | ||||||
Crown Holdings, Inc. |
365 | 40,164 | ||||||
International Paper Co. |
1,460 | 67,569 | ||||||
Packaging Corp. of America |
365 | 58,827 | ||||||
Westrock Co. |
2,409 | 119,318 | ||||||
740,227 | ||||||||
Diversified Financial Services – 1.7% | ||||||||
Apollo Global Management, Inc. |
4,453 | 221,581 | ||||||
Berkshire Hathaway, Inc., Class B* |
8,979 | 2,898,691 | ||||||
3,120,272 | ||||||||
Diversified Telecommunication Services – 0.8% | ||||||||
AT&T, Inc. |
23,944 | 451,584 | ||||||
Lumen Technologies, Inc.(a) |
5,183 | 52,141 | ||||||
Verizon Communications, Inc. |
21,170 | 980,171 | ||||||
1,483,896 | ||||||||
Electric Utilities – 0.3% | ||||||||
Constellation Energy Corp. |
1,022 | 60,512 | ||||||
Duke Energy Corp. |
2,774 | 305,584 | ||||||
Entergy Corp. |
1,168 | 138,817 | ||||||
FirstEnergy Corp. |
2,044 | 88,526 | ||||||
593,439 | ||||||||
Electrical Equipment – 0.6% | ||||||||
Eaton Corp. plc |
2,774 | 402,285 | ||||||
Emerson Electric Co. |
4,234 | 381,822 | ||||||
Rockwell Automation, Inc. |
949 | 239,784 | ||||||
1,023,891 | ||||||||
Electronic Equipment, Instruments & Components – 0.3% | ||||||||
Amphenol Corp., Class A |
3,212 | 229,658 | ||||||
CDW Corp. |
511 | 83,385 | ||||||
TE Connectivity Ltd. |
1,752 | 218,615 | ||||||
Teledyne Technologies, Inc.* |
146 | 63,006 | ||||||
594,664 | ||||||||
Energy Equipment & Services – 0.6% | ||||||||
Baker Hughes Co. |
6,643 | 206,066 | ||||||
Halliburton Co. |
6,570 | 234,023 |
Investments | Shares | Value | ||||||
Energy Equipment & Services – (continued) | ||||||||
Schlumberger NV |
14,819 | $ | 578,089 | |||||
1,018,178 | ||||||||
Entertainment – 1.0% | ||||||||
ROBLOX Corp., Class A* (a) |
1,022 | 31,324 | ||||||
Walt Disney Co. (The)* |
15,622 | 1,743,884 | ||||||
1,775,208 | ||||||||
Equity Real Estate Investment Trusts (REITs) – 1.8% | ||||||||
Alexandria Real Estate Equities, Inc. |
511 | 93,084 | ||||||
AvalonBay Communities, Inc. |
1,387 | 315,515 | ||||||
Camden Property Trust |
657 | 103,077 | ||||||
Crown Castle International Corp. |
1,460 | 270,407 | ||||||
Equity Residential |
2,336 | 190,384 | ||||||
Essex Property Trust, Inc. |
438 | 144,220 | ||||||
Healthpeak Properties, Inc. |
5,621 | 184,425 | ||||||
Host Hotels & Resorts, Inc. |
5,475 | 111,416 | ||||||
Iron Mountain, Inc.(a) |
2,117 | 113,746 | ||||||
Kimco Realty Corp. |
5,548 | 140,531 | ||||||
Mid-America Apartment Communities, Inc.(a) |
511 | 100,504 | ||||||
Prologis, Inc. |
3,942 | 631,863 | ||||||
Simon Property Group, Inc. |
1,022 | 120,596 | ||||||
Ventas, Inc. |
3,431 | 190,592 | ||||||
VICI Properties, Inc.(a) |
2,409 | 71,812 | ||||||
Welltower, Inc.(a) |
4,453 | 404,377 | ||||||
3,186,549 | ||||||||
Food & Staples Retailing – 1.4% | ||||||||
Kroger Co. (The) |
4,599 | 248,162 | ||||||
Walmart, Inc. |
14,965 | 2,289,495 | ||||||
2,537,657 | ||||||||
Food Products – 0.4% | ||||||||
Bunge Ltd. |
730 | 82,578 | ||||||
General Mills, Inc. |
3,358 | 237,511 | ||||||
Hershey Co. (The) |
584 | 131,850 | ||||||
Kellogg Co. |
1,533 | 105,010 | ||||||
McCormick & Co., Inc. (Non-Voting) |
949 | 95,441 | ||||||
652,390 | ||||||||
Health Care Equipment & Supplies – 3.4% | ||||||||
Abbott Laboratories |
15,184 | 1,723,384 | ||||||
Baxter International, Inc. |
3,504 | 248,994 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 227 |
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Health Care Equipment & Supplies – (continued) | ||||||||
Becton Dickinson and Co. |
2,482 | $ | 613,525 | |||||
Boston Scientific Corp.* |
11,899 | 501,067 | ||||||
Dentsply Sirona, Inc. |
1,606 | 64,224 | ||||||
Edwards Lifesciences Corp.* |
3,285 | 347,487 | ||||||
Hologic, Inc.* |
2,336 | 168,169 | ||||||
IDEXX Laboratories, Inc.* |
292 | 125,700 | ||||||
Intuitive Surgical, Inc.* |
3,139 | 751,163 | ||||||
Medtronic plc |
7,008 | 731,355 | ||||||
ResMed, Inc.(a) |
511 | 102,185 | ||||||
Stryker Corp. |
3,504 | 845,375 | ||||||
6,222,628 | ||||||||
Health Care Providers & Services – 3.0% | ||||||||
Anthem, Inc. |
2,555 | 1,282,431 | ||||||
Cigna Corp. |
1,679 | 414,344 | ||||||
Humana, Inc. |
657 | 292,076 | ||||||
Quest Diagnostics, Inc. |
657 | 87,933 | ||||||
UnitedHealth Group, Inc. |
6,497 | 3,304,049 | ||||||
5,380,833 | ||||||||
Hotels, Restaurants & Leisure – 2.1% | ||||||||
Carnival Corp.* (a) |
6,059 | 104,821 | ||||||
Domino’s Pizza, Inc. |
292 | 98,696 | ||||||
Hilton Worldwide Holdings, Inc.* |
2,409 | 374,094 | ||||||
Marriott International, Inc., Class A* |
2,555 | 453,563 | ||||||
McDonald’s Corp. |
5,183 | 1,291,396 | ||||||
MGM Resorts International |
2,409 | 98,865 | ||||||
Royal Caribbean Cruises Ltd.* |
1,679 | 130,509 | ||||||
Starbucks Corp. |
10,001 | 746,475 | ||||||
Vail Resorts, Inc. |
146 | 37,107 | ||||||
Yum China Holdings, Inc. |
2,190 | 91,542 | ||||||
Yum! Brands, Inc. |
2,993 | 350,211 | ||||||
3,777,279 | ||||||||
Household Durables – 0.0%(c) | ||||||||
Whirlpool Corp. |
511 | 92,757 | ||||||
Household Products – 1.0% | ||||||||
Clorox Co. (The) |
511 | 73,313 | ||||||
Colgate-Palmolive Co. |
4,161 | 320,605 | ||||||
Kimberly-Clark Corp. |
1,022 | 141,885 | ||||||
Procter & Gamble Co. (The) |
8,322 | 1,336,097 | ||||||
1,871,900 |
Investments | Shares | Value | ||||||
Independent Power and Renewable
Electricity Producers – 0.0%(c) |
||||||||
AES Corp. (The) |
1,533 | $ | 31,304 | |||||
Industrial Conglomerates – 0.9% | ||||||||
3M Co. |
6,059 | 873,829 | ||||||
General Electric Co. |
11,242 | 838,091 | ||||||
1,711,920 | ||||||||
Insurance – 1.6% | ||||||||
Aflac, Inc. |
6,570 | 376,330 | ||||||
Aon plc, Class A(a) |
1,533 | 441,489 | ||||||
Chubb Ltd. |
2,263 | 467,196 | ||||||
Hartford Financial Services Group, Inc. (The) |
2,117 | 148,042 | ||||||
Marsh & McLennan Cos., Inc. |
2,555 | 413,143 | ||||||
MetLife, Inc. |
5,913 | 388,366 | ||||||
Principal Financial Group, Inc. |
2,482 | 169,123 | ||||||
Progressive Corp. (The) |
4,088 | 438,888 | ||||||
Willis Towers Watson plc |
438 | 94,109 | ||||||
2,936,686 | ||||||||
Interactive Media & Services – 5.6% | ||||||||
Alphabet, Inc., Class C* |
2,190 | 5,035,533 | ||||||
Meta Platforms, Inc., Class A* |
24,017 | 4,814,688 | ||||||
Snap, Inc., Class A* |
10,877 | 309,559 | ||||||
10,159,780 | ||||||||
Internet & Direct Marketing Retail – 4.6% | ||||||||
Amazon.com, Inc.* |
3,175 | 7,891,875 | ||||||
Coupang, Inc.* |
3,723 | 47,915 | ||||||
eBay, Inc. |
5,110 | 265,311 | ||||||
Etsy, Inc.* (a) |
1,314 | 122,452 | ||||||
8,327,553 | ||||||||
IT Services – 4.7% | ||||||||
Accenture plc, Class A |
6,789 | 2,039,144 | ||||||
Block, Inc., Class A* |
3,577 | 356,055 | ||||||
Broadridge Financial Solutions, Inc. |
365 | 52,607 | ||||||
Cognizant Technology Solutions Corp., Class A |
4,526 | 366,153 | ||||||
Fidelity National Information Services, Inc. |
4,307 | 427,039 | ||||||
International Business Machines Corp. |
9,198 | 1,216,068 | ||||||
Mastercard, Inc., Class A |
7,446 | 2,705,727 | ||||||
Paychex, Inc. |
1,679 | 212,780 |
See Accompanying Notes to the Financial Statements.
228 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
IT Services – (continued) | ||||||||
PayPal Holdings, Inc.* |
12,118 | $ | 1,065,536 | |||||
Twilio, Inc., Class A* |
511 | 57,140 | ||||||
8,498,249 | ||||||||
Leisure Products – 0.1% | ||||||||
Hasbro, Inc. |
1,314 | 115,711 | ||||||
Life Sciences Tools & Services – 1.9% | ||||||||
Agilent Technologies, Inc. |
1,971 | 235,081 | ||||||
Charles River Laboratories International, Inc.* |
292 | 70,521 | ||||||
Danaher Corp. |
5,840 | 1,466,599 | ||||||
Illumina, Inc.* |
1,095 | 324,832 | ||||||
PerkinElmer, Inc. |
657 | 96,323 | ||||||
Thermo Fisher Scientific, Inc. |
2,044 | 1,130,168 | ||||||
West Pharmaceutical Services, Inc. |
511 | 160,996 | ||||||
3,484,520 | ||||||||
Machinery – 1.8% | ||||||||
Caterpillar, Inc. |
3,723 | 783,841 | ||||||
Cummins, Inc. |
949 | 179,541 | ||||||
Deere & Co. |
2,117 | 799,273 | ||||||
Dover Corp. |
803 | 107,040 | ||||||
Fortive Corp. |
3,212 | 184,690 | ||||||
Illinois Tool Works, Inc. |
1,679 | 330,948 | ||||||
Ingersoll Rand, Inc. |
2,190 | 96,273 | ||||||
Otis Worldwide Corp. |
3,723 | 271,183 | ||||||
PACCAR, Inc. |
1,241 | 103,065 | ||||||
Parker-Hannifin Corp. |
949 | 257,008 | ||||||
Stanley Black & Decker, Inc. |
949 | 114,022 | ||||||
Westinghouse Air Brake Technologies Corp. |
657 | 59,071 | ||||||
Xylem, Inc. |
730 | 58,765 | ||||||
3,344,720 | ||||||||
Media – 0.5% | ||||||||
Comcast Corp., Class A |
15,257 | 606,618 | ||||||
Interpublic Group of Cos., Inc. (The) |
4,307 | 140,494 | ||||||
Omnicom Group, Inc.(a) |
1,971 | 150,052 | ||||||
Paramount Global, Class B |
3,212 | 93,534 | ||||||
990,698 |
Investments | Shares | Value | ||||||
Metals & Mining – 0.4% | ||||||||
Alcoa Corp. |
511 | $ | 34,646 | |||||
Freeport-McMoRan, Inc. |
5,183 | 210,170 | ||||||
Newmont Corp. |
5,621 | 409,490 | ||||||
654,306 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) – 0.1% | ||||||||
Annaly Capital Management, Inc. |
14,527 | 93,263 | ||||||
Multiline Retail – 0.5% | ||||||||
Target Corp. |
4,161 | 951,413 | ||||||
Multi-Utilities – 0.3% | ||||||||
CMS Energy Corp. |
1,752 | 120,345 | ||||||
Public Service Enterprise Group, Inc. |
1,533 | 106,789 | ||||||
Sempra Energy |
2,263 | 365,157 | ||||||
592,291 | ||||||||
Oil, Gas & Consumable Fuels – 5.1% | ||||||||
APA Corp. |
2,336 | 95,612 | ||||||
Chevron Corp. |
20,002 | 3,133,713 | ||||||
ConocoPhillips |
9,271 | 885,566 | ||||||
Devon Energy Corp. |
3,285 | 191,088 | ||||||
Diamondback Energy, Inc. |
876 | 110,578 | ||||||
EOG Resources, Inc. |
1,898 | 221,610 | ||||||
Exxon Mobil Corp. |
43,800 | 3,733,950 | ||||||
Hess Corp. |
1,022 | 105,338 | ||||||
ONEOK, Inc.(a) |
1,314 | 83,216 | ||||||
Phillips 66(a) |
3,942 | 342,008 | ||||||
Valero Energy Corp. |
2,263 | 252,279 | ||||||
9,154,958 | ||||||||
Paper & Forest Products – 0.0%(c) | ||||||||
Sylvamo Corp.* |
— | (d) | 16 | |||||
Personal Products – 0.3% | ||||||||
Estee Lauder Cos., Inc. (The), Class A |
2,409 | 636,121 | ||||||
Pharmaceuticals – 7.5% | ||||||||
Bristol-Myers Squibb Co. |
23,214 | 1,747,318 | ||||||
Catalent, Inc.* |
657 | 59,498 | ||||||
Eli Lilly & Co. |
7,300 | 2,132,549 | ||||||
Johnson & Johnson |
27,229 | 4,913,745 | ||||||
Merck & Co., Inc. |
25,988 | 2,304,876 | ||||||
Pfizer, Inc. |
48,253 | 2,367,774 | ||||||
13,525,760 |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 229 |
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Shares | Value | ||||||
COMMON STOCKS – (continued) | ||||||||
Professional Services – 0.1% | ||||||||
Booz Allen Hamilton Holding Corp. |
1,314 | $ | 107,262 | |||||
Real Estate Management & Development – 0.2% | ||||||||
CBRE Group, Inc., Class A* |
3,504 | 290,972 | ||||||
Road & Rail – 0.3% | ||||||||
Grab Holdings Ltd., Class A* (a) |
9,271 | 27,350 | ||||||
Uber Technologies, Inc.* |
16,863 | 530,847 | ||||||
558,197 | ||||||||
Semiconductors & Semiconductor Equipment – 6.1% | ||||||||
Advanced Micro Devices, Inc.* |
8,322 | 711,697 | ||||||
Analog Devices, Inc. |
2,628 | 405,711 | ||||||
Applied Materials, Inc. |
6,059 | 668,611 | ||||||
Intel Corp. |
34,821 | 1,517,847 | ||||||
Lam Research Corp. |
1,241 | 578,008 | ||||||
Microchip Technology, Inc. |
4,964 | 323,653 | ||||||
Micron Technology, Inc. |
9,490 | 647,123 | ||||||
NVIDIA Corp. |
17,228 | 3,195,277 | ||||||
Qorvo, Inc.* |
438 | 49,836 | ||||||
QUALCOMM, Inc. |
7,811 | 1,091,119 | ||||||
Teradyne, Inc.(a) |
876 | 92,383 | ||||||
Texas Instruments, Inc. |
9,490 | 1,615,673 | ||||||
Wolfspeed, Inc.* (a) |
657 | 60,253 | ||||||
10,957,191 | ||||||||
Software – 9.3% | ||||||||
Adobe, Inc.* |
4,891 | 1,936,591 | ||||||
Autodesk, Inc.* |
2,190 | 414,523 | ||||||
Cadence Design Systems, Inc.* |
1,387 | 209,229 | ||||||
Intuit, Inc. |
2,482 | 1,039,338 | ||||||
Microsoft Corp. |
32,631 | 9,055,755 | ||||||
NortonLifeLock, Inc.(a) |
3,139 | 78,601 | ||||||
Oracle Corp. |
11,169 | 819,805 | ||||||
Palo Alto Networks, Inc.* (a) |
803 | 450,708 | ||||||
Salesforce, Inc.* |
6,789 | 1,194,457 | ||||||
ServiceNow, Inc.* |
1,752 | 837,631 | ||||||
Splunk, Inc.* |
1,095 | 133,612 | ||||||
Synopsys, Inc.* |
1,314 | 376,842 | ||||||
UiPath, Inc., Class A* |
1,241 | 22,127 | ||||||
Workday, Inc., Class A* |
1,022 | 211,247 | ||||||
16,780,466 |
Investments | Shares | Value | ||||||
Specialty Retail – 2.9% | ||||||||
AutoZone, Inc.* |
146 | $ | 285,499 | |||||
Bath & Body Works, Inc. |
876 | 46,332 | ||||||
Best Buy Co., Inc.(a) |
2,117 | 190,382 | ||||||
Carvana Co.* |
292 | 16,924 | ||||||
Home Depot, Inc. (The) |
7,227 | 2,170,991 | ||||||
Lowe’s Cos., Inc. |
5,840 | 1,154,743 | ||||||
Ross Stores, Inc. |
3,139 | 313,178 | ||||||
TJX Cos., Inc. (The) |
12,410 | 760,485 | ||||||
Tractor Supply Co. |
949 | 191,176 | ||||||
Williams-Sonoma, Inc.(a) |
730 | 95,250 | ||||||
5,224,960 | ||||||||
Technology Hardware, Storage & Peripherals – 5.7% | ||||||||
Apple, Inc. |
58,765 | 9,264,303 | ||||||
Dell Technologies, Inc., Class C |
2,190 | 102,952 | ||||||
Hewlett Packard Enterprise Co. |
14,308 | 220,486 | ||||||
HP, Inc.(a) |
11,461 | 419,817 | ||||||
NetApp, Inc. |
1,752 | 128,334 | ||||||
Seagate Technology Holdings plc |
1,168 | 95,823 | ||||||
Western Digital Corp.* |
2,847 | 151,090 | ||||||
10,382,805 | ||||||||
Textiles, Apparel & Luxury Goods – 1.0% | ||||||||
Lululemon Athletica, Inc.* |
1,241 | 440,096 | ||||||
NIKE, Inc., Class B |
8,833 | 1,101,475 | ||||||
VF Corp. |
3,504 | 182,208 | ||||||
1,723,779 | ||||||||
Trading Companies & Distributors – 0.1% | ||||||||
United Rentals, Inc.* |
511 | 161,742 | ||||||
WW Grainger, Inc. |
219 | 109,506 | ||||||
271,248 | ||||||||
Water Utilities – 0.1% | ||||||||
American Water Works Co., Inc. |
1,460 | 224,957 | ||||||
Total
Common Stocks (Cost $171,250,818) |
|
180,180,260 |
See Accompanying Notes to the Financial Statements.
230 | FLEXSHARES SEMIANNUAL REPORT |
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Investments | Principal Amount |
Value | ||||||
SECURITIES LENDING REINVESTMENTS(e) – 0.1% | ||||||||
REPURCHASE AGREEMENTS – 0.1% | ||||||||
Citigroup
Global Markets, Inc., 0.30%, dated 4/30/2022, due 5/2/2022, repurchase
price $248,882, collateralized by various U.S. Treasury Securities,
ranging from 0.13% – 5.00%, maturing 11/15/2031 – 5/15/2040; total
market value $250,492 |
$ | 248,877 | $ | 248,877 | ||||
Total
Investments – 99.7% (Cost $171,499,695) |
|
180,429,137 | ||||||
Other assets less liabilities – 0.3% |
|
562,397 | ||||||
NET ASSETS – 100.0% | $ | 180,991,534 |
* |
Non-income producing security. |
(a) |
The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 was $3,994,982, collateralized in the form of cash with a value of |
$248,877 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $3,973,748 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.00%, and maturity dates ranging from May 12, 2022 – February 15, 2052; a total value of $4,222,625. |
(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) |
Amount represents less than one share. |
(e) |
The security was purchased with cash collateral held from securities on loan at April 30, 2022. The total value of securities purchased was $248,877. |
Percentages shown are based on Net Assets.
As of April 30, 2022, 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 |
$ | 21,193,219 | ||
Aggregate gross unrealized depreciation |
(12,328,956 | ) | ||
Net unrealized appreciation |
$ | 8,864,263 | ||
Federal income tax cost |
$ | 171,515,505 |
Investment in a company which was affiliated for the period ended April 30, 2022, was as follows:
Security | Value October 31, 2021 |
Purchases at Cost |
Sales Proceeds |
Shares April 30, 2022 |
Value April 30, 2022 |
Change
in Unrealized Appreciation (Depreciation) |
Dividend Income |
Realized (Loss) |
||||||||||||||||||||||||
Northern Trust Corp. |
$ | — | $ | 126,155 | $ | — | 1,095 | $ | 112,840 | $ | (13,315 | ) | $ | — | $ | — |
Futures Contracts
FlexShares® STOXX® US ESG Select Index Fund had the following open futures contracts as of April 30, 2022:
Number of Contracts |
Expiration Date |
Trading Currency |
Notional Amount |
Value
and Unrealized Depreciation* |
||||||||||||||||
Long Contracts |
|
|||||||||||||||||||
S&P 500 E-Mini Index |
3 | 06/17/2022 | USD | $ | 619,125 | $ | (49,369 | ) |
* |
This amount represents the cumulative appreciation/depreciation on futures contracts. Current day’s variation margin is reported within the Statement of Assets and Liabilities for futures contracts. |
See Accompanying Notes to the Financial Statements.
FLEXSHARES SEMIANNUAL REPORT | 231 |
FlexShares® STOXX® US ESG Select Index Fund (cont.)
Abbreviations:
USD – US Dollar
Security Type | % of Net Assets | |||
Common Stocks |
99.6 | % | ||
Securities Lending Reinvestments |
0.1 | |||
Others(1) |
0.3 | |||
100.0 | % |
(1) |
Includes any other net assets/(liabilities). |
See Accompanying Notes to the Financial Statements.
232 | FLEXSHARES SEMIANNUAL REPORT |