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        <name>UPL Ltd.</name>
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        <name>Royal Dutch Shell plc</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Stella-Jones, Inc.</name>
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        <name>Hess Corp.</name>
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        <name>Svenska Cellulosa AB SCA</name>
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        <name>Cameco Corp.</name>
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        <name>Oji Holdings Corp.</name>
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        <name>South32 Ltd.</name>
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        <name>N/A</name>
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        <name>Cia de Saneamento Basico do Estado de Sao Paulo</name>
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        <name>N/A</name>
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        <name>Wheaton Precious Metals Corp.</name>
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        <title>Wheaton Precious Metals Corp.</title>
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        <name>Petroleo Brasileiro SA</name>
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        <name>AngloGold Ashanti Ltd.</name>
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        <name>Tyson Foods, Inc.</name>
        <lei>WD6L6041MNRW1JE49D58</lei>
        <title>Tyson Foods, Inc., Class A</title>
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        <name>LUKOIL PJSC</name>
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      <invstOrSec>
        <name>Saudi Arabian Fertilizer Co.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Aqua America, Inc.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>a2 Milk Co. Ltd.</name>
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        <name>N/A</name>
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              <counterpartyName>Toronto Dominion Bank</counterpartyName>
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      <invstOrSec>
        <name>American Water Works Co., Inc.</name>
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      <invstOrSec>
        <name>CJ CheilJedang Corp.</name>
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          <isin value="KR7097950000"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Marubeni Corp.</name>
        <lei>4P4N3ORD02UGQT1T1W12</lei>
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          <isin value="JP3877600001"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="FAZ9IDX"/>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="268239"/>
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      <invstOrSec>
        <name>BHP Group Ltd.</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group Ltd.</title>
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        <name>Anglo American plc</name>
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        <name>N/A</name>
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        <title>TOPIX Index</title>
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          <other otherDesc="Future Ticker" value="TPZ9 Index"/>
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        <name>China Petroleum &amp; Chemical Corp.</name>
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        <name>Universal Forest Products, Inc.</name>
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        <name>West Fraser Timber Co. Ltd.</name>
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        <name>Mowi ASA</name>
        <lei>549300W1OGQF5LZIH349</lei>
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      <invstOrSec>
        <name>Kirkland Lake Gold Ltd.</name>
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      <invstOrSec>
        <name>Repsol SA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Israel Chemicals Ltd.</name>
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      <invstOrSec>
        <name>United Utilities Group plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Charoen Pokphand Indonesia Tbk. PT</name>
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        <name>Antofagasta plc</name>
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        <name>BP plc</name>
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        <name>Wilmar International Ltd.</name>
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        <name>Canfor Corp.</name>
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        <name>Rayonier, Inc.</name>
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        <name>N/A</name>
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        <name>Duratex SA</name>
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      <invstOrSec>
        <name>American States Water Co.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Vedanta Ltd.</name>
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      <invstOrSec>
        <name>Concho Resources, Inc.</name>
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        <name>Pennon Group plc</name>
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        <name>Vale SA</name>
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      <invstOrSec>
        <name>Stora Enso OYJ</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Veolia Environnement SA</name>
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          <isin value="FR0000124141"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Boliden AB</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Tatneft PJSC</name>
        <lei>253400PAT768SVJMV121</lei>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Occidental Petroleum Corp.</name>
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        <title>Occidental Petroleum Corp.</title>
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        <name>N/A</name>
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        <name>PhosAgro PJSC</name>
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        <name>Korea Zinc Co. Ltd.</name>
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        <name>Costa Group Holdings Ltd.</name>
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        <name>Rio Tinto plc</name>
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        <name>Severn Trent plc</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent plc</title>
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        <name>Suncor Energy, Inc.</name>
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        <name>Norsk Hydro ASA</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Newcrest Mining Ltd.</name>
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        <name>Archer-Daniels-Midland Co.</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>N/A</name>
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        <name>Mosaic Co. (The)</name>
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        <name>Canadian Natural Resources Ltd.</name>
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        <title>Canadian Natural Resources Ltd.</title>
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        <name>Gazprom PJSC</name>
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        <name>Empresas CMPC SA</name>
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        <name>Cia de Saneamento de Minas Gerais-COPASA</name>
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        <name>ConocoPhillips</name>
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        <name>LUKOIL PJSC</name>
        <lei>549300LCJ1UJXHYBWI24</lei>
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        <name>CF Industries Holdings, Inc.</name>
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        <name>Sime Darby Plantation Bhd.</name>
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        <title>Sime Darby Plantation Bhd.</title>
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      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
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      <invstOrSec>
        <name>Newmont Goldcorp Corp.</name>
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      <invstOrSec>
        <name>Guangdong Investment Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chevron Corp.</name>
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        <name>Woodside Petroleum Ltd.</name>
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        <name>K+S AG</name>
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        <name>Gazprom PJSC</name>
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        <invCountry>RU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Nutrien Ltd.</name>
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        <name>FMC Corp.</name>
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        <name>Gazprom PJSC</name>
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        <name>Equinor ASA</name>
        <lei>OW6OFBNCKXC4US5C7523</lei>
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        <name>CNOOC Ltd.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>SJW Group</name>
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        <name>IOI Corp. Bhd.</name>
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        <name>N/A</name>
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        <name>Grupo Mexico SAB de CV</name>
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        <name>Glencore plc</name>
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        <name>GrainCorp Ltd.</name>
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        <name>Franco-Nevada Corp.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>California Water Service Group</name>
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        <name>Agnico Eagle Mines Ltd.</name>
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        <name>N/A</name>
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        <name>Golden Agri-Resources Ltd.</name>
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        <name>Interfor Corp.</name>
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        <name>Sumitomo Metal Mining Co. Ltd.</name>
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        <name>Devon Energy Corp.</name>
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        <name>N/A</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>Sasol Ltd.</name>
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        <name>Kuala Lumpur Kepong Bhd.</name>
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        <name>Suzano SA</name>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>Alcoa Corp.</name>
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        <name>Weyerhaeuser Co.</name>
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        <name>Charoen Pokphand Foods PCL</name>
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        <name>Mondi plc</name>
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        <name>Maruha Nichiro Corp.</name>
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        <name>Bunge Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC</name>
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        <name>CITIGROUP GLOBAL MARKETS INC</name>
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        <lei>BFM8T61CT2L1QCEMIK50</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>NATWEST MARKETS SECURITIES INC</name>
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        <balance>2000000.00000000</balance>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ZE2ZWJ5BTIQJ8M0C6K34" name="NATWEST MARKETS SECURITIES INC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>1.72000000</repurchaseRt>
          <maturityDt>2019-11-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1929757.50000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2040191.07850000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF NOVA SCOTIA HOUSTON</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>BANK OF NOVA SCOTIA CORPORATE COMMERCIAL PAPER VARIABLE DTD 16/MAY/2019 DUE 15/MAY/2020</title>
        <cusip>06417LLF2</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="06417LLF2"/>
        </identifiers>
        <balance>5000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4997775.00000000</valUSD>
        <pctVal>0.090701743655</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2020-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>2.09125000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="4997775.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-12-30</ncom:dateSigned>
      <ncom:nameOfApplicant>FlexShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
