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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="HIK0IDX"/>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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        <securityLending>
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      <invstOrSec>
        <name>Israel Chemicals Ltd.</name>
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          <isin value="IL0002810146"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MUFG Bank Ltd, New York Branch</name>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anglo American plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>Guangdong Investment Ltd.</name>
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        <name>CITIGROUP GLOBAL MARKETS INC</name>
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        <name>BANK OF NOVA SCOTIA HOUSTON</name>
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        <invCountry>CA</invCountry>
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        <name>Novatek PJSC</name>
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        <name>TOTAL SA</name>
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        <name>NBC GLOBAL FINANCE LIMITED</name>
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        <name>N/A</name>
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        <title>TOPIX Index</title>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Citibank</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Saudi Arabian Fertilizer Co.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Franco-Nevada Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Duratex SA</name>
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      <invstOrSec>
        <name>Hess Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mowi ASA</name>
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        <title>Mowi ASA</title>
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          <isin value="NO0003054108"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Eni SpA</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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          <other otherDesc="Inhouse Sedol" value="PTM0IDX"/>
          <other otherDesc="Future Ticker" value="PTM0 Index"/>
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                <indexName>S&amp;P/TSX 60 Index</indexName>
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      <invstOrSec>
        <name>EOG Resources, Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources, Inc.</title>
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          <isin value="US26875P1012"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mitsui &amp; Co. Ltd.</name>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Bakkafrost P/F</name>
        <lei>2138007LH7OP4V112978</lei>
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          <isin value="FO0000000179"/>
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        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Suez</name>
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        <title>Suez</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="281863"/>
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        <curCd>N/A</curCd>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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      <invstOrSec>
        <name>Salmar ASA</name>
        <lei>5967007LIEEXZXGDBK67</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PPB Group Bhd.</name>
        <lei>N/A</lei>
        <title>PPB Group Bhd.</title>
        <cusip>N/A</cusip>
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          <isin value="MYL4065OO008"/>
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        <assetCat>EC</assetCat>
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        <invCountry>MY</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Severn Trent plc</name>
        <lei>213800RPBXRETY4A4C59</lei>
        <title>Severn Trent plc</title>
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        <invCountry>GB</invCountry>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <name>Svenska Cellulosa AB SCA</name>
        <lei>549300FW5JDRV1IJ0M67</lei>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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        <name>Petroleo Brasileiro SA</name>
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        <title>Petroleo Brasileiro SA (Preference)</title>
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      <invstOrSec>
        <name>Barrick Gold Corp.</name>
        <lei>0O4KBQCJZX82UKGCBV73</lei>
        <title>Barrick Gold Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
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        <name>K+S AG</name>
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        <name>Canfor Corp.</name>
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        <name>Interfor Corp.</name>
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        <name>Pioneer Natural Resources Co.</name>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Oji Holdings Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>ConocoPhillips</name>
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          <isin value="US20825C1045"/>
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      <invstOrSec>
        <name>Tatneft PJSC</name>
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      <invstOrSec>
        <name>Rio Tinto plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Weyerhaeuser Co.</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
        <lei>YGE0EUBRF7IJOB3QRX76</lei>
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      <invstOrSec>
        <name>Wheaton Precious Metals Corp.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Gold Fields Ltd.</name>
        <lei>5299003KXIBJQYCBBD72</lei>
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        <name>Newcrest Mining Ltd.</name>
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        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
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        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
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        <name>Impala Platinum Holdings Ltd.</name>
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        <name>Nufarm Ltd.</name>
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        <name>Charoen Pokphand Indonesia Tbk. PT</name>
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        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale SA</title>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kirkland Lake Gold Ltd.</name>
        <lei>N/A</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Fortescue Metals Group Ltd.</name>
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          <isin value="AU000000FMG4"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Inpex Corp.</name>
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      <invstOrSec>
        <name>Sasol Ltd.</name>
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          <isin value="ZAE000006896"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nutrien Ltd.</name>
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          <isin value="CA67077M1086"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Stella-Jones, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>a2 Milk Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BHP Group Ltd.</name>
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        <assetCat>EC</assetCat>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>NATIXIS NY</name>
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        <invCountry>FR</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Kinross Gold Corp.</name>
        <lei>549300UEBMAQDN0K0R06</lei>
        <title>Kinross Gold Corp.</title>
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          <isin value="CA4969024047"/>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Boliden AB</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>Corteva, Inc.</name>
        <lei>549300WZN9I2QKLS0O94</lei>
        <title>Corteva, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Newmont Corp.</name>
        <lei>549300VSP3RIX7FGDZ51</lei>
        <title>Newmont Corp.</title>
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          <isin value="US6516391066"/>
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        <fairValLevel>1</fairValLevel>
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        <name>IOI Corp. Bhd.</name>
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        <title>IOI Corp. Bhd.</title>
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        <name>SJW Group</name>
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        <assetCat>EC</assetCat>
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        <name>Maruha Nichiro Corp.</name>
        <lei>529900HGXVKT576NWZ27</lei>
        <title>Maruha Nichiro Corp.</title>
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        <name>Stora Enso OYJ</name>
        <lei>7437000ZP669LKUTZ738</lei>
        <title>Stora Enso OYJ, Class R</title>
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        <invCountry>FI</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Gazprom PJSC</name>
        <lei>213800FD9J2IHTA7YX78</lei>
        <title>Gazprom PJSC</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>RU</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
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        <isRestrictedSec>N</isRestrictedSec>

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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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        <name>Cia de Saneamento Basico do Estado de Sao Paulo</name>
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      <invstOrSec>
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        <name>Rayonier, Inc.</name>
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        <name>BP plc</name>
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        <name>Bunge Ltd.</name>
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        <name>United Utilities Group plc</name>
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        <name>Cia de Saneamento de Minas Gerais-COPASA</name>
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        <name>N/A</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>UPM-Kymmene OYJ</name>
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        <name>China Petroleum &amp; Chemical Corp.</name>
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        <name>Cia de Saneamento do Parana</name>
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        <name>UBS AG LONDON</name>
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        <name>Saudi Arabian Mining Co.</name>
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        <name>Mosaic Co. (The)</name>
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        <name>MMC Norilsk Nickel PJSC</name>
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        <name>Woodside Petroleum Ltd.</name>
        <lei>2549005ZC5RXAOO7FH41</lei>
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        <name>CNOOC Ltd.</name>
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        <name>Grupo Mexico SAB de CV</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PTT PCL</name>
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      <invstOrSec>
        <name>West Fraser Timber Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BANK OF MONTREAL CHICAGO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd.</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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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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        <name>Royal Dutch Shell plc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Suzano SA</name>
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        <name>N/A</name>
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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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      <invstOrSec>
        <name>Northern Star Resources Ltd.</name>
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        <name>Korea Zinc Co. Ltd.</name>
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        <name>BOFA SECURITIES, INC</name>
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        <name>First Quantum Minerals Ltd.</name>
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        <name>Charoen Pokphand Foods PCL</name>
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        <name>N/A</name>
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        </derivativeInfo>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>South32 Ltd.</name>
        <lei>213800LAZNPXSBKVHR17</lei>
        <title>South32 Ltd.</title>
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          <isin value="AU000000S320"/>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Universal Forest Products, Inc.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="284027"/>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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      </invstOrSec>
      <invstOrSec>
        <name>Holmen AB</name>
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          <isin value="SE0011090018"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>American Water Works Co., Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Co., Inc.</title>
        <cusip>030420103</cusip>
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          <isin value="US0304201033"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="282630"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-13796.64000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Goldman Sachs Bank</counterpartyName>
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            <amtCurSold>66827381.00000000</amtCurSold>
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            <settlementDt>2020-06-17</settlementDt>
            <unrealizedAppr>-13796.64000000</unrealizedAppr>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sime Darby Plantation Bhd.</name>
        <lei>N/A</lei>
        <title>Sime Darby Plantation Bhd.</title>
        <cusip>N/A</cusip>
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          <isin value="MYL5285OO001"/>
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        <balance>14562000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="285004"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1153.57000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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            <amtCurSold>200000.00000000</amtCurSold>
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            <settlementDt>2020-06-17</settlementDt>
            <unrealizedAppr>-1153.57000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>Forward Foreign Currency Contract</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="278555"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-1630.35000000</valUSD>
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        <assetCat>DFE</assetCat>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Citibank</counterpartyName>
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            <amtCurSold>8117494.80000000</amtCurSold>
            <curSold>HKD</curSold>
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            <settlementDt>2020-06-17</settlementDt>
            <unrealizedAppr>-1630.35000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Concho Resources, Inc.</name>
        <lei>SYHS7HRDXLL4I0IQ8776</lei>
        <title>Concho Resources, Inc.</title>
        <cusip>20605P101</cusip>
        <identifiers>
          <isin value="US20605P1012"/>
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        <balance>206295.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11701052.40000000</valUSD>
        <pctVal>0.370352899792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="287101"/>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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            <amtCurSold>104027.38000000</amtCurSold>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Scotts Miracle-Gro Co. (The)</name>
        <lei>2TH9E0JTOUXOEGI2R879</lei>
        <title>Scotts Miracle-Gro Co. (The)</title>
        <cusip>810186106</cusip>
        <identifiers>
          <isin value="US8101861065"/>
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        <balance>179598.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22275539.94000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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        <units>NC</units>
        <curCd>N/A</curCd>
        <valUSD>-7764.61000000</valUSD>
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        <invCountry>N/A</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <fwdDeriv derivCat="FWD">
            <counterparties>
              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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            <settlementDt>2020-06-17</settlementDt>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-29</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>
