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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>
      <invstOrSec>
        <name>Nutrien Ltd.</name>
        <lei>5493002QQ7GD21OWF963</lei>
        <title>Nutrien Ltd.</title>
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          <isin value="CA67077M1086"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Dongwha Enterprise Co. Ltd.</name>
        <lei>N/A</lei>
        <title>Dongwha Enterprise Co. Ltd.</title>
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          <isin value="KR7025900002"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Mitsui &amp; Co. Ltd.</name>
        <lei>2NRSB4GOU9DD6CNW5R48</lei>
        <title>Mitsui &amp; Co. Ltd.</title>
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          <isin value="JP3893600001"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="321243"/>
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        <balance>1.00000000</balance>
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        <curCd>N/A</curCd>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
        <cusip>30231G102</cusip>
        <identifiers>
          <isin value="US30231G1022"/>
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        <balance>258315.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <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>
        <name>N/A</name>
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        <cusip>N/A</cusip>
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          <other otherDesc="Inhouse Asset ID" value="322713"/>
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        <balance>1.00000000</balance>
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        <assetCat>DFE</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <fwdDeriv derivCat="FWD">
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Canadian Natural Resources Ltd.</name>
        <lei>549300T15RIMIKZC5Q38</lei>
        <title>Canadian Natural Resources Ltd.</title>
        <cusip>136385101</cusip>
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          <isin value="CA1363851017"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Novatek PJSC</name>
        <lei>2138008R6GCRVBDFA581</lei>
        <title>Novatek PJSC</title>
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          <isin value="RU000A0DKVS5"/>
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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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Tongwei Co. Ltd.</name>
        <lei>3003009CW4QYMCG0BH89</lei>
        <title>Tongwei Co. Ltd., Class A</title>
        <cusip>N/A</cusip>
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          <isin value="CNE000001GS3"/>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>CN</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BOFA SECURITIES, INC</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>Other Repurchase Agreement</title>
        <cusip>N/A</cusip>
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          <other otherDesc="Custodian Internal ID" value="170420043"/>
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        <balance>8000000.00000000</balance>
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        <assetCat>RA</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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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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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>Vale SA</name>
        <lei>254900SMTWBX7RU2SR20</lei>
        <title>Vale SA</title>
        <cusip>N/A</cusip>
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        <invCountry>BR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Charoen Pokphand Indonesia Tbk. PT</name>
        <lei>529900JL5SA37OU87X40</lei>
        <title>Charoen Pokphand Indonesia Tbk. PT</title>
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        <invCountry>ID</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chevron Corp.</name>
        <lei>N/A</lei>
        <title>Chevron Corp.</title>
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        <name>Anglo American plc</name>
        <lei>549300S9XF92D1X8ME43</lei>
        <title>Anglo American plc</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Antofagasta plc</name>
        <lei>213800MY6QVH4FVLD628</lei>
        <title>Antofagasta plc</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>Archer-Daniels-Midland Co.</title>
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          <isin value="US0394831020"/>
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        <curCd>USD</curCd>
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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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        <name>Newcrest Mining Ltd.</name>
        <lei>5299006MN50OZJUJI655</lei>
        <title>Newcrest Mining Ltd.</title>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Bakkafrost P/F</name>
        <lei>2138007LH7OP4V112978</lei>
        <title>Bakkafrost P/F</title>
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        <assetCat>EC</assetCat>
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        <invCountry>NO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Bunge Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Fortescue Metals Group Ltd.</name>
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      <invstOrSec>
        <name>N/A</name>
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              <counterpartyName>JP Morgan Chase Bank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>Texas Pacific Land Corp.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FMC Corp.</name>
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        <assetCat>EC</assetCat>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="320011"/>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Franco-Nevada Corp.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>UFP Industries, Inc.</name>
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        <name>Svenska Cellulosa AB SCA</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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        <fairValLevel>1</fairValLevel>
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        <name>SJW Group</name>
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        <name>N/A</name>
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        <name>Grupo Mexico SAB de CV</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Scotts Miracle-Gro Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Severn Trent plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Eni SpA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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        <name>N/A</name>
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        <name>California Water Service Group</name>
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        <name>Glencore plc</name>
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        <name>N/A</name>
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        <name>Charoen Pokphand Foods PCL</name>
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        <name>N/A</name>
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        <name>Newmont Corp.</name>
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        <name>N/A</name>
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              <counterpartyName>ICE Clear US</counterpartyName>
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      <invstOrSec>
        <name>Hess Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dexco SA</name>
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        <name>Beijing Capital Eco-Environment Protection Group Co. Ltd.</name>
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        <name>CF Industries Holdings, Inc.</name>
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        <name>Suzano SA</name>
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        <name>N/A</name>
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        <name>Kirkland Lake Gold Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>SABIC Agri-Nutrients Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Freeport-McMoRan, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>BP plc</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kuala Lumpur Kepong Bhd.</name>
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        <name>N/A</name>
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        <name>N/A</name>
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        <name>Sime Darby Plantation Bhd.</name>
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        <name>PTT PCL</name>
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        <name>N/A</name>
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        <name>LUKOIL PJSC</name>
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        <name>N/A</name>
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        <name>Northern Star Resources Ltd.</name>
        <lei>254900XFXCRYYZAX6M78</lei>
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        <invCountry>AU</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Canfor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC</name>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <securityLending>
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        <name>Stella-Jones, Inc.</name>
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          <isin value="CA85853F1053"/>
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        <fairValLevel>1</fairValLevel>
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        <name>West Fraser Timber Co. 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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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Bank of Montreal</counterpartyName>
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      <invstOrSec>
        <name>AngloGold Ashanti Ltd.</name>
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        <name>N/A</name>
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      <invstOrSec>
        <name>First Quantum Minerals Ltd.</name>
        <lei>549300I7UVBGWRYMYZ18</lei>
        <title>First Quantum Minerals Ltd.</title>
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        <name>BHP Group Ltd.</name>
        <lei>WZE1WSENV6JSZFK0JC28</lei>
        <title>BHP Group Ltd.</title>
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        <name>N/A</name>
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        <title>Hang Seng Index</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>United Utilities Group plc</name>
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        <name>N/A</name>
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        <name>Boliden AB</name>
        <lei>21380059QU7IM1ONDJ56</lei>
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        <name>American States Water Co.</name>
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        <title>American States Water Co.</title>
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        <name>Royal Dutch Shell plc</name>
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        <title>Royal Dutch Shell plc, Class A</title>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bunge Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Citibank</counterpartyName>
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      <invstOrSec>
        <name>N/A</name>
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          <other otherDesc="Inhouse Asset ID" value="323855"/>
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        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Bank of Montreal</counterpartyName>
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      <invstOrSec>
        <name>MMC Norilsk Nickel PJSC</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>N/A</name>
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      <invstOrSec>
        <name>CANTOR FITZGERAL &amp; CO</name>
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          <other otherDesc="Custodian Internal ID" value="211029016"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Zijin Mining Group Co. Ltd.</name>
        <lei>529900ABI5CBFXD01Q05</lei>
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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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              <counterpartyName>Morgan Stanley &amp; Co.</counterpartyName>
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      <invstOrSec>
        <name>Weyerhaeuser Co.</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
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      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>SPI 200 Index</title>
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      <invstOrSec>
        <name>N/A</name>
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        <name>Norsk Hydro ASA</name>
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        <name>ICL Group Ltd.</name>
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        <name>Beijing Enterprises Water Group Ltd.</name>
        <lei>529900TWUN2ALJKWRR11</lei>
        <title>Beijing Enterprises Water Group Ltd.</title>
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        <name>Cia de Saneamento do Parana</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>Sibanye Stillwater Ltd.</name>
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        <title>Sibanye Stillwater Ltd.</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Muyuan Foods Co. Ltd.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ConocoPhillips</name>
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        <name>Rosneft Oil Co. PJSC</name>
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        <name>Gazprom PJSC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Chengxin Lithium Group Co. Ltd.</name>
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        <name>Tyson Foods, Inc.</name>
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        <name>Petroleo Brasileiro SA</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>Mowi ASA</name>
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        <name>N/A</name>
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        <name>ConocoPhillips</name>
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        <name>N/A</name>
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        <name>Veolia Environnement SA</name>
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        <name>Essential Utilities, Inc.</name>
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        <name>Texas Pacific Land Corp.</name>
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        <name>Wilmar International Ltd.</name>
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        <title>Wilmar International Ltd.</title>
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        <name>N/A</name>
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        <name>Wheaton Precious Metals Corp.</name>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>Teck Resources Ltd.</name>
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        <name>Boise Cascade Co.</name>
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        <name>Saudi Arabian Oil Co.</name>
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        <name>TotalEnergies SE</name>
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        <name>Salmar ASA</name>
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        <name>N/A</name>
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        <name>Hess Corp.</name>
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        <name>American Water Works Co., Inc.</name>
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        <name>Shandong Hualu Hengsheng Chemical Co. Ltd.</name>
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        <name>UPM-Kymmene OYJ</name>
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        <name>South32 Ltd.</name>
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      <invstOrSec>
        <name>Mondi plc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PI Industries Ltd.</name>
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        <name>LUKOIL PJSC</name>
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        <fairValLevel>1</fairValLevel>
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        <name>EOG Resources, Inc.</name>
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      <invstOrSec>
        <name>Devon Energy Corp.</name>
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        <name>Pennon Group plc</name>
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        <name>UPL Ltd.</name>
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        <name>Woodside Petroleum Ltd.</name>
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        <name>Agnico Eagle Mines Ltd.</name>
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        <name>Barrick Gold Corp.</name>
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        <name>Suncor Energy, Inc.</name>
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        <name>Repsol SA</name>
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        <name>N/A</name>
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        <name>OCBC NEW YORK</name>
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        <name>New Hope Liuhe Co. Ltd.</name>
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        <name>International Holding Co. PJSC</name>
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        <name>Sumitomo Metal Mining Co. Ltd.</name>
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        <name>Interfor Corp.</name>
        <lei>549300P4G5UZ3AMJE056</lei>
        <title>Interfor Corp.</title>
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      </invstOrSec>
      <invstOrSec>
        <name>Diamondback Energy, Inc.</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy, Inc.</title>
        <cusip>25278X109</cusip>
        <identifiers>
          <isin value="US25278X1090"/>
        </identifiers>
        <balance>243438.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26094119.22000000</valUSD>
        <pctVal>0.432494881876</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>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Confluence NXT system does not accept CNH as a valid Currency. Given the limitation, CNH has been converted to CNY for the applicable holdings." noteItem="C.2.b"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-11-30</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>
