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      <invstOrSec>
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        <name>Louisiana-Pacific Corp.</name>
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        <name>NVIDIA Corp.</name>
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        <name>SUMITOMO BK NY</name>
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        <name>NortonLifeLock, Inc.</name>
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        <name>Eli Lilly &amp; Co.</name>
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        <name>International Business Machines Corp.</name>
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        <name>Devon Energy Corp.</name>
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        <name>SM Energy Co.</name>
        <lei>84BUTVXV5ODI6BXNMH43</lei>
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        <name>Snap-on, Inc.</name>
        <lei>HHWAT5TDOYZMM26KKQ73</lei>
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        <name>Merck &amp; Co., Inc.</name>
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        <name>Mastercard, Inc.</name>
        <lei>AR5L2ODV9HN37376R084</lei>
        <title>Mastercard, Inc., Class A</title>
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      <invstOrSec>
        <name>AT&amp;T, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Pfizer, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ally Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Nucor Corp.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Prudential Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Parcel Service, Inc.</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Teradyne, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Nexstar Media Group, Inc.</name>
        <lei>52990083ZRR5UT591988</lei>
        <title>Nexstar Media Group, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>International Game Technology plc</name>
        <lei>549300UQ6KHRCZDRGZ76</lei>
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        <assetCat>EC</assetCat>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>Home Depot, Inc. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Comerica, Inc.</name>
        <lei>I9Q57JVPWHHZ3ZGBW498</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Lincoln National Corp.</name>
        <lei>EFQMQROEDSNBRIP7LE47</lei>
        <title>Lincoln National Corp.</title>
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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>Weyerhaeuser Co.</name>
        <lei>08IRJODWFYBI7QWRGS31</lei>
        <title>Weyerhaeuser Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Regency Centers Corp.</name>
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        <name>Altria Group, Inc.</name>
        <lei>XSGZFLO9YTNO9VCQV219</lei>
        <title>Altria Group, Inc.</title>
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        <name>Ralph Lauren Corp.</name>
        <lei>HO1QNWM0IXBZ0QSMMO20</lei>
        <title>Ralph Lauren Corp.</title>
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        <name>Red Rock Resorts, Inc.</name>
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        <name>Freeport-McMoRan, Inc.</name>
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        <name>Southern Co. (The)</name>
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        <name>LyondellBasell Industries NV</name>
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        <name>NATIONAL BANK OF CANADA</name>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Williams-Sonoma, Inc.</name>
        <lei>549300IARG6YWVTZ1I92</lei>
        <title>Williams-Sonoma, Inc.</title>
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      <invstOrSec>
        <name>MACQUARIE BANK LTD</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>APA Corp.</name>
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        <name>Prosperity Bancshares, Inc.</name>
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        <name>Discover Financial Services</name>
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        <name>Rollins, Inc.</name>
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        <name>Broadcom, Inc.</name>
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        <name>McKesson Corp.</name>
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        <name>Roper Technologies, Inc.</name>
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        <name>Abbott Laboratories</name>
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        <name>International Paper Co.</name>
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        <name>Costco Wholesale Corp.</name>
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        <name>Carrier Global Corp.</name>
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        <title>Carrier Global Corp.</title>
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        <name>Philip Morris International, Inc.</name>
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        <name>CF SECURED LLC</name>
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        <name>Marathon Oil Corp.</name>
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        <name>Comcast Corp.</name>
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        <name>Lumen Technologies, Inc.</name>
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        <name>Cardinal Health, Inc.</name>
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        <name>Public Service Enterprise Group, Inc.</name>
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        <name>US Bancorp</name>
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        <name>Macy's, Inc.</name>
        <lei>529900NZQ81TIOW3CW52</lei>
        <title>Macy's, Inc.</title>
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      <invstOrSec>
        <name>Cisco Systems, Inc.</name>
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        <name>CREDIT AGRICOLE CIB, NY</name>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>Starbucks Corp.</name>
        <lei>OQSJ1DU9TAOC51A47K68</lei>
        <title>Starbucks Corp.</title>
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        <name>PepsiCo, Inc.</name>
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      <invstOrSec>
        <name>Cognizant Technology Solutions Corp.</name>
        <lei>5493006IEVQEFQO40L83</lei>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Colgate-Palmolive Co.</name>
        <lei>YMEGZFW4SBUSS5BQXF88</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Applied Materials, Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dillard's, Inc.</name>
        <lei>529900FGYKMWL6019P91</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chevron Corp.</name>
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        <name>Seagate Technology Holdings plc</name>
        <lei>635400RUXIFEZSRU8X70</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Cullen/Frost Bankers, Inc.</name>
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        <name>Wyndham Hotels &amp; Resorts, Inc.</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Janus Henderson Group plc</name>
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        <name>Olin Corp.</name>
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        <name>ZIM Integrated Shipping Services Ltd.</name>
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        <name>Apartment Income REIT Corp.</name>
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        <name>CITIGROUP GLOBAL MARKETS INC</name>
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        <name>Domino's Pizza, Inc.</name>
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        <name>Dick's Sporting Goods, Inc.</name>
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        <name>MetLife, Inc.</name>
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        <name>Principal Financial Group, Inc.</name>
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        <name>Public Storage</name>
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        <name>AbbVie, Inc.</name>
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        <name>Union Pacific Corp.</name>
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        <name>WEC Energy Group, Inc.</name>
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        <name>SOCIETE GENERALE NY BRANCH</name>
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        <name>Gilead Sciences, Inc.</name>
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        <name>UnitedHealth Group, Inc.</name>
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        <name>Visa, Inc.</name>
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        <name>Illinois Tool Works, Inc.</name>
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        <name>Highwoods Properties, Inc.</name>
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        <name>Aflac, Inc.</name>
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        <name>N/A</name>
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        <name>Accenture plc</name>
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        <name>Targa Resources Corp.</name>
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        <name>Bath &amp; Body Works, Inc.</name>
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        <name>Fastenal Co.</name>
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        <name>Pioneer Natural Resources Co.</name>
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        <name>AES Corp. (The)</name>
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        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
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        <name>Eastman Chemical Co.</name>
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        <name>Sirius XM Holdings, Inc.</name>
        <lei>54930055RWDMVXAGZK98</lei>
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        <name>Lamar Advertising Co.</name>
        <lei>529900Y8WW4MKVPTB543</lei>
        <title>Lamar Advertising Co., Class A</title>
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        <name>eBay, Inc.</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay, Inc.</title>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AO Smith Corp.</name>
        <lei>549300XG4US7UJNECY36</lei>
        <title>AO Smith Corp.</title>
        <cusip>831865209</cusip>
        <identifiers>
          <isin value="US8318652091"/>
        </identifiers>
        <balance>110675.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6062776.50000000</valUSD>
        <pctVal>0.398151295967</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="5164522.98000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cintas Corp.</name>
        <lei>N/A</lei>
        <title>Cintas Corp.</title>
        <cusip>172908105</cusip>
        <identifiers>
          <isin value="US1729081059"/>
        </identifiers>
        <balance>5825.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2490478.75000000</valUSD>
        <pctVal>0.163553339281</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="555932.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Best Buy Co., Inc.</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>Best Buy Co., Inc.</title>
        <cusip>086516101</cusip>
        <identifiers>
          <isin value="US0865161014"/>
        </identifiers>
        <balance>109510.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7491579.10000000</valUSD>
        <pctVal>0.491982827918</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="6782643.90000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-11-30</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>
