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        <lei>5493002XJCHL78PKW767</lei>
        <title>iShares 10+ Year Investment Grade Corporate Bond ETF</title>
        <cusip>464289511</cusip>
        <identifiers>
          <isin value="US4642895118"/>
        </identifiers>
        <balance>300230.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16059302.70000000</valUSD>
        <pctVal>9.359930611618</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="254544.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FlexShares iBoxx 3-Year Target Duration TIPS Index Fund</name>
        <lei>549300ZWYVY56P3FZI25</lei>
        <title>FlexShares iBoxx 3-Year Target Duration TIPS Index Fund</title>
        <cusip>33939L506</cusip>
        <identifiers>
          <isin value="US33939L5066"/>
        </identifiers>
        <balance>287758.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6834252.50000000</valUSD>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FlexShares Disciplined Duration MBS Index Fund</name>
        <lei>549300PAH536BT2V8S59</lei>
        <title>FlexShares Disciplined Duration MBS Index Fund</title>
        <cusip>33939L779</cusip>
        <identifiers>
          <isin value="US33939L7799"/>
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        <curCd>USD</curCd>
        <valUSD>17074752.79000000</valUSD>
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        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF</name>
        <lei>549300T14S5IX7V5T008</lei>
        <title>iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF</title>
        <cusip>464288646</cusip>
        <identifiers>
          <isin value="US4642886463"/>
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        <balance>270840.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13720754.40000000</valUSD>
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        <invCountry>US</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>iShares 5-10 Year Investment Grade Corporate Bond ETF</name>
        <lei>549300ZJOCMXQZ0RKQ84</lei>
        <title>iShares 5-10 Year Investment Grade Corporate Bond ETF</title>
        <cusip>464288638</cusip>
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          <isin value="US4642886380"/>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6055087.20000000</valUSD>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CF SECURED LLC</name>
        <lei>254900OXTV81I73FAT50</lei>
        <title>Treasury Repurchase Agreement</title>
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        <identifiers>
          <other otherDesc="Custodian Internal ID" value="230131019"/>
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        <balance>5549080.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5549080.00000000</valUSD>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="254900OXTV81I73FAT50" name="CF SECURED LLC"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
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          <maturityDt>2023-02-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>6413577.96985100</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>5660734.58867900</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5549080.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>U.S. Treasury 2 Year Note</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="TUH3COM"/>
          <other otherDesc="Future Ticker" value="TUH3 Comdty"/>
        </identifiers>
        <balance>51.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>34761.50000000</valUSD>
        <pctVal>0.020260233836</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="Future" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CME Clearing House</counterpartyName>
              <counterpartyLei>LCZ7XYGSLJUHFXXNXD88</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>U.S. Treasury 2 Year Note</issueTitle>
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                  <ticker value="TUH3 Comdty"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2023-03-31</expDate>
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            <curCd>USD</curCd>
            <unrealizedAppr>34761.50000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares 3-7 Year Treasury Bond ETF</name>
        <lei>549300BUGBHWMFPSNL42</lei>
        <title>iShares 3-7 Year Treasury Bond ETF</title>
        <cusip>464288661</cusip>
        <identifiers>
          <isin value="US4642886612"/>
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        <balance>196748.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>23078540.40000000</valUSD>
        <pctVal>13.45099104218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Exchange traded fund"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="455754.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FlexShares Ultra-Short Income</name>
        <lei>549300731Y7GX2UDFY78</lei>
        <title>FlexShares Ultra-Short Income Fund</title>
        <cusip>33939L886</cusip>
        <identifiers>
          <isin value="US33939L8862"/>
        </identifiers>
        <balance>216940.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16240128.40000000</valUSD>
        <pctVal>9.465322236424</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Exchange traded fund"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>iShares 7-10 Year Treasury Bond ETF</name>
        <lei>549300XS1PPZG92M8L16</lei>
        <title>iShares 7-10 Year Treasury Bond ETF</title>
        <cusip>464287440</cusip>
        <identifiers>
          <isin value="US4642874402"/>
        </identifiers>
        <balance>118134.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11720074.14000000</valUSD>
        <pctVal>6.830874463399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="Exchange traded fund"/>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="4728209.00000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-03-02</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>
  <documents>XXXX</documents>
</edgarSubmission>
