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        <name>Dolby Laboratories, Inc.</name>
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      <invstOrSec>
        <name>Pool Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Exxon Mobil Corp.</name>
        <lei>J3WHBG0MTS7O8ZVMDC91</lei>
        <title>Exxon Mobil Corp.</title>
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          <isin value="US30231G1022"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Louisiana-Pacific Corp.</name>
        <lei>549300C7E2UAO5BVRR75</lei>
        <title>Louisiana-Pacific Corp.</title>
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          <isin value="US5463471053"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CubeSmart</name>
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          <isin value="US2296631094"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Walmart, Inc.</name>
        <lei>Y87794H0US1R65VBXU25</lei>
        <title>Walmart, Inc.</title>
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          <isin value="US9311421039"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Valero Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TEGNA, Inc.</name>
        <lei>549300YC5EDBGX85AO10</lei>
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          <isin value="US87901J1051"/>
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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>
        <name>OGE Energy Corp.</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
        <title>OGE Energy Corp.</title>
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          <isin value="US6708371033"/>
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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>
        <name>Microchip Technology, Inc.</name>
        <lei>5493007PTFULNYZJ1R12</lei>
        <title>Microchip Technology, Inc.</title>
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          <isin value="US5950171042"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Warner Music Group Corp.</name>
        <lei>N/A</lei>
        <title>Warner Music Group Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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      <invstOrSec>
        <name>NVIDIA Corp.</name>
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        <title>NVIDIA Corp.</title>
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        <name>BOFA SECURITIES, INC</name>
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        <name>BANK OF NOVA SCOTIA HOUSTON</name>
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        <name>KLA Corp.</name>
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        <title>KLA Corp.</title>
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        <name>Mid-America Apartment Communities, Inc.</name>
        <lei>549300FQZKFR5YNSHZ21</lei>
        <title>Mid-America Apartment Communities, Inc.</title>
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        <name>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
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        <name>Eli Lilly &amp; Co.</name>
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        <title>Eli Lilly &amp; Co.</title>
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        <name>Marriott International, Inc.</name>
        <lei>225YDZ14ZO8E1TXUSU86</lei>
        <title>Marriott International, Inc., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>BlackRock, Inc.</name>
        <lei>549300LRIF3NWCU26A80</lei>
        <title>BlackRock, Inc.</title>
        <cusip>09247X101</cusip>
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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>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
        <cusip>037833100</cusip>
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          <isin value="US0378331005"/>
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        <name>Mastercard, Inc.</name>
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        <name>NORDEA BANK ABP, NEW YORK BRANCH</name>
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        <name>Range Resources Corp.</name>
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        <name>United Parcel Service, Inc.</name>
        <lei>D01LMJZU09ULLNCY6Z23</lei>
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        <name>Steel Dynamics, Inc.</name>
        <lei>549300HGGKEL4FYTTQ83</lei>
        <title>Steel Dynamics, Inc.</title>
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        <name>Teradyne, Inc.</name>
        <lei>C3X4YJ278QNZHRJULN75</lei>
        <title>Teradyne, Inc.</title>
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        <name>Globe Life, Inc.</name>
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        <name>Nexstar Media Group, Inc.</name>
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        <name>Travelers Cos., Inc. (The)</name>
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        <name>Exponent, Inc.</name>
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        <name>Huntsman Corp.</name>
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        <name>TORONTO DOMINION NY</name>
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        <name>Advanced Drainage Systems, Inc.</name>
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        <name>LyondellBasell Industries NV</name>
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        <name>Williams-Sonoma, Inc.</name>
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        <name>APA Corp.</name>
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        <name>Prosperity Bancshares, Inc.</name>
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        <name>Rollins, Inc.</name>
        <lei>549300F2A0BXT4SGWD84</lei>
        <title>Rollins, Inc.</title>
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        <name>Broadcom, Inc.</name>
        <lei>549300WV6GIDOZJTV909</lei>
        <title>Broadcom, Inc.</title>
        <cusip>11135F101</cusip>
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      <invstOrSec>
        <name>McKesson Corp.</name>
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      <invstOrSec>
        <name>Abbott Laboratories</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Costco Wholesale Corp.</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Willis Towers Watson plc</name>
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      <invstOrSec>
        <name>Robert Half, Inc.</name>
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        <name>Comcast Corp.</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>Eagle Materials, Inc.</name>
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        <name>NATIXIS NY</name>
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        <name>Cisco Systems, Inc.</name>
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        <name>Starbucks Corp.</name>
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        <title>Starbucks Corp.</title>
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        <name>BANK OF MONTREAL, MONTREAL</name>
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        <name>PepsiCo, Inc.</name>
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        <name>Cognizant Technology Solutions Corp.</name>
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        <name>JPMorgan Chase &amp; Co.</name>
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        <name>Constellation Energy Corp.</name>
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        <title>Constellation Energy Corp.</title>
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        <name>Bentley Systems, Inc.</name>
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        <name>OCBC NEW YORK</name>
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        <name>Lowe's Cos., Inc.</name>
        <lei>WAFCR4OKGSC504WU3E95</lei>
        <title>Lowe's Cos., Inc.</title>
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        <name>Colgate-Palmolive Co.</name>
        <lei>YMEGZFW4SBUSS5BQXF88</lei>
        <title>Colgate-Palmolive Co.</title>
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        <name>CVR Energy, Inc.</name>
        <lei>529900SOYZIXZBTXB558</lei>
        <title>CVR Energy, Inc.</title>
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        <name>Dillard's, Inc.</name>
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        <name>Chevron Corp.</name>
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        <name>Cigna Group (The)</name>
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        <name>Southern Copper Corp.</name>
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        <name>Wyndham Hotels &amp; Resorts, Inc.</name>
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        <name>Reliance Steel &amp; Aluminum Co.</name>
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        <name>Coca-Cola Co. (The)</name>
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        <name>Caterpillar, Inc.</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>Commerce Bancshares, Inc.</name>
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        <name>INVESCO GOVT AND AGCY LEX</name>
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        <name>Domino's Pizza, Inc.</name>
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        <name>First American Financial Corp.</name>
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        <name>MetLife, Inc.</name>
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        <name>Western Union Co. (The)</name>
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        <name>Principal Financial Group, Inc.</name>
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        <name>Amgen, Inc.</name>
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        <name>Microsoft Corp.</name>
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        <name>3M Co.</name>
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        <name>State Street Corp.</name>
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      </invstOrSec>
      <invstOrSec>
        <name>Omnicom Group, Inc.</name>
        <lei>HKUPACFHSSASQK8HLS17</lei>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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          <isin value="US9078181081"/>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Marathon Petroleum Corp.</name>
        <lei>3BNYRYQHD39K4LCKQF12</lei>
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          <isin value="US56585A1025"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SOCIETE GENERALE NY BRANCH</name>
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          <other otherDesc="Custodian Internal ID" value="220112040"/>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="10000000.00000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>Gilead Sciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>UnitedHealth Group, Inc.</name>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
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        <name>Visa, Inc.</name>
        <lei>549300JZ4OKEHW3DPJ59</lei>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Illinois Tool Works, Inc.</name>
        <lei>76NA4I14SZCFAYMNSV04</lei>
        <title>Illinois Tool Works, Inc.</title>
        <cusip>452308109</cusip>
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          <isin value="US4523081093"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>McDonald's Corp.</name>
        <lei>UE2136O97NLB5BYP9H04</lei>
        <title>McDonald's Corp.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Paycom Software, Inc.</name>
        <lei>254900LSB0HNJUDC6Q18</lei>
        <title>Paycom Software, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Aflac, Inc.</name>
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        <title>Aflac, Inc.</title>
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      <invstOrSec>
        <name>SOCIETE GENERALE</name>
        <lei>O2RNE8IBXP4R0TD8PU41</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Accenture plc</name>
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        <name>Bath &amp; Body Works, Inc.</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
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      <invstOrSec>
        <name>Fastenal Co.</name>
        <lei>529900PP0C7H2HHPSJ32</lei>
        <title>Fastenal Co.</title>
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        <name>Pioneer Natural Resources Co.</name>
        <lei>FY8JBF7CCL2VE4F1B628</lei>
        <title>Pioneer Natural Resources Co.</title>
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        <name>New York Times Co. (The)</name>
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        <name>Electronic Arts, Inc.</name>
        <lei>549300O7A67PUEYKDL45</lei>
        <title>Electronic Arts, Inc.</title>
        <cusip>285512109</cusip>
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        <invCountry>US</invCountry>
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        <name>Mosaic Co. (The)</name>
        <lei>2YD5STGSJNMUB7H76907</lei>
        <title>Mosaic Co. (The)</title>
        <cusip>61945C103</cusip>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>Lockheed Martin Corp.</name>
        <lei>DPRBOZP0K5RM2YE8UU08</lei>
        <title>Lockheed Martin Corp.</title>
        <cusip>539830109</cusip>
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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>Brixmor Property Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>eBay, Inc.</name>
        <lei>OML71K8X303XQONU6T67</lei>
        <title>eBay, Inc.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cintas Corp.</name>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Best Buy Co., Inc.</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>Best Buy Co., Inc.</title>
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          <isin value="US0865161014"/>
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        <curCd>USD</curCd>
        <valUSD>7774974.90000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-08-30</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>
  <documents>XXXX</documents>
</edgarSubmission>
