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        <fairValLevel>2</fairValLevel>
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        <name>Advanced Micro Devices, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Agilent Technologies, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumisho Air Lease Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Alphabet, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Amazon.com, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Credit Acceptance Receivables Trust</name>
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        <name>American Express Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>American Honda Finance Corp.</name>
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        <name>American Honda Finance Corp.</name>
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        <name>American Tower Corp.</name>
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        <name>Americredit Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Chase Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Consolidated Edison Co. of New York, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Constellation Energy Generation LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Agricole SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DTE Energy Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Daimler Truck Finance North America LLC</name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>John Deere Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>John Deere Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Dell International LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Deutsche Bank AG</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Diamondback Energy, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Walt Disney Co. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Eaton Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Energy Transfer LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Evergreen Credit Card Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Exelon Corp.</name>
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        <name>Exeter Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FRESB 2022-SB94 Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>FHLMC</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>FHLMC</title>
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        <issuerCat>USGA</issuerCat>
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        <fairValLevel>2</fairValLevel>
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        <name>Fifth Third Bancorp</name>
        <lei>THRNG6BD57P9QWTQLG42</lei>
        <title>Fifth Third Bancorp</title>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Jefferies Financial Group, Inc.</name>
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        <name>JPMorgan Chase Bank NA</name>
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        <name>Keurig Dr Pepper, Inc.</name>
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        <name>Kubota Credit Owner Trust</name>
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        <name>LPL Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Private Bank NA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Medline Borrower LP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NXP BV</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>NTT Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NTT Finance Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Australia Bank Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>National Australia Bank Ltd.</name>
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        <invCountry>AU</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>NatWest Markets plc</name>
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        <invCountry>GB</invCountry>
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        <fairValLevel>2</fairValLevel>
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        <name>Navient Private Education Refi Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>NextEra Energy Capital Holdings, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nordea Bank Abp</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Novartis Capital Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Nutrien Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>OBX Trust</name>
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        <name>OBX Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oracle Corp.</name>
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        <title>Oracle Corp.</title>
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        <fairValLevel>2</fairValLevel>
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        <name>PK ALIFT Loan Funding 7 LP</name>
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        <name>Reckitt Benckiser Treasury Services plc</name>
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        <name>Research-Driven Pagaya Motor Asset Trust</name>
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        <name>Research-Driven Pagaya Motor Asset Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rio Tinto Finance USA plc</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>Royal Caribbean Cruises Ltd.</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Royal Bank of Canada</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Ryder System, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Salesforce, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sanofi SA</name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Mortgage Asset Receivable Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Santander Drive Auto Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Saudi Arabian Oil Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Schlumberger Holdings Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Charles Schwab Corp. (The)</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sequoia Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>ServiceNow, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Skandinaviska Enskilda Banken AB</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Societe Generale SA</name>
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        <name>Southwest Airlines Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starbucks Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Bank &amp; Trust Co.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>State Street Corp.</name>
        <lei>549300ZFEEJ2IP5VME73</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stryker Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sumitomo Mitsui Trust Bank Ltd.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Swedbank AB</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Synopsys, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sysco Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Toyota Auto Receivables Owner Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Toyota Motor Credit Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Truist Bank</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UBS AG</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>UnitedHealth Group, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Verizon Communications, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Verus Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>VMware LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Westlake Automobile Receivables Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Westpac Banking Corp.</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Westpac Banking Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Zimmer Biomet Holdings, Inc.</name>
        <lei>2P2YLDVPES3BXQ1FRB91</lei>
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        <identifiers>
          <isin value="US98956PBA93"/>
        </identifiers>
        <balance>3906000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3913254.38000000</valUSD>
        <pctVal>0.261800062499</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.70000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Effective August 17, 2026, the Fund's name was changed from FlexShares Ultra-Short Income Fund to Northern Trust Ultra-Short Fixed Income ETF. An amended Prospectus was electronically filed with the Commission on August 14, 2026 (Accession No. 0001193125-26-352141)." noteItem="A.2.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-08-31</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>
