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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Agnico Eagle Mines Ltd.</name>
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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>
        <name>Alexandria Real Estate Equities, Inc.</name>
        <lei>MGCJBT4MKTQBVLNUIS88</lei>
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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>Alphabet, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
        <lei>5493006MHB84DD0ZWV18</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Altria Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Amazon.com, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American International Group, Inc.</name>
        <lei>ODVCVCQG2BP6VHV36M30</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>Cencora, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Amgen, Inc.</name>
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        <title>Amgen, Inc.</title>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
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        <name>Amphenol Corp.</name>
        <lei>549300D3L3G0R4U4VT04</lei>
        <title>Amphenol Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Analog Devices, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Apple, Inc.</name>
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        <title>Apple, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Applied Materials, Inc.</name>
        <lei>41BNNE1AFPNAZELZ6K07</lei>
        <title>Applied Materials, Inc.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>AppLovin Corp.</name>
        <lei>549300LLVXMUAOL3SQ07</lei>
        <title>AppLovin Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Archer-Daniels-Midland Co.</name>
        <lei>549300LO13MQ9HYSTR83</lei>
        <title>Archer-Daniels-Midland Co.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Arista Networks, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Automatic Data Processing, Inc.</name>
        <lei>HGBOLILQXWER4SAL2I23</lei>
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        <fairValLevel>1</fairValLevel>
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        <name>AvalonBay Communities, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of America Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Bank of New York Mellon Corp. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Berkshire Hathaway, Inc.</name>
        <lei>5493000C01ZX7D35SD85</lei>
        <title>Berkshire Hathaway, Inc., Class B</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Best Buy Co., Inc.</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>Best Buy Co., Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Booking Holdings, Inc.</name>
        <lei>FXM8FAOHMYDIPD38UZ17</lei>
        <title>Booking Holdings, Inc.</title>
        <cusip>09857L108</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>Bristol-Myers Squibb Co.</name>
        <lei>HLYYNH7UQUORYSJQCN42</lei>
        <title>Bristol-Myers Squibb Co.</title>
        <cusip>110122108</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Broadridge Financial Solutions, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Broadcom, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CBRE Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>CF Industries Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CH Robinson Worldwide, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>Cigna Group (The)</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>CVS Health Corp.</name>
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        <title>CVS Health Corp.</title>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Capital One Financial Corp.</name>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cardinal Health, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Carlisle Cos., Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>Caterpillar, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Centene Corp.</name>
        <lei>549300Z7JJ4TQSQGT333</lei>
        <title>Centene Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Cisco Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Citigroup, Inc.</name>
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        <title>Citigroup, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Cognizant Technology Solutions Corp.</name>
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        <title>Cognizant Technology Solutions Corp., Class A</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Colgate-Palmolive Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Comcast Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Consolidated Edison, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Cummins, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Deckers Outdoor Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Dell Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Devon Energy Corp.</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Dollar General Corp.</name>
        <lei>OPX52SQVOZI8IVSWYU66</lei>
        <title>Dollar General Corp.</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Dollar Tree, Inc.</name>
        <lei>549300PMSTQITB1WHR43</lei>
        <title>Dollar Tree, Inc.</title>
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        <name>METROPOLITAN LIFE INSURANCE COMPANY</name>
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        <name>DuPont de Nemours, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>East West Bancorp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>eBay, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Electronic Arts, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Emerson Electric Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Exelon Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Expeditors International of Washington, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Meta Platforms, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fair Isaac Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Fidelity National Information Services, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fiserv, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FirstEnergy Corp.</name>
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        <title>FirstEnergy Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Fortive Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Fox Corp.</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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        <name>Gartner, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GE Vernova, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>General Dynamics Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>GE Aerospace</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Gilead Sciences, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Global Payments, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>WW Grainger, Inc.</name>
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        <name>HCA Healthcare, Inc.</name>
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        <name>Halliburton Co.</name>
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        <name>Hologic, Inc.</name>
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        <name>Intel Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jabil, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Jones Lang LaSalle, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>KLA Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kimberly-Clark Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kimco Realty Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Kroger Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lam Research Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Las Vegas Sands Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Leidos Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Eli Lilly &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lockheed Martin Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Lowe's Cos., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Marathon Petroleum Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Masco Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>McKesson Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Medpace Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Merck &amp; Co., Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Microsoft Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Micron Technology, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Morgan Stanley</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NRG Energy, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NVR, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>NetApp, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Netflix, Inc.</name>
        <lei>549300Y7VHGU0I7CE873</lei>
        <title>Netflix, Inc.</title>
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        <assetCat>EC</assetCat>
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        <name>NVIDIA Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>1</fairValLevel>
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        <name>Omnicom Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Oracle Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PPL Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PTC, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Palantir Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Paychex, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Paycom Software, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>PayPal Holdings, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Pfizer, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Philip Morris International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Prudential Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Public Service Enterprise Group, Inc.</name>
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        <name>QUALCOMM, Inc.</name>
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        <name>Ralph Lauren Corp.</name>
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        <name>Regency Centers Corp.</name>
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        <name>ResMed, Inc.</name>
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        <name>Roper Technologies, Inc.</name>
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        <name>Salesforce, Inc.</name>
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        <name>Simon Property Group, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Snap-on, Inc.</name>
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        <title>Snap-on, Inc.</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>State Street Corp.</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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        <name>Target Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tenet Healthcare Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tesla, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>3M Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Twilio, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Tyson Foods, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>US Bancorp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Uber Technologies, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Ulta Beauty, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United Parcel Service, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>United Therapeutics Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Valero Energy Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Veeva Systems, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>VICI Properties, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>WP Carey, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Warner Bros Discovery, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Wells Fargo &amp; Co.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Western Digital Corp.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Williams-Sonoma, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Zebra Technologies Corp.</name>
        <lei>PO0I32GKZ3HZMMDPZZ08</lei>
        <title>Zebra Technologies Corp., Class A</title>
        <cusip>989207105</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Zoom Communications, Inc.</name>
        <lei>549300T9GCHU0ODOM055</lei>
        <title>Zoom Communications, Inc., Class A</title>
        <cusip>98980L101</cusip>
        <identifiers>
          <isin value="US98980L1017"/>
        </identifiers>
        <balance>5376.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>516472.32000000</valUSD>
        <pctVal>0.050970329015</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>
      <invstOrSec>
        <name>TFDXX LEX BLACKROCK FED FUND</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BLACKROCK LIQUIDITY FEDFUND OPEN-END FUND USD</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="09248U700"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.009868937219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="100000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DREYFUS TREASURY &amp; AGENCY LEX</name>
        <lei>54930067A504FBYASH16</lei>
        <title>DREYFUS TREASURY OBLIGATIONS CASH MANAGEMENT FUND OPEN-END FUND USD</title>
        <cusip>261908107</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="261908107"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.009868937219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="100000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>S&amp;P 500 E-Mini Index</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Sedol" value="ESU6IDX"/>
          <other otherDesc="Future Ticker" value="ESU6 Index"/>
        </identifiers>
        <balance>8.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>15415.75000000</valUSD>
        <pctVal>0.001521370689</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</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>
              <indexBasketInfo>
                <indexName>S&amp;P 500 E-Mini Index</indexName>
                <indexIdentifier>US78378X1072</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2026-09-18</expDate>
            <notionalAmt>3007700.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>15415.75000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Accenture plc</name>
        <lei>5493000EWHDSR3MZWH98</lei>
        <title>Accenture plc, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00B4BNMY34"/>
        </identifiers>
        <balance>14784.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2452961.28000000</valUSD>
        <pctVal>0.242081208734</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aptiv PLC</name>
        <lei>N/A</lei>
        <title>Aptiv plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="JE00BTDN8H13"/>
        </identifiers>
        <balance>56000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3162320.00000000</valUSD>
        <pctVal>0.312087375469</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICON plc</name>
        <lei>6354008SRQGEMC4XFI67</lei>
        <title>ICON plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE0005711209"/>
        </identifiers>
        <balance>5376.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>879325.44000000</valUSD>
        <pctVal>0.086780075625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="798847.78000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Medtronic plc</name>
        <lei>549300GX3ZBSQWUXY261</lei>
        <title>Medtronic plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BTN1Y115"/>
        </identifiers>
        <balance>5824.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>497311.36000000</valUSD>
        <pctVal>0.049079345902</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royalty Pharma plc</name>
        <lei>549300FGFN7VOK8BZR03</lei>
        <title>Royalty Pharma plc, Class A</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BMVP7Y09"/>
        </identifiers>
        <balance>78848.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4607088.64000000</valUSD>
        <pctVal>0.454670685513</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seagate Technology Holdings plc</name>
        <lei>635400RUXIFEZSRU8X70</lei>
        <title>Seagate Technology Holdings plc</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IE00BKVD2N49"/>
        </identifiers>
        <balance>896.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>767092.48000000</valUSD>
        <pctVal>0.075703875264</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IE</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO GOVT AND AGCY LEX</name>
        <lei>O37NHJVF7S22I1ONOU83</lei>
        <title>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO OPEN-END FUND USD</title>
        <cusip>825252885</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="825252885"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.009868937219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="100000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spotify Technology SA</name>
        <lei>549300B4X0JHWV0DTD60</lei>
        <title>Spotify Technology SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LU1778762911"/>
        </identifiers>
        <balance>6720.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3359596.80000000</valUSD>
        <pctVal>0.331556499009</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Check Point Software Technologies Ltd.</name>
        <lei>2549003ZVBH73EPNS513</lei>
        <title>Check Point Software Technologies Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="IL0010824113"/>
        </identifiers>
        <balance>18368.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2335123.84000000</valUSD>
        <pctVal>0.230451905759</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="897610.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MS GOVT US LEX</name>
        <lei>6N8SC06AK49F0N7KIX52</lei>
        <title>MSILF GOVERNMENT PORTFOLIO OPEN-END FUND USD</title>
        <cusip>61747C707</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="61747C707"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.009868937219</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="100000.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Caribbean Cruises Ltd.</name>
        <lei>K2NEH8QNVW44JIWK7Z55</lei>
        <title>Royal Caribbean Cruises Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="LR0008862868"/>
        </identifiers>
        <balance>4480.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1425984.00000000</valUSD>
        <pctVal>0.140729465715</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LR</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1050168.28000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flex Ltd.</name>
        <lei>549300EAQH74YHD07T53</lei>
        <title>Flex Ltd.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="SG9999000020"/>
        </identifiers>
        <balance>13440.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1528800.00000000</valUSD>
        <pctVal>0.150876312206</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>SG</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <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 US Quality Large Cap Index Fund to Northern Trust US Quality Large Cap 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>
