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      <invstOrSec>
        <name>Alphabet, Inc.</name>
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      <invstOrSec>
        <name>Alphabet, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Altria Group, Inc.</name>
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        <name>Ameriprise Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APA Corp.</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp.</title>
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          <isin value="US03743Q1085"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Apple, Inc.</name>
        <lei>HWUPKR0MPOU8FGXBT394</lei>
        <title>Apple, Inc.</title>
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          <isin value="US0378331005"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Automatic Data Processing, Inc.</name>
        <lei>HGBOLILQXWER4SAL2I23</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>AvalonBay Communities, Inc.</name>
        <lei>K9G90K85RBWD2LAGQX17</lei>
        <title>AvalonBay Communities, Inc.</title>
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          <isin value="US0534841012"/>
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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>Bank of America Corp.</name>
        <lei>9DJT3UXIJIZJI4WXO774</lei>
        <title>Bank of America Corp.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Bath &amp; Body Works, Inc.</name>
        <lei>GR3KVMWVCR54YWQNXU90</lei>
        <title>Bath &amp; Body Works, Inc.</title>
        <cusip>070830104</cusip>
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          <isin value="US0708301041"/>
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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>Best Buy Co., Inc.</name>
        <lei>HL5XPTVRV0O8TUN5LL90</lei>
        <title>Best Buy Co., Inc.</title>
        <cusip>086516101</cusip>
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        <payoffProfile>Long</payoffProfile>
        <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>H&amp;R Block, Inc.</name>
        <lei>549300CE3KUCWLZBG404</lei>
        <title>H&amp;R Block, Inc.</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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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>Booz Allen Hamilton Holding Corp.</name>
        <lei>529900JPV47PIUWMA015</lei>
        <title>Booz Allen Hamilton Holding Corp.</title>
        <cusip>099502106</cusip>
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        <assetCat>EC</assetCat>
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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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        <payoffProfile>Long</payoffProfile>
        <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>
        <lei>5299007UXW6Y0W2EGZ95</lei>
        <title>Brixmor Property Group, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Broadridge Financial Solutions, Inc.</name>
        <lei>549300KZDJZQ2YIHRC28</lei>
        <title>Broadridge Financial Solutions, Inc.</title>
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        <name>Broadcom, Inc.</name>
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        <title>Broadcom, Inc.</title>
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        <name>Cal-Maine Foods, Inc.</name>
        <lei>549300NHE5WMIEIEMF53</lei>
        <title>Cal-Maine Foods, Inc.</title>
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        <invCountry>US</invCountry>
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        <name>California Resources Corp.</name>
        <lei>5493003Q8F0T4F4YMR48</lei>
        <title>California Resources Corp.</title>
        <cusip>13057Q305</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <name>Camden Property Trust</name>
        <lei>5493002MYX22OHYJBD89</lei>
        <title>Camden Property Trust</title>
        <cusip>133131102</cusip>
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        <name>Caterpillar, Inc.</name>
        <lei>WRJR7GS4GTRECRRTVX92</lei>
        <title>Caterpillar, Inc.</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Cisco Systems, Inc.</name>
        <lei>549300LKFJ962MZ46593</lei>
        <title>Cisco Systems, Inc.</title>
        <cusip>17275R102</cusip>
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        <balance>609840.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>55800360.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Cintas Corp.</name>
        <lei>N/A</lei>
        <title>Cintas Corp.</title>
        <cusip>172908105</cusip>
        <identifiers>
          <isin value="US1729081059"/>
        </identifiers>
        <balance>31680.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5534812.80000000</valUSD>
        <pctVal>0.260257646162</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>Clear Secure, Inc.</name>
        <lei>N/A</lei>
        <title>Clear Secure, Inc., Class A</title>
        <cusip>18467V109</cusip>
        <identifiers>
          <isin value="US18467V1098"/>
        </identifiers>
        <balance>271260.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14482571.40000000</valUSD>
        <pctVal>0.680998631596</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>Clorox Co. (The)</name>
        <lei>54930044KVSC06Z79I06</lei>
        <title>Clorox Co. (The)</title>
        <cusip>189054109</cusip>
        <identifiers>
          <isin value="US1890541097"/>
        </identifiers>
        <balance>77220.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7447096.80000000</valUSD>
        <pctVal>0.350176953394</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>Coca-Cola Co. (The)</name>
        <lei>UWJKFUJFZ02DKWI3RY53</lei>
        <title>Coca-Cola Co. (The)</title>
        <cusip>191216100</cusip>
        <identifiers>
          <isin value="US1912161007"/>
        </identifiers>
        <balance>3960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>311889.60000000</valUSD>
        <pctVal>0.014665654664</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>Colgate-Palmolive Co.</name>
        <lei>YMEGZFW4SBUSS5BQXF88</lei>
        <title>Colgate-Palmolive Co.</title>
        <cusip>194162103</cusip>
        <identifiers>
          <isin value="US1941621039"/>
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        <balance>27720.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2366179.20000000</valUSD>
        <pctVal>0.111262340975</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>Comcast Corp.</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corp., Class A</title>
        <cusip>20030N101</cusip>
        <identifiers>
          <isin value="US20030N1019"/>
        </identifiers>
        <balance>53460.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1445558.40000000</valUSD>
        <pctVal>0.067972963164</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>Corebridge Financial, Inc.</name>
        <lei>549300XY1661QCIA7J65</lei>
        <title>Corebridge Financial, Inc.</title>
        <cusip>21871X109</cusip>
        <identifiers>
          <isin value="US21871X1090"/>
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        <balance>330660.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9106376.40000000</valUSD>
        <pctVal>0.428199502417</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="7653800.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Costco Wholesale Corp.</name>
        <lei>29DX7H14B9S6O3FD6V18</lei>
        <title>Costco Wholesale Corp.</title>
        <cusip>22160K105</cusip>
        <identifiers>
          <isin value="US22160K1051"/>
        </identifiers>
        <balance>3960.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4017538.80000000</valUSD>
        <pctVal>0.188912476218</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>Cullen/Frost Bankers, Inc.</name>
        <lei>529900V2E9G9AY665O34</lei>
        <title>Cullen/Frost Bankers, Inc.</title>
        <cusip>229899109</cusip>
        <identifiers>
          <isin value="US2298991090"/>
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        <balance>73260.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10617571.80000000</valUSD>
        <pctVal>0.499258844785</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>THE BANK OF NOVA SCOTIA, TORONTO</name>
        <lei>L3I9ZG2KFGXZ61BMYR72</lei>
        <title>Other Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="240916215"/>
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        <balance>40000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>40000000.00000000</valUSD>
        <pctVal>1.880877677832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="L3I9ZG2KFGXZ61BMYR72" name="THE BANK OF NOVA SCOTIA, TORONTO"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.77000000</repurchaseRt>
          <maturityDt>2026-05-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>353089.80970000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>44502059.39920000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="40000000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOFA SECURITIES, INC</name>
        <lei>549300HN4UKV1E2R3U73</lei>
        <title>Other Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="240925060"/>
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        <balance>8000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8000000.00000000</valUSD>
        <pctVal>0.376175535566</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300HN4UKV1E2R3U73" name="BOFA SECURITIES, INC"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.09000000</repurchaseRt>
          <maturityDt>2026-07-31</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2419.62670000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>396407.43680000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
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            <repurchaseCollateral>
              <principalAmt>8021551.97440000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>7792422.30450000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>UST</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="8000000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dillard's, Inc.</name>
        <lei>529900FGYKMWL6019P91</lei>
        <title>Dillard's, Inc., Class A</title>
        <cusip>254067101</cusip>
        <identifiers>
          <isin value="US2540671011"/>
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        <balance>15751.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8965784.22000000</valUSD>
        <pctVal>0.421588585091</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5401026.72000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>Domino's Pizza, Inc.</name>
        <lei>25490005ZWM1IF9UXU57</lei>
        <title>Domino's Pizza, Inc.</title>
        <cusip>25754A201</cusip>
        <identifiers>
          <isin value="US25754A2015"/>
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        <balance>6930.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2352180.60000000</valUSD>
        <pctVal>0.110604099619</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="2074279.02000000"/>
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      </invstOrSec>
      <invstOrSec>
        <name>TD SECURITIES (USA) LLC</name>
        <lei>SUVUFHICNZMP2WKHG940</lei>
        <title>Other Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="260105046"/>
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        <balance>2000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2000000.00000000</valUSD>
        <pctVal>0.094043883891</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="SUVUFHICNZMP2WKHG940" name="TD SECURITIES (USA) LLC"/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2026-06-04</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>17179.54860000</principalAmt>
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              <collateralVal>2200240.81930000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
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          </repurchaseCollaterals>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000000.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NATIONAL BK OF CANADA FINANCIAL INC</name>
        <lei>549300K66TF1ST7A3V76</lei>
        <title>Other Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="260401051"/>
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        <balance>49915000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>49915000.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300K66TF1ST7A3V76" name="NATIONAL BK OF CANADA FINANCIAL INC"/>
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          <isTriParty>Y</isTriParty>
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          <maturityDt>2026-05-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>1263147.13580000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>55636338.36010000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>EQT</invstCat>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="49915000.00000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>CF SECURED LLC</name>
        <lei>254900OXTV81I73FAT50</lei>
        <title>Treasury Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="260430023"/>
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        <balance>22952975.70000000</balance>
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        <curCd>USD</curCd>
        <valUSD>22952975.70000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
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            <repurchaseCollateral>
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              <invstCat>UST</invstCat>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="22952975.70000000" isCashCollateral="Y"/>
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      <invstOrSec>
        <name>CITIGROUP GLOBAL MARKETS INC</name>
        <lei>MBNUM2BPBDO7JBLYG310</lei>
        <title>Treasury Repurchase Agreement</title>
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          <other otherDesc="Custodian Internal ID" value="260430026"/>
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        <balance>5000000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
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              <counterpartyInfo lei="MBNUM2BPBDO7JBLYG310" name="CITIGROUP GLOBAL MARKETS INC"/>
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          <isTriParty>Y</isTriParty>
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              <invstCat>UST</invstCat>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>METROPOLITAN LIFE INSURANCE COMPANY</name>
        <lei>549300H7EXFMRS487544</lei>
        <title>Treasury Repurchase Agreement</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="260430035"/>
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        <balance>37000000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>37000000.00000000</valUSD>
        <pctVal>1.739811851994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="549300H7EXFMRS487544" name="METROPOLITAN LIFE INSURANCE COMPANY"/>
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          <isTriParty>Y</isTriParty>
          <repurchaseRt>3.64000000</repurchaseRt>
          <maturityDt>2026-05-01</maturityDt>
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            <repurchaseCollateral>
              <principalAmt>97122804.66660000</principalAmt>
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      <invstOrSec>
        <name>EOG Resources, Inc.</name>
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        <name>EPR Properties</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <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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        <name>Edison International</name>
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        <name>Electronic Arts, Inc.</name>
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        <name>Equity Residential</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Essex Property Trust, Inc.</name>
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        <name>Evergy, Inc.</name>
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        <name>Expedia Group, Inc.</name>
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        <name>Exxon Mobil Corp.</name>
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        <name>Fastenal Co.</name>
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        <name>Federal Realty Investment Trust</name>
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        <name>Fidelity National Information Services, Inc.</name>
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        <name>Franklin Resources, Inc.</name>
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        <name>GE Vernova, Inc.</name>
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        <name>GE Aerospace</name>
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        <name>Gilead Sciences, Inc.</name>
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        <name>Hasbro, Inc.</name>
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        <name>Home Depot, Inc. (The)</name>
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        <name>Host Hotels &amp; Resorts, Inc.</name>
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        <name>Illinois Tool Works, Inc.</name>
        <lei>76NA4I14SZCFAYMNSV04</lei>
        <title>Illinois Tool Works, Inc.</title>
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        <name>Installed Building Products, Inc.</name>
        <lei>549300I95Y9P9YM5FI86</lei>
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        <name>Intuit, Inc.</name>
        <lei>VI90HBPH7XSFMB9E4M29</lei>
        <title>Intuit, Inc.</title>
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      <invstOrSec>
        <name>JPMorgan Chase &amp; Co.</name>
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      <invstOrSec>
        <name>Jackson Financial, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Johnson &amp; Johnson</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KLA Corp.</name>
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      <invstOrSec>
        <name>Kemper Corp.</name>
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      <invstOrSec>
        <name>Lam Research Corp.</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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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Magnolia Oil &amp; Gas Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mastercard, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Match Group, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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        <name>MetLife, Inc.</name>
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        <assetCat>EC</assetCat>
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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>NRG Energy, Inc.</name>
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        <name>NetApp, Inc.</name>
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        <name>New York Times Co. (The)</name>
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        <name>Nexstar Media Group, Inc.</name>
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        <name>NVIDIA Corp.</name>
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        <title>NVIDIA Corp.</title>
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        <name>Old Republic International Corp.</name>
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        <title>Old Republic International Corp.</title>
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        <name>Omnicom Group, Inc.</name>
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        <title>Omnicom Group, Inc.</title>
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        <name>OneMain Holdings, Inc.</name>
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        <name>PayPal Holdings, Inc.</name>
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        <name>Pegasystems, Inc.</name>
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        <name>Pfizer, Inc.</name>
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        <name>Philip Morris International, Inc.</name>
        <lei>HL3H1H2BGXWVG3BSWR90</lei>
        <title>Philip Morris International, Inc.</title>
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        <name>T. Rowe Price Group, Inc.</name>
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        <name>Principal Financial Group, Inc.</name>
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        <name>Procter &amp; Gamble Co. (The)</name>
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        <name>Prosperity Bancshares, Inc.</name>
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        <name>Prudential Financial, Inc.</name>
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        <name>Public Storage</name>
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        <name>QUALCOMM, Inc.</name>
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        <name>Rayonier, Inc.</name>
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        <name>Regency Centers Corp.</name>
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        <name>ResMed, Inc.</name>
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        <name>SLB Ltd.</name>
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        <name>Scotts Miracle-Gro Co. (The)</name>
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        <name>AO Smith Corp.</name>
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        <name>Snap-on, Inc.</name>
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        <name>Starwood Property Trust, Inc.</name>
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        <name>Synchrony Financial</name>
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        <name>TJX Cos., Inc. (The)</name>
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        <name>Truist Financial Corp.</name>
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        <name>UGI Corp.</name>
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        <name>US Bancorp</name>
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        <name>Union Pacific Corp.</name>
        <lei>549300LMMRSZZCZ8CL11</lei>
        <title>Union Pacific Corp.</title>
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        <name>Vail Resorts, Inc.</name>
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        <name>Visa, Inc.</name>
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        <name>Vistra Corp.</name>
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        <name>Williams-Sonoma, Inc.</name>
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        <name>Zoetis, Inc.</name>
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        <name>BANK OF MONTREAL CHICAGO</name>
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        <name>BANK OF MONTREAL CHICAGO</name>
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        <name>BANK OF MONTREAL CHICAGO</name>
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        <name>BANK OF NOVA SCOTIA HOUSTON</name>
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        <name>N/A</name>
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        <title>S&amp;P 500 E-Mini Index</title>
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        <name>N/A</name>
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      <invstOrSec>
        <name>Amdocs Ltd.</name>
        <lei>549300HQV672RJ7RQV66</lei>
        <title>Amdocs Ltd.</title>
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        <name>Accenture plc</name>
        <lei>5493000EWHDSR3MZWH98</lei>
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        <name>Weatherford International plc</name>
        <lei>529900LPBDSCQDJKHQ39</lei>
        <title>Weatherford International plc</title>
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        <name>Invesco Ltd.</name>
        <lei>ECPGFXU8A2SHKVVGJI15</lei>
        <title>Invesco Ltd.</title>
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        <name>Trane Technologies plc</name>
        <lei>549300BURLR9SLYY2705</lei>
        <title>Trane Technologies plc</title>
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        <name>Willis Towers Watson plc</name>
        <lei>549300WHC56FF48KL350</lei>
        <title>Willis Towers Watson plc</title>
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        <invCountry>IE</invCountry>

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        <name>KBC, NEW YORK</name>
        <lei>6B2PBRV1FCJDMR45RZ53</lei>
        <title>KBC BANK NV CERTIFICATE OF DEPOSIT FIXED 3.99% 22/JUN/2026 USD 1</title>
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        <invCountry>BE</invCountry>
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      <invstOrSec>
        <name>MIZUHO BANK LIMITED NEW YORK</name>
        <lei>RB0PEZSDGCO3JS6CEU02</lei>
        <title>MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 11/MAY/2026 USD 1000</title>
        <cusip>60701A2C6</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="60701A2C6"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000010.00000000</valUSD>
        <pctVal>0.047022412165</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-11</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.88000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1000010.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>MIZUHO BANK LIMITED NEW YORK</name>
        <lei>RB0PEZSDGCO3JS6CEU02</lei>
        <title>MIZUHO BANK LTD/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 27/MAY/2026 USD 1000</title>
        <cusip>60701A2G7</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="60701A2G7"/>
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        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000037.00000000</valUSD>
        <pctVal>0.047023681757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-27</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.89000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <cashCollateralCondition cashCollateralVal="1000037.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NORDEA BANK ABP, NEW YORK BRANCH</name>
        <lei>529900ODI3047E2LIV03</lei>
        <title>NORDEA BANK ABP/NEW YORK NY CERTIFICATE OF DEPOSIT VARIABLE 24/SEP/2026 USD 1000</title>
        <cusip>65558WUD8</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="65558WUD8"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000484.00000000</valUSD>
        <pctVal>0.094066642511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FI</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-24</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.94000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000484.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO MITSUI BANKING CORP NY</name>
        <lei>549300MS3WYYVQ4HXM15</lei>
        <title>SUMITOMO MITSUI BANKING CORP/NEW YORK CERTIFICATE OF DEPOSIT VARIABLE 23/JUL/2026 USD 1000</title>
        <cusip>86565GXQ8</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="86565GXQ8"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>999974.00000000</valUSD>
        <pctVal>0.047020719375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-23</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.84000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="999974.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMITOMO MITSUI TRUST BANK LTD, LDN</name>
        <lei>5493006GGLR4BTEL8O61</lei>
        <title>SUMITOMO MITSUI TRUST BANK LTD/LONDON CERTIFICATE OF DEPOSIT FIXED 4% 24/JUN/2026 USD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="XS3328624054"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1000340.00000000</valUSD>
        <pctVal>0.047037929406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-24</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1000340.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORONTO DOMINION NY</name>
        <lei>N/A</lei>
        <title>TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 08/MAY/2026 USD 1000</title>
        <cusip>89115DCC8</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="89115DCC8"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000082.00000000</valUSD>
        <pctVal>0.094047739690</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-05-08</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000082.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TORONTO DOMINION NY</name>
        <lei>N/A</lei>
        <title>TORONTO-DOMINION BANK/NY CERTIFICATE OF DEPOSIT VARIABLE 09/OCT/2026 USD 1000</title>
        <cusip>89115DXV3</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="89115DXV3"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000584.00000000</valUSD>
        <pctVal>0.094071344705</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-09</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.95000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000584.00000000" isCashCollateral="Y"/>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WESTPAC BKG CORP, NEW YORK</name>
        <lei>EN5TNI6CI43VEPAMHL14</lei>
        <title>WESTPAC BANKING CORP COMMERCIAL PAPER VARIABLE 15/OCT/2026 USD</title>
        <cusip>9612CABL0</cusip>
        <identifiers>
          <other otherDesc="Custodian Internal ID" value="9612CABL0"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2000270.00000000</valUSD>
        <pctVal>0.094056579815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AU</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>3.93000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2000270.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-01</ncom:dateSigned>
      <ncom:nameOfApplicant>FlexShares Trust</ncom:nameOfApplicant>
      <ncom:signature>Randal Rein</ncom:signature>
      <ncom:signerName>Randal Rein</ncom:signerName>
      <ncom:title>Treasurer and PFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
