We investigate the e †ect of stochastic Ñuctuations on a Ñux transport model of the solar cycle based on the Babcock-Leighton mechanism. SpeciÐcally, we make use of our recent Ñux transport model (Dikpati & Charbonneau) to investigate the consequences of introducing large-amplitude stochastic Ñuc-tuations in either or both the meridional Ñow and poloidal source term in the model. Solar cycleÈlike oscillatory behavior persists even for Ñuctuation amplitudes as high as 300%, thus demonstrating the inherent robustness of this class of solar cycle models. We also Ðnd that high-amplitude Ñuctuations lead to a spread of cycle amplitude and duration showing a statistically signiÐcant anticorrelation, comparable to that observed in sunspot data. This is a feature of the solar cycle that is notoriously difficult to reproduce with dynamo models based on mean Ðeld electrodynamics and relying only on nonlinearities associated with the back-reaction of the Lorentz force to produce amplitude modulation. Another noteworthy aspect of our Ñux transport model is the fact that meridional circulation in the convective envelope acts as a "" clock ÏÏ regulating the tempo of the solar cycle ; shorter-than-average cycles are typically soon followed by longer-than-average cycles. In other words, the oscillation exhibits good phase locking, a property that also characterizes the solar activity cycle. This shows up quite clearly in our model, but we argue that it is in fact a generic property of Ñux transport models based on the BabcockLeighton mechanism, and relies on meridional circulation as the primary magnetic Ðeld transport agent.