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        <name>ISHARES TRUST</name>
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        <title>ISHARES 7-10 YEAR TREASUR</title>
        <cusip>464287440</cusip>
        <identifiers>
          <isin value="US4642874402"/>
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        <balance>22000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2475220.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>First Trust Exchange-Traded Fund VII</name>
        <lei>549300ESI5HR7KPXFL47</lei>
        <title>FIRST TRUST GLOBAL TACTIC</title>
        <cusip>33739H101</cusip>
        <identifiers>
          <isin value="US33739H1014"/>
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        <balance>200000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3698000.00000000</valUSD>
        <pctVal>0.908798228898</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Select Sector Spdr</name>
        <lei>5493008JJKIPMEX3CO91</lei>
        <title>FINANCIAL SELECT SECTOR S</title>
        <cusip>81369Y605</cusip>
        <identifiers>
          <isin value="US81369Y6059"/>
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        <balance>50607.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1452420.90000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493001XGU6MOBRXUU78</lei>
        <title>SPDR BBG BARC IG FLOATING</title>
        <cusip>78468R200</cusip>
        <identifiers>
          <isin value="US78468R2004"/>
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        <balance>135000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4153950.00000000</valUSD>
        <pctVal>1.020849757418</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fidelity Covington Trust</name>
        <lei>549300782HVYOIE6CE74</lei>
        <title>FIDELITY TOTAL BOND ETF</title>
        <cusip>316188309</cusip>
        <identifiers>
          <isin value="US3161883091"/>
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        <balance>664963.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>34451733.03000000</valUSD>
        <pctVal>8.466650611183</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES 3-7 YEAR TREASURY</title>
        <cusip>464288661</cusip>
        <identifiers>
          <isin value="US4642886612"/>
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        <balance>17000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2158490.00000000</valUSD>
        <pctVal>0.530457514628</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1879404.16000000"/>
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      <invstOrSec>
        <name>POWERSHARES ETF TRUST DYN LSR &amp; ENT</name>
        <lei>QPT4TMG79RF3UWNU0R52</lei>
        <title>INVESCO S&amp;P 500 EQUAL WEI</title>
        <cusip>46137V332</cusip>
        <identifiers>
          <isin value="US46137V3327"/>
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        <balance>15000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3078900.00000000</valUSD>
        <pctVal>0.756651938062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Money Market</name>
        <lei>25490005VWJDWX717014</lei>
        <title>FEDERATED GOVERNMENT OBL</title>
        <cusip>60934N104</cusip>
        <identifiers>
          <isin value="US60934N1046"/>
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        <balance>8088658.05000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8088658.05000000</valUSD>
        <pctVal>1.987819932398</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>LATTICE STRATEGIES TR</name>
        <lei>549300X74R262ISYFF63</lei>
        <title>HARTFORD MULTIFACTOR DEVE</title>
        <cusip>518416102</cusip>
        <identifiers>
          <isin value="US5184161025"/>
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        <balance>230000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6573400.00000000</valUSD>
        <pctVal>1.615439231434</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="292536.00000000"/>
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      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES EDGE MSCI USA VAL</title>
        <cusip>46432F388</cusip>
        <identifiers>
          <isin value="US46432F3881"/>
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        <balance>385200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32499324.00000000</valUSD>
        <pctVal>7.986838315740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES TIPS BOND ETF</title>
        <cusip>464287176</cusip>
        <identifiers>
          <isin value="US4642871762"/>
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        <balance>12300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1427538.00000000</valUSD>
        <pctVal>0.350823149293</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>POWERSHARES ETF TRUST DYN LSR &amp; ENT</name>
        <lei>QPT4TMG79RF3UWNU0R52</lei>
        <title>INVESCO S&amp;P 500 EQUAL WEI</title>
        <cusip>46137V373</cusip>
        <identifiers>
          <isin value="US46137V3731"/>
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        <balance>65000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>9018750.00000000</valUSD>
        <pctVal>2.216393733607</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="76367.50000000"/>
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      <invstOrSec>
        <name>Salt Funds Trust</name>
        <lei>N/A</lei>
        <title>SALT LOW TRUBETA US MARKE</title>
        <cusip>79590A107</cusip>
        <identifiers>
          <isin value="US79590A1079"/>
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        <balance>6500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>181377.95000000</valUSD>
        <pctVal>0.044574353629</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Vaneck Vectors Etf Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK VECTORS PHARMACEUT</title>
        <cusip>92189F692</cusip>
        <identifiers>
          <isin value="US92189F6925"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5928000.00000000</valUSD>
        <pctVal>1.456829610846</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3536676.00000000"/>
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      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES EXPONENTIAL TECH</title>
        <cusip>46434V381</cusip>
        <identifiers>
          <isin value="US46434V3814"/>
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        <balance>345000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13793100.00000000</valUSD>
        <pctVal>3.389709262039</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES CORE MSCI EMERGIN</title>
        <cusip>46434G103</cusip>
        <identifiers>
          <isin value="US46434G1031"/>
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        <balance>175200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8964984.00000000</valUSD>
        <pctVal>2.203180524961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>DAVIS FUNDAMENTAL ETF TR</name>
        <lei>254900TFED1P6S2E2805</lei>
        <title>DAVIS SELECT INTERNATIONA</title>
        <cusip>23908L405</cusip>
        <identifiers>
          <isin value="US23908L4059"/>
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        <balance>55000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>988625.00000000</valUSD>
        <pctVal>0.242958531380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <loanByFundCondition isLoanByFund="Y" loanVal="217200.00000000"/>
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      <invstOrSec>
        <name>Ssga Active Etf Trust</name>
        <lei>549300MAXSRPQ75ICU67</lei>
        <title>SPDR BLACKSTONE/GSO SEN L</title>
        <cusip>78467V608</cusip>
        <identifiers>
          <isin value="US78467V6083"/>
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        <balance>110000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5045700.00000000</valUSD>
        <pctVal>1.240000871702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Indexiq Etf Tr</name>
        <lei>549300RB5MLWJ1UN5M66</lei>
        <title>IQ MERGER ARBITRAGE ETF</title>
        <cusip>45409B800</cusip>
        <identifiers>
          <isin value="US45409B8000"/>
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        <balance>146874.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4786623.66000000</valUSD>
        <pctVal>1.176331829262</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Schwab Strategic T</name>
        <lei>549300NAZEQOIX80E226</lei>
        <title>SCHWAB US REIT ETF</title>
        <cusip>808524847</cusip>
        <identifiers>
          <isin value="US8085248479"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4768000.00000000</valUSD>
        <pctVal>1.171754990640</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES 1-3 YEAR TREASURY</title>
        <cusip>464287457</cusip>
        <identifiers>
          <isin value="US4642874576"/>
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        <balance>93000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7900350.00000000</valUSD>
        <pctVal>1.941542479091</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI TURKEY ETF</title>
        <cusip>464286715</cusip>
        <identifiers>
          <isin value="US4642867158"/>
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        <balance>45000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1113300.00000000</valUSD>
        <pctVal>0.273597909203</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>John Hancock Exchange-Traded Fund Trust</name>
        <lei>5493009IOCA1ISM4Y592</lei>
        <title>JOHN HANCOCK MULTI FACT F</title>
        <cusip>47804J404</cusip>
        <identifiers>
          <isin value="US47804J4040"/>
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        <balance>60000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2337870.00000000</valUSD>
        <pctVal>0.574540864087</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flexshares Trust</name>
        <lei>5493007FU2RQX77I4604</lei>
        <title>FLEXSHARES GLOBAL UPSTREA</title>
        <cusip>33939L407</cusip>
        <identifiers>
          <isin value="US33939L4077"/>
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        <balance>470000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14753300.00000000</valUSD>
        <pctVal>3.625682236455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schwab Strategic T</name>
        <lei>549300NAZEQOIX80E226</lei>
        <title>SCHWAB FUNDAMENTAL EM L/C</title>
        <cusip>808524730</cusip>
        <identifiers>
          <isin value="US8085247307"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>861000.00000000</valUSD>
        <pctVal>0.211594179308</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVESCO EMERGING MARKETS</title>
        <cusip>46138E784</cusip>
        <identifiers>
          <isin value="US46138E7849"/>
        </identifiers>
        <balance>206429.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6015341.06000000</valUSD>
        <pctVal>1.478294024215</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pimco Etf Tr</name>
        <lei>N/A</lei>
        <title>PIMCO ENHANCED SHORT MATU</title>
        <cusip>72201R833</cusip>
        <identifiers>
          <isin value="US72201R8337"/>
        </identifiers>
        <balance>204257.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20787234.89000000</valUSD>
        <pctVal>5.108545768451</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVESCO FTSE RAFI EMERGIN</title>
        <cusip>46138E727</cusip>
        <identifiers>
          <isin value="US46138E7278"/>
        </identifiers>
        <balance>772800.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16174704.00000000</valUSD>
        <pctVal>3.974997930817</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1564992.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>549300J84F1VGX03MG06</lei>
        <title>INVESCO OPTIMUM YIELD DIV</title>
        <cusip>46090F100</cusip>
        <identifiers>
          <isin value="US46090F1003"/>
        </identifiers>
        <balance>1015000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16138500.00000000</valUSD>
        <pctVal>3.966100653618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES GLOBAL CLEAN ENER</title>
        <cusip>464288224</cusip>
        <identifiers>
          <isin value="US4642882249"/>
        </identifiers>
        <balance>270000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2878200.00000000</valUSD>
        <pctVal>0.707329113687</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="28782.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR S&amp;P HOMEBUILDERS ETF</title>
        <cusip>78464A888</cusip>
        <identifiers>
          <isin value="US78464A8889"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3642400.00000000</valUSD>
        <pctVal>0.895134307447</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="3588260.04000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Intl Equi</name>
        <lei>549300UR5XWDVDO7NP96</lei>
        <title>VANGUARD FTSE EUROPE ETF</title>
        <cusip>922042874</cusip>
        <identifiers>
          <isin value="US9220428745"/>
        </identifiers>
        <balance>211500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11774205.00000000</valUSD>
        <pctVal>2.893557774659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="552816.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pimco Etf Tr</name>
        <lei>N/A</lei>
        <title>PIMCO ACTIVE BOND EXCHANG</title>
        <cusip>72201R775</cusip>
        <identifiers>
          <isin value="US72201R7750"/>
        </identifiers>
        <balance>117500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12760500.00000000</valUSD>
        <pctVal>3.135943699259</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="962713.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Index Shs Fds</name>
        <lei>5493001XGU6MOBRXUU78</lei>
        <title>SPDR SOLACTIVE CANADA ETF</title>
        <cusip>78463X376</cusip>
        <identifiers>
          <isin value="US78463X3769"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4505490.00000000</valUSD>
        <pctVal>1.107242112580</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="144520.80000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Etf Trust</name>
        <lei>5493001E1K1DVWDV2464</lei>
        <title>JPM DIVERSIFIED ALTERNATI</title>
        <cusip>46641Q803</cusip>
        <identifiers>
          <isin value="US46641Q8033"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3742500.00000000</valUSD>
        <pctVal>0.919734281139</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="115460.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Schwab Strategic T</name>
        <lei>549300NAZEQOIX80E226</lei>
        <title>SCHWAB FUNDAMENTAL SMALL</title>
        <cusip>808524763</cusip>
        <identifiers>
          <isin value="US8085247638"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3840000.00000000</valUSD>
        <pctVal>0.943695294475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="50336.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DREYFUS GOVERNMENT CASH MANAGEMENT</name>
        <lei>N/A</lei>
        <title>DREYFUS GOV'T CASH MGMT -INSTITUTIONAL CUSIP 262006208 DGCXX (#289)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1174996.37000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MILESTONE TREASURY OBLIG-INS</name>
        <lei>N/A</lei>
        <title>MILESTONE TREASURY OBLIG-INS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="40146900.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2019-11-28</ncom:dateSigned>
      <ncom:nameOfApplicant>AdvisorOne Funds</ncom:nameOfApplicant>
      <ncom:signature>Brian Curley</ncom:signature>
      <ncom:signerName>Brian Curley</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
