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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>
      <invstOrSec>
        <name>SPDR SERIES TRUST</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SS SPDR NUV I HY</title>
        <cusip>78464A284</cusip>
        <identifiers>
          <isin value="US78464A2841"/>
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        <balance>64600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1643424.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIRST EAGLE FUNDS</name>
        <lei>549300FE2F4XF7FZN136</lei>
        <title>FIRST EAGLE HIGH YIELD-I</title>
        <cusip>32008F713</cusip>
        <identifiers>
          <isin value="US32008F7134"/>
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        <balance>587.81600000</balance>
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        <curCd>USD</curCd>
        <valUSD>4790.70000000</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>
      <invstOrSec>
        <name>NUVEEN INVESTMENT TRUST III</name>
        <lei>549300KN1Y12IJRVCT53</lei>
        <title>NUVEEN SYMPHONY FLOATING-</title>
        <cusip>67066D689</cusip>
        <identifiers>
          <isin value="US67066D6893"/>
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        <balance>129080.95400000</balance>
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        <curCd>USD</curCd>
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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>
      <invstOrSec>
        <name>ASHMORE FUNDS</name>
        <lei>N/A</lei>
        <title>ASHM-E/M CRP-INS</title>
        <cusip>044820504</cusip>
        <identifiers>
          <isin value="US0448205049"/>
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        <balance>737.40600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4144.22000000</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>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES INTERNAT</title>
        <cusip>464288448</cusip>
        <identifiers>
          <isin value="US4642884484"/>
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        <balance>24200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1002606.00000000</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>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>JPMORGAN TRUST I</name>
        <lei>549300DM5WZMCZZ70R78</lei>
        <title>JPM IMCOME-I</title>
        <cusip>46637K224</cusip>
        <identifiers>
          <isin value="US46637K2244"/>
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        <balance>679682.80300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5770507.00000000</valUSD>
        <pctVal>3.594615582707</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>CAPITOL SERIES TRUST</name>
        <lei>549300MZI5K7U8BD2Q02</lei>
        <title>FLLTH-S/C GR-INS</title>
        <cusip>14064D782</cusip>
        <identifiers>
          <isin value="US14064D7820"/>
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        <balance>18161.83830000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1399732.88000000</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>ISHARES INC</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI EAF</title>
        <cusip>464288273</cusip>
        <identifiers>
          <isin value="US4642882736"/>
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        <balance>11700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>962559.00000000</valUSD>
        <pctVal>0.599605819848</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="952933.41000000"/>
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      <invstOrSec>
        <name>PIMCO FOREIGN BOND FUND (US DOLLAR-HEDGED)</name>
        <lei>549300NKY72DZUNDF872</lei>
        <title>PIMCO-IN B $-INS</title>
        <cusip>693390882</cusip>
        <identifiers>
          <isin value="US6933908823"/>
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        <balance>847.19500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8327.93000000</valUSD>
        <pctVal>0.005187708281</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 CMBS ETF</title>
        <cusip>46429B366</cusip>
        <identifiers>
          <isin value="US46429B3666"/>
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        <balance>20586.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1001508.90000000</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>PIMCO LONG-TERM CREDIT FUND</name>
        <lei>ZCHOOW8186RO45QGKP62</lei>
        <title>PIMCO-L/T CR-INS</title>
        <cusip>72201P647</cusip>
        <identifiers>
          <isin value="US72201P6473"/>
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        <balance>259855.58800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2281532.06000000</valUSD>
        <pctVal>1.421232258330</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>AMERICAN CENTURY INVEST</name>
        <lei>N/A</lei>
        <title>AVANTIS US S/C</title>
        <cusip>025072877</cusip>
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          <isin value="US0250728773"/>
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        <balance>17300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2158348.00000000</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>
        <name>FIRST AMERICAN FUNDS INC</name>
        <lei>549300J5J5SJCZ9IA369</lei>
        <title>FRST AM-GV OB-U</title>
        <cusip>31846V211</cusip>
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          <isin value="US31846V2117"/>
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        <balance>350160.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>350160.53000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>BLACKROCK FUNDS V</name>
        <lei>54930077DSFQPJDWM487</lei>
        <title>BLKR-STR INC-INS</title>
        <cusip>09260B382</cusip>
        <identifiers>
          <isin value="US09260B3823"/>
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        <balance>327552.15970000</balance>
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        <curCd>USD</curCd>
        <valUSD>3196909.08000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VANGUARD BOND INDEX FUNDS</name>
        <lei>549300INE5BF80OGAZ51</lei>
        <title>VANGUARD LONG-TE</title>
        <cusip>921937793</cusip>
        <identifiers>
          <isin value="US9219377937"/>
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        <balance>8100.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>558333.00000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>AMERICAN CENTURY INVESTMENT TRUST</name>
        <lei>549300RGSU9J1L1HFF90</lei>
        <title>AC-HI INC-Y</title>
        <cusip>024932154</cusip>
        <identifiers>
          <isin value="US0249321540"/>
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        <balance>120.35800000</balance>
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        <curCd>USD</curCd>
        <valUSD>1042.30000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FRANKLIN TEMPLETON ETF TRUST</name>
        <lei>549300UHXVPT5S43XV04</lei>
        <title>FRANKLIN DYNAMIC</title>
        <cusip>35473P868</cusip>
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          <isin value="US35473P8683"/>
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        <balance>48200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1213194.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PIMCO ETF TRUST</name>
        <lei>5493004M9TBGFQUJ6D27</lei>
        <title>PIMCO MULTISECT</title>
        <cusip>72201R585</cusip>
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          <isin value="US72201R5853"/>
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        <balance>299600.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7945392.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>PRINCIPAL FUNDS INC</name>
        <lei>549300HZGBXSW6DSXF23</lei>
        <title>PRIN-PR &amp; CA-INS</title>
        <cusip>74253Q416</cusip>
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          <isin value="US74253Q4165"/>
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        <balance>614503.38300000</balance>
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        <curCd>USD</curCd>
        <valUSD>5696446.36000000</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>
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      <invstOrSec>
        <name>TCW FUNDS INC</name>
        <lei>54930078E2I2DS4UJ217</lei>
        <title>TCW SECURITIZED</title>
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        <balance>1.22500000</balance>
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        <curCd>USD</curCd>
        <valUSD>9.43000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NUVEEN MUNICIPAL TRUST</name>
        <lei>549300D2RECSQKX7NC33</lei>
        <title>NVN-H/Y MUN-I</title>
        <cusip>67065Q772</cusip>
        <identifiers>
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        <balance>250.56900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3638.26000000</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>
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          <isLoanByFund>N</isLoanByFund>
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        <name>WISDOMTREE TRUST</name>
        <lei>549300SEVJBU47TE8855</lei>
        <title>WISDOMTREE JPN H</title>
        <cusip>97717W851</cusip>
        <identifiers>
          <isin value="US97717W8516"/>
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        <balance>6500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1127880.00000000</valUSD>
        <pctVal>0.702589048661</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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          <isLoanByFund>N</isLoanByFund>
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        <name>Nuveen Investments Trust V</name>
        <lei>5493005YOHPRCB8M2Y83</lei>
        <title>NVN-PREF SEC-I</title>
        <cusip>670700400</cusip>
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        <balance>126.18100000</balance>
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        <curCd>USD</curCd>
        <valUSD>2030.25000000</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>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>VANGUARD SCOTTSDALE FUNDS</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD LONG-TE</title>
        <cusip>92206C813</cusip>
        <identifiers>
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        <balance>33100.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2490775.00000000</valUSD>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TCW FUNDS INC</name>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TCW FUNDS INC</name>
        <lei>54930078E2I2DS4UJ217</lei>
        <title>TCW EMERGING MAR</title>
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        <balance>163309.08400000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>SELECT SECTOR SPDR TRUST (THE)</name>
        <lei>5493008JJKIPMEX3CO91</lei>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SPDR SERIES TRUST</name>
        <lei>5493004JVD6CQEEJSS37</lei>
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          <isin value="US78468R6062"/>
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        <balance>206700.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PIMCO FUNDS PACIFIC INVESTMENT MANAGEMENT SERIES</name>
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        <cusip>722005220</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES CONVT BD</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TCW METROPOLITAN WEST FUNDS</name>
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        <title>MW-T/R BND-I</title>
        <cusip>592905509</cusip>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FIRST TRUST EXCHANGE-TRADED FUND</name>
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        <title>FIRST TRUST US E</title>
        <cusip>336920103</cusip>
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          <isin value="US3369201039"/>
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        <balance>5600.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BLACKROCK MUNICIPAL BOND TRUST</name>
        <lei>N13FNQG6SVW6WDIWRJ75</lei>
        <title>BLRK-STR MUN-I</title>
        <cusip>09253E609</cusip>
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        <balance>177.08900000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>TWO ROADS SHARED TRUST</name>
        <lei>549300REHU8QC2CK4V30</lei>
        <title>HLBRK-STR IN-I</title>
        <cusip>90214Q626</cusip>
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          <isin value="US90214Q6263"/>
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        <balance>259310.57800000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>INVESCO EXCHANGE-TRADED FUND TRUST II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVES NASDAQ 100</title>
        <cusip>46138G649</cusip>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TIAA-CREF FUNDS</name>
        <lei>549300L8R42TEBN5NG46</lei>
        <title>NUVEEN BOND INDE</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DODGE &amp; COX FUNDS</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ISHARES INC</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI CAN</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>PIMCO DIVERSIFIED INCOME FUND</name>
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        <name>SPDR SERIES TRUST</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>STATE STREET SPD</title>
        <cusip>78464A854</cusip>
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        <name>ULTIMUS MANAGERS TRUST</name>
        <lei>549300FU214TAR7BFY91</lei>
        <title>WSTWD-RL EST-INS</title>
        <cusip>90386K779</cusip>
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        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES JP MORGA</title>
        <cusip>464288281</cusip>
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        <name>BLACKROCK FUNDS V</name>
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        <title>BLKR-HI YLD-INS</title>
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        <name>NUVEEN MUNICIPAL TRUST</name>
        <lei>549300D2RECSQKX7NC33</lei>
        <title>NVN-SH DUR HY-I</title>
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        <name>VANGUARD INTERNATIONAL EQUITY INDEX FUNDS</name>
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        <title>VANGUARD FTSE EM</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>DOUBLELINE FUNDS TRUST</name>
        <lei>549300MUFFXFRMY0RH66</lei>
        <title>DBL-LW DR EM-I</title>
        <cusip>258620772</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>ADVISORS' INNER CIRCLE FUND II (THE)</name>
        <lei>549300OEHDTB2ALCAX69</lei>
        <title>KOPER-GL A/C-INS</title>
        <cusip>00766Y299</cusip>
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        </identifiers>
        <balance>1.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15.56000000</valUSD>
        <pctVal>0.000009692773</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>NUVEEN INVESTMENT FUNDS INC</name>
        <lei>549300L93TESPETT4366</lei>
        <title>NVN-STR INC-I</title>
        <cusip>670678390</cusip>
        <identifiers>
          <isin value="US6706783908"/>
        </identifiers>
        <balance>193.58700000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1920.38000000</valUSD>
        <pctVal>0.001196260202</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>N/A</name>
        <lei>N/A</lei>
        <title>FIRST AM GOVT OB FD CL X</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="24021414.00000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VANGUARD INDEX FUNDS</name>
        <lei>549300G6KNDK44WUN559</lei>
        <title>VANGUARD S/C G E</title>
        <cusip>922908595</cusip>
        <identifiers>
          <isin value="US9229085959"/>
        </identifiers>
        <balance>5700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2084490.00000000</valUSD>
        <pctVal>1.298489064478</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="2063645.10000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES CORE S&amp;P</title>
        <cusip>464287804</cusip>
        <identifiers>
          <isin value="US4642878049"/>
        </identifiers>
        <balance>3700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>548747.00000000</valUSD>
        <pctVal>0.341830365540</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 BROAD US</title>
        <cusip>46435U853</cusip>
        <identifiers>
          <isin value="US46435U8532"/>
        </identifiers>
        <balance>161700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5986134.00000000</valUSD>
        <pctVal>3.728935872805</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>VANGUARD INDEX FUNDS</name>
        <lei>549300G6KNDK44WUN559</lei>
        <title>VANGUARD VAL ETF</title>
        <cusip>922908744</cusip>
        <identifiers>
          <isin value="US9229087443"/>
        </identifiers>
        <balance>3600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>784548.00000000</valUSD>
        <pctVal>0.488717623283</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>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Lights Fund Trust</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
