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        <lei>5493004JVD6CQEEJSS37</lei>
        <title>Spdr Bloomberg Barclays Convertible Securities Etf</title>
        <cusip>78464A359</cusip>
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          <isin value="US78464A3591"/>
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        <balance>34552.00000000</balance>
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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>CHICAGO BOARD OF TRADE</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>E-Mini Dow CBOT DJIA Future 6/20/2025</title>
        <cusip>N/A</cusip>
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          <ticker value="DMM5 INDEX"/>
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        <balance>2.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>14865.50000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>INTERACTIVE BROKERS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>CHICAGO BOARD OF TRADE</issuerName>
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            <expDate>2025-06-23</expDate>
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      <invstOrSec>
        <name>Vanguard Malvern Funds</name>
        <lei>549300EW16IGZDA38J20</lei>
        <title>Vanguard Short-Term Inflation-Protected Securities ETF</title>
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          <isin value="US9220208055"/>
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        <balance>131646.00000000</balance>
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        <curCd>USD</curCd>
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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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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>IShares Broad USD High Yield Corporate Bond ETF </title>
        <cusip>46435U853</cusip>
        <identifiers>
          <isin value="US46435U8532"/>
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        <balance>143215.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5303251.45000000</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>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>10-Year U.S. Treasury Note Future 9/19/2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="TYU5 COMDTY"/>
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        <balance>57.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12811.04000000</valUSD>
        <pctVal>0.018223409702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>CHICAGO BOARD OF TRADE</issuerName>
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                  <ticker value="TYU5 COMDTY"/>
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            <expDate>2025-09-20</expDate>
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            <unrealizedAppr>12811.04000000</unrealizedAppr>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chicago Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>5-YEAR U.S. TREASURY NOTE FUTURE 9/30/2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVU5 COMDTY"/>
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        <balance>88.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16420.89000000</valUSD>
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        <assetCat>DE</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>INTERACTIVE BROKERS</counterpartyName>
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                <issuerName>CHICAGO BOARD OF TRADE</issuerName>
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                  <ticker value="FVU5 COMDTY"/>
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            <expDate>2025-10-01</expDate>
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      <invstOrSec>
        <name>First American Funds</name>
        <lei>N/A</lei>
        <title>First American Govt OB FD Cl X</title>
        <cusip>31846V336</cusip>
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          <isin value="US31846V3362"/>
          <ticker value="FGXXX"/>
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        <balance>20817214.25</balance>
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        <curCd>USD</curCd>
        <valUSD>20817214.25</valUSD>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="20817214.25" isCashCollateral="Y"/>
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        <name>Vanguard Scottsdale Funds</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>Vanguard Mortgage-Backed Securities ETF </title>
        <cusip>92206C771</cusip>
        <identifiers>
          <isin value="US92206C7719"/>
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        <balance>192168.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8789764.32000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>VanEck ETF Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>Vaneck Vectors Emerging Market High Yield Bond ETF </title>
        <cusip>92189F353</cusip>
        <identifiers>
          <isin value="US92189F3534"/>
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        <balance>194916.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3816455.28000000</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>Fidelity Colchester Street Trust</name>
        <lei>549300SHPEJB1OPRCV46</lei>
        <title>Fidelity Institutional Money Market Government Portfolio</title>
        <cusip>316175108</cusip>
        <identifiers>
          <isin value="US3161751082"/>
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        <balance>1289951.64000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1289951.64000000</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>
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        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES NATIONAL MUNI BOND ETF </title>
        <cusip>464288414</cusip>
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          <isin value="US4642884146"/>
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        <balance>31296.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3250089.60000000</valUSD>
        <pctVal>4.623177692813</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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        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>E-MINI S&amp;P 500 FUTURE 6/20/2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESM5 INDEX"/>
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        <balance>7.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14871.75000000</valUSD>
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        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>INTERACTIVE BROKERS</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>CHICAGO MERCANTILE EXCHANGE (FLOOR)</issuerName>
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                  <ticker value="ESM5 INDEX"/>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>COMMODITIES EXCHANGE CENTER</name>
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        <title>COMEX MINY GOLD FUTURE 7/29/2025</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="BQQ5 COMDTY"/>
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        <balance>11.00000000</balance>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>INTERACTIVE BROKERS</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>COMMODITIES EXCHANGE CENTER</issuerName>
                <issueTitle>E-Mini Gold Future</issueTitle>
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            <expDate>2025-07-30</expDate>
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      <invstOrSec>
        <name>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES S&amp;P US PREFERRED STOCK INDEX FUND </title>
        <cusip>464288687</cusip>
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          <isin value="US4642886877"/>
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        <balance>84468.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2553467.64000000</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>VanEck ETF Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK VECTORS J.P. MORGAN EM LOCAL CURRENCY BOND ETF</title>
        <cusip>92189H300</cusip>
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        <balance>193041.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4764251.88000000</valUSD>
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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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      <invstOrSec>
        <name>Goldman Sachs Trust</name>
        <lei>S2FHCT8U6D2VORP0J605</lei>
        <title>Goldman Sachs Treasury Obligations Fund Institutional Class</title>
        <cusip>38141W323</cusip>
        <identifiers>
          <isin value="US38141W3236"/>
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        <balance>1289951.65000000</balance>
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        <curCd>USD</curCd>
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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>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-06-23</ncom:dateSigned>
      <ncom:nameOfApplicant>Wavelength Fund</ncom:nameOfApplicant>
      <ncom:signature>Daniel D. Bauer</ncom:signature>
      <ncom:signerName>Daniel D. Bauer</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
