# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-26-002032
**Filing Date:** 2026-5
**Character Count:** 105486
**Document Hash:** e17afbb8ef1b03bf18848c44bd7cf245
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002032.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002000324-26-002032

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker ETF Series
- **CENTRAL INDEX KEY:** 0001484018

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 261015189

**BUSINESS ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069
- **BUSINESS PHONE:** 252-972-9922

**MAIL ADDRESS:**
- **STREET 1:** 116 SOUTH FRANKLIN STREET
- **STREET 2:** POST OFFICE BOX 69
- **CITY:** ROCKY MOUNT
- **STATE:** NC
- **ZIP:** 27802-0069

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Spinnaker ETF Trust
- **DATE OF NAME CHANGE:** 20100212

## Series and Classes Contracts Data

### Obra High Grade Structured Products ETF (Series ID: S000084450)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000248833 | Obra High Grade Structured Products ETF | OGSP            |

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 439 | Obra High Grade Structured | 499876AA | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  | 499876AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/7/2064 |  |  | 101.18 |  |  |  |  | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33125.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 500000.00 | 504531.25 | 504478.68 | 505890.00 | 505890.00 | 1411.32 | 1411.32 | 6.55 | False | 6.54 |  | 1.70 | 1.69 | 1.73 | 500000.00 |  |  | 499876AA<br> N | MP |
| 439 | Obra High Grade Structured | 209031AA | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  | 209031AA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2055 |  |  | 101.73 |  |  |  |  | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 300000.00 | 298499.04 | 298499.04 | 305185.86 | 305185.86 | 6686.82 | 6686.82 | 5.90 | True | 5.14 |  | 1.02 | 1.02 | 1.04 | 300000.00 |  |  | 209031AA<br> N | MP |
| 439 | Obra High Grade Structured | 38237YAA | GOOD 2023-4C A | 03/20/2057 6.480000% |  | 38237YAA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/20/2057 |  |  | 98.28 |  |  |  |  | GOOD 2023-4C A | 03/20/2057 6.480000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25645.73 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 395767.46 | 401332.94 | 401228.18 | 388950.44 | 388950.44 | -12277.74 | -12277.74 | 6.59 | False | 6.61 |  | 1.31 | 1.30 | 1.33 | 500000.00 |  |  | 38237YAA<br> N | MP |
| 439 | Obra High Grade Structured | 44148HAA | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  | 44148HAA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 100.83 |  |  |  |  | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42652.50 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 750000.00 | 726406.88 | 727045.86 | 756217.20 | 756217.20 | 29171.34 | 29171.34 | 5.64 | True | 4.36 |  | 2.54 | 2.52 | 2.58 | 750000.00 |  |  | 44148HAA<br> N | MP |
| 439 | Obra High Grade Structured | 629863AA | NALP 2024-1 A | 12/27/2049 6.490000% |  | 629863AA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/27/2049 |  |  | 100.71 |  |  |  |  | NALP 2024-1 A | 12/27/2049 6.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19913.03 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 306826.43 | 306759.24 | 306759.24 | 309019.41 | 309019.41 | 2260.17 | 2260.17 | 6.44 | False | 6.43 |  | 1.04 | 1.03 | 1.05 | 500000.00 |  |  | 629863AA<br> N | MP |
| 439 | Obra High Grade Structured | 65253MAA | NWSB 2021-1 A | 12/25/2048 8.250000% |  | 65253MAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/25/2048 |  |  | 100.00 |  |  |  |  | NWSB 2021-1 A | 12/25/2048 8.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9878.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 178205.82 | 175364.34 | 175474.58 | 178204.22 | 178204.22 | 2729.64 | 2729.64 | 5.54 | False | 5.54 |  | 0.60 | 0.59 | 0.61 | 1122000.00 |  |  | 65253MAA<br> N | MP |
| 439 | Obra High Grade Structured | 69544MAD | PAID 2024-10 D | 06/15/2032 6.429000% |  | 69544MAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2032 |  |  | 100.75 |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14593.50 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 226994.86 | 228520.05 | 227595.26 | 228704.74 | 228704.74 | 1109.48 | 1109.48 | 6.38 | True | 5.20 |  | 0.77 | 0.76 | 0.78 | 400000.00 |  |  | 69544MAD<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAB | PAID 2024-5 B | 10/15/2031 6.601000% |  | 69544LAB7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 101.52 |  |  |  |  | PAID 2024-5 B | 10/15/2031 6.601000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4042.52 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 61241.08 | 61241.08 | 61241.08 | 62171.94 | 62171.94 | 930.86 | 930.86 | 6.50 | True | -5.76 |  | 0.21 | 0.21 | 0.21 | 150000.00 |  |  | 69544LAB<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAC | PAID 2024-5 C | 10/15/2031 7.270000% |  | 69544LAC5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 100.53 |  |  |  |  | PAID 2024-5 C | 10/15/2031 7.270000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3073.40 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 42275.17 | 42275.17 | 42275.17 | 42499.27 | 42499.27 | 224.10 | 224.10 | 7.23 | True | 2.92 |  | 0.14 | 0.14 | 0.15 | 100000.00 |  |  | 69544LAC<br> N | MP |
| 439 | Obra High Grade Structured | 69545GAE | PAID 2025-2 D | 10/15/2032 6.053000% |  | 69545GAE1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2032 |  |  | 100.45 |  |  |  |  | PAID 2025-2 D | 10/15/2032 6.053000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15053.09 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 248688.06 | 248688.06 | 248688.06 | 249801.49 | 249801.49 | 1113.43 | 1113.43 | 6.03 | True | 5.57 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 69545GAE<br> N | MP |
| 439 | Obra High Grade Structured | 70472TAA | PEAR 2021-1 A | 01/15/2034 2.600000% |  | 70472TAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2034 |  |  | 99.89<br> M |  |  |  |  | PEAR 2021-1 A | 01/15/2034 2.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 316.29 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 12164.87 | 11773.32 | 11843.09 | 12151.51 | 12151.51 | 308.42 | 308.42 | 2.60 | False | 2.62 |  | 0.04 | 0.04 | 0.04 | 1125000.00 |  |  | 70472TAA<br> N | MP |
| 439 | Obra High Grade Structured | 70473AAA | PEAR 2023-1 A | 07/15/2035 7.420000% |  | 70473AAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 101.50<br> M |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11409.16 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 153762.22 | 155606.17 | 154979.03 | 156073.61 | 156073.61 | 1094.58 | 1094.58 | 7.31 | True | 6.35 |  | 0.52 | 0.52 | 0.53 | 0.00 |  |  | 70473AAA<br> N | MP |
| 439 | Obra High Grade Structured | 86771BAA | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  | 86771BAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/30/2059 |  |  | 98.54 |  |  |  |  | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12144.04 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 194304.71 | 193414.20 | 193414.20 | 191461.78 | 191461.78 | -1952.42 | -1952.42 | 6.34 | False | 6.36 |  | 0.64 | 0.64 | 0.65 | 200000.00 |  |  | 86771BAA<br> N | MP |
| 439 | Obra High Grade Structured | 98919WAG | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  | 98919WAG8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/20/2055 |  |  | 101.91 |  |  |  |  | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5953.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.01 | 100000.00 | 101913.50 | 101913.50 | 1913.50 | 1913.50 | 5.84 | True | 5.20 |  | 0.34 | 0.34 | 0.35 | 100000.00 |  |  | 98919WAG<br> N | MP |
| 439 | Obra High Grade Structured | 00120VAG | AGL 2024-30A C | 04/21/2037 7.628640% |  | 00120VAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/21/2037 |  |  | 100.45 |  |  |  |  | AGL 2024-30A C | 04/21/2037 7.628640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44772.68 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 750000.00 | 750136.20 | 750121.70 | 753369.68 | 753369.68 | 3247.98 | 3247.98 | 5.94 | True | -1.71 |  | 2.53 | 2.51 | 2.57 | 750000.00 |  | N.A. | 00120VAG<br> N | MP |
| 439 | Obra High Grade Structured | 05684CBA | BCC 2020-3A DRR | 10/23/2034 7.379340% |  | 05684CBA2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/23/2034 |  |  | 96.53 |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2572.99 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 38000.00 | 37962.00 | 38000.00 | 36680.51 | 36680.51 | -1319.49 | -1319.49 | 7.01 | False | 7.31 |  | 0.12 | 0.12 | 0.13 | 38000.00 |  | N.A. | 05684CBA<br> N | MP |
| 439 | Obra High Grade Structured | 09263EAG | BLKMM 2024-1A C | 07/15/2036 N.A.% |  | 09263EAG7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2036 |  |  | 100.29 |  |  |  |  | BLKMM 2024-1A C | 07/15/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33610.95 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 501444.00 | 501444.00 | 1444.00 | 1444.00 | 6.70 | False | 6.68 |  | 1.68 | 1.67 | 1.71 | 500000.00 |  |  | 09263EAG<br> N | MP |
| 439 | Obra High Grade Structured | 29003NAG | ELM28 2024-4A D | 04/17/2037 N.A.% |  | 29003NAG0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 99.65 |  |  |  |  | ELM28 2024-4A D | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17419.08 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249119.00 | 249119.00 | -881.00 | -881.00 | 6.99 | False | 7.01 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 29003NAG<br> N | MP |
| 439 | Obra High Grade Structured | 38179FAW | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  | 38179FAW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2033 |  |  | 100.29 |  |  |  |  | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16045.05 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250937.50 | 250813.42 | 250716.15 | 250716.15 | -97.27 | -97.27 | 6.40 | False | 6.37 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  | N.A. | 38179FAW<br> N | MP |
| 439 | Obra High Grade Structured | 46604KAE | IVYH 2024-22A C | 04/20/2036 8.451560% |  | 46604KAE8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.37 |  |  |  |  | IVYH 2024-22A C | 04/20/2036 8.451560% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17294.08 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 248985.85 | 249099.98 | 250928.98 | 250928.98 | 1829.00 | 1829.00 | 6.89 | False | 6.87 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  | N.A. | 46604KAE<br> N | MP |
| 439 | Obra High Grade Structured | 46604CAS | IVYH 20A CR | 07/19/2037 N.A.% |  | 46604CAS5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/19/2037 |  |  | 100.31 |  |  |  |  | IVYH 20A CR | 07/19/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16169.08 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250787.35 | 250787.35 | 787.35 | 787.35 | 6.45 | False | 6.43 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  |  | 46604CAS<br> N | MP |
| 439 | Obra High Grade Structured | 598014AJ | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  | 598014AJ7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.19 |  |  |  |  | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16669.08 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250472.93 | 250472.93 | 472.93 | 472.93 | 6.66 | False | 6.64 |  | 0.84 | 0.84 | 0.85 | 250000.00 |  |  | 598014AJ<br> N | MP |
| 439 | Obra High Grade Structured | 67443AAJ | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  | 67443AAJ0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.19 |  |  |  |  | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21202.89 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 300584.37 | 300584.37 | 584.37 | 584.37 | 7.05 | False | 7.04 |  | 1.01 | 1.00 | 1.03 | 300000.00 |  |  | 67443AAJ<br> N | MP |
| 439 | Obra High Grade Structured | 67118BAU | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  | 67118BAU7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/20/2036 |  |  | 98.58 |  |  |  |  | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31088.15 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 492903.90 | 492903.90 | -7096.10 | -7096.10 | 6.31 | False | 6.41 |  | 1.66 | 1.64 | 1.68 | 500000.00 |  |  | 67118BAU<br> N | MP |
| 439 | Obra High Grade Structured | 67706HCE | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  | 67706HCE6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/23/2037 |  |  | 98.84 |  |  |  |  | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20427.55 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 247108.38 | 247108.38 | -2891.63 | -2891.63 | 8.27 | False | 8.33 |  | 0.83 | 0.82 | 0.84 | 250000.00 |  |  | 67706HCE<br> N | MP |
| 439 | Obra High Grade Structured | 69917AAN | PARL 2020-1A A2R | 07/20/2034 6.404780% |  | 69917AAN4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2034 |  |  | 100.14 |  |  |  |  | PARL 2020-1A A2R | 07/20/2034 6.404780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17106.55 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 296000.00 | 296236.80 | 296050.14 | 296400.13 | 296400.13 | 349.99 | 349.99 | 5.77 | True | 5.33 |  | 1.00 | 0.99 | 1.01 | 296000.00 |  | N.A. | 69917AAN | MP |
| 439 | Obra High Grade Structured | 69690ABC | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  | 69690ABC0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/20/2037 |  |  | 99.04 |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5029.40 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 76000.00 | 76342.00 | 76141.44 | 75272.21 | 75272.21 | -869.23 | -869.23 | 6.68 | False | 6.74 |  | 0.25 | 0.25 | 0.26 | 76000.00 |  | N.A. | 69690ABC<br> N | MP |
| 439 | Obra High Grade Structured | 750104AW | RAD 2023-19A D1R | 03/20/2038 7.673170% |  | 750104AW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/20/2038 |  |  | 99.57 |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14035.26 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 200000.00 | 202300.00 | 201326.71 | 199148.14 | 199148.14 | -2178.57 | -2178.57 | 7.05 | False | 7.07 |  | 0.67 | 0.66 | 0.68 | 200000.00 |  | N.A. | 750104AW<br> N | MP |
| 439 | Obra High Grade Structured | 05493XAE | BAHA 2024-MAR B | 12/10/2029 7.069410% |  | 05493XAE0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2029 |  |  | 103.29 |  |  |  |  | BAHA 2024-MAR B | 12/10/2029 7.069410% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15963.20 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 258217.40 | 258217.40 | 8217.40 | 8217.40 | 6.84 | False | 6.07 |  | 0.87 | 0.86 | 0.88 | 250000.00 |  |  | 05493XAE<br> N | MP |
| 439 | Obra High Grade Structured | 05612TAC | BX 2024-VLT4 B | 07/15/2029 7.260766% |  | 05612TAC9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2029 |  |  | 99.58 |  |  |  |  | BX 2024-VLT4 B | 07/15/2029 7.260766% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11226.56 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199662.62 | 199161.50 | 199161.50 | -501.12 | -501.12 | 5.62 | False | 5.74 |  | 0.67 | 0.66 | 0.68 | 200000.00 |  |  | 05612TAC<br> N | MP |
| 439 | Obra High Grade Structured | 05594CAG | BX 2025-LUNR C | 06/09/2040 6.330000% |  | 05594CAG9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2040 |  |  | 100.25 |  |  |  |  | BX 2025-LUNR C | 06/09/2040 6.330000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13244.06 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 233478.01 | 233478.01 | 233478.01 | 234056.20 | 234056.20 | 578.19 | 578.19 | 5.66 | False | 5.65 |  | 0.79 | 0.78 | 0.80 | 300000.00 |  |  | 05594CAG<br> N | MP |
| 439 | Obra High Grade Structured | 12433KAE | BX 2025-VLT6 C | 03/15/2030 6.514470% |  | 12433KAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2030 |  |  | 99.23 |  |  |  |  | BX 2025-VLT6 C | 03/15/2030 6.514470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11729.32 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199500.00 | 198464.70 | 198464.70 | -1035.30 | -1035.30 | 5.91 | False | 6.08 |  | 0.67 | 0.66 | 0.68 | 200000.00 |  |  | 12433KAE<br> N | MP |
| 439 | Obra High Grade Structured | 05613YAG | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  | 05613YAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/18/2042 |  |  | 99.53 |  |  |  |  | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13249.52 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199749.23 | 199057.92 | 199057.92 | -691.31 | -691.31 | 6.64 | False | 6.66 |  | 0.67 | 0.66 | 0.68 | 200000.00 |  |  | 05613YAG<br> N | MP |
| 439 | Obra High Grade Structured | 12988DAE | CALI 2024-SUN C | 07/15/2041 8.109780% |  | 12988DAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2041 |  |  | 100.40 |  |  |  |  | CALI 2024-SUN C | 07/15/2041 8.109780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16147.15 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 249375.00 | 249375.00 | 250994.83 | 250994.83 | 1619.83 | 1619.83 | 6.43 | False | 6.42 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  |  | 12988DAE<br> N | MP |
| 439 | Obra High Grade Structured | 34461WAG | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  | 34461WAG5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 101.27 |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15681.28 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 253165.10 | 253165.10 | 3165.10 | 3165.10 | 6.19 | False | 6.14 |  | 0.85 | 0.84 | 0.86 | 250000.00 |  |  | 34461WAG<br> N | MP |
| 439 | Obra High Grade Structured | 362414AE | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  | 362414AE4 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/15/2041 |  |  | 100.36 |  |  |  |  | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 45845.10 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 750000.00 | 748125.00 | 748252.64 | 752726.93 | 752726.93 | 4474.29 | 4474.29 | 6.09 | False | 6.08 |  | 2.53 | 2.51 | 2.57 | 750000.00 |  |  | 362414AE<br> N | MP |
| 439 | Obra High Grade Structured | 40424UAE | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  | 40424UAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 100.25 |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34170.02 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 550000.00 | 550421.88 | 550402.43 | 551374.62 | 551374.62 | 972.19 | 972.19 | 6.20 | False | 6.19 |  | 1.85 | 1.84 | 1.88 | 550000.00 |  |  | 40424UAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAE | MF1 2025-FL19 B | 05/18/2042 N.A.% |  | 55287KAE3 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.07 |  |  |  |  | MF1 2025-FL19 B | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6020.95 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 99750.00 | 99892.90 | 100065.74 | 100065.74 | 172.84 | 172.84 | 6.02 | True | 5.92 |  | 0.34 | 0.33 | 0.34 | 100000.00 |  |  | 55287KAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAG | MF1 2025-FL19 C | 05/18/2042 N.A.% |  | 55287KAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.06 |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26080.96 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 400000.00 | 399000.00 | 399570.66 | 400254.56 | 400254.56 | 683.90 | 683.90 | 6.52 | True | 6.42 |  | 1.34 | 1.34 | 1.37 | 400000.00 |  |  | 55287KAG<br> N | MP |
| 439 | Obra High Grade Structured | 62956HAE | NYC 2024-3ELV C | 08/15/2029 8.169720% |  | 62956HAE6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2029 |  |  | 100.97 |  |  |  |  | NYC 2024-3ELV C | 08/15/2029 8.169720% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16280.58 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 249374.90 | 249374.90 | 252419.23 | 252419.23 | 3044.33 | 3044.33 | 6.45 | False | 6.20 |  | 0.85 | 0.84 | 0.86 | 250000.00 |  |  | 62956HAE<br> N | MP |
| 439 | Obra High Grade Structured | 69382JAC | PFP 2025-12 B | 12/18/2042 N.A.% |  | 69382JAC5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 12/18/2042 |  |  | 100.01 |  |  |  |  | PFP 2025-12 B | 12/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17164.98 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 300000.00 | 299250.00 | 299250.00 | 300029.19 | 300029.19 | 779.19 | 779.19 | 5.71 | True | 5.70 |  | 1.01 | 1.00 | 1.02 | 300000.00 |  |  | 69382JAC<br> N | MP |
| 439 | Obra High Grade Structured | 78489CAD | SWCH 2025-DATA D | 03/15/2042 6.948550% |  | 78489CAD1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 98.06 |  |  |  |  | SWCH 2025-DATA D | 03/15/2042 6.948550% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9470.60 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 150000.00 | 149625.00 | 149625.00 | 147082.67 | 147082.67 | -2542.34 | -2542.34 | 6.44 | False | 6.51 |  | 0.49 | 0.49 | 0.50 | 150000.00 |  |  | 78489CAD<br> N | MP |
| 439 | Obra High Grade Structured | 46117WAE | TOWN 2025-STAY C | 03/15/2042 6.550000% |  | 46117WAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 100.82 |  |  |  |  | TOWN 2025-STAY C | 03/15/2042 6.550000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14807.50 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252052.35 | 252052.35 | 2052.35 | 2052.35 | 5.87 | False | 5.84 |  | 0.85 | 0.84 | 0.86 | 250000.00 |  |  | 46117WAE<br> N | MP |
| 439 | Obra High Grade Structured | 001207AY | AGL 2020-9A DR | 04/20/2037 7.875490% |  | 001207AY5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 97.97 |  |  |  |  | AGL 2020-9A DR | 04/20/2037 7.875490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9022.04 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 125000.00 | 125837.50 | 125060.22 | 122463.10 | 122463.10 | -2597.12 | -2597.12 | 7.37 | False | 7.49 |  | 0.41 | 0.41 | 0.42 | 125000.00 |  | N.A. | 001207AY<br> N | MP |
| 439 | Obra High Grade Structured | 03666BBE | ANTR 2021-1A DR | 10/25/2038 N.A.% |  | 03666BBE3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 98.24 |  |  |  |  | ANTR 2021-1A DR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34340.10 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 491194.50 | 491194.50 | -8805.50 | -8805.50 | 6.99 | False | 7.08 |  | 1.65 | 1.64 | 1.68 | 500000.00 |  |  | 03666BBE<br> N | MP |
| 439 | Obra High Grade Structured | 07135CAG | BATLN 2026-31A C | 04/20/2039 N.A.% |  | 07135CAG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2039 |  |  | 100.24 |  |  |  |  | BATLN 2026-31A C | 04/20/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 501000.00 | 501000.00 | 501000.00 | 502202.40 | 502202.40 | 1202.40 | 1202.40 | 0.00 | False | -0.02 |  | 1.69 | 1.68 | 1.71 | 501000.00 |  |  | 07135CAG<br> N | MP |
| 439 | Obra High Grade Structured | 072921AS | BDS 2025-FL14 D | 10/17/2042 6.167240% |  | 072921AS8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/17/2042 |  |  | 96.72 |  |  |  |  | BDS 2025-FL14 D | 10/17/2042 6.167240% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15441.80 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 249843.75 | 249843.75 | 241797.55 | 241797.55 | -8046.20 | -8046.20 | 6.38 | False | 6.49 |  | 0.81 | 0.81 | 0.83 | 250000.00 |  |  | 072921AS<br> N | MP |
| 439 | Obra High Grade Structured | 088928AC | BHMS 2025-ATLS B | 08/15/2042 6.900000% |  | 088928AC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.05 |  |  |  |  | BHMS 2025-ATLS B | 08/15/2042 6.900000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18667.53 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 300136.32 | 300136.32 | 136.32 | 136.32 | 6.22 | False | 6.22 |  | 1.01 | 1.00 | 1.02 | 300000.00 |  |  | 088928AC<br> N | MP |
| 439 | Obra High Grade Structured | 088928AE | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  | 088928AE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 99.82 |  |  |  |  | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41835.06 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 600000.00 | 600000.00 | 600000.00 | 598922.52 | 598922.52 | -1077.48 | -1077.48 | 6.99 | False | 6.99 |  | 2.01 | 2.00 | 2.04 | 600000.00 |  |  | 088928AE<br> N | MP |
| 439 | Obra High Grade Structured | 05765DAZ | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  | 05765DAZ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 98.50 |  |  |  |  | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19794.08 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 246243.45 | 246243.45 | -3756.55 | -3756.55 | 8.04 | False | 8.14 |  | 0.83 | 0.82 | 0.84 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 439 | Obra High Grade Structured | 05619BAG | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  | 05619BAG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 99.93 |  |  |  |  | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14687.80 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 249375.00 | 249493.60 | 249834.25 | 249834.25 | 340.65 | 340.65 | 5.86 | False | 5.86 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 05619BAG<br> N | MP |
| 439 | Obra High Grade Structured | 12433HAE | BX 2025-BCAT C | 08/15/2042 6.250000% |  | 12433HAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.13 |  |  |  |  | BX 2025-BCAT C | 08/15/2042 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13350.13 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 239571.21 | 239571.21 | 239571.21 | 239886.25 | 239886.25 | 315.04 | 315.04 | 5.57 | False | 5.56 |  | 0.81 | 0.80 | 0.82 | 250000.00 |  |  | 12433HAE<br> N | MP |
| 439 | Obra High Grade Structured | 05618XAE | BX 2025-COPT C | 09/15/2042 6.850000% |  | 05618XAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.14 |  |  |  |  | BX 2025-COPT C | 09/15/2042 6.850000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24690.04 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400557.92 | 400557.92 | 557.92 | 557.92 | 6.16 | False | 6.16 |  | 1.35 | 1.34 | 1.37 | 400000.00 |  |  | 05618XAE<br> N | MP |
| 439 | Obra High Grade Structured | 05618XAG | BX 2025-COPT D | 09/15/2042 7.600000% |  | 05618XAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.18 |  |  |  |  | BX 2025-COPT D | 09/15/2042 7.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17306.28 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250438.10 | 250438.10 | 438.10 | 438.10 | 6.91 | False | 6.90 |  | 0.84 | 0.84 | 0.85 | 250000.00 |  |  | 05618XAG<br> N | MP |
| 439 | Obra High Grade Structured | 123913AG | BX 2025-VLT7 D | 07/15/2044 6.909650% |  | 123913AG0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2044 |  |  | 100.15 |  |  |  |  | BX 2025-VLT7 D | 07/15/2044 6.909650% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17306.28 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 251406.25 | 251401.34 | 250379.75 | 250379.75 | -1021.59 | -1021.59 | 6.91 | False | 6.91 |  | 0.84 | 0.84 | 0.85 | 250000.00 |  |  | 123913AG<br> N | MP |
| 439 | Obra High Grade Structured | 05619PAA | BX 2025-VOLT A | 12/15/2044 5.700000% |  | 05619PAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2044 |  |  | 99.78 |  |  |  |  | BX 2025-VOLT A | 12/15/2044 5.700000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13431.28 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249444.88 | 249444.88 | -555.13 | -555.13 | 5.37 | False | 5.38 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 05619PAA<br> N | MP |
| 439 | Obra High Grade Structured | 23306HAG | DBC 2025-DBC D | 06/15/2038 6.650000% |  | 23306HAG0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2038 |  |  | 100.76 |  |  |  |  | DBC 2025-DBC D | 06/15/2038 6.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9409.50 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 150000.00 | 150000.00 | 150000.00 | 151139.37 | 151139.37 | 1139.37 | 1139.37 | 6.23 | False | 6.19 |  | 0.51 | 0.50 | 0.52 | 150000.00 |  |  | 23306HAG<br> N | MP |
| 439 | Obra High Grade Structured | 38411WAC | GPIF 2025-1A C | 08/15/2028 N.A.% |  | 38411WAC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2028 |  |  | 100.06<br> M |  |  |  |  | GPIF 2025-1A C | 08/15/2028 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44929.92 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 700000.00 | 700000.00 | 700000.00 | 700392.00 | 700392.00 | 392.00 | 392.00 | 6.43 | False | 6.41 |  | 2.35 | 2.34 | 2.39 | 700000.00 |  |  | 38411WAC<br> N | MP |
| 439 | Obra High Grade Structured | 36274DAC | GSREFT 2026-FL1 AS | 04/19/2043 5.320000% |  | 36274DAC8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/19/2043 |  |  | 100.05 |  |  |  |  | GSREFT 2026-FL1 AS | 04/19/2043 5.320000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2926.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 55000.00 | 55000.00 | 55000.00 | 55029.23 | 55029.23 | 29.23 | 29.23 | 5.32 | True | 5.30 |  | 0.18 | 0.18 | 0.19 | 55000.00 |  |  | 36274DAC<br> N | MP |
| 439 | Obra High Grade Structured | 36274DAE | GSREFT 2026-FL1 B | 04/19/2043 5.670000% |  | 36274DAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/19/2043 |  |  | 100.04 |  |  |  |  | GSREFT 2026-FL1 B | 04/19/2043 5.670000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3118.50 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 55000.00 | 55000.00 | 55000.00 | 55020.42 | 55020.42 | 20.42 | 20.42 | 5.67 | True | 5.65 |  | 0.18 | 0.18 | 0.19 | 55000.00 |  |  | 36274DAE<br> N | MP |
| 439 | Obra High Grade Structured | 46604EAY | IVYH 9A BR3 | 07/23/2037 N.A.% |  | 46604EAY8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/23/2037 |  |  | 100.09 |  |  |  |  | IVYH 9A BR3 | 07/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35886.63 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650563.36 | 650563.36 | 563.36 | 563.36 | 5.52 | False | 5.51 |  | 2.18 | 2.17 | 2.22 | 650000.00 |  |  | 46604EAY<br> N | MP |
| 439 | Obra High Grade Structured | 46592UAE | JPMCC 2025-PHNY C | 01/15/2041 6.293000% |  | 46592UAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2041 |  |  | 100.03 |  |  |  |  | JPMCC 2025-PHNY C | 01/15/2041 6.293000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18646.53 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 300000.00 | 299250.00 | 299250.00 | 300094.02 | 300094.02 | 844.02 | 844.02 | 6.20 | False | 6.20 |  | 1.01 | 1.00 | 1.02 | 300000.00 |  |  | 46592UAE<br> N | MP |
| 439 | Obra High Grade Structured | 538908AC | LMDV 2025-1A B | 12/15/2055 5.900000% |  | 538908AC8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2055 |  |  | 99.63 |  |  |  |  | LMDV 2025-1A B | 12/15/2055 5.900000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11800.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 200000.00 | 199983.36 | 199983.36 | 199256.68 | 199256.68 | -726.68 | -726.68 | 5.92 | False | 5.93 |  | 0.67 | 0.66 | 0.68 | 200000.00 |  |  | 538908AC<br> N | MP |
| 439 | Obra High Grade Structured | 50209AAH | LMRK 2025-1A A | 09/15/2055 5.520000% |  | 50209AAH4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2055 |  |  | 100.37 |  |  |  |  | LMRK 2025-1A A | 09/15/2055 5.520000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16560.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 300000.00 | 299993.79 | 299993.79 | 301108.92 | 301108.92 | 1115.13 | 1115.13 | 5.50 | False | 5.49 |  | 1.01 | 1.00 | 1.03 | 300000.00 |  |  | 50209AAH<br> N | MP |
| 439 | Obra High Grade Structured | 53229YAA | LPATH 2026-1A A2 | 03/25/2056 5.597000% |  | 53229YAA7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/25/2056 |  |  | 99.93 |  |  |  |  | LPATH 2026-1A A2 | 03/25/2056 5.597000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13992.50 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 249993.00 | 249993.00 | 249815.80 | 249815.80 | -177.20 | -177.20 | 5.60 | False | 5.60 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 53229YAA<br> N | MP |
| 439 | Obra High Grade Structured | 50220QAG | LS 2026-HTL6 D | 12/15/2040 6.870000% |  | 50220QAG6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2040 |  |  | 99.65 |  |  |  |  | LS 2026-HTL6 D | 12/15/2040 6.870000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27490.04 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 400000.00 | 400000.00 | 400000.00 | 398611.96 | 398611.96 | -1388.04 | -1388.04 | 6.88 | False | 6.90 |  | 1.34 | 1.33 | 1.36 | 400000.00 |  |  | 50220QAG<br> N | MP |
| 439 | Obra High Grade Structured | 55817HBC | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  | 55817HBC2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/16/2038 |  |  | 100.43 |  |  |  |  | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7088.91 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125532.13 | 125532.13 | 532.13 | 532.13 | 5.65 | False | 5.62 |  | 0.42 | 0.42 | 0.43 | 125000.00 |  |  | 55817HBC<br> N | MP |
| 439 | Obra High Grade Structured | 59803TBE | MIDO 2023-12A BRR | 07/18/2038 6.079000% |  | 59803TBE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2038 |  |  | 100.06 |  |  |  |  | MIDO 2023-12A BRR | 07/18/2038 6.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6772.04 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125079.66 | 125079.66 | 79.66 | 79.66 | 5.41 | False | 5.41 |  | 0.42 | 0.42 | 0.43 | 125000.00 |  |  | 59803TBE<br> N | MP |
| 439 | Obra High Grade Structured | 59918AAE | MILE 2025-STNE C | 07/15/2030 6.427400% |  | 59918AAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2030 |  |  | 99.64 |  |  |  |  | MILE 2025-STNE C | 07/15/2030 6.427400% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5772.51 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 99635.57 | 99635.57 | -364.43 | -364.43 | 5.79 | False | 5.87 |  | 0.33 | 0.33 | 0.34 | 100000.00 |  |  | 59918AAE<br> N | MP |
| 439 | Obra High Grade Structured | 62986BAA | NALP 2026-1 A | 06/26/2051 5.720000% |  | 62986BAA1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/25/2051 |  |  | 99.75 |  |  |  |  | NALP 2026-1 A | 06/26/2051 5.720000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33918.99 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 592989.41 | 594534.35 | 594532.01 | 591518.68 | 591518.68 | -3013.33 | -3013.33 | 5.73 | False | 5.74 |  | 1.99 | 1.97 | 2.02 | 650000.00 |  |  | 62986BAA<br> N | MP |
| 439 | Obra High Grade Structured | 62986BAB | NALP 2026-1 B | 06/26/2051 7.180000% |  | 62986BAB9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/25/2051 |  |  | 99.19 |  |  |  |  | NALP 2026-1 B | 06/26/2051 7.180000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9825.38 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 136843.71 | 136808.03 | 136808.03 | 135731.54 | 135731.54 | -1076.49 | -1076.49 | 7.24 | False | 7.25 |  | 0.46 | 0.45 | 0.46 | 150000.00 |  |  | 62986BAB<br> N | MP |
| 439 | Obra High Grade Structured | 63943JAC | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  | 63943JAC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2037 |  |  | 100.22 |  |  |  |  | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14930.48 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250537.70 | 250537.70 | 537.70 | 537.70 | 5.96 | False | 5.95 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  |  | 63943JAC<br> N | MP |
| 439 | Obra High Grade Structured | 63943VAJ | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  | 63943VAJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.46 |  |  |  |  | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8960.24 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125576.35 | 125576.35 | 576.35 | 576.35 | 7.14 | False | 7.11 |  | 0.42 | 0.42 | 0.43 | 125000.00 |  |  | 63943VAJ<br> N | MP |
| 439 | Obra High Grade Structured | 674436AL | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  | 674436AL4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 99.57 |  |  |  |  | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47505.78 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 600000.00 | 600000.00 | 600000.00 | 597400.74 | 597400.74 | -2599.26 | -2599.26 | 7.95 | False | 7.97 |  | 2.01 | 1.99 | 2.04 | 600000.00 |  |  | 674436AL<br> N | MP |
| 439 | Obra High Grade Structured | 67570HAG | OCPA 2024-39A CR | 04/16/2038 N.A.% |  | 67570HAG6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/16/2038 |  |  | 99.79 |  |  |  |  | OCPA 2024-39A CR | 04/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13303.83 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249478.80 | 249478.80 | -521.20 | -521.20 | 0.00 | False | 0.02 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 67570HAG<br> N | MP |
| 439 | Obra High Grade Structured | 67570HAJ | OCPA 2024-39A D1R | 04/16/2038 N.A.% |  | 67570HAJ0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/16/2038 |  |  | 98.44 |  |  |  |  | OCPA 2024-39A D1R | 04/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15678.83 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 246095.03 | 246095.03 | -3904.98 | -3904.98 | 0.00 | False | 0.13 |  | 0.83 | 0.82 | 0.84 | 250000.00 |  |  | 67570HAJ<br> N | MP |
| 439 | Obra High Grade Structured | 69547DAD | PAID 2025-4 C | 01/17/2033 6.146000% |  | 69547DAD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2033 |  |  | 101.10 |  |  |  |  | PAID 2025-4 C | 01/17/2033 6.146000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46093.36 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 749973.35 | 749973.35 | 749973.34 | 758221.70 | 758221.70 | 8248.36 | 8248.36 | 6.08 | True | 5.20 |  | 2.55 | 2.53 | 2.59 | 750000.00 |  |  | 69547DAD<br> N | MP |
| 439 | Obra High Grade Structured | 69549TAD | PAID 2025-8 C | 07/15/2033 5.611000% |  | 69549TAD1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2033 |  |  | 99.97 |  |  |  |  | PAID 2025-8 C | 07/15/2033 5.611000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11222.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 200000.00 | 200000.00 | 200000.00 | 199934.88 | 199934.88 | -65.12 | -65.12 | 5.61 | False | 5.62 |  | 0.67 | 0.67 | 0.68 | 200000.00 |  |  | 69549TAD<br> N | MP |
| 439 | Obra High Grade Structured | 694969AD | PAID 2026-1 C | 09/15/2033 5.507000% |  | 694969AD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2033 |  |  | 99.64 |  |  |  |  | PAID 2026-1 C | 09/15/2033 5.507000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5507.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 99641.80 | 99641.80 | -358.20 | -358.20 | 5.53 | False | 5.57 |  | 0.33 | 0.33 | 0.34 | 100000.00 |  |  | 694969AD<br> N | MP |
| 439 | Obra High Grade Structured | 694969AE | PAID 2026-1 D | 09/15/2033 5.744000% |  | 694969AE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2033 |  |  | 99.36 |  |  |  |  | PAID 2026-1 D | 09/15/2033 5.744000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5744.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 99357.19 | 99357.19 | -642.81 | -642.81 | 5.78 | False | 5.85 |  | 0.33 | 0.33 | 0.34 | 100000.00 |  |  | 694969AE<br> N | MP |
| 439 | Obra High Grade Structured | 694971AC | PAID 2026-R1 C | 12/15/2033 5.409000% |  | 694971AC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 99.46 |  |  |  |  | PAID 2026-R1 C | 12/15/2033 5.409000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5409.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 99455.94 | 99455.94 | -544.06 | -544.06 | 5.44 | False | 5.50 |  | 0.33 | 0.33 | 0.34 | 100000.00 |  |  | 694971AC<br> N | MP |
| 439 | Obra High Grade Structured | 694971AD | PAID 2026-R1 D | 12/15/2033 5.750000% |  | 694971AD4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 99.00 |  |  |  |  | PAID 2026-R1 D | 12/15/2033 5.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5750.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 98998.59 | 98998.59 | -1001.41 | -1001.41 | 5.81 | False | 5.91 |  | 0.33 | 0.33 | 0.34 | 100000.00 |  |  | 694971AD<br> N | MP |
| 439 | Obra High Grade Structured | 716966AG | PFP 2026-13 C | 08/18/2043 5.750100% |  | 716966AG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 8/18/2043 |  |  | 99.99 |  |  |  |  | PFP 2026-13 C | 08/18/2043 5.750100% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5679.56 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 99992.59 | 99992.59 | -7.41 | -7.41 | 5.67 | False | 5.67 |  | 0.34 | 0.33 | 0.34 | 100000.00 |  |  | 716966AG<br> N | MP |
| 439 | Obra High Grade Structured | 716966AJ | PFP 2026-13 D | 08/18/2043 6.150100% |  | 716966AJ5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 8/18/2043 |  |  | 99.88 |  |  |  |  | PFP 2026-13 D | 08/18/2043 6.150100% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9119.34 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 150000.00 | 150000.00 | 150000.00 | 149821.20 | 149821.20 | -178.80 | -178.80 | 6.07 | False | 6.08 |  | 0.50 | 0.50 | 0.51 | 150000.00 |  |  | 716966AJ<br> N | MP |
| 439 | Obra High Grade Structured | 69381CAL | PGA 2024-RSR2 D | 06/15/2039 7.148250% |  | 69381CAL1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2039 |  |  | 99.97 |  |  |  |  | PGA 2024-RSR2 D | 06/15/2039 7.148250% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17902.78 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250937.50 | 250934.12 | 249937.03 | 249937.03 | -997.10 | -997.10 | 7.15 | False | 7.15 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 69381CAL<br> N | MP |
| 439 | Obra High Grade Structured | 75908BAC | RMIT 2025-2 C | 11/16/2037 5.360000% |  | 75908BAC4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/16/2037 |  |  | 99.15 |  |  |  |  | RMIT 2025-2 C | 11/16/2037 5.360000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10720.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 200000.00 | 199995.40 | 199995.40 | 198302.14 | 198302.14 | -1693.26 | -1693.26 | 5.41 | False | 5.46 |  | 0.67 | 0.66 | 0.68 | 200000.00 |  |  | 75908BAC<br> N | MP |
| 439 | Obra High Grade Structured | 76089TAA | RPM 2026-R1A A | 07/25/2034 5.659000% |  | 76089TAA8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2034 |  |  | 100.12 |  |  |  |  | RPM 2026-R1A A | 07/25/2034 5.659000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5659.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 100121.66 | 100121.66 | 121.66 | 121.66 | 5.65 | True | 5.61 |  | 0.34 | 0.33 | 0.34 | 100000.00 |  |  | 76089TAA<br> N | MP |
| 439 | Obra High Grade Structured | 76089TAB | RPM 2026-R1A B | 07/25/2034 6.211000% |  | 76089TAB6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2034 |  |  | 100.04 |  |  |  |  | RPM 2026-R1A B | 07/25/2034 6.211000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6211.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 100041.80 | 100041.80 | 41.80 | 41.80 | 6.21 | True | 6.19 |  | 0.34 | 0.33 | 0.34 | 100000.00 |  |  | 76089TAB<br> N | MP |
| 439 | Obra High Grade Structured | 76089TAC | RPM 2026-R1A C | 07/25/2034 6.957000% |  | 76089TAC4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2034 |  |  | 100.05 |  |  |  |  | RPM 2026-R1A C | 07/25/2034 6.957000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6957.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 100050.24 | 100050.24 | 50.24 | 50.24 | 6.95 | True | 6.94 |  | 0.34 | 0.33 | 0.34 | 100000.00 |  |  | 76089TAC<br> N | MP |
| 439 | Obra High Grade Structured | 81749YAA | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  | 81749YAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2055 |  |  | 101.64 |  |  |  |  | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15669.57 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 261159.45 | 260996.24 | 260996.24 | 265444.09 | 265444.09 | 4447.85 | 4447.85 | 5.90 | True | 5.81 |  | 0.89 | 0.89 | 0.91 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 439 | Obra High Grade Structured | 82321AAA | SHENTL 2025-1A A2 | 12/20/2055 5.640000% |  | 82321AAA5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/20/2055 |  |  | 100.54 |  |  |  |  | SHENTL 2025-1A A2 | 12/20/2055 5.640000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14100.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 249900.02 | 249900.02 | 251339.00 | 251339.00 | 1438.98 | 1438.98 | 5.61 | True | 5.43 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  |  | 82321AAA<br> N | MP |
| 439 | Obra High Grade Structured | 87268JAJ | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  | 87268JAJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 99.84 |  |  |  |  | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29252.96 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 400000.00 | 399739.60 | 399739.60 | 399373.80 | 399373.80 | -365.80 | -365.80 | 0.00 | False | 0.01 |  | 1.34 | 1.33 | 1.36 | 400000.00 |  |  | 87268JAJ<br> N | MP |
| 439 | Obra High Grade Structured | 92535VAS | VBTOW 2025-1A B | 08/16/2055 5.602000% |  | 92535VAS1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 99.91<br> M |  |  |  |  | VBTOW 2025-1A B | 08/16/2055 5.602000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14005.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 247946.48 | 248578.11 | 249773.73 | 249773.73 | 1195.62 | 1195.62 | 5.61 | False | 5.61 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 92535VAS<br> N | MP |
| 439 | Obra High Grade Structured | 92535VAU | VBTOW 2025-1A C | 08/16/2055 7.446000% |  | 92535VAU6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 101.64<br> M |  |  |  |  | VBTOW 2025-1A C | 08/16/2055 7.446000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18615.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 248939.88 | 248939.88 | 254095.95 | 254095.95 | 5156.07 | 5156.07 | 7.33 | True | 6.20 |  | 0.85 | 0.85 | 0.87 | 250000.00 |  |  | 92535VAU<br> N | MP |
| 439 | Obra High Grade Structured | 66858HBS | WOODS 2020-22A C1R3 | 03/16/2038 N.A.% |  | 66858HBS4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/16/2038 |  |  | 100.30 |  |  |  |  | WOODS 2020-22A C1R3 | 03/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14435.03 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250757.25 | 250757.25 | 757.25 | 757.25 | 0.00 | False | -0.02 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  |  | 66858HBS<br> N | MP |
| 439 | Obra High Grade Structured | 66858HBW | WOODS 2020-22A D1R3 | 03/16/2038 N.A.% |  | 66858HBW5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/16/2038 |  |  | 100.03 |  |  |  |  | WOODS 2020-22A D1R3 | 03/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17685.03 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250080.18 | 250080.18 | 80.18 | 80.18 | 0.00 | False | 0.00 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 66858HBW<br> N | MP |
| 439 | Obra High Grade Structured | 97719TAN | WYZE 2023-2A CR | 04/15/2039 N.A.% |  | 97719TAN4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/15/2039 |  |  | 100.24 |  |  |  |  | WYZE 2023-2A CR | 04/15/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13930.40 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250589.23 | 250589.23 | 589.23 | 589.23 | 0.00 | False | -0.02 |  | 0.84 | 0.84 | 0.86 | 250000.00 |  |  | 97719TAN | MP |
| 439 | Obra High Grade Structured | 98919WAQ | ZAYO 2025-3A B | 10/20/2055 5.716000% |  | 98919WAQ6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/20/2055 |  |  | 99.56 |  |  |  |  | ZAYO 2025-3A B | 10/20/2055 5.716000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14290.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 250000.00 | 251533.20 | 251486.09 | 248894.55 | 248894.55 | -2591.54 | -2591.54 | 5.74 | False | 5.75 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 98919WAQ<br> N | MP |
| 439 | Obra High Grade Structured | 034943AB | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  | 034943AB6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2069 |  |  | 100.84 |  |  |  |  | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9665.58 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 151071.88 | 151069.99 | 151070.01 | 152345.04 | 152345.04 | 1275.03 | 1275.03 | 6.34 | True | 5.52 |  | 0.51 | 0.51 | 0.52 | 250000.00 |  |  | 034943AB<br> N | MP |
| 439 | Obra High Grade Structured | 17332RAA | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  | 17332RAA1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.64 |  |  |  |  | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10227.58 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 170459.61 | 169447.50 | 169447.50 | 173256.20 | 173256.20 | 3808.70 | 3808.70 | 5.90 | False | 5.88 |  | 0.58 | 0.58 | 0.59 | 250000.00 |  |  | 17332RAA<br> N | MP |
| 439 | Obra High Grade Structured | 36272DAA | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  | 36272DAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2055 |  |  | 101.64 |  |  |  |  | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10584.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 176400.05 | 176510.31 | 176505.14 | 179294.11 | 179294.11 | 2788.97 | 2788.97 | 5.90 | True | 5.81 |  | 0.60 | 0.60 | 0.61 | 250000.00 |  |  | 36272DAA<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAD | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  | 46657WAD0 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 100.23 |  |  |  |  | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9780.29 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 150465.98 | 150354.98 | 150357.38 | 150817.69 | 150817.69 | 460.31 | 460.31 | 6.48 | True | 6.47 |  | 0.51 | 0.50 | 0.51 | 500000.00 |  |  | 46657WAD<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAK | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  | 46657WAK4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 99.87 |  |  |  |  | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4100.36 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 63082.48 | 62964.42 | 62966.95 | 62998.88 | 62998.88 | 31.93 | 31.93 | 6.51 | False | 6.51 |  | 0.21 | 0.21 | 0.22 | 500000.00 |  |  | 46657WAK<br> N | MP |
| 439 | Obra High Grade Structured | 465983AD | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  | 465983AD6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2064 |  |  | 100.06 |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6414.00 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 100000.00 | 99998.10 | 99998.86 | 100058.96 | 100058.96 | 60.10 | 60.10 | 6.41 | True | 6.38 |  | 0.34 | 0.33 | 0.34 | 100000.00 |  |  | 465983AD<br> N | MP |
| 439 | Obra High Grade Structured | 46590SAC | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  | 46590SAC1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/1/2065 |  |  | 100.45 |  |  |  |  | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23336.62 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 419195.67 | 419405.27 | 419350.86 | 421068.18 | 421068.18 | 1717.32 | 1717.32 | 5.54 | True | 5.35 |  | 1.41 | 1.41 | 1.44 | 500000.00 |  |  | 46590SAC<br> N | MP |
| 439 | Obra High Grade Structured | 67117VAC | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  | 67117VAC4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2063 |  |  | 101.60 |  |  |  |  | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4626.67 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 66332.14 | 66580.89 | 66578.59 | 67392.53 | 67392.53 | 813.94 | 813.94 | 6.87 | True | 1.91 |  | 0.23 | 0.22 | 0.23 | 140000.00 |  |  | 67117VAC<br> N | MP |
| 439 | Obra High Grade Structured | 74389DAA | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  | 74389DAA5 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.52 |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5468.49 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 91141.55 | 90885.25 | 90885.25 | 92522.91 | 92522.91 | 1637.66 | 1637.66 | 5.91 | True | 5.82 |  | 0.31 | 0.31 | 0.32 | 134800.00 |  |  | 74389DAA<br> N | MP |
| 439 | Obra High Grade Structured | 75023XAF | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  | 75023XAF9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2055 |  |  | 101.52 |  |  |  |  | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31050.95 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 517515.86 | 517317.45 | 517327.12 | 525359.44 | 525359.44 | 8032.32 | 8032.32 | 5.91 | True | 5.82 |  | 1.76 | 1.75 | 1.79 | 658500.00 |  |  | 75023XAF<br> N | MP |
| 439 | Obra High Grade Structured | 81743GAA | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  | 81743GAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 100.89 |  |  |  |  | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22086.36 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 368106.01 | 367645.88 | 367645.88 | 371384.44 | 371384.44 | 3738.56 | 3738.56 | 5.95 | True | 5.90 |  | 1.25 | 1.24 | 1.27 | 500000.00 |  |  | 81743GAA<br> N | MP |
| 439 | Obra High Grade Structured | 92539GAB | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  | 92539GAB7 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2068 |  |  | 100.50 |  |  |  |  | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3216.89 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 49967.17 | 49803.22 | 49803.22 | 50215.63 | 50215.63 | 412.41 | 412.41 | 6.41 | True | -1.01 |  | 0.17 | 0.17 | 0.17 | 100000.00 |  |  | 92539GAB<br> N | MP |
| 439 | Obra High Grade Structured | 924934AB | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  | 924934AB8 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2068 |  |  | 100.67 |  |  |  |  | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18012.45 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 266495.83 | 267756.72 | 267747.09 | 268280.66 | 268280.66 | 533.57 | 533.57 | 6.71 | True | 3.87 |  | 0.90 | 0.90 | 0.92 | 656650.00 |  |  | 924934AB<br> N | MP |
| 439 | Obra High Grade Structured | 92540BAC | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  | 92540BAC3 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2068 |  |  | 100.34 |  |  |  |  | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17072.98 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 241177.90 | 242154.83 | 242148.12 | 241992.31 | 241992.31 | -155.81 | -155.81 | 7.06 | True | 6.00 |  | 0.81 | 0.81 | 0.83 | 450000.00 |  |  | 92540BAC<br> N | MP |
| 439 | Obra High Grade Structured | 92540MAC | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  | 92540MAC9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/1/2069 |  |  | 100.99 |  |  |  |  | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8219.22 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 120076.29 | 120075.25 | 120075.25 | 121267.48 | 121267.48 | 1192.23 | 1192.23 | 6.78 | True | 5.88 |  | 0.41 | 0.40 | 0.41 | 250000.00 |  |  | 92540MAC<br> N | MP |
| 439 | Obra High Grade Structured | FGTXX | Goldman Sachs Financ | ial Square Funds - G |  | 38141W273 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES<br> IL | ILLINOIS | USD | US DOLLAR | 4/1/2026 |  |  | 100.00 |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9921.38 | L<br> N |  |  | 3/31/2026<br> C |  | 439;USD | USD | 278908.52 | 278908.52 | 278908.52 | 278908.52 | 278908.52 | 0.00 | 0.00 | 3.56 | False | 3.55 |  | 0.94 | 0.93 | 0.95 | 0.00 |  |  | FGTXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SPINNAKER ETF SERIES

- **b. Investment Company Act file number:** 811-22398

- **c. CIK number of Registrant:** 0001484018

- **d. LEI of Registrant:** 54930056GHDI2JOI6X90

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 116 SOUTH FRANKLIN STREET

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

  - **Zip / Postal Code:** 27804-5707

  - **Telephone number:** 252-972-9922

**Item A.2. Information about the Series.**

- **a. Name of Series:** Obra High Grade Structured Products ETF

- **b. EDGAR series identifier (if any):** S000084450

- **c. LEI of Series:** 529900WVYVURI5R9YD54

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $29964033.57

**Total Liabilities:** $663710.43

**Net Assets:** $29300323.14

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 133 | **1-Year:** 2039 | **5-Year:** 3820 | **10-Year:** 903 | **30-Year:** 0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0 | **10-Year:** 0 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248833 | 0.42%                | 0.49%                | -0.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-76024.87               | $63635.59                                  |
| Month 2  | $-2405.21                | $14697.72                                  |
| Month 3  | $-3578.95                | $-187408.86                                |

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CNSL 2025-1A A2      | ABS      | CUSIP: 209031AA1<br>LEI: N/A | Long             | DBT              |  | US        |    300000 | NS      | $305185.86    | 1.04%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOOD 2023-4C A       | ABS      | CUSIP: 38237YAA8<br>LEI: N/A | Long             | DBT              |  | US        |    395768 | NS      | $388950.44    | 1.33%             | 2057-03-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A A2     | ABS      | CUSIP: 44148HAA1<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $756217.20    | 2.58%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| BEATS 2024-1A A2     | ABS      | CUSIP: 499876AA8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $505890.00    | 1.73%             | 2064-04-07      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| NALP 2024-1 A        | ABS      | CUSIP: 629863AA9<br>LEI: N/A | Long             | DBT              |  | US        |    306826 | NS      | $309019.41    | 1.05%             | 2049-12-27      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| NWSB 2021-1 A        | ABS      | CUSIP: 65253MAA6<br>LEI: N/A | Long             | DBT              |  | US        |    178206 | NS      | $178204.22    | 0.61%             | 2048-12-25      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 B        | ABS      | CUSIP: 69544LAB7<br>LEI: N/A | Long             | DBT              |  | US        |     61241 | NS      | $62171.94     | 0.21%             | 2031-10-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 C        | ABS      | CUSIP: 69544LAC5<br>LEI: N/A | Long             | DBT              |  | US        |     42275 | NS      | $42499.27     | 0.15%             | 2031-10-15      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| PAID 2024-10 D       | ABS      | CUSIP: 69544MAD1<br>LEI: N/A | Long             | DBT              |  | US        |    226995 | NS      | $228704.74    | 0.78%             | 2032-06-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| PAID 2025-2 D        | ABS      | CUSIP: 69545GAE1<br>LEI: N/A | Long             | DBT              |  | US        |    248688 | NS      | $249801.49    | 0.85%             | 2032-10-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PEAR 2021-1 A        | ABS      | CUSIP: 70472TAA6<br>LEI: N/A | Long             | DBT              |  | US        |     12165 | NS      | $12151.51     | 0.04%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 A        | ABS      | CUSIP: 70473AAA6<br>LEI: N/A | Long             | DBT              |  | US        |    153762 | NS      | $156073.61    | 0.53%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| SUNRN 2024-2A A1     | ABS      | CUSIP: 86771BAA9<br>LEI: N/A | Long             | DBT              |  | US        |    194305 | NS      | $191461.78    | 0.65%             | 2059-07-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-2A A2      | ABS      | CUSIP: 98919WAG8<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $101913.50    | 0.35%             | 2055-06-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AGL 2024-30A C       | CLO      | CUSIP: 00120VAG1<br>LEI: N/A | Long             | DBT              |  | JE        |    750000 | NS      | $753369.68    | 2.57%             | 2037-04-21      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| BCC 2020-3A DRR      | CLO      | CUSIP: 05684CBA2<br>LEI: N/A | Long             | DBT              |  | KY        |     38000 | NS      | $36680.51     | 0.13%             | 2034-10-23      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| BLKMM 2024-1A C      | CLO      | CUSIP: 09263EAG7<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $501444.00    | 1.71%             | 2036-07-15      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A D      | CLO      | CUSIP: 29003NAG0<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $249119.00    | 0.85%             | 2037-04-17      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| GSHOR 2022-1A CR     | CLO      | CUSIP: 38179FAW1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250716.15    | 0.86%             | 2033-07-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| IVYH 20A CR          | CLO      | CUSIP: 46604CAS5<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $250787.35    | 0.86%             | 2037-07-19      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| IVYH 2024-22A C      | CLO      | CUSIP: 46604KAE8<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $250928.98    | 0.86%             | 2036-04-20      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D1     | CLO      | CUSIP: 598014AJ7<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250472.93    | 0.85%             | 2038-01-20      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| OCPA 2023-29A D1R    | CLO      | CUSIP: 67118BAU7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $492903.90    | 1.68%             | 2036-01-20      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A D1     | CLO      | CUSIP: 67443AAJ0<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $300584.37    | 1.03%             | 2038-01-20      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $247108.38    | 0.84%             | 2037-04-23      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-3A D1R    | CLO      | CUSIP: 69690ABC0<br>LEI: N/A | Long             | DBT              |  | JE        |     76000 | NS      | $75272.21     | 0.26%             | 2037-07-20      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| PARL 2020-1A A2R     | CLO      | CUSIP: 69917AAN4<br>LEI: N/A | Long             | DBT              |  | KY        |    296000 | NS      | $296400.13    | 1.01%             | 2034-07-20      | Variable      | 5.79%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    200000 | NS      | $199148.14    | 0.68%             | 2038-03-20      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| BAHA 2024-MAR B      | CMBS     | CUSIP: 05493XAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $258217.40    | 0.88%             | 2029-12-01      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| BX 2025-LUNR C       | CMBS     | CUSIP: 05594CAG9<br>LEI: N/A | Long             | DBT              |  | US        |    233478 | NS      | $234056.20    | 0.80%             | 2040-06-15      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| BX 2024-VLT4 B       | CMBS     | CUSIP: 05612TAC9<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199161.50    | 0.68%             | 2029-07-15      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199057.92    | 0.68%             | 2042-10-18      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| BX 2025-VLT6 C       | CMBS     | CUSIP: 12433KAE7<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $198464.70    | 0.68%             | 2030-03-15      | Variable      | 5.82%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN C      | CMBS     | CUSIP: 12988DAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250994.83    | 0.86%             | 2041-07-15      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $253165.10    | 0.86%             | 2039-12-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 C      | CMBS     | CUSIP: 362414AE4<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $752726.93    | 2.57%             | 2041-05-15      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    550000 | NS      | $551374.62    | 1.88%             | 2041-06-15      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY C     | CMBS     | CUSIP: 46117WAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252052.35    | 0.86%             | 2042-03-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 B      | CMBS     | CUSIP: 55287KAE3<br>LEI: N/A | Long             | DBT              |  | KY        |    100000 | NS      | $100065.74    | 0.34%             | 2042-05-18      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $400254.56    | 1.37%             | 2042-05-18      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV C      | CMBS     | CUSIP: 62956HAE6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252419.23    | 0.86%             | 2029-08-15      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| PFP 2025-12 B        | CMBS     | CUSIP: 69382JAC5<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $300029.19    | 1.02%             | 2042-12-18      | Variable      | 5.70%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $147082.67    | 0.50%             | 2042-03-15      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| AGL 2020-9A DR       | CMO      | CUSIP: 001207AY5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $122463.10    | 0.42%             | 2037-04-20      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A DR      | CMO      | CUSIP: 03666BBE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $491194.50    | 1.68%             | 2038-10-25      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT C       | CMO      | CUSIP: 05618XAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $400557.92    | 1.37%             | 2042-09-15      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT D       | CMO      | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250438.10    | 0.85%             | 2042-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 C    | CMO      | CUSIP: 05619BAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249834.25    | 0.85%             | 2043-01-17      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| BX 2025-VOLT A       | CMO      | CUSIP: 05619PAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249444.88    | 0.85%             | 2044-12-15      | Variable      | 5.35%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2RR    | CMO      | CUSIP: 05765DAZ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $246243.45    | 0.84%             | 2036-04-20      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| BATLN 2026-31A C     | CMO      | CUSIP: 07135CAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    501000 | NS      | $502202.40    | 1.71%             | 2039-04-20      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| BDS 2025-FL14 D      | CMO      | CUSIP: 072921AS8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $241797.55    | 0.83%             | 2042-10-17      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS B     | CMO      | CUSIP: 088928AC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $300136.32    | 1.02%             | 2042-08-15      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS C     | CMO      | CUSIP: 088928AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | NS      | $598922.52    | 2.04%             | 2042-08-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| BX 2025-VLT7 D       | CMO      | CUSIP: 123913AG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250379.75    | 0.85%             | 2044-07-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BX 2025-BCAT C       | CMO      | CUSIP: 12433HAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    239571 | NS      | $239886.25    | 0.82%             | 2042-08-15      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| DBC 2025-DBC D       | CMO      | CUSIP: 23306HAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    150000 | NS      | $151139.37    | 0.52%             | 2038-06-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| GSREFT 2026-FL1 AS   | CMO      | CUSIP: 36274DAC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |     55000 | NS      | $55029.23     | 0.19%             | 2043-04-19      | Variable      | 5.31%                 | No            |                  2 | On Loan: No      |
| GSREFT 2026-FL1 B    | CMO      | CUSIP: 36274DAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |     55000 | NS      | $55020.42     | 0.19%             | 2043-04-19      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| GPIF 2025-1A C       | CMO      | CUSIP: 38411WAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | NS      | $700392.00    | 2.39%             | 2028-08-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMCC 2025-PHNY C    | CMO      | CUSIP: 46592UAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $300094.02    | 1.02%             | 2041-01-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| IVYH 9A BR3          | CMO      | CUSIP: 46604EAY8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650563.36    | 2.22%             | 2037-07-23      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| LMRK 2025-1A A       | CMO      | CUSIP: 50209AAH4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $301108.92    | 1.03%             | 2055-09-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| LS 2026-HTL6 D       | CMO      | CUSIP: 50220QAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $398611.96    | 1.36%             | 2040-12-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| LPATH 2026-1A A2     | CMO      | CUSIP: 53229YAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249815.80    | 0.85%             | 2056-03-25      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| LMDV 2025-1A B       | CMO      | CUSIP: 538908AC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $199256.68    | 0.68%             | 2055-12-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MDPK 2022-62A CR2    | CMO      | CUSIP: 55817HBC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $125532.13    | 0.43%             | 2038-07-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| MIDO 2023-12A BRR    | CMO      | CUSIP: 59803TBE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    125000 | NS      | $125079.66    | 0.43%             | 2038-07-18      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| MILE 2025-STNE C     | CMO      | CUSIP: 59918AAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $99635.57     | 0.34%             | 2030-07-15      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| NALP 2026-1 A        | CMO      | CUSIP: 62986BAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    592989 | NS      | $591518.68    | 2.02%             | 2051-06-25      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| NALP 2026-1 B        | CMO      | CUSIP: 62986BAB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    136844 | NS      | $135731.54    | 0.46%             | 2051-06-25      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-3A C1      | CMO      | CUSIP: 63943JAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250537.70    | 0.86%             | 2037-07-15      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-4A D1      | CMO      | CUSIP: 63943VAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $125576.35    | 0.43%             | 2037-10-15      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| WOODS 2020-22A C1R3  | CMO      | CUSIP: 66858HBS4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250757.25    | 0.86%             | 2038-03-16      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| WOODS 2020-22A D1R3  | CMO      | CUSIP: 66858HBW5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250080.18    | 0.85%             | 2038-03-16      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    600000 | NS      | $597400.74    | 2.04%             | 2038-07-20      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A CR     | CMO      | CUSIP: 67570HAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    250000 | NS      | $249478.80    | 0.85%             | 2038-04-16      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1R    | CMO      | CUSIP: 67570HAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    250000 | NS      | $246095.03    | 0.84%             | 2038-04-16      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 D      | CMO      | CUSIP: 69381CAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249937.03    | 0.85%             | 2039-06-15      | Variable      | 7.14%                 | No            |                  2 | On Loan: No      |
| PAID 2026-1 C        | CMO      | CUSIP: 694969AD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $99641.80     | 0.34%             | 2033-09-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| PAID 2026-1 D        | CMO      | CUSIP: 694969AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $99357.19     | 0.34%             | 2033-09-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| PAID 2026-R1 C       | CMO      | CUSIP: 694971AC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $99455.94     | 0.34%             | 2033-12-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| PAID 2026-R1 D       | CMO      | CUSIP: 694971AD4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $98998.59     | 0.34%             | 2033-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 C        | CMO      | CUSIP: 69547DAD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    749973 | NS      | $758221.70    | 2.59%             | 2033-01-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| PAID 2025-8 C        | CMO      | CUSIP: 69549TAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $199934.88    | 0.68%             | 2033-07-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| PFP 2026-13 C        | CMO      | CUSIP: 716966AG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    100000 | NS      | $99992.59     | 0.34%             | 2043-08-18      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| PFP 2026-13 D        | CMO      | CUSIP: 716966AJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    150000 | NS      | $149821.20    | 0.51%             | 2043-08-18      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| RMIT 2025-2 C        | CMO      | CUSIP: 75908BAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $198302.14    | 0.68%             | 2037-11-16      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| RPM 2026-R1A A       | CMO      | CUSIP: 76089TAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $100121.66    | 0.34%             | 2034-07-25      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| RPM 2026-R1A B       | CMO      | CUSIP: 76089TAB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $100041.80    | 0.34%             | 2034-07-25      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| RPM 2026-R1A C       | CMO      | CUSIP: 76089TAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $100050.24    | 0.34%             | 2034-07-25      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-6 A1       | CMO      | CUSIP: 81749YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    261160 | NS      | $265444.09    | 0.91%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SHENTL 2025-1A A2    | CMO      | CUSIP: 82321AAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $251339.00    | 0.86%             | 2055-12-20      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| TPGCLO 2025-1A D1    | CMO      | CUSIP: 87268JAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $399373.80    | 1.36%             | 2038-07-15      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A B      | CMO      | CUSIP: 92535VAS1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249773.73    | 0.85%             | 2055-08-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A C      | CMO      | CUSIP: 92535VAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $254095.95    | 0.87%             | 2055-08-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| WYZE 2023-2A CR      | CMO      | CUSIP: 97719TAN4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    250000 | NS      | $250589.23    | 0.86%             | 2039-04-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-3A B       | CMO      | CUSIP: 98919WAQ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $248894.55    | 0.85%             | 2055-10-20      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| AOMT 2024-4 A2       | MBS      | CUSIP: 034943AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    151072 | NS      | $152345.04    | 0.52%             | 2069-01-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| CMLTI 2025-3 A1      | MBS      | CUSIP: 17332RAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    170460 | NS      | $173256.20    | 0.59%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GSMBS 2025-PJ5 A1    | MBS      | CUSIP: 36272DAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    176400 | NS      | $179294.11    | 0.61%             | 2055-10-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMMT 2025-NQM2 A1   | MBS      | CUSIP: 46590SAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    419196 | NS      | $421068.18    | 1.44%             | 2065-09-01      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $100058.96    | 0.34%             | 2064-02-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A4      | MBS      | CUSIP: 46657WAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    150466 | NS      | $150817.69    | 0.51%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A6      | MBS      | CUSIP: 46657WAK4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     63082 | NS      | $62998.88     | 0.22%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM6 A3     | MBS      | CUSIP: 67117VAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     66332 | NS      | $67392.53     | 0.23%             | 2063-07-01      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| PFMT 2025-2 A1       | MBS      | CUSIP: 74389DAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     91142 | NS      | $92522.91     | 0.32%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| RMCT 2025-J2 A4      | MBS      | CUSIP: 75023XAF9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    517516 | NS      | $525359.44    | 1.79%             | 2055-11-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-5 A1       | MBS      | CUSIP: 81743GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    368106 | NS      | $371384.44    | 1.27%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-5 A2      | MBS      | CUSIP: 924934AB8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    266496 | NS      | $268280.66    | 0.92%             | 2068-06-01      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-3 A2      | MBS      | CUSIP: 92539GAB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     49967 | NS      | $50215.63     | 0.17%             | 2068-03-01      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-INV2 A3   | MBS      | CUSIP: 92540BAC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    241178 | NS      | $241992.31    | 0.83%             | 2068-08-01      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| VERUS 2024-3 A3      | MBS      | CUSIP: 92540MAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    120076 | NS      | $121267.48    | 0.41%             | 2069-04-01      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |    278908 | NS      | $278908.52    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-19

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

**Title:** Principal Accounting Officer/Principal Financial Officer