# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-26-000566
**Filing Date:** 2026-2
**Character Count:** 91817
**Document Hash:** 16d8205200e89d9c375ddb924282d1b4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000566.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0002000324-26-000566

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**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:** 26668189

**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 Opportunistic Structured Products ETF (Series ID: S000084449)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000248832 | Obra Opportunistic Structured Products ETF | OOSP            |

## 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 |
| 438 | Obra Opportunistic 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 |  |  | 102.36 |  |  |  |  | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33125.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 504531.25 | 504485.41 | 511803.15 | 511803.15 | 7317.74 | 7317.74 | 6.47 | False | 6.46 |  | 1.40 | 1.38 | 1.38 | 500000.00 |  |  | 499876AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 38410JAB | GPIF 2023-2A B | 03/01/2027 9.357840% |  | 38410JAB8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2027 |  |  | 100.17<br> M |  |  |  |  | GPIF 2023-2A B | 03/01/2027 9.357840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40983.55 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 508577.60 | 503679.27 | 500839.00 | 500839.00 | -2840.27 | -2840.27 | 8.34 | True | 7.29 |  | 1.37 | 1.35 | 1.35 | 500000.00 |  |  | 38410JAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 38410KAC | GPIF 2024-1A C | 03/01/2028 8.857610% |  | 38410KAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.69 |  |  |  |  | GPIF 2024-1A C | 03/01/2028 8.857610% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11381.51 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 148000.00 | 148713.48 | 148422.84 | 147539.56 | 147539.56 | -883.28 | -883.28 | 7.88 | False | 8.01 |  | 0.40 | 0.40 | 0.40 | 148000.00 |  |  | 38410KAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 38410KAD | GPIF 2024-1A D | 03/01/2028 11.57184% |  | 38410KAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 100.45<br> M |  |  |  |  | GPIF 2024-1A D | 03/01/2028 11.57184% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 82783.46 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 730000.00 | 726698.44 | 729373.82 | 733316.90 | 733316.90 | 3943.08 | 3943.08 | 11.45 | True | 8.66 |  | 2.00 | 1.98 | 1.98 | 730000.00 |  |  | 38410KAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 44148HAC | HWIRE 2023-1A B | 05/20/2053 7.002000% |  | 44148HAC7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 102.54 |  |  |  |  | HWIRE 2023-1A B | 05/20/2053 7.002000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43762.50 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 625000.00 | 605238.88 | 605384.68 | 640904.13 | 640904.13 | 35519.45 | 35519.45 | 6.83 | True | 4.07 |  | 1.75 | 1.73 | 1.73 | 625000.00 |  |  | 44148HAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 50205FAA | LFS 2023-A A | 07/15/2035 7.173000% |  | 50205FAA2 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 100.19<br> M |  |  |  |  | LFS 2023-A A | 07/15/2035 7.173000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11312.34 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 157707.26 | 157593.92 | 157605.65 | 158002.48 | 158002.48 | 396.83 | 396.83 | 7.16 | True | 6.25 |  | 0.43 | 0.43 | 0.43 | 600000.00 |  |  | 50205FAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 57108UAB | MFT 2023-4A B | 12/15/2033 8.150000% |  | 57108UAB0 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 103.39 |  |  |  |  | MFT 2023-4A B | 12/15/2033 8.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 61125.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 750000.00 | 780937.50 | 772891.28 | 775461.00 | 775461.00 | 2569.72 | 2569.72 | 7.88 | True | 6.30 |  | 2.11 | 2.09 | 2.10 | 750000.00 |  |  | 57108UAB<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 101.34 |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25744.97 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 400450.58 | 403141.20 | 401925.74 | 405797.39 | 405797.39 | 3871.65 | 3871.65 | 6.34 | True | 4.86 |  | 1.11 | 1.09 | 1.10 | 600000.00 |  |  | 69544MAD<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 102.28<br> M |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44272.86 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 596669.31 | 608006.03 | 604935.38 | 610244.55 | 610244.55 | 5309.17 | 5309.17 | 7.25 | True | 6.03 |  | 1.66 | 1.65 | 1.65 | 937500.00 |  |  | 70473AAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 704933AA | PEAR 2024-1 A | 02/15/2036 6.950000% |  | 704933AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/15/2036 |  |  | 101.54 |  |  |  |  | PEAR 2024-1 A | 02/15/2036 6.950000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18806.76 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 270600.90 | 274068.09 | 273251.43 | 274762.20 | 274762.20 | 1510.77 | 1510.77 | 6.84 | True | 6.21 |  | 0.75 | 0.74 | 0.74 | 500000.00 |  |  | 704933AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 76089YAC | RPM 2025-1A C | 06/27/2033 6.380000% |  | 76089YAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/27/2033 |  |  | 101.13 |  |  |  |  | RPM 2025-1A C | 06/27/2033 6.380000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6380.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 100000.00 | 100000.00 | 100000.00 | 101134.88 | 101134.88 | 1134.88 | 1134.88 | 6.31 | True | 5.36 |  | 0.28 | 0.27 | 0.27 | 100000.00 |  |  | 76089YAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 91326EAB | UNIT 2025-1A B | 04/20/2055 6.369000% |  | 91326EAB1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/20/2055 |  |  | 102.34 |  |  |  |  | UNIT 2025-1A B | 04/20/2055 6.369000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15922.50 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 255854.18 | 255854.18 | 5854.18 | 5854.18 | 6.22 | True | 5.46 |  | 0.70 | 0.69 | 0.69 | 250000.00 |  |  | 91326EAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 96033EAC | WESTR 2023-1A C | 12/20/2037 7.490000% |  | 96033EAC2 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2037 |  |  | 101.46 |  |  |  |  | WESTR 2023-1A C | 12/20/2037 7.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13115.68 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 175109.26 | 172867.38 | 173038.88 | 177670.88 | 177670.88 | 4632.00 | 4632.00 | 7.38 | True | 6.32 |  | 0.48 | 0.48 | 0.48 | 360000.00 |  |  | 96033EAC<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 102.53 |  |  |  |  | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5953.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 100000.00 | 100000.01 | 100000.00 | 102533.94 | 102533.94 | 2533.94 | 2533.94 | 5.81 | True | 5.03 |  | 0.28 | 0.28 | 0.28 | 100000.00 |  |  | 98919WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 00120VAJ | AGL 2024-30A D | 04/21/2037 8.778640% |  | 00120VAJ5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/21/2037 |  |  | 100.76 |  |  |  |  | AGL 2024-30A D | 04/21/2037 8.778640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25619.86 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 350000.00 | 350066.26 | 350060.65 | 352653.21 | 352653.21 | 2592.56 | 2592.56 | 7.26 | True | 4.82 |  | 0.96 | 0.95 | 0.95 | 350000.00 |  | N.A. | 00120VAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 01751JAE | ALLEG 2024-3A B | 10/15/2037 6.408490% |  | 01751JAE7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.35 |  |  |  |  | ALLEG 2024-3A B | 10/15/2037 6.408490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28772.70 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 499500.00 | 499500.00 | 501745.20 | 501745.20 | 2245.20 | 2245.20 | 5.73 | True | 5.30 |  | 1.37 | 1.35 | 1.36 | 500000.00 |  | N.A. | 01751JAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05877GAJ | BALLY 2024-22A C | 04/15/2037 N.A.% |  | 05877GAJ2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2037 |  |  | 100.93 |  |  |  |  | BALLY 2024-22A C | 04/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18511.35 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252325.23 | 252325.23 | 2325.23 | 2325.23 | 7.34 | False | 7.28 |  | 0.69 | 0.68 | 0.68 | 250000.00 |  |  | 05877GAJ<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.15 |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5289.45 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 76000.00 | 75924.00 | 76000.00 | 76116.49 | 76116.49 | 116.49 | 116.49 | 6.95 | False | 6.94 |  | 0.21 | 0.21 | 0.21 | 76000.00 |  | N.A. | 05684CBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 05685JAS | BCC 2022-5A DR | 01/24/2037 9.566530% |  | 05685JAS8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/24/2037 |  |  | 100.38 |  |  |  |  | BCC 2022-5A DR | 01/24/2037 9.566530% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30432.79 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 375000.00 | 379548.60 | 379168.93 | 376442.51 | 376442.51 | -2726.42 | -2726.42 | 8.54 | True | 2.74 |  | 1.03 | 1.02 | 1.02 | 375000.00 |  | N.A. | 05685JAS<br> N | MP |
| 438 | Obra Opportunistic Structured | 05685LAY | BCC 2022-6A D1R | 01/22/2038 N.A.% |  | 05685LAY0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/22/2038 |  |  | 100.53 |  |  |  |  | BCC 2022-6A D1R | 01/22/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34286.75 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 502640.05 | 502640.05 | 2640.05 | 2640.05 | 6.82 | False | 6.79 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  |  | 05685LAY<br> N | MP |
| 438 | Obra Opportunistic Structured | 056920AJ | BCC 2024-1A D1 | 04/16/2037 9.174540% |  | 056920AJ0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/16/2037 |  |  | 100.75 |  |  |  |  | BCC 2024-1A D1 | 04/16/2037 9.174540% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38718.15 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 502189.63 | 502026.56 | 503756.05 | 503756.05 | 1729.49 | 1729.49 | 7.69 | True | 5.15 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  | N.A. | 056920AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 12481HAW | CBAM 2017-3A DR | 07/17/2034 8.041400% |  | 12481HAW5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/17/2034 |  |  | 100.34 |  |  |  |  | CBAM 2017-3A DR | 07/17/2034 8.041400% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33630.26 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 440000.00 | 436700.00 | 440000.00 | 441503.61 | 441503.61 | 1503.61 | 1503.61 | 7.62 | False | 7.59 |  | 1.20 | 1.19 | 1.19 | 440000.00 |  | N.A. | 12481HAW<br> N | MP |
| 438 | Obra Opportunistic Structured | 228233AU | CCITY 2022-4A C1R | 04/20/2037 8.769470% |  | 228233AU6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.74 |  |  |  |  | CCITY 2022-4A C1R | 04/20/2037 8.769470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29345.54 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 350000.00 | 350000.00 | 350000.00 | 352587.76 | 352587.76 | 2587.76 | 2587.76 | 8.76 | True | 6.35 |  | 0.96 | 0.95 | 0.95 | 350000.00 |  | N.A. | 228233AU<br> N | MP |
| 438 | Obra Opportunistic Structured | 18914GAL | CLVR 2018-1A CRR | 04/20/2037 6.743170% |  | 18914GAL5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.46 |  |  |  |  | CLVR 2018-1A CRR | 04/20/2037 6.743170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31672.20 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 502750.00 | 500795.70 | 502313.95 | 502313.95 | 1518.25 | 1518.25 | 6.31 | True | 4.79 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  | N.A. | 18914GAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 29003PAA | ELM28 2024-4A E | 04/17/2037 N.A.% |  | 29003PAA8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 101.68 |  |  |  |  | ELM28 2024-4A E | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24704.08 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 254211.45 | 254211.45 | 4211.45 | 4211.45 | 9.72 | False | 9.64 |  | 0.69 | 0.69 | 0.69 | 250000.00 |  |  | 29003PAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 349927AU | FCBSL 2022-3A D1R | 10/20/2035 N.A.% |  | 349927AU7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/20/2035 |  |  | 100.34 |  |  |  |  | FCBSL 2022-3A D1R | 10/20/2035 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20336.10 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250850.75 | 250850.75 | 850.75 | 850.75 | 8.11 | False | 8.08 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 349927AU<br> N | MP |
| 438 | Obra Opportunistic Structured | 41756FAG | HARUS 2024-3A C | 01/18/2038 6.449480% |  | 41756FAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/18/2038 |  |  | 100.38 |  |  |  |  | HARUS 2024-3A C | 01/18/2038 6.449480% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14961.10 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 249875.00 | 249875.00 | 250949.60 | 250949.60 | 1074.60 | 1074.60 | 5.96 | True | 5.61 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  | N.A. | 41756FAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 55955XAN | MAGNE 2024-42A D2 | 01/25/2038 N.A.% |  | 55955XAN6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/25/2038 |  |  | 100.52 |  |  |  |  | MAGNE 2024-42A D2 | 01/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 58559.85 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 753871.88 | 753871.88 | 3871.88 | 3871.88 | 7.77 | False | 7.74 |  | 2.06 | 2.03 | 2.04 | 750000.00 |  |  | 55955XAN | MP |
| 438 | Obra Opportunistic Structured | 598014AL | MIDO 2024-17A D2 | 01/20/2038 N.A.% |  | 598014AL2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.51 |  |  |  |  | MIDO 2024-17A D2 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40172.20 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 502572.75 | 502572.75 | 2572.75 | 2572.75 | 7.99 | False | 7.97 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  |  | 598014AL<br> N | MP |
| 438 | Obra Opportunistic Structured | 640970AG | NEUB 2024-58A D1 | 10/18/2038 N.A.% |  | 640970AG4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/18/2038 |  |  | 100.80 |  |  |  |  | NEUB 2024-58A D1 | 10/18/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33922.20 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 504004.50 | 504004.50 | 4004.50 | 4004.50 | 6.73 | False | 6.69 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  |  | 640970AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 67109SAJ | OAKC 2024-17A D1 | 04/20/2037 8.613420% |  | 67109SAJ6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | BMD | BERMUDA |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.76 |  |  |  |  | OAKC 2024-17A D1 | 04/20/2037 8.613420% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26941.65 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 375000.00 | 373781.44 | 373885.25 | 377852.81 | 377852.81 | 3967.56 | 3967.56 | 7.13 | True | 4.66 |  | 1.03 | 1.02 | 1.02 | 375000.00 |  | N.A. | 67109SAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 67443AAL | OBRAC 2024-1A D2 | 01/20/2038 8.259000% |  | 67443AAL5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 99.63 |  |  |  |  | OBRAC 2024-1A D2 | 01/20/2038 8.259000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41295.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 498158.05 | 498158.05 | -1841.95 | -1841.95 | 8.29 | False | 8.31 |  | 1.36 | 1.34 | 1.35 | 500000.00 |  |  | 67443AAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67443CAA | OBRAC 2024-1A E | 01/20/2038 N.A.% |  | 67443CAA5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 103.05 |  |  |  |  | OBRAC 2024-1A E | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 63806.40 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 600000.00 | 600000.00 | 600000.00 | 618285.90 | 618285.90 | 18285.90 | 18285.90 | 10.32 | False | 10.20 |  | 1.69 | 1.67 | 1.67 | 600000.00 |  |  | 67443CAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 674433AA | OBRAC 2025-2A E | 07/20/2038 N.A.% |  | 674433AA5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 103.15 |  |  |  |  | OBRAC 2025-2A E | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 80776.50 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 773638.28 | 773638.28 | 23638.28 | 23638.28 | 0.00 | False | -0.24 |  | 2.11 | 2.09 | 2.09 | 750000.00 |  |  | 674433AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 67120EAN | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  | 67120EAN3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/16/2037 |  |  | 100.46 |  |  |  |  | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16734.08 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251156.38 | 251156.38 | 1156.38 | 1156.38 | 7.08 | False | 7.06 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 67120EAN | MP |
| 438 | Obra Opportunistic Structured | 67120HAA | OCPA 2024-39A E | 01/16/2037 N.A.% |  | 67120HAA4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/16/2037 |  |  | 98.47 |  |  |  |  | OCPA 2024-39A E | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23484.08 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 246182.50 | 246182.50 | -3817.50 | -3817.50 | 9.54 | False | 9.62 |  | 0.67 | 0.66 | 0.67 | 250000.00 |  |  | 67120HAA<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.74 |  |  |  |  | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20899.50 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251847.75 | 251847.75 | 1847.75 | 1847.75 | 8.30 | False | 8.26 |  | 0.69 | 0.68 | 0.68 | 250000.00 |  |  | 67706HCE<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.32 |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10388.35 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 152000.00 | 152684.00 | 152406.04 | 152486.86 | 152486.86 | 80.82 | 80.82 | 6.81 | True | 6.42 |  | 0.42 | 0.41 | 0.41 | 152000.00 |  | N.A. | 69690ABC<br> N | MP |
| 438 | Obra Opportunistic Structured | 69700XAU | PLMRS 2022-4A CR | 10/20/2037 N.A.% |  | 69700XAU9 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2037 |  |  | 100.32 |  |  |  |  | PLMRS 2022-4A CR | 10/20/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14461.10 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250793.25 | 250793.25 | 793.25 | 793.25 | 5.77 | False | 5.75 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 69700XAU<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.65 |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28937.76 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 400000.00 | 404600.00 | 403251.99 | 402591.72 | 402591.72 | -660.27 | -660.27 | 7.19 | True | 6.71 |  | 1.10 | 1.09 | 1.09 | 400000.00 |  | N.A. | 750104AW<br> N | MP |
| 438 | Obra Opportunistic Structured | 88240JAJ | TCIFC 2024-1A D | 04/22/2037 8.820140% |  | 88240JAJ2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/22/2037 |  |  | 100.76 |  |  |  |  | TCIFC 2024-1A D | 04/22/2037 8.820140% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27777.56 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 375000.00 | 374968.95 | 374971.56 | 377836.28 | 377836.28 | 2864.72 | 2864.72 | 7.35 | True | 4.94 |  | 1.03 | 1.02 | 1.02 | 375000.00 |  | N.A. | 88240JAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 92539TAD | VERUS 2023-4 M1 | 05/25/2068 7.399000% |  | 92539TAD5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/1/2068 |  |  | 102.24 |  |  |  |  | VERUS 2023-4 M1 | 05/25/2068 7.399000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28116.20 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 380000.00 | 385300.54 | 385270.80 | 388494.22 | 388494.22 | 3223.42 | 3223.42 | 7.24 | True | 1.79 |  | 1.06 | 1.05 | 1.05 | 380000.00 |  |  | 92539TAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 08861RAG | BFLD 2024-UNIV D | 11/15/2029 7.408570% |  | 08861RAG6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2029 |  |  | 100.73 |  |  |  |  | BFLD 2024-UNIV D | 11/15/2029 7.408570% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32205.10 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 498749.95 | 499005.45 | 503652.35 | 503652.35 | 4646.90 | 4646.90 | 6.39 | False | 6.23 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  |  | 08861RAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 12433DAG | BX 2024-GPA2 D | 11/15/2029 7.246920% |  | 12433DAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2029 |  |  | 98.99 |  |  |  |  | BX 2024-GPA2 D | 11/15/2029 7.246920% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31704.90 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498750.00 | 494964.65 | 494964.65 | -3785.35 | -3785.35 | 6.41 | False | 6.63 |  | 1.35 | 1.34 | 1.34 | 500000.00 |  |  | 12433DAG<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 99.06 |  |  |  |  | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13359.34 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 200000.00 | 199500.00 | 199687.44 | 198129.24 | 198129.24 | -1558.20 | -1558.20 | 6.97 | False | 7.00 |  | 0.54 | 0.53 | 0.54 | 200000.00 |  |  | 05613YAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 12988DAG | CALI 2024-SUN D | 07/15/2041 8.946960% |  | 12988DAG7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2041 |  |  | 101.50 |  |  |  |  | CALI 2024-SUN D | 07/15/2041 8.946960% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18510.73 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 248750.00 | 248750.00 | 253745.33 | 253745.33 | 4995.33 | 4995.33 | 7.30 | False | 7.24 |  | 0.69 | 0.68 | 0.69 | 250000.00 |  |  | 12988DAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 34461WAE | FMBT 2024-FBLU C | 12/15/2039 6.469180% |  | 34461WAE0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 100.11 |  |  |  |  | FMBT 2024-FBLU C | 12/15/2039 6.469180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14750.30 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250263.68 | 250263.68 | 263.68 | 263.68 | 5.89 | False | 5.89 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 34461WAE<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.86 |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47625.90 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 756424.80 | 756424.80 | 6424.80 | 6424.80 | 6.30 | False | 6.26 |  | 2.06 | 2.04 | 2.04 | 750000.00 |  |  | 34461WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 30338DAG | FS 2024-HULA D | 08/15/2039 8.239500% |  | 30338DAG6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2039 |  |  | 100.32 |  |  |  |  | FS 2024-HULA D | 08/15/2039 8.239500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6689.62 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 100000.00 | 100187.50 | 100177.93 | 100317.01 | 100317.01 | 139.08 | 139.08 | 6.67 | False | 6.65 |  | 0.27 | 0.27 | 0.27 | 100000.00 |  |  | 30338DAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 30338DAJ | FS 2024-HULA E | 08/15/2039 8.738700% |  | 30338DAJ0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2039 |  |  | 101.32 |  |  |  |  | FS 2024-HULA E | 08/15/2039 8.738700% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7188.82 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 100000.00 | 99750.00 | 99763.63 | 101320.31 | 101320.31 | 1556.68 | 1556.68 | 7.10 | False | 7.04 |  | 0.28 | 0.27 | 0.27 | 100000.00 |  |  | 30338DAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 362414AG | GWT 2024-WLF2 D | 05/15/2041 8.239450% |  | 362414AG9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/15/2041 |  |  | 100.48 |  |  |  |  | GWT 2024-WLF2 D | 05/15/2041 8.239450% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33447.85 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498819.85 | 502411.65 | 502411.65 | 3591.80 | 3591.80 | 6.66 | False | 6.64 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  |  | 362414AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 39152MAG | GWT 2024-WOLF D | 03/15/2039 7.209180% |  | 39152MAG0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2039 |  |  | 100.48 |  |  |  |  | GWT 2024-WOLF D | 03/15/2039 7.209180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26560.48 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 400000.00 | 400000.00 | 400000.00 | 401902.72 | 401902.72 | 1902.72 | 1902.72 | 6.61 | False | 6.59 |  | 1.10 | 1.08 | 1.09 | 400000.00 |  |  | 39152MAG<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.57 |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44032.38 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 700000.00 | 699812.50 | 699831.19 | 703969.00 | 703969.00 | 4137.81 | 4137.81 | 6.25 | False | 6.23 |  | 1.92 | 1.90 | 1.90 | 700000.00 |  |  | 40424UAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 40424UAG | HLTN 2024-DPLO D | 06/15/2041 7.660930% |  | 40424UAG2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 101.31 |  |  |  |  | HLTN 2024-DPLO D | 06/15/2041 7.660930% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17722.98 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 247500.00 | 247500.00 | 253272.15 | 253272.15 | 5772.15 | 5772.15 | 7.00 | False | 6.95 |  | 0.69 | 0.68 | 0.68 | 250000.00 |  |  | 40424UAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 46676AAE | JW 2024-BERY C | 11/15/2039 6.992000% |  | 46676AAE3 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2039 |  |  | 100.33 |  |  |  |  | JW 2024-BERY C | 11/15/2039 6.992000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29960.60 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498812.16 | 501634.80 | 501634.80 | 2822.64 | 2822.64 | 5.97 | False | 5.96 |  | 1.37 | 1.35 | 1.36 | 500000.00 |  |  | 46676AAE<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.18 |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16437.88 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249630.09 | 250461.43 | 250461.43 | 831.34 | 831.34 | 6.56 | True | 6.36 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 55287KAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 55287KAJ | MF1 2025-FL19 D | 05/18/2042 N.A.% |  | 55287KAJ2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.99 |  |  |  |  | MF1 2025-FL19 D | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17935.73 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249629.40 | 252480.40 | 252480.40 | 2851.00 | 2851.00 | 7.10 | True | 6.03 |  | 0.69 | 0.68 | 0.68 | 250000.00 |  |  | 55287KAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 62956HAG | NYC 2024-3ELV D | 08/15/2029 9.168270% |  | 62956HAG1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2029 |  |  | 101.06 |  |  |  |  | NYC 2024-3ELV D | 08/15/2029 9.168270% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18970.98 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 249374.95 | 249374.95 | 252644.75 | 252644.75 | 3269.80 | 3269.80 | 7.51 | False | 7.26 |  | 0.69 | 0.68 | 0.68 | 250000.00 |  |  | 62956HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 69381CAJ | PGA 2024-RSR2 C | 06/15/2026 8.089500% |  | 69381CAJ6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2026 |  |  | 100.28 |  |  |  |  | PGA 2024-RSR2 C | 06/15/2026 8.089500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16349.05 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 249370.00 | 249854.27 | 250697.88 | 250697.88 | 843.61 | 843.61 | 6.52 | False | 5.92 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 69381CAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 69381CAN | PGA 2024-RSR2 E | 06/15/2039 8.984510% |  | 69381CAN7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2039 |  |  | 98.64 |  |  |  |  | PGA 2024-RSR2 E | 06/15/2039 8.984510% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19095.30 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 251718.75 | 251636.45 | 246607.13 | 246607.13 | -5029.33 | -5029.33 | 7.74 | False | 7.80 |  | 0.67 | 0.67 | 0.67 | 250000.00 |  |  | 69381CAN | MP |
| 438 | Obra Opportunistic 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 |  |  | 99.11 |  |  |  |  | SWCH 2025-DATA D | 03/15/2042 6.948550% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9587.01 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 150000.00 | 149625.00 | 149625.00 | 148664.88 | 148664.88 | -960.12 | -960.12 | 6.45 | False | 6.48 |  | 0.41 | 0.40 | 0.40 | 150000.00 |  |  | 78489CAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 46117WAG | TOWN 2025-STAY D | 03/15/2042 7.150000% |  | 46117WAG7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 101.26 |  |  |  |  | TOWN 2025-STAY D | 03/15/2042 7.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 253154.18 | 253154.18 | 3154.18 | 3154.18 | 6.52 | False | 6.48 |  | 0.69 | 0.68 | 0.68 | 250000.00 |  |  | 46117WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 00039MAA | ABBSL 2025-6A E | 07/20/2037 10.27169% |  | 00039MAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2037 |  |  | 101.16 |  |  |  |  | ABBSL 2025-6A E | 07/20/2037 10.27169% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14826.66 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 150000.00 | 150000.00 | 150000.00 | 151735.92 | 151735.92 | 1735.92 | 1735.92 | 10.15 | True | 8.12 |  | 0.41 | 0.41 | 0.41 | 150000.00 |  | N.A. | 00039MAA<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 99.96 |  |  |  |  | AGL 2020-9A DR | 04/20/2037 7.875490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 37172.20 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 503350.00 | 501371.83 | 499784.95 | 499784.95 | -1586.88 | -1586.88 | 7.44 | False | 7.44 |  | 1.36 | 1.35 | 1.35 | 500000.00 |  | N.A. | 001207AY<br> N | MP |
| 438 | Obra Opportunistic Structured | 03666BBC | ANTR 2021-1A CR | 10/25/2038 N.A.% |  | 03666BBC7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 100.05 |  |  |  |  | ANTR 2021-1A CR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22833.71 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 375000.00 | 375000.00 | 375000.00 | 375195.34 | 375195.34 | 195.34 | 195.34 | 6.09 | False | 6.08 |  | 1.02 | 1.01 | 1.01 | 375000.00 |  |  | 03666BBC<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.05 |  |  |  |  | ANTR 2021-1A DR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35444.95 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500225.25 | 500225.25 | 225.25 | 225.25 | 7.09 | False | 7.08 |  | 1.36 | 1.35 | 1.35 | 500000.00 |  |  | 03666BBE<br> N | MP |
| 438 | Obra Opportunistic Structured | 682461AJ | AOA 2025-1301 D | 08/11/2030 6.430113% |  | 682461AJ7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2030 |  |  | 102.00 |  |  |  |  | AOA 2025-1301 D | 08/11/2030 6.430113% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15556.73 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 255011.03 | 255011.03 | 5011.03 | 5011.03 | 6.30 | False | 5.93 |  | 0.70 | 0.69 | 0.69 | 250000.00 |  |  | 682461AJ<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.06 |  |  |  |  | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52875.90 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 750419.33 | 750419.33 | 419.33 | 419.33 | 7.05 | False | 7.04 |  | 2.05 | 2.02 | 2.03 | 750000.00 |  |  | 088928AE<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.43 |  |  |  |  | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20336.10 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251062.90 | 251062.90 | 1062.90 | 1062.90 | 8.10 | False | 8.07 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.25 |  |  |  |  | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14831.60 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249436.63 | 250617.25 | 250617.25 | 1180.62 | 1180.62 | 6.14 | True | 6.04 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 05619BAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05619BAJ | BSPRT 2025-FL12 D | 01/17/2043 6.796000% |  | 05619BAJ6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 100.00 |  |  |  |  | BSPRT 2025-FL12 D | 01/17/2043 6.796000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12863.28 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 200000.00 | 199500.00 | 199549.01 | 200008.82 | 200008.82 | 459.81 | 459.81 | 6.65 | True | 6.65 |  | 0.55 | 0.54 | 0.54 | 200000.00 |  |  | 05619BAJ<br> N | MP |
| 438 | Obra Opportunistic 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 | 15625.30 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250359.45 | 250359.45 | 359.45 | 359.45 | 6.24 | False | 6.24 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 05618XAE<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.14 |  |  |  |  | BX 2025-COPT D | 09/15/2042 7.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28000.48 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400568.88 | 400568.88 | 568.88 | 568.88 | 6.99 | False | 6.99 |  | 1.09 | 1.08 | 1.08 | 400000.00 |  |  | 05618XAG<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 101.00 |  |  |  |  | DBC 2025-DBC D | 06/15/2038 6.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9526.50 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 150000.00 | 150000.00 | 150000.00 | 151498.89 | 151498.89 | 1498.89 | 1498.89 | 6.29 | False | 6.24 |  | 0.41 | 0.41 | 0.41 | 150000.00 |  |  | 23306HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 38411WAD | GPIF 2025-1A D | 08/15/2028 N.A.% |  | 38411WAD4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2028 |  |  | 100.15<br> M |  |  |  |  | GPIF 2025-1A D | 08/15/2028 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 63934.88 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 751098.30 | 751098.30 | 1098.30 | 1098.30 | 8.51 | False | 8.46 |  | 2.05 | 2.03 | 2.03 | 750000.00 |  |  | 38411WAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 36272MAA | GSMBS 2025-PJ7 A1 | 12/25/2055 6.000000% |  | 36272MAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2055 |  |  | 102.36 |  |  |  |  | GSMBS 2025-PJ7 A1 | 12/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25588.49 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 426474.79 | 427540.97 | 427514.76 | 436536.95 | 436536.95 | 9022.19 | 9022.19 | 5.86 | True | 5.73 |  | 1.19 | 1.18 | 1.18 | 500000.00 |  |  | 36272MAA<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 99.94 |  |  |  |  | JPMCC 2025-PHNY C | 01/15/2041 6.293000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18879.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 300000.00 | 299250.00 | 299250.00 | 299830.26 | 299830.26 | 580.26 | 580.26 | 6.30 | False | 6.30 |  | 0.82 | 0.81 | 0.81 | 300000.00 |  |  | 46592UAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 46592UAG | JPMCC 2025-PHNY D | 01/15/2041 6.942000% |  | 46592UAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2041 |  |  | 99.94 |  |  |  |  | JPMCC 2025-PHNY D | 01/15/2041 6.942000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20826.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 300000.00 | 299250.00 | 299250.00 | 299822.85 | 299822.85 | 572.85 | 572.85 | 6.95 | False | 6.95 |  | 0.82 | 0.81 | 0.81 | 300000.00 |  |  | 46592UAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 481939AX | KKR 49A D1R | 10/20/2037 7.569470% |  | 481939AX4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2037 |  |  | 100.50 |  |  |  |  | KKR 49A D1R | 10/20/2037 7.569470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17961.10 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 251000.00 | 250601.14 | 251246.45 | 251246.45 | 645.31 | 645.31 | 7.15 | True | 6.55 |  | 0.69 | 0.68 | 0.68 | 250000.00 |  | N.A. | 481939AX<br> N | MP |
| 438 | Obra Opportunistic Structured | 50209AAJ | LMRK 2025-1A B | 09/15/2055 6.200000% |  | 50209AAJ0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2055 |  |  | 101.26 |  |  |  |  | LMRK 2025-1A B | 09/15/2055 6.200000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18600.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 300000.00 | 299951.64 | 299951.64 | 303776.37 | 303776.37 | 3824.73 | 3824.73 | 6.12 | False | 6.11 |  | 0.83 | 0.82 | 0.82 | 300000.00 |  |  | 50209AAJ<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.24 |  |  |  |  | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14734.08 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250612.28 | 250612.28 | 612.28 | 612.28 | 5.88 | False | 5.87 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 55817HBC<br> N | MP |
| 438 | Obra Opportunistic Structured | 59804HAG | MIDO 2023-12A ERR | 07/18/2038 10.82900% |  | 59804HAG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2038 |  |  | 99.51 |  |  |  |  | MIDO 2023-12A ERR | 07/18/2038 10.82900% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25961.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250625.00 | 250496.78 | 248773.43 | 248773.43 | -1723.36 | -1723.36 | 10.44 | False | 10.45 |  | 0.68 | 0.67 | 0.67 | 250000.00 |  | N.A. | 59804HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 597924AJ | MIDO 2025-21A D1 | 10/20/2038 N.A.% |  | 597924AJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2038 |  |  | 99.96 |  |  |  |  | MIDO 2025-21A D1 | 10/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8327.86 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 125000.00 | 125000.00 | 125000.00 | 124951.70 | 124951.70 | -48.30 | -48.30 | 0.00 | False | 0.00 |  | 0.34 | 0.34 | 0.34 | 125000.00 |  |  | 597924AJ<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.01 |  |  |  |  | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17920.48 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250025.70 | 250025.70 | 25.70 | 25.70 | 7.17 | False | 7.17 |  | 0.68 | 0.67 | 0.68 | 250000.00 |  |  | 63943VAJ<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.49 |  |  |  |  | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55381.04 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 653208.66 | 653208.66 | 3208.66 | 3208.66 | 8.48 | False | 8.46 |  | 1.78 | 1.76 | 1.76 | 650000.00 |  |  | 674436AL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570LAC | OCP 2023-27A ER2 | 07/15/2038 N.A.% |  | 67570LAC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 99.71 |  |  |  |  | OCP 2023-27A ER2 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23102.13 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249276.90 | 249276.90 | -723.10 | -723.10 | 0.00 | False | 0.02 |  | 0.68 | 0.67 | 0.67 | 250000.00 |  |  | 67570LAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 69547DAE | PAID 2025-4 D | 01/17/2033 6.572000% |  | 69547DAE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2033 |  |  | 101.30 |  |  |  |  | PAID 2025-4 D | 01/17/2033 6.572000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49288.25 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 749973.35 | 749973.35 | 749973.34 | 759714.52 | 759714.52 | 9741.18 | 9741.18 | 6.49 | True | 5.64 |  | 2.07 | 2.05 | 2.05 | 750000.00 |  |  | 69547DAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 75908BAD | RMIT 2025-2 D | 11/16/2037 6.010000% |  | 75908BAD2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/16/2037 |  |  | 99.87 |  |  |  |  | RMIT 2025-2 D | 11/16/2037 6.010000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6010.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 100000.00 | 99968.69 | 99968.69 | 99869.74 | 99869.74 | -98.95 | -98.95 | 6.02 | False | 6.03 |  | 0.27 | 0.27 | 0.27 | 100000.00 |  |  | 75908BAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 81124NAY | SCUL 30A D1R | 07/20/2038 7.867130% |  | 81124NAY6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 100.54 |  |  |  |  | SCUL 30A D1R | 07/20/2038 7.867130% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41164.42 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 550000.00 | 551375.00 | 551085.78 | 552946.68 | 552946.68 | 1860.90 | 1860.90 | 7.44 | True | 7.12 |  | 1.51 | 1.49 | 1.49 | 550000.00 |  | N.A. | 81124NAY<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 102.36 |  |  |  |  | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18075.08 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 301251.32 | 301063.04 | 301063.04 | 308358.98 | 308358.98 | 7295.94 | 7295.94 | 5.86 | True | 5.73 |  | 0.84 | 0.83 | 0.83 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 100.25 |  |  |  |  | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29990.84 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 400000.00 | 399739.60 | 399739.60 | 400990.52 | 400990.52 | 1250.92 | 1250.92 | 0.00 | False | -0.02 |  | 1.09 | 1.08 | 1.08 | 400000.00 |  |  | 87268JAJ<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 99.79<br> M |  |  |  |  | VBTOW 2025-1A C | 08/16/2055 7.446000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33507.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 450000.00 | 448091.78 | 448091.78 | 449044.34 | 449044.34 | 952.56 | 952.56 | 7.46 | False | 7.46 |  | 1.22 | 1.21 | 1.21 | 450000.00 |  |  | 92535VAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 00092AAB | ACHM 2023-HE1 B | 11/25/2037 7.000000% |  | 00092AAB2 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/25/2037 |  |  | 103.94 |  |  |  |  | ACHM 2023-HE1 B | 11/25/2037 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 500000.00 | 494157.55 | 494624.48 | 519699.25 | 519699.25 | 25074.77 | 25074.77 | 6.73 | True | 6.12 |  | 1.42 | 1.40 | 1.40 | 500000.00 |  |  | 00092AAB<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 103.63 |  |  |  |  | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10436.53 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 163121.68 | 163119.64 | 163119.65 | 169050.14 | 169050.14 | 5930.49 | 5930.49 | 6.17 | True | 3.39 |  | 0.46 | 0.46 | 0.46 | 250000.00 |  |  | 034943AB<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 101.14 |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25656.00 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 400000.00 | 399992.40 | 399994.85 | 404551.80 | 404551.80 | 4556.95 | 4556.95 | 6.34 | True | 5.81 |  | 1.10 | 1.09 | 1.09 | 400000.00 |  |  | 465983AD<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 102.23 |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8202.34 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 136705.70 | 136321.30 | 136321.30 | 139760.23 | 139760.23 | 3438.93 | 3438.93 | 5.87 | True | 5.74 |  | 0.38 | 0.38 | 0.38 | 168500.00 |  |  | 74389DAA<br> N | MP |
| 438 | Obra Opportunistic 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 |  |  | 102.36 |  |  |  |  | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24702.22 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 411703.69 | 411189.06 | 411189.06 | 421417.34 | 421417.34 | 10228.28 | 10228.28 | 5.86 | True | 5.73 |  | 1.15 | 1.14 | 1.14 | 500000.00 |  |  | 81743GAA<br> N | MP |
| 438 | Obra Opportunistic 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 | 1/1/2026 |  |  | 100.00 |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46367.57 | L<br> N |  |  | 12/31/2025<br> C |  | 438;USD | USD | 1255951.19 | 1255951.19 | 1255951.19 | 1255951.19 | 1255951.19 | 0.00 | 0.00 | 3.69 | False | 3.68 |  | 3.42 | 3.39 | 3.39 | 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 Opportunistic Structured Products ETF

- **b. EDGAR series identifier (if any):** S000084449

- **c. LEI of Series:** 5299009MTQMPRL4QJD89

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $37067160.04

**Total Liabilities:** $55449.23

**Net Assets:** $37011710.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 238 | **1-Year:** 2009 | **5-Year:** 3536 | **10-Year:** 143 | **30-Year:** 0

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

- **3-Month:** 15 | **1-Year:** 108 | **5-Year:** 671 | **10-Year:** 267 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248832 | 0.39%                | 0.57%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2494.08                 | $-57102.42                                 |
| Month 2  | $-123.43                 | $33424.28                                  |
| Month 3  | $10867.56                | $29331.71                                  |

**Designated Index Information**

- **Index Name:** 0

- **Index Identifier:** 0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GPIF 2023-2A B       | ABS      | CUSIP: 38410JAB8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $500839.00    | 1.35%             | 2027-03-01      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A C       | ABS      | CUSIP: 38410KAC3<br>LEI: N/A | Long             | DBT              |  | US        |    148000 | NS      | $147539.56    | 0.40%             | 2028-03-01      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A D       | ABS      | CUSIP: 38410KAD1<br>LEI: N/A | Long             | DBT              |  | US        |    730000 | NS      | $733316.90    | 1.98%             | 2028-03-01      | Variable      | 11.51%                | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A B      | ABS      | CUSIP: 44148HAC7<br>LEI: N/A | Long             | DBT              |  | US        |    625000 | NS      | $640904.13    | 1.73%             | 2053-05-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BEATS 2024-1A A2     | ABS      | CUSIP: 499876AA8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $511803.15    | 1.38%             | 2064-04-07      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| LFS 2023-A A         | ABS      | CUSIP: 50205FAA2<br>LEI: N/A | Long             | DBT              |  | US        |    157707 | NS      | $158002.48    | 0.43%             | 2035-07-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| MFT 2023-4A B        | ABS      | CUSIP: 57108UAB0<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $775461.00    | 2.10%             | 2033-12-15      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| PAID 2024-10 D       | ABS      | CUSIP: 69544MAD1<br>LEI: N/A | Long             | DBT              |  | US        |    400451 | NS      | $405797.39    | 1.10%             | 2032-06-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 A        | ABS      | CUSIP: 70473AAA6<br>LEI: N/A | Long             | DBT              |  | US        |    596669 | NS      | $610244.55    | 1.65%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| PEAR 2024-1 A        | ABS      | CUSIP: 704933AA8<br>LEI: N/A | Long             | DBT              |  | US        |    270601 | NS      | $274762.20    | 0.74%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| RPM 2025-1A C        | ABS      | CUSIP: 76089YAC3<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $101134.88    | 0.27%             | 2033-06-27      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNIT 2025-1A B       | ABS      | CUSIP: 91326EAB1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $255854.18    | 0.69%             | 2055-04-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| WESTR 2023-1A C      | ABS      | CUSIP: 96033EAC2<br>LEI: N/A | Long             | DBT              |  | US        |    175109 | NS      | $177670.88    | 0.48%             | 2037-06-01      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-2A A2      | ABS      | CUSIP: 98919WAG8<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $102533.94    | 0.28%             | 2055-06-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AGL 2024-30A D       | CLO      | CUSIP: 00120VAJ5<br>LEI: N/A | Long             | DBT              |  | JE        |    350000 | NS      | $352653.21    | 0.95%             | 2037-04-21      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| ALLEG 2024-3A B      | CLO      | CUSIP: 01751JAE7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $501745.20    | 1.36%             | 2037-10-15      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| BCC 2020-3A DRR      | CLO      | CUSIP: 05684CBA2<br>LEI: N/A | Long             | DBT              |  | KY        |     76000 | NS      | $76116.49     | 0.21%             | 2034-10-23      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| BCC 2022-5A DR       | CLO      | CUSIP: 05685JAS8<br>LEI: N/A | Long             | DBT              |  | JE        |    375000 | NS      | $376442.51    | 1.02%             | 2037-01-24      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| BCC 2022-6A D1R      | CLO      | CUSIP: 05685LAY0<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $502640.05    | 1.36%             | 2038-01-22      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| BCC 2024-1A D1       | CLO      | CUSIP: 056920AJ0<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $503756.05    | 1.36%             | 2037-04-16      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| BALLY 2024-22A C     | CLO      | CUSIP: 05877GAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $252325.23    | 0.68%             | 2037-04-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| CBAM 2017-3A DR      | CLO      | CUSIP: 12481HAW5<br>LEI: N/A | Long             | DBT              |  | KY        |    440000 | NS      | $441503.61    | 1.19%             | 2034-07-17      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| CLVR 2018-1A CRR     | CLO      | CUSIP: 18914GAL5<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502313.95    | 1.36%             | 2037-04-20      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| CCITY 2022-4A C1R    | CLO      | CUSIP: 228233AU6<br>LEI: N/A | Long             | DBT              |  | KY        |    350000 | NS      | $352587.76    | 0.95%             | 2037-04-20      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A E      | CLO      | CUSIP: 29003PAA8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $254211.45    | 0.69%             | 2037-04-17      | Variable      | 9.67%                 | No            |                  2 | On Loan: No      |
| FCBSL 2022-3A D1R    | CLO      | CUSIP: 349927AU7<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $250850.75    | 0.68%             | 2035-10-20      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| HARUS 2024-3A C      | CLO      | CUSIP: 41756FAG1<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250949.60    | 0.68%             | 2038-01-18      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| MAGNE 2024-42A D2    | CLO      | CUSIP: 55955XAN6<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $753871.88    | 2.04%             | 2038-01-25      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D2     | CLO      | CUSIP: 598014AL2<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502572.75    | 1.36%             | 2038-01-20      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| NEUB 2024-58A D1     | CLO      | CUSIP: 640970AG4<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $504004.50    | 1.36%             | 2038-10-18      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| OAKC 2024-17A D1     | CLO      | CUSIP: 67109SAJ6<br>LEI: N/A | Long             | DBT              |  | BM        |    375000 | NS      | $377852.81    | 1.02%             | 2037-04-20      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1     | CLO      | CUSIP: 67120EAN3<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $251156.38    | 0.68%             | 2037-01-16      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A E      | CLO      | CUSIP: 67120HAA4<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $246182.50    | 0.67%             | 2037-01-16      | Variable      | 9.17%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A E      | CLO      | CUSIP: 674433AA5<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $773638.28    | 2.09%             | 2038-07-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A D2     | CLO      | CUSIP: 67443AAL5<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $498158.05    | 1.35%             | 2038-01-20      | Fixed         | 8.26%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A E      | CLO      | CUSIP: 67443CAA5<br>LEI: N/A | Long             | DBT              |  | KY        |    600000 | NS      | $618285.90    | 1.67%             | 2038-01-20      | Variable      | 10.42%                | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251847.75    | 0.68%             | 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        |    152000 | NS      | $152486.86    | 0.41%             | 2037-07-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-4A CR     | CLO      | CUSIP: 69700XAU9<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250793.25    | 0.68%             | 2037-10-20      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $402591.72    | 1.09%             | 2038-03-20      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| TCIFC 2024-1A D      | CLO      | CUSIP: 88240JAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    375000 | NS      | $377836.28    | 1.02%             | 2037-04-22      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-4 M1      | CLO      | CUSIP: 92539TAD5<br>LEI: N/A | Long             | DBT              |  | US        |    380000 | NS      | $388494.22    | 1.05%             | 2068-05-01      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $198129.24    | 0.54%             | 2042-10-18      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| BFLD 2024-UNIV D     | CMBS     | CUSIP: 08861RAG6<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $503652.35    | 1.36%             | 2029-11-15      | Variable      | 6.37%                 | No            |                  2 | On Loan: No      |
| BX 2024-GPA2 D       | CMBS     | CUSIP: 12433DAG8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $494964.65    | 1.34%             | 2029-11-15      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN D      | CMBS     | CUSIP: 12988DAG7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $253745.33    | 0.69%             | 2041-07-15      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA D       | CMBS     | CUSIP: 30338DAG6<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $100317.01    | 0.27%             | 2039-08-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA E       | CMBS     | CUSIP: 30338DAJ0<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $101320.31    | 0.27%             | 2039-08-15      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU C     | CMBS     | CUSIP: 34461WAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250263.68    | 0.68%             | 2039-12-15      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $756424.80    | 2.04%             | 2039-12-15      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 D      | CMBS     | CUSIP: 362414AG9<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $502411.65    | 1.36%             | 2041-05-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WOLF D      | CMBS     | CUSIP: 39152MAG0<br>LEI: N/A | Long             | DBT              |  | US        |    400000 | NS      | $401902.72    | 1.09%             | 2039-03-15      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    700000 | NS      | $703969.00    | 1.90%             | 2041-06-15      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO D     | CMBS     | CUSIP: 40424UAG2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $253272.15    | 0.68%             | 2041-06-15      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY D     | CMBS     | CUSIP: 46117WAG7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $253154.18    | 0.68%             | 2042-03-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| JW 2024-BERY C       | CMBS     | CUSIP: 46676AAE3<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $501634.80    | 1.36%             | 2039-11-15      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250461.43    | 0.68%             | 2042-05-18      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 D      | CMBS     | CUSIP: 55287KAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $252480.40    | 0.68%             | 2042-05-18      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV D      | CMBS     | CUSIP: 62956HAG1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252644.75    | 0.68%             | 2029-08-15      | Variable      | 7.52%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 C      | CMBS     | CUSIP: 69381CAJ6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250697.88    | 0.68%             | 2026-06-15      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 E      | CMBS     | CUSIP: 69381CAN7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $246607.13    | 0.67%             | 2039-06-15      | Variable      | 7.57%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $148664.88    | 0.40%             | 2042-03-15      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| ABBSL 2025-6A E      | CMO      | CUSIP: 00039MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    150000 | NS      | $151735.92    | 0.41%             | 2037-07-20      | Variable      | 9.88%                 | No            |                  2 | On Loan: No      |
| AGL 2020-9A DR       | CMO      | CUSIP: 001207AY5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $499784.95    | 1.35%             | 2037-04-20      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A CR      | CMO      | CUSIP: 03666BBC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    375000 | NS      | $375195.34    | 1.01%             | 2038-10-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A DR      | CMO      | CUSIP: 03666BBE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $500225.25    | 1.35%             | 2038-10-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT C       | CMO      | CUSIP: 05618XAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250359.45    | 0.68%             | 2042-09-15      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT D       | CMO      | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $400568.88    | 1.08%             | 2042-09-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 C    | CMO      | CUSIP: 05619BAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250617.25    | 0.68%             | 2043-01-17      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 D    | CMO      | CUSIP: 05619BAJ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $200008.82    | 0.54%             | 2043-01-17      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2RR    | CMO      | CUSIP: 05765DAZ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251062.90    | 0.68%             | 2036-04-20      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS C     | CMO      | CUSIP: 088928AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $750419.33    | 2.03%             | 2042-08-15      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| DBC 2025-DBC D       | CMO      | CUSIP: 23306HAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    150000 | NS      | $151498.89    | 0.41%             | 2038-06-15      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| GSMBS 2025-PJ7 A1    | CMO      | CUSIP: 36272MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    426475 | NS      | $436536.95    | 1.18%             | 2055-12-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GPIF 2025-1A D       | CMO      | CUSIP: 38411WAD4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $751098.30    | 2.03%             | 2028-08-15      | Variable      | 8.30%                 | No            |                  2 | On Loan: No      |
| JPMCC 2025-PHNY C    | CMO      | CUSIP: 46592UAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $299830.26    | 0.81%             | 2041-01-15      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| JPMCC 2025-PHNY D    | CMO      | CUSIP: 46592UAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $299822.85    | 0.81%             | 2041-01-15      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| KKR 49A D1R          | CMO      | CUSIP: 481939AX4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251246.45    | 0.68%             | 2037-10-20      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| LMRK 2025-1A B       | CMO      | CUSIP: 50209AAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $303776.37    | 0.82%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| MDPK 2022-62A CR2    | CMO      | CUSIP: 55817HBC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250612.28    | 0.68%             | 2038-07-16      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| MIDO 2025-21A D1     | CMO      | CUSIP: 597924AJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $124951.70    | 0.34%             | 2038-10-20      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| MIDO 2023-12A ERR    | CMO      | CUSIP: 59804HAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    250000 | NS      | $248773.43    | 0.67%             | 2038-07-18      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| NAVS 2025-4A D1      | CMO      | CUSIP: 63943VAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250025.70    | 0.68%             | 2037-10-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $653208.66    | 1.76%             | 2038-07-20      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| OCP 2023-27A ER2     | CMO      | CUSIP: 67570LAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $249276.90    | 0.67%             | 2038-07-15      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| AOA 2025-1301 D      | CMO      | CUSIP: 682461AJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $255011.03    | 0.69%             | 2030-08-01      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 D        | CMO      | CUSIP: 69547DAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    749973 | NS      | $759714.52    | 2.05%             | 2033-01-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| RMIT 2025-2 D        | CMO      | CUSIP: 75908BAD2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $99869.74     | 0.27%             | 2037-11-16      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| SCUL 30A D1R         | CMO      | CUSIP: 81124NAY6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    550000 | NS      | $552946.68    | 1.49%             | 2038-07-20      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-6 A1       | CMO      | CUSIP: 81749YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    301251 | NS      | $308358.98    | 0.83%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| TPGCLO 2025-1A D1    | CMO      | CUSIP: 87268JAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $400990.52    | 1.08%             | 2038-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A C      | CMO      | CUSIP: 92535VAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | NS      | $449044.34    | 1.21%             | 2055-08-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| ACHM 2023-HE1 B      | MBS      | CUSIP: 00092AAB2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $519699.25    | 1.40%             | 2037-11-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AOMT 2024-4 A2       | MBS      | CUSIP: 034943AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    163122 | NS      | $169050.14    | 0.46%             | 2069-01-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $404551.80    | 1.09%             | 2064-02-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| PFMT 2025-2 A1       | MBS      | CUSIP: 74389DAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    136706 | NS      | $139760.23    | 0.38%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-5 A1       | MBS      | CUSIP: 81743GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    411704 | NS      | $421417.34    | 1.14%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |   1255951 | NS      | $1255951.19   | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-12

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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