# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-26-000578
**Filing Date:** 2026-2
**Character Count:** 130856
**Document Hash:** a8d55d02c9c176f891f0641d0a6181c5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000578.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0002000324-26-000578

**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:** 26668205

**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 Defensive High Yield ETF (Series ID: S000089384)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000255906 | Obra Defensive High Yield ETF | ODHY            |

## Nport-Ex

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | XTR_PRISRC | 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 |
| 455 | OBRA DEFENSIVE HIGH YIELD | 68245XAJ | 1011778 BC ULC / | 01/15/2028 4.375000% |  | 68245XAJ8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/15/2028 |  |  | 99.63 |  |  |  |  |  | 1011778 BC ULC / | 01/15/2028 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2187.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 49187.50 | 49342.39 | 49812.50 | 49812.50 | 470.11 | 470.11 | 4.39 | False | 4.57 |  | 0.98 | 0.96 | 0.97 | 0.00 |  | 549300RHSHNRWI5LLA86 | 68245XAJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00404AAP | ACADIA HEALTH | 04/15/2029 5.000000% |  | 00404AAP4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 4/15/2029 |  |  | 96.50 |  |  |  |  |  | ACADIA HEALTH | 04/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 38750.00 | 38903.02 | 38600.00 | 38600.00 | -303.02 | -303.02 | 5.18 | False | 6.19 |  | 0.76 | 0.74 | 0.75 | 0.00 |  | 5493005CW985Y9D0NC11 | 00404AAP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00489LAL | ACRISURE LLC | 11/06/2030 7.500000% |  | 00489LAL7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 11/6/2030 |  |  | 104.25 |  |  |  |  |  | ACRISURE LLC | 11/06/2030 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2625.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36225.00 | 36075.49 | 36487.50 | 36487.50 | 412.01 | 412.01 | 7.19 | True | 5.85 |  | 0.72 | 0.70 | 0.71 | 0.00 |  | 254900QBKK4WBSO3GE51 | 00489LAL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00687YAB | ADIENT GLOBAL HO | 04/15/2028 7.000000% |  | 00687YAB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | JE | JERSEY |  |  | USD | US DOLLAR | 4/15/2028 |  |  | 102.22 |  |  |  |  |  | ADIENT GLOBAL HO | 04/15/2028 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2800.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 41221.20 | 40885.64 | 40889.72 | 40889.72 | 4.08 | 4.08 | 6.85 | True | 5.17 |  | 0.80 | 0.79 | 0.80 | 0.00 |  | 213800VA38VCKE6M8790 | 00687YAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74166NAA | ADT CORP | 07/15/2032 4.875000% |  | 74166NAA2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 7/15/2032 |  |  | 97.00 |  |  |  |  |  | ADT CORP | 07/15/2032 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2437.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 48062.50 | 48179.61 | 48500.00 | 48500.00 | 320.39 | 320.39 | 5.03 | False | 5.43 |  | 0.95 | 0.94 | 0.94 | 0.00 |  | 5493009JEEDYLVRA0J13 | 74166NAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00790RAB | ADVANCED DRAINAG | 06/15/2030 6.375000% |  | 00790RAB0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 6/15/2030 |  |  | 102.38 |  |  |  |  |  | ADVANCED DRAINAG | 06/15/2030 6.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3187.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 51125.00 | 50966.98 | 51187.50 | 51187.50 | 220.52 | 220.52 | 6.23 | True | 4.81 |  | 1.01 | 0.99 | 1.00 | 0.00 |  | 6QQTOZ5MF5DHM7K92I60 | 00790RAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 013092AC | ALBERTSONS COS | 01/15/2027 4.625000% |  | 013092AC5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2027 |  |  | 100.13 |  |  |  |  |  | ALBERTSONS COS | 01/15/2027 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1618.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34693.75 | 34792.08 | 35043.75 | 35043.75 | 251.67 | 251.67 | 4.62 | True | 1.38 |  | 0.69 | 0.68 | 0.68 | 0.00 |  | 549300YKWOC0AOR16R51 | 013092AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 01330AAA | ALBION FINANCING | 05/21/2030 7.000000% |  | 01330AAA4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | LUX | LUXEMBOURG |  |  | USD | US DOLLAR | 5/21/2030 |  |  | 104.88 |  |  |  |  |  | ALBION FINANCING | 05/21/2030 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2450.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35831.25 | 35794.71 | 36706.25 | 36706.25 | 911.54 | 911.54 | 6.67 | True | 5.75 |  | 0.72 | 0.71 | 0.71 | 0.00 |  | 254900QBKK4WBSO3GE51 | 01330AAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 019576AD | ALLIED UNIVERSAL | 02/15/2031 7.875000% |  | 019576AD9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 2/15/2031 |  |  | 105.50 |  |  |  |  |  | ALLIED UNIVERSAL | 02/15/2031 7.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2362.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 30000.00 | 31473.00 | 31385.81 | 31650.00 | 31650.00 | 264.19 | 264.19 | 7.46 | True | 6.16 |  | 0.62 | 0.61 | 0.62 | 0.00 |  | 98450038B4549046D794 | 019576AD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 019736AG | ALLISON TRANS | 01/30/2031 3.750000% |  | 019736AG2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 1/30/2031 |  |  | 94.25 |  |  |  |  |  | ALLISON TRANS | 01/30/2031 3.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1875.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 46125.00 | 46627.31 | 47125.00 | 47125.00 | 497.69 | 497.69 | 3.98 | False | 5.05 |  | 0.93 | 0.91 | 0.92 | 0.00 |  | MWKQ3I0U1GXP2YDSZW75 | 019736AG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 02406PBC | AMER AXLE & MFG | 10/15/2032 6.375000% |  | 02406PBC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 10/15/2032 |  |  | 101.88 |  |  |  |  |  | AMER AXLE & MFG | 10/15/2032 6.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1593.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24973.00 | 24970.97 | 25468.75 | 25468.75 | 497.78 | 497.78 | 6.26 | False | 6.03 |  | 0.50 | 0.49 | 0.50 | 0.00 |  | RY5TAKFOBLDUGX31MS24 | 02406PBC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00253XAB | AMERICAN AIRLINE | 04/20/2029 5.750000% |  | 00253XAB7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/20/2029 |  |  | 102.00 |  |  |  |  |  | AMERICAN AIRLINE | 04/20/2029 5.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1437.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25031.25 | 25027.44 | 25500.00 | 25500.00 | 472.56 | 472.56 | 5.64 | False | 5.09 |  | 0.50 | 0.49 | 0.50 | 0.00 |  | 254900QBKK4WBSO3GE51 | 00253XAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 031921AC | AMWINS GROUP INC | 02/15/2029 6.375000% |  | 031921AC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 2/15/2029 |  |  | 102.88 |  |  |  |  |  | AMWINS GROUP INC | 02/15/2029 6.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1912.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 30000.00 | 30600.00 | 30562.38 | 30862.50 | 30862.50 | 300.12 | 300.12 | 6.20 | False | 5.36 |  | 0.61 | 0.60 | 0.60 | 0.00 |  | 549300SJE7MUB8NMRG61 | 031921AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 75606DAS | ANYWHERE RE/CO-I | 04/15/2030 7.000000% |  | 75606DAS0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/15/2030 |  |  | 99.88 |  |  |  |  |  | ANYWHERE RE/CO-I | 04/15/2030 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 23281.25 | 23433.01 | 24968.75 | 24968.75 | 1535.74 | 1535.74 | 7.01 | False | 7.03 |  | 0.49 | 0.48 | 0.49 | 0.00 |  | 254900QBKK4WBSO3GE51 | 75606DAS<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00185PAA | API GROUP DE INC | 10/15/2029 4.750000% |  | 00185PAA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MN | MINNESOTA | USD | US DOLLAR | 10/15/2029 |  |  | 98.13 |  |  |  |  |  | API GROUP DE INC | 10/15/2029 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1900.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39250.00 | 39330.86 | 39250.00 | 39250.00 | -80.86 | -80.86 | 4.84 | False | 5.30 |  | 0.77 | 0.76 | 0.76 | 0.00 |  | 549300TTHIODYMGND828 | 00185PAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 038522AQ | ARAMARK SERV INC | 02/01/2028 5.000000% |  | 038522AQ1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 2/1/2028 |  |  | 100.25 |  |  |  |  |  | ARAMARK SERV INC | 02/01/2028 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 49875.00 | 49898.18 | 50125.00 | 50125.00 | 226.82 | 226.82 | 4.99 | True | 1.95 |  | 0.99 | 0.97 | 0.98 | 0.00 |  | 42YMHYH0XMHJEXDUB065 | 038522AQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 04433LAA | ASHLAND LLC | 09/01/2031 3.375000% |  | 04433LAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 9/1/2031 |  |  | 92.13 |  |  |  |  |  | ASHLAND LLC | 09/01/2031 3.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 44375.00 | 44792.45 | 46062.50 | 46062.50 | 1270.05 | 1270.05 | 3.66 | False | 4.99 |  | 0.91 | 0.89 | 0.90 | 0.00 |  | 529900E4L9R04SB8HB11 | 04433LAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 045941AA | ASURION LLC/CO | 12/31/2032 8.000000% |  | 045941AA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/31/2032 |  |  | 103.75 |  |  |  |  |  | ASURION LLC/CO | 12/31/2032 8.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25664.00 | 25663.72 | 25937.50 | 25937.50 | 273.78 | 273.78 | 7.71 | False | 7.31 |  | 0.51 | 0.50 | 0.50 | 0.00 |  |  | 045941AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 05368VAA | AVIENT CORP | 08/01/2030 7.125000% |  | 05368VAA4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 8/1/2030 |  |  | 102.88 |  |  |  |  |  | AVIENT CORP | 08/01/2030 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1781.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25843.75 | 25659.82 | 25718.75 | 25718.75 | 58.93 | 58.93 | 6.93 | True | 5.10 |  | 0.51 | 0.50 | 0.50 | 0.00 |  | SM8L9RZYIB34LNTWO040 | 05368VAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 05480AAB | AZORRA FINANCE | 01/15/2031 7.250000% |  | 05480AAB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAY | CAYMAN ISLANDS |  |  | USD | US DOLLAR | 1/15/2031 |  |  | 104.87 |  |  |  |  |  | AZORRA FINANCE | 01/15/2031 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1812.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 26146.75 | 26139.67 | 26217.33 | 26217.33 | 77.66 | 77.66 | 6.91 | True | 6.16 |  | 0.52 | 0.51 | 0.51 | 0.00 |  |  | 05480AAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 05508WAC | B&G FOODS INC | 09/15/2028 8.000000% |  | 05508WAC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 9/15/2028 |  |  | 98.63 |  |  |  |  |  | B&G FOODS INC | 09/15/2028 8.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24125.00 | 24311.16 | 24656.25 | 24656.25 | 345.09 | 345.09 | 8.11 | False | 8.57 |  | 0.49 | 0.48 | 0.48 | 0.00 |  | 549300TRW1LZMDJZAQ78 | 05508WAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 05825XAA | BALDWIN INS/FIN | 05/15/2031 7.125000% |  | 05825XAA7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 5/15/2031 |  |  | 103.75 |  |  |  |  |  | BALDWIN INS/FIN | 05/15/2031 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1781.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25801.00 | 25776.61 | 25937.50 | 25937.50 | 160.89 | 160.89 | 6.87 | True | 6.73 |  | 0.51 | 0.50 | 0.50 | 0.00 |  | 5493004GCDREAQPPYG20 | 05825XAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 058498AX | BALL CORP | 09/15/2031 3.125000% |  | 058498AX4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 9/15/2031 |  |  | 92.50 |  |  |  |  |  | BALL CORP | 09/15/2031 3.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1562.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 44937.50 | 45315.71 | 46250.00 | 46250.00 | 934.29 | 934.29 | 3.38 | False | 4.64 |  | 0.91 | 0.89 | 0.90 | 0.00 |  | 0BGI85ALH27ZJP15DY16 | 058498AX<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 07556QBR | BEAZER HOMES USA | 10/15/2027 5.875000% |  | 07556QBR5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 10/15/2027 |  |  | 100.13 |  |  |  |  |  | BEAZER HOMES USA | 10/15/2027 5.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2350.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40050.00 | 40038.43 | 40050.00 | 40050.00 | 11.57 | 11.57 | 5.87 | False | 5.79 |  | 0.79 | 0.77 | 0.78 | 0.00 |  | 549300DUPYT2T0F60I45 | 07556QBR<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 09257WAF | BLAXKSTONE MORTGAGE | BXMT 7.75 DEC 012029 |  | 09257WAF7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/1/2029 |  |  | 106.76 |  |  |  |  |  | BLAXKSTONE MORTGAGE | BXMT 7.75 DEC 012029 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1937.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 26538.50 | 26423.75 | 26688.85 | 26688.85 | 265.10 | 265.10 | 7.26 | True | 5.68 |  | 0.53 | 0.51 | 0.52 | 0.00 |  |  | 09257WAF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 097751BZ | BOMBARDIER INC | 02/01/2029 7.500000% |  | 097751BZ3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 2/1/2029 |  |  | 104.06 |  |  |  |  |  | BOMBARDIER INC | 02/01/2029 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2625.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36662.50 | 36360.49 | 36419.25 | 36419.25 | 58.76 | 58.76 | 7.21 | True | 3.58 |  | 0.72 | 0.70 | 0.71 | 0.00 |  | W7L3VLU8EHQY34Z36697 | 097751BZ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 103304BV | BOYD GAMING CORP | 06/15/2031 4.750000% |  | 103304BV2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 6/15/2031 |  |  | 98.00 |  |  |  |  |  | BOYD GAMING CORP | 06/15/2031 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 47687.50 | 47956.47 | 49000.00 | 49000.00 | 1043.53 | 1043.53 | 4.85 | False | 5.17 |  | 0.96 | 0.95 | 0.95 | 0.00 |  | 254900787YGRYS2A1Z35 | 103304BV<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 460599AE | BRIGHTSTAR LOTTERY P | 01/15/2029 5.250000% |  | 460599AE3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | UKS | UNITED KINGDOM |  |  | USD | US DOLLAR | 1/15/2029 |  |  | 100.25 |  |  |  |  |  | INTL GAME TECH | 01/15/2029 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2100.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39750.00 | 39981.35 | 40100.00 | 40100.00 | 118.65 | 118.65 | 5.24 | True | -1.15 |  | 0.79 | 0.77 | 0.78 | 0.00 |  | 549300UQ6KHRCZDRGZ76 | 460599AE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 12769GAC | CAESARS ENT | 02/15/2032 6.500000% |  | 12769GAC4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 2/15/2032 |  |  | 102.50 |  |  |  |  |  | CAESARS ENT | 02/15/2032 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3250.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 51250.00 | 51169.54 | 51250.00 | 51250.00 | 80.46 | 80.46 | 6.34 | False | 6.00 |  | 1.01 | 0.99 | 1.00 | 0.00 |  | 549300FA4CTCW903Y781 | 12769GAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 131347CM | CALPINE CORP | 02/15/2028 4.500000% |  | 131347CM6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 2/15/2028 |  |  | 100.13 |  |  |  |  |  | CALPINE CORP | 02/15/2028 4.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1800.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39750.00 | 39796.02 | 40050.00 | 40050.00 | 253.98 | 253.98 | 4.49 | True | 3.41 |  | 0.79 | 0.77 | 0.78 | 0.00 |  | 43R4VPJBXTU2O15HEF41 | 131347CM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 14739LAB | CASCADES INC/USA | 01/15/2028 5.375000% |  | 14739LAB8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/15/2028 |  |  | 100.25 |  |  |  |  |  | CASCADES INC/USA | 01/15/2028 5.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1881.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34781.25 | 34822.73 | 35087.50 | 35087.50 | 264.77 | 264.77 | 5.36 | False | 5.24 |  | 0.69 | 0.68 | 0.68 | 0.00 |  | 254900QBKK4WBSO3GE51 | 14739LAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 1248EPCQ | CCO HOLDINGS LLC | 02/01/2032 4.750000% |  | 1248EPCQ4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 2/1/2032 |  |  | 91.75 |  |  |  |  |  | CCO HOLDINGS LLC | 02/01/2032 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 47500.00 | 47746.22 | 45875.00 | 45875.00 | -1871.22 | -1871.22 | 5.18 | False | 6.41 |  | 0.90 | 0.89 | 0.89 | 0.00 |  | 549300TTHIODYMGND828 | 1248EPCQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 16115QAF | CHART INDUSTRIES | 01/01/2030 7.500000% |  | 16115QAF7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 1/1/2030 |  |  | 104.38 |  |  |  |  |  | CHART INDUSTRIES | 01/01/2030 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 41950.00 | 41500.00 | 41750.00 | 41750.00 | 250.00 | 250.00 | 7.19 | True | 5.99 |  | 0.82 | 0.81 | 0.81 | 0.00 |  | EM7QGKC1GYOF3LSZSL80 | 16115QAF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 172441BH | CINEMARK USA | 08/01/2032 7.000000% |  | 172441BH9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 8/1/2032 |  |  | 103.75 |  |  |  |  |  | CINEMARK USA | 08/01/2032 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2800.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 41400.00 | 41293.01 | 41500.00 | 41500.00 | 206.99 | 206.99 | 6.75 | True | 6.59 |  | 0.82 | 0.80 | 0.81 | 0.00 |  | 54930008H2137JSCPQ09 | 172441BH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 18060TAD | CLARIOS GLOBAL | 02/15/2030 6.750000% |  | 18060TAD7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/15/2030 |  |  | 104.63 |  |  |  |  |  | CLARIOS GLOBAL | 02/15/2030 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25906.25 | 25817.36 | 26156.25 | 26156.25 | 338.89 | 338.89 | 6.45 | True | 5.40 |  | 0.51 | 0.50 | 0.51 | 0.00 |  | 549300QHLDSIXVFWH611 | 18060TAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 184496AP | CLEAN HARBORS IN | 07/15/2029 5.125000% |  | 184496AP2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 7/15/2029 |  |  | 100.38 |  |  |  |  |  | CLEAN HARBORS IN | 07/15/2029 5.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2562.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 49500.00 | 49557.53 | 50187.50 | 50187.50 | 629.97 | 629.97 | 5.11 | True | 4.41 |  | 0.99 | 0.97 | 0.98 | 0.00 |  | 5493000SJVZVZJKHJF48 | 184496AP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 185899AN | CLEVELAND-CLIFFS | 04/15/2030 6.750000% |  | 185899AN1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 4/15/2030 |  |  | 103.00 |  |  |  |  |  | CLEVELAND-CLIFFS | 04/15/2030 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24093.75 | 24244.62 | 25750.00 | 25750.00 | 1505.38 | 1505.38 | 6.55 | False | 5.94 |  | 0.51 | 0.50 | 0.50 | 0.00 |  | 549300TM2WLI2BJMDD86 | 185899AN | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 18972EAD | CLYDESDALE ACQUI | 04/15/2032 6.750000% |  | 18972EAD7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 4/15/2032 |  |  | 102.88 |  |  |  |  |  | CLYDESDALE ACQUI | 04/15/2032 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25863.25 | 25859.75 | 25718.75 | 25718.75 | -141.00 | -141.00 | 6.56 | False | 6.19 |  | 0.51 | 0.50 | 0.50 | 0.00 |  | 254900QKSDYFR3K5YD98 | 18972EAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 12653CAL | CNX RESOURCES CO | 03/01/2032 7.250000% |  | 12653CAL2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 3/1/2032 |  |  | 104.38 |  |  |  |  |  | CNX RESOURCES CO | 03/01/2032 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2537.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36225.00 | 36118.24 | 36531.25 | 36531.25 | 413.01 | 413.01 | 6.95 | True | 6.33 |  | 0.72 | 0.70 | 0.71 | 0.00 |  | 549300JK3KH8PWM3B226 | 12653CAL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 21871NAC | CORECIVIC INC | 04/15/2029 8.250000% |  | 21871NAC5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 4/15/2029 |  |  | 105.38 |  |  |  |  |  | CORECIVIC INC | 04/15/2029 8.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2062.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 26531.25 | 26209.98 | 26343.75 | 26343.75 | 133.77 | 133.77 | 7.83 | True | 3.66 |  | 0.52 | 0.51 | 0.51 | 0.00 |  | 529900JFA3K6PTLT8B15 | 21871NAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 222070AG | COTY/HFC PREST | 01/15/2029 4.750000% |  | 222070AG9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2029 |  |  | 98.63 |  |  |  |  |  | COTY/HFC PREST | 01/15/2029 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 49000.00 | 49132.91 | 49312.50 | 49312.50 | 179.59 | 179.59 | 4.82 | False | 5.24 |  | 0.97 | 0.95 | 0.96 | 0.00 |  | 549300BO9IWPF3S48F93 | 222070AG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 228180AC | CROWN AMERICAS L | 06/01/2033 5.875000% |  | 228180AC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 6/1/2033 |  |  | 102.25 |  |  |  |  |  | CROWN AMERICAS L | 06/01/2033 5.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1468.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25156.25 | 25141.59 | 25562.50 | 25562.50 | 420.91 | 420.91 | 5.75 | False | 5.50 |  | 0.50 | 0.49 | 0.50 | 0.00 |  | RPPGGRL1J75WGF2DFO04 | 228180AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 23166MAA | CUSHMAN & WAKE | 05/15/2028 6.750000% |  | 23166MAA1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 5/15/2028 |  |  | 101.00 |  |  |  |  |  | CUSHMAN & WAKE | 05/15/2028 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2700.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40500.00 | 40210.34 | 40400.00 | 40400.00 | 189.66 | 189.66 | 6.68 | True | 3.99 |  | 0.79 | 0.78 | 0.79 | 0.00 |  | 549300870CMN3WI5IF97 | 23166MAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 237266AH | DARLING INGREDIE | 04/15/2027 5.250000% |  | 237266AH4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 4/15/2027 |  |  | 99.94 |  |  |  |  |  | DARLING INGREDIE | 04/15/2027 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1837.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34978.13 | 34983.32 | 34978.13 | 34978.13 | -5.20 | -5.20 | 5.25 | False | 5.29 |  | 0.69 | 0.67 | 0.68 | 0.00 |  | L1N0SPPKS7EXZYUMZ898 | 237266AH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 23918KAS | DAVITA INC | 06/01/2030 4.625000% |  | 23918KAS7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 6/1/2030 |  |  | 97.38 |  |  |  |  |  | DAVITA INC | 06/01/2030 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2312.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 47937.50 | 48126.90 | 48687.50 | 48687.50 | 560.60 | 560.60 | 4.75 | False | 5.30 |  | 0.96 | 0.94 | 0.95 | 0.00 |  | M2XHYMU3TZNEZURC6H66 | 23918KAS<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 23345MAB | DT MIDSTREAM | 06/15/2031 4.375000% |  | 23345MAB3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 6/15/2031 |  |  | 98.25 |  |  |  |  |  | DT MIDSTREAM | 06/15/2031 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2187.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 47812.50 | 48069.04 | 49125.00 | 49125.00 | 1055.96 | 1055.96 | 4.45 | False | 4.74 |  | 0.97 | 0.95 | 0.96 | 0.00 |  | 549300TTHIODYMGND828 | 23345MAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 28414HAG | ELANCO ANIMAL | 08/28/2028 6.650000% |  | 28414HAG8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 8/28/2028 |  |  | 104.42 |  |  |  |  |  | ELANCO ANIMAL | 08/28/2028 6.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1662.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25948.48 | 25791.71 | 26105.56 | 26105.56 | 313.85 | 313.85 | 6.37 | True | 4.68 |  | 0.51 | 0.50 | 0.51 | 0.00 |  | 549300SHPNDCE059M934 | 28414HAG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 29261AAA | ENCOMPASS HLTH | 02/01/2028 4.500000% |  | 29261AAA8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | AL | ALABAMA | USD | US DOLLAR | 2/1/2028 |  |  | 99.75 |  |  |  |  |  | ENCOMPASS HLTH | 02/01/2028 4.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1800.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39700.00 | 39756.17 | 39900.00 | 39900.00 | 143.83 | 143.83 | 4.51 | False | 4.63 |  | 0.79 | 0.77 | 0.78 | 0.00 |  | 549300FVRPM9DRQZRG64 | 29261AAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 29272WAC | ENERGIZER HLDGS | 06/15/2028 4.750000% |  | 29272WAC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 6/15/2028 |  |  | 99.13 |  |  |  |  |  | ENERGIZER HLDGS | 06/15/2028 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 48625.00 | 48846.28 | 49562.50 | 49562.50 | 716.22 | 716.22 | 4.79 | False | 5.13 |  | 0.98 | 0.96 | 0.96 | 0.00 |  | 5493000D6NN0V57UME20 | 29272WAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 29362UAD | ENTEGRIS INC | 05/01/2029 3.625000% |  | 29362UAD6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 5/1/2029 |  |  | 95.88 |  |  |  |  |  | ENTEGRIS INC | 05/01/2029 3.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1450.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 37800.00 | 38068.93 | 38350.00 | 38350.00 | 281.07 | 281.07 | 3.78 | False | 4.98 |  | 0.75 | 0.74 | 0.75 | 0.00 |  | IYX6OWO7BT5DKO3BYG52 | 29362UAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 31659AAA | FIESTA PURCHASER | 03/01/2031 7.875000% |  | 31659AAA4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 3/1/2031 |  |  | 104.38 |  |  |  |  |  | FIESTA PURCHASER | 03/01/2031 7.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1968.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 26206.75 | 26200.56 | 26093.75 | 26093.75 | -106.81 | -106.81 | 7.54 | True | 7.18 |  | 0.51 | 0.50 | 0.51 | 0.00 |  | 254900QBKK4WBSO3GE51 | 31659AAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 344045AA | FLUTTER TREASURY | 04/29/2029 6.375000% |  | 344045AA7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | IEP | IRELAND |  |  | USD | US DOLLAR | 4/29/2029 |  |  | 103.12 |  |  |  |  |  | FLUTTER TREASURY | 04/29/2029 6.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1593.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25714.06 | 25626.20 | 25780.45 | 25780.45 | 154.25 | 154.25 | 6.18 | False | 5.34 |  | 0.51 | 0.50 | 0.50 | 0.00 |  | 635400JE8VLL9UFVIC38 | 344045AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 30251GBE | FMG RES AUG 2006 | 04/15/2032 6.125000% |  | 30251GBE6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | AUD | AUSTRALIA |  |  | USD | US DOLLAR | 4/15/2032 |  |  | 104.41 |  |  |  |  |  | FMG RES AUG 2006 | 04/15/2032 6.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2450.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40477.32 | 40446.46 | 41763.88 | 41763.88 | 1317.42 | 1317.42 | 5.87 | True | 5.26 |  | 0.82 | 0.81 | 0.81 | 0.00 |  | 549300EFD6S2NFE9D745 | 30251GBE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 34417VAA | FOCUS FINANCIAL | 09/15/2031 6.750000% |  | 34417VAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 9/15/2031 |  |  | 103.50 |  |  |  |  |  | FOCUS FINANCIAL | 09/15/2031 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25762.00 | 25767.84 | 25875.00 | 25875.00 | 107.16 | 107.16 | 6.52 | True | 6.45 |  | 0.51 | 0.50 | 0.50 | 0.00 |  | 5493007L0E0VKRC2CP39 | 34417VAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 345397B6 | FORD MOTOR CRED | 06/17/2031 3.625000% |  | 345397B69 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 6/17/2031 |  |  | 91.56 |  |  |  |  |  | FORD MOTOR CRED | 06/17/2031 3.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1812.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 43801.88 | 44275.26 | 45778.98 | 45778.98 | 1503.72 | 1503.72 | 3.96 | False | 5.43 |  | 0.90 | 0.88 | 0.89 | 0.00 |  | UDSQCVRUX5BONN0VY111 | 345397B6<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 34966MAA | FORTRESS INTERME | 06/01/2031 7.500000% |  | 34966MAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 6/1/2031 |  |  | 104.38 |  |  |  |  |  | FORTRESS INTERME | 06/01/2031 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1875.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 26250.00 | 26169.71 | 26093.75 | 26093.75 | -75.96 | -75.96 | 7.19 | True | 6.77 |  | 0.51 | 0.50 | 0.51 | 0.00 |  | 549300TTHIODYMGND828 | 34966MAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 35901MAA | FRONERI LUX FINC | 08/01/2032 6.000000% |  | 35901MAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | LUX | LUXEMBOURG |  |  | USD | US DOLLAR | 8/1/2032 |  |  | 101.38 |  |  |  |  |  | FRONERI LUX FINC | 08/01/2032 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1800.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 30000.00 | 29875.50 | 29884.65 | 30412.50 | 30412.50 | 527.85 | 527.85 | 5.92 | False | 5.75 |  | 0.60 | 0.59 | 0.59 | 0.00 |  | 9845005YBZ75E5AA3B94 | 35901MAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 35906ABF | FRONTIER COMMUNI | 05/01/2028 5.000000% |  | 35906ABF4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 5/1/2028 |  |  | 100.13 |  |  |  |  |  | FRONTIER COMMUNI | 05/01/2028 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25000.00 | 25000.00 | 25031.25 | 25031.25 | 31.25 | 31.25 | 4.99 | True | 4.58 |  | 0.49 | 0.48 | 0.49 | 0.00 |  | 549300ZCZ76HYCS0H445 | 35906ABF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 36485MAQ | GARDA SECURITY | 01/15/2031 6.500000% |  | 36485MAQ2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/15/2031 |  |  | 102.38 |  |  |  |  |  | GARDA SECURITY | 01/15/2031 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1625.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25281.75 | 25270.97 | 25593.75 | 25593.75 | 322.78 | 322.78 | 6.35 | False | 5.95 |  | 0.50 | 0.49 | 0.50 | 0.00 |  | 549300ZF1NDXLMCHNO20 | 36485MAQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 366504AA | GARRETT MOT/SARL | 05/31/2032 7.750000% |  | 366504AA6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 5/31/2032 |  |  | 105.88 |  |  |  |  |  | GARRETT MOT/SARL | 05/31/2032 7.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2712.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36268.75 | 36172.47 | 37056.25 | 37056.25 | 883.78 | 883.78 | 7.32 | True | 6.01 |  | 0.73 | 0.72 | 0.72 | 0.00 |  | 254900QBKK4WBSO3GE51 | 366504AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 371559AB | GENESEE & WYOMIN | 04/15/2032 6.250000% |  | 371559AB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 4/15/2032 |  |  | 103.25 |  |  |  |  |  | GENESEE & WYOMIN | 04/15/2032 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40950.00 | 40893.32 | 41300.00 | 41300.00 | 406.68 | 406.68 | 6.05 | True | 5.95 |  | 0.81 | 0.80 | 0.80 | 0.00 |  | G617XSG94Z7G0RMW3L02 | 371559AB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 361841AL | GLP CAP/FIN II | 01/15/2029 5.300000% |  | 361841AL3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2029 |  |  | 102.01 |  |  |  |  |  | GLP CAP/FIN II | 01/15/2029 5.300000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1325.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25321.65 | 25274.46 | 25502.18 | 25502.18 | 227.72 | 227.72 | 5.20 | True | 4.52 |  | 0.50 | 0.49 | 0.50 | 0.00 |  | 2549005PXW31DRW8EC44 | 361841AL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 38869AAB | GRAPHIC PACKAGIN | 03/15/2028 3.500000% |  | 38869AAB3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 3/15/2028 |  |  | 97.13 |  |  |  |  |  | GRAPHIC PACKAGIN | 03/15/2028 3.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1400.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 38450.00 | 38793.95 | 38850.00 | 38850.00 | 56.05 | 56.05 | 3.60 | False | 4.89 |  | 0.76 | 0.75 | 0.76 | 0.00 |  | SO75N4VY5NXGQSK8YQ65 | 38869AAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 42704LAF | HERC HOLDINGS | 06/15/2030 7.000000% |  | 42704LAF1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 6/15/2030 |  |  | 105.38 |  |  |  |  |  | HERC HOLDINGS | 06/15/2030 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2100.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 30000.00 | 31275.00 | 31218.24 | 31612.50 | 31612.50 | 394.26 | 394.26 | 6.64 | True | 5.45 |  | 0.62 | 0.61 | 0.62 | 0.00 |  | 549300TP80QLITMSBP82 | 42704LAF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 432833AF | HILTON DOMESTIC | 01/15/2030 4.875000% |  | 432833AF8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/15/2030 |  |  | 100.13 |  |  |  |  |  | HILTON DOMESTIC | 01/15/2030 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1950.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39650.00 | 39685.61 | 40050.00 | 40050.00 | 364.39 | 364.39 | 4.87 | False | 4.84 |  | 0.79 | 0.77 | 0.78 | 0.00 |  | 5493003EG7H0N1E4XV50 | 432833AF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 43284MAB | HILTON GRAND | 07/01/2031 4.875000% |  | 43284MAB4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/1/2031 |  |  | 93.50 |  |  |  |  |  | HILTON GRAND | 07/01/2031 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1218.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 23000.00 | 23290.10 | 23375.00 | 23375.00 | 84.90 | 84.90 | 5.21 | False | 6.29 |  | 0.46 | 0.45 | 0.46 | 0.00 |  | 549300TTHIODYMGND828 | 43284MAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 451102CC | ICAHN ENTER/FIN | 02/01/2029 4.375000% |  | 451102CC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 2/1/2029 |  |  | 86.25 |  |  |  |  |  | ICAHN ENTER/FIN | 02/01/2029 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1531.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 29225.00 | 30055.73 | 30187.50 | 30187.50 | 131.77 | 131.77 | 5.07 | False | 9.63 |  | 0.59 | 0.58 | 0.59 | 0.00 |  | 254900QBKK4WBSO3GE51 | 451102CC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 902104AC | II-VI INC | 12/15/2029 5.000000% |  | 902104AC2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 12/15/2029 |  |  | 99.69 |  |  |  |  |  | II-VI INC | 12/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34365.63 | 34430.73 | 34890.63 | 34890.63 | 459.90 | 459.90 | 5.02 | False | 5.09 |  | 0.69 | 0.67 | 0.68 | 0.00 |  | 549300O5C25A0MMHHU33 | 902104AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 44984WAJ | INEOS FINANCE PL | 04/15/2029 7.500000% |  | 44984WAJ6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | UKS | UNITED KINGDOM |  |  | USD | US DOLLAR | 4/15/2029 |  |  | 86.00 |  |  |  |  |  | INEOS FINANCE PL | 04/15/2029 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2625.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35044.70 | 35036.06 | 30100.00 | 30100.00 | -4936.06 | -4936.06 | 8.72 | False | 12.84 |  | 0.59 | 0.58 | 0.59 | 0.00 |  | 2138002D68XDR4LZCG32 | 44984WAJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 449934AD | IQVIA INC | 10/15/2026 5.000000% |  | 449934AD0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 10/15/2026 |  |  | 99.94 |  |  |  |  |  | IQVIA INC | 10/15/2026 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24968.75 | 24980.11 | 24984.38 | 24984.38 | 4.27 | 4.27 | 5.00 | False | 5.07 |  | 0.49 | 0.48 | 0.49 | 0.00 |  | 549300PLWY28YB00C717 | 449934AD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 46284VAG | IRON MOUNTAIN | 07/15/2028 5.000000% |  | 46284VAG6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 7/15/2028 |  |  | 100.00 |  |  |  |  |  | IRON MOUNTAIN | 07/15/2028 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 49687.50 | 49736.64 | 50000.00 | 50000.00 | 263.36 | 263.36 | 5.00 | False | 5.00 |  | 0.98 | 0.96 | 0.97 | 0.00 |  | SQL3F6CKNNBM3SQGHX24 | 46284VAG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 47077WAC | JANE STREET GRP | 04/30/2031 7.125000% |  | 47077WAC2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/30/2031 |  |  | 105.25 |  |  |  |  |  | JANE STREET GRP | 04/30/2031 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2137.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 30000.00 | 31612.50 | 31465.67 | 31575.00 | 31575.00 | 109.33 | 109.33 | 6.77 | True | 5.58 |  | 0.62 | 0.61 | 0.61 | 0.00 |  | 254900QBKK4WBSO3GE51 | 47077WAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 48666KAY | KB HOME | 11/15/2029 4.8% |  | 48666KAY5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 11/15/2029 |  |  | 99.75 |  |  |  |  |  | KB HOME | 11/15/2029 4.8% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1920.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39150.00 | 39239.22 | 39900.00 | 39900.00 | 660.78 | 660.78 | 4.81 | False | 4.87 |  | 0.79 | 0.77 | 0.78 | 0.00 |  | 549300LGUCWQURMWLG09 | 48666KAY<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 501797AW | L BRANDS INC | 10/01/2030 6.625000% |  | 501797AW4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 10/1/2030 |  |  | 101.88 |  |  |  |  |  | L BRANDS INC | 10/01/2030 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2650.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 41200.00 | 41071.60 | 40750.00 | 40750.00 | -321.60 | -321.60 | 6.50 | False | 6.16 |  | 0.80 | 0.79 | 0.79 | 0.00 |  | GR3KVMWVCR54YWQNXU90 | 501797AW<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 513075BW | LAMAR MEDIA CORP | 01/15/2029 4.875000% |  | 513075BW0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | LA | LOUISIANA | USD | US DOLLAR | 1/15/2029 |  |  | 99.88 |  |  |  |  |  | LAMAR MEDIA CORP | 01/15/2029 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1218.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24781.25 | 24810.46 | 24968.75 | 24968.75 | 158.29 | 158.29 | 4.88 | False | 4.92 |  | 0.49 | 0.48 | 0.49 | 0.00 |  | 549300TTHIODYMGND828 | 513075BW<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 52736RBJ | LEVI STRAUSS | 03/01/2031 3.500000% |  | 52736RBJ0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 3/1/2031 |  |  | 93.38 |  |  |  |  |  | LEVI STRAUSS | 03/01/2031 3.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 45500.00 | 46071.28 | 46687.50 | 46687.50 | 616.22 | 616.22 | 3.75 | False | 4.97 |  | 0.92 | 0.90 | 0.91 | 0.00 |  | MB0UERO0RDFKU8258G77 | 52736RBJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 53190FAE | LIFE TIME INC | 11/15/2031 6.000000% |  | 53190FAE5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MN | MINNESOTA | USD | US DOLLAR | 11/15/2031 |  |  | 102.38 |  |  |  |  |  | LIFE TIME INC | 11/15/2031 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25436.50 | 25431.00 | 25593.75 | 25593.75 | 162.75 | 162.75 | 5.86 | False | 5.52 |  | 0.50 | 0.49 | 0.50 | 0.00 |  | 549300PALKE96VYH4X17 | 53190FAE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 55939AAA | MAGNERA CORP | 11/15/2031 7.250000% |  | 55939AAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 11/15/2031 |  |  | 98.38 |  |  |  |  |  | MAGNERA CORP | 11/15/2031 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2175.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 30000.00 | 28299.90 | 28462.15 | 29512.50 | 29512.50 | 1050.35 | 1050.35 | 7.37 | False | 7.60 |  | 0.58 | 0.57 | 0.57 | 0.00 |  | 549300LDQLQBT38QDY28 | 55939AAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 552953CF | MGM RESORTS | 04/15/2027 5.500000% |  | 552953CF6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 4/15/2027 |  |  | 101.00 |  |  |  |  |  | MGM RESORTS | 04/15/2027 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1925.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35218.75 | 35148.28 | 35350.00 | 35350.00 | 201.72 | 201.72 | 5.45 | True | 4.50 |  | 0.70 | 0.68 | 0.69 | 0.00 |  | 54930066VBP7DZEGGJ87 | 552953CF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 55342UAQ | MPT OP PTNR/FINL | 02/15/2032 8.500000% |  | 55342UAQ7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/15/2032 |  |  | 106.88 |  |  |  |  |  | MPT OP PTNR/FINL | 02/15/2032 8.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2125.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 26353.00 | 26333.47 | 26718.75 | 26718.75 | 385.28 | 385.28 | 7.95 | True | 6.85 |  | 0.53 | 0.52 | 0.52 | 0.00 |  | 254900QBKK4WBSO3GE51 | 55342UAQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 63938CAM | NAVIENT CORP | 03/15/2029 5.500000% |  | 63938CAM0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 3/15/2029 |  |  | 98.88 |  |  |  |  |  | NAVIENT CORP | 03/15/2029 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 48812.50 | 49001.92 | 49437.50 | 49437.50 | 435.58 | 435.58 | 5.56 | False | 5.89 |  | 0.97 | 0.95 | 0.96 | 0.00 |  | 54930067J0ZNOEBRW338 | 63938CAM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 65343HAA | NEXSTAR ESCROW | 07/15/2027 5.625000% |  | 65343HAA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 7/15/2027 |  |  | 100.06 |  |  |  |  |  | NEXSTAR ESCROW | 07/15/2027 5.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2812.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 49937.50 | 49952.39 | 50031.25 | 50031.25 | 78.86 | 78.86 | 5.62 | False | 5.58 |  | 0.98 | 0.97 | 0.97 | 0.00 |  | 5493006PK6I4I2OOT688 | 65343HAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 668771AL | NORTONLIFELOCK | 09/30/2030 7.125000% |  | 668771AL2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 9/30/2030 |  |  | 103.38 |  |  |  |  |  | NORTONLIFELOCK | 09/30/2030 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2493.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36356.25 | 36065.38 | 36181.25 | 36181.25 | 115.87 | 115.87 | 6.89 | True | 4.83 |  | 0.71 | 0.70 | 0.70 | 0.00 |  | YF6ZV0M6AU4FY94MK914 | 668771AL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 629377CQ | NRG ENERGY INC | 02/15/2029 3.375000% |  | 629377CQ3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 2/15/2029 |  |  | 95.48 |  |  |  |  |  | NRG ENERGY INC | 02/15/2029 3.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 47166.75 | 47535.74 | 47738.55 | 47738.55 | 202.81 | 202.81 | 3.53 | False | 4.96 |  | 0.94 | 0.92 | 0.93 | 0.00 |  | 5E2UPK5SW04M13XY7I38 | 629377CQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 682691AF | ONEMAIN FINANCE | 05/15/2031 7.500000% |  | 682691AF7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 5/15/2031 |  |  | 105.50 |  |  |  |  |  | ONEMAIN FINANCE | 05/15/2031 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1875.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 26078.50 | 26046.51 | 26375.00 | 26375.00 | 328.49 | 328.49 | 7.11 | True | 5.92 |  | 0.52 | 0.51 | 0.51 | 0.00 |  | 5493008I795YYBFWFU90 | 682691AF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 683715AD | OPEN TEXT CORP | 12/01/2029 3.875000% |  | 683715AD8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 12/1/2029 |  |  | 94.88 |  |  |  |  |  | OPEN TEXT CORP | 12/01/2029 3.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1356.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 32943.75 | 33158.10 | 33206.25 | 33206.25 | 48.15 | 48.15 | 4.08 | False | 5.34 |  | 0.65 | 0.64 | 0.65 | 0.00 |  | 549300HP7ONDQODZJV16 | 683715AD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 69007TAB | OUTFRONT MEDIA C | 08/15/2027 5.000000% |  | 69007TAB0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/15/2027 |  |  | 99.88 |  |  |  |  |  | OUTFRONT MEDIA C | 08/15/2027 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34650.00 | 34730.04 | 34956.25 | 34956.25 | 226.21 | 226.21 | 5.01 | False | 5.08 |  | 0.69 | 0.67 | 0.68 | 0.00 |  | 5493005WC7J0FDMW0610 | 69007TAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 69073TAU | OWENS-BROCKWAY | 05/15/2031 7.250000% |  | 69073TAU7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 5/15/2031 |  |  | 102.13 |  |  |  |  |  | OWENS-BROCKWAY | 05/15/2031 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2537.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35700.00 | 35681.70 | 35743.75 | 35743.75 | 62.05 | 62.05 | 7.10 | False | 6.77 |  | 0.70 | 0.69 | 0.70 | 0.00 |  | V2UQUCDZJ9WY98W8QU33 | 69073TAU<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 69867RAA | PANTHER ESCROW | 06/01/2031 7.125000% |  | 69867RAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 6/1/2031 |  |  | 103.88 |  |  |  |  |  | PANTHER ESCROW | 06/01/2031 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2850.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 41550.00 | 41517.09 | 41550.00 | 41550.00 | 32.91 | 32.91 | 6.86 | True | 6.65 |  | 0.82 | 0.80 | 0.81 | 0.00 |  | 254900QBKK4WBSO3GE51 | 69867RAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 71429MAC | PERRIGO FINANCE | 6/15/2030 3.15% |  | 71429MAC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | IEP | IRELAND |  |  | USD | US DOLLAR | 6/15/2030 |  |  | 96.59 |  |  |  |  |  | PERRIGO FINANCE | 6/15/2030 3.15% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1960.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39191.16 | 39269.81 | 38636.92 | 38636.92 | -632.89 | -632.89 | 5.07 | False | 5.78 |  | 0.76 | 0.75 | 0.75 | 0.00 |  |  | 71429MAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 72815LAA | PLAYTIKA HOLDING | 03/15/2029 4.250000% |  | 72815LAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 3/15/2029 |  |  | 90.19 |  |  |  |  |  | PLAYTIKA HOLDING | 03/15/2029 4.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2125.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 45281.25 | 45863.84 | 45093.75 | 45093.75 | -770.09 | -770.09 | 4.71 | False | 7.76 |  | 0.89 | 0.87 | 0.88 | 0.00 |  | 254900E35Z4TKA4UFG64 | 72815LAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 737446AQ | POST HOLDINGS IN | 04/15/2030 4.625000% |  | 737446AQ7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 4/15/2030 |  |  | 97.75 |  |  |  |  |  | POST HOLDINGS IN | 04/15/2030 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1156.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24031.25 | 24123.15 | 24437.50 | 24437.50 | 314.35 | 314.35 | 4.73 | False | 5.22 |  | 0.48 | 0.47 | 0.48 | 0.00 |  | JM1I5YUAURL6DC8N1468 | 737446AQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74843PAB | QUIKRETE HOLDING | 03/01/2033 6.750000% |  | 74843PAB6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 3/1/2033 |  |  | 104.38 |  |  |  |  |  | QUIKRETE HOLDING | 03/01/2033 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2362.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36137.50 | 36067.60 | 36531.25 | 36531.25 | 463.65 | 463.65 | 6.47 | True | 6.04 |  | 0.72 | 0.70 | 0.71 | 0.00 |  | 5493007KIN86DIZWZT22 | 74843PAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 753272AA | RANPT 8.5 FEB 15 203 | RAND PARENT |  | 753272AA1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/15/2030 |  |  | 104.38 |  |  |  |  |  | RANPT 8.5 FEB 15 203 | RAND PARENT |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2125.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25645.50 | 25598.11 | 26093.75 | 26093.75 | 495.64 | 495.64 | 8.14 | True | 6.95 |  | 0.51 | 0.50 | 0.51 | 0.00 |  |  | 753272AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 76119LAB | RESIDEO FUNDING | 09/01/2029 4.000000% |  | 76119LAB7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 9/1/2029 |  |  | 96.87 |  |  |  |  |  | RESIDEO FUNDING | 09/01/2029 4.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 47258.60 | 47564.50 | 48434.50 | 48434.50 | 870.00 | 870.00 | 4.13 | False | 4.94 |  | 0.95 | 0.93 | 0.94 | 0.00 |  | 5493000IFJ6XJKH66598 | 76119LAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 749571AF | RHP HOTEL PPTY | 10/15/2027 4.750000% |  | 749571AF2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/15/2027 |  |  | 100.13 |  |  |  |  |  | RHP HOTEL PPTY | 10/15/2027 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 49812.50 | 49851.84 | 50062.50 | 50062.50 | 210.66 | 210.66 | 4.74 | False | 4.67 |  | 0.99 | 0.97 | 0.97 | 0.00 |  | 549300SJMSMA2471GA96 | 749571AF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74965LAA | RLJ LDGING TRUST | 07/01/2026 3.750000% |  | 74965LAA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MD | MARYLAND | USD | US DOLLAR | 7/1/2026 |  |  | 99.50 |  |  |  |  |  | RLJ LDGING TRUST | 07/01/2026 3.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1312.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34650.00 | 34824.91 | 34825.00 | 34825.00 | 0.09 | 0.09 | 3.77 | False | 4.77 |  | 0.69 | 0.67 | 0.68 | 0.00 |  | 549300RX5I8Z6I6LDZ74 | 74965LAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 780153BW | ROYAL CARIBBEAN | 09/30/2031 5.625000% |  | 780153BW1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | LIB | LIBERIA |  |  | USD | US DOLLAR | 9/30/2031 |  |  | 102.50 |  |  |  |  |  | ROYAL CARIBBEAN | 09/30/2031 5.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2250.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40400.00 | 40355.87 | 41000.00 | 41000.00 | 644.13 | 644.13 | 5.49 | False | 5.12 |  | 0.81 | 0.79 | 0.80 | 0.00 |  | K2NEH8QNVW44JIWK7Z55 | 780153BW<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 78410GAD | SBA COMMUNICATIO | 02/15/2027 3.875000% |  | 78410GAD6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 2/15/2027 |  |  | 99.38 |  |  |  |  |  | SBA COMMUNICATIO | 02/15/2027 3.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1356.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34518.75 | 34665.39 | 34781.25 | 34781.25 | 115.86 | 115.86 | 3.90 | False | 4.45 |  | 0.68 | 0.67 | 0.68 | 0.00 |  | 5299001HX8ZN8Y8QIT49 | 78410GAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 81211KAK | SEALED AIR CORP | 07/15/2033 6.875000% |  | 81211KAK6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 7/15/2033 |  |  | 105.50 |  |  |  |  |  | SEALED AIR CORP | 07/15/2033 6.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2406.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 37625.00 | 37491.38 | 36925.00 | 36925.00 | -566.38 | -566.38 | 6.52 | False | 5.96 |  | 0.73 | 0.71 | 0.72 | 0.00 |  | Q0M0CZB4YN6JZ65WXI09 | 81211KAK<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 81282UAG | SEAWORLD PARKS | 08/15/2029 5.250000% |  | 81282UAG7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 8/15/2029 |  |  | 97.25 |  |  |  |  |  | SEAWORLD PARKS | 08/15/2029 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1837.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34256.25 | 34339.08 | 34037.50 | 34037.50 | -301.58 | -301.58 | 5.40 | False | 6.11 |  | 0.67 | 0.66 | 0.66 | 0.00 |  | 549300UZV72O3371JJ53 | 81282UAG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 816196AV | SELECT MEDICAL | 12/01/2032 6.250000% |  | 816196AV1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 12/1/2032 |  |  | 97.75 |  |  |  |  |  | SELECT MEDICAL | 12/01/2032 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40050.00 | 40044.26 | 39100.00 | 39100.00 | -944.26 | -944.26 | 6.39 | False | 6.66 |  | 0.77 | 0.75 | 0.76 | 0.00 |  | 549300X05KS0JKR8CB50 | 816196AV<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 81725WAL | SENSATA TECH BV | 09/01/2030 5.875000% |  | 81725WAL7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | NLG | NETHERLANDS |  |  | USD | US DOLLAR | 9/1/2030 |  |  | 101.41 |  |  |  |  |  | SENSATA TECH BV | 09/01/2030 5.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2056.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35009.45 | 35006.70 | 35493.82 | 35493.82 | 487.12 | 487.12 | 5.79 | False | 5.53 |  | 0.70 | 0.68 | 0.69 | 0.00 |  | PUCKW5P5O3XMOZVH7T53 | 81725WAL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 817565CF | SERVICE CORP | 08/15/2030 3.375000% |  | 817565CF9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 8/15/2030 |  |  | 93.75 |  |  |  |  |  | SERVICE CORP | 08/15/2030 3.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 46000.00 | 46602.92 | 46875.00 | 46875.00 | 272.08 | 272.08 | 3.60 | False | 4.90 |  | 0.92 | 0.90 | 0.91 | 0.00 |  | 549300RKVM2ME20JHZ15 | 817565CF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 82967NBA | SIRIUS XM RADIO | 08/01/2027 5.000000% |  | 82967NBA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 8/1/2027 |  |  | 100.06 |  |  |  |  |  | SIRIUS XM RADIO | 08/01/2027 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 34650.00 | 34731.65 | 35021.88 | 35021.88 | 290.23 | 290.23 | 5.00 | False | 4.96 |  | 0.69 | 0.68 | 0.68 | 0.00 |  | WP5O65E6BMU84LNO4227 | 82967NBA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 83002YAA | SIX FLAGS ENT | 05/01/2032 6.625000% |  | 83002YAA7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 5/1/2032 |  |  | 101.00 |  |  |  |  |  | SIX FLAGS ENT | 05/01/2032 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2318.75 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35557.20 | 35506.92 | 35350.00 | 35350.00 | -156.92 | -156.92 | 6.56 | False | 6.43 |  | 0.70 | 0.68 | 0.69 | 0.00 |  | 254900QBKK4WBSO3GE51 | 83002YAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 78454LAY | SM ENERGY CO | 08/01/2032 7.000000% |  | 78454LAY6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 8/1/2032 |  |  | 98.50 |  |  |  |  |  | SM ENERGY CO | 08/01/2032 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24562.50 | 24859.75 | 24625.00 | 24625.00 | -234.75 | -234.75 | 7.11 | False | 7.29 |  | 0.48 | 0.48 | 0.48 | 0.00 |  | 84BUTVXV5ODI6BXNMH43 | 78454LAY<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 83283WAE | SMYRNA READY MIX | 11/15/2031 8.875000% |  | 83283WAE3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 11/15/2031 |  |  | 107.00 |  |  |  |  |  | SMYRNA READY MIX | 11/15/2031 8.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3106.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36706.25 | 36649.09 | 37450.00 | 37450.00 | 800.91 | 800.91 | 8.29 | True | 5.56 |  | 0.74 | 0.72 | 0.73 | 0.00 |  | 549300S7RFWHQFOIOY93 | 83283WAE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 83600WAE | SOTERA HEALTH HO | 06/01/2031 7.375000% |  | 83600WAE9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 6/1/2031 |  |  | 105.38 |  |  |  |  |  | SOTERA HEALTH HO | 06/01/2031 7.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2950.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 41700.00 | 41641.65 | 42150.00 | 42150.00 | 508.35 | 508.35 | 7.00 | True | 5.89 |  | 0.83 | 0.81 | 0.82 | 0.00 |  | 549300OVT7MBXFLOFU20 | 83600WAE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 85172FAN | SPRINGLEAF FIN | 03/15/2026 7.125000% |  | 85172FAN9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 3/15/2026 |  |  | 100.50 |  |  |  |  |  | SPRINGLEAF FIN | 03/15/2026 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 712.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 10000.00 | 10150.00 | 10041.95 | 10050.00 | 10050.00 | 8.05 | 8.05 | 7.09 | False | 4.57 |  | 0.20 | 0.19 | 0.20 | 0.00 |  | 5493008I795YYBFWFU90 | 85172FAN | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 78466CAD | SS&C TECH INC | 06/01/2032 6.500000% |  | 78466CAD8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 6/1/2032 |  |  | 104.00 |  |  |  |  |  | SS&C TECH INC | 06/01/2032 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2275.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 36225.00 | 36201.80 | 36400.00 | 36400.00 | 198.20 | 198.20 | 6.25 | True | 5.75 |  | 0.72 | 0.70 | 0.71 | 0.00 |  | 549300KY09TR3J12JU49 | 78466CAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 853496AG | STANDARD INDS IN | 07/15/2030 4.375000% |  | 853496AG2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 7/15/2030 |  |  | 96.75 |  |  |  |  |  | STANDARD INDS IN | 07/15/2030 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2187.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 47437.50 | 47834.68 | 48375.00 | 48375.00 | 540.32 | 540.32 | 4.52 | False | 5.19 |  | 0.95 | 0.93 | 0.94 | 0.00 |  | 54930064UHXCIUWVI755 | 853496AG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 85571BBD | STARWOOD PROP TR | 07/01/2030 6.500000% |  | 85571BBD6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 7/1/2030 |  |  | 104.38 |  |  |  |  |  | STARWOOD PROP TR | 07/01/2030 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1625.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25982.00 | 25950.90 | 26093.75 | 26093.75 | 142.85 | 142.85 | 6.23 | True | 5.27 |  | 0.51 | 0.50 | 0.51 | 0.00 |  | BUGSFQZERKRBFWIG5267 | 85571BBD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 864486AL | SUBURBAN PROPANE | 06/01/2031 5.000000% |  | 864486AL9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 6/1/2031 |  |  | 96.25 |  |  |  |  |  | SUBURBAN PROPANE | 06/01/2031 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 32943.75 | 33182.94 | 33687.50 | 33687.50 | 504.56 | 504.56 | 5.19 | False | 5.82 |  | 0.66 | 0.65 | 0.66 | 0.00 |  | JJAX4X60DE65EYFOTY73 | 864486AL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 87612BBQ | TARGA RES PRTNRS | 03/01/2030 5.500000% |  | 87612BBQ4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 3/1/2030 |  |  | 101.55 |  |  |  |  |  | TARGA RES PRTNRS | 03/01/2030 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1375.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25114.41 | 25093.31 | 25386.71 | 25386.71 | 293.40 | 293.40 | 5.42 | False | 5.08 |  | 0.50 | 0.49 | 0.49 | 0.00 |  | 6OQWTZ1SPC04IFT4T704 | 87612BBQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 87901JAH | TEGNA INC | 09/15/2029 5.000000% |  | 87901JAH8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 9/15/2029 |  |  | 99.38 |  |  |  |  |  | TEGNA INC | 09/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 23937.50 | 24053.12 | 24843.75 | 24843.75 | 790.63 | 790.63 | 5.03 | False | 5.19 |  | 0.49 | 0.48 | 0.48 | 0.00 |  | 549300YC5EDBGX85AO10 | 87901JAH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 87927VAM | TELECOM IT CAP | 09/30/2034 6.000000% |  | 87927VAM0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | LUX | LUXEMBOURG |  |  | USD | US DOLLAR | 9/30/2034 |  |  | 102.31 |  |  |  |  |  | TELECOM IT CAP | 09/30/2034 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24881.40 | 24881.40 | 25578.30 | 25578.30 | 696.90 | 696.90 | 5.86 | False | 5.66 |  | 0.50 | 0.49 | 0.50 | 0.00 |  | 549300777DJZOR5C4L39 | 87927VAM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 88033GDM | TENET HEALTHCARE | 06/01/2029 4.250000% |  | 88033GDM9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 6/1/2029 |  |  | 98.75 |  |  |  |  |  | TENET HEALTHCARE | 06/01/2029 4.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2125.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 48687.50 | 48844.69 | 49375.00 | 49375.00 | 530.31 | 530.31 | 4.30 | False | 4.65 |  | 0.97 | 0.95 | 0.96 | 0.00 |  | 0W9AIBT6U6ADJ2I8HK17 | 88033GDM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 880779BA | TEREX CORP | 05/15/2029 5.000000% |  | 880779BA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 5/15/2029 |  |  | 99.75 |  |  |  |  |  | TEREX CORP | 05/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 48937.50 | 49064.52 | 49875.00 | 49875.00 | 810.48 | 810.48 | 5.01 | False | 5.08 |  | 0.98 | 0.96 | 0.97 | 0.00 |  | YAWJZJYEQ7M1SYMOS462 | 880779BA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 88167AAK | TEVA PHARMACEUTI | 03/01/2028 6.750000% |  | 88167AAK7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | NLG | NETHERLANDS |  |  | USD | US DOLLAR | 3/1/2028 |  |  | 104.00 |  |  |  |  |  | TEVA PHARMACEUTI | 03/01/2028 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2700.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 41600.00 | 41276.37 | 41600.00 | 41600.00 | 323.63 | 323.63 | 6.49 | True | 4.54 |  | 0.82 | 0.80 | 0.81 | 0.00 |  | 5493004T21MOAFINJP35 | 88167AAK<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 885160AA | THOR INDUSTRIES | 10/15/2029 4.000000% |  | 885160AA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 10/15/2029 |  |  | 96.00 |  |  |  |  |  | THOR INDUSTRIES | 10/15/2029 4.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1400.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 32987.50 | 33204.05 | 33600.00 | 33600.00 | 395.95 | 395.95 | 4.17 | False | 5.17 |  | 0.66 | 0.65 | 0.65 | 0.00 |  | 254900XZO1228PDSG060 | 885160AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 893647BV | TRANSDIGM INC | 03/01/2032 6.625000% |  | 893647BV8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 3/1/2032 |  |  | 103.94 |  |  |  |  |  | TRANSDIGM INC | 03/01/2032 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3312.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 51781.25 | 51742.78 | 51968.75 | 51968.75 | 225.97 | 225.97 | 6.37 | True | 5.86 |  | 1.02 | 1.00 | 1.01 | 0.00 |  | 88Q84GB3X55CF5OC7582 | 893647BV<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 90932LAH | UNITED AIRLINES | 04/15/2029 4.625000% |  | 90932LAH0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 4/15/2029 |  |  | 99.28 |  |  |  |  |  | UNITED AIRLINES | 04/15/2029 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1850.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 38885.98 | 39046.26 | 39712.74 | 39712.74 | 666.48 | 666.48 | 4.66 | False | 4.86 |  | 0.78 | 0.77 | 0.77 | 0.00 |  | K1OQBWM7XEOO08LDNP29 | 90932LAH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 911365BL | UNITED RENTAL NA | 01/15/2030 5.250000% |  | 911365BL7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 1/15/2030 |  |  | 101.75 |  |  |  |  |  | UNITED RENTAL NA | 01/15/2030 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1837.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35175.00 | 35157.39 | 35612.50 | 35612.50 | 455.11 | 455.11 | 5.16 | True | 5.04 |  | 0.70 | 0.69 | 0.69 | 0.00 |  | NGIZXNT70J2LYT3FBI09 | 911365BL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 914906AY | UNIVISION COMM | 08/15/2028 8.000000% |  | 914906AY8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 8/15/2028 |  |  | 103.63 |  |  |  |  |  | UNIVISION COMM | 08/15/2028 8.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25359.38 | 25277.38 | 25906.25 | 25906.25 | 628.87 | 628.87 | 7.72 | True | 5.19 |  | 0.51 | 0.50 | 0.50 | 0.00 |  | 549300YQDE2JSGTL8V47 | 914906AY<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92564RAB | VICI PROPERTIES | 12/01/2029 4.625000% |  | 92564RAB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/1/2029 |  |  | 100.04 |  |  |  |  |  | VICI PROPERTIES | 12/01/2029 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1156.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24469.88 | 24525.22 | 25008.86 | 25008.86 | 483.64 | 483.64 | 4.62 | True | 4.60 |  | 0.49 | 0.48 | 0.49 | 0.00 |  | 254900X4QE7SGKQLLN38 | 92564RAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 926400AA | VICTORIAS SECRE | 07/15/2029 4.625000% |  | 926400AA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 7/15/2029 |  |  | 97.00 |  |  |  |  |  | VICTORIAS SECRE | 07/15/2029 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1387.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 30000.00 | 28087.50 | 28303.04 | 29100.00 | 29100.00 | 796.96 | 796.96 | 4.77 | False | 5.57 |  | 0.57 | 0.56 | 0.57 | 0.00 |  | 5493006T3O70U3UWVF17 | 926400AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92769VAJ | VIRGIN MEDIA FIN | 07/15/2030 5.000000% |  | 92769VAJ8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | UKS | UNITED KINGDOM |  |  | USD | US DOLLAR | 7/15/2030 |  |  | 88.98 |  |  |  |  |  | VIRGIN MEDIA FIN | 07/15/2030 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 22869.95 | 23191.91 | 22244.40 | 22244.40 | -947.51 | -947.51 | 5.62 | False | 7.94 |  | 0.44 | 0.43 | 0.43 | 0.00 |  | 2138001LVYC87DDHT482 | 92769VAJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92840VAF | VISTRA OPERATION | 07/31/2027 5.000000% |  | 92840VAF9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 7/31/2027 |  |  | 100.13 |  |  |  |  |  | VISTRA OPERATION | 07/31/2027 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 50000.00 | 50000.00 | 50000.00 | 50062.50 | 50062.50 | 62.50 | 62.50 | 4.99 | False | 4.91 |  | 0.99 | 0.97 | 0.97 | 0.00 |  | 549300ZH5GKBTJZ7NM23 | 92840VAF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92921EAA | VOYAGER PARENT L | 07/01/2032 9.250000% |  | 92921EAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 7/1/2032 |  |  | 106.38 |  |  |  |  |  | VOYAGER PARENT L | 07/01/2032 9.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2312.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 25968.75 | 25926.47 | 26593.75 | 26593.75 | 667.28 | 667.28 | 8.70 | True | 8.09 |  | 0.52 | 0.51 | 0.52 | 0.00 |  | 2549002DYVI4ACSV4V71 | 92921EAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92944BAB | WBI OPERATING | 10/15/2033 6.500000% |  | 92944BAB7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/15/2033 |  |  | 100.00 |  |  |  |  |  | WBI OPERATING | 10/15/2033 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1625.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24968.75 | 24967.78 | 25000.00 | 25000.00 | 32.22 | 32.22 | 6.50 | False | 6.50 |  | 0.49 | 0.48 | 0.49 | 0.00 |  |  | 92944BAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 95081QAP | WESCO DISTRIBUT | 06/15/2028 7.250000% |  | 95081QAP9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 6/15/2028 |  |  | 101.50 |  |  |  |  |  | WESCO DISTRIBUT | 06/15/2028 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2537.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 35000.00 | 35568.75 | 35477.28 | 35525.00 | 35525.00 | 47.72 | 47.72 | 7.14 | True | 3.89 |  | 0.70 | 0.69 | 0.69 | 0.00 |  | 549300I2CEZJG9N4AH67 | 95081QAP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 958102AM | WESTERN DIGITAL | 02/15/2026 4.750000% |  | 958102AM7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 2/15/2026 |  |  | 100.38 |  |  |  |  |  | WESTERN DIGITAL | 02/15/2026 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 237.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 5000.00 | 5000.00 | 5000.00 | 5018.75 | 5018.75 | 18.75 | 18.75 | 4.73 | False | 1.65 |  | 0.10 | 0.10 | 0.10 | 0.00 |  | 549300QQXOOYEF89IC56 | 958102AM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92933BAR | WMG ACQUISITION | 02/15/2031 3.000000% |  | 92933BAR5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 2/15/2031 |  |  | 92.62 |  |  |  |  |  | WMG ACQUISITION | 02/15/2031 3.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1200.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 36218.52 | 36704.69 | 37047.48 | 37047.48 | 342.79 | 342.79 | 3.24 | False | 4.63 |  | 0.73 | 0.71 | 0.72 | 0.00 |  | 549300NAS11NXI33CP80 | 92933BAR<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 98311AAB | WYNDHAM HOTELS & | 08/15/2028 4.375000% |  | 98311AAB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 8/15/2028 |  |  | 99.00 |  |  |  |  |  | WYNDHAM HOTELS & | 08/15/2028 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 39000.00 | 39152.53 | 39600.00 | 39600.00 | 447.47 | 447.47 | 4.42 | False | 4.78 |  | 0.78 | 0.76 | 0.77 | 0.00 |  | 549300FE3MQ4RVXXC673 | 98311AAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 983130AX | WYNN LAS VEGAS | 05/15/2027 5.250000% |  | 983130AX3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 5/15/2027 |  |  | 100.75 |  |  |  |  |  | WYNN LAS VEGAS | 05/15/2027 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2100.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40100.00 | 40068.88 | 40300.00 | 40300.00 | 231.12 | 231.12 | 5.21 | True | 4.55 |  | 0.79 | 0.78 | 0.78 | 0.00 |  | 2549002X45DR4UI7NA62 | 983130AX<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 983133AC | WYNN RESORTS FIN | 02/15/2031 7.125000% |  | 983133AC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 2/15/2031 |  |  | 108.38 |  |  |  |  |  | WYNN RESORTS FIN | 02/15/2031 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2850.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 42550.00 | 42338.47 | 43350.00 | 43350.00 | 1011.53 | 1011.53 | 6.57 | True | 5.16 |  | 0.85 | 0.84 | 0.84 | 0.00 |  | 254900QBKK4WBSO3GE51 | 983133AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 98379KAA | XPO INC | 06/01/2028 6.250000% |  | 98379KAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 6/1/2028 |  |  | 102.13 |  |  |  |  |  | XPO INC | 06/01/2028 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 40000.00 | 40600.00 | 40500.99 | 40850.00 | 40850.00 | 349.01 | 349.01 | 6.12 | True | 4.77 |  | 0.80 | 0.79 | 0.80 | 0.00 |  | 54930096DB9LCLPN7H13 | 98379KAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 988498AP | YUM! BRANDS INC | 01/31/2032 4.625000% |  | 988498AP6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | KY | KENTUCKY | USD | US DOLLAR | 1/31/2032 |  |  | 98.38 |  |  |  |  |  | YUM! BRANDS INC | 01/31/2032 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1156.25 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 24312.50 | 24387.38 | 24593.75 | 24593.75 | 206.37 | 206.37 | 4.70 | False | 4.94 |  | 0.48 | 0.47 | 0.48 | 0.00 |  | 549300JE8XHZZ7OHN517 | 988498AP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 345370CA | FORD MOTOR CO | 7/16/2031 7.45% |  | 345370CA6 | 1012 | Auto Manufacturers |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 7/16/2031 |  |  | 110.42 |  |  |  |  |  | FORD MOTOR CO | 7/16/2031 7.45% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1862.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 25000.00 | 27056.63 | 26909.19 | 27604.13 | 27604.13 | 694.94 | 694.94 | 6.75 | False | 5.26 |  | 0.54 | 0.53 | 0.54 | 0.00 |  |  | 345370CA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | FGTXX | Goldman Sachs Financ | ial Square Funds - G |  | 38141W273 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 1/1/2026 |  |  | 100.00 |  |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3526.50 | L<br> N |  |  | 12/31/2025<br> C |  | 455;USD | USD | 95521.70 | 95521.70 | 95521.70 | 95521.70 | 95521.70 | 0.00 | 0.00 | 3.69 | False | 3.68 |  | 1.88 | 1.84 | 1.86 | 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 Defensive High Yield ETF

- **b. EDGAR series identifier (if any):** S000089384

- **c. LEI of Series:** 529900XS8LF96GKDFC48

**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:** $5182586.30

**Total Liabilities:** $45873.50

**Net Assets:** $5136712.80

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 3.91 | **5-Year:** 5.8 | **10-Year:** 0.29 | **30-Year:** 0

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

- **3-Month:** 9.6 | **1-Year:** 46.29 | **5-Year:** 61.65 | **10-Year:** 4.25 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255906 | 0.27%                | 0.68%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-229.40                 | $3309.55                                   |
| Month 2  | $357.26                  | $14023.65                                  |
| Month 3  | $549.11                  | $3180.67                                   |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| API GROUP DE INC     | CORPBOND | CUSIP: 00185PAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39250.00     | 0.76%             | 2029-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINE     | CORPBOND | CUSIP: 00253XAB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25500.00     | 0.50%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTH        | CORPBOND | CUSIP: 00404AAP4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $38600.00     | 0.75%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC         | CORPBOND | CUSIP: 00489LAL7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36487.50     | 0.71%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HO     | CORPBOND | CUSIP: 00687YAB1<br>LEI: N/A | Long             | DBT              | CORP              | JE        |     40000 | NS      | $40889.72     | 0.80%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAG     | CORPBOND | CUSIP: 00790RAB0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $51187.50     | 1.00%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS       | CORPBOND | CUSIP: 013092AC5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35043.75     | 0.68%             | 2027-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING     | CORPBOND | CUSIP: 01330AAA4<br>LEI: N/A | Long             | DBT              | CORP              | LU        |     35000 | NS      | $36706.25     | 0.71%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLIED UNIVERSAL     | CORPBOND | CUSIP: 019576AD9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $31650.00     | 0.62%             | 2031-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANS        | CORPBOND | CUSIP: 019736AG2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $47125.00     | 0.92%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMER AXLE & MFG      | CORPBOND | CUSIP: 02406PBC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25468.75     | 0.50%             | 2032-10-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC     | CORPBOND | CUSIP: 031921AC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $30862.50     | 0.60%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERV INC     | CORPBOND | CUSIP: 038522AQ1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50125.00     | 0.98%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND LLC          | CORPBOND | CUSIP: 04433LAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $46062.50     | 0.90%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/CO       | CORPBOND | CUSIP: 045941AA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25937.50     | 0.50%             | 2032-12-31      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP          | CORPBOND | CUSIP: 05368VAA4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25718.75     | 0.50%             | 2030-08-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE       | CORPBOND | CUSIP: 05480AAB1<br>LEI: N/A | Long             | DBT              | CORP              | KY        |     25000 | NS      | $26217.33     | 0.51%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC        | CORPBOND | CUSIP: 05508WAC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24656.25     | 0.48%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BALDWIN INS/FIN      | CORPBOND | CUSIP: 05825XAA7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25937.50     | 0.50%             | 2031-05-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| BALL CORP            | CORPBOND | CUSIP: 058498AX4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $46250.00     | 0.90%             | 2031-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA     | CORPBOND | CUSIP: 07556QBR5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40050.00     | 0.78%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BLAXKSTONE MORTGAGE  | CORPBOND | CUSIP: 09257WAF7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26688.85     | 0.52%             | 2029-12-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC       | CORPBOND | CUSIP: 097751BZ3<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     35000 | NS      | $36419.25     | 0.71%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP     | CORPBOND | CUSIP: 103304BV2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49000.00     | 0.95%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC     | CORPBOND | CUSIP: 1248EPCQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $45875.00     | 0.89%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CO     | CORPBOND | CUSIP: 12653CAL2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36531.25     | 0.71%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENT          | CORPBOND | CUSIP: 12769GAC4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $51250.00     | 1.00%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP         | CORPBOND | CUSIP: 131347CM6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40050.00     | 0.78%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA     | CORPBOND | CUSIP: 14739LAB8<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     35000 | NS      | $35087.50     | 0.68%             | 2028-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES     | CORPBOND | CUSIP: 16115QAF7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41750.00     | 0.81%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA         | CORPBOND | CUSIP: 172441BH9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41500.00     | 0.81%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL       | CORPBOND | CUSIP: 18060TAD7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26156.25     | 0.51%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS IN     | CORPBOND | CUSIP: 184496AP2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50187.50     | 0.98%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS     | CORPBOND | CUSIP: 185899AN1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25750.00     | 0.50%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLYDESDALE ACQUI     | CORPBOND | CUSIP: 18972EAD7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25718.75     | 0.50%             | 2032-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC        | CORPBOND | CUSIP: 21871NAC5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26343.75     | 0.51%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PREST       | CORPBOND | CUSIP: 222070AG9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49312.50     | 0.96%             | 2029-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS L     | CORPBOND | CUSIP: 228180AC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25562.50     | 0.50%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKE       | CORPBOND | CUSIP: 23166MAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40400.00     | 0.79%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM         | CORPBOND | CUSIP: 23345MAB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49125.00     | 0.96%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIE     | CORPBOND | CUSIP: 237266AH4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34978.13     | 0.68%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DAVITA INC           | CORPBOND | CUSIP: 23918KAS7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48687.50     | 0.95%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL        | CORPBOND | CUSIP: 28414HAG8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26105.56     | 0.51%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HLTH       | CORPBOND | CUSIP: 29261AAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39900.00     | 0.78%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HLDGS      | CORPBOND | CUSIP: 29272WAC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49562.50     | 0.96%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC         | CORPBOND | CUSIP: 29362UAD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $38350.00     | 0.75%             | 2029-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| FMG RES AUG 2006     | CORPBOND | CUSIP: 30251GBE6<br>LEI: N/A | Long             | DBT              | CORP              | AU        |     40000 | NS      | $41763.88     | 0.81%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| FIESTA PURCHASER     | CORPBOND | CUSIP: 31659AAA4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26093.75     | 0.51%             | 2031-03-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY     | CORPBOND | CUSIP: 344045AA7<br>LEI: N/A | Long             | DBT              | CORP              | IE        |     25000 | NS      | $25780.45     | 0.50%             | 2029-04-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FOCUS FINANCIAL      | CORPBOND | CUSIP: 34417VAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25875.00     | 0.50%             | 2031-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CO        | CORPBOND | CUSIP: 345370CA6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $27604.13     | 0.54%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRED      | CORPBOND | CUSIP: 345397B69<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $45778.98     | 0.89%             | 2031-06-17      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERME     | CORPBOND | CUSIP: 34966MAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26093.75     | 0.51%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FRONERI LUX FINC     | CORPBOND | CUSIP: 35901MAA5<br>LEI: N/A | Long             | DBT              | CORP              | LU        |     30000 | NS      | $30412.50     | 0.59%             | 2032-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNI     | CORPBOND | CUSIP: 35906ABF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25031.25     | 0.49%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLP CAP/FIN II       | CORPBOND | CUSIP: 361841AL3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25502.18     | 0.50%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GARDA SECURITY       | CORPBOND | CUSIP: 36485MAQ2<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     25000 | NS      | $25593.75     | 0.50%             | 2031-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GARRETT MOT/SARL     | CORPBOND | CUSIP: 366504AA6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $37056.25     | 0.72%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMIN     | CORPBOND | CUSIP: 371559AB1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41300.00     | 0.80%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGIN     | CORPBOND | CUSIP: 38869AAB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $38850.00     | 0.76%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS        | CORPBOND | CUSIP: 42704LAF1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $31612.50     | 0.62%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC      | CORPBOND | CUSIP: 432833AF8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40050.00     | 0.78%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND         | CORPBOND | CUSIP: 43284MAB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $23375.00     | 0.46%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PL     | CORPBOND | CUSIP: 44984WAJ6<br>LEI: N/A | Long             | DBT              | CORP              | GB        |     35000 | NS      | $30100.00     | 0.59%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC            | CORPBOND | CUSIP: 449934AD0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24984.38     | 0.49%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTER/FIN      | CORPBOND | CUSIP: 451102CC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $30187.50     | 0.59%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BRIGHTSTAR LOTTERY P | CORPBOND | CUSIP: 460599AE3<br>LEI: N/A | Long             | DBT              | CORP              | GB        |     40000 | NS      | $40100.00     | 0.78%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN        | CORPBOND | CUSIP: 46284VAG6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50000.00     | 0.97%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP      | CORPBOND | CUSIP: 47077WAC2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $31575.00     | 0.61%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| KB HOME              | CORPBOND | CUSIP: 48666KAY5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39900.00     | 0.78%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| L BRANDS INC         | CORPBOND | CUSIP: 501797AW4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40750.00     | 0.79%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP     | CORPBOND | CUSIP: 513075BW0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24968.75     | 0.49%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS         | CORPBOND | CUSIP: 52736RBJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $46687.50     | 0.91%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC        | CORPBOND | CUSIP: 53190FAE5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25593.75     | 0.50%             | 2031-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS          | CORPBOND | CUSIP: 552953CF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35350.00     | 0.69%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPT OP PTNR/FINL     | CORPBOND | CUSIP: 55342UAQ7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26718.75     | 0.52%             | 2032-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP         | CORPBOND | CUSIP: 55939AAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $29512.50     | 0.57%             | 2031-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC       | CORPBOND | CUSIP: 629377CQ3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $47738.55     | 0.93%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP         | CORPBOND | CUSIP: 63938CAM0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49437.50     | 0.96%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR ESCROW       | CORPBOND | CUSIP: 65343HAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50031.25     | 0.97%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NORTONLIFELOCK       | CORPBOND | CUSIP: 668771AL2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36181.25     | 0.70%             | 2030-09-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC /     | CORPBOND | CUSIP: 68245XAJ8<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     50000 | NS      | $49812.50     | 0.97%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE      | CORPBOND | CUSIP: 682691AF7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26375.00     | 0.51%             | 2031-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP       | CORPBOND | CUSIP: 683715AD8<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     35000 | NS      | $33206.25     | 0.65%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA C     | CORPBOND | CUSIP: 69007TAB0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34956.25     | 0.68%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY       | CORPBOND | CUSIP: 69073TAU7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35743.75     | 0.70%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW       | CORPBOND | CUSIP: 69867RAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41550.00     | 0.81%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE      | CORPBOND | CUSIP: 71429MAC9<br>LEI: N/A | Long             | DBT              | CORP              | IE        |     40000 | NS      | $38636.92     | 0.75%             | 2030-06-15      | Variable      | 4.90%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING     | CORPBOND | CUSIP: 72815LAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $45093.75     | 0.88%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS IN     | CORPBOND | CUSIP: 737446AQ7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24437.50     | 0.48%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ADT CORP             | CORPBOND | CUSIP: 74166NAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48500.00     | 0.94%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDING     | CORPBOND | CUSIP: 74843PAB6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36531.25     | 0.71%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY       | CORPBOND | CUSIP: 749571AF2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50062.50     | 0.97%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RLJ LDGING TRUST     | CORPBOND | CUSIP: 74965LAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34825.00     | 0.68%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| RANPT 8.5 FEB 15 203 | CORPBOND | CUSIP: 753272AA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26093.75     | 0.51%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE/CO-I     | CORPBOND | CUSIP: 75606DAS0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24968.75     | 0.49%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING      | CORPBOND | CUSIP: 76119LAB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48434.50     | 0.94%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN      | CORPBOND | CUSIP: 780153BW1<br>LEI: N/A | Long             | DBT              | CORP              | LR        |     40000 | NS      | $41000.00     | 0.80%             | 2031-09-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIO     | CORPBOND | CUSIP: 78410GAD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34781.25     | 0.68%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO         | CORPBOND | CUSIP: 78454LAY6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24625.00     | 0.48%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SS&C TECH INC        | CORPBOND | CUSIP: 78466CAD8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36400.00     | 0.71%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP      | CORPBOND | CUSIP: 81211KAK6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36925.00     | 0.72%             | 2033-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS       | CORPBOND | CUSIP: 81282UAG7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34037.50     | 0.66%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL       | CORPBOND | CUSIP: 816196AV1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39100.00     | 0.76%             | 2032-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SENSATA TECH BV      | CORPBOND | CUSIP: 81725WAL7<br>LEI: N/A | Long             | DBT              | CORP              | NL        |     35000 | NS      | $35493.82     | 0.69%             | 2030-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SERVICE CORP         | CORPBOND | CUSIP: 817565CF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $46875.00     | 0.91%             | 2030-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SIRIUS XM RADIO      | CORPBOND | CUSIP: 82967NBA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35021.88     | 0.68%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENT        | CORPBOND | CUSIP: 83002YAA7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35350.00     | 0.69%             | 2032-05-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SMYRNA READY MIX     | CORPBOND | CUSIP: 83283WAE3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $37450.00     | 0.73%             | 2031-11-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| SOTERA HEALTH HO     | CORPBOND | CUSIP: 83600WAE9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $42150.00     | 0.82%             | 2031-06-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SPRINGLEAF FIN       | CORPBOND | CUSIP: 85172FAN9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     10000 | NS      | $10050.00     | 0.20%             | 2026-03-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| STANDARD INDS IN     | CORPBOND | CUSIP: 853496AG2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48375.00     | 0.94%             | 2030-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROP TR     | CORPBOND | CUSIP: 85571BBD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26093.75     | 0.51%             | 2030-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SUBURBAN PROPANE     | CORPBOND | CUSIP: 864486AL9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $33687.50     | 0.66%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARGA RES PRTNRS     | CORPBOND | CUSIP: 87612BBQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25386.71     | 0.49%             | 2030-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEGNA INC            | CORPBOND | CUSIP: 87901JAH8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24843.75     | 0.48%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TELECOM IT CAP       | CORPBOND | CUSIP: 87927VAM0<br>LEI: N/A | Long             | DBT              | CORP              | LU        |     25000 | NS      | $25578.30     | 0.50%             | 2034-09-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE     | CORPBOND | CUSIP: 88033GDM9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49375.00     | 0.96%             | 2029-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TEREX CORP           | CORPBOND | CUSIP: 880779BA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49875.00     | 0.97%             | 2029-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTI     | CORPBOND | CUSIP: 88167AAK7<br>LEI: N/A | Long             | DBT              | CORP              | NL        |     40000 | NS      | $41600.00     | 0.81%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| THOR INDUSTRIES      | CORPBOND | CUSIP: 885160AA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $33600.00     | 0.65%             | 2029-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC        | CORPBOND | CUSIP: 893647BV8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $51968.75     | 1.01%             | 2032-03-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| II-VI INC            | CORPBOND | CUSIP: 902104AC2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34890.63     | 0.68%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED AIRLINES      | CORPBOND | CUSIP: 90932LAH0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39712.74     | 0.77%             | 2029-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| UNITED RENTAL NA     | CORPBOND | CUSIP: 911365BL7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35612.50     | 0.69%             | 2030-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMM       | CORPBOND | CUSIP: 914906AY8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25906.25     | 0.50%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES      | CORPBOND | CUSIP: 92564RAB1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25008.86     | 0.49%             | 2029-12-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VICTORIAS SECRE      | CORPBOND | CUSIP: 926400AA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $29100.00     | 0.57%             | 2029-07-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA FIN     | CORPBOND | CUSIP: 92769VAJ8<br>LEI: N/A | Long             | DBT              | CORP              | GB        |     25000 | NS      | $22244.40     | 0.43%             | 2030-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATION     | CORPBOND | CUSIP: 92840VAF9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50062.50     | 0.97%             | 2027-07-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOYAGER PARENT L     | CORPBOND | CUSIP: 92921EAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26593.75     | 0.52%             | 2032-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WMG ACQUISITION      | CORPBOND | CUSIP: 92933BAR5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $37047.48     | 0.72%             | 2031-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| WBI OPERATING        | CORPBOND | CUSIP: 92944BAB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25000.00     | 0.49%             | 2033-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUT      | CORPBOND | CUSIP: 95081QAP9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35525.00     | 0.69%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL      | CORPBOND | CUSIP: 958102AM7<br>LEI: N/A | Long             | DBT              | CORP              | US        |      5000 | NS      | $5018.75      | 0.10%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| WYNDHAM HOTELS &     | CORPBOND | CUSIP: 98311AAB1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39600.00     | 0.77%             | 2028-08-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| WYNN LAS VEGAS       | CORPBOND | CUSIP: 983130AX3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40300.00     | 0.78%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FIN     | CORPBOND | CUSIP: 983133AC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $43350.00     | 0.84%             | 2031-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| XPO INC              | CORPBOND | CUSIP: 98379KAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40850.00     | 0.80%             | 2028-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC      | CORPBOND | CUSIP: 988498AP6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24593.75     | 0.48%             | 2032-01-31      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |     95522 | NS      | $95521.70     | 1.86%             |  |  |  | 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