# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-004396
**Filing Date:** 2025-11
**Character Count:** 92790
**Document Hash:** 830b203894c3cbc6aa03bb3a040cd783
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004396.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002000324-25-004396

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251510052

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | 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 |
| 439 | Obra High Grade Structured | 499876AA | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  | 499876AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/7/2064 |  |  | 101.24 |  |  |  |  |  | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33125.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 500000.00 | 504531.25 | 504491.96 | 506202.05 | 506202.05 | 1710.09 | 1710.09 | 6.54 | False | 6.54 |  | 1.68 | 1.66 | 1.72 | 500000.00 |  |  | 499876AA<br> N | MP |
| 439 | Obra High Grade Structured | 209031AA | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  | 209031AA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2055 |  |  | 102.62 |  |  |  |  |  | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18000.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 300000.00 | 298499.04 | 298499.04 | 307867.14 | 307867.14 | 9368.10 | 9368.10 | 5.85 | True | 4.94 |  | 1.02 | 1.01 | 1.04 | 300000.00 |  |  | 209031AA<br> N | MP |
| 439 | Obra High Grade Structured | 38237YAA | GOOD 2023-4C A | 03/20/2057 6.480000% |  | 38237YAA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/20/2057 |  |  | 98.35 |  |  |  |  |  | GOOD 2023-4C A | 03/20/2057 6.480000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26927.36 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 415545.72 | 421389.32 | 421308.57 | 408695.49 | 408695.49 | -12613.08 | -12613.08 | 6.59 | False | 6.60 |  | 1.35 | 1.34 | 1.38 | 500000.00 |  |  | 38237YAA<br> N | MP |
| 439 | Obra High Grade Structured | 38410JAB | GPIF 2023-2A B | 03/01/2027 9.357840% |  | 38410JAB8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2027 |  |  | 100.45 |  |  |  |  |  | GPIF 2023-2A B | 03/01/2027 9.357840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52640.22 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 630000.00 | 640433.62 | 635388.97 | 632838.59 | 632838.59 | -2550.38 | -2550.38 | 8.32 | True | 7.25 |  | 2.09 | 2.08 | 2.14 | 630000.00 |  |  | 38410JAB<br> N | MP |
| 439 | Obra High Grade Structured | 38410KAB | GPIF 2024-1A B | 03/01/2028 6.521840% |  | 38410KAB5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.44 |  |  |  |  |  | GPIF 2024-1A B | 03/01/2028 6.521840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16138.73 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 248359.38 | 249222.31 | 248598.48 | 248598.48 | -623.84 | -623.84 | 6.49 | False | 6.70 |  | 0.82 | 0.82 | 0.84 | 250000.00 |  |  | 38410KAB<br> N | MP |
| 439 | Obra High Grade Structured | 38410KAC | GPIF 2024-1A C | 03/01/2028 8.857610% |  | 38410KAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.65 |  |  |  |  |  | GPIF 2024-1A C | 03/01/2028 8.857610% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31421.96 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 400000.00 | 397609.38 | 398864.29 | 398596.56 | 398596.56 | -267.73 | -267.73 | 7.88 | False | 8.01 |  | 1.32 | 1.31 | 1.35 | 400000.00 |  |  | 38410KAC<br> N | MP |
| 439 | Obra High Grade Structured | 44148HAA | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  | 44148HAA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 101.66 |  |  |  |  |  | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42652.50 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 750000.00 | 726406.88 | 726876.73 | 762465.15 | 762465.15 | 35588.42 | 35588.42 | 5.59 | True | 4.19 |  | 2.52 | 2.51 | 2.58 | 750000.00 |  |  | 44148HAA<br> N | MP |
| 439 | Obra High Grade Structured | 50205FAA | LFS 2023-A A | 07/15/2035 7.173000% |  | 50205FAA2 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 100.59 |  |  |  |  |  | LFS 2023-A A | 07/15/2035 7.173000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39842.21 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 555446.94 | 559862.74 | 557739.46 | 558697.19 | 558697.19 | 957.73 | 957.73 | 7.13 | True | 5.88 |  | 1.85 | 1.84 | 1.89 | 1750000.00 |  |  | 50205FAA<br> N | MP |
| 439 | Obra High Grade Structured | 55283AAA | MCA 2020-1 A | 11/15/2035 3.250000% |  | 55283AAA7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2035 |  |  | 99.17 |  |  |  |  |  | MCA 2020-1 A | 11/15/2035 3.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1758.07 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 54094.35 | 52045.04 | 52260.58 | 53645.96 | 53645.96 | 1385.38 | 1385.38 | 3.28 | False | 3.35 |  | 0.18 | 0.18 | 0.18 | 1500000.00 |  |  | 55283AAA<br> N | MP |
| 439 | Obra High Grade Structured | 629863AA | NALP 2024-1 A | 12/27/2049 6.490000% |  | 629863AA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/27/2049 |  |  | 99.72 |  |  |  |  |  | NALP 2024-1 A | 12/27/2049 6.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23500.05 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 362096.26 | 362016.98 | 362016.98 | 361091.88 | 361091.88 | -925.10 | -925.10 | 6.51 | False | 6.51 |  | 1.20 | 1.19 | 1.22 | 500000.00 |  |  | 629863AA<br> N | MP |
| 439 | Obra High Grade Structured | 65253MAA | NWSB 2021-1 A | 12/25/2048 8.250000% |  | 65253MAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/25/2048 |  |  | 99.95 |  |  |  |  |  | NWSB 2021-1 A | 12/25/2048 8.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15974.67 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 265254.71 | 261025.24 | 261137.98 | 265113.12 | 265113.12 | 3975.14 | 3975.14 | 6.03 | False | 6.03 |  | 0.88 | 0.87 | 0.90 | 1122000.00 |  |  | 65253MAA<br> N | MP |
| 439 | Obra High Grade Structured | 69548AAA | PAID 2024-1 A | 07/15/2031 6.660000% |  | 69548AAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2031 |  |  | 101.07 |  |  |  |  |  | PAID 2024-1 A | 07/15/2031 6.660000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4096.14 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 61503.66 | 61721.61 | 61685.21 | 62159.84 | 62159.84 | 474.63 | 474.63 | 6.59 | True | 2.98 |  | 0.21 | 0.20 | 0.21 | 250000.00 |  |  | 69548AAA<br> N | MP |
| 439 | Obra High Grade Structured | 69548AAB | PAID 2024-1 B | 07/15/2031 7.109000% |  | 69548AAB7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2031 |  |  | 101.70 |  |  |  |  |  | PAID 2024-1 B | 07/15/2031 7.109000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12564.86 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 176745.77 | 177889.52 | 177701.07 | 179755.27 | 179755.27 | 2054.20 | 2054.20 | 6.99 | True | 1.26 |  | 0.59 | 0.59 | 0.61 | 375000.00 |  |  | 69548AAB<br> N | MP |
| 439 | Obra High Grade Structured | 69544MAD | PAID 2024-10 D | 06/15/2032 6.429000% |  | 69544MAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2032 |  |  | 101.26 |  |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19914.67 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 309763.07 | 311844.38 | 311222.73 | 313655.77 | 313655.77 | 2433.04 | 2433.04 | 6.35 | True | 5.28 |  | 1.04 | 1.03 | 1.06 | 400000.00 |  |  | 69544MAD<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAB | PAID 2024-5 B | 10/15/2031 6.601000% |  | 69544LAB7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 101.90 |  |  |  |  |  | PAID 2024-5 B | 10/15/2031 6.601000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5750.81 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 87120.31 | 87120.31 | 87120.31 | 88776.69 | 88776.69 | 1656.38 | 1656.38 | 6.48 | True | 3.52 |  | 0.29 | 0.29 | 0.30 | 150000.00 |  |  | 69544LAB<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAC | PAID 2024-5 C | 10/15/2031 7.270000% |  | 69544LAC5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 101.74 |  |  |  |  |  | PAID 2024-5 C | 10/15/2031 7.270000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4372.16 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 60139.79 | 60139.79 | 60139.79 | 61186.75 | 61186.75 | 1046.96 | 1046.96 | 7.15 | True | 4.44 |  | 0.20 | 0.20 | 0.21 | 100000.00 |  |  | 69544LAC<br> N | MP |
| 439 | Obra High Grade Structured | 69545GAE | PAID 2025-2 D | 10/15/2032 6.053000% |  | 69545GAE1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2032 |  |  | 100.67 |  |  |  |  |  | PAID 2025-2 D | 10/15/2032 6.053000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15130.91 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 249973.74 | 249973.74 | 249973.74 | 251652.19 | 251652.19 | 1678.45 | 1678.45 | 6.01 | True | 5.57 |  | 0.83 | 0.83 | 0.85 | 250000.00 |  |  | 69545GAE<br> N | MP |
| 439 | Obra High Grade Structured | 70472TAA | PEAR 2021-1 A | 01/15/2034 2.600000% |  | 70472TAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2034 |  |  | 99.48 |  |  |  |  |  | PEAR 2021-1 A | 01/15/2034 2.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2587.35 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 99513.43 | 96310.35 | 96731.74 | 98995.74 | 98995.74 | 2264.00 | 2264.00 | 2.61 | False | 2.67 |  | 0.33 | 0.33 | 0.34 | 1125000.00 |  |  | 70472TAA<br> N | MP |
| 439 | Obra High Grade Structured | 70473AAA | PEAR 2023-1 A | 07/15/2035 7.420000% |  | 70473AAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 101.83 |  |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12170.57 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 164023.91 | 165990.91 | 165740.49 | 167022.11 | 167022.11 | 1281.62 | 1281.62 | 7.29 | True | 6.44 |  | 0.55 | 0.55 | 0.57 | 250000.00 |  |  | 70473AAA<br> N | MP |
| 439 | Obra High Grade Structured | 80290CBU | SBCLN 2023-A B | 06/15/2033 6.493000% |  | 80290CBU7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2033 |  |  | 99.68 |  |  |  |  |  | SBCLN 2023-A B | 06/15/2033 6.493000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3213.66 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 49494.18 | 49660.54 | 49639.85 | 49333.39 | 49333.39 | -306.46 | -306.46 | 6.51 | False | 6.55 |  | 0.16 | 0.16 | 0.17 | 625000.00 |  |  | 80290CBU<br> N | MP |
| 439 | Obra High Grade Structured | 80290CBV | SBCLN 2023-A C | 06/15/2033 6.736000% |  | 80290CBV5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2033 |  |  | 100.26 |  |  |  |  |  | SBCLN 2023-A C | 06/15/2033 6.736000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1333.57 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 19797.67 | 19834.30 | 19829.78 | 19848.96 | 19848.96 | 19.18 | 19.18 | 6.72 | True | 6.58 |  | 0.07 | 0.07 | 0.07 | 250000.00 |  |  | 80290CBV<br> N | MP |
| 439 | Obra High Grade Structured | 86745CAB | SNVA 2024-A B | 02/20/2051 6.000000% |  | 86745CAB8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/20/2051 |  |  | 81.20 |  |  |  |  |  | SNVA 2024-A B | 02/20/2051 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21514.53 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 358575.46 | 347335.74 | 347586.01 | 291175.54 | 291175.54 | -56410.47 | -56410.47 | 7.39 | False | 7.69 |  | 0.96 | 0.96 | 0.99 | 417000.00 |  |  | 86745CAB<br> N | MP |
| 439 | Obra High Grade Structured | 86771BAA | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  | 86771BAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/30/2059 |  |  | 102.08 |  |  |  |  |  | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12245.95 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 195935.13 | 195037.15 | 195037.15 | 200019.34 | 200019.34 | 4982.19 | 4982.19 | 6.12 | False | 6.10 |  | 0.66 | 0.66 | 0.68 | 200000.00 |  |  | 86771BAA<br> N | MP |
| 439 | Obra High Grade Structured | 98919WAG | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  | 98919WAG8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/20/2055 |  |  | 103.02 |  |  |  |  |  | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5953.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 103022.26 | 103022.26 | 3022.26 | 3022.26 | 5.78 | True | 4.94 |  | 0.34 | 0.34 | 0.35 | 100000.00 |  |  | 98919WAG<br> N | MP |
| 439 | Obra High Grade Structured | 00120VAG | AGL 2024-30A C | 04/21/2037 7.628640% |  | 00120VAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/21/2037 |  |  | 100.69 |  |  |  |  |  | AGL 2024-30A C | 04/21/2037 7.628640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49691.18 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 750000.00 | 750136.20 | 750125.98 | 755206.73 | 755206.73 | 5080.75 | 5080.75 | 6.58 | True | 5.36 |  | 2.50 | 2.48 | 2.56 | 750000.00 |  | N.A. | 00120VAG<br> N | MP |
| 439 | Obra High Grade Structured | 03666BAJ | ANTR 2021-1A D | 07/25/2033 9.486280% |  | 03666BAJ3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/25/2033 |  |  | 100.00 |  |  |  |  |  | ANTR 2021-1A D | 07/25/2033 9.486280% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 56456.91 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 665760.00 | 664068.43 | 664255.68 | 665760.00 | 665760.00 | 1504.32 | 1504.32 | 8.48 | False | 8.48 |  | 2.20 | 2.19 | 2.26 | 665760.00 |  | N.A. | 03666BAJ<br> N | MP |
| 439 | Obra High Grade Structured | 05684CBA | BCC 2020-3A DRR | 10/23/2034 7.379340% |  | 05684CBA2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/23/2034 |  |  | 99.53 |  |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2819.22 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 38000.00 | 37962.00 | 37993.91 | 37820.28 | 37820.28 | -173.63 | -173.63 | 7.45 | False | 7.49 |  | 0.13 | 0.12 | 0.13 | 38000.00 |  | N.A. | 05684CBA<br> N | MP |
| 439 | Obra High Grade Structured | 09263EAG | BLKMM 2024-1A C | 07/15/2036 N.A.% |  | 09263EAG7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2036 |  |  | 100.70 |  |  |  |  |  | BLKMM 2024-1A C | 07/15/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36837.75 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 503515.60 | 503515.60 | 3515.60 | 3515.60 | 7.32 | False | 7.27 |  | 1.67 | 1.65 | 1.71 | 500000.00 |  |  | 09263EAG<br> N | MP |
| 439 | Obra High Grade Structured | 12598YAG | CIFC 2023-3A C | 01/20/2037 7.966440% |  | 12598YAG3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2037 |  |  | 100.73 |  |  |  |  |  | CIFC 2023-3A C | 01/20/2037 7.966440% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34877.45 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 500000.00 | 502572.80 | 502377.82 | 503625.20 | 503625.20 | 1247.38 | 1247.38 | 6.93 | True | 4.61 |  | 1.67 | 1.66 | 1.71 | 500000.00 |  | N.A. | 12598YAG<br> N | MP |
| 439 | Obra High Grade Structured | 29003NAG | ELM28 2024-4A D | 04/17/2037 N.A.% |  | 29003NAG0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 100.39 |  |  |  |  |  | ELM28 2024-4A D | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19056.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250963.85 | 250963.85 | 963.85 | 963.85 | 7.59 | False | 7.57 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 29003NAG<br> N | MP |
| 439 | Obra High Grade Structured | 38179NAF | GOCAP 2024-71A C | 02/09/2037 8.573730% |  | 38179NAF1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/9/2037 |  |  | 100.54 |  |  |  |  |  | GOCAP 2024-71A C | 02/09/2037 8.573730% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18690.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250005.50 | 250005.10 | 251340.43 | 251340.43 | 1335.33 | 1335.33 | 7.51 | False | 7.48 |  | 0.83 | 0.83 | 0.85 | 250000.00 |  | N.A. | 38179NAF<br> N | MP |
| 439 | Obra High Grade Structured | 38179FAW | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  | 38179FAW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2033 |  |  | 100.17 |  |  |  |  |  | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17671.15 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250937.50 | 250858.50 | 250430.18 | 250430.18 | -428.33 | -428.33 | 7.06 | False | 7.04 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  | N.A. | 38179FAW<br> N | MP |
| 439 | Obra High Grade Structured | 46604KAE | IVYH 2024-22A C | 04/20/2036 8.451560% |  | 46604KAE8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.66 |  |  |  |  |  | IVYH 2024-22A C | 04/20/2036 8.451560% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18938.73 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 248985.85 | 249066.39 | 251638.88 | 251638.88 | 2572.49 | 2572.49 | 7.53 | False | 7.49 |  | 0.83 | 0.83 | 0.85 | 250000.00 |  | N.A. | 46604KAE<br> N | MP |
| 439 | Obra High Grade Structured | 46604CAS | IVYH 20A CR | 07/19/2037 N.A.% |  | 46604CAS5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/19/2037 |  |  | 100.92 |  |  |  |  |  | IVYH 20A CR | 07/19/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17708.13 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252295.65 | 252295.65 | 2295.65 | 2295.65 | 0.00 | False | -0.08 |  | 0.84 | 0.83 | 0.85 | 250000.00 |  |  | 46604CAS<br> N | MP |
| 439 | Obra High Grade Structured | 55822NAG | MDPK 2023-61A C | 01/20/2037 8.207080% |  | 55822NAG4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/20/2037 |  |  | 100.93 |  |  |  |  |  | MDPK 2023-61A C | 01/20/2037 8.207080% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46604.41 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 645000.00 | 647919.98 | 647702.39 | 651003.08 | 651003.08 | 3300.69 | 3300.69 | 7.16 | True | 4.19 |  | 2.15 | 2.14 | 2.21 | 645000.00 |  | N.A. | 55822NAG<br> N | MP |
| 439 | Obra High Grade Structured | 598014AJ | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  | 598014AJ7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 101.07 |  |  |  |  |  | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18313.73 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252672.88 | 252672.88 | 2672.88 | 2672.88 | 7.25 | False | 7.19 |  | 0.84 | 0.83 | 0.86 | 250000.00 |  |  | 598014AJ<br> N | MP |
| 439 | Obra High Grade Structured | 62432UAU | MVEW 2022-1A DR | 04/15/2034 8.446100% |  | 62432UAU5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2034 |  |  | 100.84 |  |  |  |  |  | MVEW 2022-1A DR | 04/15/2034 8.446100% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1701.51 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 20000.00 | 20070.00 | 20007.57 | 20167.42 | 20167.42 | 159.85 | 159.85 | 8.44 | True | -11.29 |  | 0.07 | 0.07 | 0.07 | 20000.00 |  | N.A. | 62432UAU<br> N | MP |
| 439 | Obra High Grade Structured | 67443AAJ | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  | 67443AAJ0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 102.00 |  |  |  |  |  | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23176.47 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 305985.75 | 305985.75 | 5985.75 | 5985.75 | 7.57 | False | 7.48 |  | 1.01 | 1.01 | 1.04 | 300000.00 |  |  | 67443AAJ<br> N | MP |
| 439 | Obra High Grade Structured | 67118BAU | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  | 67118BAU7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/20/2036 |  |  | 100.24 |  |  |  |  |  | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34377.45 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 501203.95 | 501203.95 | 1203.95 | 1203.95 | 6.86 | False | 6.84 |  | 1.66 | 1.65 | 1.70 | 500000.00 |  |  | 67118BAU<br> N | MP |
| 439 | Obra High Grade Structured | 67120EAN | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  | 67120EAN3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/16/2037 |  |  | 100.25 |  |  |  |  |  | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17794.43 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250627.50 | 250627.50 | 627.50 | 627.50 | 7.10 | False | 7.09 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 67120EAN | MP |
| 439 | Obra High Grade Structured | 67706HCE | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  | 67706HCE6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/23/2037 |  |  | 100.36 |  |  |  |  |  | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22047.48 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250896.10 | 250896.10 | 896.10 | 896.10 | 8.79 | False | 8.77 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 67706HCE<br> N | MP |
| 439 | Obra High Grade Structured | 69917AAN | PARL 2020-1A A2R | 07/20/2034 6.404780% |  | 69917AAN4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2034 |  |  | 100.22 |  |  |  |  |  | PARL 2020-1A A2R | 07/20/2034 6.404780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19053.82 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 296000.00 | 296236.80 | 296131.51 | 296660.29 | 296660.29 | 528.78 | 528.78 | 6.42 | True | 6.15 |  | 0.98 | 0.98 | 1.01 | 296000.00 |  | N.A. | 69917AAN | MP |
| 439 | Obra High Grade Structured | 69690ABC | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  | 69690ABC0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/20/2037 |  |  | 100.75 |  |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5529.37 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 76000.00 | 76342.00 | 76265.02 | 76572.23 | 76572.23 | 307.21 | 307.21 | 7.22 | True | 6.54 |  | 0.25 | 0.25 | 0.26 | 76000.00 |  | N.A. | 69690ABC<br> N | MP |
| 439 | Obra High Grade Structured | 750104AW | RAD 2023-19A D1R | 03/20/2038 7.673170% |  | 750104AW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/20/2038 |  |  | 102.04 |  |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15350.98 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 200000.00 | 202300.00 | 201927.12 | 204086.16 | 204086.16 | 2159.04 | 2159.04 | 7.52 | True | 6.30 |  | 0.68 | 0.67 | 0.69 | 200000.00 |  | N.A. | 750104AW<br> N | MP |
| 439 | Obra High Grade Structured | 75888ABN | REGT7 2016-1A DR2 | 06/20/2034 7.616300% |  | 75888ABN5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 6/20/2034 |  |  | 100.00 |  |  |  |  |  | REGT7 2016-1A DR2 | 06/20/2034 7.616300% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3657.46 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 50000.00 | 50100.00 | 50000.00 | 50000.00 | 50000.00 | 0.00 | 0.00 | 7.31 | False | 7.31 |  | 0.17 | 0.16 | 0.17 | 50000.00 |  | N.A. | 75888ABN | MP |
| 439 | Obra High Grade Structured | 05493XAE | BAHA 2024-MAR B | 12/10/2029 7.069410% |  | 05493XAE0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2029 |  |  | 104.45 |  |  |  |  |  | BAHA 2024-MAR B | 12/10/2029 7.069410% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17673.55 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 261127.78 | 261127.78 | 11127.78 | 11127.78 | 6.77 | False | 5.86 |  | 0.86 | 0.86 | 0.88 | 250000.00 |  |  | 05493XAE<br> N | MP |
| 439 | Obra High Grade Structured | 05612TAC | BX 2024-VLT4 B | 07/15/2029 7.260766% |  | 05612TAC9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2029 |  |  | 100.17 |  |  |  |  |  | BX 2024-VLT4 B | 07/15/2029 7.260766% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12181.86 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199615.64 | 200334.68 | 200334.68 | 719.04 | 719.04 | 6.29 | False | 6.25 |  | 0.66 | 0.66 | 0.68 | 200000.00 |  |  | 05612TAC<br> N | MP |
| 439 | Obra High Grade Structured | 05594CAG | BX 2025-LUNR C | 06/09/2040 6.330000% |  | 05594CAG9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2040 |  |  | 100.31 |  |  |  |  |  | BX 2025-LUNR C | 06/09/2040 6.330000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17631.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 286675.50 | 286675.50 | 286675.50 | 287577.27 | 287577.27 | 901.77 | 901.77 | 6.13 | False | 6.12 |  | 0.95 | 0.95 | 0.97 | 300000.00 |  |  | 05594CAG<br> N | MP |
| 439 | Obra High Grade Structured | 12433KAE | BX 2025-VLT6 C | 03/15/2030 6.514470% |  | 12433KAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2030 |  |  | 99.95 |  |  |  |  |  | BX 2025-VLT6 C | 03/15/2030 6.514470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12684.62 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199500.00 | 199901.50 | 199901.50 | 401.50 | 401.50 | 6.35 | False | 6.35 |  | 0.66 | 0.66 | 0.68 | 200000.00 |  |  | 12433KAE<br> N | MP |
| 439 | Obra High Grade Structured | 05613YAG | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  | 05613YAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/18/2042 |  |  | 99.06 |  |  |  |  |  | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14162.08 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199625.04 | 198122.80 | 198122.80 | -1502.24 | -1502.24 | 7.37 | False | 7.40 |  | 0.66 | 0.65 | 0.67 | 200000.00 |  |  | 05613YAG<br> N | MP |
| 439 | Obra High Grade Structured | 12988DAE | CALI 2024-SUN C | 07/15/2041 8.109780% |  | 12988DAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2041 |  |  | 100.37 |  |  |  |  |  | CALI 2024-SUN C | 07/15/2041 8.109780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17517.68 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 249375.00 | 249375.00 | 250922.13 | 250922.13 | 1547.13 | 1547.13 | 6.98 | False | 6.97 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 12988DAE<br> N | MP |
| 439 | Obra High Grade Structured | 34461WAG | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  | 34461WAG5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 100.17 |  |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16875.40 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250436.60 | 250436.60 | 436.60 | 436.60 | 6.74 | False | 6.73 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 34461WAG<br> N | MP |
| 439 | Obra High Grade Structured | 30338DAG | FS 2024-HULA D | 08/15/2039 8.239500% |  | 30338DAG6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2039 |  |  | 100.23 |  |  |  |  |  | FS 2024-HULA D | 08/15/2039 8.239500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14179.32 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199937.50 | 199941.35 | 200467.50 | 200467.50 | 526.15 | 526.15 | 7.07 | False | 7.06 |  | 0.66 | 0.66 | 0.68 | 200000.00 |  |  | 30338DAG<br> N | MP |
| 439 | Obra High Grade Structured | 362414AE | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  | 362414AE4 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/15/2041 |  |  | 100.49 |  |  |  |  |  | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49427.48 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 750000.00 | 748125.00 | 748214.17 | 753694.65 | 753694.65 | 5480.48 | 5480.48 | 6.56 | False | 6.54 |  | 2.49 | 2.48 | 2.55 | 750000.00 |  |  | 362414AE<br> N | MP |
| 439 | Obra High Grade Structured | 40424UAE | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  | 40424UAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 100.30 |  |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36797.09 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 550000.00 | 550421.88 | 550410.75 | 551640.98 | 551640.98 | 1230.23 | 1230.23 | 6.67 | False | 6.66 |  | 1.83 | 1.81 | 1.87 | 550000.00 |  |  | 40424UAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAE | MF1 2025-FL19 B | 05/18/2042 N.A.% |  | 55287KAE3 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.32 |  |  |  |  |  | MF1 2025-FL19 B | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6477.23 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 100000.00 | 99750.00 | 99811.26 | 100324.91 | 100324.91 | 513.65 | 513.65 | 6.46 | True | 6.18 |  | 0.33 | 0.33 | 0.34 | 100000.00 |  |  | 55287KAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAG | MF1 2025-FL19 C | 05/18/2042 N.A.% |  | 55287KAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.29 |  |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27906.08 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 400000.00 | 399000.00 | 399244.32 | 401157.80 | 401157.80 | 1913.48 | 1913.48 | 6.96 | True | 6.71 |  | 1.33 | 1.32 | 1.36 | 400000.00 |  |  | 55287KAG<br> N | MP |
| 439 | Obra High Grade Structured | 62956HAE | NYC 2024-3ELV C | 08/15/2029 8.169720% |  | 62956HAE6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2029 |  |  | 99.37 |  |  |  |  |  | NYC 2024-3ELV C | 08/15/2029 8.169720% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17474.70 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 249374.90 | 249374.90 | 248418.15 | 248418.15 | -956.75 | -956.75 | 7.03 | False | 7.18 |  | 0.82 | 0.82 | 0.84 | 250000.00 |  |  | 62956HAE<br> N | MP |
| 439 | Obra High Grade Structured | 69382JAC | PFP 2025-12 B | 12/18/2042 N.A.% |  | 69382JAC5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 12/18/2042 |  |  | 100.00 |  |  |  |  |  | PFP 2025-12 B | 12/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18533.82 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 300000.00 | 299250.00 | 299250.00 | 300010.68 | 300010.68 | 760.68 | 760.68 | 6.18 | True | 6.18 |  | 0.99 | 0.99 | 1.02 | 300000.00 |  |  | 69382JAC<br> N | MP |
| 439 | Obra High Grade Structured | 78489CAD | SWCH 2025-DATA D | 03/15/2042 6.948550% |  | 78489CAD1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 99.56 |  |  |  |  |  | SWCH 2025-DATA D | 03/15/2042 6.948550% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10187.07 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 150000.00 | 149625.00 | 149625.00 | 149342.94 | 149342.94 | -282.06 | -282.06 | 6.82 | False | 6.84 |  | 0.49 | 0.49 | 0.51 | 150000.00 |  |  | 78489CAD<br> N | MP |
| 439 | Obra High Grade Structured | 46117WAE | TOWN 2025-STAY C | 03/15/2042 6.550000% |  | 46117WAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 99.86 |  |  |  |  |  | TOWN 2025-STAY C | 03/15/2042 6.550000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16000.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249656.90 | 249656.90 | -343.10 | -343.10 | 6.41 | False | 6.41 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 46117WAE<br> N | MP |
| 439 | Obra High Grade Structured | 001207AY | AGL 2020-9A DR | 04/20/2037 7.875490% |  | 001207AY5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.51 |  |  |  |  |  | AGL 2020-9A DR | 04/20/2037 7.875490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9844.36 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 125000.00 | 125837.50 | 125627.54 | 125632.86 | 125632.86 | 5.32 | 5.32 | 7.84 | True | 6.94 |  | 0.42 | 0.41 | 0.43 | 125000.00 |  | N.A. | 001207AY<br> N | MP |
| 439 | Obra High Grade Structured | 03666BBE | ANTR 2021-1A DR | 10/25/2038 N.A.% |  | 03666BBE3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 100.34 |  |  |  |  |  | ANTR 2021-1A DR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 501675.00 | 501675.00 | 1675.00 | 1675.00 | 0.00 | False | -0.03 |  | 1.66 | 1.65 | 1.70 | 500000.00 |  |  | 03666BBE<br> N | MP |
| 439 | Obra High Grade Structured | 088928AC | BHMS 2025-ATLS B | 08/15/2042 6.900000% |  | 088928AC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.12 |  |  |  |  |  | BHMS 2025-ATLS B | 08/15/2042 6.900000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20100.48 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 300362.46 | 300362.46 | 362.46 | 362.46 | 6.69 | False | 6.69 |  | 0.99 | 0.99 | 1.02 | 300000.00 |  |  | 088928AC<br> N | MP |
| 439 | Obra High Grade Structured | 088928AE | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  | 088928AE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.12 |  |  |  |  |  | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44700.96 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 600000.00 | 600000.00 | 600000.00 | 600690.12 | 600690.12 | 690.12 | 690.12 | 7.44 | False | 7.44 |  | 1.99 | 1.97 | 2.04 | 600000.00 |  |  | 088928AE<br> N | MP |
| 439 | Obra High Grade Structured | 05765DAZ | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  | 05765DAZ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.49 |  |  |  |  |  | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21438.73 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251221.73 | 251221.73 | 1221.73 | 1221.73 | 0.00 | False | -0.05 |  | 0.83 | 0.83 | 0.85 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 439 | Obra High Grade Structured | 05619BAG | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  | 05619BAG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 99.86 |  |  |  |  |  | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15742.50 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 249375.00 | 249379.30 | 249653.40 | 249653.40 | 274.10 | 274.10 | 6.31 | False | 6.31 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 05619BAG<br> N | MP |
| 439 | Obra High Grade Structured | 12433HAE | BX 2025-BCAT C | 08/15/2042 6.250000% |  | 12433HAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.32 |  |  |  |  |  | BX 2025-BCAT C | 08/15/2042 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14494.44 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 239571.21 | 239571.21 | 239571.21 | 240345.17 | 240345.17 | 773.96 | 773.96 | 6.23 | False | 6.22 |  | 0.80 | 0.79 | 0.81 | 250000.00 |  |  | 12433HAE<br> N | MP |
| 439 | Obra High Grade Structured | 05618XAE | BX 2025-COPT C | 09/15/2042 6.850000% |  | 05618XAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.10 |  |  |  |  |  | BX 2025-COPT C | 09/15/2042 6.850000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26600.64 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400418.40 | 400418.40 | 418.40 | 418.40 | 6.84 | False | 6.84 |  | 1.33 | 1.32 | 1.36 | 400000.00 |  |  | 05618XAE<br> N | MP |
| 439 | Obra High Grade Structured | 05618XAG | BX 2025-COPT D | 09/15/2042 7.600000% |  | 05618XAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.10 |  |  |  |  |  | BX 2025-COPT D | 09/15/2042 7.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18500.40 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250261.95 | 250261.95 | 261.95 | 261.95 | 7.59 | False | 7.59 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 05618XAG<br> N | MP |
| 439 | Obra High Grade Structured | 38411WAC | GPIF 2025-1A C | 08/15/2028 N.A.% |  | 38411WAC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2028 |  |  | 100.21 |  |  |  |  |  | GPIF 2025-1A C | 08/15/2028 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49854.56 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 700000.00 | 700000.00 | 700000.00 | 701495.20 | 701495.20 | 1495.20 | 1495.20 | 7.09 | False | 7.02 |  | 2.32 | 2.31 | 2.38 | 700000.00 |  |  | 38411WAC<br> N | MP |
| 439 | Obra High Grade Structured | 46604EAY | IVYH 9A BR3 | 07/23/2037 N.A.% |  | 46604EAY8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/23/2037 |  |  | 99.91 |  |  |  |  |  | IVYH 9A BR3 | 07/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38770.88 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 650000.00 | 650000.00 | 650000.00 | 649391.34 | 649391.34 | -608.66 | -608.66 | 0.00 | False | 0.01 |  | 2.15 | 2.13 | 2.20 | 650000.00 |  |  | 46604EAY<br> N | MP |
| 439 | Obra High Grade Structured | 50209AAH | LMRK 2025-1A A | 09/15/2055 5.520000% |  | 50209AAH4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2055 |  |  | 100.35 |  |  |  |  |  | LMRK 2025-1A A | 09/15/2055 5.520000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16560.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 300000.00 | 299993.79 | 299993.79 | 301041.42 | 301041.42 | 1047.63 | 1047.63 | 5.50 | False | 5.50 |  | 1.00 | 0.99 | 1.02 | 300000.00 |  |  | 50209AAH<br> N | MP |
| 439 | Obra High Grade Structured | 55817HBC | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  | 55817HBC2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/16/2038 |  |  | 100.92 |  |  |  |  |  | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7903.66 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 126145.43 | 126145.43 | 1145.43 | 1145.43 | 0.00 | False | -0.07 |  | 0.42 | 0.41 | 0.43 | 125000.00 |  |  | 55817HBC<br> N | MP |
| 439 | Obra High Grade Structured | 59803TBE | MIDO 2023-12A BRR | 07/18/2038 6.079000% |  | 59803TBE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2038 |  |  | 100.50 |  |  |  |  |  | MIDO 2023-12A BRR | 07/18/2038 6.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7598.75 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125629.68 | 125629.68 | 629.68 | 629.68 | 6.05 | False | 6.02 |  | 0.42 | 0.41 | 0.43 | 125000.00 |  |  | 59803TBE<br> N | MP |
| 439 | Obra High Grade Structured | 59918AAE | MILE 2025-STNE C | 07/15/2030 6.427400% |  | 59918AAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2030 |  |  | 100.10 |  |  |  |  |  | MILE 2025-STNE C | 07/15/2030 6.427400% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6250.16 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 100104.44 | 100104.44 | 104.44 | 104.44 | 6.24 | False | 6.23 |  | 0.33 | 0.33 | 0.34 | 100000.00 |  |  | 59918AAE<br> N | MP |
| 439 | Obra High Grade Structured | 63943JAC | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  | 63943JAC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2037 |  |  | 100.35 |  |  |  |  |  | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16558.80 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250884.63 | 250884.63 | 884.63 | 884.63 | 0.00 | False | -0.03 |  | 0.83 | 0.82 | 0.85 | 250000.00 |  |  | 63943JAC<br> N | MP |
| 439 | Obra High Grade Structured | 63943VAJ | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  | 63943VAJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.00 |  |  |  |  |  | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125000.00 | 125000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.41 | 0.41 | 0.42 | 125000.00 |  |  | 63943VAJ<br> N | MP |
| 439 | Obra High Grade Structured | 674436AL | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  | 674436AL4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 100.34 |  |  |  |  |  | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51120.96 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 600000.00 | 600000.00 | 600000.00 | 602021.94 | 602021.94 | 2021.94 | 2021.94 | 8.49 | False | 8.48 |  | 1.99 | 1.98 | 2.04 | 600000.00 |  |  | 674436AL<br> N | MP |
| 439 | Obra High Grade Structured | 69547DAD | PAID 2025-4 C | 01/17/2033 6.146000% |  | 69547DAD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2033 |  |  | 101.82 |  |  |  |  |  | PAID 2025-4 C | 01/17/2033 6.146000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46095.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 750000.00 | 750000.00 | 750000.00 | 763682.78 | 763682.78 | 13682.78 | 13682.78 | 6.04 | True | 5.03 |  | 2.53 | 2.51 | 2.59 | 750000.00 |  |  | 69547DAD<br> N | MP |
| 439 | Obra High Grade Structured | 81749YAA | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  | 81749YAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2055 |  |  | 101.66 |  |  |  |  |  | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20096.74 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 334945.66 | 334736.33 | 334736.33 | 340493.20 | 340493.20 | 5756.87 | 5756.87 | 5.90 | True | 5.81 |  | 1.13 | 1.12 | 1.15 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 439 | Obra High Grade Structured | 87268JAJ | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  | 87268JAJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 101.15 |  |  |  |  |  | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29990.84 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 400000.00 | 399739.60 | 399739.60 | 404600.00 | 404600.00 | 4860.40 | 4860.40 | 0.00 | False | -0.09 |  | 1.34 | 1.33 | 1.37 | 400000.00 |  |  | 87268JAJ<br> N | MP |
| 439 | Obra High Grade Structured | 92535VAS | VBTOW 2025-1A B | 08/16/2055 5.602000% |  | 92535VAS1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 99.63 |  |  |  |  |  | VBTOW 2025-1A B | 08/16/2055 5.602000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14005.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 247946.48 | 248087.09 | 249068.10 | 249068.10 | 981.01 | 981.01 | 5.62 | False | 5.63 |  | 0.82 | 0.82 | 0.84 | 250000.00 |  |  | 92535VAS<br> N | MP |
| 439 | Obra High Grade Structured | 92535VAU | VBTOW 2025-1A C | 08/16/2055 7.446000% |  | 92535VAU6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 99.70 |  |  |  |  |  | VBTOW 2025-1A C | 08/16/2055 7.446000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18615.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 250000.00 | 248939.88 | 248939.88 | 249252.53 | 249252.53 | 312.65 | 312.65 | 7.47 | False | 7.47 |  | 0.83 | 0.82 | 0.84 | 250000.00 |  |  | 92535VAU<br> N | MP |
| 439 | Obra High Grade Structured | 034943AB | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  | 034943AB6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2069 |  |  | 103.12 |  |  |  |  |  | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11049.78 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 172706.80 | 172704.64 | 172704.65 | 178088.65 | 178088.65 | 5384.00 | 5384.00 | 6.20 | True | 4.23 |  | 0.59 | 0.59 | 0.60 | 250000.00 |  |  | 034943AB<br> N | MP |
| 439 | Obra High Grade Structured | 17332RAA | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  | 17332RAA1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.72 |  |  |  |  |  | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13723.98 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 228733.02 | 227374.92 | 227374.92 | 232664.37 | 232664.37 | 5289.45 | 5289.45 | 5.90 | False | 5.88 |  | 0.77 | 0.76 | 0.79 | 250000.00 |  |  | 17332RAA<br> N | MP |
| 439 | Obra High Grade Structured | 36272DAA | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  | 36272DAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2055 |  |  | 101.91 |  |  |  |  |  | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14006.31 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 233438.46 | 233584.36 | 233581.45 | 237888.38 | 237888.38 | 4306.93 | 4306.93 | 5.89 | True | 5.78 |  | 0.79 | 0.78 | 0.81 | 250000.00 |  |  | 36272DAA<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAD | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  | 46657WAD0 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 101.08 |  |  |  |  |  | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16113.10 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 247893.91 | 247711.03 | 247713.92 | 250577.36 | 250577.36 | 2863.44 | 2863.44 | 6.43 | True | 6.37 |  | 0.83 | 0.82 | 0.85 | 500000.00 |  |  | 46657WAD<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAK | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  | 46657WAK4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 100.53 |  |  |  |  |  | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12016.38 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 184867.39 | 184521.42 | 184526.87 | 185853.76 | 185853.76 | 1326.89 | 1326.89 | 6.47 | True | 6.43 |  | 0.62 | 0.61 | 0.63 | 500000.00 |  |  | 46657WAK<br> N | MP |
| 439 | Obra High Grade Structured | 465983AD | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  | 465983AD6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2064 |  |  | 101.66 |  |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6414.00 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 100000.00 | 99998.10 | 99998.56 | 101662.33 | 101662.33 | 1663.77 | 1663.77 | 6.31 | True | 5.62 |  | 0.34 | 0.33 | 0.34 | 100000.00 |  |  | 465983AD<br> N | MP |
| 439 | Obra High Grade Structured | 46590SAC | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  | 46590SAC1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/1/2065 |  |  | 101.25 |  |  |  |  |  | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26823.89 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 481837.38 | 482078.29 | 482054.17 | 487879.37 | 487879.37 | 5825.20 | 5825.20 | 5.50 | True | 5.06 |  | 1.61 | 1.60 | 1.65 | 500000.00 |  |  | 46590SAC<br> N | MP |
| 439 | Obra High Grade Structured | 67117VAC | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  | 67117VAC4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2063 |  |  | 101.20 |  |  |  |  |  | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5578.20 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 79974.17 | 80274.08 | 80272.13 | 80933.17 | 80933.17 | 661.04 | 661.04 | 6.89 | True | 5.48 |  | 0.27 | 0.27 | 0.27 | 140000.00 |  |  | 67117VAC<br> N | MP |
| 439 | Obra High Grade Structured | 74389DAA | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  | 74389DAA5 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.72 |  |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7656.46 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 127607.75 | 127248.91 | 127248.91 | 129801.01 | 129801.01 | 2552.10 | 2552.10 | 5.90 | True | 5.81 |  | 0.43 | 0.43 | 0.44 | 134800.00 |  |  | 74389DAA<br> N | MP |
| 439 | Obra High Grade Structured | 75023XAF | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  | 75023XAF9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2055 |  |  | 101.72 |  |  |  |  |  | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 37315.22 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 621920.29 | 621681.83 | 621687.13 | 632609.55 | 632609.55 | 10922.42 | 10922.42 | 5.90 | True | 5.81 |  | 2.09 | 2.08 | 2.14 | 658500.00 |  |  | 75023XAF<br> N | MP |
| 439 | Obra High Grade Structured | 81743GAA | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  | 81743GAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.72 |  |  |  |  |  | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27941.04 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 465684.07 | 465101.97 | 465101.97 | 473688.01 | 473688.01 | 8586.04 | 8586.04 | 5.90 | True | 5.81 |  | 1.57 | 1.56 | 1.60 | 500000.00 |  |  | 81743GAA<br> N | MP |
| 439 | Obra High Grade Structured | 92539GAB | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  | 92539GAB7 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2068 |  |  | 99.92 |  |  |  |  |  | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3556.77 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 55246.51 | 55065.24 | 55065.24 | 55203.41 | 55203.41 | 138.17 | 138.17 | 6.44 | False | 6.44 |  | 0.18 | 0.18 | 0.19 | 100000.00 |  |  | 92539GAB<br> N | MP |
| 439 | Obra High Grade Structured | 924934AB | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  | 924934AB8 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2068 |  |  | 101.85 |  |  |  |  |  | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21749.26 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 321782.26 | 323304.72 | 323296.17 | 327744.37 | 327744.37 | 4448.20 | 4448.20 | 6.64 | True | 4.20 |  | 1.08 | 1.08 | 1.11 | 656650.00 |  |  | 924934AB<br> N | MP |
| 439 | Obra High Grade Structured | 92540BAC | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  | 92540BAC3 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2068 |  |  | 101.32 |  |  |  |  |  | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19592.47 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 276768.95 | 277890.06 | 277884.39 | 280427.06 | 280427.06 | 2542.67 | 2542.67 | 6.99 | True | 5.43 |  | 0.93 | 0.92 | 0.95 | 450000.00 |  |  | 92540BAC<br> N | MP |
| 439 | Obra High Grade Structured | 92540MAC | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  | 92540MAC9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/1/2069 |  |  | 101.80 |  |  |  |  |  | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10584.38 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 154629.37 | 154628.02 | 154628.03 | 157410.97 | 157410.97 | 2782.94 | 2782.94 | 6.72 | True | 5.64 |  | 0.52 | 0.52 | 0.53 | 250000.00 |  |  | 92540MAC<br> N | MP |
| 439 | Obra High Grade Structured | FGTXX | Goldman Sachs Financ | ial Square Funds - G |  | 38141W273 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES<br> IL | ILLINOIS | USD | US DOLLAR | 10/1/2025 |  |  | 100.00 |  |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36853.78 | L<br> N |  |  | 9/30/2025<br> C |  | 439;USD | USD | 914088.11 | 914088.11 | 914088.11 | 914088.11 | 914088.11 | 0.00 | 0.00 | 4.03 | False | 4.02 |  | 3.03 | 3.00 | 3.10 | 0.00 |  |  | FGTXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $30426057.63

**Total Liabilities:** $912326.69

**Net Assets:** $29513730.94

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 156 | **1-Year:** 2275 | **5-Year:** 3244 | **10-Year:** 588 | **30-Year:** 0

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248833 | 0.35%                | 0.57%                | 0.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6971.33                | $-41769.76                                 |
| Month 2  | $20759.11                | $10262.64                                  |
| Month 3  | $-2070.46                | $18935.94                                  |

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CNSL 2025-1A A2      | ABS      | CUSIP: 209031AA1<br>LEI: N/A | Long             | DBT              |  | US        |    300000 | NS      | $307867.14    | 1.04%             | 2055-05-20      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GOOD 2023-4C A       | ABS      | CUSIP: 38237YAA8<br>LEI: N/A | Long             | DBT              |  | US        |    415546 | NS      | $408695.49    | 1.38%             | 2057-03-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| GPIF 2023-2A B       | ABS      | CUSIP: 38410JAB8<br>LEI: N/A | Long             | DBT              |  | US        |    630000 | NS      | $632838.59    | 2.14%             | 2027-03-01      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A B       | ABS      | CUSIP: 38410KAB5<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $248598.48    | 0.84%             | 2028-03-01      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A C       | ABS      | CUSIP: 38410KAC3<br>LEI: N/A | Long             | DBT              |  | US        |    400000 | NS      | $398596.56    | 1.35%             | 2028-03-01      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A A2     | ABS      | CUSIP: 44148HAA1<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $762465.15    | 2.58%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| BEATS 2024-1A A2     | ABS      | CUSIP: 499876AA8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $506202.05    | 1.72%             | 2064-04-07      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| LFS 2023-A A         | ABS      | CUSIP: 50205FAA2<br>LEI: N/A | Long             | DBT              |  | US        |    555447 | NS      | $558697.19    | 1.89%             | 2035-07-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| MCA 2020-1 A         | ABS      | CUSIP: 55283AAA7<br>LEI: N/A | Long             | DBT              |  | US        |     54094 | NS      | $53645.96     | 0.18%             | 2035-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NALP 2024-1 A        | ABS      | CUSIP: 629863AA9<br>LEI: N/A | Long             | DBT              |  | US        |    362096 | NS      | $361091.88    | 1.22%             | 2049-12-27      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| NWSB 2021-1 A        | ABS      | CUSIP: 65253MAA6<br>LEI: N/A | Long             | DBT              |  | US        |    265255 | NS      | $265113.12    | 0.90%             | 2048-12-25      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 B        | ABS      | CUSIP: 69544LAB7<br>LEI: N/A | Long             | DBT              |  | US        |     87120 | NS      | $88776.69     | 0.30%             | 2031-10-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 C        | ABS      | CUSIP: 69544LAC5<br>LEI: N/A | Long             | DBT              |  | US        |     60140 | NS      | $61186.75     | 0.21%             | 2031-10-15      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| PAID 2024-10 D       | ABS      | CUSIP: 69544MAD1<br>LEI: N/A | Long             | DBT              |  | US        |    309763 | NS      | $313655.77    | 1.06%             | 2032-06-15      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| PAID 2025-2 D        | ABS      | CUSIP: 69545GAE1<br>LEI: N/A | Long             | DBT              |  | US        |    249974 | NS      | $251652.19    | 0.85%             | 2032-10-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PAID 2024-1 A        | ABS      | CUSIP: 69548AAA9<br>LEI: N/A | Long             | DBT              |  | US        |     61504 | NS      | $62159.84     | 0.21%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| PAID 2024-1 B        | ABS      | CUSIP: 69548AAB7<br>LEI: N/A | Long             | DBT              |  | US        |    176746 | NS      | $179755.27    | 0.61%             | 2031-07-15      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| PEAR 2021-1 A        | ABS      | CUSIP: 70472TAA6<br>LEI: N/A | Long             | DBT              |  | US        |     99513 | NS      | $98995.74     | 0.34%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 A        | ABS      | CUSIP: 70473AAA6<br>LEI: N/A | Long             | DBT              |  | US        |    164024 | NS      | $167022.11    | 0.57%             | 2035-07-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| SBCLN 2023-A B       | ABS      | CUSIP: 80290CBU7<br>LEI: N/A | Long             | DBT              |  | US        |     49494 | NS      | $49333.39     | 0.17%             | 2033-06-15      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| SBCLN 2023-A C       | ABS      | CUSIP: 80290CBV5<br>LEI: N/A | Long             | DBT              |  | US        |     19798 | NS      | $19848.96     | 0.07%             | 2033-06-15      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| SNVA 2024-A B        | ABS      | CUSIP: 86745CAB8<br>LEI: N/A | Long             | DBT              |  | US        |    358576 | NS      | $291175.54    | 0.99%             | 2051-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUNRN 2024-2A A1     | ABS      | CUSIP: 86771BAA9<br>LEI: N/A | Long             | DBT              |  | US        |    195935 | NS      | $200019.34    | 0.68%             | 2059-07-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-2A A2      | ABS      | CUSIP: 98919WAG8<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $103022.26    | 0.35%             | 2055-06-20      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| AGL 2024-30A C       | CLO      | CUSIP: 00120VAG1<br>LEI: N/A | Long             | DBT              |  | JE        |    750000 | NS      | $755206.73    | 2.56%             | 2037-04-21      | Variable      | 6.17%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A D       | CLO      | CUSIP: 03666BAJ3<br>LEI: N/A | Long             | DBT              |  | KY        |    665760 | NS      | $665760.00    | 2.26%             | 2033-07-25      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| BCC 2020-3A DRR      | CLO      | CUSIP: 05684CBA2<br>LEI: N/A | Long             | DBT              |  | KY        |     38000 | NS      | $37820.28     | 0.13%             | 2034-10-23      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| BLKMM 2024-1A C      | CLO      | CUSIP: 09263EAG7<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $503515.60    | 1.71%             | 2036-07-15      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| CIFC 2023-3A C       | CLO      | CUSIP: 12598YAG3<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $503625.20    | 1.71%             | 2037-01-20      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A D      | CLO      | CUSIP: 29003NAG0<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250963.85    | 0.85%             | 2037-04-17      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| GSHOR 2022-1A CR     | CLO      | CUSIP: 38179FAW1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250430.18    | 0.85%             | 2033-07-25      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| GOCAP 2024-71A C     | CLO      | CUSIP: 38179NAF1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251340.43    | 0.85%             | 2037-02-09      | Variable      | 7.48%                 | No            |                  2 | On Loan: No      |
| IVYH 20A CR          | CLO      | CUSIP: 46604CAS5<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $252295.65    | 0.85%             | 2037-07-19      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| IVYH 2024-22A C      | CLO      | CUSIP: 46604KAE8<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $251638.88    | 0.85%             | 2036-04-20      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| MDPK 2023-61A C      | CLO      | CUSIP: 55822NAG4<br>LEI: N/A | Long             | DBT              |  | JE        |    645000 | NS      | $651003.08    | 2.21%             | 2037-01-20      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D1     | CLO      | CUSIP: 598014AJ7<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $252672.88    | 0.86%             | 2038-01-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| MVEW 2022-1A DR      | CLO      | CUSIP: 62432UAU5<br>LEI: N/A | Long             | DBT              |  | KY        |     20000 | NS      | $20167.42     | 0.07%             | 2034-04-15      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| OCPA 2023-29A D1R    | CLO      | CUSIP: 67118BAU7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $501203.95    | 1.70%             | 2036-01-20      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1     | CLO      | CUSIP: 67120EAN3<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $250627.50    | 0.85%             | 2037-01-16      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A D1     | CLO      | CUSIP: 67443AAJ0<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $305985.75    | 1.04%             | 2038-01-20      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250896.10    | 0.85%             | 2037-04-23      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-3A D1R    | CLO      | CUSIP: 69690ABC0<br>LEI: N/A | Long             | DBT              |  | JE        |     76000 | NS      | $76572.23     | 0.26%             | 2037-07-20      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| PARL 2020-1A A2R     | CLO      | CUSIP: 69917AAN4<br>LEI: N/A | Long             | DBT              |  | KY        |    296000 | NS      | $296660.29    | 1.01%             | 2034-07-20      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    200000 | NS      | $204086.16    | 0.69%             | 2038-03-20      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| REGT7 2016-1A DR2    | CLO      | CUSIP: 75888ABN5<br>LEI: N/A | Long             | DBT              |  | KY        |     50000 | NS      | $50000.00     | 0.17%             | 2034-06-20      | Variable      | 7.31%                 | No            |                  2 | On Loan: No      |
| BAHA 2024-MAR B      | CMBS     | CUSIP: 05493XAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $261127.78    | 0.88%             | 2029-12-01      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| BX 2025-LUNR C       | CMBS     | CUSIP: 05594CAG9<br>LEI: N/A | Long             | DBT              |  | US        |    286676 | NS      | $287577.27    | 0.97%             | 2040-06-15      | Variable      | 5.96%                 | No            |                  2 | On Loan: No      |
| BX 2024-VLT4 B       | CMBS     | CUSIP: 05612TAC9<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $200334.68    | 0.68%             | 2029-07-15      | Variable      | 5.90%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $198122.80    | 0.67%             | 2042-10-18      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| BX 2025-VLT6 C       | CMBS     | CUSIP: 12433KAE7<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199901.50    | 0.68%             | 2030-03-15      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN C      | CMBS     | CUSIP: 12988DAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250922.13    | 0.85%             | 2041-07-15      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA D       | CMBS     | CUSIP: 30338DAG6<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $200467.50    | 0.68%             | 2039-08-15      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250436.60    | 0.85%             | 2039-12-15      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 C      | CMBS     | CUSIP: 362414AE4<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $753694.65    | 2.55%             | 2041-05-15      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    550000 | NS      | $551640.98    | 1.87%             | 2041-06-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY C     | CMBS     | CUSIP: 46117WAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249656.90    | 0.85%             | 2042-03-15      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 B      | CMBS     | CUSIP: 55287KAE3<br>LEI: N/A | Long             | DBT              |  | KY        |    100000 | NS      | $100324.91    | 0.34%             | 2042-05-18      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $401157.80    | 1.36%             | 2042-05-18      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV C      | CMBS     | CUSIP: 62956HAE6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $248418.15    | 0.84%             | 2029-08-15      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| PFP 2025-12 B        | CMBS     | CUSIP: 69382JAC5<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $300010.68    | 1.02%             | 2042-12-18      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $149342.94    | 0.51%             | 2042-03-15      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| AGL 2020-9A DR       | CMO      | CUSIP: 001207AY5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $125632.86    | 0.43%             | 2037-04-20      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A DR      | CMO      | CUSIP: 03666BBE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $501675.00    | 1.70%             | 2038-10-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT C       | CMO      | CUSIP: 05618XAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $400418.40    | 1.36%             | 2042-09-15      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT D       | CMO      | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250261.95    | 0.85%             | 2042-09-15      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 C    | CMO      | CUSIP: 05619BAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249653.40    | 0.85%             | 2043-01-17      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2RR    | CMO      | CUSIP: 05765DAZ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251221.73    | 0.85%             | 2036-04-20      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS B     | CMO      | CUSIP: 088928AC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $300362.46    | 1.02%             | 2042-08-15      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS C     | CMO      | CUSIP: 088928AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | NS      | $600690.12    | 2.04%             | 2042-08-15      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| BX 2025-BCAT C       | CMO      | CUSIP: 12433HAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    239571 | NS      | $240345.17    | 0.81%             | 2042-08-15      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| GPIF 2025-1A C       | CMO      | CUSIP: 38411WAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | NS      | $701495.20    | 2.38%             | 2028-08-15      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| IVYH 9A BR3          | CMO      | CUSIP: 46604EAY8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $649391.34    | 2.20%             | 2037-07-23      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| LMRK 2025-1A A       | CMO      | CUSIP: 50209AAH4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $301041.42    | 1.02%             | 2055-09-15      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| MDPK 2022-62A CR2    | CMO      | CUSIP: 55817HBC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $126145.43    | 0.43%             | 2038-07-16      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| MIDO 2023-12A BRR    | CMO      | CUSIP: 59803TBE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    125000 | NS      | $125629.68    | 0.43%             | 2038-07-18      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| MILE 2025-STNE C     | CMO      | CUSIP: 59918AAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $100104.44    | 0.34%             | 2030-07-15      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-3A C1      | CMO      | CUSIP: 63943JAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250884.63    | 0.85%             | 2037-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-4A D1      | CMO      | CUSIP: 63943VAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $125000.00    | 0.42%             | 2037-10-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    600000 | NS      | $602021.94    | 2.04%             | 2038-07-20      | Variable      | 8.52%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 C        | CMO      | CUSIP: 69547DAD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $763682.78    | 2.59%             | 2033-01-17      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-6 A1       | CMO      | CUSIP: 81749YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    334946 | NS      | $340493.20    | 1.15%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| TPGCLO 2025-1A D1    | CMO      | CUSIP: 87268JAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $404600.00    | 1.37%             | 2038-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A B      | CMO      | CUSIP: 92535VAS1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249068.10    | 0.84%             | 2055-08-16      | Variable      | 5.60%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A C      | CMO      | CUSIP: 92535VAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249252.53    | 0.84%             | 2055-08-16      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| AOMT 2024-4 A2       | MBS      | CUSIP: 034943AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    172707 | NS      | $178088.65    | 0.60%             | 2069-01-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| CMLTI 2025-3 A1      | MBS      | CUSIP: 17332RAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    228733 | NS      | $232664.37    | 0.79%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GSMBS 2025-PJ5 A1    | MBS      | CUSIP: 36272DAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    233438 | NS      | $237888.38    | 0.81%             | 2055-10-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMMT 2025-NQM2 A1   | MBS      | CUSIP: 46590SAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    481837 | NS      | $487879.37    | 1.65%             | 2065-09-01      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $101662.33    | 0.34%             | 2064-02-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A4      | MBS      | CUSIP: 46657WAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    247894 | NS      | $250577.36    | 0.85%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A6      | MBS      | CUSIP: 46657WAK4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    184867 | NS      | $185853.76    | 0.63%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM6 A3     | MBS      | CUSIP: 67117VAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     79974 | NS      | $80933.17     | 0.27%             | 2063-07-01      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| PFMT 2025-2 A1       | MBS      | CUSIP: 74389DAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    127608 | NS      | $129801.01    | 0.44%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| RMCT 2025-J2 A4      | MBS      | CUSIP: 75023XAF9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    621920 | NS      | $632609.55    | 2.14%             | 2055-11-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-5 A1       | MBS      | CUSIP: 81743GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    465684 | NS      | $473688.01    | 1.60%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-5 A2      | MBS      | CUSIP: 924934AB8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    321782 | NS      | $327744.37    | 1.11%             | 2068-06-01      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-3 A2      | MBS      | CUSIP: 92539GAB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     55246 | NS      | $55203.41     | 0.19%             | 2068-03-01      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-INV2 A3   | MBS      | CUSIP: 92540BAC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    276769 | NS      | $280427.06    | 0.95%             | 2068-08-01      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| VERUS 2024-3 A3      | MBS      | CUSIP: 92540MAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    154629 | NS      | $157410.97    | 0.53%             | 2069-04-01      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |    914088 | NS      | $914088.11    | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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