# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-26-002029
**Filing Date:** 2026-5
**Character Count:** 209620
**Document Hash:** dddb91aa388cf88cc354e5f9e0005a94
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-002029.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0002000324-26-002029

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 261015186

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

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

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

## Series and Classes Contracts Data

### Obra Opportunistic Structured Products ETF (Series ID: S000084449)

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

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 438 | Obra Opportunistic Structured | 499876AA | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  | 499876AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/7/2064 |  |  | 101.18 |  |  |  |  | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33125.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 504531.25 | 504478.68 | 505890.00 | 505890.00 | 1411.32 | 1411.32 | 6.55 | False | 6.54 |  | 0.36 | 0.35 | 0.38 | 500000.00 |  |  | 499876AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 44148HAC | HWIRE 2023-1A B | 05/20/2053 7.002000% |  | 44148HAC7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 100.94 |  |  |  |  | HWIRE 2023-1A B | 05/20/2053 7.002000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43762.50 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 625000.00 | 605238.88 | 605407.31 | 630871.06 | 630871.06 | 25463.75 | 25463.75 | 6.94 | True | 5.50 |  | 0.45 | 0.44 | 0.47 | 625000.00 |  |  | 44148HAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 57108UAB | MFT 2023-4A B | 12/15/2033 8.150000% |  | 57108UAB0 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 102.51 |  |  |  |  | MFT 2023-4A B | 12/15/2033 8.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 61125.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 780937.50 | 770121.33 | 768804.15 | 768804.15 | -1317.18 | -1317.18 | 7.95 | True | 6.59 |  | 0.54 | 0.53 | 0.57 | 750000.00 |  |  | 57108UAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 69544MAD | PAID 2024-10 D | 06/15/2032 6.429000% |  | 69544MAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2032 |  |  | 100.75 |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21890.25 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 340492.29 | 342780.05 | 341392.90 | 343057.12 | 343057.12 | 1664.22 | 1664.22 | 6.38 | True | 5.20 |  | 0.24 | 0.24 | 0.26 | 600000.00 |  |  | 69544MAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 70473AAA | PEAR 2023-1 A | 07/15/2035 7.420000% |  | 70473AAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 101.50<br> M |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42784.34 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 576608.34 | 587563.91 | 583479.38 | 585276.03 | 585276.03 | 1796.65 | 1796.65 | 7.31 | True | 6.35 |  | 0.41 | 0.40 | 0.44 | 0.00 |  |  | 70473AAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 704933AA | PEAR 2024-1 A | 02/15/2036 6.950000% |  | 704933AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/15/2036 |  |  | 101.17 |  |  |  |  | PEAR 2024-1 A | 02/15/2036 6.950000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17672.05 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 254274.06 | 257532.07 | 256499.58 | 257241.18 | 257241.18 | 741.60 | 741.60 | 6.87 | True | 6.32 |  | 0.18 | 0.18 | 0.19 | 500000.00 |  |  | 704933AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 76089YAC | RPM 2025-1A C | 06/27/2033 6.380000% |  | 76089YAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/27/2033 |  |  | 101.13 |  |  |  |  | RPM 2025-1A C | 06/27/2033 6.380000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6380.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 100000.00 | 100000.00 | 100000.00 | 101134.28 | 101134.28 | 1134.28 | 1134.28 | 6.31 | True | 5.09 |  | 0.07 | 0.07 | 0.08 | 100000.00 |  |  | 76089YAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 91326EAB | UNIT 2025-1A B | 04/20/2055 6.369000% |  | 91326EAB1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/20/2055 |  |  | 101.89 |  |  |  |  | UNIT 2025-1A B | 04/20/2055 6.369000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15922.50 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 254712.80 | 254712.80 | 4712.80 | 4712.80 | 6.25 | True | 5.57 |  | 0.18 | 0.18 | 0.19 | 250000.00 |  |  | 91326EAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 96033EAC | WESTR 2023-1A C | 12/20/2037 7.490000% |  | 96033EAC2 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2037 |  |  | 101.01 |  |  |  |  | WESTR 2023-1A C | 12/20/2037 7.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12021.24 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 160497.13 | 158442.32 | 158624.02 | 162125.08 | 162125.08 | 3501.06 | 3501.06 | 7.41 | True | 6.49 |  | 0.11 | 0.11 | 0.12 | 360000.00 |  |  | 96033EAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 98919WAG | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  | 98919WAG8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/20/2055 |  |  | 101.91 |  |  |  |  | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5953.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 100000.00 | 100000.01 | 100000.00 | 101913.50 | 101913.50 | 1913.50 | 1913.50 | 5.84 | True | 5.20 |  | 0.07 | 0.07 | 0.08 | 100000.00 |  |  | 98919WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 00120VAJ | AGL 2024-30A D | 04/21/2037 8.778640% |  | 00120VAJ5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/21/2037 |  |  | 99.09 |  |  |  |  | AGL 2024-30A D | 04/21/2037 8.778640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24918.92 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 350000.00 | 350066.26 | 350059.71 | 346824.45 | 346824.45 | -3235.26 | -3235.26 | 7.18 | False | 7.24 |  | 0.24 | 0.24 | 0.26 | 350000.00 |  | N.A. | 00120VAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 01751JAE | ALLEG 2024-3A B | 10/15/2037 6.408490% |  | 01751JAE7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.40 |  |  |  |  | ALLEG 2024-3A B | 10/15/2037 6.408490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27610.95 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 499500.00 | 499500.00 | 502016.60 | 502016.60 | 2516.60 | 2516.60 | 5.50 | True | 4.77 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  | N.A. | 01751JAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05877GAJ | BALLY 2024-22A C | 04/15/2037 N.A.% |  | 05877GAJ2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2037 |  |  | 99.66 |  |  |  |  | BALLY 2024-22A C | 04/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17930.48 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249139.05 | 249139.05 | -860.95 | -860.95 | 7.20 | False | 7.22 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 05877GAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05684CBA | BCC 2020-3A DRR | 10/23/2034 7.379340% |  | 05684CBA2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/23/2034 |  |  | 96.53 |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5145.98 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 76000.00 | 75924.00 | 76000.00 | 73361.01 | 73361.01 | -2638.99 | -2638.99 | 7.01 | False | 7.31 |  | 0.05 | 0.05 | 0.05 | 76000.00 |  | N.A. | 05684CBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 05685LAY | BCC 2022-6A D1R | 01/22/2038 N.A.% |  | 05685LAY0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/22/2038 |  |  | 98.68 |  |  |  |  | BCC 2022-6A D1R | 01/22/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33346.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 493402.65 | 493402.65 | -6597.35 | -6597.35 | 6.76 | False | 6.83 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 05685LAY<br> N | MP |
| 438 | Obra Opportunistic Structured | 12481HAW | CBAM 2017-3A DR | 07/17/2034 8.041400% |  | 12481HAW5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/17/2034 |  |  | 99.65 |  |  |  |  | CBAM 2017-3A DR | 07/17/2034 8.041400% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32688.66 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 440000.00 | 436700.00 | 440000.00 | 438466.47 | 438466.47 | -1533.53 | -1533.53 | 7.46 | False | 7.48 |  | 0.31 | 0.30 | 0.33 | 440000.00 |  | N.A. | 12481HAW<br> N | MP |
| 438 | Obra Opportunistic Structured | 228233AU | CCITY 2022-4A C1R | 04/20/2037 8.769470% |  | 228233AU6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 99.14 |  |  |  |  | CCITY 2022-4A C1R | 04/20/2037 8.769470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28586.71 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 350000.00 | 350000.00 | 350000.00 | 347006.10 | 347006.10 | -2993.90 | -2993.90 | 8.24 | False | 8.29 |  | 0.24 | 0.24 | 0.26 | 350000.00 |  | N.A. | 228233AU<br> N | MP |
| 438 | Obra Opportunistic Structured | 29003PAA | ELM28 2024-4A E | 04/17/2037 N.A.% |  | 29003PAA8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 96.56 |  |  |  |  | ELM28 2024-4A E | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24169.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 241399.43 | 241399.43 | -8600.58 | -8600.58 | 10.01 | False | 10.19 |  | 0.17 | 0.17 | 0.18 | 250000.00 |  |  | 29003PAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 349927AU | FCBSL 2022-3A D1R | 10/20/2035 N.A.% |  | 349927AU7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/20/2035 |  |  | 99.21 |  |  |  |  | FCBSL 2022-3A D1R | 10/20/2035 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19794.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 248035.15 | 248035.15 | -1964.85 | -1964.85 | 7.98 | False | 8.03 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 349927AU<br> N | MP |
| 438 | Obra Opportunistic Structured | 41756FAG | HARUS 2024-3A C | 01/18/2038 6.449480% |  | 41756FAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/18/2038 |  |  | 100.37 |  |  |  |  | HARUS 2024-3A C | 01/18/2038 6.449480% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14419.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 249875.00 | 249875.00 | 250923.30 | 250923.30 | 1048.30 | 1048.30 | 5.75 | True | 5.30 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  | N.A. | 41756FAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 46602ABE | IVYH 7A AR3 | 10/15/2036 N.A.% |  | 46602ABE1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/15/2036 |  |  | 100.05 |  |  |  |  | IVYH 7A AR3 | 10/15/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15816.57 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 299850.00 | 299850.61 | 300158.40 | 300158.40 | 307.79 | 307.79 | 5.27 | False | 5.27 |  | 0.21 | 0.21 | 0.22 | 300000.00 |  |  | 46602ABE<br> N | MP |
| 438 | Obra Opportunistic Structured | 55955XAN | MAGNE 2024-42A D2 | 01/25/2038 N.A.% |  | 55955XAN6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/25/2038 |  |  | 98.99 |  |  |  |  | MAGNE 2024-42A D2 | 01/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 57135.15 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 742408.80 | 742408.80 | -7591.20 | -7591.20 | 7.70 | False | 7.75 |  | 0.52 | 0.51 | 0.55 | 750000.00 |  |  | 55955XAN | MP |
| 438 | Obra Opportunistic Structured | 598014AL | MIDO 2024-17A D2 | 01/20/2038 N.A.% |  | 598014AL2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 98.71 |  |  |  |  | MIDO 2024-17A D2 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39088.15 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 493551.55 | 493551.55 | -6448.45 | -6448.45 | 7.92 | False | 7.99 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 598014AL<br> N | MP |
| 438 | Obra Opportunistic Structured | 640970AG | NEUB 2024-58A D1 | 10/18/2038 N.A.% |  | 640970AG4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/18/2038 |  |  | 99.90 |  |  |  |  | NEUB 2024-58A D1 | 10/18/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32838.15 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 499501.75 | 499501.75 | -498.25 | -498.25 | 6.57 | False | 6.58 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 640970AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 67443AAL | OBRAC 2024-1A D2 | 01/20/2038 8.259000% |  | 67443AAL5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.46 |  |  |  |  | OBRAC 2024-1A D2 | 01/20/2038 8.259000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41295.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 502308.90 | 502308.90 | 2308.90 | 2308.90 | 8.22 | False | 8.20 |  | 0.35 | 0.35 | 0.38 | 500000.00 |  |  | 67443AAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67443CAA | OBRAC 2024-1A E | 01/20/2038 N.A.% |  | 67443CAA5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 96.96 |  |  |  |  | OBRAC 2024-1A E | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 62505.60 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 600000.00 | 600000.00 | 600000.00 | 581743.74 | 581743.74 | -18256.26 | -18256.26 | 10.74 | False | 10.87 |  | 0.41 | 0.40 | 0.43 | 600000.00 |  |  | 67443CAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 674433AA | OBRAC 2025-2A E | 07/20/2038 N.A.% |  | 674433AA5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 99.55 |  |  |  |  | OBRAC 2025-2A E | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 76257.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 746643.53 | 746643.53 | -3356.48 | -3356.48 | 0.00 | False | 0.04 |  | 0.53 | 0.52 | 0.56 | 750000.00 |  |  | 674433AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 67706HCE | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  | 67706HCE6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/23/2037 |  |  | 98.84 |  |  |  |  | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20427.55 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 247108.38 | 247108.38 | -2891.63 | -2891.63 | 8.27 | False | 8.33 |  | 0.17 | 0.17 | 0.18 | 250000.00 |  |  | 67706HCE<br> N | MP |
| 438 | Obra Opportunistic Structured | 69690ABC | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  | 69690ABC0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/20/2037 |  |  | 99.04 |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10058.80 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 152000.00 | 152684.00 | 152282.89 | 150544.42 | 150544.42 | -1738.47 | -1738.47 | 6.68 | False | 6.74 |  | 0.11 | 0.10 | 0.11 | 152000.00 |  | N.A. | 69690ABC<br> N | MP |
| 438 | Obra Opportunistic Structured | 69700XAU | PLMRS 2022-4A CR | 10/20/2037 N.A.% |  | 69700XAU9 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2037 |  |  | 99.96 |  |  |  |  | PLMRS 2022-4A CR | 10/20/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13919.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249889.60 | 249889.60 | -110.40 | -110.40 | 5.57 | False | 5.57 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 69700XAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 750104AW | RAD 2023-19A D1R | 03/20/2038 7.673170% |  | 750104AW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/20/2038 |  |  | 99.57 |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28070.52 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 400000.00 | 404600.00 | 402653.43 | 398296.28 | 398296.28 | -4357.15 | -4357.15 | 7.05 | False | 7.07 |  | 0.28 | 0.28 | 0.30 | 400000.00 |  | N.A. | 750104AW<br> N | MP |
| 438 | Obra Opportunistic Structured | 88240JAJ | TCIFC 2024-1A D | 04/22/2037 8.820140% |  | 88240JAJ2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/22/2037 |  |  | 99.65 |  |  |  |  | TCIFC 2024-1A D | 04/22/2037 8.820140% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27072.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 375000.00 | 374968.95 | 374972.00 | 373700.96 | 373700.96 | -1271.04 | -1271.04 | 7.24 | False | 7.26 |  | 0.26 | 0.26 | 0.28 | 375000.00 |  | N.A. | 88240JAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 92539TAD | VERUS 2023-4 M1 | 05/25/2068 7.399000% |  | 92539TAD5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/1/2068 |  |  | 100.83 |  |  |  |  | VERUS 2023-4 M1 | 05/25/2068 7.399000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28116.20 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 380000.00 | 385300.54 | 385266.26 | 383144.12 | 383144.12 | -2122.14 | -2122.14 | 7.34 | True | 1.87 |  | 0.27 | 0.27 | 0.29 | 380000.00 |  |  | 92539TAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 08861RAG | BFLD 2024-UNIV D | 11/15/2029 7.408570% |  | 08861RAG6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2029 |  |  | 100.35 |  |  |  |  | BFLD 2024-UNIV D | 11/15/2029 7.408570% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31817.05 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 498749.95 | 499062.04 | 501768.50 | 501768.50 | 2706.46 | 2706.46 | 6.34 | False | 6.26 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 08861RAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 12433DAG | BX 2024-GPA2 D | 11/15/2029 7.246920% |  | 12433DAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2029 |  |  | 99.99 |  |  |  |  | BX 2024-GPA2 D | 11/15/2029 7.246920% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30522.52 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 487317.82 | 486099.53 | 486099.53 | 487265.73 | 487265.73 | 1166.20 | 1166.20 | 6.26 | False | 6.27 |  | 0.34 | 0.34 | 0.36 | 500000.00 |  |  | 12433DAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05613YAG | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  | 05613YAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/18/2042 |  |  | 99.53 |  |  |  |  | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13249.52 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 200000.00 | 199500.00 | 199749.23 | 199057.92 | 199057.92 | -691.31 | -691.31 | 6.64 | False | 6.66 |  | 0.14 | 0.14 | 0.15 | 200000.00 |  |  | 05613YAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 12988DAG | CALI 2024-SUN D | 07/15/2041 8.946960% |  | 12988DAG7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2041 |  |  | 101.26 |  |  |  |  | CALI 2024-SUN D | 07/15/2041 8.946960% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 72960.40 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1004375.00 | 1004348.76 | 1012558.80 | 1012558.80 | 8210.04 | 8210.04 | 7.21 | False | 7.16 |  | 0.71 | 0.70 | 0.76 | 1000000.00 |  |  | 12988DAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 34461WAE | FMBT 2024-FBLU C | 12/15/2039 6.469180% |  | 34461WAE0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 100.38 |  |  |  |  | FMBT 2024-FBLU C | 12/15/2039 6.469180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14556.28 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250959.58 | 250959.58 | 959.58 | 959.58 | 5.80 | False | 5.78 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 34461WAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 34461WAG | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  | 34461WAG5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 101.27 |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 78406.38 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1250000.00 | 1253593.75 | 1253572.09 | 1265825.50 | 1265825.50 | 12253.41 | 12253.41 | 6.19 | False | 6.14 |  | 0.89 | 0.88 | 0.95 | 1250000.00 |  |  | 34461WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 362414AG | GWT 2024-WLF2 D | 05/15/2041 8.239450% |  | 362414AG9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/15/2041 |  |  | 100.61 |  |  |  |  | GWT 2024-WLF2 D | 05/15/2041 8.239450% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 79343.52 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1200000.00 | 1201812.50 | 1201887.05 | 1207329.84 | 1207329.84 | 5442.79 | 5442.79 | 6.57 | False | 6.55 |  | 0.85 | 0.84 | 0.90 | 1200000.00 |  |  | 362414AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 39152MAG | GWT 2024-WOLF D | 03/15/2039 7.209180% |  | 39152MAG0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2039 |  |  | 100.52 |  |  |  |  | GWT 2024-WOLF D | 03/15/2039 7.209180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 78750.12 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1200000.00 | 1203000.00 | 1202991.56 | 1206187.20 | 1206187.20 | 3195.64 | 3195.64 | 6.53 | False | 6.50 |  | 0.85 | 0.83 | 0.90 | 1200000.00 |  |  | 39152MAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 40424UAE | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  | 40424UAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 100.25 |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43489.11 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 700000.00 | 699812.50 | 699832.93 | 701749.51 | 701749.51 | 1916.58 | 1916.58 | 6.20 | False | 6.19 |  | 0.50 | 0.49 | 0.52 | 700000.00 |  |  | 40424UAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 40424UAG | HLTN 2024-DPLO D | 06/15/2041 7.660930% |  | 40424UAG2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 101.00 |  |  |  |  | HLTN 2024-DPLO D | 06/15/2041 7.660930% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 87644.75 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1250000.00 | 1252187.50 | 1252180.40 | 1262454.88 | 1262454.88 | 10274.48 | 10274.48 | 6.94 | False | 6.91 |  | 0.89 | 0.87 | 0.94 | 1250000.00 |  |  | 40424UAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 46676AAE | JW 2024-BERY C | 11/15/2039 6.992000% |  | 46676AAE3 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2039 |  |  | 100.39 |  |  |  |  | JW 2024-BERY C | 11/15/2039 6.992000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29572.55 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498826.24 | 501937.60 | 501937.60 | 3111.36 | 3111.36 | 5.89 | False | 5.87 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 46676AAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 55287KAG | MF1 2025-FL19 C | 05/18/2042 N.A.% |  | 55287KAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.06 |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16300.60 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249731.66 | 250159.10 | 250159.10 | 427.44 | 427.44 | 6.52 | True | 6.42 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 55287KAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 55287KAJ | MF1 2025-FL19 D | 05/18/2042 N.A.% |  | 55287KAJ2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.00 |  |  |  |  | MF1 2025-FL19 D | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17798.45 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249730.97 | 250003.80 | 250003.80 | 272.83 | 272.83 | 7.12 | True | 7.12 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 55287KAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 62956HAG | NYC 2024-3ELV D | 08/15/2029 9.168270% |  | 62956HAG1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2029 |  |  | 100.96 |  |  |  |  | NYC 2024-3ELV D | 08/15/2029 9.168270% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 131438.65 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1750000.00 | 1748437.45 | 1748437.45 | 1766862.65 | 1766862.65 | 18425.20 | 18425.20 | 7.44 | False | 7.19 |  | 1.25 | 1.22 | 1.32 | 1750000.00 |  |  | 62956HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 69381CAJ | PGA 2024-RSR2 C | 06/15/2026 8.089500% |  | 69381CAJ6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2026 |  |  | 99.92 |  |  |  |  | PGA 2024-RSR2 C | 06/15/2026 8.089500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16155.03 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 249370.00 | 249933.26 | 249810.35 | 249810.35 | -122.91 | -122.91 | 6.47 | False | 6.82 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 69381CAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 69381CAN | PGA 2024-RSR2 E | 06/15/2039 8.984510% |  | 69381CAN7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2039 |  |  | 98.80 |  |  |  |  | PGA 2024-RSR2 E | 06/15/2039 8.984510% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18901.28 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 251718.75 | 251618.40 | 247003.15 | 247003.15 | -4615.25 | -4615.25 | 7.65 | False | 7.70 |  | 0.17 | 0.17 | 0.18 | 250000.00 |  |  | 69381CAN | MP |
| 438 | Obra Opportunistic Structured | 78489CAD | SWCH 2025-DATA D | 03/15/2042 6.948550% |  | 78489CAD1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 98.06 |  |  |  |  | SWCH 2025-DATA D | 03/15/2042 6.948550% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9470.60 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 150000.00 | 149625.00 | 149625.00 | 147082.67 | 147082.67 | -2542.34 | -2542.34 | 6.44 | False | 6.51 |  | 0.10 | 0.10 | 0.11 | 150000.00 |  |  | 78489CAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 46117WAG | TOWN 2025-STAY D | 03/15/2042 7.150000% |  | 46117WAG7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 100.75 |  |  |  |  | TOWN 2025-STAY D | 03/15/2042 7.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16307.50 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251881.13 | 251881.13 | 1881.13 | 1881.13 | 6.47 | False | 6.45 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 46117WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 00037LAQ | ABBSL 2021-2A B1R | 04/15/2039 N.A.% |  | 00037LAQ3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2039 |  |  | 100.06 |  |  |  |  | ABBSL 2021-2A B1R | 04/15/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36194.76 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 700000.00 | 700000.00 | 700000.00 | 700441.42 | 700441.42 | 441.42 | 441.42 | 0.00 | False | 0.00 |  | 0.49 | 0.48 | 0.52 | 700000.00 |  |  | 00037LAQ<br> N | MP |
| 438 | Obra Opportunistic Structured | 00039MAA | ABBSL 2025-6A E | 07/20/2037 10.27169% |  | 00039MAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2037 |  |  | 97.79 |  |  |  |  | ABBSL 2025-6A E | 07/20/2037 10.27169% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14501.45 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 150000.00 | 150000.00 | 150000.00 | 146686.56 | 146686.56 | -3313.44 | -3313.44 | 10.11 | False | 10.21 |  | 0.10 | 0.10 | 0.11 | 150000.00 |  | N.A. | 00039MAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 001207AY | AGL 2020-9A DR | 04/20/2037 7.875490% |  | 001207AY5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 97.97 |  |  |  |  | AGL 2020-9A DR | 04/20/2037 7.875490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36088.15 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 503350.00 | 500240.87 | 489852.40 | 489852.40 | -10388.47 | -10388.47 | 7.37 | False | 7.49 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  | N.A. | 001207AY<br> N | MP |
| 438 | Obra Opportunistic Structured | 00121DAD | AGL 2024-33A D1 | 07/21/2037 6.469690% |  | 00121DAD7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/21/2037 |  |  | 99.33 |  |  |  |  | AGL 2024-33A D1 | 07/21/2037 6.469690% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 58227.21 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 900000.00 | 895500.00 | 896256.01 | 893936.97 | 893936.97 | -2319.04 | -2319.04 | 6.51 | False | 6.55 |  | 0.63 | 0.62 | 0.67 | 900000.00 |  | N.A. | 00121DAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 00121JAJ | AGL 2024-34A D1 | 01/22/2038 6.569200% |  | 00121JAJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/22/2038 |  |  | 99.00 |  |  |  |  | AGL 2024-34A D1 | 01/22/2038 6.569200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 62407.40 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 950000.00 | 946675.00 | 947076.61 | 940535.44 | 940535.44 | -6541.18 | -6541.18 | 6.64 | False | 6.69 |  | 0.66 | 0.65 | 0.70 | 950000.00 |  | N.A. | 00121JAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 00792TAA | AGL 2025-42A E | 07/22/2038 8.819200% |  | 00792TAA6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/22/2038 |  |  | 98.00 |  |  |  |  | AGL 2025-42A E | 07/22/2038 8.819200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44096.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 498250.00 | 498397.83 | 489978.85 | 489978.85 | -8418.98 | -8418.98 | 9.00 | False | 9.09 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  | N.A. | 00792TAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 04963XAJ | AHPT 2024-ATRM D | 11/10/2029 7.934874% |  | 04963XAJ3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2029 |  |  | 102.12 |  |  |  |  | AHPT 2024-ATRM D | 11/10/2029 7.934874% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 71669.80 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1041992.19 | 1040883.53 | 1021150.50 | 1021150.50 | -19733.03 | -19733.03 | 7.77 | False | 7.26 |  | 0.72 | 0.71 | 0.76 | 1000000.00 |  |  | 04963XAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 03333PAG | ANCHC 2026-36A C | 04/15/2039 N.A.% |  | 03333PAG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2039 |  |  | 100.00<br> M |  |  |  |  | ANCHC 2026-36A C | 04/15/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.46 | 0.45 | 0.49 | 650000.00 |  |  | 03333PAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 03333PAJ | ANCHC 2026-36A D | 04/15/2039 N.A.% |  | 03333PAJ5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2039 |  |  | 100.00<br> M |  |  |  |  | ANCHC 2026-36A D | 04/15/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.46 | 0.45 | 0.49 | 650000.00 |  |  | 03333PAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 032923AG | ANCHC 2026-37A C | 04/20/2039 N.A.% |  | 032923AG9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2039 |  |  | 100.23 |  |  |  |  | ANCHC 2026-37A C | 04/20/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24951.38 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 441000.00 | 441000.00 | 441000.00 | 442014.30 | 442014.30 | 1014.30 | 1014.30 | 5.64 | False | 5.63 |  | 0.31 | 0.31 | 0.33 | 441000.00 |  |  | 032923AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 032923AJ | ANCHC 2026-37A D | 04/20/2039 N.A.% |  | 032923AJ3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2039 |  |  | 100.00 |  |  |  |  | ANCHC 2026-37A D | 04/20/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50106.22 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 736000.00 | 736000.00 | 736000.00 | 736000.00 | 736000.00 | 0.00 | 0.00 | 6.81 | False | 6.81 |  | 0.52 | 0.51 | 0.55 | 736000.00 |  |  | 032923AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 03332DBA | ANCHF 2020-12A D | 10/25/2038 5.927000% |  | 03332DBA1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 98.13 |  |  |  |  | ANCHF 2020-12A D | 10/25/2038 5.927000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 59270.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 995000.00 | 997410.39 | 981302.00 | 981302.00 | -16108.39 | -16108.39 | 6.04 | False | 6.14 |  | 0.69 | 0.68 | 0.73 | 1000000.00 |  | N.A. | 03332DBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 03666BBC | ANTR 2021-1A CR | 10/25/2038 N.A.% |  | 03666BBC7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 99.86 |  |  |  |  | ANTR 2021-1A CR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22005.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 375000.00 | 375000.00 | 375000.00 | 374487.94 | 374487.94 | -512.06 | -512.06 | 5.88 | False | 5.88 |  | 0.26 | 0.26 | 0.28 | 375000.00 |  |  | 03666BBC<br> N | MP |
| 438 | Obra Opportunistic Structured | 03666BBE | ANTR 2021-1A DR | 10/25/2038 N.A.% |  | 03666BBE3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 98.24 |  |  |  |  | ANTR 2021-1A DR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34340.10 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 491194.50 | 491194.50 | -8805.50 | -8805.50 | 6.99 | False | 7.08 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 03666BBE<br> N | MP |
| 438 | Obra Opportunistic Structured | 682461AJ | AOA 2025-1301 D | 08/11/2030 6.430113% |  | 682461AJ7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2030 |  |  | 100.78 |  |  |  |  | AOA 2025-1301 D | 08/11/2030 6.430113% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15556.73 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251947.78 | 251947.78 | 1947.78 | 1947.78 | 6.17 | False | 6.02 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 682461AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05351KAH | AVCCT 2024-1A D | 04/15/2030 8.800000% |  | 05351KAH2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/15/2030 |  |  | 100.32 |  |  |  |  | AVCCT 2024-1A D | 04/15/2030 8.800000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 84832.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 964000.00 | 975447.50 | 975257.42 | 967132.52 | 967132.52 | -8124.90 | -8124.90 | 8.77 | False | 8.70 |  | 0.68 | 0.67 | 0.72 | 964000.00 |  |  | 05351KAH<br> N | MP |
| 438 | Obra Opportunistic Structured | 05493XAG | BAHA 2024-MAR C | 12/10/2041 7.766316% |  | 05493XAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2041 |  |  | 103.11 |  |  |  |  | BAHA 2024-MAR C | 12/10/2041 7.766316% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 70147.40 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1052578.13 | 1052368.33 | 1031069.50 | 1031069.50 | -21298.83 | -21298.83 | 7.53 | False | 7.43 |  | 0.73 | 0.71 | 0.77 | 1000000.00 |  |  | 05493XAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 06701PAC | BAR 2026-FL1 AS | 08/20/2043 5.550000% |  | 06701PAC7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 8/20/2043 |  |  | 100.02 |  |  |  |  | BAR 2026-FL1 AS | 08/20/2043 5.550000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27750.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500098.80 | 500098.80 | 98.80 | 98.80 | 5.55 | True | 5.54 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 06701PAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 06701PAE | BAR 2026-FL1 B | 08/20/2043 5.800000% |  | 06701PAE3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 8/20/2043 |  |  | 100.02 |  |  |  |  | BAR 2026-FL1 B | 08/20/2043 5.800000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500087.45 | 500087.45 | 87.45 | 87.45 | 5.80 | True | 5.79 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 06701PAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 07134FAL | BATLN 2024-25A BR | 03/13/2037 N.A.% |  | 07134FAL4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/13/2037 |  |  | 100.00<br> M |  |  |  |  | BATLN 2024-25A BR | 03/13/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 350000.00 | 350000.00 | 350000.00 | 350000.00 | 350000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.25 | 0.24 | 0.26 | 350000.00 |  |  | 07134FAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 07134FAN | BATLN 2024-25A CR | 03/13/2037 N.A.% |  | 07134FAN0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/13/2037 |  |  | 100.00<br> M |  |  |  |  | BATLN 2024-25A CR | 03/13/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 350000.00 | 350000.00 | 350000.00 | 350000.00 | 350000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.25 | 0.24 | 0.26 | 350000.00 |  |  | 07134FAN | MP |
| 438 | Obra Opportunistic Structured | 07135CAG | BATLN 2026-31A C | 04/20/2039 N.A.% |  | 07135CAG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2039 |  |  | 100.24 |  |  |  |  | BATLN 2026-31A C | 04/20/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400960.00 | 400960.00 | 960.00 | 960.00 | 0.00 | False | -0.02 |  | 0.28 | 0.28 | 0.30 | 400000.00 |  |  | 07135CAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05685JBC | BCC 2022-5A DRR | 01/24/2037 N.A.% |  | 05685JBC2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/24/2037 |  |  | 98.54 |  |  |  |  | BCC 2022-5A DRR | 01/24/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24630.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 375000.00 | 375000.00 | 375000.00 | 369526.84 | 369526.84 | -5473.16 | -5473.16 | 6.67 | False | 6.76 |  | 0.26 | 0.26 | 0.28 | 375000.00 |  |  | 05685JBC<br> N | MP |
| 438 | Obra Opportunistic Structured | 05684GBA | BCC 2023-2A D1R | 07/18/2038 6.517630% |  | 05684GBA3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2038 |  |  | 98.53 |  |  |  |  | BCC 2023-2A D1R | 07/18/2038 6.517630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 65176.30 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 998750.00 | 998750.00 | 985328.50 | 985328.50 | -13421.50 | -13421.50 | 6.61 | False | 6.69 |  | 0.70 | 0.68 | 0.74 | 1000000.00 |  | N.A. | 05684GBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 05686EAG | BCC 2026-2A C | 04/26/2039 N.A.% |  | 05686EAG4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/26/2039 |  |  | 100.00<br> M |  |  |  |  | BCC 2026-2A C | 04/26/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.46 | 0.45 | 0.49 | 650000.00 |  |  | 05686EAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05686EAJ | BCC 2026-2A D1 | 04/26/2039 N.A.% |  | 05686EAJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/26/2039 |  |  | 100.00<br> M |  |  |  |  | BCC 2026-2A D1 | 04/26/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.46 | 0.45 | 0.49 | 650000.00 |  |  | 05686EAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 072921AS | BDS 2025-FL14 D | 10/17/2042 6.167240% |  | 072921AS8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/17/2042 |  |  | 96.72 |  |  |  |  | BDS 2025-FL14 D | 10/17/2042 6.167240% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46325.40 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 749531.25 | 749531.25 | 725392.65 | 725392.65 | -24138.60 | -24138.60 | 6.38 | False | 6.49 |  | 0.51 | 0.50 | 0.54 | 750000.00 |  |  | 072921AS<br> N | MP |
| 438 | Obra Opportunistic Structured | 088928AE | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  | 088928AE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 99.82 |  |  |  |  | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52293.83 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 748653.15 | 748653.15 | -1346.85 | -1346.85 | 6.99 | False | 6.99 |  | 0.53 | 0.52 | 0.56 | 750000.00 |  |  | 088928AE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05765DAZ | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  | 05765DAZ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 98.50 |  |  |  |  | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19794.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 246243.45 | 246243.45 | -3756.55 | -3756.55 | 8.04 | False | 8.14 |  | 0.17 | 0.17 | 0.18 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 438 | Obra Opportunistic Structured | 10569UAA | BRAVO 2023-NQM5 A1 | 06/25/2063 6.505000% |  | 10569UAA3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2063 |  |  | 101.87 |  |  |  |  | BRAVO 2023-NQM5 A1 | 06/25/2063 6.505000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8805.73 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 135368.58 | 135627.69 | 135559.03 | 137893.35 | 137893.35 | 2334.32 | 2334.32 | 6.39 | True | 0.61 |  | 0.10 | 0.10 | 0.10 | 250000.00 |  |  | 10569UAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 05594VAE | BSPDF 2026-FL3 B | 09/18/2043 5.600000% |  | 05594VAE2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/18/2043 |  |  | 99.81 |  |  |  |  | BSPDF 2026-FL3 B | 09/18/2043 5.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 56000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 998129.00 | 998129.00 | -1871.00 | -1871.00 | 5.61 | False | 5.62 |  | 0.70 | 0.69 | 0.75 | 1000000.00 |  |  | 05594VAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05594VAG | BSPDF 2026-FL3 C | 09/18/2043 5.750000% |  | 05594VAG7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/18/2043 |  |  | 99.68 |  |  |  |  | BSPDF 2026-FL3 C | 09/18/2043 5.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 57500.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 996827.80 | 996827.80 | -3172.20 | -3172.20 | 5.77 | False | 5.78 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 05594VAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05594VAJ | BSPDF 2026-FL3 D | 09/18/2043 6.400000% |  | 05594VAJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/18/2043 |  |  | 99.89 |  |  |  |  | BSPDF 2026-FL3 D | 09/18/2043 6.400000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 64000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 998938.40 | 998938.40 | -1061.60 | -1061.60 | 6.41 | False | 6.41 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 05594VAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05619BAG | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  | 05619BAG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 99.93 |  |  |  |  | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14687.80 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249493.60 | 249834.25 | 249834.25 | 340.65 | 340.65 | 5.86 | False | 5.86 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 05619BAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05619BAJ | BSPRT 2025-FL12 D | 01/17/2043 6.796000% |  | 05619BAJ6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 99.81 |  |  |  |  | BSPRT 2025-FL12 D | 01/17/2043 6.796000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12748.24 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 200000.00 | 199500.00 | 199594.38 | 199617.30 | 199617.30 | 22.92 | 22.92 | 6.37 | False | 6.37 |  | 0.14 | 0.14 | 0.15 | 200000.00 |  |  | 05619BAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05618XAE | BX 2025-COPT C | 09/15/2042 6.850000% |  | 05618XAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.14 |  |  |  |  | BX 2025-COPT C | 09/15/2042 6.850000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15431.28 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250348.70 | 250348.70 | 348.70 | 348.70 | 6.16 | False | 6.16 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 05618XAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05618XAG | BX 2025-COPT D | 09/15/2042 7.600000% |  | 05618XAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.18 |  |  |  |  | BX 2025-COPT D | 09/15/2042 7.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 83070.12 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1200000.00 | 1203500.00 | 1203493.44 | 1202102.88 | 1202102.88 | -1390.56 | -1390.56 | 6.91 | False | 6.90 |  | 0.85 | 0.83 | 0.90 | 1200000.00 |  |  | 05618XAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 12433GAG | BX 2025-GW D | 07/15/2042 6.410000% |  | 12433GAG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2042 |  |  | 100.29 |  |  |  |  | BX 2025-GW D | 07/15/2042 6.410000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 64230.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1005000.00 | 1004981.00 | 1002928.40 | 1002928.40 | -2052.60 | -2052.60 | 6.39 | False | 6.38 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 12433GAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 12433KAG | BX 2025-VLT6 D | 03/15/2042 6.251240% |  | 12433KAG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 99.88 |  |  |  |  | BX 2025-VLT6 D | 03/15/2042 6.251240% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 68905.10 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1100000.00 | 1098968.75 | 1098968.75 | 1098672.19 | 1098672.19 | -296.56 | -296.56 | 6.27 | False | 6.28 |  | 0.78 | 0.76 | 0.82 | 1100000.00 |  |  | 12433KAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 123913AG | BX 2025-VLT7 D | 07/15/2044 6.909650% |  | 123913AG0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2044 |  |  | 100.15 |  |  |  |  | BX 2025-VLT7 D | 07/15/2044 6.909650% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51918.83 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 754218.75 | 754204.02 | 751139.25 | 751139.25 | -3064.77 | -3064.77 | 6.91 | False | 6.91 |  | 0.53 | 0.52 | 0.56 | 750000.00 |  |  | 123913AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 14316WAU | CGMS 2021-7A D1R | 04/15/2040 6.672190% |  | 14316WAU3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2040 |  |  | 99.26 |  |  |  |  | CGMS 2021-7A D1R | 04/15/2040 6.672190% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33360.95 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 501250.00 | 501114.14 | 496315.10 | 496315.10 | -4799.04 | -4799.04 | 6.72 | False | 6.75 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  | N.A. | 14316WAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 12577HAG | CHI 2025-110W D | 12/13/2040 6.628600% |  | 12577HAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/13/2040 |  |  | 100.32 |  |  |  |  | CHI 2025-110W D | 12/13/2040 6.628600% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 79543.20 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1200000.00 | 1207875.00 | 1207862.84 | 1203815.16 | 1203815.16 | -4047.68 | -4047.68 | 6.61 | False | 6.59 |  | 0.85 | 0.83 | 0.90 | 1200000.00 |  |  | 12577HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 17150YAS | CHMML 2023-3A BR | 04/20/2038 N.A.% |  | 17150YAS6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2038 |  |  | 99.90 |  |  |  |  | CHMML 2023-3A BR | 04/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12080.32 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 225000.00 | 225000.00 | 225000.00 | 224770.77 | 224770.77 | -229.23 | -229.23 | 0.00 | False | 0.01 |  | 0.16 | 0.16 | 0.17 | 225000.00 |  |  | 17150YAS<br> N | MP |
| 438 | Obra Opportunistic Structured | 17150YAU | CHMML 2023-3A CR | 04/20/2038 N.A.% |  | 17150YAU1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2038 |  |  | 99.58 |  |  |  |  | CHMML 2023-3A CR | 04/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40988.06 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 736000.00 | 736000.00 | 736000.00 | 732905.05 | 732905.05 | -3094.95 | -3094.95 | 0.00 | False | 0.03 |  | 0.52 | 0.51 | 0.55 | 736000.00 |  |  | 17150YAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 12572GBE | CIFC 2022-5A CR2 | 03/16/2038 N.A.% |  | 12572GBE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/16/2038 |  |  | 100.26 |  |  |  |  | CIFC 2022-5A CR2 | 03/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19818.05 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 350000.00 | 350000.00 | 350000.00 | 350910.00 | 350910.00 | 910.00 | 910.00 | 0.00 | False | -0.02 |  | 0.25 | 0.24 | 0.26 | 350000.00 |  | N.A. | 12572GBE<br> N | MP |
| 438 | Obra Opportunistic Structured | 315961AG | CNSL 2026-1A A2 | 03/20/2056 5.079000% |  | 315961AG7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/20/2056 |  |  | 99.07 |  |  |  |  | CNSL 2026-1A A2 | 03/20/2056 5.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50739.21 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 999000.00 | 998957.84 | 998957.84 | 989756.25 | 989756.25 | -9201.59 | -9201.59 | 5.13 | False | 5.14 |  | 0.70 | 0.68 | 0.74 | 999000.00 |  |  | 315961AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 315961AJ | CNSL 2026-1A B | 03/20/2056 5.422000% |  | 315961AJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/20/2056 |  |  | 99.15 |  |  |  |  | CNSL 2026-1A B | 03/20/2056 5.422000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 54165.78 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 999000.00 | 998982.52 | 998982.52 | 990494.11 | 990494.11 | -8488.41 | -8488.41 | 5.47 | False | 5.48 |  | 0.70 | 0.69 | 0.74 | 999000.00 |  |  | 315961AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 223925AJ | CQS 2026-6A D1 | 03/31/2039 N.A.% |  | 223925AJ7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/31/2039 |  |  | 98.74 |  |  |  |  | CQS 2026-6A D1 | 03/31/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 68806.80 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 987442.20 | 987442.20 | -12557.80 | -12557.80 | 6.97 | False | 7.03 |  | 0.70 | 0.68 | 0.74 | 1000000.00 |  |  | 223925AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 22758CAA | CROSS 2023-H1 A1 | 03/25/2068 6.615000% |  | 22758CAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2068 |  |  | 102.57 |  |  |  |  | CROSS 2023-H1 A1 | 03/25/2068 6.615000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11309.60 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 170969.00 | 171456.52 | 171327.32 | 175361.09 | 175361.09 | 4033.77 | 4033.77 | 6.45 | True | -1.47 |  | 0.12 | 0.12 | 0.13 | 375000.00 |  |  | 22758CAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 227920AA | CROSS 2025-H5 A1 | 07/25/2070 5.509000% |  | 227920AA3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2070 |  |  | 100.55 |  |  |  |  | CROSS 2025-H5 A1 | 07/25/2070 5.509000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 48016.74 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 871605.40 | 880049.08 | 879766.29 | 876369.60 | 876369.60 | -3396.69 | -3396.69 | 5.48 | True | 5.25 |  | 0.62 | 0.61 | 0.65 | 1000000.00 |  |  | 227920AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 22758EAA | CROSS 2026-NQM1 A1 | 02/25/2061 4.699000% |  | 22758EAA5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2061 |  |  | 98.61 |  |  |  |  | CROSS 2026-NQM1 A1 | 02/25/2061 4.699000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46243.50 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 984113.65 | 982383.77 | 982436.36 | 970417.94 | 970417.94 | -12018.42 | -12018.42 | 4.77 | False | 4.78 |  | 0.69 | 0.67 | 0.72 | 1000000.00 |  |  | 22758EAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 227924AF | CROSS 2026-NQM2 A2 | 03/25/2061 5.087000% |  | 227924AF4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2061 |  |  | 99.50 |  |  |  |  | CROSS 2026-NQM2 A2 | 03/25/2061 5.087000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50524.17 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 993201.68 | 993186.78 | 993186.78 | 988216.20 | 988216.20 | -4970.58 | -4970.58 | 5.11 | False | 5.12 |  | 0.70 | 0.68 | 0.74 | 1000000.00 |  |  | 227924AF<br> N | MP |
| 438 | Obra Opportunistic Structured | 227924AG | CROSS 2026-NQM2 A3 | 03/25/2061 5.239000% |  | 227924AG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2061 |  |  | 99.50 |  |  |  |  | CROSS 2026-NQM2 A3 | 03/25/2061 5.239000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52033.84 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 993201.68 | 993182.81 | 993182.81 | 988222.86 | 988222.86 | -4959.95 | -4959.95 | 5.27 | False | 5.27 |  | 0.70 | 0.68 | 0.74 | 1000000.00 |  |  | 227924AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 23306HAG | DBC 2025-DBC D | 06/15/2038 6.650000% |  | 23306HAG0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2038 |  |  | 100.76 |  |  |  |  | DBC 2025-DBC D | 06/15/2038 6.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9409.50 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 150000.00 | 150000.00 | 150000.00 | 151139.37 | 151139.37 | 1139.37 | 1139.37 | 6.23 | False | 6.19 |  | 0.11 | 0.10 | 0.11 | 150000.00 |  |  | 23306HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 25290DAE | DPCCLO 2026-2A B | 04/15/2038 N.A.% |  | 25290DAE7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2038 |  |  | 100.00<br> M |  |  |  |  | DPCCLO 2026-2A B | 04/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.46 | 0.45 | 0.49 | 650000.00 |  |  | 25290DAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 29003HAJ | ELM31 2024-7A D1 | 07/17/2037 6.467630% |  | 29003HAJ7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/17/2037 |  |  | 99.33 |  |  |  |  | ELM31 2024-7A D1 | 07/17/2037 6.467630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 48507.23 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 735000.00 | 738227.57 | 744974.40 | 744974.40 | 6746.83 | 6746.83 | 6.51 | False | 6.55 |  | 0.53 | 0.52 | 0.56 | 750000.00 |  | N.A. | 29003HAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 289917AJ | ELM48 2026-2A D | 04/20/2039 N.A.% |  | 289917AJ5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2039 |  |  | 100.00<br> M |  |  |  |  | ELM48 2026-2A D | 04/20/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500000.00 | 500000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 289917AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 29002QBA | ELMW7 2020-4A D1RR | 10/17/2037 6.767630% |  | 29002QBA6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/17/2037 |  |  | 99.01 |  |  |  |  | ELMW7 2020-4A D1RR | 10/17/2037 6.767630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 67676.30 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 983750.00 | 985261.13 | 990080.10 | 990080.10 | 4818.97 | 4818.97 | 6.84 | False | 6.89 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  | N.A. | 29002QBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 349936AS | FCBSL 2023-3A DR | 01/23/2037 6.621020% |  | 349936AS3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/23/2037 |  |  | 99.57 |  |  |  |  | FCBSL 2023-3A DR | 01/23/2037 6.621020% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33105.10 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 497853.15 | 497853.15 | -2146.85 | -2146.85 | 6.65 | False | 6.68 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  | N.A. | 349936AS<br> N | MP |
| 438 | Obra Opportunistic Structured | 34966PAE | FCBSL 2024-3A B | 10/23/2037 5.621020% |  | 34966PAE5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/23/2037 |  |  | 100.51 |  |  |  |  | FCBSL 2024-3A B | 10/23/2037 5.621020% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28105.10 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 501750.00 | 501422.72 | 502558.20 | 502558.20 | 1135.48 | 1135.48 | 5.59 | True | 4.71 |  | 0.35 | 0.35 | 0.38 | 500000.00 |  | N.A. | 34966PAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 35040VAD | FFIN 2024-2A D | 03/15/2050 6.590000% |  | 35040VAD1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2050 |  |  | 102.24 |  |  |  |  | FFIN 2024-2A D | 03/15/2050 6.590000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52192.89 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 792001.31 | 815761.35 | 815149.85 | 809767.88 | 809767.88 | -5397.66 | -5397.66 | 6.45 | True | 5.96 |  | 0.57 | 0.56 | 0.60 | 1000000.00 |  |  | 35040VAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 35040WAE | FFIN 2025-1A E | 04/15/2050 8.370000% |  | 35040WAE7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/15/2050 |  |  | 98.22<br> M |  |  |  |  | FFIN 2025-1A E | 04/15/2050 8.370000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 94533.04 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1129426.96 | 1145238.95 | 1145019.26 | 1109321.92 | 1109321.92 | -35697.34 | -35697.34 | 8.52 | False | 8.54 |  | 0.78 | 0.77 | 0.83 | 1250000.00 |  |  | 35040WAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 35042TAE | FFIN 2025-3A E | 08/15/2052 8.420000% |  | 35042TAE2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2052 |  |  | 101.83 |  |  |  |  | FFIN 2025-3A E | 08/15/2052 8.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55066.80 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 654000.00 | 669379.22 | 669123.71 | 665965.91 | 665965.91 | -3157.80 | -3157.80 | 8.27 | True | 8.05 |  | 0.47 | 0.46 | 0.50 | 654000.00 |  |  | 35042TAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 36626FAA | GARNET 2025-4A E | 01/20/2039 8.658910% |  | 36626FAA2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2039 |  |  | 97.82 |  |  |  |  | GARNET 2025-4A E | 01/20/2039 8.658910% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43294.55 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 501250.00 | 501173.03 | 489102.10 | 489102.10 | -12070.93 | -12070.93 | 8.85 | False | 8.94 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 36626FAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 38181HAC | GOCAP 2020-49A A1R2 | 07/20/2038 5.187630% |  | 38181HAC7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 100.29 |  |  |  |  | GOCAP 2020-49A A1R2 | 07/20/2038 5.187630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36313.41 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 700000.00 | 700945.00 | 700882.38 | 702026.85 | 702026.85 | 1144.47 | 1144.47 | 5.17 | True | 4.99 |  | 0.50 | 0.49 | 0.52 | 700000.00 |  |  | 38181HAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 38411WAD | GPIF 2025-1A D | 08/15/2028 N.A.% |  | 38411WAD4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2028 |  |  | 100.09<br> M |  |  |  |  | GPIF 2025-1A D | 08/15/2028 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 61264.20 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 750668.48 | 750668.48 | 668.48 | 668.48 | 8.16 | False | 8.13 |  | 0.53 | 0.52 | 0.56 | 750000.00 |  |  | 38411WAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 36272MAA | GSMBS 2025-PJ7 A1 | 12/25/2055 6.000000% |  | 36272MAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2055 |  |  | 101.64 |  |  |  |  | GSMBS 2025-PJ7 A1 | 12/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21934.04 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 365567.26 | 366481.18 | 366446.41 | 371564.83 | 371564.83 | 5118.42 | 5118.42 | 5.90 | True | 5.81 |  | 0.26 | 0.26 | 0.28 | 500000.00 |  |  | 36272MAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 36274DAE | GSREFT 2026-FL1 B | 04/19/2043 5.670000% |  | 36274DAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/19/2043 |  |  | 100.04 |  |  |  |  | GSREFT 2026-FL1 B | 04/19/2043 5.670000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28350.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500185.67 | 500185.67 | 185.67 | 185.67 | 5.67 | True | 5.65 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 36274DAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 40390TAA | HOMES 2024-NQM1 A1 | 07/25/2069 5.915000% |  | 40390TAA8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2069 |  |  | 101.34 |  |  |  |  | HOMES 2024-NQM1 A1 | 07/25/2069 5.915000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13282.33 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 224553.34 | 226746.24 | 226575.77 | 227570.80 | 227570.80 | 995.03 | 995.03 | 5.84 | True | 4.86 |  | 0.16 | 0.16 | 0.17 | 340000.00 |  |  | 40390TAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 46592UAE | JPMCC 2025-PHNY C | 01/15/2041 6.293000% |  | 46592UAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2041 |  |  | 100.03 |  |  |  |  | JPMCC 2025-PHNY C | 01/15/2041 6.293000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18646.53 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 299250.00 | 299250.00 | 300094.02 | 300094.02 | 844.02 | 844.02 | 6.20 | False | 6.20 |  | 0.21 | 0.21 | 0.22 | 300000.00 |  |  | 46592UAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 46592UAG | JPMCC 2025-PHNY D | 01/15/2041 6.942000% |  | 46592UAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2041 |  |  | 100.03 |  |  |  |  | JPMCC 2025-PHNY D | 01/15/2041 6.942000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 68645.10 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1002750.00 | 1002732.15 | 1000274.00 | 1000274.00 | -2458.15 | -2458.15 | 6.85 | False | 6.85 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 46592UAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 46676AAG | JW 2024-BERY D | 11/15/2039 6.463510% |  | 46676AAG8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2039 |  |  | 101.26 |  |  |  |  | JW 2024-BERY D | 11/15/2039 6.463510% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 77562.12 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1200000.00 | 1204500.00 | 1204490.98 | 1215156.60 | 1215156.60 | 10665.62 | 10665.62 | 6.38 | False | 6.33 |  | 0.86 | 0.84 | 0.91 | 1200000.00 |  |  | 46676AAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 48257PAG | KKR 2026-63A C | 04/20/2039 N.A.% |  | 48257PAG8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2039 |  |  | 100.00<br> M |  |  |  |  | KKR 2026-63A C | 04/20/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 999000.00 | 999000.00 | 999000.00 | 999000.00 | 999000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.71 | 0.69 | 0.75 | 999000.00 |  |  | 48257PAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 48253YBS | KKR 27A CR2 | 01/15/2035 5.572190% |  | 48253YBS6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/15/2035 |  |  | 99.90 |  |  |  |  | KKR 27A CR2 | 01/15/2035 5.572190% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16159.35 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 290000.00 | 290000.00 | 290000.00 | 289714.06 | 289714.06 | -285.94 | -285.94 | 5.58 | False | 5.59 |  | 0.20 | 0.20 | 0.22 | 290000.00 |  | N.A. | 48253YBS<br> N | MP |
| 438 | Obra Opportunistic Structured | 48254MAA | KKR 31A E | 04/20/2034 10.39924% |  | 48254MAA1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2034 |  |  | 88.07 |  |  |  |  | KKR 31A E | 04/20/2034 10.39924% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31197.60 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 276000.00 | 292261.81 | 264199.71 | 264199.71 | -28062.10 | -28062.10 | 11.81 | False | 12.77 |  | 0.19 | 0.18 | 0.20 | 300000.00 |  | N.A. | 48254MAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 48259BBA | KKR 38A D1R | 01/15/2038 6.928790% |  | 48259BBA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/15/2038 |  |  | 99.90 |  |  |  |  | KKR 38A D1R | 01/15/2038 6.928790% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34643.95 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 501000.00 | 500861.32 | 499514.80 | 499514.80 | -1346.52 | -1346.52 | 6.94 | False | 6.94 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  | N.A. | 48259BBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 481939AX | KKR 49A D1R | 10/20/2037 7.569470% |  | 481939AX4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2037 |  |  | 99.31 |  |  |  |  | KKR 49A D1R | 10/20/2037 7.569470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17419.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 251000.00 | 250419.01 | 248284.93 | 248284.93 | -2134.09 | -2134.09 | 7.02 | False | 7.05 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  | N.A. | 481939AX<br> N | MP |
| 438 | Obra Opportunistic Structured | 37148XAE | KLLM 5A BR | 07/22/2037 5.669200% |  | 37148XAE2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/22/2037 |  |  | 100.29 |  |  |  |  | KLLM 5A BR | 07/22/2037 5.669200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 56692.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1001000.00 | 1000831.04 | 1002901.40 | 1002901.40 | 2070.36 | 2070.36 | 5.65 | True | 4.73 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  | N.A. | 37148XAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 50209AAJ | LMRK 2025-1A B | 09/15/2055 6.200000% |  | 50209AAJ0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2055 |  |  | 100.93 |  |  |  |  | LMRK 2025-1A B | 09/15/2055 6.200000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18600.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 299951.64 | 299951.64 | 302799.93 | 302799.93 | 2848.29 | 2848.29 | 6.14 | False | 6.13 |  | 0.21 | 0.21 | 0.23 | 300000.00 |  |  | 50209AAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 53229YAA | LPATH 2026-1A A2 | 03/25/2056 5.597000% |  | 53229YAA7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/25/2056 |  |  | 99.93 |  |  |  |  | LPATH 2026-1A A2 | 03/25/2056 5.597000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55970.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1005396.16 | 1005237.50 | 999263.20 | 999263.20 | -5974.30 | -5974.30 | 5.60 | False | 5.60 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 53229YAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 50220QAE | LS 2026-HTL6 C | 12/15/2040 5.870000% |  | 50220QAE1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2040 |  |  | 99.60 |  |  |  |  | LS 2026-HTL6 C | 12/15/2040 5.870000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46980.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 800000.00 | 800203.13 | 800202.00 | 796820.64 | 796820.64 | -3381.36 | -3381.36 | 5.90 | False | 5.91 |  | 0.56 | 0.55 | 0.59 | 800000.00 |  |  | 50220QAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 50220QAG | LS 2026-HTL6 D | 12/15/2040 6.870000% |  | 50220QAG6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2040 |  |  | 99.65 |  |  |  |  | LS 2026-HTL6 D | 12/15/2040 6.870000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44671.32 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 651250.00 | 651247.98 | 647744.44 | 647744.44 | -3503.55 | -3503.55 | 6.88 | False | 6.90 |  | 0.46 | 0.45 | 0.48 | 650000.00 |  |  | 50220QAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 55817HBC | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  | 55817HBC2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/16/2038 |  |  | 100.43 |  |  |  |  | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14177.83 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251064.25 | 251064.25 | 1064.25 | 1064.25 | 5.65 | False | 5.62 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 55817HBC<br> N | MP |
| 438 | Obra Opportunistic Structured | 567928AD | MFIT 2024-AA D | 09/22/2036 6.770000% |  | 567928AD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/20/2036 |  |  | 101.40 |  |  |  |  | MFIT 2024-AA D | 09/22/2036 6.770000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7582.40 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 112000.00 | 114174.38 | 113985.64 | 113563.34 | 113563.34 | -422.30 | -422.30 | 6.68 | True | 5.72 |  | 0.08 | 0.08 | 0.08 | 112000.00 |  |  | 567928AD<br> N | MP |
| 438 | Obra Opportunistic Structured | 56847TAD | MFIT 2025-BA D | 11/22/2038 5.840000% |  | 56847TAD7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/20/2038 |  |  | 98.95 |  |  |  |  | MFIT 2025-BA D | 11/22/2038 5.840000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29200.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 509121.09 | 508699.40 | 494753.35 | 494753.35 | -13946.05 | -13946.05 | 5.90 | False | 5.96 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 56847TAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 55286VAA | MFRA 2024-NQM1 A1 | 03/25/2069 6.579000% |  | 55286VAA8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/1/2069 |  |  | 101.18 |  |  |  |  | MFRA 2024-NQM1 A1 | 03/25/2069 6.579000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11608.93 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 176454.34 | 178797.87 | 178576.03 | 178540.67 | 178540.67 | -35.36 | -35.36 | 6.50 | True | 5.44 |  | 0.13 | 0.12 | 0.13 | 338000.00 |  |  | 55286VAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 59804HAG | MIDO 2023-12A ERR | 07/18/2038 10.82900% |  | 59804HAG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2038 |  |  | 95.40 |  |  |  |  | MIDO 2023-12A ERR | 07/18/2038 10.82900% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25419.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250625.00 | 250422.24 | 238499.53 | 238499.53 | -11922.72 | -11922.72 | 10.66 | False | 10.84 |  | 0.17 | 0.17 | 0.18 | 250000.00 |  | N.A. | 59804HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 59803FAW | MIDO 2024-14A DR | 04/15/2037 N.A.% |  | 59803FAW1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/15/2037 |  |  | 99.36 |  |  |  |  | MIDO 2024-14A DR | 04/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 496775.00 | 496775.00 | -3225.00 | -3225.00 | 0.00 | False | 0.06 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 59803FAW<br> N | MP |
| 438 | Obra Opportunistic Structured | 597924AJ | MIDO 2025-21A D1 | 10/20/2038 N.A.% |  | 597924AJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2038 |  |  | 99.17 |  |  |  |  | MIDO 2025-21A D1 | 10/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8327.86 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 125000.00 | 125000.00 | 125000.00 | 123966.03 | 123966.03 | -1033.98 | -1033.98 | 6.72 | False | 6.76 |  | 0.09 | 0.09 | 0.09 | 125000.00 |  |  | 597924AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 57064FAJ | MKTST 2025-2A D1 | 03/20/2038 7.133740% |  | 57064FAJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2038 |  |  | 100.46 |  |  |  |  | MKTST 2025-2A D1 | 03/20/2038 7.133740% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 53503.05 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 751875.00 | 751757.90 | 753482.33 | 753482.33 | 1724.43 | 1724.43 | 7.10 | True | 6.86 |  | 0.53 | 0.52 | 0.56 | 750000.00 |  | N.A. | 57064FAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 59170JBL | MNET 2026-1A C | 04/20/2056 7.100000% |  | 59170JBL1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/20/2056 |  |  | 99.06 |  |  |  |  | MNET 2026-1A C | 04/20/2056 7.100000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35500.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 494335.90 | 494426.54 | 495294.91 | 495294.91 | 868.37 | 868.37 | 7.17 | False | 7.18 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 59170JBL<br> N | MP |
| 438 | Obra Opportunistic Structured | 61218AAJ | MONTPK 2026-1A D1 | 04/24/2039 N.A.% |  | 61218AAJ6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/24/2039 |  |  | 100.05 |  |  |  |  | MONTPK 2026-1A D1 | 04/24/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 68700.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 1000530.20 | 1000530.20 | 530.20 | 530.20 | 0.00 | False | 0.00 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  | N.A. | 61218AAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 624930AA | MPOWR 2025-A A | 07/21/2042 6.620000% |  | 624930AA1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/20/2042 |  |  | 100.75 |  |  |  |  | MPOWR 2025-A A | 07/21/2042 6.620000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55543.72 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 839029.00 | 867084.03 | 866987.23 | 845311.82 | 845311.82 | -21675.41 | -21675.41 | 6.57 | False | 6.55 |  | 0.60 | 0.58 | 0.63 | 1000000.00 |  |  | 624930AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 62986BAA | NALP 2026-1 A | 06/26/2051 5.720000% |  | 62986BAA1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/25/2051 |  |  | 99.75 |  |  |  |  | NALP 2026-1 A | 06/26/2051 5.720000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52130.89 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 911379.11 | 917929.65 | 917920.29 | 909118.71 | 909118.71 | -8801.58 | -8801.58 | 5.73 | False | 5.74 |  | 0.64 | 0.63 | 0.68 | 999000.00 |  |  | 62986BAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 62986BAB | NALP 2026-1 B | 06/26/2051 7.180000% |  | 62986BAB9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/25/2051 |  |  | 99.19 |  |  |  |  | NALP 2026-1 B | 06/26/2051 7.180000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32751.26 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 456145.70 | 456026.79 | 456026.79 | 452438.47 | 452438.47 | -3588.32 | -3588.32 | 7.24 | False | 7.25 |  | 0.32 | 0.31 | 0.34 | 500000.00 |  |  | 62986BAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 63943VAJ | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  | 63943VAJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.46 |  |  |  |  | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17920.48 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251152.70 | 251152.70 | 1152.70 | 1152.70 | 7.14 | False | 7.11 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 63943VAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 63944AAJ | NAVS 2026-6A D1 | 04/15/2037 N.A.% |  | 63944AAJ3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2037 |  |  | 100.46 |  |  |  |  | NAVS 2026-6A D1 | 04/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 1004550.00 | 1004550.00 | 4550.00 | 4550.00 | 0.00 | False | -0.04 |  | 0.71 | 0.70 | 0.75 | 1000000.00 |  |  | 63944AAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 63944BAA | NAVS 2026-6A E | 04/15/2037 N.A.% |  | 63944BAA0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2037 |  |  | 100.14 |  |  |  |  | NAVS 2026-6A E | 04/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 294000.00 | 294000.00 | 300420.00 | 300420.00 | 6420.00 | 6420.00 | 0.00 | False | -0.01 |  | 0.21 | 0.21 | 0.22 | 300000.00 |  |  | 63944BAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 64131BBJ | NEUB 2016-22A D1R3 | 04/17/2040 N.A.% |  | 64131BBJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2040 |  |  | 99.75 |  |  |  |  | NEUB 2016-22A D1R3 | 04/17/2040 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 648342.50 | 648342.50 | -1657.50 | -1657.50 | 0.00 | False | 0.02 |  | 0.46 | 0.45 | 0.48 | 650000.00 |  | N.A. | 64131BBJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 64832CAC | NRZT 2025-NQM3 A1 | 05/25/2065 5.530000% |  | 64832CAC7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/25/2065 |  |  | 100.37 |  |  |  |  | NRZT 2025-NQM3 A1 | 05/25/2065 5.530000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22274.80 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 402799.31 | 408904.24 | 408812.36 | 404280.20 | 404280.20 | -4532.16 | -4532.16 | 5.51 | True | 5.44 |  | 0.29 | 0.28 | 0.30 | 500000.00 |  |  | 64832CAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 64790AAE | NRZT 2026-NQM4 A1 | 02/25/2066 5.003000% |  | 64790AAE7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/25/2066 |  |  | 99.50 |  |  |  |  | NRZT 2026-NQM4 A1 | 02/25/2066 5.003000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50030.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 999988.30 | 999988.51 | 994971.19 | 994971.19 | -5017.32 | -5017.32 | 5.03 | False | 5.03 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 64790AAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 64790AAG | NRZT 2026-NQM4 A3 | 02/25/2066 5.358000% |  | 64790AAG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2066 |  |  | 99.45 |  |  |  |  | NRZT 2026-NQM4 A3 | 02/25/2066 5.358000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 53580.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 999983.80 | 999984.10 | 994457.31 | 994457.31 | -5526.79 | -5526.79 | 5.39 | False | 5.39 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 64790AAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 676920AL | OAKC 2024-17RA D1 | 04/20/2039 N.A.% |  | 676920AL5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2039 |  |  | 93.67 |  |  |  |  | OAKC 2024-17RA D1 | 04/20/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22378.35 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 375000.00 | 375000.00 | 375000.00 | 351243.75 | 351243.75 | -23756.25 | -23756.25 | 0.00 | False | 0.49 |  | 0.25 | 0.24 | 0.26 | 375000.00 |  |  | 676920AL<br> N | MP |
| 438 | Obra Opportunistic Structured | 674436AL | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  | 674436AL4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 99.57 |  |  |  |  | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51464.60 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 647184.14 | 647184.14 | -2815.87 | -2815.87 | 7.95 | False | 7.97 |  | 0.46 | 0.45 | 0.48 | 650000.00 |  |  | 674436AL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67123HAA | OBX 2026-NQM1 A1 | 11/25/2065 4.846000% |  | 67123HAA1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2065 |  |  | 98.88 |  |  |  |  | OBX 2026-NQM1 A1 | 11/25/2065 4.846000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23664.85 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 488337.76 | 490474.23 | 490382.43 | 482891.08 | 482891.08 | -7491.35 | -7491.35 | 4.90 | False | 4.91 |  | 0.34 | 0.33 | 0.36 | 500000.00 |  |  | 67123HAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 67123VAF | OBX 2026-NQM2 A1 | 12/01/2065 4.818000% |  | 67123VAF9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2065 |  |  | 99.78 |  |  |  |  | OBX 2026-NQM2 A1 | 12/01/2065 4.818000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47425.02 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 984330.06 | 985637.37 | 985591.72 | 982162.86 | 982162.86 | -3428.86 | -3428.86 | 4.83 | False | 4.83 |  | 0.69 | 0.68 | 0.73 | 1000000.00 |  |  | 67123VAF<br> N | MP |
| 438 | Obra Opportunistic Structured | 67449MAF | OBX 2026-NQM3 A1 | 01/25/2066 4.652000% |  | 67449MAF6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2066 |  |  | 98.87 |  |  |  |  | OBX 2026-NQM3 A1 | 01/25/2066 4.652000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 45987.44 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 988551.94 | 986775.63 | 986775.63 | 977352.73 | 977352.73 | -9422.90 | -9422.90 | 4.71 | False | 4.72 |  | 0.69 | 0.68 | 0.73 | 1000000.00 |  |  | 67449MAF<br> N | MP |
| 438 | Obra Opportunistic Structured | 67124AAC | OBX 2026-R1 A1 | 01/25/2063 4.884000% |  | 67124AAC1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/25/2063 |  |  | 99.40 |  |  |  |  | OBX 2026-R1 A1 | 01/25/2063 4.884000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24420.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 499804.50 | 499804.50 | 497003.30 | 497003.30 | -2801.20 | -2801.20 | 4.88 | False | 4.88 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 67124AAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570LAC | OCP 2023-27A ER2 | 07/15/2038 N.A.% |  | 67570LAC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 96.50 |  |  |  |  | OCP 2023-27A ER2 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21555.48 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 241245.68 | 241245.68 | -8754.33 | -8754.33 | 8.94 | False | 9.09 |  | 0.17 | 0.17 | 0.18 | 250000.00 |  |  | 67570LAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570EAJ | OCP 2024-36A D1 | 10/16/2037 6.621130% |  | 67570EAJ7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/16/2037 |  |  | 100.19 |  |  |  |  | OCP 2024-36A D1 | 10/16/2037 6.621130% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 66211.30 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000500.00 | 1000435.37 | 1001946.80 | 1001946.80 | 1511.43 | 1511.43 | 6.61 | True | 6.26 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  | N.A. | 67570EAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 67120AAL | OCP 2024-37A D1 | 10/15/2037 6.622190% |  | 67120AAL5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.19 |  |  |  |  | OCP 2024-37A D1 | 10/15/2037 6.622190% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 66221.90 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000500.00 | 1000454.19 | 1001924.50 | 1001924.50 | 1470.31 | 1470.31 | 6.61 | True | 6.37 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 67120AAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570HAG | OCPA 2024-39A CR | 04/16/2038 N.A.% |  | 67570HAG6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/16/2038 |  |  | 99.79 |  |  |  |  | OCPA 2024-39A CR | 04/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13303.83 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249478.80 | 249478.80 | -521.20 | -521.20 | 0.00 | False | 0.02 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 67570HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570HAJ | OCPA 2024-39A D1R | 04/16/2038 N.A.% |  | 67570HAJ0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/16/2038 |  |  | 98.44 |  |  |  |  | OCPA 2024-39A D1R | 04/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28221.89 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 450000.00 | 450000.00 | 450000.00 | 442971.05 | 442971.05 | -7028.96 | -7028.96 | 0.00 | False | 0.13 |  | 0.31 | 0.31 | 0.33 | 450000.00 |  |  | 67570HAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570PAA | OCPA 2024-39A ER | 04/16/2038 N.A.% |  | 67570PAA1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/16/2038 |  |  | 95.56 |  |  |  |  | OCPA 2024-39A ER | 04/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34599.40 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 399000.00 | 399000.00 | 399000.00 | 381275.86 | 381275.86 | -17724.14 | -17724.14 | 0.00 | False | 0.37 |  | 0.27 | 0.26 | 0.28 | 399000.00 |  |  | 67570PAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 68379HAD | OPTN 2025-D D | 02/08/2033 6.970000% |  | 68379HAD4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/8/2033 |  |  | 101.13 |  |  |  |  | OPTN 2025-D D | 02/08/2033 6.970000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 69700.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1016250.00 | 1015672.36 | 1011326.90 | 1011326.90 | -4345.46 | -4345.46 | 6.89 | True | 6.23 |  | 0.71 | 0.70 | 0.76 | 1000000.00 |  |  | 68379HAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 68390VAD | OPTN 2026-A D | 01/09/2034 6.280000% |  | 68390VAD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/9/2034 |  |  | 100.07 |  |  |  |  | OPTN 2026-A D | 01/09/2034 6.280000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 62800.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1006914.06 | 1006531.84 | 1000719.10 | 1000719.10 | -5812.74 | -5812.74 | 6.28 | True | 6.24 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 68390VAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 69547DAE | PAID 2025-4 D | 01/17/2033 6.572000% |  | 69547DAE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2033 |  |  | 100.49 |  |  |  |  | PAID 2025-4 D | 01/17/2033 6.572000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 82147.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1249955.57 | 1255912.40 | 1255401.21 | 1256069.73 | 1256069.73 | 668.52 | 668.52 | 6.54 | True | 6.15 |  | 0.89 | 0.87 | 0.94 | 1250000.00 |  |  | 69547DAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 694969AC | PAID 2026-1 B | 09/15/2033 5.370000% |  | 694969AC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2033 |  |  | 99.51 |  |  |  |  | PAID 2026-1 B | 09/15/2033 5.370000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26850.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 502832.03 | 502672.34 | 497526.19 | 497526.19 | -5146.15 | -5146.15 | 5.40 | False | 5.45 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 694969AC<br> N | MP |
| 438 | Obra Opportunistic Structured | 694969AD | PAID 2026-1 C | 09/15/2033 5.507000% |  | 694969AD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2033 |  |  | 99.64 |  |  |  |  | PAID 2026-1 C | 09/15/2033 5.507000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27535.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 502382.81 | 502248.54 | 498209.00 | 498209.00 | -4039.54 | -4039.54 | 5.53 | False | 5.57 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 694969AD<br> N | MP |
| 438 | Obra Opportunistic Structured | 694969AE | PAID 2026-1 D | 09/15/2033 5.744000% |  | 694969AE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2033 |  |  | 99.36 |  |  |  |  | PAID 2026-1 D | 09/15/2033 5.744000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 45779.68 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 797000.00 | 798709.38 | 798608.15 | 791876.83 | 791876.83 | -6731.32 | -6731.32 | 5.78 | False | 5.85 |  | 0.56 | 0.55 | 0.59 | 797000.00 |  |  | 694969AE<br> N | MP |
| 438 | Obra Opportunistic Structured | 694971AC | PAID 2026-R1 C | 12/15/2033 5.409000% |  | 694971AC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 99.46 |  |  |  |  | PAID 2026-R1 C | 12/15/2033 5.409000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13522.50 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 248639.85 | 248639.85 | -1360.15 | -1360.15 | 5.44 | False | 5.50 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 694971AC<br> N | MP |
| 438 | Obra Opportunistic Structured | 694971AD | PAID 2026-R1 D | 12/15/2033 5.750000% |  | 694971AD4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 99.00 |  |  |  |  | PAID 2026-R1 D | 12/15/2033 5.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43125.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 742489.43 | 742489.43 | -7510.58 | -7510.58 | 5.81 | False | 5.91 |  | 0.52 | 0.51 | 0.55 | 750000.00 |  |  | 694971AD<br> N | MP |
| 438 | Obra Opportunistic Structured | 694972AA | PAID 2026-R1 E | 12/15/2033 9.292000% |  | 694972AA8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 100.33 |  |  |  |  | PAID 2026-R1 E | 12/15/2033 9.292000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46460.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 501647.95 | 501647.95 | 1647.95 | 1647.95 | 9.26 | True | 9.14 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 694972AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 69382JAE | PFP 2025-12 D | 12/18/2042 6.756730% |  | 69382JAE1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 12/16/2042 |  |  | 99.80 |  |  |  |  | PFP 2025-12 D | 12/18/2042 6.756730% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50776.95 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 751875.00 | 751781.25 | 748502.40 | 748502.40 | -3278.85 | -3278.85 | 6.77 | False | 6.78 |  | 0.53 | 0.52 | 0.56 | 750000.00 |  |  | 69382JAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 716966AJ | PFP 2026-13 D | 08/18/2043 6.150100% |  | 716966AJ5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 8/18/2043 |  |  | 99.88 |  |  |  |  | PFP 2026-13 D | 08/18/2043 6.150100% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15198.90 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249702.00 | 249702.00 | -298.00 | -298.00 | 6.07 | False | 6.08 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 716966AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 69381CAL | PGA 2024-RSR2 D | 06/15/2039 7.148250% |  | 69381CAL1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2039 |  |  | 99.97 |  |  |  |  | PGA 2024-RSR2 D | 06/15/2039 7.148250% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 71611.10 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1003750.00 | 1003736.50 | 999748.10 | 999748.10 | -3988.40 | -3988.40 | 7.15 | False | 7.15 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 69381CAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 69393FAB | PMTLT 2026-CNF2 A2 | 02/25/2057 5.000000% |  | 69393FAB2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/25/2057 |  |  | 97.78 |  |  |  |  | PMTLT 2026-CNF2 A2 | 02/25/2057 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12500.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 249609.38 | 249609.38 | 244460.75 | 244460.75 | -5148.63 | -5148.63 | 5.11 | False | 5.14 |  | 0.17 | 0.17 | 0.18 | 250000.00 |  |  | 69393FAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 69393FBA | PMTLT 2026-CNF2 A24 | 02/25/2057 5.018890% |  | 69393FBA3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/25/2057 |  |  | 99.79<br> M |  |  |  |  | PMTLT 2026-CNF2 A24 | 02/25/2057 5.018890% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12547.23 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 249465.30 | 249465.30 | 249465.30 | 249465.30 | 0.00 | 0.00 | 5.03 | False | 5.03 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  |  | 69393FBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 73110AAD | POLEN 2025-2A C | 01/20/2039 5.709650% |  | 73110AAD3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2039 |  |  | 100.27 |  |  |  |  | POLEN 2025-2A C | 01/20/2039 5.709650% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 57096.50 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 993750.00 | 994007.52 | 1002700.10 | 1002700.10 | 8692.58 | 8692.58 | 5.69 | True | 5.55 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  | N.A. | 73110AAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 74690DAB | QTS 2025-1A B | 05/25/2055 5.928000% |  | 74690DAB7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/25/2055 |  |  | 98.07 |  |  |  |  | QTS 2025-1A B | 05/25/2055 5.928000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 59280.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 991640.63 | 992047.68 | 980718.30 | 980718.30 | -11329.38 | -11329.38 | 6.04 | False | 6.07 |  | 0.69 | 0.68 | 0.73 | 1000000.00 |  |  | 74690DAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 74690FBC | QTSII 2026-4A A2 | 03/05/2056 5.704000% |  | 74690FBC9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/5/2056 |  |  | 99.33 |  |  |  |  | QTSII 2026-4A A2 | 03/05/2056 5.704000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 57040.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 999969.50 | 999969.50 | 993348.09 | 993348.09 | -6621.41 | -6621.41 | 5.74 | False | 5.75 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 74690FBC<br> N | MP |
| 438 | Obra Opportunistic Structured | 74690FBJ | QTSII 2026-4A B | 03/05/2056 6.727000% |  | 74690FBJ4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/5/2056 |  |  | 99.41 |  |  |  |  | QTSII 2026-4A B | 03/05/2056 6.727000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 67270.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 999962.00 | 999962.00 | 994095.87 | 994095.87 | -5866.13 | -5866.13 | 6.77 | False | 6.77 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 74690FBJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 75888KAQ | REGT8 2017-1A BR | 04/17/2037 5.717630% |  | 75888KAQ7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 100.39 |  |  |  |  | REGT8 2017-1A BR | 04/17/2037 5.717630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42596.34 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 745000.00 | 745745.00 | 745306.10 | 747899.39 | 747899.39 | 2593.29 | 2593.29 | 5.70 | True | -2.49 |  | 0.53 | 0.52 | 0.56 | 745000.00 |  | N.A. | 75888KAQ<br> N | MP |
| 438 | Obra Opportunistic Structured | 76042FAE | REPS 2025-A E | 11/20/2034 7.700000% |  | 76042FAE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/20/2034 |  |  | 100.04 |  |  |  |  | REPS 2025-A E | 11/20/2034 7.700000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 77000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1021250.00 | 1020554.85 | 1000408.20 | 1000408.20 | -20146.65 | -20146.65 | 7.70 | True | 7.68 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 76042FAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 75908BAD | RMIT 2025-2 D | 11/16/2037 6.010000% |  | 75908BAD2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/16/2037 |  |  | 100.95 |  |  |  |  | RMIT 2025-2 D | 11/16/2037 6.010000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6010.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 100000.00 | 99968.69 | 99968.69 | 100953.95 | 100953.95 | 985.26 | 985.26 | 5.95 | True | 5.72 |  | 0.07 | 0.07 | 0.08 | 100000.00 |  |  | 75908BAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 76100KAE | RPM 2026-1A C | 01/25/2035 5.689000% |  | 76100KAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/25/2035 |  |  | 99.45 |  |  |  |  | RPM 2026-1A C | 01/25/2035 5.689000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 56890.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 994515.80 | 994515.80 | -5484.20 | -5484.20 | 5.72 | False | 5.77 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 76100KAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 76100KAF | RPM 2026-1A D | 01/25/2035 6.520000% |  | 76100KAF1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/25/2035 |  |  | 99.54 |  |  |  |  | RPM 2026-1A D | 01/25/2035 6.520000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 65200.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 995358.87 | 995358.87 | -4641.13 | -4641.13 | 6.55 | False | 6.59 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 76100KAF<br> N | MP |
| 438 | Obra Opportunistic Structured | 76100NAB | RPM 2026-1A E | 01/25/2035 11.06600% |  | 76100NAB4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/25/2035 |  |  | 100.00<br> M |  |  |  |  | RPM 2026-1A E | 01/25/2035 11.06600% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55330.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500000.00 | 500000.00 | 0.00 | 0.00 | 11.07 | False | 11.07 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  |  | 76100NAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 76089TAA | RPM 2026-R1A A | 07/25/2034 5.659000% |  | 76089TAA8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2034 |  |  | 100.12 |  |  |  |  | RPM 2026-R1A A | 07/25/2034 5.659000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 56590.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 1001216.60 | 1001216.60 | 1216.60 | 1216.60 | 5.65 | True | 5.61 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 76089TAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 76089TAB | RPM 2026-R1A B | 07/25/2034 6.211000% |  | 76089TAB6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2034 |  |  | 100.04 |  |  |  |  | RPM 2026-R1A B | 07/25/2034 6.211000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 62110.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 1000418.01 | 1000418.01 | 418.01 | 418.01 | 6.21 | True | 6.19 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 76089TAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 76089TAC | RPM 2026-R1A C | 07/25/2034 6.957000% |  | 76089TAC4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2034 |  |  | 100.05 |  |  |  |  | RPM 2026-R1A C | 07/25/2034 6.957000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 104355.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1500000.00 | 1500000.00 | 1500000.00 | 1500753.66 | 1500753.66 | 753.66 | 753.66 | 6.95 | True | 6.94 |  | 1.06 | 1.04 | 1.12 | 1500000.00 |  |  | 76089TAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 74989NAU | RRAM 2024-28RA BR2 | 04/15/2041 N.A.% |  | 74989NAU3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2041 |  |  | 100.30 |  |  |  |  | RRAM 2024-28RA BR2 | 04/15/2041 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 56808.70 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1000000.00 | 1000000.00 | 1003010.10 | 1003010.10 | 3010.10 | 3010.10 | 0.00 | False | -0.02 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 74989NAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 81124TAQ | SCUL 26A BR | 01/20/2038 5.517630% |  | 81124TAQ0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.24 |  |  |  |  | SCUL 26A BR | 01/20/2038 5.517630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55176.30 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1002500.00 | 1002373.66 | 1002447.30 | 1002447.30 | 73.64 | 73.64 | 5.50 | True | 5.21 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  | N.A. | 81124TAQ<br> N | MP |
| 438 | Obra Opportunistic Structured | 81124NAY | SCUL 30A D1R | 07/20/2038 7.867130% |  | 81124NAY6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 99.24 |  |  |  |  | SCUL 30A D1R | 07/20/2038 7.867130% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39971.97 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 550000.00 | 551375.00 | 550920.32 | 545837.66 | 545837.66 | -5082.67 | -5082.67 | 7.32 | False | 7.36 |  | 0.39 | 0.38 | 0.41 | 550000.00 |  | N.A. | 81124NAY<br> N | MP |
| 438 | Obra Opportunistic Structured | 81749YAA | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  | 81749YAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2055 |  |  | 101.64 |  |  |  |  | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15669.57 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 261159.45 | 260996.24 | 260996.24 | 265444.09 | 265444.09 | 4447.85 | 4447.85 | 5.90 | True | 5.81 |  | 0.19 | 0.18 | 0.20 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 82321AAB | SHENTL 2025-1A B | 12/20/2055 6.030000% |  | 82321AAB3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/20/2055 |  |  | 100.84 |  |  |  |  | SHENTL 2025-1A B | 12/20/2055 6.030000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 60300.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1018007.81 | 1017322.49 | 1008417.46 | 1008417.46 | -8905.03 | -8905.03 | 5.98 | True | 5.70 |  | 0.71 | 0.70 | 0.75 | 1000000.00 |  |  | 82321AAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 83614VAW | SNDPT 2021-1A B1R | 04/25/2034 5.268020% |  | 83614VAW5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/25/2034 |  |  | 100.11 |  |  |  |  | SNDPT 2021-1A B1R | 04/25/2034 5.268020% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15804.06 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 300300.00 | 300212.36 | 300317.28 | 300317.28 | 104.92 | 104.92 | 5.26 | True | 4.93 |  | 0.21 | 0.21 | 0.22 | 300000.00 |  | N.A. | 83614VAW<br> N | MP |
| 438 | Obra Opportunistic Structured | 83615PAC | SNDPT 2021-3A B | 10/25/2034 5.579630% |  | 83615PAC1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2034 |  |  | 100.08 |  |  |  |  | SNDPT 2021-3A B | 10/25/2034 5.579630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13949.08 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 250000.00 | 250125.00 | 250041.81 | 250210.23 | 250210.23 | 168.42 | 168.42 | 5.57 | True | 4.32 |  | 0.18 | 0.17 | 0.19 | 250000.00 |  | N.A. | 83615PAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 82809EAG | SPCLO 2024-4A D | 04/15/2037 7.772190% |  | 82809EAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/15/2037 |  |  | 99.51 |  |  |  |  | SPCLO 2024-4A D | 04/15/2037 7.772190% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38860.95 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 501350.00 | 500338.67 | 497546.70 | 497546.70 | -2791.97 | -2791.97 | 7.81 | False | 7.84 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  | N.A. | 82809EAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 82652VAD | SRFC 2026-1A D | 12/22/2042 7.100000% |  | 82652VAD2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/20/2042 |  |  | 99.57 |  |  |  |  | SRFC 2026-1A D | 12/22/2042 7.100000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 71000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 999998.80 | 999998.80 | 995733.55 | 995733.55 | -4265.25 | -4265.25 | 7.13 | False | 7.14 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 82652VAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 86325MAC | STRE 2026-1A C | 08/15/2046 6.050000% |  | 86325MAC2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2046 |  |  | 98.80 |  |  |  |  | STRE 2026-1A C | 08/15/2046 6.050000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42350.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 700000.00 | 698570.11 | 698570.11 | 691610.61 | 691610.61 | -6959.50 | -6959.50 | 6.12 | False | 6.15 |  | 0.49 | 0.48 | 0.52 | 700000.00 |  |  | 86325MAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 86325MAD | STRE 2026-1A D | 08/15/2046 8.180000% |  | 86325MAD0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2046 |  |  | 99.23 |  |  |  |  | STRE 2026-1A D | 08/15/2046 8.180000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28630.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 350000.00 | 349882.92 | 349882.92 | 347312.18 | 347312.18 | -2570.74 | -2570.74 | 8.24 | False | 8.26 |  | 0.25 | 0.24 | 0.26 | 350000.00 |  |  | 86325MAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 871044AC | SWTCH 2024-1A B | 03/25/2054 6.500000% |  | 871044AC7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/25/2054 |  |  | 100.08 |  |  |  |  | SWTCH 2024-1A B | 03/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 65000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1006289.06 | 1005631.42 | 1000773.80 | 1000773.80 | -4857.62 | -4857.62 | 6.49 | True | 6.42 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  |  | 871044AC<br> N | MP |
| 438 | Obra Opportunistic Structured | 871044AG | SWTCH 2024-2A B | 06/25/2054 6.200000% |  | 871044AG8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/25/2054 |  |  | 98.62 |  |  |  |  | SWTCH 2024-2A B | 06/25/2054 6.200000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46500.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 750000.00 | 753281.25 | 753003.59 | 739630.65 | 739630.65 | -13372.94 | -13372.94 | 6.29 | False | 6.30 |  | 0.52 | 0.51 | 0.55 | 750000.00 |  |  | 871044AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 87169JAS | SYMP 2022-33A D1R | 01/24/2038 6.268020% |  | 87169JAS1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/24/2038 |  |  | 97.56 |  |  |  |  | SYMP 2022-33A D1R | 01/24/2038 6.268020% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 62680.20 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 986500.00 | 988115.27 | 975631.30 | 975631.30 | -12483.97 | -12483.97 | 6.42 | False | 6.56 |  | 0.69 | 0.68 | 0.73 | 1000000.00 |  | N.A. | 87169JAS<br> N | MP |
| 438 | Obra Opportunistic Structured | 88240JAG | TCIFC 2024-1A C | 04/22/2037 6.019200% |  | 88240JAG8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/22/2037 |  |  | 100.45 |  |  |  |  | TCIFC 2024-1A C | 04/22/2037 6.019200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30096.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 500250.00 | 500109.60 | 502244.20 | 502244.20 | 2134.60 | 2134.60 | 5.99 | True | -1.30 |  | 0.35 | 0.35 | 0.37 | 500000.00 |  | N.A. | 88240JAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 87268JAE | TPGCLO 2025-1A B | 07/15/2038 5.763240% |  | 87268JAE2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 100.22 |  |  |  |  | TPGCLO 2025-1A B | 07/15/2038 5.763240% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 57632.40 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1002500.00 | 1002355.32 | 1002195.90 | 1002195.90 | -159.42 | -159.42 | 5.75 | True | 5.59 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  | N.A. | 87268JAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 87268JAJ | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  | 87268JAJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 99.84 |  |  |  |  | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29252.96 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 400000.00 | 399739.60 | 399739.60 | 399373.80 | 399373.80 | -365.80 | -365.80 | 0.00 | False | 0.01 |  | 0.28 | 0.28 | 0.30 | 400000.00 |  |  | 87268JAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 89640FAU | TRNTS 2024-28A BR | 04/25/2039 N.A.% |  | 89640FAU9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/25/2039 |  |  | 100.00<br> M |  |  |  |  | TRNTS 2024-28A BR | 04/25/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.46 | 0.45 | 0.49 | 650000.00 |  |  | 89640FAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 89640FAY | TRNTS 2024-28A CR | 04/25/2039 N.A.% |  | 89640FAY1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/25/2039 |  |  | 100.00<br> M |  |  |  |  | TRNTS 2024-28A CR | 04/25/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400000.00 | 400000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.28 | 0.28 | 0.30 | 400000.00 |  |  | 89640FAY<br> N | MP |
| 438 | Obra Opportunistic Structured | 89640FBA | TRNTS 2024-28A D1R | 04/25/2039 N.A.% |  | 89640FBA2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/25/2039 |  |  | 100.00<br> M |  |  |  |  | TRNTS 2024-28A D1R | 04/25/2039 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 650000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.46 | 0.45 | 0.49 | 650000.00 |  |  | 89640FBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 91684AAE | UPST 2025-4 D | 11/20/2035 7.670000% |  | 91684AAE9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/20/2035 |  |  | 102.15 |  |  |  |  | UPST 2025-4 D | 11/20/2035 7.670000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50085.10 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 653000.00 | 670957.50 | 670679.42 | 667031.14 | 667031.14 | -3648.28 | -3648.28 | 7.51 | True | 7.00 |  | 0.47 | 0.46 | 0.50 | 653000.00 |  |  | 91684AAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 916925AB | UPXHI 2025-1 B | 01/25/2047 6.070000% |  | 916925AB6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/25/2047 |  |  | 99.66 |  |  |  |  | UPXHI 2025-1 B | 01/25/2047 6.070000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 60700.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1014843.75 | 1014801.05 | 996633.30 | 996633.30 | -18167.75 | -18167.75 | 6.09 | False | 6.10 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 916925AB<br> N | MP |
| 438 | Obra Opportunistic Structured | 92535VAS | VBTOW 2025-1A B | 08/16/2055 5.602000% |  | 92535VAS1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 99.91<br> M |  |  |  |  | VBTOW 2025-1A B | 08/16/2055 5.602000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 70025.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1250000.00 | 1256074.22 | 1255616.45 | 1248868.63 | 1248868.63 | -6747.83 | -6747.83 | 5.61 | False | 5.61 |  | 0.88 | 0.86 | 0.93 | 1250000.00 |  |  | 92535VAS<br> N | MP |
| 438 | Obra Opportunistic Structured | 92535VAU | VBTOW 2025-1A C | 08/16/2055 7.446000% |  | 92535VAU6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 101.64<br> M |  |  |  |  | VBTOW 2025-1A C | 08/16/2055 7.446000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33507.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 450000.00 | 448091.78 | 448091.78 | 457372.71 | 457372.71 | 9280.93 | 9280.93 | 7.33 | True | 6.20 |  | 0.32 | 0.32 | 0.34 | 450000.00 |  |  | 92535VAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 924935AJ | VERUS 2025-11 A3 | 11/25/2070 5.270000% |  | 924935AJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/25/2070 |  |  | 99.68 |  |  |  |  | VERUS 2025-11 A3 | 11/25/2070 5.270000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50729.02 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 962600.00 | 963953.66 | 963915.76 | 959500.81 | 959500.81 | -4414.95 | -4414.95 | 5.29 | False | 5.29 |  | 0.68 | 0.66 | 0.72 | 1000000.00 |  |  | 924935AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 92541JAF | VERUS 2026-1 A1 | 01/25/2071 4.863000% |  | 92541JAF8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2071 |  |  | 99.09 |  |  |  |  | VERUS 2026-1 A1 | 01/25/2071 4.863000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24020.81 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 493950.37 | 496265.76 | 496169.34 | 489453.24 | 489453.24 | -6716.10 | -6716.10 | 4.91 | False | 4.91 |  | 0.35 | 0.34 | 0.37 | 500000.00 |  |  | 92541JAF<br> N | MP |
| 438 | Obra Opportunistic Structured | 66860JAS | WOODS 2018-11BA BR | 07/19/2037 5.567630% |  | 66860JAS7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/19/2037 |  |  | 100.00 |  |  |  |  | WOODS 2018-11BA BR | 07/19/2037 5.567630% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55676.30 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1002000.00 | 1001666.63 | 1000011.20 | 1000011.20 | -1655.43 | -1655.43 | 5.57 | True | 5.56 |  | 0.71 | 0.69 | 0.75 | 1000000.00 |  | N.A. | 66860JAS<br> N | MP |
| 438 | Obra Opportunistic Structured | 66858HBS | WOODS 2020-22A C1R3 | 03/16/2038 N.A.% |  | 66858HBS4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/16/2038 |  |  | 100.30 |  |  |  |  | WOODS 2020-22A C1R3 | 03/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17322.03 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 300000.00 | 300000.00 | 300908.70 | 300908.70 | 908.70 | 908.70 | 0.00 | False | -0.02 |  | 0.21 | 0.21 | 0.22 | 300000.00 |  |  | 66858HBS<br> N | MP |
| 438 | Obra Opportunistic Structured | 66858HBW | WOODS 2020-22A D1R3 | 03/16/2038 N.A.% |  | 66858HBW5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/16/2038 |  |  | 100.03 |  |  |  |  | WOODS 2020-22A D1R3 | 03/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21222.03 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 300000.00 | 300000.00 | 300000.00 | 300096.21 | 300096.21 | 96.21 | 96.21 | 0.00 | False | 0.00 |  | 0.21 | 0.21 | 0.22 | 300000.00 |  |  | 66858HBW<br> N | MP |
| 438 | Obra Opportunistic Structured | 98919WAN | ZAYO 2025-3A A2 | 10/20/2055 5.570000% |  | 98919WAN3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/20/2055 |  |  | 99.69 |  |  |  |  | ZAYO 2025-3A A2 | 10/20/2055 5.570000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55700.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1000000.00 | 1019921.88 | 1019345.35 | 996931.70 | 996931.70 | -22413.65 | -22413.65 | 5.59 | False | 5.59 |  | 0.70 | 0.69 | 0.74 | 1000000.00 |  |  | 98919WAN | MP |
| 438 | Obra Opportunistic Structured | 98919WAQ | ZAYO 2025-3A B | 10/20/2055 5.716000% |  | 98919WAQ6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/20/2055 |  |  | 99.56 |  |  |  |  | ZAYO 2025-3A B | 10/20/2055 5.716000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 71450.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 1250000.00 | 1252949.22 | 1252854.99 | 1244472.75 | 1244472.75 | -8382.24 | -8382.24 | 5.74 | False | 5.75 |  | 0.88 | 0.86 | 0.93 | 1250000.00 |  |  | 98919WAQ<br> N | MP |
| 438 | Obra Opportunistic Structured | 00092AAB | ACHM 2023-HE1 B | 11/25/2037 7.000000% |  | 00092AAB2 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/25/2037 |  |  | 102.48 |  |  |  |  | ACHM 2023-HE1 B | 11/25/2037 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35000.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 500000.00 | 494157.55 | 494695.79 | 512422.15 | 512422.15 | 17726.36 | 17726.36 | 6.83 | True | 6.42 |  | 0.36 | 0.35 | 0.38 | 500000.00 |  |  | 00092AAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 034943AB | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  | 034943AB6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2069 |  |  | 100.84 |  |  |  |  | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9665.58 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 151071.88 | 151069.99 | 151070.01 | 152345.04 | 152345.04 | 1275.03 | 1275.03 | 6.34 | True | 5.52 |  | 0.11 | 0.11 | 0.11 | 250000.00 |  |  | 034943AB<br> N | MP |
| 438 | Obra Opportunistic Structured | 465983AD | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  | 465983AD6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2064 |  |  | 100.06 |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25656.00 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 400000.00 | 399992.40 | 399995.46 | 400235.84 | 400235.84 | 240.38 | 240.38 | 6.41 | True | 6.38 |  | 0.28 | 0.28 | 0.30 | 400000.00 |  |  | 465983AD<br> N | MP |
| 438 | Obra Opportunistic Structured | 74389DAA | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  | 74389DAA5 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.52 |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6835.62 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 113926.93 | 113606.58 | 113606.58 | 115653.63 | 115653.63 | 2047.05 | 2047.05 | 5.91 | True | 5.82 |  | 0.08 | 0.08 | 0.09 | 168500.00 |  |  | 74389DAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 81743GAA | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  | 81743GAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 100.89 |  |  |  |  | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22086.36 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 368106.01 | 367645.88 | 367645.88 | 371384.44 | 371384.44 | 3738.56 | 3738.56 | 5.95 | True | 5.90 |  | 0.26 | 0.26 | 0.28 | 500000.00 |  |  | 81743GAA<br> N | MP |
| 438 | Obra Opportunistic Structured | FGTXX | Goldman Sachs Financ | ial Square Funds - G |  | 38141W273 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES<br> IL | ILLINOIS | USD | US DOLLAR | 4/1/2026 |  |  | 100.00 |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35255.19 | L<br> N |  |  | 3/31/2026<br> C |  | 438;USD | USD | 991089.15 | 991089.15 | 991089.15 | 991089.15 | 991089.15 | 0.00 | 0.00 | 3.56 | False | 3.55 |  | 0.70 | 0.69 | 0.74 | 0.00 |  |  | FGTXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $144531290.09

**Total Liabilities:** $10586616.66

**Net Assets:** $133944673.43

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 594 | **1-Year:** 9259 | **5-Year:** 17889 | **10-Year:** 7707 | **30-Year:** 0

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

- **3-Month:** 4 | **1-Year:** 818 | **5-Year:** 1651 | **10-Year:** 1430 | **30-Year:** 2

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248832 | 0.64%                | 0.74%                | -0.24%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4414.28                | $45146.39                                  |
| Month 2  | $-104.45                 | $50842.00                                  |
| Month 3  | $-8288.00                | $-957808.14                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HWIRE 2023-1A B      | ABS      | CUSIP: 44148HAC7<br>LEI: N/A | Long             | DBT              |  | US        |    625000 | NS      | $630871.06    | 0.47%             | 2053-05-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BEATS 2024-1A A2     | ABS      | CUSIP: 499876AA8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $505890.00    | 0.38%             | 2064-04-07      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| MFT 2023-4A B        | ABS      | CUSIP: 57108UAB0<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $768804.15    | 0.57%             | 2033-12-15      | Fixed         | 8.15%                 | No            |                  2 | On Loan: No      |
| PAID 2024-10 D       | ABS      | CUSIP: 69544MAD1<br>LEI: N/A | Long             | DBT              |  | US        |    340492 | NS      | $343057.12    | 0.26%             | 2032-06-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 A        | ABS      | CUSIP: 70473AAA6<br>LEI: N/A | Long             | DBT              |  | US        |    576608 | NS      | $585276.03    | 0.44%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| PEAR 2024-1 A        | ABS      | CUSIP: 704933AA8<br>LEI: N/A | Long             | DBT              |  | US        |    254274 | NS      | $257241.18    | 0.19%             | 2036-02-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| RPM 2025-1A C        | ABS      | CUSIP: 76089YAC3<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $101134.28    | 0.08%             | 2033-06-27      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNIT 2025-1A B       | ABS      | CUSIP: 91326EAB1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $254712.80    | 0.19%             | 2055-04-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| WESTR 2023-1A C      | ABS      | CUSIP: 96033EAC2<br>LEI: N/A | Long             | DBT              |  | US        |    160497 | NS      | $162125.08    | 0.12%             | 2037-06-01      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-2A A2      | ABS      | CUSIP: 98919WAG8<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $101913.50    | 0.08%             | 2055-06-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AGL 2024-30A D       | CLO      | CUSIP: 00120VAJ5<br>LEI: N/A | Long             | DBT              |  | JE        |    350000 | NS      | $346824.45    | 0.26%             | 2037-04-21      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| ALLEG 2024-3A B      | CLO      | CUSIP: 01751JAE7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $502016.60    | 0.37%             | 2037-10-15      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| BCC 2020-3A DRR      | CLO      | CUSIP: 05684CBA2<br>LEI: N/A | Long             | DBT              |  | KY        |     76000 | NS      | $73361.01     | 0.05%             | 2034-10-23      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| BCC 2022-6A D1R      | CLO      | CUSIP: 05685LAY0<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $493402.65    | 0.37%             | 2038-01-22      | Variable      | 6.66%                 | No            |                  2 | On Loan: No      |
| BALLY 2024-22A C     | CLO      | CUSIP: 05877GAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $249139.05    | 0.19%             | 2037-04-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| CBAM 2017-3A DR      | CLO      | CUSIP: 12481HAW5<br>LEI: N/A | Long             | DBT              |  | KY        |    440000 | NS      | $438466.47    | 0.33%             | 2034-07-17      | Variable      | 7.44%                 | No            |                  2 | On Loan: No      |
| CCITY 2022-4A C1R    | CLO      | CUSIP: 228233AU6<br>LEI: N/A | Long             | DBT              |  | KY        |    350000 | NS      | $347006.10    | 0.26%             | 2037-04-20      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A E      | CLO      | CUSIP: 29003PAA8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $241399.43    | 0.18%             | 2037-04-17      | Variable      | 9.68%                 | No            |                  2 | On Loan: No      |
| FCBSL 2022-3A D1R    | CLO      | CUSIP: 349927AU7<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $248035.15    | 0.19%             | 2035-10-20      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| HARUS 2024-3A C      | CLO      | CUSIP: 41756FAG1<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250923.30    | 0.19%             | 2038-01-18      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| IVYH 7A AR3          | CLO      | CUSIP: 46602ABE1<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $300158.40    | 0.22%             | 2036-10-15      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| MAGNE 2024-42A D2    | CLO      | CUSIP: 55955XAN6<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $742408.80    | 0.55%             | 2038-01-25      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D2     | CLO      | CUSIP: 598014AL2<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $493551.55    | 0.37%             | 2038-01-20      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| NEUB 2024-58A D1     | CLO      | CUSIP: 640970AG4<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $499501.75    | 0.37%             | 2038-10-18      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A E      | CLO      | CUSIP: 674433AA5<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $746643.53    | 0.56%             | 2038-07-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A D2     | CLO      | CUSIP: 67443AAL5<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502308.90    | 0.38%             | 2038-01-20      | Fixed         | 8.26%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A E      | CLO      | CUSIP: 67443CAA5<br>LEI: N/A | Long             | DBT              |  | KY        |    600000 | NS      | $581743.74    | 0.43%             | 2038-01-20      | Variable      | 10.43%                | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $247108.38    | 0.18%             | 2037-04-23      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-3A D1R    | CLO      | CUSIP: 69690ABC0<br>LEI: N/A | Long             | DBT              |  | JE        |    152000 | NS      | $150544.42    | 0.11%             | 2037-07-20      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-4A CR     | CLO      | CUSIP: 69700XAU9<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $249889.60    | 0.19%             | 2037-10-20      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $398296.28    | 0.30%             | 2038-03-20      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| TCIFC 2024-1A D      | CLO      | CUSIP: 88240JAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    375000 | NS      | $373700.96    | 0.28%             | 2037-04-22      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-4 M1      | CLO      | CUSIP: 92539TAD5<br>LEI: N/A | Long             | DBT              |  | US        |    380000 | NS      | $383144.12    | 0.29%             | 2068-05-01      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199057.92    | 0.15%             | 2042-10-18      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| BFLD 2024-UNIV D     | CMBS     | CUSIP: 08861RAG6<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $501768.50    | 0.37%             | 2029-11-15      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| BX 2024-GPA2 D       | CMBS     | CUSIP: 12433DAG8<br>LEI: N/A | Long             | DBT              |  | US        |    487318 | NS      | $487265.73    | 0.36%             | 2029-11-15      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN D      | CMBS     | CUSIP: 12988DAG7<br>LEI: N/A | Long             | DBT              |  | US        |   1000000 | NS      | $1012558.80   | 0.76%             | 2041-07-15      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU C     | CMBS     | CUSIP: 34461WAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250959.58    | 0.19%             | 2039-12-15      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |   1250000 | NS      | $1265825.50   | 0.95%             | 2039-12-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 D      | CMBS     | CUSIP: 362414AG9<br>LEI: N/A | Long             | DBT              |  | US        |   1200000 | NS      | $1207329.84   | 0.90%             | 2041-05-15      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WOLF D      | CMBS     | CUSIP: 39152MAG0<br>LEI: N/A | Long             | DBT              |  | US        |   1200000 | NS      | $1206187.20   | 0.90%             | 2039-03-15      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    700000 | NS      | $701749.51    | 0.52%             | 2041-06-15      | Variable      | 6.21%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO D     | CMBS     | CUSIP: 40424UAG2<br>LEI: N/A | Long             | DBT              |  | US        |   1250000 | NS      | $1262454.88   | 0.94%             | 2041-06-15      | Variable      | 7.01%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY D     | CMBS     | CUSIP: 46117WAG7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251881.13    | 0.19%             | 2042-03-15      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| JW 2024-BERY C       | CMBS     | CUSIP: 46676AAE3<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $501937.60    | 0.37%             | 2039-11-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250159.10    | 0.19%             | 2042-05-18      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 D      | CMBS     | CUSIP: 55287KAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250003.80    | 0.19%             | 2042-05-18      | Variable      | 7.06%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV D      | CMBS     | CUSIP: 62956HAG1<br>LEI: N/A | Long             | DBT              |  | US        |   1750000 | NS      | $1766862.65   | 1.32%             | 2029-08-15      | Variable      | 7.49%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 C      | CMBS     | CUSIP: 69381CAJ6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249810.35    | 0.19%             | 2026-06-15      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 E      | CMBS     | CUSIP: 69381CAN7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $247003.15    | 0.18%             | 2039-06-15      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $147082.67    | 0.11%             | 2042-03-15      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| ABBSL 2021-2A B1R    | CMO      | CUSIP: 00037LAQ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    700000 | NS      | $700441.42    | 0.52%             | 2039-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ABBSL 2025-6A E      | CMO      | CUSIP: 00039MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    150000 | NS      | $146686.56    | 0.11%             | 2037-07-20      | Variable      | 9.68%                 | No            |                  2 | On Loan: No      |
| AGL 2020-9A DR       | CMO      | CUSIP: 001207AY5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $489852.40    | 0.37%             | 2037-04-20      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| AGL 2024-33A D1      | CMO      | CUSIP: 00121DAD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    900000 | NS      | $893936.97    | 0.67%             | 2037-07-21      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| AGL 2024-34A D1      | CMO      | CUSIP: 00121JAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    950000 | NS      | $940535.44    | 0.70%             | 2038-01-22      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| AGL 2025-42A E       | CMO      | CUSIP: 00792TAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $489978.85    | 0.37%             | 2038-07-22      | Variable      | 8.81%                 | No            |                  2 | On Loan: No      |
| ANCHC 2026-37A C     | CMO      | CUSIP: 032923AG9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    441000 | NS      | $442014.30    | 0.33%             | 2039-04-20      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| ANCHC 2026-37A D     | CMO      | CUSIP: 032923AJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    736000 | NS      | $736000.00    | 0.55%             | 2039-04-20      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| ANCHF 2020-12A D     | CMO      | CUSIP: 03332DBA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $981302.00    | 0.73%             | 2038-10-25      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| ANCHC 2026-36A C     | CMO      | CUSIP: 03333PAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650000.00    | 0.49%             | 2039-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ANCHC 2026-36A D     | CMO      | CUSIP: 03333PAJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650000.00    | 0.49%             | 2039-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A CR      | CMO      | CUSIP: 03666BBC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    375000 | NS      | $374487.94    | 0.28%             | 2038-10-25      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A DR      | CMO      | CUSIP: 03666BBE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $491194.50    | 0.37%             | 2038-10-25      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| AHPT 2024-ATRM D     | CMO      | CUSIP: 04963XAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1021150.50   | 0.76%             | 2029-11-01      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| AVCCT 2024-1A D      | CMO      | CUSIP: 05351KAH2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    964000 | NS      | $967132.52    | 0.72%             | 2030-04-15      | Fixed         | 8.80%                 | No            |                  2 | On Loan: No      |
| BAHA 2024-MAR C      | CMO      | CUSIP: 05493XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1031069.50   | 0.77%             | 2041-12-01      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| BSPDF 2026-FL3 B     | CMO      | CUSIP: 05594VAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $998129.00    | 0.75%             | 2043-09-18      | Variable      | 5.61%                 | No            |                  2 | On Loan: No      |
| BSPDF 2026-FL3 C     | CMO      | CUSIP: 05594VAG7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $996827.80    | 0.74%             | 2043-09-18      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| BSPDF 2026-FL3 D     | CMO      | CUSIP: 05594VAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $998938.40    | 0.75%             | 2043-09-18      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT C       | CMO      | CUSIP: 05618XAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250348.70    | 0.19%             | 2042-09-15      | Variable      | 6.13%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT D       | CMO      | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | NS      | $1202102.88   | 0.90%             | 2042-09-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 C    | CMO      | CUSIP: 05619BAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249834.25    | 0.19%             | 2043-01-17      | Variable      | 5.86%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 D    | CMO      | CUSIP: 05619BAJ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $199617.30    | 0.15%             | 2043-01-17      | Variable      | 6.36%                 | No            |                  2 | On Loan: No      |
| BCC 2023-2A D1R      | CMO      | CUSIP: 05684GBA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |   1000000 | NS      | $985328.50    | 0.74%             | 2038-07-18      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| BCC 2022-5A DRR      | CMO      | CUSIP: 05685JBC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    375000 | NS      | $369526.84    | 0.28%             | 2037-01-24      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| BCC 2026-2A C        | CMO      | CUSIP: 05686EAG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650000.00    | 0.49%             | 2039-04-26      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BCC 2026-2A D1       | CMO      | CUSIP: 05686EAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650000.00    | 0.49%             | 2039-04-26      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2RR    | CMO      | CUSIP: 05765DAZ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $246243.45    | 0.18%             | 2036-04-20      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| BAR 2026-FL1 AS      | CMO      | CUSIP: 06701PAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $500098.80    | 0.37%             | 2043-08-20      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| BAR 2026-FL1 B       | CMO      | CUSIP: 06701PAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $500087.45    | 0.37%             | 2043-08-20      | Variable      | 5.76%                 | No            |                  2 | On Loan: No      |
| BATLN 2024-25A BR    | CMO      | CUSIP: 07134FAL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    350000 | NS      | $350000.00    | 0.26%             | 2037-03-13      | Variable      | 5.43%                 | No            |                  2 | On Loan: No      |
| BATLN 2024-25A CR    | CMO      | CUSIP: 07134FAN0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    350000 | NS      | $350000.00    | 0.26%             | 2037-03-13      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| BATLN 2026-31A C     | CMO      | CUSIP: 07135CAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $400960.00    | 0.30%             | 2039-04-20      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| BDS 2025-FL14 D      | CMO      | CUSIP: 072921AS8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $725392.65    | 0.54%             | 2042-10-17      | Variable      | 6.16%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS C     | CMO      | CUSIP: 088928AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $748653.15    | 0.56%             | 2042-08-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| BRAVO 2023-NQM5 A1   | CMO      | CUSIP: 10569UAA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    135369 | NS      | $137893.35    | 0.10%             | 2063-06-01      | Variable      | 6.51%                 | No            |                  2 | On Loan: No      |
| BX 2025-VLT7 D       | CMO      | CUSIP: 123913AG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $751139.25    | 0.56%             | 2044-07-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| BX 2025-GW D         | CMO      | CUSIP: 12433GAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1002928.40   | 0.75%             | 2042-07-15      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| BX 2025-VLT6 D       | CMO      | CUSIP: 12433KAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1100000 | NS      | $1098672.19   | 0.82%             | 2042-03-15      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| CIFC 2022-5A CR2     | CMO      | CUSIP: 12572GBE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    350000 | NS      | $350910.00    | 0.26%             | 2038-03-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| CHI 2025-110W D      | CMO      | CUSIP: 12577HAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | NS      | $1203815.16   | 0.90%             | 2040-12-13      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| CGMS 2021-7A D1R     | CMO      | CUSIP: 14316WAU3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $496315.10    | 0.37%             | 2040-04-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| CHMML 2023-3A BR     | CMO      | CUSIP: 17150YAS6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    225000 | NS      | $224770.77    | 0.17%             | 2038-04-20      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| CHMML 2023-3A CR     | CMO      | CUSIP: 17150YAU1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    736000 | NS      | $732905.05    | 0.55%             | 2038-04-20      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| CQS 2026-6A D1       | CMO      | CUSIP: 223925AJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $987442.20    | 0.74%             | 2039-03-31      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| CROSS 2023-H1 A1     | CMO      | CUSIP: 22758CAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    170969 | NS      | $175361.09    | 0.13%             | 2068-03-01      | Variable      | 6.61%                 | No            |                  2 | On Loan: No      |
| CROSS 2026-NQM1 A1   | CMO      | CUSIP: 22758EAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    984114 | NS      | $970417.94    | 0.72%             | 2061-02-01      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| CROSS 2025-H5 A1     | CMO      | CUSIP: 227920AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    871605 | NS      | $876369.60    | 0.65%             | 2070-07-01      | Variable      | 5.51%                 | No            |                  2 | On Loan: No      |
| CROSS 2026-NQM2 A2   | CMO      | CUSIP: 227924AF4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    993202 | NS      | $988216.20    | 0.74%             | 2061-03-01      | Variable      | 5.09%                 | No            |                  2 | On Loan: No      |
| CROSS 2026-NQM2 A3   | CMO      | CUSIP: 227924AG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    993202 | NS      | $988222.86    | 0.74%             | 2061-03-01      | Variable      | 5.24%                 | No            |                  2 | On Loan: No      |
| DBC 2025-DBC D       | CMO      | CUSIP: 23306HAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    150000 | NS      | $151139.37    | 0.11%             | 2038-06-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| DPCCLO 2026-2A B     | CMO      | CUSIP: 25290DAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650000.00    | 0.49%             | 2038-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| ELM48 2026-2A D      | CMO      | CUSIP: 289917AJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $500000.00    | 0.37%             | 2039-04-20      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| ELMW7 2020-4A D1RR   | CMO      | CUSIP: 29002QBA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $990080.10    | 0.74%             | 2037-10-17      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| ELM31 2024-7A D1     | CMO      | CUSIP: 29003HAJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    750000 | NS      | $744974.40    | 0.56%             | 2037-07-17      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| CNSL 2026-1A A2      | CMO      | CUSIP: 315961AG7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    999000 | NS      | $989756.25    | 0.74%             | 2056-03-20      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| CNSL 2026-1A B       | CMO      | CUSIP: 315961AJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    999000 | NS      | $990494.11    | 0.74%             | 2056-03-20      | Fixed         | 5.42%                 | No            |                  2 | On Loan: No      |
| FCBSL 2024-3A B      | CMO      | CUSIP: 34966PAE5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $502558.20    | 0.38%             | 2037-10-23      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| FCBSL 2023-3A DR     | CMO      | CUSIP: 349936AS3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    500000 | NS      | $497853.15    | 0.37%             | 2037-01-23      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| FFIN 2024-2A D       | CMO      | CUSIP: 35040VAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    792001 | NS      | $809767.88    | 0.60%             | 2050-03-15      | Fixed         | 6.59%                 | No            |                  2 | On Loan: No      |
| FFIN 2025-1A E       | CMO      | CUSIP: 35040WAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1129427 | NS      | $1109321.92   | 0.83%             | 2050-04-15      | Fixed         | 8.37%                 | No            |                  2 | On Loan: No      |
| FFIN 2025-3A E       | CMO      | CUSIP: 35042TAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    654000 | NS      | $665965.91    | 0.50%             | 2052-08-15      | Fixed         | 8.42%                 | No            |                  2 | On Loan: No      |
| GSMBS 2025-PJ7 A1    | CMO      | CUSIP: 36272MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    365567 | NS      | $371564.83    | 0.28%             | 2055-12-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GSREFT 2026-FL1 B    | CMO      | CUSIP: 36274DAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $500185.67    | 0.37%             | 2043-04-19      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| GARNET 2025-4A E     | CMO      | CUSIP: 36626FAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $489102.10    | 0.37%             | 2039-01-20      | Variable      | 8.66%                 | No            |                  2 | On Loan: No      |
| KLLM 5A BR           | CMO      | CUSIP: 37148XAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1002901.40   | 0.75%             | 2037-07-22      | Variable      | 5.66%                 | No            |                  2 | On Loan: No      |
| GOCAP 2020-49A A1R2  | CMO      | CUSIP: 38181HAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    700000 | NS      | $702026.85    | 0.52%             | 2038-07-20      | Variable      | 5.20%                 | No            |                  2 | On Loan: No      |
| GPIF 2025-1A D       | CMO      | CUSIP: 38411WAD4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $750668.48    | 0.56%             | 2028-08-01      | Variable      | 8.15%                 | No            |                  2 | On Loan: No      |
| HOMES 2024-NQM1 A1   | CMO      | CUSIP: 40390TAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    224553 | NS      | $227570.80    | 0.17%             | 2069-07-01      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| JPMCC 2025-PHNY C    | CMO      | CUSIP: 46592UAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $300094.02    | 0.22%             | 2041-01-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| JPMCC 2025-PHNY D    | CMO      | CUSIP: 46592UAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1000274.00   | 0.75%             | 2041-01-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| JW 2024-BERY D       | CMO      | CUSIP: 46676AAG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1200000 | NS      | $1215156.60   | 0.91%             | 2039-11-15      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| KKR 49A D1R          | CMO      | CUSIP: 481939AX4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $248284.93    | 0.19%             | 2037-10-20      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| KKR 27A CR2          | CMO      | CUSIP: 48253YBS6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    290000 | NS      | $289714.06    | 0.22%             | 2035-01-15      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| KKR 31A E            | CMO      | CUSIP: 48254MAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    300000 | NS      | $264199.71    | 0.20%             | 2034-04-20      | Variable      | 10.41%                | No            |                  2 | On Loan: No      |
| KKR 2026-63A C       | CMO      | CUSIP: 48257PAG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    999000 | NS      | $999000.00    | 0.75%             | 2039-04-20      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| KKR 38A D1R          | CMO      | CUSIP: 48259BBA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $499514.80    | 0.37%             | 2038-01-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| LMRK 2025-1A B       | CMO      | CUSIP: 50209AAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $302799.93    | 0.23%             | 2055-09-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| LS 2026-HTL6 C       | CMO      | CUSIP: 50220QAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    800000 | NS      | $796820.64    | 0.59%             | 2040-12-15      | Variable      | 5.83%                 | No            |                  2 | On Loan: No      |
| LS 2026-HTL6 D       | CMO      | CUSIP: 50220QAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    650000 | NS      | $647744.44    | 0.48%             | 2040-12-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| LPATH 2026-1A A2     | CMO      | CUSIP: 53229YAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $999263.20    | 0.75%             | 2056-03-25      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| MFRA 2024-NQM1 A1    | CMO      | CUSIP: 55286VAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    176454 | NS      | $178540.67    | 0.13%             | 2069-04-01      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| MDPK 2022-62A CR2    | CMO      | CUSIP: 55817HBC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251064.25    | 0.19%             | 2038-07-16      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| MFIT 2024-AA D       | CMO      | CUSIP: 567928AD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    112000 | NS      | $113563.34    | 0.08%             | 2036-09-20      | Fixed         | 6.77%                 | No            |                  2 | On Loan: No      |
| MFIT 2025-BA D       | CMO      | CUSIP: 56847TAD7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $494753.35    | 0.37%             | 2038-11-20      | Fixed         | 5.84%                 | No            |                  2 | On Loan: No      |
| MKTST 2025-2A D1     | CMO      | CUSIP: 57064FAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    750000 | NS      | $753482.33    | 0.56%             | 2038-04-20      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| MNET 2026-1A C       | CMO      | CUSIP: 59170JBL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $495294.91    | 0.37%             | 2056-04-20      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| MIDO 2025-21A D1     | CMO      | CUSIP: 597924AJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $123966.03    | 0.09%             | 2038-10-20      | Variable      | 6.48%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-14A DR     | CMO      | CUSIP: 59803FAW1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    500000 | NS      | $496775.00    | 0.37%             | 2037-04-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MIDO 2023-12A ERR    | CMO      | CUSIP: 59804HAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    250000 | NS      | $238499.53    | 0.18%             | 2038-07-18      | Variable      | 10.18%                | No            |                  2 | On Loan: No      |
| MONTPK 2026-1A D1    | CMO      | CUSIP: 61218AAJ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1000530.20   | 0.75%             | 2039-04-24      | Variable      | 6.87%                 | No            |                  2 | On Loan: No      |
| MPOWR 2025-A A       | CMO      | CUSIP: 624930AA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    839029 | NS      | $845311.82    | 0.63%             | 2042-07-20      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| NALP 2026-1 A        | CMO      | CUSIP: 62986BAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    911379 | NS      | $909118.71    | 0.68%             | 2051-06-25      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| NALP 2026-1 B        | CMO      | CUSIP: 62986BAB9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    456146 | NS      | $452438.47    | 0.34%             | 2051-06-25      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-4A D1      | CMO      | CUSIP: 63943VAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251152.70    | 0.19%             | 2037-10-15      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| NAVS 2026-6A D1      | CMO      | CUSIP: 63944AAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1004550.00   | 0.75%             | 2037-04-15      | Variable      | 7.46%                 | No            |                  2 | On Loan: No      |
| NAVS 2026-6A E       | CMO      | CUSIP: 63944BAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    300000 | NS      | $300420.00    | 0.22%             | 2037-04-15      | Variable      | 10.08%                | No            |                  2 | On Loan: No      |
| NEUB 2016-22A D1R3   | CMO      | CUSIP: 64131BBJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $648342.50    | 0.48%             | 2040-04-17      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NRZT 2026-NQM4 A1    | CMO      | CUSIP: 64790AAE7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $994971.19    | 0.74%             | 2066-02-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NRZT 2026-NQM4 A3    | CMO      | CUSIP: 64790AAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $994457.31    | 0.74%             | 2066-02-01      | Variable      | 5.36%                 | No            |                  2 | On Loan: No      |
| NRZT 2025-NQM3 A1    | CMO      | CUSIP: 64832CAC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    402799 | NS      | $404280.20    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| WOODS 2020-22A C1R3  | CMO      | CUSIP: 66858HBS4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    300000 | NS      | $300908.70    | 0.22%             | 2038-03-16      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| WOODS 2020-22A D1R3  | CMO      | CUSIP: 66858HBW5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    300000 | NS      | $300096.21    | 0.22%             | 2038-03-16      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| WOODS 2018-11BA BR   | CMO      | CUSIP: 66860JAS7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1000011.20   | 0.75%             | 2037-07-19      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| OCP 2024-37A D1      | CMO      | CUSIP: 67120AAL5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |   1000000 | NS      | $1001924.50   | 0.75%             | 2037-10-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| OBX 2026-NQM1 A1     | CMO      | CUSIP: 67123HAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    488338 | NS      | $482891.08    | 0.36%             | 2065-11-01      | Variable      | 4.85%                 | No            |                  2 | On Loan: No      |
| OBX 2026-NQM2 A1     | CMO      | CUSIP: 67123VAF9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    984330 | NS      | $982162.86    | 0.73%             | 2065-12-01      | Variable      | 4.82%                 | No            |                  2 | On Loan: No      |
| OBX 2026-R1 A1       | CMO      | CUSIP: 67124AAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $497003.30    | 0.37%             | 2063-01-25      | Variable      | 4.88%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $647184.14    | 0.48%             | 2038-07-20      | Variable      | 7.93%                 | No            |                  2 | On Loan: No      |
| OBX 2026-NQM3 A1     | CMO      | CUSIP: 67449MAF6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    988552 | NS      | $977352.73    | 0.73%             | 2066-01-01      | Variable      | 4.65%                 | No            |                  2 | On Loan: No      |
| OCP 2024-36A D1      | CMO      | CUSIP: 67570EAJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |   1000000 | NS      | $1001946.80   | 0.75%             | 2037-10-16      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A CR     | CMO      | CUSIP: 67570HAG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    250000 | NS      | $249478.80    | 0.19%             | 2038-04-16      | Variable      | 5.33%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1R    | CMO      | CUSIP: 67570HAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    450000 | NS      | $442971.05    | 0.33%             | 2038-04-16      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| OCP 2023-27A ER2     | CMO      | CUSIP: 67570LAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $241245.68    | 0.18%             | 2038-07-15      | Variable      | 8.62%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A ER     | CMO      | CUSIP: 67570PAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    399000 | NS      | $381275.86    | 0.28%             | 2038-04-16      | Variable      | 8.68%                 | No            |                  2 | On Loan: No      |
| OAKC 2024-17RA D1    | CMO      | CUSIP: 676920AL5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    375000 | NS      | $351243.75    | 0.26%             | 2039-04-20      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| AOA 2025-1301 D      | CMO      | CUSIP: 682461AJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $251947.78    | 0.19%             | 2030-08-01      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| OPTN 2025-D D        | CMO      | CUSIP: 68379HAD4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1011326.90   | 0.76%             | 2033-02-08      | Fixed         | 6.97%                 | No            |                  2 | On Loan: No      |
| OPTN 2026-A D        | CMO      | CUSIP: 68390VAD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1000719.10   | 0.75%             | 2034-01-09      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 D      | CMO      | CUSIP: 69381CAL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $999748.10    | 0.75%             | 2039-06-15      | Variable      | 7.14%                 | No            |                  2 | On Loan: No      |
| PFP 2025-12 D        | CMO      | CUSIP: 69382JAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    750000 | NS      | $748502.40    | 0.56%             | 2042-12-16      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| PMTLT 2026-CNF2 A2   | CMO      | CUSIP: 69393FAB2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $244460.75    | 0.18%             | 2057-02-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PMTLT 2026-CNF2 A24  | CMO      | CUSIP: 69393FBA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249465.30    | 0.19%             | 2057-02-25      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PAID 2026-1 B        | CMO      | CUSIP: 694969AC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $497526.19    | 0.37%             | 2033-09-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| PAID 2026-1 C        | CMO      | CUSIP: 694969AD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $498209.00    | 0.37%             | 2033-09-15      | Fixed         | 5.51%                 | No            |                  2 | On Loan: No      |
| PAID 2026-1 D        | CMO      | CUSIP: 694969AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    797000 | NS      | $791876.83    | 0.59%             | 2033-09-15      | Fixed         | 5.74%                 | No            |                  2 | On Loan: No      |
| PAID 2026-R1 C       | CMO      | CUSIP: 694971AC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $248639.85    | 0.19%             | 2033-12-15      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| PAID 2026-R1 D       | CMO      | CUSIP: 694971AD4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $742489.43    | 0.55%             | 2033-12-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PAID 2026-R1 E       | CMO      | CUSIP: 694972AA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $501647.95    | 0.37%             | 2033-12-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 D        | CMO      | CUSIP: 69547DAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1249956 | NS      | $1256069.73   | 0.94%             | 2033-01-15      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| PFP 2026-13 D        | CMO      | CUSIP: 716966AJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $249702.00    | 0.19%             | 2043-08-18      | Variable      | 6.06%                 | No            |                  2 | On Loan: No      |
| POLEN 2025-2A C      | CMO      | CUSIP: 73110AAD3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1002700.10   | 0.75%             | 2039-01-20      | Variable      | 5.71%                 | No            |                  2 | On Loan: No      |
| QTS 2025-1A B        | CMO      | CUSIP: 74690DAB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $980718.30    | 0.73%             | 2055-05-25      | Fixed         | 5.93%                 | No            |                  2 | On Loan: No      |
| QTSII 2026-4A A2     | CMO      | CUSIP: 74690FBC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $993348.09    | 0.74%             | 2056-03-05      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| QTSII 2026-4A B      | CMO      | CUSIP: 74690FBJ4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $994095.87    | 0.74%             | 2056-03-05      | Fixed         | 6.73%                 | No            |                  2 | On Loan: No      |
| RRAM 2024-28RA BR2   | CMO      | CUSIP: 74989NAU3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1003010.10   | 0.75%             | 2041-04-15      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| REGT8 2017-1A BR     | CMO      | CUSIP: 75888KAQ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    745000 | NS      | $747899.39    | 0.56%             | 2037-04-17      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| RMIT 2025-2 D        | CMO      | CUSIP: 75908BAD2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $100953.95    | 0.08%             | 2037-11-16      | Fixed         | 6.01%                 | No            |                  2 | On Loan: No      |
| REPS 2025-A E        | CMO      | CUSIP: 76042FAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1000408.20   | 0.75%             | 2034-11-20      | Fixed         | 7.70%                 | No            |                  2 | On Loan: No      |
| RPM 2026-R1A A       | CMO      | CUSIP: 76089TAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1001216.60   | 0.75%             | 2034-07-25      | Fixed         | 5.66%                 | No            |                  2 | On Loan: No      |
| RPM 2026-R1A B       | CMO      | CUSIP: 76089TAB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1000418.01   | 0.75%             | 2034-07-25      | Fixed         | 6.21%                 | No            |                  2 | On Loan: No      |
| RPM 2026-R1A C       | CMO      | CUSIP: 76089TAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1500000 | NS      | $1500753.66   | 1.12%             | 2034-07-25      | Fixed         | 6.96%                 | No            |                  2 | On Loan: No      |
| RPM 2026-1A C        | CMO      | CUSIP: 76100KAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $994515.80    | 0.74%             | 2035-01-25      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| RPM 2026-1A D        | CMO      | CUSIP: 76100KAF1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $995358.87    | 0.74%             | 2035-01-25      | Fixed         | 6.52%                 | No            |                  2 | On Loan: No      |
| RPM 2026-1A E        | CMO      | CUSIP: 76100NAB4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $500000.00    | 0.37%             | 2035-01-25      | Fixed         | 11.07%                | No            |                  2 | On Loan: No      |
| SCUL 30A D1R         | CMO      | CUSIP: 81124NAY6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    550000 | NS      | $545837.66    | 0.41%             | 2038-07-20      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| SCUL 26A BR          | CMO      | CUSIP: 81124TAQ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1002447.30   | 0.75%             | 2038-01-20      | Variable      | 5.53%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-6 A1       | CMO      | CUSIP: 81749YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    261160 | NS      | $265444.09    | 0.20%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SHENTL 2025-1A B     | CMO      | CUSIP: 82321AAB3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1008417.46   | 0.75%             | 2055-12-20      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| SRFC 2026-1A D       | CMO      | CUSIP: 82652VAD2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $995733.55    | 0.74%             | 2042-12-20      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| SPCLO 2024-4A D      | CMO      | CUSIP: 82809EAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    500000 | NS      | $497546.70    | 0.37%             | 2037-04-15      | Variable      | 7.77%                 | No            |                  2 | On Loan: No      |
| SNDPT 2021-1A B1R    | CMO      | CUSIP: 83614VAW5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    300000 | NS      | $300317.28    | 0.22%             | 2034-04-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| SNDPT 2021-3A B      | CMO      | CUSIP: 83615PAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250210.23    | 0.19%             | 2034-10-25      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| STRE 2026-1A C       | CMO      | CUSIP: 86325MAC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | NS      | $691610.61    | 0.52%             | 2046-08-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| STRE 2026-1A D       | CMO      | CUSIP: 86325MAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    350000 | NS      | $347312.18    | 0.26%             | 2046-08-15      | Fixed         | 8.18%                 | No            |                  2 | On Loan: No      |
| SWTCH 2024-1A B      | CMO      | CUSIP: 871044AC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $1000773.80   | 0.75%             | 2054-03-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SWTCH 2024-2A B      | CMO      | CUSIP: 871044AG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $739630.65    | 0.55%             | 2054-06-25      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| SYMP 2022-33A D1R    | CMO      | CUSIP: 87169JAS1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |   1000000 | NS      | $975631.30    | 0.73%             | 2038-01-24      | Variable      | 6.27%                 | No            |                  2 | On Loan: No      |
| TPGCLO 2025-1A B     | CMO      | CUSIP: 87268JAE2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   1000000 | NS      | $1002195.90   | 0.75%             | 2038-07-15      | Variable      | 5.47%                 | No            |                  2 | On Loan: No      |
| TPGCLO 2025-1A D1    | CMO      | CUSIP: 87268JAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $399373.80    | 0.30%             | 2038-07-15      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| TCIFC 2024-1A C      | CMO      | CUSIP: 88240JAG8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $502244.20    | 0.37%             | 2037-04-22      | Variable      | 6.01%                 | No            |                  2 | On Loan: No      |
| TRNTS 2024-28A BR    | CMO      | CUSIP: 89640FAU9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650000.00    | 0.49%             | 2039-04-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| TRNTS 2024-28A CR    | CMO      | CUSIP: 89640FAY1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $400000.00    | 0.30%             | 2039-04-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| TRNTS 2024-28A D1R   | CMO      | CUSIP: 89640FBA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650000.00    | 0.49%             | 2039-04-25      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| UPST 2025-4 D        | CMO      | CUSIP: 91684AAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    653000 | NS      | $667031.14    | 0.50%             | 2035-11-20      | Fixed         | 7.67%                 | No            |                  2 | On Loan: No      |
| UPXHI 2025-1 B       | CMO      | CUSIP: 916925AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $996633.30    | 0.74%             | 2047-01-25      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| VERUS 2025-11 A3     | CMO      | CUSIP: 924935AJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    962600 | NS      | $959500.81    | 0.72%             | 2070-11-25      | Variable      | 5.27%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A B      | CMO      | CUSIP: 92535VAS1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1250000 | NS      | $1248868.63   | 0.93%             | 2055-08-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A C      | CMO      | CUSIP: 92535VAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | NS      | $457372.71    | 0.34%             | 2055-08-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| VERUS 2026-1 A1      | CMO      | CUSIP: 92541JAF8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    493950 | NS      | $489453.24    | 0.37%             | 2071-01-01      | Variable      | 4.86%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-3A A2      | CMO      | CUSIP: 98919WAN3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1000000 | NS      | $996931.70    | 0.74%             | 2055-10-20      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-3A B       | CMO      | CUSIP: 98919WAQ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1250000 | NS      | $1244472.75   | 0.93%             | 2055-10-20      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| ACHM 2023-HE1 B      | MBS      | CUSIP: 00092AAB2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $512422.15    | 0.38%             | 2037-11-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AOMT 2024-4 A2       | MBS      | CUSIP: 034943AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    151072 | NS      | $152345.04    | 0.11%             | 2069-01-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $400235.84    | 0.30%             | 2064-02-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| PFMT 2025-2 A1       | MBS      | CUSIP: 74389DAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    113927 | NS      | $115653.63    | 0.09%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-5 A1       | MBS      | CUSIP: 81743GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    368106 | NS      | $371384.44    | 0.28%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |    991089 | NS      | $991089.15    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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