# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-26-000575
**Filing Date:** 2026-2
**Character Count:** 95467
**Document Hash:** f8c902a0f6f212b517670c6068947bea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-26-000575.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0002000324-26-000575

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260331

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 26668202

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 439 | Obra High Grade Structured | 499876AA | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  | 499876AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/7/2064 |  |  | 102.36 |  |  |  |  | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33125.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 500000.00 | 504531.25 | 504485.41 | 511803.15 | 511803.15 | 7317.74 | 7317.74 | 6.47 | False | 6.46 |  | 1.75 | 1.73 | 1.74 | 500000.00 |  |  | 499876AA<br> N | MP |
| 439 | Obra High Grade Structured | 209031AA | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  | 209031AA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2055 |  |  | 102.42 |  |  |  |  | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 300000.00 | 298499.04 | 298499.04 | 307248.51 | 307248.51 | 8749.47 | 8749.47 | 5.86 | True | 4.92 |  | 1.05 | 1.04 | 1.04 | 300000.00 |  |  | 209031AA<br> N | MP |
| 439 | Obra High Grade Structured | 38237YAA | GOOD 2023-4C A | 03/20/2057 6.480000% |  | 38237YAA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/20/2057 |  |  | 99.17 |  |  |  |  | GOOD 2023-4C A | 03/20/2057 6.480000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26283.10 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 405603.37 | 411307.17 | 411214.12 | 402225.10 | 402225.10 | -8989.02 | -8989.02 | 6.53 | False | 6.54 |  | 1.37 | 1.36 | 1.36 | 500000.00 |  |  | 38237YAA<br> N | MP |
| 439 | Obra High Grade Structured | 38410JAB | GPIF 2023-2A B | 03/01/2027 9.357840% |  | 38410JAB8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2027 |  |  | 100.17<br> M |  |  |  |  | GPIF 2023-2A B | 03/01/2027 9.357840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51639.27 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 630000.00 | 640433.62 | 634464.89 | 631057.14 | 631057.14 | -3407.75 | -3407.75 | 8.34 | True | 7.29 |  | 2.15 | 2.14 | 2.14 | 630000.00 |  |  | 38410JAB<br> N | MP |
| 439 | Obra High Grade Structured | 38410KAB | GPIF 2024-1A B | 03/01/2028 6.521840% |  | 38410KAB5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.50 |  |  |  |  | GPIF 2024-1A B | 03/01/2028 6.521840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15725.53 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 248359.38 | 249693.55 | 248750.70 | 248750.70 | -942.85 | -942.85 | 6.49 | False | 6.70 |  | 0.85 | 0.84 | 0.84 | 250000.00 |  |  | 38410KAB<br> N | MP |
| 439 | Obra High Grade Structured | 38410KAC | GPIF 2024-1A C | 03/01/2028 8.857610% |  | 38410KAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.69 |  |  |  |  | GPIF 2024-1A C | 03/01/2028 8.857610% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30760.84 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 400000.00 | 397609.38 | 399551.72 | 398755.56 | 398755.56 | -796.16 | -796.16 | 7.88 | False | 8.01 |  | 1.36 | 1.35 | 1.35 | 400000.00 |  |  | 38410KAC<br> N | MP |
| 439 | Obra High Grade Structured | 44148HAA | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  | 44148HAA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 102.40 |  |  |  |  | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42652.50 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 750000.00 | 726406.88 | 726960.93 | 768008.10 | 768008.10 | 41047.17 | 41047.17 | 5.55 | True | 2.94 |  | 2.62 | 2.60 | 2.60 | 750000.00 |  |  | 44148HAA<br> N | MP |
| 439 | Obra High Grade Structured | 50205FAA | LFS 2023-A A | 07/15/2035 7.173000% |  | 50205FAA2 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 100.19<br> M |  |  |  |  | LFS 2023-A A | 07/15/2035 7.173000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32994.33 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 459979.52 | 463636.36 | 460836.64 | 460840.56 | 460840.56 | 3.92 | 3.92 | 7.16 | True | 6.25 |  | 1.57 | 1.56 | 1.56 | 1750000.00 |  |  | 50205FAA<br> N | MP |
| 439 | Obra High Grade Structured | 629863AA | NALP 2024-1 A | 12/27/2049 6.490000% |  | 629863AA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/27/2049 |  |  | 99.96 |  |  |  |  | NALP 2024-1 A | 12/27/2049 6.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20403.38 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 314381.81 | 314312.97 | 314312.97 | 314270.30 | 314270.30 | -42.67 | -42.67 | 6.49 | False | 6.49 |  | 1.07 | 1.06 | 1.07 | 500000.00 |  |  | 629863AA<br> N | MP |
| 439 | Obra High Grade Structured | 65253MAA | NWSB 2021-1 A | 12/25/2048 8.250000% |  | 65253MAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/25/2048 |  |  | 99.90 |  |  |  |  | NWSB 2021-1 A | 12/25/2048 8.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11977.31 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 214025.31 | 210612.69 | 210726.88 | 213814.43 | 213814.43 | 3087.55 | 3087.55 | 5.60 | False | 5.60 |  | 0.73 | 0.72 | 0.72 | 1122000.00 |  |  | 65253MAA<br> N | MP |
| 439 | Obra High Grade Structured | 69548AAA | PAID 2024-1 A | 07/15/2031 6.660000% |  | 69548AAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2031 |  |  | 101.00 |  |  |  |  | PAID 2024-1 A | 07/15/2031 6.660000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3205.56 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 48131.51 | 48302.08 | 48268.49 | 48614.08 | 48614.08 | 345.59 | 345.59 | 6.59 | True | -18.88 |  | 0.17 | 0.16 | 0.16 | 250000.00 |  |  | 69548AAA<br> N | MP |
| 439 | Obra High Grade Structured | 69548AAB | PAID 2024-1 B | 07/15/2031 7.109000% |  | 69548AAB7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2031 |  |  | 101.67 |  |  |  |  | PAID 2024-1 B | 07/15/2031 7.109000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10395.40 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 146228.72 | 147174.99 | 146990.98 | 148667.76 | 148667.76 | 1676.78 | 1676.78 | 6.99 | True | -35.09 |  | 0.51 | 0.50 | 0.50 | 375000.00 |  |  | 69548AAB<br> N | MP |
| 439 | Obra High Grade Structured | 69544MAD | PAID 2024-10 D | 06/15/2032 6.429000% |  | 69544MAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2032 |  |  | 101.34 |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17163.31 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 266967.05 | 268760.82 | 267950.50 | 270531.60 | 270531.60 | 2581.10 | 2581.10 | 6.34 | True | 4.86 |  | 0.92 | 0.92 | 0.92 | 400000.00 |  |  | 69544MAD<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAB | PAID 2024-5 B | 10/15/2031 6.601000% |  | 69544LAB7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 101.89 |  |  |  |  | PAID 2024-5 B | 10/15/2031 6.601000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4842.07 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 73353.60 | 73353.60 | 73353.60 | 74743.27 | 74743.27 | 1389.67 | 1389.67 | 6.48 | True | 1.49 |  | 0.26 | 0.25 | 0.25 | 150000.00 |  |  | 69544LAB<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAC | PAID 2024-5 C | 10/15/2031 7.270000% |  | 69544LAC5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 101.77 |  |  |  |  | PAID 2024-5 C | 10/15/2031 7.270000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3681.28 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 50636.53 | 50636.53 | 50636.53 | 51532.82 | 51532.82 | 896.29 | 896.29 | 7.14 | True | 2.49 |  | 0.18 | 0.17 | 0.17 | 100000.00 |  |  | 69544LAC<br> N | MP |
| 439 | Obra High Grade Structured | 69545GAE | PAID 2025-2 D | 10/15/2032 6.053000% |  | 69545GAE1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2032 |  |  | 100.65 |  |  |  |  | PAID 2025-2 D | 10/15/2032 6.053000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15130.91 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 249973.74 | 249973.74 | 249973.74 | 251610.15 | 251610.15 | 1636.41 | 1636.41 | 6.01 | True | 5.49 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 69545GAE<br> N | MP |
| 439 | Obra High Grade Structured | 70472TAA | PEAR 2021-1 A | 01/15/2034 2.600000% |  | 70472TAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2034 |  |  | 99.66<br> M |  |  |  |  | PEAR 2021-1 A | 01/15/2034 2.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1447.31 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 55665.86 | 53874.12 | 54151.58 | 55475.78 | 55475.78 | 1324.20 | 1324.20 | 2.61 | False | 2.65 |  | 0.19 | 0.19 | 0.19 | 1125000.00 |  |  | 70472TAA<br> N | MP |
| 439 | Obra High Grade Structured | 70473AAA | PEAR 2023-1 A | 07/15/2035 7.420000% |  | 70473AAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 102.28<br> M |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11806.10 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 159111.82 | 161019.92 | 160575.20 | 162731.88 | 162731.88 | 2156.68 | 2156.68 | 7.25 | True | 6.03 |  | 0.56 | 0.55 | 0.55 | 250000.00 |  |  | 70473AAA<br> N | MP |
| 439 | Obra High Grade Structured | 80290CBU | SBCLN 2023-A B | 06/15/2033 6.493000% |  | 80290CBU7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2033 |  |  | 99.94 |  |  |  |  | SBCLN 2023-A B | 06/15/2033 6.493000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 472.99 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 7284.66 | 7309.15 | 7305.56 | 7279.97 | 7279.97 | -25.59 | -25.59 | 6.50 | False | 6.50 |  | 0.02 | 0.02 | 0.02 | 625000.00 |  |  | 80290CBU<br> N | MP |
| 439 | Obra High Grade Structured | 80290CBV | SBCLN 2023-A C | 06/15/2033 6.736000% |  | 80290CBV5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2033 |  |  | 100.13 |  |  |  |  | SBCLN 2023-A C | 06/15/2033 6.736000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 196.28 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 2913.87 | 2919.26 | 2918.47 | 2917.53 | 2917.53 | -0.94 | -0.94 | 6.73 | True | 6.65 |  | 0.01 | 0.01 | 0.01 | 250000.00 |  |  | 80290CBV<br> N | MP |
| 439 | Obra High Grade Structured | 86745CAB | SNVA 2024-A B | 02/20/2051 6.000000% |  | 86745CAB8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/20/2051 |  |  | 78.84 |  |  |  |  | SNVA 2024-A B | 02/20/2051 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21207.98 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 353466.33 | 342386.75 | 342677.78 | 278655.89 | 278655.89 | -64021.89 | -64021.89 | 7.61 | False | 7.95 |  | 0.95 | 0.94 | 0.94 | 417000.00 |  |  | 86745CAB<br> N | MP |
| 439 | Obra High Grade Structured | 86771BAA | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  | 86771BAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/30/2059 |  |  | 102.38 |  |  |  |  | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12197.85 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 195165.68 | 194271.22 | 194271.22 | 199811.66 | 199811.66 | 5540.44 | 5540.44 | 6.10 | False | 6.08 |  | 0.68 | 0.68 | 0.68 | 200000.00 |  |  | 86771BAA<br> N | MP |
| 439 | Obra High Grade Structured | 98919WAG | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  | 98919WAG8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/20/2055 |  |  | 102.53 |  |  |  |  | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5953.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 100000.00 | 100000.01 | 100000.00 | 102533.94 | 102533.94 | 2533.94 | 2533.94 | 5.81 | True | 5.03 |  | 0.35 | 0.35 | 0.35 | 100000.00 |  |  | 98919WAG<br> N | MP |
| 439 | Obra High Grade Structured | 00120VAG | AGL 2024-30A C | 04/21/2037 7.628640% |  | 00120VAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/21/2037 |  |  | 100.46 |  |  |  |  | AGL 2024-30A C | 04/21/2037 7.628640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46274.70 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 750000.00 | 750136.20 | 750123.77 | 753484.28 | 753484.28 | 3360.51 | 3360.51 | 6.14 | True | 4.64 |  | 2.57 | 2.55 | 2.55 | 750000.00 |  | N.A. | 00120VAG<br> N | MP |
| 439 | Obra High Grade Structured | 05684CBA | BCC 2020-3A DRR | 10/23/2034 7.379340% |  | 05684CBA2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/23/2034 |  |  | 100.15 |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2644.72 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 38000.00 | 37962.00 | 38000.00 | 38058.25 | 38058.25 | 58.25 | 58.25 | 6.95 | False | 6.94 |  | 0.13 | 0.13 | 0.13 | 38000.00 |  | N.A. | 05684CBA<br> N | MP |
| 439 | Obra High Grade Structured | 09263EAG | BLKMM 2024-1A C | 07/15/2036 N.A.% |  | 09263EAG7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2036 |  |  | 100.52 |  |  |  |  | BLKMM 2024-1A C | 07/15/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34772.70 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 502599.20 | 502599.20 | 2599.20 | 2599.20 | 7.33 | False | 7.30 |  | 1.72 | 1.70 | 1.70 | 500000.00 |  |  | 09263EAG<br> N | MP |
| 439 | Obra High Grade Structured | 12598YAG | CIFC 2023-3A C | 01/20/2037 7.966440% |  | 12598YAG3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2037 |  |  | 100.45 |  |  |  |  | CIFC 2023-3A C | 01/20/2037 7.966440% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32672.20 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 500000.00 | 502572.80 | 502335.99 | 502251.10 | 502251.10 | -84.89 | -84.89 | 6.51 | True | -1.54 |  | 1.71 | 1.70 | 1.70 | 500000.00 |  | N.A. | 12598YAG<br> N | MP |
| 439 | Obra High Grade Structured | 29003NAG | ELM28 2024-4A D | 04/17/2037 N.A.% |  | 29003NAG0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 100.76 |  |  |  |  | ELM28 2024-4A D | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17954.08 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251901.33 | 251901.33 | 1901.33 | 1901.33 | 7.13 | False | 7.08 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 29003NAG<br> N | MP |
| 439 | Obra High Grade Structured | 38179NAF | GOCAP 2024-71A C | 02/09/2037 8.573730% |  | 38179NAF1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/9/2037 |  |  | 100.49 |  |  |  |  | GOCAP 2024-71A C | 02/09/2037 8.573730% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17787.38 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250005.50 | 250005.02 | 251231.15 | 251231.15 | 1226.13 | 1226.13 | 7.44 | False | 7.41 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  | N.A. | 38179NAF<br> N | MP |
| 439 | Obra High Grade Structured | 38179FAW | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  | 38179FAW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2033 |  |  | 100.46 |  |  |  |  | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16519.95 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250937.50 | 250835.58 | 251155.63 | 251155.63 | 320.05 | 320.05 | 6.58 | False | 6.53 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  | N.A. | 38179FAW<br> N | MP |
| 439 | Obra High Grade Structured | 46604KAE | IVYH 2024-22A C | 04/20/2036 8.451560% |  | 46604KAE8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.50 |  |  |  |  | IVYH 2024-22A C | 04/20/2036 8.451560% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17836.10 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 248985.85 | 249083.60 | 251257.83 | 251257.83 | 2174.23 | 2174.23 | 7.10 | False | 7.07 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  | N.A. | 46604KAE<br> N | MP |
| 439 | Obra High Grade Structured | 46604CAS | IVYH 20A CR | 07/19/2037 N.A.% |  | 46604CAS5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/19/2037 |  |  | 100.58 |  |  |  |  | IVYH 20A CR | 07/19/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16711.10 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251443.55 | 251443.55 | 1443.55 | 1443.55 | 7.04 | False | 7.01 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 46604CAS<br> N | MP |
| 439 | Obra High Grade Structured | 55822NAG | MDPK 2023-61A C | 01/20/2037 8.207080% |  | 55822NAG4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/20/2037 |  |  | 100.00 |  |  |  |  | MDPK 2023-61A C | 01/20/2037 8.207080% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52935.67 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 645000.00 | 647919.98 | 647678.89 | 645000.00 | 645000.00 | -2678.89 | -2678.89 | 6.78 | False | 6.78 |  | 2.20 | 2.18 | 2.19 | 645000.00 |  | N.A. | 55822NAG<br> N | MP |
| 439 | Obra High Grade Structured | 598014AJ | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  | 598014AJ7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.41 |  |  |  |  | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17211.10 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251034.00 | 251034.00 | 1034.00 | 1034.00 | 6.86 | False | 6.83 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 598014AJ<br> N | MP |
| 439 | Obra High Grade Structured | 67443AAJ | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  | 67443AAJ0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 101.11 |  |  |  |  | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21853.32 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 303322.53 | 303322.53 | 3322.53 | 3322.53 | 7.20 | False | 7.15 |  | 1.04 | 1.03 | 1.03 | 300000.00 |  |  | 67443AAJ<br> N | MP |
| 439 | Obra High Grade Structured | 67118BAU | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  | 67118BAU7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/20/2036 |  |  | 100.24 |  |  |  |  | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32172.20 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 501222.50 | 501222.50 | 1222.50 | 1222.50 | 6.42 | False | 6.40 |  | 1.71 | 1.70 | 1.70 | 500000.00 |  |  | 67118BAU<br> N | MP |
| 439 | Obra High Grade Structured | 67120EAN | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  | 67120EAN3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/16/2037 |  |  | 100.46 |  |  |  |  | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16734.08 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251156.38 | 251156.38 | 1156.38 | 1156.38 | 7.08 | False | 7.06 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 67120EAN | MP |
| 439 | Obra High Grade Structured | 67706HCE | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  | 67706HCE6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/23/2037 |  |  | 100.74 |  |  |  |  | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20899.50 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251847.75 | 251847.75 | 1847.75 | 1847.75 | 8.30 | False | 8.26 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 67706HCE<br> N | MP |
| 439 | Obra High Grade Structured | 69917AAN | PARL 2020-1A A2R | 07/20/2034 6.404780% |  | 69917AAN4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2034 |  |  | 100.32 |  |  |  |  | PARL 2020-1A A2R | 07/20/2034 6.404780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17748.31 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 296000.00 | 296236.80 | 296090.62 | 296934.00 | 296934.00 | 843.38 | 843.38 | 5.98 | True | 5.42 |  | 1.01 | 1.00 | 1.01 | 296000.00 |  | N.A. | 69917AAN | MP |
| 439 | Obra High Grade Structured | 69690ABC | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  | 69690ABC0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/20/2037 |  |  | 100.32 |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5194.17 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 76000.00 | 76342.00 | 76203.02 | 76243.43 | 76243.43 | 40.41 | 40.41 | 6.81 | True | 6.42 |  | 0.26 | 0.26 | 0.26 | 76000.00 |  | N.A. | 69690ABC<br> N | MP |
| 439 | Obra High Grade Structured | 750104AW | RAD 2023-19A D1R | 03/20/2038 7.673170% |  | 750104AW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/20/2038 |  |  | 100.65 |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14468.88 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 202300.00 | 201626.00 | 201295.86 | 201295.86 | -330.14 | -330.14 | 7.19 | True | 6.71 |  | 0.69 | 0.68 | 0.68 | 200000.00 |  | N.A. | 750104AW<br> N | MP |
| 439 | Obra High Grade Structured | 05493XAE | BAHA 2024-MAR B | 12/10/2029 7.069410% |  | 05493XAE0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2029 |  |  | 104.96 |  |  |  |  | BAHA 2024-MAR B | 12/10/2029 7.069410% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17103.43 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 262394.60 | 262394.60 | 12394.60 | 12394.60 | 6.74 | False | 5.66 |  | 0.90 | 0.89 | 0.89 | 250000.00 |  |  | 05493XAE<br> N | MP |
| 439 | Obra High Grade Structured | 05612TAC | BX 2024-VLT4 B | 07/15/2029 7.260766% |  | 05612TAC9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2029 |  |  | 99.95 |  |  |  |  | BX 2024-VLT4 B | 07/15/2029 7.260766% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11381.78 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199639.57 | 199892.74 | 199892.74 | 253.17 | 253.17 | 5.90 | False | 5.92 |  | 0.68 | 0.68 | 0.68 | 200000.00 |  |  | 05612TAC<br> N | MP |
| 439 | Obra High Grade Structured | 05594CAG | BX 2025-LUNR C | 06/09/2040 6.330000% |  | 05594CAG9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2040 |  |  | 100.33 |  |  |  |  | BX 2025-LUNR C | 06/09/2040 6.330000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15312.80 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 266304.09 | 266304.09 | 266304.09 | 267182.04 | 267182.04 | 877.95 | 877.95 | 5.73 | False | 5.72 |  | 0.91 | 0.90 | 0.91 | 300000.00 |  |  | 05594CAG<br> N | MP |
| 439 | Obra High Grade Structured | 12433KAE | BX 2025-VLT6 C | 03/15/2030 6.514470% |  | 12433KAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2030 |  |  | 98.98 |  |  |  |  | BX 2025-VLT6 C | 03/15/2030 6.514470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11884.54 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199500.00 | 197951.94 | 197951.94 | -1548.06 | -1548.06 | 6.00 | False | 6.22 |  | 0.68 | 0.67 | 0.67 | 200000.00 |  |  | 12433KAE<br> N | MP |
| 439 | Obra High Grade Structured | 05613YAG | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  | 05613YAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/18/2042 |  |  | 99.06 |  |  |  |  | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13359.34 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199687.44 | 198129.24 | 198129.24 | -1558.20 | -1558.20 | 6.97 | False | 7.00 |  | 0.68 | 0.67 | 0.67 | 200000.00 |  |  | 05613YAG<br> N | MP |
| 439 | Obra High Grade Structured | 12988DAE | CALI 2024-SUN C | 07/15/2041 8.109780% |  | 12988DAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2041 |  |  | 100.70 |  |  |  |  | CALI 2024-SUN C | 07/15/2041 8.109780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16417.78 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 249375.00 | 249375.00 | 251750.43 | 251750.43 | 2375.43 | 2375.43 | 6.52 | False | 6.50 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 12988DAE<br> N | MP |
| 439 | Obra High Grade Structured | 34461WAG | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  | 34461WAG5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 100.86 |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15875.30 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252141.60 | 252141.60 | 2141.60 | 2141.60 | 6.30 | False | 6.26 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 34461WAG<br> N | MP |
| 439 | Obra High Grade Structured | 30338DAG | FS 2024-HULA D | 08/15/2039 8.239500% |  | 30338DAG6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2039 |  |  | 100.32 |  |  |  |  | FS 2024-HULA D | 08/15/2039 8.239500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13379.24 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 199937.50 | 199942.12 | 200634.02 | 200634.02 | 691.90 | 691.90 | 6.67 | False | 6.65 |  | 0.68 | 0.68 | 0.68 | 200000.00 |  |  | 30338DAG<br> N | MP |
| 439 | Obra High Grade Structured | 362414AE | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  | 362414AE4 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/15/2041 |  |  | 100.37 |  |  |  |  | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46427.18 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 750000.00 | 748125.00 | 748234.71 | 752804.25 | 752804.25 | 4569.54 | 4569.54 | 6.17 | False | 6.15 |  | 2.57 | 2.55 | 2.55 | 750000.00 |  |  | 362414AE<br> N | MP |
| 439 | Obra High Grade Structured | 40424UAE | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  | 40424UAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 100.57 |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34596.87 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 550000.00 | 550421.88 | 550406.44 | 553118.50 | 553118.50 | 2712.06 | 2712.06 | 6.25 | False | 6.23 |  | 1.89 | 1.87 | 1.88 | 550000.00 |  |  | 40424UAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAE | MF1 2025-FL19 B | 05/18/2042 N.A.% |  | 55287KAE3 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.07 |  |  |  |  | MF1 2025-FL19 B | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6075.86 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 100000.00 | 99750.00 | 99852.27 | 100066.03 | 100066.03 | 213.76 | 213.76 | 6.07 | True | 6.00 |  | 0.34 | 0.34 | 0.34 | 100000.00 |  |  | 55287KAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAG | MF1 2025-FL19 C | 05/18/2042 N.A.% |  | 55287KAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.18 |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26300.60 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 400000.00 | 399000.00 | 399408.14 | 400738.28 | 400738.28 | 1330.14 | 1330.14 | 6.56 | True | 6.36 |  | 1.37 | 1.36 | 1.36 | 400000.00 |  |  | 55287KAG<br> N | MP |
| 439 | Obra High Grade Structured | 62956HAE | NYC 2024-3ELV C | 08/15/2029 8.169720% |  | 62956HAE6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2029 |  |  | 101.06 |  |  |  |  | NYC 2024-3ELV C | 08/15/2029 8.169720% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16474.60 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 249374.90 | 249374.90 | 252659.98 | 252659.98 | 3285.08 | 3285.08 | 6.52 | False | 6.26 |  | 0.86 | 0.86 | 0.86 | 250000.00 |  |  | 62956HAE<br> N | MP |
| 439 | Obra High Grade Structured | 69382JAC | PFP 2025-12 B | 12/18/2042 N.A.% |  | 69382JAC5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 12/18/2042 |  |  | 100.07 |  |  |  |  | PFP 2025-12 B | 12/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17329.71 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 300000.00 | 299250.00 | 299250.00 | 300205.14 | 300205.14 | 955.14 | 955.14 | 6.00 | True | 5.96 |  | 1.02 | 1.02 | 1.02 | 300000.00 |  |  | 69382JAC<br> N | MP |
| 439 | Obra High Grade Structured | 78489CAD | SWCH 2025-DATA D | 03/15/2042 6.948550% |  | 78489CAD1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 99.11 |  |  |  |  | SWCH 2025-DATA D | 03/15/2042 6.948550% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9587.01 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 150000.00 | 149625.00 | 149625.00 | 148664.88 | 148664.88 | -960.12 | -960.12 | 6.45 | False | 6.48 |  | 0.51 | 0.50 | 0.50 | 150000.00 |  |  | 78489CAD<br> N | MP |
| 439 | Obra High Grade Structured | 46117WAE | TOWN 2025-STAY C | 03/15/2042 6.550000% |  | 46117WAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 101.11 |  |  |  |  | TOWN 2025-STAY C | 03/15/2042 6.550000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15000.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252782.85 | 252782.85 | 2782.85 | 2782.85 | 5.93 | False | 5.89 |  | 0.86 | 0.86 | 0.86 | 250000.00 |  |  | 46117WAE<br> N | MP |
| 439 | Obra High Grade Structured | 001207AY | AGL 2020-9A DR | 04/20/2037 7.875490% |  | 001207AY5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 99.96 |  |  |  |  | AGL 2020-9A DR | 04/20/2037 7.875490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9293.05 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 125000.00 | 125837.50 | 125342.96 | 124946.24 | 124946.24 | -396.72 | -396.72 | 7.44 | False | 7.44 |  | 0.43 | 0.42 | 0.42 | 125000.00 |  | N.A. | 001207AY<br> N | MP |
| 439 | Obra High Grade Structured | 03666BBE | ANTR 2021-1A DR | 10/25/2038 N.A.% |  | 03666BBE3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 100.05 |  |  |  |  | ANTR 2021-1A DR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35444.95 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500225.25 | 500225.25 | 225.25 | 225.25 | 7.09 | False | 7.08 |  | 1.71 | 1.69 | 1.70 | 500000.00 |  |  | 03666BBE<br> N | MP |
| 439 | Obra High Grade Structured | 088928AC | BHMS 2025-ATLS B | 08/15/2042 6.900000% |  | 088928AC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.14 |  |  |  |  | BHMS 2025-ATLS B | 08/15/2042 6.900000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18900.36 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 300426.42 | 300426.42 | 426.42 | 426.42 | 6.29 | False | 6.29 |  | 1.03 | 1.02 | 1.02 | 300000.00 |  |  | 088928AC<br> N | MP |
| 439 | Obra High Grade Structured | 088928AE | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  | 088928AE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.06 |  |  |  |  | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42300.72 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 600000.00 | 600000.00 | 600000.00 | 600335.46 | 600335.46 | 335.46 | 335.46 | 7.05 | False | 7.04 |  | 2.05 | 2.03 | 2.04 | 600000.00 |  |  | 088928AE<br> N | MP |
| 439 | Obra High Grade Structured | 05765DAZ | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  | 05765DAZ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.43 |  |  |  |  | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20336.10 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251062.90 | 251062.90 | 1062.90 | 1062.90 | 8.10 | False | 8.07 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 439 | Obra High Grade Structured | 05619BAG | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  | 05619BAG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 100.25 |  |  |  |  | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14831.60 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 249375.00 | 249436.63 | 250617.25 | 250617.25 | 1180.62 | 1180.62 | 6.14 | True | 6.04 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 05619BAG<br> N | MP |
| 439 | Obra High Grade Structured | 12433HAE | BX 2025-BCAT C | 08/15/2042 6.250000% |  | 12433HAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.25 |  |  |  |  | BX 2025-BCAT C | 08/15/2042 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13536.06 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 239571.21 | 239571.21 | 239571.21 | 240168.72 | 240168.72 | 597.51 | 597.51 | 5.64 | False | 5.63 |  | 0.82 | 0.81 | 0.81 | 250000.00 |  |  | 12433HAE<br> N | MP |
| 439 | Obra High Grade Structured | 05618XAE | BX 2025-COPT C | 09/15/2042 6.850000% |  | 05618XAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.14 |  |  |  |  | BX 2025-COPT C | 09/15/2042 6.850000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25000.48 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400575.12 | 400575.12 | 575.12 | 575.12 | 6.24 | False | 6.24 |  | 1.37 | 1.36 | 1.36 | 400000.00 |  |  | 05618XAE<br> N | MP |
| 439 | Obra High Grade Structured | 05618XAG | BX 2025-COPT D | 09/15/2042 7.600000% |  | 05618XAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.14 |  |  |  |  | BX 2025-COPT D | 09/15/2042 7.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17500.30 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250355.55 | 250355.55 | 355.55 | 355.55 | 6.99 | False | 6.99 |  | 0.85 | 0.85 | 0.85 | 250000.00 |  |  | 05618XAG<br> N | MP |
| 439 | Obra High Grade Structured | 05619PAA | BX 2025-VOLT A | 12/15/2044 5.700000% |  | 05619PAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2044 |  |  | 99.93 |  |  |  |  | BX 2025-VOLT A | 12/15/2044 5.700000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13625.30 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249822.25 | 249822.25 | -177.75 | -177.75 | 5.70 | False | 5.71 |  | 0.85 | 0.85 | 0.85 | 250000.00 |  |  | 05619PAA<br> N | MP |
| 439 | Obra High Grade Structured | 23306HAG | DBC 2025-DBC D | 06/15/2038 6.650000% |  | 23306HAG0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2038 |  |  | 101.00 |  |  |  |  | DBC 2025-DBC D | 06/15/2038 6.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9526.50 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 150000.00 | 150000.00 | 150000.00 | 151498.89 | 151498.89 | 1498.89 | 1498.89 | 6.29 | False | 6.24 |  | 0.52 | 0.51 | 0.51 | 150000.00 |  |  | 23306HAG<br> N | MP |
| 439 | Obra High Grade Structured | 38411WAC | GPIF 2025-1A C | 08/15/2028 N.A.% |  | 38411WAC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2028 |  |  | 100.10<br> M |  |  |  |  | GPIF 2025-1A C | 08/15/2028 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47422.55 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 700000.00 | 700000.00 | 700000.00 | 700677.18 | 700677.18 | 677.18 | 677.18 | 6.95 | False | 6.92 |  | 2.39 | 2.37 | 2.38 | 700000.00 |  |  | 38411WAC<br> N | MP |
| 439 | Obra High Grade Structured | 46604EAY | IVYH 9A BR3 | 07/23/2037 N.A.% |  | 46604EAY8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/23/2037 |  |  | 100.01 |  |  |  |  | IVYH 9A BR3 | 07/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39422.24 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 650000.00 | 650000.00 | 650000.00 | 650090.35 | 650090.35 | 90.35 | 90.35 | 0.00 | False | 0.00 |  | 2.22 | 2.20 | 2.20 | 650000.00 |  |  | 46604EAY<br> N | MP |
| 439 | Obra High Grade Structured | 46592UAE | JPMCC 2025-PHNY C | 01/15/2041 6.293000% |  | 46592UAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2041 |  |  | 99.94 |  |  |  |  | JPMCC 2025-PHNY C | 01/15/2041 6.293000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18879.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 300000.00 | 299250.00 | 299250.00 | 299830.26 | 299830.26 | 580.26 | 580.26 | 6.30 | False | 6.30 |  | 1.02 | 1.01 | 1.02 | 300000.00 |  |  | 46592UAE<br> N | MP |
| 439 | Obra High Grade Structured | 538908AC | LMDV 2025-1A B | 12/15/2055 5.900000% |  | 538908AC8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2055 |  |  | 100.69 |  |  |  |  | LMDV 2025-1A B | 12/15/2055 5.900000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11800.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 199983.36 | 199983.36 | 201372.89 | 201372.89 | 1389.53 | 1389.53 | 5.86 | True | 5.74 |  | 0.69 | 0.68 | 0.68 | 200000.00 |  |  | 538908AC<br> N | MP |
| 439 | Obra High Grade Structured | 50209AAH | LMRK 2025-1A A | 09/15/2055 5.520000% |  | 50209AAH4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2055 |  |  | 101.13 |  |  |  |  | LMRK 2025-1A A | 09/15/2055 5.520000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16560.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 300000.00 | 299993.79 | 299993.79 | 303376.20 | 303376.20 | 3382.41 | 3382.41 | 5.46 | False | 5.44 |  | 1.04 | 1.03 | 1.03 | 300000.00 |  |  | 50209AAH<br> N | MP |
| 439 | Obra High Grade Structured | 55817HBC | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  | 55817HBC2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/16/2038 |  |  | 100.24 |  |  |  |  | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7367.04 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125306.14 | 125306.14 | 306.14 | 306.14 | 5.88 | False | 5.87 |  | 0.43 | 0.42 | 0.42 | 125000.00 |  |  | 55817HBC<br> N | MP |
| 439 | Obra High Grade Structured | 59803TBE | MIDO 2023-12A BRR | 07/18/2038 6.079000% |  | 59803TBE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2038 |  |  | 100.74 |  |  |  |  | MIDO 2023-12A BRR | 07/18/2038 6.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7043.05 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125931.23 | 125931.23 | 931.23 | 931.23 | 5.59 | False | 5.55 |  | 0.43 | 0.43 | 0.43 | 125000.00 |  |  | 59803TBE<br> N | MP |
| 439 | Obra High Grade Structured | 59918AAE | MILE 2025-STNE C | 07/15/2030 6.427400% |  | 59918AAE4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2030 |  |  | 100.25 |  |  |  |  | MILE 2025-STNE C | 07/15/2030 6.427400% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5850.12 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 100249.37 | 100249.37 | 249.37 | 249.37 | 6.04 | False | 6.00 |  | 0.34 | 0.34 | 0.34 | 100000.00 |  |  | 59918AAE<br> N | MP |
| 439 | Obra High Grade Structured | 63943JAC | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  | 63943JAC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2037 |  |  | 100.31 |  |  |  |  | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16558.80 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250787.15 | 250787.15 | 787.15 | 787.15 | 0.00 | False | -0.03 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 63943JAC<br> N | MP |
| 439 | Obra High Grade Structured | 63943VAJ | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  | 63943VAJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.01 |  |  |  |  | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8960.24 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125012.85 | 125012.85 | 12.85 | 12.85 | 7.17 | False | 7.17 |  | 0.43 | 0.42 | 0.42 | 125000.00 |  |  | 63943VAJ<br> N | MP |
| 439 | Obra High Grade Structured | 674436AL | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  | 674436AL4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 100.49 |  |  |  |  | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51120.96 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 600000.00 | 600000.00 | 600000.00 | 602961.84 | 602961.84 | 2961.84 | 2961.84 | 8.48 | False | 8.46 |  | 2.06 | 2.04 | 2.04 | 600000.00 |  |  | 674436AL<br> N | MP |
| 439 | Obra High Grade Structured | 69547DAD | PAID 2025-4 C | 01/17/2033 6.146000% |  | 69547DAD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2033 |  |  | 101.56 |  |  |  |  | PAID 2025-4 C | 01/17/2033 6.146000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46093.36 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 749973.35 | 749973.35 | 749973.34 | 761686.65 | 761686.65 | 11713.31 | 11713.31 | 6.05 | True | 5.03 |  | 2.60 | 2.58 | 2.58 | 750000.00 |  |  | 69547DAD<br> N | MP |
| 439 | Obra High Grade Structured | 69549TAD | PAID 2025-8 C | 07/15/2033 5.611000% |  | 69549TAD1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2033 |  |  | 100.23 |  |  |  |  | PAID 2025-8 C | 07/15/2033 5.611000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11222.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 200000.00 | 200000.00 | 200465.46 | 200465.46 | 465.46 | 465.46 | 5.60 | True | 5.49 |  | 0.68 | 0.68 | 0.68 | 200000.00 |  |  | 69549TAD<br> N | MP |
| 439 | Obra High Grade Structured | 75908BAC | RMIT 2025-2 C | 11/16/2037 5.360000% |  | 75908BAC4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/16/2037 |  |  | 99.88 |  |  |  |  | RMIT 2025-2 C | 11/16/2037 5.360000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10720.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 200000.00 | 199995.40 | 199995.40 | 199769.14 | 199769.14 | -226.26 | -226.26 | 5.37 | False | 5.37 |  | 0.68 | 0.68 | 0.68 | 200000.00 |  |  | 75908BAC<br> N | MP |
| 439 | Obra High Grade Structured | 81749YAA | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  | 81749YAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2055 |  |  | 102.36 |  |  |  |  | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18075.08 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 301251.32 | 301063.04 | 301063.04 | 308358.98 | 308358.98 | 7295.94 | 7295.94 | 5.86 | True | 5.73 |  | 1.05 | 1.04 | 1.05 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 439 | Obra High Grade Structured | 82321AAA | SHENTL 2025-1A A2 | 12/20/2055 5.640000% |  | 82321AAA5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2055 |  |  | 101.31 |  |  |  |  | SHENTL 2025-1A A2 | 12/20/2055 5.640000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14100.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 249900.02 | 249900.02 | 253268.04 | 253268.04 | 3368.02 | 3368.02 | 5.57 | True | 5.16 |  | 0.86 | 0.86 | 0.86 | 250000.00 |  |  | 82321AAA<br> N | MP |
| 439 | Obra High Grade Structured | 87268JAJ | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  | 87268JAJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 100.25 |  |  |  |  | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29990.84 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 400000.00 | 399739.60 | 399739.60 | 400990.52 | 400990.52 | 1250.92 | 1250.92 | 0.00 | False | -0.02 |  | 1.37 | 1.36 | 1.36 | 400000.00 |  |  | 87268JAJ<br> N | MP |
| 439 | Obra High Grade Structured | 92535VAS | VBTOW 2025-1A B | 08/16/2055 5.602000% |  | 92535VAS1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 100.29<br> M |  |  |  |  | VBTOW 2025-1A B | 08/16/2055 5.602000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14005.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 247946.48 | 248331.36 | 250734.18 | 250734.18 | 2402.82 | 2402.82 | 5.59 | True | 5.41 |  | 0.86 | 0.85 | 0.85 | 250000.00 |  |  | 92535VAS<br> N | MP |
| 439 | Obra High Grade Structured | 92535VAU | VBTOW 2025-1A C | 08/16/2055 7.446000% |  | 92535VAU6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 99.79<br> M |  |  |  |  | VBTOW 2025-1A C | 08/16/2055 7.446000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18615.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 250000.00 | 248939.88 | 248939.88 | 249469.08 | 249469.08 | 529.20 | 529.20 | 7.46 | False | 7.46 |  | 0.85 | 0.84 | 0.85 | 250000.00 |  |  | 92535VAU<br> N | MP |
| 439 | Obra High Grade Structured | 034943AB | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  | 034943AB6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2069 |  |  | 103.63 |  |  |  |  | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10436.53 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 163121.68 | 163119.64 | 163119.65 | 169050.14 | 169050.14 | 5930.49 | 5930.49 | 6.17 | True | 3.39 |  | 0.58 | 0.57 | 0.57 | 250000.00 |  |  | 034943AB<br> N | MP |
| 439 | Obra High Grade Structured | 17332RAA | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  | 17332RAA1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 102.36 |  |  |  |  | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11695.20 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 194920.03 | 193762.69 | 193762.69 | 199518.93 | 199518.93 | 5756.24 | 5756.24 | 5.86 | False | 5.83 |  | 0.68 | 0.68 | 0.68 | 250000.00 |  |  | 17332RAA<br> N | MP |
| 439 | Obra High Grade Structured | 36272DAA | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  | 36272DAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2055 |  |  | 102.36 |  |  |  |  | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12217.95 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 203632.51 | 203759.78 | 203755.53 | 208436.97 | 208436.97 | 4681.44 | 4681.44 | 5.86 | True | 5.73 |  | 0.71 | 0.71 | 0.71 | 250000.00 |  |  | 36272DAA<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAD | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  | 46657WAD0 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 100.97 |  |  |  |  | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12355.59 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 190086.04 | 189945.81 | 189948.43 | 191929.74 | 191929.74 | 1981.31 | 1981.31 | 6.44 | True | 6.38 |  | 0.66 | 0.65 | 0.65 | 500000.00 |  |  | 46657WAD<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAK | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  | 46657WAK4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 100.43 |  |  |  |  | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7319.49 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 112607.54 | 112396.81 | 112400.74 | 113088.91 | 113088.91 | 688.17 | 688.17 | 6.47 | True | 6.45 |  | 0.39 | 0.38 | 0.38 | 500000.00 |  |  | 46657WAK<br> N | MP |
| 439 | Obra High Grade Structured | 465983AD | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  | 465983AD6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2064 |  |  | 101.14 |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6414.00 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 100000.00 | 99998.10 | 99998.71 | 101137.95 | 101137.95 | 1139.24 | 1139.24 | 6.34 | True | 5.81 |  | 0.35 | 0.34 | 0.34 | 100000.00 |  |  | 465983AD<br> N | MP |
| 439 | Obra High Grade Structured | 46590SAC | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  | 46590SAC1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/1/2065 |  |  | 101.44 |  |  |  |  | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25452.11 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 457196.10 | 457424.69 | 457383.49 | 463794.71 | 463794.71 | 6411.22 | 6411.22 | 5.49 | True | 4.93 |  | 1.58 | 1.57 | 1.57 | 500000.00 |  |  | 46590SAC<br> N | MP |
| 439 | Obra High Grade Structured | 67117VAC | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  | 67117VAC4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2063 |  |  | 102.69 |  |  |  |  | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5071.14 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 72704.56 | 72977.21 | 72975.06 | 74662.02 | 74662.02 | 1686.96 | 1686.96 | 6.79 | True | 2.19 |  | 0.25 | 0.25 | 0.25 | 140000.00 |  |  | 67117VAC<br> N | MP |
| 439 | Obra High Grade Structured | 74389DAA | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  | 74389DAA5 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 102.23 |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6561.87 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 109364.56 | 109057.02 | 109057.02 | 111808.18 | 111808.18 | 2751.16 | 2751.16 | 5.87 | True | 5.74 |  | 0.38 | 0.38 | 0.38 | 134800.00 |  |  | 74389DAA<br> N | MP |
| 439 | Obra High Grade Structured | 75023XAF | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  | 75023XAF9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2055 |  |  | 102.23 |  |  |  |  | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33606.68 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 560111.29 | 559896.53 | 559904.17 | 572626.30 | 572626.30 | 12722.13 | 12722.13 | 5.87 | True | 5.75 |  | 1.95 | 1.94 | 1.94 | 658500.00 |  |  | 75023XAF<br> N | MP |
| 439 | Obra High Grade Structured | 81743GAA | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  | 81743GAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 102.36 |  |  |  |  | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24702.22 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 411703.69 | 411189.06 | 411189.06 | 421417.34 | 421417.34 | 10228.28 | 10228.28 | 5.86 | True | 5.73 |  | 1.44 | 1.43 | 1.43 | 500000.00 |  |  | 81743GAA<br> N | MP |
| 439 | Obra High Grade Structured | 92539GAB | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  | 92539GAB7 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2068 |  |  | 100.40 |  |  |  |  | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3321.15 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 51586.69 | 51417.42 | 51417.42 | 51794.04 | 51794.04 | 376.62 | 376.62 | 6.41 | True | 5.15 |  | 0.18 | 0.18 | 0.18 | 100000.00 |  |  | 92539GAB<br> N | MP |
| 439 | Obra High Grade Structured | 924934AB | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  | 924934AB8 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2068 |  |  | 102.99 |  |  |  |  | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19928.61 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 294845.52 | 296240.54 | 296231.29 | 303650.97 | 303650.97 | 7419.68 | 7419.68 | 6.56 | True | 0.57 |  | 1.04 | 1.03 | 1.03 | 656650.00 |  |  | 924934AB<br> N | MP |
| 439 | Obra High Grade Structured | 92540BAC | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  | 92540BAC3 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2068 |  |  | 103.18 |  |  |  |  | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18352.05 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 259246.35 | 260296.47 | 260290.21 | 267501.45 | 267501.45 | 7211.24 | 7211.24 | 6.86 | True | 1.43 |  | 0.91 | 0.91 | 0.91 | 450000.00 |  |  | 92540BAC<br> N | MP |
| 439 | Obra High Grade Structured | 92540MAC | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  | 92540MAC9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/1/2069 |  |  | 101.87 |  |  |  |  | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9211.98 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 134579.63 | 134578.46 | 134578.46 | 137098.60 | 137098.60 | 2520.14 | 2520.14 | 6.72 | True | 5.37 |  | 0.47 | 0.46 | 0.46 | 250000.00 |  |  | 92540MAC<br> N | MP |
| 439 | Obra High Grade Structured | FGTXX | Goldman Sachs Financ | ial Square Funds - G |  | 38141W273 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES<br> IL | ILLINOIS | USD | US DOLLAR | 1/1/2026 |  |  | 100.00 |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5106.72 | L<br> N |  |  | 12/31/2025<br> C |  | 439;USD | USD | 138324.91 | 138324.91 | 138324.91 | 138324.91 | 138324.91 | 0.00 | 0.00 | 3.69 | False | 3.68 |  | 0.47 | 0.47 | 0.47 | 0.00 |  |  | FGTXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

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

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

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

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $29550564.11

**Total Liabilities:** $54920.92

**Net Assets:** $29495643.19

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 204 | **1-Year:** 2151 | **5-Year:** 2412 | **10-Year:** 199 | **30-Year:** 0

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248833 | 0.39%                | 0.50%                | 0.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1947.54                 | $-26220.74                                 |
| Month 2  | $2369.90                 | $19128.45                                  |
| Month 3  | $470.28                  | $18760.31                                  |

**Designated Index Information**

- **Index Name:** 0

- **Index Identifier:** 0

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CNSL 2025-1A A2      | ABS      | CUSIP: 209031AA1<br>LEI: N/A | Long             | DBT              |  | US        |    300000 | NS      | $307248.51    | 1.04%             | 2055-05-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GOOD 2023-4C A       | ABS      | CUSIP: 38237YAA8<br>LEI: N/A | Long             | DBT              |  | US        |    405603 | NS      | $402225.10    | 1.36%             | 2057-03-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| GPIF 2023-2A B       | ABS      | CUSIP: 38410JAB8<br>LEI: N/A | Long             | DBT              |  | US        |    630000 | NS      | $631057.14    | 2.14%             | 2027-03-01      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A B       | ABS      | CUSIP: 38410KAB5<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $248750.70    | 0.84%             | 2028-03-01      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A C       | ABS      | CUSIP: 38410KAC3<br>LEI: N/A | Long             | DBT              |  | US        |    400000 | NS      | $398755.56    | 1.35%             | 2028-03-01      | Variable      | 7.69%                 | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A A2     | ABS      | CUSIP: 44148HAA1<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $768008.10    | 2.60%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| BEATS 2024-1A A2     | ABS      | CUSIP: 499876AA8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $511803.15    | 1.74%             | 2064-04-07      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| LFS 2023-A A         | ABS      | CUSIP: 50205FAA2<br>LEI: N/A | Long             | DBT              |  | US        |    459980 | NS      | $460840.56    | 1.56%             | 2035-07-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| NALP 2024-1 A        | ABS      | CUSIP: 629863AA9<br>LEI: N/A | Long             | DBT              |  | US        |    314382 | NS      | $314270.30    | 1.07%             | 2049-12-27      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| NWSB 2021-1 A        | ABS      | CUSIP: 65253MAA6<br>LEI: N/A | Long             | DBT              |  | US        |    214025 | NS      | $213814.43    | 0.72%             | 2048-12-25      | Variable      | 5.54%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 B        | ABS      | CUSIP: 69544LAB7<br>LEI: N/A | Long             | DBT              |  | US        |     73354 | NS      | $74743.27     | 0.25%             | 2031-10-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 C        | ABS      | CUSIP: 69544LAC5<br>LEI: N/A | Long             | DBT              |  | US        |     50636 | NS      | $51532.82     | 0.17%             | 2031-10-15      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| PAID 2024-10 D       | ABS      | CUSIP: 69544MAD1<br>LEI: N/A | Long             | DBT              |  | US        |    266967 | NS      | $270531.60    | 0.92%             | 2032-06-15      | Fixed         | 6.43%                 | No            |                  2 | On Loan: No      |
| PAID 2025-2 D        | ABS      | CUSIP: 69545GAE1<br>LEI: N/A | Long             | DBT              |  | US        |    249974 | NS      | $251610.15    | 0.85%             | 2032-10-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PAID 2024-1 A        | ABS      | CUSIP: 69548AAA9<br>LEI: N/A | Long             | DBT              |  | US        |     48132 | NS      | $48614.08     | 0.16%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| PAID 2024-1 B        | ABS      | CUSIP: 69548AAB7<br>LEI: N/A | Long             | DBT              |  | US        |    146229 | NS      | $148667.76    | 0.50%             | 2031-07-15      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| PEAR 2021-1 A        | ABS      | CUSIP: 70472TAA6<br>LEI: N/A | Long             | DBT              |  | US        |     55666 | NS      | $55475.78     | 0.19%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 A        | ABS      | CUSIP: 70473AAA6<br>LEI: N/A | Long             | DBT              |  | US        |    159112 | NS      | $162731.88    | 0.55%             | 2035-07-15      | Fixed         | 7.42%                 | No            |                  2 | On Loan: No      |
| SBCLN 2023-A B       | ABS      | CUSIP: 80290CBU7<br>LEI: N/A | Long             | DBT              |  | US        |      7285 | NS      | $7279.97      | 0.02%             | 2033-06-15      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| SBCLN 2023-A C       | ABS      | CUSIP: 80290CBV5<br>LEI: N/A | Long             | DBT              |  | US        |      2914 | NS      | $2917.53      | 0.01%             | 2033-06-15      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| SNVA 2024-A B        | ABS      | CUSIP: 86745CAB8<br>LEI: N/A | Long             | DBT              |  | US        |    353466 | NS      | $278655.89    | 0.94%             | 2051-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUNRN 2024-2A A1     | ABS      | CUSIP: 86771BAA9<br>LEI: N/A | Long             | DBT              |  | US        |    195166 | NS      | $199811.66    | 0.68%             | 2059-07-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-2A A2      | ABS      | CUSIP: 98919WAG8<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $102533.94    | 0.35%             | 2055-06-20      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| AGL 2024-30A C       | CLO      | CUSIP: 00120VAG1<br>LEI: N/A | Long             | DBT              |  | JE        |    750000 | NS      | $753484.28    | 2.55%             | 2037-04-21      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| BCC 2020-3A DRR      | CLO      | CUSIP: 05684CBA2<br>LEI: N/A | Long             | DBT              |  | KY        |     38000 | NS      | $38058.25     | 0.13%             | 2034-10-23      | Variable      | 6.77%                 | No            |                  2 | On Loan: No      |
| BLKMM 2024-1A C      | CLO      | CUSIP: 09263EAG7<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502599.20    | 1.70%             | 2036-07-15      | Variable      | 6.72%                 | No            |                  2 | On Loan: No      |
| CIFC 2023-3A C       | CLO      | CUSIP: 12598YAG3<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502251.10    | 1.70%             | 2037-01-20      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A D      | CLO      | CUSIP: 29003NAG0<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251901.33    | 0.85%             | 2037-04-17      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| GSHOR 2022-1A CR     | CLO      | CUSIP: 38179FAW1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251155.63    | 0.85%             | 2033-07-25      | Variable      | 6.42%                 | No            |                  2 | On Loan: No      |
| GOCAP 2024-71A C     | CLO      | CUSIP: 38179NAF1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251231.15    | 0.85%             | 2037-02-09      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| IVYH 20A CR          | CLO      | CUSIP: 46604CAS5<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $251443.55    | 0.85%             | 2037-07-19      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| IVYH 2024-22A C      | CLO      | CUSIP: 46604KAE8<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $251257.83    | 0.85%             | 2036-04-20      | Variable      | 6.92%                 | No            |                  2 | On Loan: No      |
| MDPK 2023-61A C      | CLO      | CUSIP: 55822NAG4<br>LEI: N/A | Long             | DBT              |  | JE        |    645000 | NS      | $645000.00    | 2.19%             | 2037-01-20      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D1     | CLO      | CUSIP: 598014AJ7<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251034.00    | 0.85%             | 2038-01-20      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| OCPA 2023-29A D1R    | CLO      | CUSIP: 67118BAU7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $501222.50    | 1.70%             | 2036-01-20      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1     | CLO      | CUSIP: 67120EAN3<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $251156.38    | 0.85%             | 2037-01-16      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A D1     | CLO      | CUSIP: 67443AAJ0<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $303322.53    | 1.03%             | 2038-01-20      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251847.75    | 0.85%             | 2037-04-23      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-3A D1R    | CLO      | CUSIP: 69690ABC0<br>LEI: N/A | Long             | DBT              |  | JE        |     76000 | NS      | $76243.43     | 0.26%             | 2037-07-20      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| PARL 2020-1A A2R     | CLO      | CUSIP: 69917AAN4<br>LEI: N/A | Long             | DBT              |  | KY        |    296000 | NS      | $296934.00    | 1.01%             | 2034-07-20      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    200000 | NS      | $201295.86    | 0.68%             | 2038-03-20      | Variable      | 7.02%                 | No            |                  2 | On Loan: No      |
| BAHA 2024-MAR B      | CMBS     | CUSIP: 05493XAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $262394.60    | 0.89%             | 2029-12-01      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| BX 2025-LUNR C       | CMBS     | CUSIP: 05594CAG9<br>LEI: N/A | Long             | DBT              |  | US        |    266304 | NS      | $267182.04    | 0.91%             | 2040-06-15      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| BX 2024-VLT4 B       | CMBS     | CUSIP: 05612TAC9<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199892.74    | 0.68%             | 2029-07-15      | Variable      | 5.69%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $198129.24    | 0.67%             | 2042-10-18      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| BX 2025-VLT6 C       | CMBS     | CUSIP: 12433KAE7<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $197951.94    | 0.67%             | 2030-03-15      | Variable      | 5.87%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN C      | CMBS     | CUSIP: 12988DAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251750.43    | 0.85%             | 2041-07-15      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA D       | CMBS     | CUSIP: 30338DAG6<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $200634.02    | 0.68%             | 2039-08-15      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252141.60    | 0.85%             | 2039-12-15      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 C      | CMBS     | CUSIP: 362414AE4<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $752804.25    | 2.55%             | 2041-05-15      | Variable      | 6.12%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    550000 | NS      | $553118.50    | 1.88%             | 2041-06-15      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY C     | CMBS     | CUSIP: 46117WAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252782.85    | 0.86%             | 2042-03-15      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 B      | CMBS     | CUSIP: 55287KAE3<br>LEI: N/A | Long             | DBT              |  | KY        |    100000 | NS      | $100066.03    | 0.34%             | 2042-05-18      | Variable      | 6.02%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $400738.28    | 1.36%             | 2042-05-18      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV C      | CMBS     | CUSIP: 62956HAE6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252659.98    | 0.86%             | 2029-08-15      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| PFP 2025-12 B        | CMBS     | CUSIP: 69382JAC5<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $300205.14    | 1.02%             | 2042-12-18      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $148664.88    | 0.50%             | 2042-03-15      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| AGL 2020-9A DR       | CMO      | CUSIP: 001207AY5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $124946.24    | 0.42%             | 2037-04-20      | Variable      | 7.22%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A DR      | CMO      | CUSIP: 03666BBE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $500225.25    | 1.70%             | 2038-10-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT C       | CMO      | CUSIP: 05618XAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $400575.12    | 1.36%             | 2042-09-15      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT D       | CMO      | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250355.55    | 0.85%             | 2042-09-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 C    | CMO      | CUSIP: 05619BAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250617.25    | 0.85%             | 2043-01-17      | Variable      | 5.93%                 | No            |                  2 | On Loan: No      |
| BX 2025-VOLT A       | CMO      | CUSIP: 05619PAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249822.25    | 0.85%             | 2044-12-15      | Variable      | 5.38%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2RR    | CMO      | CUSIP: 05765DAZ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251062.90    | 0.85%             | 2036-04-20      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS B     | CMO      | CUSIP: 088928AC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $300426.42    | 1.02%             | 2042-08-15      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS C     | CMO      | CUSIP: 088928AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    600000 | NS      | $600335.46    | 2.04%             | 2042-08-15      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| BX 2025-BCAT C       | CMO      | CUSIP: 12433HAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    239571 | NS      | $240168.72    | 0.81%             | 2042-08-15      | Variable      | 5.58%                 | No            |                  2 | On Loan: No      |
| DBC 2025-DBC D       | CMO      | CUSIP: 23306HAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    150000 | NS      | $151498.89    | 0.51%             | 2038-06-15      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| GPIF 2025-1A C       | CMO      | CUSIP: 38411WAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    700000 | NS      | $700677.18    | 2.38%             | 2028-08-01      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| JPMCC 2025-PHNY C    | CMO      | CUSIP: 46592UAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $299830.26    | 1.02%             | 2041-01-15      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| IVYH 9A BR3          | CMO      | CUSIP: 46604EAY8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $650090.35    | 2.20%             | 2037-07-23      | Variable      | 5.52%                 | No            |                  2 | On Loan: No      |
| LMRK 2025-1A A       | CMO      | CUSIP: 50209AAH4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $303376.20    | 1.03%             | 2055-09-15      | Fixed         | 5.52%                 | No            |                  2 | On Loan: No      |
| LMDV 2025-1A B       | CMO      | CUSIP: 538908AC8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $201372.89    | 0.68%             | 2055-12-15      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| MDPK 2022-62A CR2    | CMO      | CUSIP: 55817HBC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $125306.14    | 0.42%             | 2038-07-16      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| MIDO 2023-12A BRR    | CMO      | CUSIP: 59803TBE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    125000 | NS      | $125931.23    | 0.43%             | 2038-07-18      | Variable      | 5.42%                 | No            |                  2 | On Loan: No      |
| MILE 2025-STNE C     | CMO      | CUSIP: 59918AAE4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $100249.37    | 0.34%             | 2030-07-15      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-3A C1      | CMO      | CUSIP: 63943JAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250787.15    | 0.85%             | 2037-07-15      | Variable      | 5.97%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-4A D1      | CMO      | CUSIP: 63943VAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $125012.85    | 0.42%             | 2037-10-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    600000 | NS      | $602961.84    | 2.04%             | 2038-07-20      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 C        | CMO      | CUSIP: 69547DAD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    749973 | NS      | $761686.65    | 2.58%             | 2033-01-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| PAID 2025-8 C        | CMO      | CUSIP: 69549TAD1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $200465.46    | 0.68%             | 2033-07-15      | Fixed         | 5.61%                 | No            |                  2 | On Loan: No      |
| RMIT 2025-2 C        | CMO      | CUSIP: 75908BAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $199769.14    | 0.68%             | 2037-11-16      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-6 A1       | CMO      | CUSIP: 81749YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    301251 | NS      | $308358.98    | 1.05%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SHENTL 2025-1A A2    | CMO      | CUSIP: 82321AAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $253268.04    | 0.86%             | 2055-12-01      | Fixed         | 5.64%                 | No            |                  2 | On Loan: No      |
| TPGCLO 2025-1A D1    | CMO      | CUSIP: 87268JAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $400990.52    | 1.36%             | 2038-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A B      | CMO      | CUSIP: 92535VAS1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250734.18    | 0.85%             | 2055-08-16      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A C      | CMO      | CUSIP: 92535VAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249469.08    | 0.85%             | 2055-08-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| AOMT 2024-4 A2       | MBS      | CUSIP: 034943AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    163122 | NS      | $169050.14    | 0.57%             | 2069-01-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| CMLTI 2025-3 A1      | MBS      | CUSIP: 17332RAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    194920 | NS      | $199518.93    | 0.68%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GSMBS 2025-PJ5 A1    | MBS      | CUSIP: 36272DAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    203632 | NS      | $208436.97    | 0.71%             | 2055-10-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMMT 2025-NQM2 A1   | MBS      | CUSIP: 46590SAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    457196 | NS      | $463794.71    | 1.57%             | 2065-09-01      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $101137.95    | 0.34%             | 2064-02-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A4      | MBS      | CUSIP: 46657WAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    190086 | NS      | $191929.74    | 0.65%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A6      | MBS      | CUSIP: 46657WAK4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    112608 | NS      | $113088.91    | 0.38%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM6 A3     | MBS      | CUSIP: 67117VAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     72705 | NS      | $74662.02     | 0.25%             | 2063-07-01      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| PFMT 2025-2 A1       | MBS      | CUSIP: 74389DAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    109365 | NS      | $111808.18    | 0.38%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| RMCT 2025-J2 A4      | MBS      | CUSIP: 75023XAF9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    560111 | NS      | $572626.30    | 1.94%             | 2055-11-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-5 A1       | MBS      | CUSIP: 81743GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    411704 | NS      | $421417.34    | 1.43%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-5 A2      | MBS      | CUSIP: 924934AB8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    294846 | NS      | $303650.97    | 1.03%             | 2068-06-01      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-3 A2      | MBS      | CUSIP: 92539GAB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     51587 | NS      | $51794.04     | 0.18%             | 2068-03-01      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-INV2 A3   | MBS      | CUSIP: 92540BAC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    259246 | NS      | $267501.45    | 0.91%             | 2068-08-01      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| VERUS 2024-3 A3      | MBS      | CUSIP: 92540MAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    134580 | NS      | $137098.60    | 0.46%             | 2069-04-01      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |    138325 | NS      | $138324.91    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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