# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-003108
**Filing Date:** 2025-8
**Character Count:** 109790
**Document Hash:** 4139cebab5cd1644ffd1bf5cd0e2646d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003108.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0002000324-25-003108

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250825

**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:** 251252075

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

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

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

## Series and Classes Contracts Data

### Obra Defensive High Yield ETF (Series ID: S000089384)

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

## Nport-Ex

---

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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_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | XTR_PRISRC | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 455 | OBRA DEFENSIVE HIGH YIELD | 68245XAJ | 1011778 BC ULC / | 01/15/2028 4.375000% |  | 68245XAJ8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/15/2028 |  |  | 98.38 |  |  |  |  |  | 1011778 BC ULC / | 01/15/2028 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2187.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 49187.50 | 49191.05 | 49187.50 | 49187.50 | -3.55 | -3.55 | 4.45 | False | 5.06 |  | 1.01 | 0.50 | 0.98 | 0.00 |  | 549300RHSHNRWI5LLA86 | 68245XAJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00404AAP | ACADIA HEALTH | 04/15/2029 5.000000% |  | 00404AAP4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 4/15/2029 |  |  | 97.25 |  |  |  |  |  | ACADIA HEALTH | 04/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 38750.00 | 38753.14 | 38900.00 | 38900.00 | 146.86 | 146.86 | 5.14 | False | 5.82 |  | 0.80 | 0.39 | 0.78 | 0.00 |  | 5493005CW985Y9D0NC11 | 00404AAP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00489LAL | ACRISURE LLC | 11/06/2030 7.500000% |  | 00489LAL7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 11/6/2030 |  |  | 103.63 |  |  |  |  |  | ACRISURE LLC | 11/06/2030 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2625.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36225.00 | 36225.72 | 36268.75 | 36268.75 | 43.03 | 43.03 | 7.24 | False | 6.68 |  | 0.75 | 0.37 | 0.72 | 0.00 |  | 254900QBKK4WBSO3GE51 | 00489LAL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00687YAB | ADIENT GLOBAL HO | 04/15/2028 7.000000% |  | 00687YAB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | JE | JERSEY |  |  | USD | US DOLLAR | 4/15/2028 |  |  | 103.06 |  |  |  |  |  | ADIENT GLOBAL HO | 04/15/2028 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2800.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 41221.20 | 41216.71 | 41223.08 | 41223.08 | 6.37 | 6.37 | 6.79 | False | 5.79 |  | 0.85 | 0.42 | 0.82 | 0.00 |  | 213800VA38VCKE6M8790 | 00687YAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74166NAA | ADT CORP | 07/15/2032 4.875000% |  | 74166NAA2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 7/15/2032 |  |  | 96.13 |  |  |  |  |  | ADT CORP | 07/15/2032 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2437.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 48062.50 | 48065.29 | 48062.50 | 48062.50 | -2.79 | -2.79 | 5.07 | False | 5.55 |  | 0.99 | 0.48 | 0.96 | 0.00 |  | 5493009JEEDYLVRA0J13 | 74166NAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00790RAB | ADVANCED DRAINAG | 06/15/2030 6.375000% |  | 00790RAB0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 6/15/2030 |  |  | 102.38 |  |  |  |  |  | ADVANCED DRAINAG | 06/15/2030 6.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3187.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 51125.00 | 51252.90 | 51187.50 | 51187.50 | -65.40 | -65.40 | 6.23 | False | 5.82 |  | 1.06 | 0.52 | 1.02 | 0.00 |  | 6QQTOZ5MF5DHM7K92I60 | 00790RAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 013092AC | ALBERTSONS COS | 01/15/2027 4.625000% |  | 013092AC5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2027 |  |  | 99.63 |  |  |  |  |  | ALBERTSONS COS | 01/15/2027 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1618.75 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34693.75 | 34696.03 | 34868.75 | 34868.75 | 172.72 | 172.72 | 4.64 | False | 4.88 |  | 0.72 | 0.35 | 0.70 | 0.00 |  | 549300YKWOC0AOR16R51 | 013092AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 01330AAA | ALBION FINANCING | 05/21/2030 7.000000% |  | 01330AAA4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | LUX | LUXEMBOURG |  |  | USD | US DOLLAR | 5/21/2030 |  |  | 102.63 |  |  |  |  |  | ALBION FINANCING | 05/21/2030 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2450.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35831.25 | 35833.06 | 35918.75 | 35918.75 | 85.69 | 85.69 | 6.82 | False | 6.36 |  | 0.74 | 0.36 | 0.72 | 0.00 |  | 254900QBKK4WBSO3GE51 | 01330AAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 019736AG | ALLISON TRANS | 01/30/2031 3.750000% |  | 019736AG2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 1/30/2031 |  |  | 92.13 |  |  |  |  |  | ALLISON TRANS | 01/30/2031 3.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1875.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 46125.00 | 46210.30 | 46062.50 | 46062.50 | -147.80 | -147.80 | 4.07 | False | 5.40 |  | 0.95 | 0.46 | 0.92 | 0.00 |  | MWKQ3I0U1GXP2YDSZW75 | 019736AG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00253XAB | AMERICAN AIRLINE | 04/20/2029 5.750000% |  | 00253XAB7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/20/2029 |  |  | 100.13 |  |  |  |  |  | AMERICAN AIRLINE | 04/20/2029 5.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2875.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 50062.50 | 50062.46 | 50062.50 | 50062.50 | 0.04 | 0.04 | 5.74 | False | 5.71 |  | 1.03 | 0.50 | 1.00 | 0.00 |  | 254900QBKK4WBSO3GE51 | 00253XAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 031652BK | AMKOR TECH INC | 09/15/2027 6.625000% |  | 031652BK5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 9/15/2027 |  |  | 100.25 |  |  |  |  |  | AMKOR TECH INC | 09/15/2027 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2318.75 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35088.87 | 35088.50 | 35088.92 | 35088.92 | 0.42 | 0.42 | 6.61 | False | 6.49 |  | 0.72 | 0.35 | 0.70 | 0.00 |  | 529900VHLRTKPWZJBM84 | 031652BK<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 031921AC | AMWINS GROUP INC | 02/15/2029 6.375000% |  | 031921AC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 2/15/2029 |  |  | 102.25 |  |  |  |  |  | AMWINS GROUP INC | 02/15/2029 6.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1912.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 30000.00 | 30600.00 | 30606.18 | 30675.00 | 30675.00 | 68.82 | 68.82 | 6.23 | False | 5.68 |  | 0.63 | 0.31 | 0.61 | 0.00 |  | 549300SJE7MUB8NMRG61 | 031921AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 75606DAS | ANYWHERE RE/CO-I | 04/15/2030 7.000000% |  | 75606DAS0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/15/2030 |  |  | 93.75 |  |  |  |  |  | ANYWHERE RE/CO-I | 04/15/2030 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 23281.25 | 23284.33 | 23437.50 | 23437.50 | 153.17 | 153.17 | 7.47 | False | 8.61 |  | 0.48 | 0.24 | 0.47 | 0.00 |  | 254900QBKK4WBSO3GE51 | 75606DAS<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 00185PAA | API GROUP DE INC | 10/15/2029 4.750000% |  | 00185PAA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MN | MINNESOTA | USD | US DOLLAR | 10/15/2029 |  |  | 97.38 |  |  |  |  |  | API GROUP DE INC | 10/15/2029 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1900.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39250.00 | 39251.65 | 38950.00 | 38950.00 | -301.65 | -301.65 | 4.88 | False | 5.44 |  | 0.80 | 0.39 | 0.78 | 0.00 |  | 549300TTHIODYMGND828 | 00185PAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 038522AQ | ARAMARK SERV INC | 02/01/2028 5.000000% |  | 038522AQ1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 2/1/2028 |  |  | 99.75 |  |  |  |  |  | ARAMARK SERV INC | 02/01/2028 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 49875.00 | 49875.00 | 49875.00 | 49875.00 | 0.00 | 0.00 | 5.01 | False | 5.10 |  | 1.03 | 0.50 | 1.00 | 0.00 |  | 42YMHYH0XMHJEXDUB065 | 038522AQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 04433LAA | ASHLAND LLC | 09/01/2031 3.375000% |  | 04433LAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 9/1/2031 |  |  | 89.00 |  |  |  |  |  | ASHLAND LLC | 09/01/2031 3.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 44375.00 | 44383.58 | 44500.00 | 44500.00 | 116.42 | 116.42 | 3.79 | False | 5.50 |  | 0.92 | 0.45 | 0.89 | 0.00 |  | 529900E4L9R04SB8HB11 | 04433LAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 05368VAA | AVIENT CORP | 08/01/2030 7.125000% |  | 05368VAA4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 8/1/2030 |  |  | 103.75 |  |  |  |  |  | AVIENT CORP | 08/01/2030 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1781.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25843.75 | 25852.27 | 25937.50 | 25937.50 | 85.23 | 85.23 | 6.87 | True | 4.64 |  | 0.54 | 0.26 | 0.52 | 0.00 |  | SM8L9RZYIB34LNTWO040 | 05368VAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 05508WAC | B&G FOODS INC | 09/15/2028 8.000000% |  | 05508WAC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 9/15/2028 |  |  | 96.88 |  |  |  |  |  | B&G FOODS INC | 09/15/2028 8.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24125.00 | 24324.87 | 24218.75 | 24218.75 | -106.12 | -106.12 | 8.26 | False | 9.14 |  | 0.50 | 0.24 | 0.48 | 0.00 |  | 549300TRW1LZMDJZAQ78 | 05508WAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 058498AX | BALL CORP | 09/15/2031 3.125000% |  | 058498AX4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 9/15/2031 |  |  | 90.00 |  |  |  |  |  | BALL CORP | 09/15/2031 3.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1562.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 44937.50 | 44945.26 | 45000.00 | 45000.00 | 54.74 | 54.74 | 3.47 | False | 5.02 |  | 0.93 | 0.45 | 0.90 | 0.00 |  | 0BGI85ALH27ZJP15DY16 | 058498AX<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 07556QBR | BEAZER HOMES USA | 10/15/2027 5.875000% |  | 07556QBR5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 10/15/2027 |  |  | 100.75 |  |  |  |  |  | BEAZER HOMES USA | 10/15/2027 5.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2350.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40050.00 | 40049.69 | 40300.00 | 40300.00 | 250.31 | 250.31 | 5.83 | False | 5.52 |  | 0.83 | 0.41 | 0.81 | 0.00 |  | 549300DUPYT2T0F60I45 | 07556QBR<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 097751BZ | BOMBARDIER INC | 02/01/2029 7.500000% |  | 097751BZ3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 2/1/2029 |  |  | 104.88 |  |  |  |  |  | BOMBARDIER INC | 02/01/2029 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2625.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36662.50 | 36656.32 | 36706.25 | 36706.25 | 49.93 | 49.93 | 7.15 | True | 5.31 |  | 0.76 | 0.37 | 0.73 | 0.00 |  | W7L3VLU8EHQY34Z36697 | 097751BZ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 103304BV | BOYD GAMING CORP | 06/15/2031 4.750000% |  | 103304BV2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 6/15/2031 |  |  | 96.00 |  |  |  |  |  | BOYD GAMING CORP | 06/15/2031 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47687.50 | 47724.15 | 48000.00 | 48000.00 | 275.85 | 275.85 | 4.95 | False | 5.55 |  | 0.99 | 0.48 | 0.96 | 0.00 |  | 254900787YGRYS2A1Z35 | 103304BV<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 12769GAC | CAESARS ENT | 02/15/2032 6.500000% |  | 12769GAC4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 2/15/2032 |  |  | 102.50 |  |  |  |  |  | CAESARS ENT | 02/15/2032 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3250.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 51250.00 | 51252.65 | 51250.00 | 51250.00 | -2.65 | -2.65 | 6.34 | False | 6.03 |  | 1.06 | 0.52 | 1.02 | 0.00 |  | 549300FA4CTCW903Y781 | 12769GAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 131347CM | CALPINE CORP | 02/15/2028 4.500000% |  | 131347CM6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 2/15/2028 |  |  | 99.38 |  |  |  |  |  | CALPINE CORP | 02/15/2028 4.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1800.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39750.00 | 39751.09 | 39750.00 | 39750.00 | -1.09 | -1.09 | 4.53 | False | 4.75 |  | 0.82 | 0.40 | 0.79 | 0.00 |  | 43R4VPJBXTU2O15HEF41 | 131347CM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 143658BR | CARNIVAL CORP | 05/01/2029 6.000000% |  | 143658BR2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | PA | PANAMA |  |  | USD | US DOLLAR | 5/1/2029 |  |  | 101.38 |  |  |  |  |  | CARNIVAL CORP | 05/01/2029 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 50625.00 | 50804.33 | 50687.50 | 50687.50 | -116.83 | -116.83 | 5.92 | False | 5.59 |  | 1.05 | 0.51 | 1.01 | 0.00 |  | F1OF2ZSX47CR0BCWA982 | 143658BR<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 14739LAB | CASCADES INC/USA | 01/15/2028 5.375000% |  | 14739LAB8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/15/2028 |  |  | 99.50 |  |  |  |  |  | CASCADES INC/USA | 01/15/2028 5.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1881.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34781.25 | 34782.37 | 34825.00 | 34825.00 | 42.63 | 42.63 | 5.40 | False | 5.59 |  | 0.72 | 0.35 | 0.70 | 0.00 |  | 254900QBKK4WBSO3GE51 | 14739LAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 1248EPCQ | CCO HOLDINGS LLC | 02/01/2032 4.750000% |  | 1248EPCQ4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 2/1/2032 |  |  | 94.75 |  |  |  |  |  | CCO HOLDINGS LLC | 02/01/2032 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47500.00 | 47524.03 | 47375.00 | 47375.00 | -149.03 | -149.03 | 5.01 | False | 5.72 |  | 0.98 | 0.48 | 0.95 | 0.00 |  | 549300TTHIODYMGND828 | 1248EPCQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 16115QAF | CHART INDUSTRIES | 01/01/2030 7.500000% |  | 16115QAF7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 1/1/2030 |  |  | 104.88 |  |  |  |  |  | CHART INDUSTRIES | 01/01/2030 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 41950.00 | 41940.79 | 41950.00 | 41950.00 | 9.21 | 9.21 | 7.15 | True | 5.02 |  | 0.87 | 0.42 | 0.84 | 0.00 |  | EM7QGKC1GYOF3LSZSL80 | 16115QAF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 163851AE | CHEMOURS CO | 05/15/2027 5.375000% |  | 163851AE8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 5/15/2027 |  |  | 98.75 |  |  |  |  |  | CHEMOURS CO | 05/15/2027 5.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1881.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34431.25 | 34435.04 | 34562.50 | 34562.50 | 127.46 | 127.46 | 5.44 | False | 6.09 |  | 0.71 | 0.35 | 0.69 | 0.00 |  | 549300M1BOLNXL8DOV14 | 163851AE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 172441BH | CINEMARK USA | 08/01/2032 7.000000% |  | 172441BH9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 8/1/2032 |  |  | 104.00 |  |  |  |  |  | CINEMARK USA | 08/01/2032 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2800.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 41400.00 | 41400.31 | 41600.00 | 41600.00 | 199.69 | 199.69 | 6.73 | True | 6.51 |  | 0.86 | 0.42 | 0.83 | 0.00 |  | 54930008H2137JSCPQ09 | 172441BH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 18060TAD | CLARIOS GLOBAL | 02/15/2030 6.750000% |  | 18060TAD7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/15/2030 |  |  | 103.88 |  |  |  |  |  | CLARIOS GLOBAL | 02/15/2030 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25906.25 | 25905.97 | 25968.75 | 25968.75 | 62.78 | 62.78 | 6.50 | True | 6.21 |  | 0.54 | 0.26 | 0.52 | 0.00 |  | 549300QHLDSIXVFWH611 | 18060TAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 184496AP | CLEAN HARBORS IN | 07/15/2029 5.125000% |  | 184496AP2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 7/15/2029 |  |  | 99.25 |  |  |  |  |  | CLEAN HARBORS IN | 07/15/2029 5.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2562.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 49500.00 | 49501.53 | 49625.00 | 49625.00 | 123.47 | 123.47 | 5.16 | False | 5.33 |  | 1.02 | 0.50 | 0.99 | 0.00 |  | 5493000SJVZVZJKHJF48 | 184496AP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 185899AN | CLEVELAND-CLIFFS | 04/15/2030 6.750000% |  | 185899AN1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 4/15/2030 |  |  | 96.75 |  |  |  |  |  | CLEVELAND-CLIFFS | 04/15/2030 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24093.75 | 24116.00 | 24187.50 | 24187.50 | 71.50 | 71.50 | 6.98 | False | 7.57 |  | 0.50 | 0.24 | 0.48 | 0.00 |  | 549300TM2WLI2BJMDD86 | 185899AN | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 12653CAL | CNX RESOURCES CO | 03/01/2032 7.250000% |  | 12653CAL2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 3/1/2032 |  |  | 103.75 |  |  |  |  |  | CNX RESOURCES CO | 03/01/2032 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2537.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36225.00 | 36225.38 | 36312.50 | 36312.50 | 87.12 | 87.12 | 6.99 | True | 6.91 |  | 0.75 | 0.37 | 0.73 | 0.00 |  | 549300JK3KH8PWM3B226 | 12653CAL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 21871NAC | CORECIVIC INC | 04/15/2029 8.250000% |  | 21871NAC5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 4/15/2029 |  |  | 106.38 |  |  |  |  |  | CORECIVIC INC | 04/15/2029 8.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2062.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 26531.25 | 26524.47 | 26593.75 | 26593.75 | 69.28 | 69.28 | 7.76 | True | 5.09 |  | 0.55 | 0.27 | 0.53 | 0.00 |  | 529900JFA3K6PTLT8B15 | 21871NAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 222070AG | COTY/HFC PREST | 01/15/2029 4.750000% |  | 222070AG9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2029 |  |  | 98.00 |  |  |  |  |  | COTY/HFC PREST | 01/15/2029 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 49000.00 | 49003.11 | 49000.00 | 49000.00 | -3.11 | -3.11 | 4.85 | False | 5.38 |  | 1.01 | 0.49 | 0.98 | 0.00 |  | 549300BO9IWPF3S48F93 | 222070AG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 228180AC | CROWN AMERICAS L | 06/01/2033 5.875000% |  | 228180AC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 6/1/2033 |  |  | 100.75 |  |  |  |  |  | CROWN AMERICAS L | 06/01/2033 5.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1468.75 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25156.25 | 25158.03 | 25187.50 | 25187.50 | 29.47 | 29.47 | 5.83 | False | 5.75 |  | 0.52 | 0.25 | 0.50 | 0.00 |  | RPPGGRL1J75WGF2DFO04 | 228180AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 23166MAA | CUSHMAN & WAKE | 05/15/2028 6.750000% |  | 23166MAA1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 5/15/2028 |  |  | 101.00 |  |  |  |  |  | CUSHMAN & WAKE | 05/15/2028 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2700.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40500.00 | 40498.03 | 40400.00 | 40400.00 | -98.03 | -98.03 | 6.68 | False | 6.36 |  | 0.83 | 0.41 | 0.81 | 0.00 |  | 549300870CMN3WI5IF97 | 23166MAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 237266AH | DARLING INGREDIE | 04/15/2027 5.250000% |  | 237266AH4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 4/15/2027 |  |  | 99.94 |  |  |  |  |  | DARLING INGREDIE | 04/15/2027 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1837.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34978.13 | 34978.13 | 34978.13 | 34978.13 | -0.01 | -0.01 | 5.25 | False | 5.28 |  | 0.72 | 0.35 | 0.70 | 0.00 |  | L1N0SPPKS7EXZYUMZ898 | 237266AH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 23918KAS | DAVITA INC | 06/01/2030 4.625000% |  | 23918KAS7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 6/1/2030 |  |  | 96.25 |  |  |  |  |  | DAVITA INC | 06/01/2030 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2312.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47937.50 | 47941.24 | 48125.00 | 48125.00 | 183.76 | 183.76 | 4.81 | False | 5.50 |  | 0.99 | 0.49 | 0.96 | 0.00 |  | M2XHYMU3TZNEZURC6H66 | 23918KAS<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 23345MAB | DT MIDSTREAM | 06/15/2031 4.375000% |  | 23345MAB3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 6/15/2031 |  |  | 95.75 |  |  |  |  |  | DT MIDSTREAM | 06/15/2031 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2187.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47812.50 | 47847.05 | 47875.00 | 47875.00 | 27.95 | 27.95 | 4.57 | False | 5.21 |  | 0.99 | 0.48 | 0.96 | 0.00 |  | 549300TTHIODYMGND828 | 23345MAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 28414HAG | ELANCO ANIMAL | 08/28/2028 6.650000% |  | 28414HAG8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 8/28/2028 |  |  | 104.34 |  |  |  |  |  | ELANCO ANIMAL | 08/28/2028 6.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1662.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25948.48 | 25945.05 | 26084.45 | 26084.45 | 139.40 | 139.40 | 6.37 | True | 5.03 |  | 0.54 | 0.26 | 0.52 | 0.00 |  | 549300SHPNDCE059M934 | 28414HAG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 29261AAA | ENCOMPASS HLTH | 02/01/2028 4.500000% |  | 29261AAA8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | AL | ALABAMA | USD | US DOLLAR | 2/1/2028 |  |  | 99.25 |  |  |  |  |  | ENCOMPASS HLTH | 02/01/2028 4.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1800.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39700.00 | 39701.34 | 39700.00 | 39700.00 | -1.34 | -1.34 | 4.53 | False | 4.81 |  | 0.82 | 0.40 | 0.79 | 0.00 |  | 549300FVRPM9DRQZRG64 | 29261AAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 29272WAC | ENERGIZER HLDGS | 06/15/2028 4.750000% |  | 29272WAC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 6/15/2028 |  |  | 97.25 |  |  |  |  |  | ENERGIZER HLDGS | 06/15/2028 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 48625.00 | 48629.34 | 48625.00 | 48625.00 | -4.34 | -4.34 | 4.88 | False | 5.77 |  | 1.00 | 0.49 | 0.97 | 0.00 |  | 5493000D6NN0V57UME20 | 29272WAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 29362UAD | ENTEGRIS INC | 05/01/2029 3.625000% |  | 29362UAD6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 5/1/2029 |  |  | 94.25 |  |  |  |  |  | ENTEGRIS INC | 05/01/2029 3.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1450.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 37800.00 | 37805.55 | 37700.00 | 37700.00 | -105.55 | -105.55 | 3.85 | False | 5.30 |  | 0.78 | 0.38 | 0.75 | 0.00 |  | IYX6OWO7BT5DKO3BYG52 | 29362UAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 344045AA | FLUTTER TREASURY | 04/29/2029 6.375000% |  | 344045AA7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | IEP | IRELAND |  |  | USD | US DOLLAR | 4/29/2029 |  |  | 102.98 |  |  |  |  |  | FLUTTER TREASURY | 04/29/2029 6.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1593.75 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25714.06 | 25715.07 | 25745.11 | 25745.11 | 30.04 | 30.04 | 6.19 | False | 5.50 |  | 0.53 | 0.26 | 0.51 | 0.00 |  | 635400JE8VLL9UFVIC38 | 344045AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 30251GBE | FMG RES AUG 2006 | 04/15/2032 6.125000% |  | 30251GBE6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | AUD | AUSTRALIA |  |  | USD | US DOLLAR | 4/15/2032 |  |  | 101.40 |  |  |  |  |  | FMG RES AUG 2006 | 04/15/2032 6.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2450.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40477.32 | 40476.98 | 40561.08 | 40561.08 | 84.10 | 84.10 | 6.04 | True | 5.86 |  | 0.84 | 0.41 | 0.81 | 0.00 |  | 549300EFD6S2NFE9D745 | 30251GBE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 345397B6 | FORD MOTOR CRED | 06/17/2031 3.625000% |  | 345397B69 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 6/17/2031 |  |  | 87.99 |  |  |  |  |  | FORD MOTOR CRED | 06/17/2031 3.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1812.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 43801.88 | 43811.74 | 43992.90 | 43992.90 | 181.16 | 181.16 | 4.12 | False | 6.05 |  | 0.91 | 0.44 | 0.88 | 0.00 |  | UDSQCVRUX5BONN0VY111 | 345397B6<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 34966MAA | FORTRESS INTERME | 06/01/2031 7.500000% |  | 34966MAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 6/1/2031 |  |  | 104.88 |  |  |  |  |  | FORTRESS INTERME | 06/01/2031 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1875.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 26250.00 | 26248.10 | 26218.75 | 26218.75 | -29.35 | -29.35 | 7.15 | True | 6.61 |  | 0.54 | 0.26 | 0.52 | 0.00 |  | 549300TTHIODYMGND828 | 34966MAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 35906ABF | FRONTIER COMMUNI | 05/01/2028 5.000000% |  | 35906ABF4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 5/1/2028 |  |  | 100.00 |  |  |  |  |  | FRONTIER COMMUNI | 05/01/2028 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25000.00 | 25000.00 | 25000.00 | 25000.00 | 0.00 | 0.00 | 5.00 | False | 5.00 |  | 0.52 | 0.25 | 0.50 | 0.00 |  | 549300ZCZ76HYCS0H445 | 35906ABF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 366504AA | GARRETT MOT/SARL | 05/31/2032 7.750000% |  | 366504AA6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 5/31/2032 |  |  | 104.13 |  |  |  |  |  | GARRETT MOT/SARL | 05/31/2032 7.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2712.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36268.75 | 36268.82 | 36443.75 | 36443.75 | 174.93 | 174.93 | 7.44 | True | 7.32 |  | 0.75 | 0.37 | 0.73 | 0.00 |  | 254900QBKK4WBSO3GE51 | 366504AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 371559AB | GENESEE & WYOMIN | 04/15/2032 6.250000% |  | 371559AB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 4/15/2032 |  |  | 102.25 |  |  |  |  |  | GENESEE & WYOMIN | 04/15/2032 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40950.00 | 40951.61 | 40900.00 | 40900.00 | -51.61 | -51.61 | 6.11 | False | 5.84 |  | 0.84 | 0.41 | 0.82 | 0.00 |  | G617XSG94Z7G0RMW3L02 | 371559AB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 361841AL | GLP CAP/FIN II | 01/15/2029 5.300000% |  | 361841AL3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2029 |  |  | 100.88 |  |  |  |  |  | GLP CAP/FIN II | 01/15/2029 5.300000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1325.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25321.65 | 25320.63 | 25219.68 | 25219.68 | -100.96 | -100.96 | 5.25 | True | 5.00 |  | 0.52 | 0.25 | 0.50 | 0.00 |  | 2549005PXW31DRW8EC44 | 361841AL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 38869AAB | GRAPHIC PACKAGIN | 03/15/2028 3.500000% |  | 38869AAB3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 3/15/2028 |  |  | 95.75 |  |  |  |  |  | GRAPHIC PACKAGIN | 03/15/2028 3.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1400.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 38450.00 | 38457.18 | 38300.00 | 38300.00 | -157.18 | -157.18 | 3.66 | False | 5.20 |  | 0.79 | 0.39 | 0.77 | 0.00 |  | SO75N4VY5NXGQSK8YQ65 | 38869AAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 42704LAF | HERC HOLDINGS | 06/15/2030 7.000000% |  | 42704LAF1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 6/15/2030 |  |  | 104.38 |  |  |  |  |  | HERC HOLDINGS | 06/15/2030 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2100.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 30000.00 | 31275.00 | 31273.52 | 31312.50 | 31312.50 | 38.98 | 38.98 | 6.71 | True | 6.30 |  | 0.65 | 0.32 | 0.63 | 0.00 |  | 549300TP80QLITMSBP82 | 42704LAF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 432833AF | HILTON DOMESTIC | 01/15/2030 4.875000% |  | 432833AF8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 1/15/2030 |  |  | 99.38 |  |  |  |  |  | HILTON DOMESTIC | 01/15/2030 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1950.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39650.00 | 39650.00 | 39750.00 | 39750.00 | 100.00 | 100.00 | 4.91 | False | 5.03 |  | 0.82 | 0.40 | 0.79 | 0.00 |  | 5493003EG7H0N1E4XV50 | 432833AF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 43284MAB | HILTON GRAND | 07/01/2031 4.875000% |  | 43284MAB4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/1/2031 |  |  | 92.13 |  |  |  |  |  | HILTON GRAND | 07/01/2031 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1218.75 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 23000.00 | 23026.88 | 23031.25 | 23031.25 | 4.37 | 4.37 | 5.29 | False | 6.48 |  | 0.48 | 0.23 | 0.46 | 0.00 |  | 549300TTHIODYMGND828 | 43284MAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 451102CC | ICAHN ENTER/FIN | 02/01/2029 4.375000% |  | 451102CC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 2/1/2029 |  |  | 83.75 |  |  |  |  |  | ICAHN ENTER/FIN | 02/01/2029 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1531.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 29225.00 | 29242.72 | 29312.50 | 29312.50 | 69.78 | 69.78 | 5.22 | False | 9.86 |  | 0.60 | 0.30 | 0.59 | 0.00 |  | 254900QBKK4WBSO3GE51 | 451102CC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 902104AC | II-VI INC | 12/15/2029 5.000000% |  | 902104AC2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 12/15/2029 |  |  | 97.69 |  |  |  |  |  | II-VI INC | 12/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34365.63 | 34366.78 | 34190.63 | 34190.63 | -176.16 | -176.16 | 5.12 | False | 5.59 |  | 0.71 | 0.34 | 0.68 | 0.00 |  | 549300O5C25A0MMHHU33 | 902104AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 44984WAJ | INEOS FINANCE PL | 04/15/2029 7.500000% |  | 44984WAJ6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | UKS | UNITED KINGDOM |  |  | USD | US DOLLAR | 4/15/2029 |  |  | 100.42 |  |  |  |  |  | INEOS FINANCE PL | 04/15/2029 7.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2625.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35044.70 | 35060.96 | 35147.18 | 35147.18 | 86.22 | 86.22 | 7.47 | False | 7.37 |  | 0.73 | 0.35 | 0.70 | 0.00 |  | 2138002D68XDR4LZCG32 | 44984WAJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 460599AE | INTL GAME TECH | 01/15/2029 5.250000% |  | 460599AE3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | UKS | UNITED KINGDOM |  |  | USD | US DOLLAR | 1/15/2029 |  |  | 99.38 |  |  |  |  |  | INTL GAME TECH | 01/15/2029 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2100.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39750.00 | 39910.13 | 39750.00 | 39750.00 | -160.13 | -160.13 | 5.28 | False | 5.45 |  | 0.82 | 0.40 | 0.79 | 0.00 |  | 549300UQ6KHRCZDRGZ76 | 460599AE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 449934AD | IQVIA INC | 10/15/2026 5.000000% |  | 449934AD0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 10/15/2026 |  |  | 100.13 |  |  |  |  |  | IQVIA INC | 10/15/2026 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24968.75 | 24968.75 | 25031.25 | 25031.25 | 62.50 | 62.50 | 4.99 | False | 4.89 |  | 0.52 | 0.25 | 0.50 | 0.00 |  | 549300PLWY28YB00C717 | 449934AD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 46284VAG | IRON MOUNTAIN | 07/15/2028 5.000000% |  | 46284VAG6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 7/15/2028 |  |  | 99.75 |  |  |  |  |  | IRON MOUNTAIN | 07/15/2028 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 49687.50 | 49687.50 | 49875.00 | 49875.00 | 187.50 | 187.50 | 5.01 | False | 5.09 |  | 1.03 | 0.50 | 1.00 | 0.00 |  | SQL3F6CKNNBM3SQGHX24 | 46284VAG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 47077WAC | JANE STREET GRP | 04/30/2031 7.125000% |  | 47077WAC2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 4/30/2031 |  |  | 105.50 |  |  |  |  |  | JANE STREET GRP | 04/30/2031 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2137.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 30000.00 | 31612.50 | 31609.32 | 31650.00 | 31650.00 | 40.68 | 40.68 | 6.75 | True | 5.78 |  | 0.65 | 0.32 | 0.63 | 0.00 |  | 254900QBKK4WBSO3GE51 | 47077WAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 475795AD | JELD-WEN INC | 12/15/2027 4.875000% |  | 475795AD2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 12/15/2027 |  |  | 93.00 |  |  |  |  |  | JELD-WEN INC | 12/15/2027 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1706.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 32550.00 | 32559.52 | 32550.00 | 32550.00 | -9.52 | -9.52 | 5.24 | False | 8.07 |  | 0.67 | 0.33 | 0.65 | 0.00 |  | 549300XWE6NM0N1HFW16 | 475795AD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 48666KAY | KB HOME | 11/15/2029 4.8% |  | 48666KAY5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 11/15/2029 |  |  | 98.50 |  |  |  |  |  | KB HOME | 11/15/2029 4.8% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1920.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39150.00 | 39151.73 | 39400.00 | 39400.00 | 248.27 | 248.27 | 4.87 | False | 5.19 |  | 0.81 | 0.40 | 0.79 | 0.00 |  | 549300LGUCWQURMWLG09 | 48666KAY<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 501797AW | L BRANDS INC | 10/01/2030 6.625000% |  | 501797AW4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 10/1/2030 |  |  | 103.00 |  |  |  |  |  | L BRANDS INC | 10/01/2030 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2650.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 41200.00 | 41211.63 | 41200.00 | 41200.00 | -11.63 | -11.63 | 6.43 | False | 5.95 |  | 0.85 | 0.42 | 0.82 | 0.00 |  | GR3KVMWVCR54YWQNXU90 | 501797AW<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 513075BW | LAMAR MEDIA CORP | 01/15/2029 4.875000% |  | 513075BW0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | LA | LOUISIANA | USD | US DOLLAR | 1/15/2029 |  |  | 99.25 |  |  |  |  |  | LAMAR MEDIA CORP | 01/15/2029 4.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1218.75 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24781.25 | 24782.01 | 24812.50 | 24812.50 | 30.49 | 30.49 | 4.91 | False | 5.11 |  | 0.51 | 0.25 | 0.50 | 0.00 |  | 549300TTHIODYMGND828 | 513075BW<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 52736RBJ | LEVI STRAUSS | 03/01/2031 3.500000% |  | 52736RBJ0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 3/1/2031 |  |  | 91.00 |  |  |  |  |  | LEVI STRAUSS | 03/01/2031 3.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 45500.00 | 45580.55 | 45500.00 | 45500.00 | -80.55 | -80.55 | 3.85 | False | 5.36 |  | 0.94 | 0.46 | 0.91 | 0.00 |  | MB0UERO0RDFKU8258G77 | 52736RBJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 80874YBC | LIGHT & WONDER | 05/15/2028 7.000000% |  | 80874YBC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 5/15/2028 |  |  | 100.50 |  |  |  |  |  | LIGHT & WONDER | 05/15/2028 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2800.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40250.00 | 40248.87 | 40200.00 | 40200.00 | -48.87 | -48.87 | 6.97 | False | 6.80 |  | 0.83 | 0.41 | 0.80 | 0.00 |  | RLTHESQ0RNFQJWPBJN60 | 80874YBC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 53229KAA | LIGHTNING POWER | 08/15/2032 7.250000% |  | 53229KAA7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/15/2032 |  |  | 105.50 |  |  |  |  |  | LIGHTNING POWER | 08/15/2032 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2175.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 30000.00 | 31725.00 | 31722.06 | 31650.00 | 31650.00 | -72.06 | -72.06 | 6.87 | True | 6.07 |  | 0.65 | 0.32 | 0.63 | 0.00 |  | 254900BWCHJ03XRL8K59 | 53229KAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 552953CF | MGM RESORTS | 04/15/2027 5.500000% |  | 552953CF6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 4/15/2027 |  |  | 100.63 |  |  |  |  |  | MGM RESORTS | 04/15/2027 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1925.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35218.75 | 35217.46 | 35218.75 | 35218.75 | 1.29 | 1.29 | 5.47 | True | 5.07 |  | 0.73 | 0.36 | 0.70 | 0.00 |  | 54930066VBP7DZEGGJ87 | 552953CF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 63938CAM | NAVIENT CORP | 03/15/2029 5.500000% |  | 63938CAM0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 3/15/2029 |  |  | 97.88 |  |  |  |  |  | NAVIENT CORP | 03/15/2029 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 48812.50 | 48816.08 | 48937.50 | 48937.50 | 121.42 | 121.42 | 5.62 | False | 6.15 |  | 1.01 | 0.49 | 0.98 | 0.00 |  | 54930067J0ZNOEBRW338 | 63938CAM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 65343HAA | NEXSTAR ESCROW | 07/15/2027 5.625000% |  | 65343HAA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 7/15/2027 |  |  | 99.88 |  |  |  |  |  | NEXSTAR ESCROW | 07/15/2027 5.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2812.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 49937.50 | 49937.50 | 49937.50 | 49937.50 | 0.00 | 0.00 | 5.63 | False | 5.69 |  | 1.03 | 0.50 | 1.00 | 0.00 |  | 5493006PK6I4I2OOT688 | 65343HAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 668771AL | NORTONLIFELOCK | 09/30/2030 7.125000% |  | 668771AL2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 9/30/2030 |  |  | 104.13 |  |  |  |  |  | NORTONLIFELOCK | 09/30/2030 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2493.75 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36356.25 | 36354.88 | 36443.75 | 36443.75 | 88.87 | 88.87 | 6.84 | True | 4.61 |  | 0.75 | 0.37 | 0.73 | 0.00 |  | YF6ZV0M6AU4FY94MK914 | 668771AL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 629377CQ | NRG ENERGY INC | 02/15/2029 3.375000% |  | 629377CQ3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 2/15/2029 |  |  | 94.27 |  |  |  |  |  | NRG ENERGY INC | 02/15/2029 3.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47166.75 | 47174.71 | 47135.58 | 47135.58 | -39.14 | -39.14 | 3.58 | False | 5.13 |  | 0.97 | 0.48 | 0.94 | 0.00 |  | 5E2UPK5SW04M13XY7I38 | 629377CQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 683715AD | OPEN TEXT CORP | 12/01/2029 3.875000% |  | 683715AD8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 12/1/2029 |  |  | 94.38 |  |  |  |  |  | OPEN TEXT CORP | 12/01/2029 3.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1356.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 32943.75 | 32948.11 | 33031.25 | 33031.25 | 83.14 | 83.14 | 4.11 | False | 5.32 |  | 0.68 | 0.33 | 0.66 | 0.00 |  | 549300HP7ONDQODZJV16 | 683715AD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 69007TAB | OUTFRONT MEDIA C | 08/15/2027 5.000000% |  | 69007TAB0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/15/2027 |  |  | 99.38 |  |  |  |  |  | OUTFRONT MEDIA C | 08/15/2027 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34650.00 | 34651.82 | 34781.25 | 34781.25 | 129.43 | 129.43 | 5.03 | False | 5.31 |  | 0.72 | 0.35 | 0.70 | 0.00 |  | 5493005WC7J0FDMW0610 | 69007TAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 69073TAU | OWENS-BROCKWAY | 05/15/2031 7.250000% |  | 69073TAU7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 5/15/2031 |  |  | 102.88 |  |  |  |  |  | OWENS-BROCKWAY | 05/15/2031 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2537.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35700.00 | 35706.37 | 36006.25 | 36006.25 | 299.88 | 299.88 | 7.05 | False | 6.65 |  | 0.74 | 0.36 | 0.72 | 0.00 |  | V2UQUCDZJ9WY98W8QU33 | 69073TAU<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 69867RAA | PANTHER ESCROW | 06/01/2031 7.125000% |  | 69867RAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 6/1/2031 |  |  | 104.25 |  |  |  |  |  | PANTHER ESCROW | 06/01/2031 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2850.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 41550.00 | 41548.97 | 41700.00 | 41700.00 | 151.03 | 151.03 | 6.83 | True | 6.50 |  | 0.86 | 0.42 | 0.83 | 0.00 |  | 254900QBKK4WBSO3GE51 | 69867RAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 71429MAC | PERRIGO FINANCE | 6/15/2030 3.15% |  | 71429MAC9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | IEP | IRELAND |  |  | USD | US DOLLAR | 6/15/2030 |  |  | 98.17 |  |  |  |  |  | PERRIGO FINANCE | 6/15/2030 3.15% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1260.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39191.16 | 39192.89 | 39269.76 | 39269.76 | 76.87 | 76.87 | 3.21 | False | 3.55 |  | 0.81 | 0.40 | 0.78 | 0.00 |  |  | 71429MAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 72815LAA | PLAYTIKA HOLDING | 03/15/2029 4.250000% |  | 72815LAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 3/15/2029 |  |  | 90.69 |  |  |  |  |  | PLAYTIKA HOLDING | 03/15/2029 4.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2125.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 45281.25 | 45293.37 | 45343.75 | 45343.75 | 50.38 | 50.38 | 4.69 | False | 7.15 |  | 0.94 | 0.46 | 0.91 | 0.00 |  | 254900E35Z4TKA4UFG64 | 72815LAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 737446AQ | POST HOLDINGS IN | 04/15/2030 4.625000% |  | 737446AQ7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 4/15/2030 |  |  | 96.13 |  |  |  |  |  | POST HOLDINGS IN | 04/15/2030 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1156.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24031.25 | 24033.14 | 24031.25 | 24031.25 | -1.89 | -1.89 | 4.81 | False | 5.56 |  | 0.50 | 0.24 | 0.48 | 0.00 |  | JM1I5YUAURL6DC8N1468 | 737446AQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74166MAE | PRIME SEC/FIN | 01/15/2028 6.250000% |  | 74166MAE6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2028 |  |  | 100.50 |  |  |  |  |  | PRIME SEC/FIN | 01/15/2028 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40200.00 | 40199.53 | 40200.00 | 40200.00 | 0.47 | 0.47 | 6.22 | False | 6.03 |  | 0.83 | 0.41 | 0.80 | 0.00 |  | 549300O6QPZVWXV2DC15 | 74166MAE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74843PAB | QUIKRETE HOLDING | 03/01/2033 6.750000% |  | 74843PAB6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 3/1/2033 |  |  | 103.50 |  |  |  |  |  | QUIKRETE HOLDING | 03/01/2033 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2362.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36137.50 | 36137.77 | 36225.00 | 36225.00 | 87.23 | 87.23 | 6.52 | True | 6.47 |  | 0.75 | 0.37 | 0.72 | 0.00 |  | 5493007KIN86DIZWZT22 | 74843PAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74825NAA | QXO BLDG PRODUCT | 04/30/2032 6.750000% |  | 74825NAA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 4/30/2032 |  |  | 103.25 |  |  |  |  |  | QXO BLDG PRODUCT | 04/30/2032 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2025.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 30000.00 | 30975.00 | 30975.00 | 30975.00 | 30975.00 | 0.00 | 0.00 | 6.54 | False | 6.16 |  | 0.64 | 0.31 | 0.62 | 0.00 |  | 549300HDXQWWCBOYXP31 | 74825NAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 76119LAB | RESIDEO FUNDING | 09/01/2029 4.000000% |  | 76119LAB7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 9/1/2029 |  |  | 94.27 |  |  |  |  |  | RESIDEO FUNDING | 09/01/2029 4.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47258.60 | 47265.04 | 47133.10 | 47133.10 | -131.94 | -131.94 | 4.24 | False | 5.56 |  | 0.97 | 0.48 | 0.94 | 0.00 |  | 5493000IFJ6XJKH66598 | 76119LAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 749571AF | RHP HOTEL PPTY | 10/15/2027 4.750000% |  | 749571AF2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/15/2027 |  |  | 99.75 |  |  |  |  |  | RHP HOTEL PPTY | 10/15/2027 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2375.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 49812.50 | 49812.50 | 49875.00 | 49875.00 | 62.50 | 62.50 | 4.76 | False | 4.86 |  | 1.03 | 0.50 | 1.00 | 0.00 |  | 549300SJMSMA2471GA96 | 749571AF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 74965LAA | RLJ LDGING TRUST | 07/01/2026 3.750000% |  | 74965LAA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MD | MARYLAND | USD | US DOLLAR | 7/1/2026 |  |  | 99.25 |  |  |  |  |  | RLJ LDGING TRUST | 07/01/2026 3.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1312.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34650.00 | 34653.90 | 34737.50 | 34737.50 | 83.60 | 83.60 | 3.78 | False | 4.52 |  | 0.72 | 0.35 | 0.69 | 0.00 |  | 549300RX5I8Z6I6LDZ74 | 74965LAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 780153BW | ROYAL CARIBBEAN | 09/30/2031 5.625000% |  | 780153BW1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | LIB | LIBERIA |  |  | USD | US DOLLAR | 9/30/2031 |  |  | 101.25 |  |  |  |  |  | ROYAL CARIBBEAN | 09/30/2031 5.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2250.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40400.00 | 40403.24 | 40500.00 | 40500.00 | 96.76 | 96.76 | 5.56 | False | 5.39 |  | 0.84 | 0.41 | 0.81 | 0.00 |  | K2NEH8QNVW44JIWK7Z55 | 780153BW<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 78410GAD | SBA COMMUNICATIO | 02/15/2027 3.875000% |  | 78410GAD6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 2/15/2027 |  |  | 98.63 |  |  |  |  |  | SBA COMMUNICATIO | 02/15/2027 3.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1356.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34518.75 | 34521.95 | 34518.75 | 34518.75 | -3.20 | -3.20 | 3.93 | False | 4.76 |  | 0.71 | 0.35 | 0.69 | 0.00 |  | 5299001HX8ZN8Y8QIT49 | 78410GAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 81211KAK | SEALED AIR CORP | 07/15/2033 6.875000% |  | 81211KAK6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 7/15/2033 |  |  | 108.00 |  |  |  |  |  | SEALED AIR CORP | 07/15/2033 6.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2406.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 37625.00 | 37622.46 | 37800.00 | 37800.00 | 177.54 | 177.54 | 6.37 | False | 5.62 |  | 0.78 | 0.38 | 0.76 | 0.00 |  | Q0M0CZB4YN6JZ65WXI09 | 81211KAK<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 81282UAG | SEAWORLD PARKS | 08/15/2029 5.250000% |  | 81282UAG7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 8/15/2029 |  |  | 97.88 |  |  |  |  |  | SEAWORLD PARKS | 08/15/2029 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1837.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34256.25 | 34258.14 | 34256.25 | 34256.25 | -1.89 | -1.89 | 5.36 | False | 5.84 |  | 0.71 | 0.35 | 0.68 | 0.00 |  | 549300UZV72O3371JJ53 | 81282UAG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 816196AV | SELECT MEDICAL | 12/01/2032 6.250000% |  | 816196AV1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 12/1/2032 |  |  | 100.63 |  |  |  |  |  | SELECT MEDICAL | 12/01/2032 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40050.00 | 40054.58 | 40250.00 | 40250.00 | 195.42 | 195.42 | 6.21 | False | 6.14 |  | 0.83 | 0.41 | 0.80 | 0.00 |  | 549300X05KS0JKR8CB50 | 816196AV<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 81725WAL | SENSATA TECH BV | 09/01/2030 5.875000% |  | 81725WAL7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | NLG | NETHERLANDS |  |  | USD | US DOLLAR | 9/1/2030 |  |  | 100.15 |  |  |  |  |  | SENSATA TECH BV | 09/01/2030 5.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2056.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35009.45 | 35111.06 | 35051.70 | 35051.70 | -59.37 | -59.37 | 5.87 | False | 5.84 |  | 0.72 | 0.35 | 0.70 | 0.00 |  | PUCKW5P5O3XMOZVH7T53 | 81725WAL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 817565CF | SERVICE CORP | 08/15/2030 3.375000% |  | 817565CF9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 8/15/2030 |  |  | 92.13 |  |  |  |  |  | SERVICE CORP | 08/15/2030 3.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1687.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 46000.00 | 46889.41 | 46062.50 | 46062.50 | -826.91 | -826.91 | 3.66 | False | 5.14 |  | 0.95 | 0.46 | 0.92 | 0.00 |  | 549300RKVM2ME20JHZ15 | 817565CF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 82967NBA | SIRIUS XM RADIO | 08/01/2027 5.000000% |  | 82967NBA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 8/1/2027 |  |  | 99.25 |  |  |  |  |  | SIRIUS XM RADIO | 08/01/2027 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 34650.00 | 34651.90 | 34737.50 | 34737.50 | 85.60 | 85.60 | 5.04 | False | 5.38 |  | 0.72 | 0.35 | 0.69 | 0.00 |  | WP5O65E6BMU84LNO4227 | 82967NBA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 83001AAC | SIX FLAGS ENT | 04/15/2027 5.500000% |  | 83001AAC6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 4/15/2027 |  |  | 100.00 |  |  |  |  |  | SIX FLAGS ENT | 04/15/2027 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2200.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40000.00 | 40000.00 | 40000.00 | 40000.00 | 0.00 | 0.00 | 5.50 | False | 5.49 |  | 0.83 | 0.40 | 0.80 | 0.00 |  | 549300JYTDUAA4JQ3717 | 83001AAC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 78454LAY | SM ENERGY CO | 08/01/2032 7.000000% |  | 78454LAY6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 8/1/2032 |  |  | 98.75 |  |  |  |  |  | SM ENERGY CO | 08/01/2032 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24562.50 | 24569.04 | 24687.50 | 24687.50 | 118.46 | 118.46 | 7.09 | False | 7.23 |  | 0.51 | 0.25 | 0.49 | 0.00 |  | 84BUTVXV5ODI6BXNMH43 | 78454LAY<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 83283WAE | SMYRNA READY MIX | 11/15/2031 8.875000% |  | 83283WAE3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 11/15/2031 |  |  | 104.75 |  |  |  |  |  | SMYRNA READY MIX | 11/15/2031 8.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3106.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36706.25 | 36704.73 | 36662.50 | 36662.50 | -42.23 | -42.23 | 8.47 | True | 8.25 |  | 0.76 | 0.37 | 0.73 | 0.00 |  | 549300S7RFWHQFOIOY93 | 83283WAE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 83600WAE | SOTERA HEALTH HO | 06/01/2031 7.375000% |  | 83600WAE9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 6/1/2031 |  |  | 104.00 |  |  |  |  |  | SOTERA HEALTH HO | 06/01/2031 7.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2950.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 41700.00 | 41698.42 | 41600.00 | 41600.00 | -98.42 | -98.42 | 7.09 | True | 6.94 |  | 0.86 | 0.42 | 0.83 | 0.00 |  | 549300OVT7MBXFLOFU20 | 83600WAE<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 85172FAN | SPRINGLEAF FIN | 03/15/2026 7.125000% |  | 85172FAN9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 3/15/2026 |  |  | 101.63 |  |  |  |  |  | SPRINGLEAF FIN | 03/15/2026 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 712.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 10000.00 | 10150.00 | 10147.76 | 10162.50 | 10162.50 | 14.74 | 14.74 | 7.01 | False | 4.75 |  | 0.21 | 0.10 | 0.20 | 0.00 |  | 5493008I795YYBFWFU90 | 85172FAN | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 78466CAD | SS&C TECH INC | 06/01/2032 6.500000% |  | 78466CAD8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 6/1/2032 |  |  | 103.75 |  |  |  |  |  | SS&C TECH INC | 06/01/2032 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2275.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 36225.00 | 36224.26 | 36312.50 | 36312.50 | 88.24 | 88.24 | 6.27 | True | 6.02 |  | 0.75 | 0.37 | 0.73 | 0.00 |  | 549300KY09TR3J12JU49 | 78466CAD<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 853496AG | STANDARD INDS IN | 07/15/2030 4.375000% |  | 853496AG2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 7/15/2030 |  |  | 95.00 |  |  |  |  |  | STANDARD INDS IN | 07/15/2030 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2187.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47437.50 | 48898.04 | 47500.00 | 47500.00 | -1398.04 | -1398.04 | 4.61 | False | 5.52 |  | 0.98 | 0.48 | 0.95 | 0.00 |  | 54930064UHXCIUWVI755 | 853496AG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 864486AL | SUBURBAN PROPANE | 06/01/2031 5.000000% |  | 864486AL9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 6/1/2031 |  |  | 94.50 |  |  |  |  |  | SUBURBAN PROPANE | 06/01/2031 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 32943.75 | 32975.55 | 33075.00 | 33075.00 | 99.45 | 99.45 | 5.29 | False | 6.12 |  | 0.68 | 0.33 | 0.66 | 0.00 |  | JJAX4X60DE65EYFOTY73 | 864486AL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 90320LAG | SUNRISE HOLDCO | 01/15/2028 5.500000% |  | 90320LAG2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | NLG | NETHERLANDS |  |  | USD | US DOLLAR | 1/15/2028 |  |  | 99.53 |  |  |  |  |  | SUNRISE HOLDCO | 01/15/2028 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1375.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24908.55 | 24908.55 | 24881.40 | 24881.40 | -27.15 | -27.15 | 5.53 | False | 5.70 |  | 0.51 | 0.25 | 0.50 | 0.00 |  | 213800G1DU7LKI6ZCD69 | 90320LAG<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 87612BBQ | TARGA RES PRTNRS | 03/01/2030 5.500000% |  | 87612BBQ4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 3/1/2030 |  |  | 101.63 |  |  |  |  |  | TARGA RES PRTNRS | 03/01/2030 5.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1375.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25114.41 | 25493.80 | 25407.43 | 25407.43 | -86.38 | -86.38 | 5.41 | False | 5.10 |  | 0.52 | 0.26 | 0.51 | 0.00 |  | 6OQWTZ1SPC04IFT4T704 | 87612BBQ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 87901JAH | TEGNA INC | 09/15/2029 5.000000% |  | 87901JAH8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 9/15/2029 |  |  | 95.75 |  |  |  |  |  | TEGNA INC | 09/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 47875.00 | 47879.86 | 47875.00 | 47875.00 | -4.86 | -4.86 | 5.22 | False | 6.16 |  | 0.99 | 0.48 | 0.96 | 0.00 |  | 549300YC5EDBGX85AO10 | 87901JAH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 87927VAM | TELECOM IT CAP | 09/30/2034 6.000000% |  | 87927VAM0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | LUX | LUXEMBOURG |  |  | USD | US DOLLAR | 9/30/2034 |  |  | 100.33 |  |  |  |  |  | TELECOM IT CAP | 09/30/2034 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24881.40 | 24881.40 | 25083.00 | 25083.00 | 201.60 | 201.60 | 5.98 | False | 5.95 |  | 0.52 | 0.25 | 0.50 | 0.00 |  | 549300777DJZOR5C4L39 | 87927VAM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 88033GDM | TENET HEALTHCARE | 06/01/2029 4.250000% |  | 88033GDM9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 6/1/2029 |  |  | 97.25 |  |  |  |  |  | TENET HEALTHCARE | 06/01/2029 4.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2125.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 48687.50 | 48690.61 | 48625.00 | 48625.00 | -65.61 | -65.61 | 4.37 | False | 5.03 |  | 1.00 | 0.49 | 0.97 | 0.00 |  | 0W9AIBT6U6ADJ2I8HK17 | 88033GDM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 880779BA | TEREX CORP | 05/15/2029 5.000000% |  | 880779BA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 5/15/2029 |  |  | 97.00 |  |  |  |  |  | TEREX CORP | 05/15/2029 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 48937.50 | 48939.97 | 48500.00 | 48500.00 | -439.97 | -439.97 | 5.15 | False | 5.87 |  | 1.00 | 0.49 | 0.97 | 0.00 |  | YAWJZJYEQ7M1SYMOS462 | 880779BA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 88167AAK | TEVA PHARMACEUTI | 03/01/2028 6.750000% |  | 88167AAK7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | NLG | NETHERLANDS |  |  | USD | US DOLLAR | 3/1/2028 |  |  | 103.88 |  |  |  |  |  | TEVA PHARMACEUTI | 03/01/2028 6.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2700.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 41600.00 | 41592.96 | 41550.00 | 41550.00 | -42.96 | -42.96 | 6.50 | True | 5.03 |  | 0.86 | 0.42 | 0.83 | 0.00 |  | 5493004T21MOAFINJP35 | 88167AAK<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 885160AA | THOR INDUSTRIES | 10/15/2029 4.000000% |  | 885160AA9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 10/15/2029 |  |  | 94.25 |  |  |  |  |  | THOR INDUSTRIES | 10/15/2029 4.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1400.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 32987.50 | 32992.00 | 32987.50 | 32987.50 | -4.50 | -4.50 | 4.24 | False | 5.52 |  | 0.68 | 0.33 | 0.66 | 0.00 |  | 254900XZO1228PDSG060 | 885160AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 893647BV | TRANSDIGM INC | 03/01/2032 6.625000% |  | 893647BV8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 3/1/2032 |  |  | 103.31 |  |  |  |  |  | TRANSDIGM INC | 03/01/2032 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3312.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 51781.25 | 51780.61 | 51656.25 | 51656.25 | -124.36 | -124.36 | 6.41 | False | 6.01 |  | 1.07 | 0.52 | 1.03 | 0.00 |  | 88Q84GB3X55CF5OC7582 | 893647BV<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 90932LAH | UNITED AIRLINES | 04/15/2029 4.625000% |  | 90932LAH0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 4/15/2029 |  |  | 97.22 |  |  |  |  |  | UNITED AIRLINES | 04/15/2029 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1850.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 38885.98 | 38889.29 | 38886.54 | 38886.54 | -2.75 | -2.75 | 4.76 | False | 5.45 |  | 0.80 | 0.39 | 0.78 | 0.00 |  | K1OQBWM7XEOO08LDNP29 | 90932LAH<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 911365BL | UNITED RENTAL NA | 01/15/2030 5.250000% |  | 911365BL7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 1/15/2030 |  |  | 100.75 |  |  |  |  |  | UNITED RENTAL NA | 01/15/2030 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1837.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35175.00 | 35174.83 | 35262.50 | 35262.50 | 87.67 | 87.67 | 5.21 | False | 5.06 |  | 0.73 | 0.36 | 0.70 | 0.00 |  | NGIZXNT70J2LYT3FBI09 | 911365BL<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 914906AY | UNIVISION COMM | 08/15/2028 8.000000% |  | 914906AY8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 8/15/2028 |  |  | 101.44 |  |  |  |  |  | UNIVISION COMM | 08/15/2028 8.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25359.38 | 25446.11 | 25359.38 | 25359.38 | -86.74 | -86.74 | 7.89 | False | 7.47 |  | 0.52 | 0.26 | 0.51 | 0.00 |  | 549300YQDE2JSGTL8V47 | 914906AY<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92564RAB | VICI PROPERTIES | 12/01/2029 4.625000% |  | 92564RAB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 12/1/2029 |  |  | 98.40 |  |  |  |  |  | VICI PROPERTIES | 12/01/2029 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1156.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24469.88 | 24470.93 | 24599.03 | 24599.03 | 128.10 | 128.10 | 4.70 | False | 5.03 |  | 0.51 | 0.25 | 0.49 | 0.00 |  | 254900X4QE7SGKQLLN38 | 92564RAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 926400AA | VICTORIAS SECRE | 07/15/2029 4.625000% |  | 926400AA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 7/15/2029 |  |  | 93.88 |  |  |  |  |  | VICTORIAS SECRE | 07/15/2029 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1387.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 30000.00 | 28087.50 | 28092.28 | 28162.50 | 28162.50 | 70.22 | 70.22 | 4.93 | False | 6.37 |  | 0.58 | 0.28 | 0.56 | 0.00 |  | 5493006T3O70U3UWVF17 | 926400AA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92769VAJ | VIRGIN MEDIA FIN | 07/15/2030 5.000000% |  | 92769VAJ8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | UKS | UNITED KINGDOM |  |  | USD | US DOLLAR | 7/15/2030 |  |  | 91.67 |  |  |  |  |  | VIRGIN MEDIA FIN | 07/15/2030 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 22869.95 | 24112.57 | 22916.93 | 22916.93 | -1195.65 | -1195.65 | 5.45 | False | 6.99 |  | 0.47 | 0.23 | 0.46 | 0.00 |  | 2138001LVYC87DDHT482 | 92769VAJ<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92840VAF | VISTRA OPERATION | 07/31/2027 5.000000% |  | 92840VAF9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 7/31/2027 |  |  | 100.13 |  |  |  |  |  | VISTRA OPERATION | 07/31/2027 5.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 50000.00 | 50000.00 | 50000.00 | 50062.50 | 50062.50 | 62.50 | 62.50 | 4.99 | False | 4.93 |  | 1.03 | 0.50 | 1.00 | 0.00 |  | 549300ZH5GKBTJZ7NM23 | 92840VAF<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92921EAA | VOYAGER PARENT L | 07/01/2032 9.250000% |  | 92921EAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 7/1/2032 |  |  | 104.25 |  |  |  |  |  | VOYAGER PARENT L | 07/01/2032 9.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2312.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 25968.75 | 25969.91 | 26062.50 | 26062.50 | 92.59 | 92.59 | 8.87 | False | 8.43 |  | 0.54 | 0.26 | 0.52 | 0.00 |  | 2549002DYVI4ACSV4V71 | 92921EAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 95081QAP | WESCO DISTRIBUT | 06/15/2028 7.250000% |  | 95081QAP9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 6/15/2028 |  |  | 101.50 |  |  |  |  |  | WESCO DISTRIBUT | 06/15/2028 7.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2537.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 35000.00 | 35568.75 | 35566.46 | 35525.00 | 35525.00 | -41.46 | -41.46 | 7.14 | False | 6.68 |  | 0.73 | 0.36 | 0.71 | 0.00 |  | 549300I2CEZJG9N4AH67 | 95081QAP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 958102AM | WESTERN DIGITAL | 02/15/2026 4.750000% |  | 958102AM7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 2/15/2026 |  |  | 100.25 |  |  |  |  |  | WESTERN DIGITAL | 02/15/2026 4.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 237.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 5000.00 | 5000.00 | 5000.00 | 5012.50 | 5012.50 | 12.50 | 12.50 | 4.74 | True | 4.05 |  | 0.10 | 0.05 | 0.10 | 0.00 |  | 549300QQXOOYEF89IC56 | 958102AM<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 92933BAR | WMG ACQUISITION | 02/15/2031 3.000000% |  | 92933BAR5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 2/15/2031 |  |  | 90.23 |  |  |  |  |  | WMG ACQUISITION | 02/15/2031 3.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1200.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 36218.52 | 36290.08 | 36092.68 | 36092.68 | -197.40 | -197.40 | 3.32 | False | 5.01 |  | 0.74 | 0.36 | 0.72 | 0.00 |  | 549300NAS11NXI33CP80 | 92933BAR<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 98311AAB | WYNDHAM HOTELS & | 08/15/2028 4.375000% |  | 98311AAB1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NJ | NEW JERSEY | USD | US DOLLAR | 8/15/2028 |  |  | 98.13 |  |  |  |  |  | WYNDHAM HOTELS & | 08/15/2028 4.375000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 39000.00 | 39003.36 | 39250.00 | 39250.00 | 246.64 | 246.64 | 4.46 | False | 5.03 |  | 0.81 | 0.40 | 0.78 | 0.00 |  | 549300FE3MQ4RVXXC673 | 98311AAB<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 983130AX | WYNN LAS VEGAS | 05/15/2027 5.250000% |  | 983130AX3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 5/15/2027 |  |  | 100.50 |  |  |  |  |  | WYNN LAS VEGAS | 05/15/2027 5.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2100.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40100.00 | 40099.47 | 40200.00 | 40200.00 | 100.53 | 100.53 | 5.22 | True | 4.92 |  | 0.83 | 0.41 | 0.80 | 0.00 |  | 2549002X45DR4UI7NA62 | 983130AX<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 983133AC | WYNN RESORTS FIN | 02/15/2031 7.125000% |  | 983133AC3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NV | NEVADA | USD | US DOLLAR | 2/15/2031 |  |  | 106.50 |  |  |  |  |  | WYNN RESORTS FIN | 02/15/2031 7.125000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2850.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 42550.00 | 42545.36 | 42600.00 | 42600.00 | 54.64 | 54.64 | 6.69 | True | 5.70 |  | 0.88 | 0.43 | 0.85 | 0.00 |  | 254900QBKK4WBSO3GE51 | 983133AC<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 98379KAA | XPO INC | 06/01/2028 6.250000% |  | 98379KAA0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 6/1/2028 |  |  | 101.25 |  |  |  |  |  | XPO INC | 06/01/2028 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 40000.00 | 40600.00 | 40597.67 | 40500.00 | 40500.00 | -97.67 | -97.67 | 6.17 | False | 5.78 |  | 0.84 | 0.41 | 0.81 | 0.00 |  | 54930096DB9LCLPN7H13 | 98379KAA<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 988498AP | YUM! BRANDS INC | 01/31/2032 4.625000% |  | 988498AP6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | KY | KENTUCKY | USD | US DOLLAR | 1/31/2032 |  |  | 97.25 |  |  |  |  |  | YUM! BRANDS INC | 01/31/2032 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1156.25 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 24312.50 | 24322.85 | 24312.50 | 24312.50 | -10.35 | -10.35 | 4.76 | False | 5.12 |  | 0.50 | 0.25 | 0.49 | 0.00 |  | 549300JE8XHZZ7OHN517 | 988498AP<br> N | MP |
| 455 | OBRA DEFENSIVE HIGH YIELD | 345370CA | FORD MOTOR CO | 7/16/2031 7.45% |  | 345370CA6 | 1012 | Auto Manufacturers |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 7/16/2031 |  |  | 108.21 |  |  |  |  |  | FORD MOTOR CO | 7/16/2031 7.45% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1862.50 | L<br> N |  |  | 6/30/2025<br> C |  | 455;USD | USD | 25000.00 | 27056.63 | 27053.73 | 27051.94 | 27051.94 | -1.79 | -1.79 | 6.88 | False | 5.82 |  | 0.56 | 0.27 | 0.54 | 0.00 |  |  | 345370CA<br> N | MP |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Obra Defensive High Yield ETF

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

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

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

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

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9918166.06

**Total Liabilities:** $4913895.38

**Net Assets:** $5004270.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 3.03 | **5-Year:** 6.38 | **10-Year:** 0.59 | **30-Year:** 0

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

- **3-Month:** 4.35 | **1-Year:** 44.17 | **5-Year:** 65.51 | **10-Year:** 4.76 | **30-Year:** 0

**Monthly Return Information**

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

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  |  |  |
| Month 3  | $0.00                    | $151.74                                    |

### Schedule of Portfolio Investments

| Name             | Title    | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| API GROUP DE INC | CORPBOND | CUSIP: 00185PAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $38950.00     | 0.78%             | 2029-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINE | CORPBOND | CUSIP: 00253XAB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50062.50     | 1.00%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTH    | CORPBOND | CUSIP: 00404AAP4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $38900.00     | 0.78%             | 2029-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC     | CORPBOND | CUSIP: 00489LAL7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36268.75     | 0.72%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HO | CORPBOND | CUSIP: 00687YAB1<br>LEI: N/A | Long             | DBT              | CORP              | JE        |     40000 | NS      | $41223.08     | 0.82%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ADVANCED DRAINAG | CORPBOND | CUSIP: 00790RAB0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $51187.50     | 1.02%             | 2030-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS   | CORPBOND | CUSIP: 013092AC5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34868.75     | 0.70%             | 2027-01-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING | CORPBOND | CUSIP: 01330AAA4<br>LEI: N/A | Long             | DBT              | CORP              | LU        |     35000 | NS      | $35918.75     | 0.72%             | 2030-05-21      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANS    | CORPBOND | CUSIP: 019736AG2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $46062.50     | 0.92%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| AMKOR TECH INC   | CORPBOND | CUSIP: 031652BK5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35088.92     | 0.70%             | 2027-09-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| AMWINS GROUP INC | CORPBOND | CUSIP: 031921AC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $30675.00     | 0.61%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ARAMARK SERV INC | CORPBOND | CUSIP: 038522AQ1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49875.00     | 1.00%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ASHLAND LLC      | CORPBOND | CUSIP: 04433LAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $44500.00     | 0.89%             | 2031-09-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP      | CORPBOND | CUSIP: 05368VAA4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25937.50     | 0.52%             | 2030-08-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| B&G FOODS INC    | CORPBOND | CUSIP: 05508WAC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24218.75     | 0.48%             | 2028-09-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BALL CORP        | CORPBOND | CUSIP: 058498AX4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $45000.00     | 0.90%             | 2031-09-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA | CORPBOND | CUSIP: 07556QBR5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40300.00     | 0.81%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC   | CORPBOND | CUSIP: 097751BZ3<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     35000 | NS      | $36706.25     | 0.73%             | 2029-02-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP | CORPBOND | CUSIP: 103304BV2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48000.00     | 0.96%             | 2031-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CCO HOLDINGS LLC | CORPBOND | CUSIP: 1248EPCQ4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $47375.00     | 0.95%             | 2032-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CNX RESOURCES CO | CORPBOND | CUSIP: 12653CAL2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36312.50     | 0.73%             | 2032-03-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CAESARS ENT      | CORPBOND | CUSIP: 12769GAC4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $51250.00     | 1.02%             | 2032-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP     | CORPBOND | CUSIP: 131347CM6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39750.00     | 0.79%             | 2028-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP    | CORPBOND | CUSIP: 143658BR2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $50687.50     | 1.01%             | 2029-05-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CASCADES INC/USA | CORPBOND | CUSIP: 14739LAB8<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     35000 | NS      | $34825.00     | 0.70%             | 2028-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES | CORPBOND | CUSIP: 16115QAF7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41950.00     | 0.84%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO      | CORPBOND | CUSIP: 163851AE8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34562.50     | 0.69%             | 2027-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA     | CORPBOND | CUSIP: 172441BH9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41600.00     | 0.83%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL   | CORPBOND | CUSIP: 18060TAD7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25968.75     | 0.52%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CLEAN HARBORS IN | CORPBOND | CUSIP: 184496AP2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49625.00     | 0.99%             | 2029-07-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS | CORPBOND | CUSIP: 185899AN1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24187.50     | 0.48%             | 2030-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CORECIVIC INC    | CORPBOND | CUSIP: 21871NAC5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26593.75     | 0.53%             | 2029-04-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PREST   | CORPBOND | CUSIP: 222070AG9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49000.00     | 0.98%             | 2029-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CROWN AMERICAS L | CORPBOND | CUSIP: 228180AC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25187.50     | 0.50%             | 2033-06-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKE   | CORPBOND | CUSIP: 23166MAA1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40400.00     | 0.81%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DT MIDSTREAM     | CORPBOND | CUSIP: 23345MAB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $47875.00     | 0.96%             | 2031-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| DARLING INGREDIE | CORPBOND | CUSIP: 237266AH4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34978.13     | 0.70%             | 2027-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| DAVITA INC       | CORPBOND | CUSIP: 23918KAS7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48125.00     | 0.96%             | 2030-06-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ELANCO ANIMAL    | CORPBOND | CUSIP: 28414HAG8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26084.45     | 0.52%             | 2028-08-28      | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| ENCOMPASS HLTH   | CORPBOND | CUSIP: 29261AAA8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39700.00     | 0.79%             | 2028-02-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HLDGS  | CORPBOND | CUSIP: 29272WAC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48625.00     | 0.97%             | 2028-06-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC     | CORPBOND | CUSIP: 29362UAD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $37700.00     | 0.75%             | 2029-05-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| FMG RES AUG 2006 | CORPBOND | CUSIP: 30251GBE6<br>LEI: N/A | Long             | DBT              | CORP              | AU        |     40000 | NS      | $40561.08     | 0.81%             | 2032-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY | CORPBOND | CUSIP: 344045AA7<br>LEI: N/A | Long             | DBT              | CORP              | IE        |     25000 | NS      | $25745.11     | 0.51%             | 2029-04-29      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CO    | CORPBOND | CUSIP: 345370CA6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $27051.94     | 0.54%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CRED  | CORPBOND | CUSIP: 345397B69<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $43992.90     | 0.88%             | 2031-06-17      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| FORTRESS INTERME | CORPBOND | CUSIP: 34966MAA0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $26218.75     | 0.52%             | 2031-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNI | CORPBOND | CUSIP: 35906ABF4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25000.00     | 0.50%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GLP CAP/FIN II   | CORPBOND | CUSIP: 361841AL3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25219.68     | 0.50%             | 2029-01-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| GARRETT MOT/SARL | CORPBOND | CUSIP: 366504AA6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36443.75     | 0.73%             | 2032-05-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GENESEE & WYOMIN | CORPBOND | CUSIP: 371559AB1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40900.00     | 0.82%             | 2032-04-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GRAPHIC PACKAGIN | CORPBOND | CUSIP: 38869AAB3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $38300.00     | 0.77%             | 2028-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS    | CORPBOND | CUSIP: 42704LAF1<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $31312.50     | 0.63%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC  | CORPBOND | CUSIP: 432833AF8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39750.00     | 0.79%             | 2030-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND     | CORPBOND | CUSIP: 43284MAB4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $23031.25     | 0.46%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| INEOS FINANCE PL | CORPBOND | CUSIP: 44984WAJ6<br>LEI: N/A | Long             | DBT              | CORP              | GB        |     35000 | NS      | $35147.18     | 0.70%             | 2029-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC        | CORPBOND | CUSIP: 449934AD0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $25031.25     | 0.50%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTER/FIN  | CORPBOND | CUSIP: 451102CC9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $29312.50     | 0.59%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| INTL GAME TECH   | CORPBOND | CUSIP: 460599AE3<br>LEI: N/A | Long             | DBT              | CORP              | GB        |     40000 | NS      | $39750.00     | 0.79%             | 2029-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN    | CORPBOND | CUSIP: 46284VAG6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49875.00     | 1.00%             | 2028-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JANE STREET GRP  | CORPBOND | CUSIP: 47077WAC2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $31650.00     | 0.63%             | 2031-04-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| JELD-WEN INC     | CORPBOND | CUSIP: 475795AD2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $32550.00     | 0.65%             | 2027-12-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KB HOME          | CORPBOND | CUSIP: 48666KAY5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $39400.00     | 0.79%             | 2029-11-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| L BRANDS INC     | CORPBOND | CUSIP: 501797AW4<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41200.00     | 0.82%             | 2030-10-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| LAMAR MEDIA CORP | CORPBOND | CUSIP: 513075BW0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24812.50     | 0.50%             | 2029-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LEVI STRAUSS     | CORPBOND | CUSIP: 52736RBJ0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $45500.00     | 0.91%             | 2031-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER  | CORPBOND | CUSIP: 53229KAA7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $31650.00     | 0.63%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS      | CORPBOND | CUSIP: 552953CF6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $35218.75     | 0.70%             | 2027-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NRG ENERGY INC   | CORPBOND | CUSIP: 629377CQ3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $47135.58     | 0.94%             | 2029-02-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP     | CORPBOND | CUSIP: 63938CAM0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48937.50     | 0.98%             | 2029-03-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEXSTAR ESCROW   | CORPBOND | CUSIP: 65343HAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49937.50     | 1.00%             | 2027-07-15      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| NORTONLIFELOCK   | CORPBOND | CUSIP: 668771AL2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36443.75     | 0.73%             | 2030-09-30      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| 1011778 BC ULC / | CORPBOND | CUSIP: 68245XAJ8<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     50000 | NS      | $49187.50     | 0.98%             | 2028-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP   | CORPBOND | CUSIP: 683715AD8<br>LEI: N/A | Long             | DBT              | CORP              | CA        |     35000 | NS      | $33031.25     | 0.66%             | 2029-12-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| OUTFRONT MEDIA C | CORPBOND | CUSIP: 69007TAB0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34781.25     | 0.70%             | 2027-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY   | CORPBOND | CUSIP: 69073TAU7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36006.25     | 0.72%             | 2031-05-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW   | CORPBOND | CUSIP: 69867RAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $41700.00     | 0.83%             | 2031-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| PERRIGO FINANCE  | CORPBOND | CUSIP: 71429MAC9<br>LEI: N/A | Long             | DBT              | CORP              | IE        |     40000 | NS      | $39269.76     | 0.78%             | 2030-06-15      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| PLAYTIKA HOLDING | CORPBOND | CUSIP: 72815LAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $45343.75     | 0.91%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS IN | CORPBOND | CUSIP: 737446AQ7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24031.25     | 0.48%             | 2030-04-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| PRIME SEC/FIN    | CORPBOND | CUSIP: 74166MAE6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40200.00     | 0.80%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ADT CORP         | CORPBOND | CUSIP: 74166NAA2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $48062.50     | 0.96%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| QXO BLDG PRODUCT | CORPBOND | CUSIP: 74825NAA5<br>LEI: N/A | Long             | DBT              | CORP              | US        |     30000 | NS      | $30975.00     | 0.62%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDING | CORPBOND | CUSIP: 74843PAB6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36225.00     | 0.72%             | 2033-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY   | CORPBOND | CUSIP: 749571AF2<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $49875.00     | 1.00%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RLJ LDGING TRUST | CORPBOND | CUSIP: 74965LAA9<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34737.50     | 0.69%             | 2026-07-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ANYWHERE RE/CO-I | CORPBOND | CUSIP: 75606DAS0<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $23437.50     | 0.47%             | 2030-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| RESIDEO FUNDING  | CORPBOND | CUSIP: 76119LAB7<br>LEI: N/A | Long             | DBT              | CORP              | US        |     50000 | NS      | $47133.10     | 0.94%             | 2029-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN  | CORPBOND | CUSIP: 780153BW1<br>LEI: N/A | Long             | DBT              | CORP              | LR        |     40000 | NS      | $40500.00     | 0.81%             | 2031-09-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SBA COMMUNICATIO | CORPBOND | CUSIP: 78410GAD6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $34518.75     | 0.69%             | 2027-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO     | CORPBOND | CUSIP: 78454LAY6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     25000 | NS      | $24687.50     | 0.49%             | 2032-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SS&C TECH INC    | CORPBOND | CUSIP: 78466CAD8<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $36312.50     | 0.73%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER   | CORPBOND | CUSIP: 80874YBC3<br>LEI: N/A | Long             | DBT              | CORP              | US        |     40000 | NS      | $40200.00     | 0.80%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SEALED AIR CORP  | CORPBOND | CUSIP: 81211KAK6<br>LEI: N/A | Long             | DBT              | CORP              | US        |     35000 | NS      | $37800.00     | 0.76%             | 2033-07-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-20

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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