# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-003062
**Filing Date:** 2025-8
**Character Count:** 89457
**Document Hash:** 8914577c7d9a50c05ae92b103d6fe0ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003062.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003062

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**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:** 251250018

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 439 | Obra High Grade Structured | 499876AA | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  | 499876AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/7/2064 |  |  | 101.63 |  |  |  |  | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33125.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 500000.00 | 504531.25 | 504498.37 | 508173.50 | 508173.50 | 3675.13 | 3675.13 | 6.52 | False | 6.51 |  | 1.71 | 1.70 | 1.77 | 500000.00 |  |  | 499876AA<br> N | MP |
| 439 | Obra High Grade Structured | 09606BAJ | BSTRM 2024-1A B | 11/20/2054 6.043000% |  | 09606BAJ3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/20/2054 |  |  | 101.15 |  |  |  |  | BSTRM 2024-1A B | 11/20/2054 6.043000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15107.50 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252865.93 | 252865.93 | 2865.93 | 2865.93 | 5.97 | False | 5.96 |  | 0.85 | 0.85 | 0.88 | 250000.00 |  |  | 09606BAJ<br> N | MP |
| 439 | Obra High Grade Structured | 209031AA | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  | 209031AA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2055 |  |  | 102.71 |  |  |  |  | CNSL 2025-1A A2 | 05/20/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 300000.00 | 298499.04 | 298499.04 | 308143.44 | 308143.44 | 9644.40 | 9644.40 | 5.84 | True | 4.99 |  | 1.04 | 1.03 | 1.07 | 300000.00 |  |  | 209031AA<br> N | MP |
| 439 | Obra High Grade Structured | 38237YAA | GOOD 2023-4C A | 03/20/2057 6.480000% |  | 38237YAA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/20/2057 |  |  | 99.27 |  |  |  |  | GOOD 2023-4C A | 03/20/2057 6.480000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27592.30 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 425807.06 | 431794.96 | 431726.76 | 422704.50 | 422704.50 | -9022.26 | -9022.26 | 6.53 | False | 6.53 |  | 1.42 | 1.41 | 1.47 | 500000.00 |  |  | 38237YAA<br> N | MP |
| 439 | Obra High Grade Structured | 38410JAB | GPIF 2023-2A B | 03/01/2027 9.357840% |  | 38410JAB8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2027 |  |  | 100.73<br> M |  |  |  |  | GPIF 2023-2A B | 03/01/2027 9.357840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52594.16 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 630000.00 | 640433.62 | 636289.34 | 634567.56 | 634567.56 | -1721.78 | -1721.78 | 8.29 | True | 7.24 |  | 2.14 | 2.12 | 2.20 | 630000.00 |  |  | 38410JAB<br> N | MP |
| 439 | Obra High Grade Structured | 38410KAB | GPIF 2024-1A B | 03/01/2028 6.521840% |  | 38410KAB5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.15 |  |  |  |  | GPIF 2024-1A B | 03/01/2028 6.521840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16304.60 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 248359.38 | 248759.65 | 247863.68 | 247863.68 | -895.98 | -895.98 | 6.58 | False | 6.87 |  | 0.84 | 0.83 | 0.86 | 250000.00 |  |  | 38410KAB<br> N | MP |
| 439 | Obra High Grade Structured | 38410KAC | GPIF 2024-1A C | 03/01/2028 8.857610% |  | 38410KAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.23 |  |  |  |  | GPIF 2024-1A C | 03/01/2028 8.857610% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31687.36 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 400000.00 | 397609.38 | 398191.67 | 396932.20 | 396932.20 | -1259.47 | -1259.47 | 7.98 | False | 8.24 |  | 1.34 | 1.33 | 1.38 | 400000.00 |  |  | 38410KAC<br> N | MP |
| 439 | Obra High Grade Structured | 44148HAA | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  | 44148HAA1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 101.01 |  |  |  |  | HWIRE 2023-1A A2 | 05/20/2053 5.687000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42652.50 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 750000.00 | 726406.88 | 726794.28 | 757599.15 | 757599.15 | 30804.87 | 30804.87 | 5.63 | True | 4.93 |  | 2.55 | 2.53 | 2.63 | 750000.00 |  |  | 44148HAA<br> N | MP |
| 439 | Obra High Grade Structured | 44148HAC | HWIRE 2023-1A B | 05/20/2053 7.002000% |  | 44148HAC7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 102.19 |  |  |  |  | HWIRE 2023-1A B | 05/20/2053 7.002000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8752.50 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 125000.00 | 119010.84 | 119085.22 | 127743.38 | 127743.38 | 8658.16 | 8658.16 | 6.85 | True | 5.36 |  | 0.43 | 0.43 | 0.44 | 125000.00 |  |  | 44148HAC<br> N | MP |
| 439 | Obra High Grade Structured | 50205FAA | LFS 2023-A A | 07/15/2035 7.173000% |  | 50205FAA2 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 100.62<br> M |  |  |  |  | LFS 2023-A A | 07/15/2035 7.173000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46960.59 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 654685.45 | 659890.20 | 658839.48 | 658734.87 | 658734.87 | -104.61 | -104.61 | 7.13 | True | 6.28 |  | 2.22 | 2.20 | 2.29 | 1750000.00 |  |  | 50205FAA<br> N | MP |
| 439 | Obra High Grade Structured | 55283AAA | MCA 2020-1 A | 11/15/2035 3.250000% |  | 55283AAA7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2035 |  |  | 98.83<br> M |  |  |  |  | MCA 2020-1 A | 11/15/2035 3.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7594.29 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 233670.42 | 224818.03 | 225588.02 | 230924.91 | 230924.91 | 5336.89 | 5336.89 | 3.29 | False | 3.39 |  | 0.78 | 0.77 | 0.80 | 1500000.00 |  |  | 55283AAA<br> N | MP |
| 439 | Obra High Grade Structured | 59170DAA | MNET 2023-1A A2 | 04/20/2053 6.560000% |  | 59170DAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/20/2053 |  |  | 102.58 |  |  |  |  | MNET 2023-1A A2 | 04/20/2053 6.560000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16400.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250958.67 | 250944.42 | 256439.38 | 256439.38 | 5494.96 | 5494.96 | 6.40 | True | 4.92 |  | 0.86 | 0.86 | 0.89 | 250000.00 |  |  | 59170DAA<br> N | MP |
| 439 | Obra High Grade Structured | 629863AA | NALP 2024-1 A | 12/27/2049 6.490000% |  | 629863AA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/27/2049 |  |  | 98.92 |  |  |  |  | NALP 2024-1 A | 12/27/2049 6.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25298.87 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 389813.03 | 389727.68 | 389727.68 | 385600.87 | 385600.87 | -4126.81 | -4126.81 | 6.56 | False | 6.58 |  | 1.30 | 1.29 | 1.34 | 500000.00 |  |  | 629863AA<br> N | MP |
| 439 | Obra High Grade Structured | 65253MAA | NWSB 2021-1 A | 12/25/2048 8.250000% |  | 65253MAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/25/2048 |  |  | 99.57 |  |  |  |  | NWSB 2021-1 A | 12/25/2048 8.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20008.40 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 323567.79 | 318408.51 | 318519.03 | 322179.85 | 322179.85 | 3660.82 | 3660.82 | 7.28 | False | 7.29 |  | 1.09 | 1.08 | 1.12 | 1122000.00 |  |  | 65253MAA<br> N | MP |
| 439 | Obra High Grade Structured | 69548AAA | PAID 2024-1 A | 07/15/2031 6.660000% |  | 69548AAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2031 |  |  | 100.91 |  |  |  |  | PAID 2024-1 A | 07/15/2031 6.660000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5115.24 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 76805.34 | 77077.52 | 77040.05 | 77505.05 | 77505.05 | 465.00 | 465.00 | 6.60 | True | 4.95 |  | 0.26 | 0.26 | 0.27 | 250000.00 |  |  | 69548AAA<br> N | MP |
| 439 | Obra High Grade Structured | 69548AAB | PAID 2024-1 B | 07/15/2031 7.109000% |  | 69548AAB7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2031 |  |  | 101.44 |  |  |  |  | PAID 2024-1 B | 07/15/2031 7.109000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15047.36 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 211666.30 | 213036.04 | 212850.13 | 214704.79 | 214704.79 | 1854.66 | 1854.66 | 7.01 | True | 4.42 |  | 0.72 | 0.72 | 0.75 | 375000.00 |  |  | 69548AAB<br> N | MP |
| 439 | Obra High Grade Structured | 69544MAD | PAID 2024-10 D | 06/15/2032 6.429000% |  | 69544MAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2032 |  |  | 100.57 |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25713.82 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 399966.11 | 402653.49 | 402254.02 | 402242.04 | 402242.04 | -11.98 | -11.98 | 6.39 | True | 6.00 |  | 1.36 | 1.34 | 1.40 | 400000.00 |  |  | 69544MAD<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAB | PAID 2024-5 B | 10/15/2031 6.601000% |  | 69544LAB7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 101.60 |  |  |  |  | PAID 2024-5 B | 10/15/2031 6.601000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6775.29 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 102640.34 | 102640.34 | 102640.34 | 104281.46 | 104281.46 | 1641.12 | 1641.12 | 6.50 | True | 4.73 |  | 0.35 | 0.35 | 0.36 | 150000.00 |  |  | 69544LAB<br> N | MP |
| 439 | Obra High Grade Structured | 69544LAC | PAID 2024-5 C | 10/15/2031 7.270000% |  | 69544LAC5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2031 |  |  | 101.35 |  |  |  |  | PAID 2024-5 C | 10/15/2031 7.270000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5151.04 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 70853.38 | 70853.38 | 70853.38 | 71811.49 | 71811.49 | 958.11 | 958.11 | 7.17 | True | 5.68 |  | 0.24 | 0.24 | 0.25 | 100000.00 |  |  | 69544LAC<br> N | MP |
| 439 | Obra High Grade Structured | 69545GAE | PAID 2025-2 D | 10/15/2032 6.053000% |  | 69545GAE1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2032 |  |  | 100.29 |  |  |  |  | PAID 2025-2 D | 10/15/2032 6.053000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15132.50 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250729.98 | 250729.98 | 729.98 | 729.98 | 6.04 | True | 5.87 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  |  | 69545GAE<br> N | MP |
| 439 | Obra High Grade Structured | 70472TAA | PEAR 2021-1 A | 01/15/2034 2.600000% |  | 70472TAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2034 |  |  | 98.94<br> M |  |  |  |  | PEAR 2021-1 A | 01/15/2034 2.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4126.83 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 158724.41 | 153615.48 | 154170.07 | 157034.34 | 157034.34 | 2864.27 | 2864.27 | 2.63 | False | 2.74 |  | 0.53 | 0.52 | 0.55 | 1125000.00 |  |  | 70472TAA<br> N | MP |
| 439 | Obra High Grade Structured | 70473AAA | PEAR 2023-1 A | 07/15/2035 7.420000% |  | 70473AAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 101.77<br> M |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12778.71 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 172219.84 | 174285.13 | 174235.85 | 175271.08 | 175271.08 | 1035.23 | 1035.23 | 7.29 | True | 6.57 |  | 0.59 | 0.59 | 0.61 | 250000.00 |  |  | 70473AAA<br> N | MP |
| 439 | Obra High Grade Structured | 76089YAC | RPM 2025-1A C | 06/27/2033 6.380000% |  | 76089YAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/27/2033 |  |  | 100.51 |  |  |  |  | RPM 2025-1A C | 06/27/2033 6.380000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6380.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 100512.89 | 100512.89 | 512.89 | 512.89 | 6.35 | True | 6.05 |  | 0.34 | 0.34 | 0.35 | 100000.00 |  |  | 76089YAC<br> N | MP |
| 439 | Obra High Grade Structured | 80290CBU | SBCLN 2023-A B | 06/15/2033 6.493000% |  | 80290CBU7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2033 |  |  | 100.39 |  |  |  |  | SBCLN 2023-A B | 06/15/2033 6.493000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6264.62 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 96482.75 | 96807.05 | 96773.81 | 96854.65 | 96854.65 | 80.84 | 80.84 | 6.47 | True | 6.29 |  | 0.33 | 0.32 | 0.34 | 625000.00 |  |  | 80290CBU<br> N | MP |
| 439 | Obra High Grade Structured | 80290CBV | SBCLN 2023-A C | 06/15/2033 6.736000% |  | 80290CBV5 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2033 |  |  | 100.37 |  |  |  |  | SBCLN 2023-A C | 06/15/2033 6.736000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2599.63 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 38593.10 | 38664.51 | 38657.23 | 38734.47 | 38734.47 | 77.24 | 77.24 | 6.71 | True | 6.54 |  | 0.13 | 0.13 | 0.13 | 250000.00 |  |  | 80290CBV<br> N | MP |
| 439 | Obra High Grade Structured | 86745CAB | SNVA 2024-A B | 02/20/2051 6.000000% |  | 86745CAB8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/20/2051 |  |  | 94.96 |  |  |  |  | SNVA 2024-A B | 02/20/2051 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21806.78 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 363446.37 | 352053.96 | 352263.02 | 345112.57 | 345112.57 | -7150.45 | -7150.45 | 6.32 | False | 6.40 |  | 1.16 | 1.15 | 1.20 | 417000.00 |  |  | 86745CAB<br> N | MP |
| 439 | Obra High Grade Structured | 86771BAA | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  | 86771BAA9 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/30/2059 |  |  | 99.34 |  |  |  |  | SUNRN 2024-2A A1 | 07/30/2059 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12296.35 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 196741.64 | 195839.96 | 195839.96 | 195444.93 | 195444.93 | -395.03 | -395.03 | 6.29 | False | 6.30 |  | 0.66 | 0.65 | 0.68 | 200000.00 |  |  | 86771BAA<br> N | MP |
| 439 | Obra High Grade Structured | 98919WAG | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  | 98919WAG8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/20/2055 |  |  | 102.00 |  |  |  |  | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5953.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 100000.00 | 100000.00 | 100000.00 | 101995.53 | 101995.53 | 1995.53 | 1995.53 | 5.84 | True | 5.32 |  | 0.34 | 0.34 | 0.35 | 100000.00 |  |  | 98919WAG<br> N | MP |
| 439 | Obra High Grade Structured | 00120VAG | AGL 2024-30A C | 04/21/2037 7.628640% |  | 00120VAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/21/2037 |  |  | 100.83 |  |  |  |  | AGL 2024-30A C | 04/21/2037 7.628640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49271.03 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 750000.00 | 750136.20 | 750127.76 | 756254.85 | 756254.85 | 6127.09 | 6127.09 | 6.52 | True | 5.52 |  | 2.55 | 2.53 | 2.63 | 750000.00 |  | N.A. | 00120VAG<br> N | MP |
| 439 | Obra High Grade Structured | 00121DAA | AGL 2024-33A A1 | 07/21/2037 N.A.% |  | 00121DAA3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/21/2037 |  |  | 100.12 |  |  |  |  | AGL 2024-33A A1 | 07/21/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14048.68 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250296.70 | 250296.70 | 296.70 | 296.70 | 5.64 | False | 5.63 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  | N.A. | 00121DAA<br> N | MP |
| 439 | Obra High Grade Structured | 00177GAS | AMMC 2022-25A CR | 04/15/2035 7.301370% |  | 00177GAS0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2035 |  |  | 100.12 |  |  |  |  | AMMC 2022-25A CR | 04/15/2035 7.301370% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15640.25 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250125.00 | 250006.28 | 250301.08 | 250301.08 | 294.80 | 294.80 | 6.25 | True | 3.32 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  | N.A. | 00177GAS<br> N | MP |
| 439 | Obra High Grade Structured | 03666BAJ | ANTR 2021-1A D | 07/25/2033 9.486280% |  | 03666BAJ3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/25/2033 |  |  | 100.54 |  |  |  |  | ANTR 2021-1A D | 07/25/2033 9.486280% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 56212.65 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 665760.00 | 664068.43 | 664222.17 | 669373.28 | 669373.28 | 5151.11 | 5151.11 | 8.40 | False | 8.35 |  | 2.26 | 2.24 | 2.33 | 665760.00 |  | N.A. | 03666BAJ<br> N | MP |
| 439 | Obra High Grade Structured | 03665GAE | ANTR 2023-1A B | 04/25/2035 8.279570% |  | 03665GAE4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/25/2035 |  |  | 100.00 |  |  |  |  | ANTR 2023-1A B | 04/25/2035 8.279570% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39000.35 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 500000.00 | 507095.00 | 506567.92 | 500000.00 | 500000.00 | -6567.92 | -6567.92 | 7.80 | False | 7.80 |  | 1.68 | 1.67 | 1.74 | 500000.00 |  | N.A. | 03665GAE<br> N | MP |
| 439 | Obra High Grade Structured | 05684CBA | BCC 2020-3A DRR | 10/23/2034 7.379340% |  | 05684CBA2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/23/2034 |  |  | 100.06 |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2804.15 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 38000.00 | 37962.00 | 37968.75 | 38023.46 | 38023.46 | 54.71 | 54.71 | 7.37 | True | 7.17 |  | 0.13 | 0.13 | 0.13 | 38000.00 |  | N.A. | 05684CBA<br> N | MP |
| 439 | Obra High Grade Structured | 09263EAG | BLKMM 2024-1A C | 07/15/2036 N.A.% |  | 09263EAG7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2036 |  |  | 100.98 |  |  |  |  | BLKMM 2024-1A C | 07/15/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36530.50 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 504910.85 | 504910.85 | 4910.85 | 4910.85 | 7.28 | False | 7.22 |  | 1.70 | 1.69 | 1.75 | 500000.00 |  |  | 09263EAG<br> N | MP |
| 439 | Obra High Grade Structured | 05765DAQ | BOBA 2023-1A D2R | 04/20/2036 10.43201% |  | 05765DAQ8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.00 |  |  |  |  | BOBA 2023-1A D2R | 04/20/2036 10.43201% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23548.68 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 252877.50 | 250000.00 | 250000.00 | 250000.00 | 0.00 | 0.00 | 9.42 | False | 9.42 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  | N.A. | 05765DAQ<br> N | MP |
| 439 | Obra High Grade Structured | 08180FCC | BSP 2014-IVA D2R4 | 04/20/2034 10.43201% |  | 08180FCC3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2034 |  |  | 100.41 |  |  |  |  | BSP 2014-IVA D2R4 | 04/20/2034 10.43201% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28258.41 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 300000.00 | 302700.00 | 302558.51 | 301231.68 | 301231.68 | -1326.83 | -1326.83 | 9.38 | False | 9.35 |  | 1.01 | 1.01 | 1.05 | 300000.00 |  | N.A. | 08180FCC<br> N | MP |
| 439 | Obra High Grade Structured | 12547DAS | CIFC 2021-4A DR | 07/23/2037 7.240340% |  | 12547DAS5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/23/2037 |  |  | 99.23 |  |  |  |  | CIFC 2021-4A DR | 07/23/2037 7.240340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18073.35 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 248078.25 | 248078.25 | -1921.75 | -1921.75 | 7.29 | False | 7.32 |  | 0.84 | 0.83 | 0.86 | 250000.00 |  | N.A. | 12547DAS<br> N | MP |
| 439 | Obra High Grade Structured | 12598YAG | CIFC 2023-3A C | 01/20/2037 7.966440% |  | 12598YAG3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2037 |  |  | 100.83 |  |  |  |  | CIFC 2023-3A C | 01/20/2037 7.966440% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34597.35 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 500000.00 | 502572.80 | 502411.86 | 504154.35 | 504154.35 | 1742.49 | 1742.49 | 6.86 | True | 5.42 |  | 1.70 | 1.69 | 1.75 | 500000.00 |  | N.A. | 12598YAG<br> N | MP |
| 439 | Obra High Grade Structured | 29003NAG | ELM28 2024-4A D | 04/17/2037 N.A.% |  | 29003NAG0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 100.68 |  |  |  |  | ELM28 2024-4A D | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18949.48 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251696.25 | 251696.25 | 1696.25 | 1696.25 | 7.53 | False | 7.49 |  | 0.85 | 0.84 | 0.87 | 250000.00 |  |  | 29003NAG<br> N | MP |
| 439 | Obra High Grade Structured | 38179NAF | GOCAP 2024-71A C | 02/09/2037 8.573730% |  | 38179NAF1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/9/2037 |  |  | 100.91 |  |  |  |  | GOCAP 2024-71A C | 02/09/2037 8.573730% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18870.60 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250005.50 | 250005.17 | 252277.43 | 252277.43 | 2272.26 | 2272.26 | 7.48 | False | 7.43 |  | 0.85 | 0.84 | 0.88 | 250000.00 |  | N.A. | 38179NAF<br> N | MP |
| 439 | Obra High Grade Structured | 38179FAW | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  | 38179FAW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/25/2033 |  |  | 100.21 |  |  |  |  | GSHOR 2022-1A CR | 07/25/2033 8.095230% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17579.43 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250937.50 | 250879.01 | 250531.25 | 250531.25 | -347.76 | -347.76 | 7.02 | False | 7.00 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  | N.A. | 38179FAW<br> N | MP |
| 439 | Obra High Grade Structured | 46604KAE | IVYH 2024-22A C | 04/20/2036 8.451560% |  | 46604KAE8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/20/2036 |  |  | 101.05 |  |  |  |  | IVYH 2024-22A C | 04/20/2036 8.451560% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18798.68 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 248985.85 | 249052.25 | 252635.45 | 252635.45 | 3583.20 | 3583.20 | 7.44 | False | 7.38 |  | 0.85 | 0.84 | 0.88 | 250000.00 |  | N.A. | 46604KAE<br> N | MP |
| 439 | Obra High Grade Structured | 46604CAS | IVYH 20A CR | 07/19/2037 N.A.% |  | 46604CAS5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/19/2037 |  |  | 100.00 |  |  |  |  | IVYH 20A CR | 07/19/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17708.13 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249991.95 | 249991.95 | -8.05 | -8.05 | 0.00 | False | 0.00 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  |  | 46604CAS<br> N | MP |
| 439 | Obra High Grade Structured | 46604RAC | IVYH 21A B | 07/18/2035 8.747910% |  | 46604RAC7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2035 |  |  | 100.84 |  |  |  |  | IVYH 21A B | 07/18/2035 8.747910% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50176.56 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 650000.00 | 651906.58 | 651769.77 | 655491.14 | 655491.14 | 3721.37 | 3721.37 | 7.65 | False | 7.60 |  | 2.21 | 2.19 | 2.28 | 650000.00 |  | N.A. | 46604RAC<br> N | MP |
| 439 | Obra High Grade Structured | 46602ABE | IVYH 7A AR3 | 10/15/2036 N.A.% |  | 46602ABE1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/15/2036 |  |  | 100.09 |  |  |  |  | IVYH 7A AR3 | 10/15/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14640.25 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250228.33 | 250228.33 | 228.33 | 228.33 | 5.85 | False | 5.84 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  |  | 46602ABE<br> N | MP |
| 439 | Obra High Grade Structured | 55822NAG | MDPK 2023-61A C | 01/20/2037 8.207080% |  | 55822NAG4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/20/2037 |  |  | 100.95 |  |  |  |  | MDPK 2023-61A C | 01/20/2037 8.207080% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46243.08 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 645000.00 | 647919.98 | 647740.44 | 651119.12 | 651119.12 | 3378.68 | 3378.68 | 7.10 | True | 5.45 |  | 2.19 | 2.18 | 2.26 | 645000.00 |  | N.A. | 55822NAG<br> N | MP |
| 439 | Obra High Grade Structured | 598014AJ | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  | 598014AJ7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.62 |  |  |  |  | MIDO 2024-17A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18173.68 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251539.75 | 251539.75 | 1539.75 | 1539.75 | 7.22 | False | 7.20 |  | 0.85 | 0.84 | 0.87 | 250000.00 |  |  | 598014AJ<br> N | MP |
| 439 | Obra High Grade Structured | 62432UAU | MVEW 2022-1A DR | 04/15/2034 8.446100% |  | 62432UAU5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2034 |  |  | 100.29 |  |  |  |  | MVEW 2022-1A DR | 04/15/2034 8.446100% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1689.22 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 20000.00 | 20070.00 | 20056.79 | 20057.05 | 20057.05 | 0.26 | 0.26 | 8.42 | True | 7.46 |  | 0.07 | 0.07 | 0.07 | 20000.00 |  | N.A. | 62432UAU<br> N | MP |
| 439 | Obra High Grade Structured | 67443AAJ | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  | 67443AAJ0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.65 |  |  |  |  | OBRAC 2024-1A D1 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23469.30 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 301947.51 | 301947.51 | 1947.51 | 1947.51 | 0.00 | False | -0.05 |  | 1.02 | 1.01 | 1.05 | 300000.00 |  |  | 67443AAJ<br> N | MP |
| 439 | Obra High Grade Structured | 67118BAU | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  | 67118BAU7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/20/2036 |  |  | 99.59 |  |  |  |  | OCPA 2023-29A D1R | 01/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34097.35 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 500000.00 | 500000.00 | 500000.00 | 497958.95 | 497958.95 | -2041.05 | -2041.05 | 6.85 | False | 6.87 |  | 1.68 | 1.66 | 1.73 | 500000.00 |  |  | 67118BAU<br> N | MP |
| 439 | Obra High Grade Structured | 67120EAN | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  | 67120EAN3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/16/2037 |  |  | 99.68 |  |  |  |  | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17651.35 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249189.73 | 249189.73 | -810.28 | -810.28 | 7.08 | False | 7.10 |  | 0.84 | 0.83 | 0.87 | 250000.00 |  |  | 67120EAN | MP |
| 439 | Obra High Grade Structured | 67706HCE | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  | 67706HCE6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/23/2037 |  |  | 100.52 |  |  |  |  | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21948.35 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251295.83 | 251295.83 | 1295.83 | 1295.83 | 8.73 | False | 8.71 |  | 0.85 | 0.84 | 0.87 | 250000.00 |  |  | 67706HCE<br> N | MP |
| 439 | Obra High Grade Structured | 69917AAN | PARL 2020-1A A2R | 07/20/2034 6.404780% |  | 69917AAN4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2034 |  |  | 100.26 |  |  |  |  | PARL 2020-1A A2R | 07/20/2034 6.404780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18888.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 296000.00 | 296236.80 | 296171.56 | 296763.95 | 296763.95 | 592.39 | 592.39 | 6.36 | True | 6.13 |  | 1.00 | 0.99 | 1.03 | 296000.00 |  | N.A. | 69917AAN | MP |
| 439 | Obra High Grade Structured | 69690ABC | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  | 69690ABC0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/20/2037 |  |  | 100.41 |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5486.80 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 76000.00 | 76342.00 | 76325.69 | 76314.69 | 76314.69 | -11.00 | -11.00 | 7.19 | True | 6.89 |  | 0.26 | 0.26 | 0.27 | 76000.00 |  | N.A. | 69690ABC<br> N | MP |
| 439 | Obra High Grade Structured | 73742RAG | POST 2024-2A C | 01/20/2038 N.A.% |  | 73742RAG5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 100.50 |  |  |  |  | POST 2024-2A C | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21305.38 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 325000.00 | 325000.00 | 325000.00 | 326625.62 | 326625.62 | 1625.62 | 1625.62 | 0.00 | False | -0.04 |  | 1.10 | 1.09 | 1.13 | 325000.00 |  |  | 73742RAG<br> N | MP |
| 439 | Obra High Grade Structured | 750104AW | RAD 2023-19A D1R | 03/20/2038 7.673170% |  | 750104AW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/20/2038 |  |  | 101.00 |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15346.34 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 200000.00 | 202300.00 | 202221.03 | 201995.14 | 201995.14 | -225.89 | -225.89 | 7.60 | True | 7.09 |  | 0.68 | 0.68 | 0.70 | 200000.00 |  | N.A. | 750104AW<br> N | MP |
| 439 | Obra High Grade Structured | 75888ABN | REGT7 2016-1A DR2 | 06/20/2034 7.616300% |  | 75888ABN5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 6/20/2034 |  |  | 100.29 |  |  |  |  | REGT7 2016-1A DR2 | 06/20/2034 7.616300% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3815.26 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 50000.00 | 50100.00 | 50000.00 | 50142.78 | 50142.78 | 142.78 | 142.78 | 7.61 | False | 7.59 |  | 0.17 | 0.17 | 0.17 | 50000.00 |  | N.A. | 75888ABN | MP |
| 439 | Obra High Grade Structured | 77341XAL | ROCKT 2022-3A AR | 07/20/2037 N.A.% |  | 77341XAL7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2037 |  |  | 100.48 |  |  |  |  | ROCKT 2022-3A AR | 07/20/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14273.68 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251195.33 | 251195.33 | 1195.33 | 1195.33 | 5.68 | False | 5.65 |  | 0.85 | 0.84 | 0.87 | 250000.00 |  |  | 77341XAL<br> N | MP |
| 439 | Obra High Grade Structured | 77341RAG | ROCKT 2023-1A D | 01/20/2036 10.60201% |  | 77341RAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2036 |  |  | 100.54 |  |  |  |  | ROCKT 2023-1A D | 01/20/2036 10.60201% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26970.38 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 281250.00 | 289687.50 | 283603.83 | 282766.89 | 282766.89 | -836.94 | -836.94 | 9.54 | True | 7.80 |  | 0.95 | 0.95 | 0.98 | 281250.00 |  | N.A. | 77341RAG<br> N | MP |
| 439 | Obra High Grade Structured | 05493XAE | BAHA 2024-MAR B | 12/10/2029 7.069410% |  | 05493XAE0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2029 |  |  | 104.38 |  |  |  |  | BAHA 2024-MAR B | 12/10/2029 7.069410% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17673.55 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 260937.93 | 260937.93 | 10937.93 | 10937.93 | 6.55 | False | 5.72 |  | 0.88 | 0.87 | 0.91 | 250000.00 |  |  | 05493XAE<br> N | MP |
| 439 | Obra High Grade Structured | 05612TAC | BX 2024-VLT4 B | 07/15/2029 7.260766% |  | 05612TAC9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2029 |  |  | 99.92 |  |  |  |  | BX 2024-VLT4 B | 07/15/2029 7.260766% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12505.06 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199592.78 | 199841.04 | 199841.04 | 248.26 | 248.26 | 6.27 | False | 6.29 |  | 0.67 | 0.67 | 0.69 | 200000.00 |  |  | 05612TAC<br> N | MP |
| 439 | Obra High Grade Structured | 05594CAG | BX 2025-LUNR C | 06/09/2040 6.330000% |  | 05594CAG9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2040 |  |  | 100.40 |  |  |  |  | BX 2025-LUNR C | 06/09/2040 6.330000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18935.28 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 300000.00 | 300000.00 | 300000.00 | 301192.16 | 301192.16 | 1192.16 | 1192.16 | 6.30 | False | 6.29 |  | 1.01 | 1.01 | 1.05 | 300000.00 |  |  | 05594CAG<br> N | MP |
| 439 | Obra High Grade Structured | 12433KAE | BX 2025-VLT6 C | 03/15/2030 6.514470% |  | 12433KAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2030 |  |  | 99.86 |  |  |  |  | BX 2025-VLT6 C | 03/15/2030 6.514470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13007.82 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199500.00 | 199724.02 | 199724.02 | 224.02 | 224.02 | 6.51 | False | 6.54 |  | 0.67 | 0.67 | 0.69 | 200000.00 |  |  | 12433KAE<br> N | MP |
| 439 | Obra High Grade Structured | 05613YAG | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  | 05613YAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/18/2042 |  |  | 99.91 |  |  |  |  | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14519.60 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199500.00 | 199564.12 | 199822.98 | 199822.98 | 258.86 | 258.86 | 7.28 | False | 7.28 |  | 0.67 | 0.67 | 0.69 | 200000.00 |  |  | 05613YAG<br> N | MP |
| 439 | Obra High Grade Structured | 12988DAE | CALI 2024-SUN C | 07/15/2041 8.109780% |  | 12988DAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2041 |  |  | 100.17 |  |  |  |  | CALI 2024-SUN C | 07/15/2041 8.109780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17752.80 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 249375.00 | 249375.00 | 250425.23 | 250425.23 | 1050.23 | 1050.23 | 7.09 | False | 7.08 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  |  | 12988DAE<br> N | MP |
| 439 | Obra High Grade Structured | 34461WAG | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  | 34461WAG5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 99.82 |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17279.40 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249562.30 | 249562.30 | -437.70 | -437.70 | 6.92 | False | 6.93 |  | 0.84 | 0.83 | 0.87 | 250000.00 |  |  | 34461WAG<br> N | MP |
| 439 | Obra High Grade Structured | 30338DAG | FS 2024-HULA D | 08/15/2039 8.239500% |  | 30338DAG6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2039 |  |  | 100.06 |  |  |  |  | FS 2024-HULA D | 08/15/2039 8.239500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14502.52 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 200000.00 | 199937.50 | 199940.70 | 200119.52 | 200119.52 | 178.82 | 178.82 | 7.25 | False | 7.24 |  | 0.67 | 0.67 | 0.70 | 200000.00 |  |  | 30338DAG<br> N | MP |
| 439 | Obra High Grade Structured | 362414AE | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  | 362414AE4 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/15/2041 |  |  | 100.34 |  |  |  |  | GWT 2024-WLF2 C | 05/15/2041 7.740170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50639.48 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 750000.00 | 748125.00 | 748196.75 | 752571.08 | 752571.08 | 4374.33 | 4374.33 | 6.73 | False | 6.72 |  | 2.54 | 2.52 | 2.61 | 750000.00 |  |  | 362414AE<br> N | MP |
| 439 | Obra High Grade Structured | 40424UAE | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  | 40424UAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 99.99 |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 37685.89 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 550000.00 | 550421.88 | 550414.56 | 549951.88 | 549951.88 | -462.69 | -462.69 | 6.87 | False | 6.87 |  | 1.85 | 1.84 | 1.91 | 550000.00 |  |  | 40424UAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAE | MF1 2025-FL19 B | 05/18/2042 N.A.% |  | 55287KAE3 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.07 |  |  |  |  | MF1 2025-FL19 B | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6655.99 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 100000.00 | 99750.00 | 99771.08 | 100066.65 | 100066.65 | 295.57 | 295.57 | 6.65 | True | 6.61 |  | 0.34 | 0.33 | 0.35 | 100000.00 |  |  | 55287KAE<br> N | MP |
| 439 | Obra High Grade Structured | 55287KAG | MF1 2025-FL19 C | 05/18/2042 N.A.% |  | 55287KAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 99.99 |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28621.12 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 400000.00 | 399000.00 | 399084.04 | 399977.76 | 399977.76 | 893.72 | 893.72 | 7.16 | False | 7.16 |  | 1.35 | 1.34 | 1.39 | 400000.00 |  |  | 55287KAG<br> N | MP |
| 439 | Obra High Grade Structured | 62956HAE | NYC 2024-3ELV C | 08/15/2029 8.169720% |  | 62956HAE6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2029 |  |  | 99.33 |  |  |  |  | NYC 2024-3ELV C | 08/15/2029 8.169720% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17878.70 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 249374.90 | 249374.90 | 248322.75 | 248322.75 | -1052.15 | -1052.15 | 7.20 | False | 7.34 |  | 0.84 | 0.83 | 0.86 | 250000.00 |  |  | 62956HAE<br> N | MP |
| 439 | Obra High Grade Structured | 69382JAC | PFP 2025-12 B | 12/18/2042 N.A.% |  | 69382JAC5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 12/18/2042 |  |  | 99.86 |  |  |  |  | PFP 2025-12 B | 12/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 300000.00 | 299250.00 | 299250.00 | 299573.97 | 299573.97 | 323.97 | 323.97 | 0.00 | False | 0.01 |  | 1.01 | 1.00 | 1.04 | 300000.00 |  |  | 69382JAC<br> N | MP |
| 439 | Obra High Grade Structured | 78489CAD | SWCH 2025-DATA D | 03/15/2042 6.948550% |  | 78489CAD1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 98.93 |  |  |  |  | SWCH 2025-DATA D | 03/15/2042 6.948550% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10429.47 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 150000.00 | 149625.00 | 149625.00 | 148393.16 | 148393.16 | -1231.85 | -1231.85 | 7.03 | False | 7.06 |  | 0.50 | 0.50 | 0.52 | 150000.00 |  |  | 78489CAD<br> N | MP |
| 439 | Obra High Grade Structured | 46117WAE | TOWN 2025-STAY C | 03/15/2042 6.550000% |  | 46117WAE2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 99.69 |  |  |  |  | TOWN 2025-STAY C | 03/15/2042 6.550000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16405.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249217.25 | 249217.25 | -782.75 | -782.75 | 6.58 | False | 6.59 |  | 0.84 | 0.83 | 0.87 | 250000.00 |  |  | 46117WAE<br> N | MP |
| 439 | Obra High Grade Structured | 05765DAZ | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  | 05765DAZ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 99.96 |  |  |  |  | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249887.50 | 249887.50 | -112.50 | -112.50 | 0.00 | False | 0.00 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 439 | Obra High Grade Structured | 63943JAC | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  | 63943JAC0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2037 |  |  | 100.00<br> M |  |  |  |  | NAVS 2025-3A C1 | 07/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250000.00 | 250000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  |  | 63943JAC<br> N | MP |
| 439 | Obra High Grade Structured | 674436AL | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  | 674436AL4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 100.70 |  |  |  |  | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 600000.00 | 600000.00 | 600000.00 | 604170.00 | 604170.00 | 4170.00 | 4170.00 | 0.00 | False | -0.05 |  | 2.04 | 2.02 | 2.10 | 600000.00 |  |  | 674436AL<br> N | MP |
| 439 | Obra High Grade Structured | 69547DAD | PAID 2025-4 C | 01/17/2033 6.146000% |  | 69547DAD8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2033 |  |  | 100.45 |  |  |  |  | PAID 2025-4 C | 01/17/2033 6.146000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46095.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 750000.00 | 750000.00 | 750000.00 | 753351.57 | 753351.57 | 3351.57 | 3351.57 | 6.12 | True | 5.90 |  | 2.54 | 2.52 | 2.62 | 750000.00 |  |  | 69547DAD<br> N | MP |
| 439 | Obra High Grade Structured | 81749YAA | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  | 81749YAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2055 |  |  | 100.83 |  |  |  |  | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 350000.00 | 349781.25 | 349781.25 | 352906.75 | 352906.75 | 3125.50 | 3125.50 | 5.95 | True | 5.91 |  | 1.19 | 1.18 | 1.23 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 439 | Obra High Grade Structured | 034943AB | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  | 034943AB6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2069 |  |  | 102.86 |  |  |  |  | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11724.67 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 183255.27 | 183252.99 | 183253.00 | 188499.58 | 188499.58 | 5246.58 | 5246.58 | 6.22 | True | 4.68 |  | 0.64 | 0.63 | 0.65 | 250000.00 |  |  | 034943AB<br> N | MP |
| 439 | Obra High Grade Structured | 17332RAA | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  | 17332RAA1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.17 |  |  |  |  | CMLTI 2025-3 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14863.59 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 247726.54 | 246255.66 | 246255.66 | 250629.59 | 250629.59 | 4373.93 | 4373.93 | 5.93 | False | 5.92 |  | 0.84 | 0.84 | 0.87 | 250000.00 |  |  | 17332RAA<br> N | MP |
| 439 | Obra High Grade Structured | 36272DAA | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  | 36272DAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2055 |  |  | 101.23 |  |  |  |  | GSMBS 2025-PJ5 A1 | 10/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14891.43 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 248190.57 | 248345.69 | 248344.66 | 251254.18 | 251254.18 | 2909.52 | 2909.52 | 5.93 | True | 5.86 |  | 0.85 | 0.84 | 0.87 | 250000.00 |  |  | 36272DAA<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAD | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  | 46657WAD0 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 100.93 |  |  |  |  | JPMMT 2024-4 A4 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18180.31 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 279697.11 | 279490.76 | 279493.44 | 282300.11 | 282300.11 | 2806.67 | 2806.67 | 6.44 | True | 6.39 |  | 0.95 | 0.94 | 0.98 | 500000.00 |  |  | 46657WAD<br> N | MP |
| 439 | Obra High Grade Structured | 46657WAK | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  | 46657WAK4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/1/2054 |  |  | 100.46 |  |  |  |  | JPMMT 2024-4 A6 | 10/25/2054 6.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14600.39 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 224621.39 | 224201.02 | 224206.46 | 225644.34 | 225644.34 | 1437.88 | 1437.88 | 6.47 | True | 6.44 |  | 0.76 | 0.75 | 0.78 | 500000.00 |  |  | 46657WAK<br> N | MP |
| 439 | Obra High Grade Structured | 465983AD | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  | 465983AD6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2064 |  |  | 101.62 |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6414.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 100000.00 | 99998.10 | 99998.41 | 101624.87 | 101624.87 | 1626.46 | 1626.46 | 6.31 | True | 5.71 |  | 0.34 | 0.34 | 0.35 | 100000.00 |  |  | 465983AD<br> N | MP |
| 439 | Obra High Grade Structured | 46590SAC | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  | 46590SAC1 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/1/2065 |  |  | 101.00 |  |  |  |  | JPMMT 2025-NQM2 A1 | 09/25/2065 5.567000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43769.48 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 786231.01 | 786599.55 | 786591.72 | 794093.48 | 794093.48 | 7501.76 | 7501.76 | 5.51 | True | 5.20 |  | 2.68 | 2.65 | 2.76 | 800000.00 |  |  | 46590SAC<br> N | MP |
| 439 | Obra High Grade Structured | 67117VAC | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  | 67117VAC4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2063 |  |  | 102.06 |  |  |  |  | OBX 2023-NQM6 A3 | 07/25/2063 6.975000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6190.56 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 88753.54 | 89086.37 | 89084.65 | 90582.14 | 90582.14 | 1497.49 | 1497.49 | 6.83 | True | 4.99 |  | 0.31 | 0.30 | 0.31 | 140000.00 |  |  | 67117VAC<br> N | MP |
| 439 | Obra High Grade Structured | 74389DAA | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  | 74389DAA5 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.55 |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8018.82 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 133647.08 | 133271.26 | 133271.26 | 135714.44 | 135714.44 | 2443.18 | 2443.18 | 5.91 | True | 5.83 |  | 0.46 | 0.45 | 0.47 | 134800.00 |  |  | 74389DAA<br> N | MP |
| 439 | Obra High Grade Structured | 75023XAF | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  | 75023XAF9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/1/2055 |  |  | 100.88 |  |  |  |  | RMCT 2025-J2 A4 | 11/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15000.00 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 250000.00 | 249492.19 | 249494.00 | 252205.48 | 252205.48 | 2711.48 | 2711.48 | 5.95 | True | 5.90 |  | 0.85 | 0.84 | 0.88 | 250000.00 |  |  | 75023XAF<br> N | MP |
| 439 | Obra High Grade Structured | 81743GAA | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  | 81743GAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.05 |  |  |  |  | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29288.60 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 488143.33 | 487533.15 | 487533.15 | 493253.60 | 493253.60 | 5720.45 | 5720.45 | 5.94 | True | 5.88 |  | 1.66 | 1.65 | 1.71 | 500000.00 |  |  | 81743GAA<br> N | MP |
| 439 | Obra High Grade Structured | 92539GAB | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  | 92539GAB7 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2068 |  |  | 100.53 |  |  |  |  | VERUS 2023-3 A2 | 03/25/2068 6.438000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3764.55 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 58473.84 | 58281.98 | 58281.98 | 58785.23 | 58785.23 | 503.25 | 503.25 | 6.40 | True | 5.77 |  | 0.20 | 0.20 | 0.20 | 100000.00 |  |  | 92539GAB<br> N | MP |
| 439 | Obra High Grade Structured | 924934AB | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  | 924934AB8 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2068 |  |  | 102.11 |  |  |  |  | VERUS 2023-5 A2 | 06/25/2068 6.759000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23559.04 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 348558.07 | 350207.22 | 350199.61 | 355906.23 | 355906.23 | 5706.62 | 5706.62 | 6.62 | True | 4.57 |  | 1.20 | 1.19 | 1.24 | 656650.00 |  |  | 924934AB<br> N | MP |
| 439 | Obra High Grade Structured | 92540BAC | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  | 92540BAC3 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2068 |  |  | 103.18 |  |  |  |  | VERUS 2023-INV2 A3 | 08/25/2068 7.079000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21161.04 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 298926.95 | 300137.82 | 300132.77 | 308428.20 | 308428.20 | 8295.43 | 8295.43 | 6.86 | True | 4.04 |  | 1.04 | 1.03 | 1.07 | 450000.00 |  |  | 92540BAC<br> N | MP |
| 439 | Obra High Grade Structured | 92540MAC | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  | 92540MAC9 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/1/2069 |  |  | 102.12 |  |  |  |  | VERUS 2024-3 A3 | 04/25/2069 6.845000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11616.14 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 169702.50 | 169701.01 | 169701.02 | 173299.22 | 173299.22 | 3598.20 | 3598.20 | 6.70 | True | 5.62 |  | 0.58 | 0.58 | 0.60 | 250000.00 |  |  | 92540MAC<br> N | MP |
| 439 | Obra High Grade Structured | FGTXX | Goldman Sachs Financ | ial Square Funds - G |  | 38141W273 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES<br> IL | ILLINOIS | USD | US DOLLAR | 7/1/2025 |  |  | 100.00 |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38563.84 | L<br> N |  |  | 6/30/2025<br> C |  | 439;USD | USD | 912015.28 | 912015.28 | 912015.28 | 912015.28 | 912015.28 | 0.00 | 0.00 | 4.23 | False | 4.21 |  | 3.07 | 3.05 | 3.17 | 0.00 |  |  | FGTXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

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

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

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

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

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

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

**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:** $29917771.83

**Total Liabilities:** $1131626.44

**Net Assets:** $28786145.39

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 147 | **1-Year:** 2061 | **5-Year:** 3459 | **10-Year:** 655 | **30-Year:** 0

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248833 | 0.09%                | 0.29%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3444.98                | $-102464.63                                |
| Month 2  | $-18115.04               | $-29736.83                                 |
| Month 3  | $-4230.89                | $137285.97                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BSTRM 2024-1A B      | ABS      | CUSIP: 09606BAJ3<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252865.93    | 0.88%             | 2054-11-20      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| CNSL 2025-1A A2      | ABS      | CUSIP: 209031AA1<br>LEI: N/A | Long             | DBT              |  | US        |    300000 | NS      | $308143.44    | 1.07%             | 2055-05-20      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GOOD 2023-4C A       | ABS      | CUSIP: 38237YAA8<br>LEI: N/A | Long             | DBT              |  | US        |    425807 | NS      | $422704.50    | 1.47%             | 2057-03-20      | Fixed         | 6.48%                 | No            |                  2 | On Loan: No      |
| GPIF 2023-2A B       | ABS      | CUSIP: 38410JAB8<br>LEI: N/A | Long             | DBT              |  | US        |    630000 | NS      | $634567.56    | 2.20%             | 2027-03-01      | Variable      | 8.35%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A B       | ABS      | CUSIP: 38410KAB5<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $247863.68    | 0.86%             | 2028-03-01      | Variable      | 6.52%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A C       | ABS      | CUSIP: 38410KAC3<br>LEI: N/A | Long             | DBT              |  | US        |    400000 | NS      | $396932.20    | 1.38%             | 2028-03-01      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A A2     | ABS      | CUSIP: 44148HAA1<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $757599.15    | 2.63%             | 2053-05-20      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A B      | ABS      | CUSIP: 44148HAC7<br>LEI: N/A | Long             | DBT              |  | US        |    125000 | NS      | $127743.38    | 0.44%             | 2053-05-20      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BEATS 2024-1A A2     | ABS      | CUSIP: 499876AA8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $508173.50    | 1.77%             | 2064-04-07      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| LFS 2023-A A         | ABS      | CUSIP: 50205FAA2<br>LEI: N/A | Long             | DBT              |  | US        |    654685 | NS      | $658734.87    | 2.29%             | 2035-07-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| MCA 2020-1 A         | ABS      | CUSIP: 55283AAA7<br>LEI: N/A | Long             | DBT              |  | US        |    233670 | NS      | $230924.91    | 0.80%             | 2035-11-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MNET 2023-1A A2      | ABS      | CUSIP: 59170DAA9<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $256439.38    | 0.89%             | 2053-04-20      | Fixed         | 6.56%                 | No            |                  2 | On Loan: No      |
| NALP 2024-1 A        | ABS      | CUSIP: 629863AA9<br>LEI: N/A | Long             | DBT              |  | US        |    389813 | NS      | $385600.87    | 1.34%             | 2049-12-27      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| NWSB 2021-1 A        | ABS      | CUSIP: 65253MAA6<br>LEI: N/A | Long             | DBT              |  | US        |    323568 | NS      | $322179.85    | 1.12%             | 2048-12-25      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 B        | ABS      | CUSIP: 69544LAB7<br>LEI: N/A | Long             | DBT              |  | US        |    102640 | NS      | $104281.46    | 0.36%             | 2031-10-15      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| PAID 2024-5 C        | ABS      | CUSIP: 69544LAC5<br>LEI: N/A | Long             | DBT              |  | US        |     70853 | NS      | $71811.49     | 0.25%             | 2031-10-15      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| PAID 2024-10 D       | ABS      | CUSIP: 69544MAD1<br>LEI: N/A | Long             | DBT              |  | US        |    399966 | NS      | $402242.04    | 1.40%             | 2032-06-15      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| PAID 2025-2 D        | ABS      | CUSIP: 69545GAE1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250729.98    | 0.87%             | 2032-10-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| PAID 2024-1 A        | ABS      | CUSIP: 69548AAA9<br>LEI: N/A | Long             | DBT              |  | US        |     76805 | NS      | $77505.05     | 0.27%             | 2031-07-15      | Fixed         | 6.66%                 | No            |                  2 | On Loan: No      |
| PAID 2024-1 B        | ABS      | CUSIP: 69548AAB7<br>LEI: N/A | Long             | DBT              |  | US        |    211666 | NS      | $214704.79    | 0.75%             | 2031-07-15      | Fixed         | 7.11%                 | No            |                  2 | On Loan: No      |
| PEAR 2021-1 A        | ABS      | CUSIP: 70472TAA6<br>LEI: N/A | Long             | DBT              |  | US        |    158724 | NS      | $157034.34    | 0.55%             | 2034-01-15      | Fixed         | 2.60%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 A        | ABS      | CUSIP: 70473AAA6<br>LEI: N/A | Long             | DBT              |  | US        |    172220 | NS      | $175271.08    | 0.61%             | 2035-07-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| RPM 2025-1A C        | ABS      | CUSIP: 76089YAC3<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $100512.89    | 0.35%             | 2033-06-27      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SBCLN 2023-A B       | ABS      | CUSIP: 80290CBU7<br>LEI: N/A | Long             | DBT              |  | US        |     96483 | NS      | $96854.65     | 0.34%             | 2033-06-15      | Fixed         | 6.49%                 | No            |                  2 | On Loan: No      |
| SBCLN 2023-A C       | ABS      | CUSIP: 80290CBV5<br>LEI: N/A | Long             | DBT              |  | US        |     38593 | NS      | $38734.47     | 0.13%             | 2033-06-15      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| SNVA 2024-A B        | ABS      | CUSIP: 86745CAB8<br>LEI: N/A | Long             | DBT              |  | US        |    363446 | NS      | $345112.57    | 1.20%             | 2051-02-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SUNRN 2024-2A A1     | ABS      | CUSIP: 86771BAA9<br>LEI: N/A | Long             | DBT              |  | US        |    196742 | NS      | $195444.93    | 0.68%             | 2059-07-30      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-2A A2      | ABS      | CUSIP: 98919WAG8<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $101995.53    | 0.35%             | 2055-06-20      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| AGL 2024-30A C       | CLO      | CUSIP: 00120VAG1<br>LEI: N/A | Long             | DBT              |  | JE        |    750000 | NS      | $756254.85    | 2.63%             | 2037-04-21      | Variable      | 6.63%                 | No            |                  2 | On Loan: No      |
| AGL 2024-33A A1      | CLO      | CUSIP: 00121DAA3<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250296.70    | 0.87%             | 2037-07-21      | Variable      | 5.68%                 | No            |                  2 | On Loan: No      |
| AMMC 2022-25A CR     | CLO      | CUSIP: 00177GAS0<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250301.08    | 0.87%             | 2035-04-15      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| ANTR 2023-1A B       | CLO      | CUSIP: 03665GAE4<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $500000.00    | 1.74%             | 2035-04-25      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A D       | CLO      | CUSIP: 03666BAJ3<br>LEI: N/A | Long             | DBT              |  | KY        |    665760 | NS      | $669373.28    | 2.33%             | 2033-07-25      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| BCC 2020-3A DRR      | CLO      | CUSIP: 05684CBA2<br>LEI: N/A | Long             | DBT              |  | KY        |     38000 | NS      | $38023.46     | 0.13%             | 2034-10-23      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2R     | CLO      | CUSIP: 05765DAQ8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250000.00    | 0.87%             | 2036-04-20      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| BSP 2014-IVA D2R4    | CLO      | CUSIP: 08180FCC3<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $301231.68    | 1.05%             | 2034-04-20      | Variable      | 9.48%                 | No            |                  2 | On Loan: No      |
| BLKMM 2024-1A C      | CLO      | CUSIP: 09263EAG7<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $504910.85    | 1.75%             | 2036-07-15      | Variable      | 7.37%                 | No            |                  2 | On Loan: No      |
| CIFC 2021-4A DR      | CLO      | CUSIP: 12547DAS5<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $248078.25    | 0.86%             | 2037-07-23      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| CIFC 2023-3A C       | CLO      | CUSIP: 12598YAG3<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $504154.35    | 1.75%             | 2037-01-20      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A D      | CLO      | CUSIP: 29003NAG0<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251696.25    | 0.87%             | 2037-04-17      | Variable      | 7.62%                 | No            |                  2 | On Loan: No      |
| GSHOR 2022-1A CR     | CLO      | CUSIP: 38179FAW1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250531.25    | 0.87%             | 2033-07-25      | Variable      | 7.07%                 | No            |                  2 | On Loan: No      |
| GOCAP 2024-71A C     | CLO      | CUSIP: 38179NAF1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $252277.43    | 0.88%             | 2037-02-09      | Variable      | 7.55%                 | No            |                  2 | On Loan: No      |
| IVYH 7A AR3          | CLO      | CUSIP: 46602ABE1<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250228.33    | 0.87%             | 2036-10-15      | Variable      | 5.92%                 | No            |                  2 | On Loan: No      |
| IVYH 20A CR          | CLO      | CUSIP: 46604CAS5<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $249991.95    | 0.87%             | 2037-07-19      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| IVYH 2024-22A C      | CLO      | CUSIP: 46604KAE8<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $252635.45    | 0.88%             | 2036-04-20      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| IVYH 21A B           | CLO      | CUSIP: 46604RAC7<br>LEI: N/A | Long             | DBT              |  | JE        |    650000 | NS      | $655491.14    | 2.28%             | 2035-07-18      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| MDPK 2023-61A C      | CLO      | CUSIP: 55822NAG4<br>LEI: N/A | Long             | DBT              |  | JE        |    645000 | NS      | $651119.12    | 2.26%             | 2037-01-20      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D1     | CLO      | CUSIP: 598014AJ7<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251539.75    | 0.87%             | 2038-01-20      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| MVEW 2022-1A DR      | CLO      | CUSIP: 62432UAU5<br>LEI: N/A | Long             | DBT              |  | KY        |     20000 | NS      | $20057.05     | 0.07%             | 2034-04-15      | Variable      | 8.51%                 | No            |                  2 | On Loan: No      |
| OCPA 2023-29A D1R    | CLO      | CUSIP: 67118BAU7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $497958.95    | 1.73%             | 2036-01-20      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1     | CLO      | CUSIP: 67120EAN3<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $249189.73    | 0.87%             | 2037-01-16      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A D1     | CLO      | CUSIP: 67443AAJ0<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $301947.51    | 1.05%             | 2038-01-20      | Variable      | 7.73%                 | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251295.83    | 0.87%             | 2037-04-23      | Variable      | 8.82%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-3A D1R    | CLO      | CUSIP: 69690ABC0<br>LEI: N/A | Long             | DBT              |  | JE        |     76000 | NS      | $76314.69     | 0.27%             | 2037-07-20      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| PARL 2020-1A A2R     | CLO      | CUSIP: 69917AAN4<br>LEI: N/A | Long             | DBT              |  | KY        |    296000 | NS      | $296763.95    | 1.03%             | 2034-07-20      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| POST 2024-2A C       | CLO      | CUSIP: 73742RAG5<br>LEI: N/A | Long             | DBT              |  | KY        |    325000 | NS      | $326625.62    | 1.13%             | 2038-01-20      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    200000 | NS      | $201995.14    | 0.70%             | 2038-03-20      | Variable      | 7.68%                 | No            |                  2 | On Loan: No      |
| REGT7 2016-1A DR2    | CLO      | CUSIP: 75888ABN5<br>LEI: N/A | Long             | DBT              |  | KY        |     50000 | NS      | $50142.78     | 0.17%             | 2034-06-20      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| ROCKT 2023-1A D      | CLO      | CUSIP: 77341RAG1<br>LEI: N/A | Long             | DBT              |  | KY        |    281250 | NS      | $282766.89    | 0.98%             | 2036-01-20      | Variable      | 9.65%                 | No            |                  2 | On Loan: No      |
| ROCKT 2022-3A AR     | CLO      | CUSIP: 77341XAL7<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251195.33    | 0.87%             | 2037-07-20      | Variable      | 5.77%                 | No            |                  2 | On Loan: No      |
| BAHA 2024-MAR B      | CMBS     | CUSIP: 05493XAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $260937.93    | 0.91%             | 2029-12-01      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| BX 2025-LUNR C       | CMBS     | CUSIP: 05594CAG9<br>LEI: N/A | Long             | DBT              |  | US        |    300000 | NS      | $301192.16    | 1.05%             | 2040-06-15      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| BX 2024-VLT4 B       | CMBS     | CUSIP: 05612TAC9<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199841.04    | 0.69%             | 2029-07-15      | Variable      | 6.25%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199822.98    | 0.69%             | 2042-10-18      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| BX 2025-VLT6 C       | CMBS     | CUSIP: 12433KAE7<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199724.02    | 0.69%             | 2030-03-15      | Variable      | 6.53%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN C      | CMBS     | CUSIP: 12988DAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250425.23    | 0.87%             | 2041-07-15      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA D       | CMBS     | CUSIP: 30338DAG6<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $200119.52    | 0.70%             | 2039-08-15      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249562.30    | 0.87%             | 2039-12-15      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 C      | CMBS     | CUSIP: 362414AE4<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $752571.08    | 2.61%             | 2041-05-15      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    550000 | NS      | $549951.88    | 1.91%             | 2041-06-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY C     | CMBS     | CUSIP: 46117WAE2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249217.25    | 0.87%             | 2042-03-15      | Variable      | 6.59%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 B      | CMBS     | CUSIP: 55287KAE3<br>LEI: N/A | Long             | DBT              |  | KY        |    100000 | NS      | $100066.65    | 0.35%             | 2042-05-18      | Variable      | 6.69%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $399977.76    | 1.39%             | 2042-05-18      | Variable      | 7.19%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV C      | CMBS     | CUSIP: 62956HAE6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $248322.75    | 0.86%             | 2029-08-15      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| PFP 2025-12 B        | CMBS     | CUSIP: 69382JAC5<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $299573.97    | 1.04%             | 2042-12-18      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $148393.16    | 0.52%             | 2042-03-15      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2RR    | CMO      | CUSIP: 05765DAZ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $249887.50    | 0.87%             | 2036-04-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| NAVS 2025-3A C1      | CMO      | CUSIP: 63943JAC0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250000.00    | 0.87%             | 2037-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    600000 | NS      | $604170.00    | 2.10%             | 2038-07-20      | Variable      | 8.52%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 C        | CMO      | CUSIP: 69547DAD8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $753351.57    | 2.62%             | 2033-01-17      | Variable      | 6.15%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-6 A1       | CMO      | CUSIP: 81749YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    350000 | NS      | $352906.75    | 1.23%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| AOMT 2024-4 A2       | MBS      | CUSIP: 034943AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    183255 | NS      | $188499.58    | 0.65%             | 2069-01-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| CMLTI 2025-3 A1      | MBS      | CUSIP: 17332RAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    247726 | NS      | $250629.59    | 0.87%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GSMBS 2025-PJ5 A1    | MBS      | CUSIP: 36272DAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    248191 | NS      | $251254.18    | 0.87%             | 2055-10-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| JPMMT 2025-NQM2 A1   | MBS      | CUSIP: 46590SAC1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    786231 | NS      | $794093.48    | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | NS      | $101624.87    | 0.35%             | 2064-02-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A4      | MBS      | CUSIP: 46657WAD0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    279697 | NS      | $282300.11    | 0.98%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-4 A6      | MBS      | CUSIP: 46657WAK4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    224621 | NS      | $225644.34    | 0.78%             | 2054-10-01      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| OBX 2023-NQM6 A3     | MBS      | CUSIP: 67117VAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     88754 | NS      | $90582.14     | 0.31%             | 2063-07-01      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| PFMT 2025-2 A1       | MBS      | CUSIP: 74389DAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    133647 | NS      | $135714.44    | 0.47%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| RMCT 2025-J2 A4      | MBS      | CUSIP: 75023XAF9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $252205.48    | 0.88%             | 2055-11-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-5 A1       | MBS      | CUSIP: 81743GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    488143 | NS      | $493253.60    | 1.71%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-5 A2      | MBS      | CUSIP: 924934AB8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    348558 | NS      | $355906.23    | 1.24%             | 2068-06-01      | Variable      | 6.76%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-3 A2      | MBS      | CUSIP: 92539GAB7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     58474 | NS      | $58785.23     | 0.20%             | 2068-03-01      | Variable      | 6.44%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-INV2 A3   | MBS      | CUSIP: 92540BAC3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    298927 | NS      | $308428.20    | 1.07%             | 2068-08-01      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| VERUS 2024-3 A3      | MBS      | CUSIP: 92540MAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    169702 | NS      | $173299.22    | 0.60%             | 2069-04-01      | Variable      | 6.84%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |    912015 | NS      | $912015.28    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-13

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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