# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-003056
**Filing Date:** 2025-8
**Character Count:** 87657
**Document Hash:** b830947efc59c45219c87529696c3fe7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003056.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002000324-25-003056

**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:** 251249995

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | LONGSHORT | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 438 | Obra Opportunistic Structured | 499876AA | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  | 499876AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/7/2064 |  |  | 101.63 |  |  |  |  | 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 |  | 438;USD | USD | 500000.00 | 504531.25 | 504498.37 | 508173.50 | 508173.50 | 3675.13 | 3675.13 | 6.52 | False | 6.51 |  | 1.40 | 1.36 | 1.42 | 500000.00 |  |  | 499876AA<br> N | MP |
| 438 | Obra Opportunistic 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 | 41741.40 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 508577.60 | 505182.96 | 503625.05 | 503625.05 | -1557.91 | -1557.91 | 8.29 | True | 7.24 |  | 1.38 | 1.35 | 1.41 | 500000.00 |  |  | 38410JAB<br> N | MP |
| 438 | Obra Opportunistic 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 | 11724.32 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 148000.00 | 148713.48 | 148512.46 | 146864.91 | 146864.91 | -1647.55 | -1647.55 | 7.98 | False | 8.24 |  | 0.40 | 0.39 | 0.41 | 148000.00 |  |  | 38410KAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 38410KAD | GPIF 2024-1A D | 03/01/2028 11.57184% |  | 38410KAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/1/2028 |  |  | 99.76<br> M |  |  |  |  | GPIF 2024-1A D | 03/01/2028 11.57184% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 84474.14 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 730000.00 | 726698.44 | 727495.74 | 728232.74 | 728232.74 | 737.00 | 737.00 | 11.60 | False | 11.67 |  | 2.00 | 1.95 | 2.04 | 730000.00 |  |  | 38410KAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 44148HAC | HWIRE 2023-1A B | 05/20/2053 7.002000% |  | 44148HAC7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/20/2053 |  |  | 102.19 |  |  |  |  | HWIRE 2023-1A B | 05/20/2053 7.002000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43762.50 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 625000.00 | 605238.88 | 605340.51 | 638716.88 | 638716.88 | 33376.37 | 33376.37 | 6.85 | True | 5.36 |  | 1.75 | 1.71 | 1.79 | 625000.00 |  |  | 44148HAC<br> N | MP |
| 438 | Obra Opportunistic 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 | 16100.77 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 224463.58 | 224302.25 | 224313.78 | 225851.96 | 225851.96 | 1538.18 | 1538.18 | 7.13 | True | 6.28 |  | 0.62 | 0.60 | 0.63 | 600000.00 |  |  | 50205FAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 57108UAB | MFT 2023-4A B | 12/15/2033 8.150000% |  | 57108UAB0 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2033 |  |  | 104.55 |  |  |  |  | MFT 2023-4A B | 12/15/2033 8.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 61125.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 750000.00 | 780937.50 | 778311.99 | 784160.55 | 784160.55 | 5848.56 | 5848.56 | 7.79 | True | 6.15 |  | 2.15 | 2.10 | 2.20 | 750000.00 |  |  | 57108UAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 69547PAA | PAID 2021-HG1 A | 01/16/2029 1.220000% |  | 69547PAA7 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/16/2029 |  |  | 99.48 |  |  |  |  | PAID 2021-HG1 A | 01/16/2029 1.220000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 217.74 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 17847.76 | 17440.68 | 17542.27 | 17755.80 | 17755.80 | 213.53 | 213.53 | 1.23 | False | 1.37 |  | 0.05 | 0.05 | 0.05 | 1375000.00 |  |  | 69547PAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 69544MAD | PAID 2024-10 D | 06/15/2032 6.429000% |  | 69544MAD1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2032 |  |  | 100.57 |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38570.73 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 599949.17 | 603980.23 | 603381.02 | 603363.06 | 603363.06 | -17.96 | -17.96 | 6.39 | True | 6.00 |  | 1.66 | 1.61 | 1.69 | 600000.00 |  |  | 69544MAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 70473AAA | PEAR 2023-1 A | 07/15/2035 7.420000% |  | 70473AAA6 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2035 |  |  | 101.77<br> M |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47920.17 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 645824.40 | 658095.07 | 657219.32 | 657266.53 | 657266.53 | 47.21 | 47.21 | 7.29 | True | 6.57 |  | 1.81 | 1.76 | 1.84 | 937500.00 |  |  | 70473AAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 704933AA | PEAR 2024-1 A | 02/15/2036 6.950000% |  | 704933AA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/15/2036 |  |  | 101.11 |  |  |  |  | PEAR 2024-1 A | 02/15/2036 6.950000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21871.04 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 314691.17 | 318723.30 | 318415.62 | 318180.27 | 318180.27 | -235.35 | -235.35 | 6.87 | True | 6.51 |  | 0.87 | 0.85 | 0.89 | 500000.00 |  |  | 704933AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 76089YAC | RPM 2025-1A C | 06/27/2033 6.380000% |  | 76089YAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/27/2033 |  |  | 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 |  | 438;USD | USD | 100000.00 | 100000.00 | 100000.00 | 100512.89 | 100512.89 | 512.89 | 512.89 | 6.35 | True | 6.05 |  | 0.28 | 0.27 | 0.28 | 100000.00 |  |  | 76089YAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 91326EAB | UNIT 2025-1A B | 04/20/2055 6.369000% |  | 91326EAB1 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 4/20/2055 |  |  | 101.88 |  |  |  |  | UNIT 2025-1A B | 04/20/2055 6.369000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15922.50 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 254708.98 | 254708.98 | 4708.98 | 4708.98 | 6.25 | True | 5.74 |  | 0.70 | 0.68 | 0.71 | 250000.00 |  |  | 91326EAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 96033EAC | WESTR 2023-1A C | 12/20/2037 7.490000% |  | 96033EAC2 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2037 |  |  | 100.16 |  |  |  |  | WESTR 2023-1A C | 12/20/2037 7.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15403.57 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 205655.12 | 203022.18 | 203162.37 | 205978.62 | 205978.62 | 2816.25 | 2816.25 | 7.48 | True | 7.40 |  | 0.57 | 0.55 | 0.58 | 360000.00 |  |  | 96033EAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 98919WAG | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  | 98919WAG8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/20/2055 |  |  | 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 |  | 438;USD | USD | 100000.00 | 100000.00 | 100000.00 | 101995.53 | 101995.53 | 1995.53 | 1995.53 | 5.84 | True | 5.32 |  | 0.28 | 0.27 | 0.29 | 100000.00 |  |  | 98919WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 00120VAJ | AGL 2024-30A D | 04/21/2037 8.778640% |  | 00120VAJ5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/21/2037 |  |  | 100.42 |  |  |  |  | AGL 2024-30A D | 04/21/2037 8.778640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27018.15 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 350000.00 | 350066.26 | 350062.47 | 351465.94 | 351465.94 | 1403.47 | 1403.47 | 7.69 | True | 7.18 |  | 0.97 | 0.94 | 0.98 | 350000.00 |  | N.A. | 00120VAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 01751JAE | ALLEG 2024-3A B | 10/15/2037 6.408490% |  | 01751JAE7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.27 |  |  |  |  | ALLEG 2024-3A B | 10/15/2037 6.408490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30530.50 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 499500.00 | 499500.00 | 501365.50 | 501365.50 | 1865.50 | 1865.50 | 6.09 | True | 5.89 |  | 1.38 | 1.34 | 1.40 | 500000.00 |  | N.A. | 01751JAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 03666BAG | ANTR 2021-1A C | 07/25/2033 8.336280% |  | 03666BAG9 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/25/2033 |  |  | 100.43 |  |  |  |  | ANTR 2021-1A C | 07/25/2033 8.336280% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27350.18 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 375000.00 | 373333.43 | 373493.84 | 376620.49 | 376620.49 | 3126.65 | 3126.65 | 7.26 | False | 7.22 |  | 1.03 | 1.01 | 1.06 | 375000.00 |  | N.A. | 03666BAG<br> N | MP |
| 438 | Obra Opportunistic 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 | 42216.90 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498729.60 | 498845.06 | 502713.65 | 502713.65 | 3868.59 | 3868.59 | 8.40 | False | 8.35 |  | 1.38 | 1.34 | 1.41 | 500000.00 |  | N.A. | 03666BAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05877GAJ | BALLY 2024-22A C | 04/15/2037 N.A.% |  | 05877GAJ2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/15/2037 |  |  | 100.49 |  |  |  |  | BALLY 2024-22A C | 04/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19390.25 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251232.55 | 251232.55 | 1232.55 | 1232.55 | 7.72 | False | 7.69 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 05877GAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05684CBA | BCC 2020-3A DRR | 10/23/2034 7.379340% |  | 05684CBA2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/23/2034 |  |  | 100.06 |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5608.30 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 76000.00 | 75924.00 | 75937.51 | 76046.91 | 76046.91 | 109.40 | 109.40 | 7.37 | True | 7.17 |  | 0.21 | 0.20 | 0.21 | 76000.00 |  | N.A. | 05684CBA<br> N | MP |
| 438 | Obra Opportunistic Structured | 05685JAS | BCC 2022-5A DR | 01/24/2037 9.566530% |  | 05685JAS8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/24/2037 |  |  | 100.96 |  |  |  |  | BCC 2022-5A DR | 01/24/2037 9.566530% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31969.43 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 375000.00 | 379548.60 | 379292.17 | 378610.28 | 378610.28 | -681.90 | -681.90 | 8.44 | True | 6.80 |  | 1.04 | 1.01 | 1.06 | 375000.00 |  | N.A. | 05685JAS<br> N | MP |
| 438 | Obra Opportunistic Structured | 05685LAY | BCC 2022-6A D1R | 01/22/2038 N.A.% |  | 05685LAY0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/22/2038 |  |  | 100.56 |  |  |  |  | BCC 2022-6A D1R | 01/22/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36361.90 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 502802.15 | 502802.15 | 2802.15 | 2802.15 | 7.23 | False | 7.20 |  | 1.38 | 1.35 | 1.41 | 500000.00 |  |  | 05685LAY<br> N | MP |
| 438 | Obra Opportunistic Structured | 056920AJ | BCC 2024-1A D1 | 04/16/2037 9.174540% |  | 056920AJ0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 4/16/2037 |  |  | 100.72 |  |  |  |  | BCC 2024-1A D1 | 04/16/2037 9.174540% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40552.70 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 502189.63 | 502084.98 | 503608.10 | 503608.10 | 1523.12 | 1523.12 | 8.05 | True | 7.18 |  | 1.38 | 1.35 | 1.41 | 500000.00 |  | N.A. | 056920AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05765DAP | BOBA 2023-1A D1R | 04/20/2036 N.A.% |  | 05765DAP0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.00 |  |  |  |  | BOBA 2023-1A D1R | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40347.35 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500000.00 | 500000.00 | 0.00 | 0.00 | 8.07 | False | 8.07 |  | 1.37 | 1.34 | 1.40 | 500000.00 |  |  | 05765DAP<br> N | MP |
| 438 | Obra Opportunistic 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 |  | 438;USD | USD | 250000.00 | 252877.50 | 250000.00 | 250000.00 | 250000.00 | 0.00 | 0.00 | 9.42 | False | 9.42 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  | N.A. | 05765DAQ<br> N | MP |
| 438 | Obra Opportunistic 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 |  | 438;USD | USD | 300000.00 | 302700.00 | 302558.51 | 301231.68 | 301231.68 | -1326.83 | -1326.83 | 9.38 | False | 9.35 |  | 0.83 | 0.81 | 0.84 | 300000.00 |  | N.A. | 08180FCC<br> N | MP |
| 438 | Obra Opportunistic Structured | 08181BBE | BSP 2016-9A CR2 | 10/20/2037 6.569720% |  | 08181BBE8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2037 |  |  | 100.50 |  |  |  |  | BSP 2016-9A CR2 | 10/20/2037 6.569720% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15548.68 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251250.00 | 251250.00 | 1250.00 | 1250.00 | 6.19 | True | 5.82 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  | N.A. | 08181BBE<br> N | MP |
| 438 | Obra Opportunistic Structured | 12481HAW | CBAM 2017-3A DR | 07/17/2034 8.041400% |  | 12481HAW5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/17/2034 |  |  | 100.74 |  |  |  |  | CBAM 2017-3A DR | 07/17/2034 8.041400% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35382.16 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 440000.00 | 436700.00 | 439316.40 | 443266.78 | 443266.78 | 3950.38 | 3950.38 | 7.98 | True | -7.50 |  | 1.22 | 1.19 | 1.24 | 440000.00 |  | N.A. | 12481HAW<br> N | MP |
| 438 | Obra Opportunistic Structured | 228233AU | CCITY 2022-4A C1R | 04/20/2037 8.769470% |  | 228233AU6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.19 |  |  |  |  | CCITY 2022-4A C1R | 04/20/2037 8.769470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30693.15 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 350000.00 | 350000.00 | 350000.00 | 350664.20 | 350664.20 | 664.20 | 664.20 | 8.75 | True | 8.52 |  | 0.96 | 0.94 | 0.98 | 350000.00 |  | N.A. | 228233AU<br> N | MP |
| 438 | Obra Opportunistic 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 | 43376.04 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 600000.00 | 600000.00 | 600000.00 | 595387.80 | 595387.80 | -4612.20 | -4612.20 | 7.29 | False | 7.32 |  | 1.64 | 1.59 | 1.67 | 600000.00 |  | N.A. | 12547DAS<br> N | MP |
| 438 | Obra Opportunistic Structured | 18914GAL | CLVR 2018-1A CRR | 04/20/2037 6.743170% |  | 18914GAL5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.90 |  |  |  |  | CLVR 2018-1A CRR | 04/20/2037 6.743170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33597.35 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 502750.00 | 502109.05 | 504521.20 | 504521.20 | 2412.15 | 2412.15 | 6.66 | True | 5.58 |  | 1.39 | 1.35 | 1.41 | 500000.00 |  | N.A. | 18914GAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 262431AF | DRSLF 2017-50A D | 07/15/2030 8.825600% |  | 262431AF6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2030 |  |  | 100.34 |  |  |  |  | DRSLF 2017-50A D | 07/15/2030 8.825600% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 38838.55 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498923.80 | 499095.24 | 501711.60 | 501711.60 | 2616.36 | 2616.36 | 7.74 | False | 7.69 |  | 1.38 | 1.34 | 1.41 | 500000.00 |  | N.A. | 262431AF<br> N | MP |
| 438 | Obra Opportunistic Structured | 29003PAA | ELM28 2024-4A E | 04/17/2037 N.A.% |  | 29003PAA8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/17/2037 |  |  | 101.96 |  |  |  |  | ELM28 2024-4A E | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25699.50 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 254893.15 | 254893.15 | 4893.15 | 4893.15 | 10.08 | False | 10.00 |  | 0.70 | 0.68 | 0.71 | 250000.00 |  |  | 29003PAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 349927AU | FCBSL 2022-3A D1R | 10/20/2035 N.A.% |  | 349927AU7 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 10/20/2035 |  |  | 100.51 |  |  |  |  | FCBSL 2022-3A D1R | 10/20/2035 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21298.68 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251275.05 | 251275.05 | 1275.05 | 1275.05 | 8.48 | False | 8.45 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 349927AU<br> N | MP |
| 438 | Obra Opportunistic Structured | 381743AG | GOCAP 2021-54A D | 08/05/2033 9.384190% |  | 381743AG8 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 8/5/2033 |  |  | 100.13 |  |  |  |  | GOCAP 2021-54A D | 08/05/2033 9.384190% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41856.65 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500230.10 | 500209.17 | 500625.00 | 500625.00 | 415.83 | 415.83 | 8.36 | False | 8.35 |  | 1.38 | 1.34 | 1.40 | 500000.00 |  | N.A. | 381743AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 41756FAG | HARUS 2024-3A C | 01/18/2038 6.449480% |  | 41756FAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/18/2038 |  |  | 100.51 |  |  |  |  | HARUS 2024-3A C | 01/18/2038 6.449480% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16123.70 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249875.00 | 249875.00 | 251275.45 | 251275.45 | 1400.45 | 1400.45 | 6.42 | True | 6.11 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  | N.A. | 41756FAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 48255XAG | KKR 2023-52A B2 | 07/16/2036 6.180000% |  | 48255XAG3 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/16/2036 |  |  | 100.29 |  |  |  |  | KKR 2023-52A B2 | 07/16/2036 6.180000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20394.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 330000.00 | 330495.00 | 330065.57 | 330955.28 | 330955.28 | 889.71 | 889.71 | 6.16 | True | -0.33 |  | 0.91 | 0.89 | 0.93 | 330000.00 |  | N.A. | 48255XAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 55955XAN | MAGNE 2024-42A D2 | 01/25/2038 N.A.% |  | 55955XAN6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/25/2038 |  |  | 100.64 |  |  |  |  | MAGNE 2024-42A D2 | 01/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 61959.60 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 754817.70 | 754817.70 | 4817.70 | 4817.70 | 0.00 | False | -0.05 |  | 2.07 | 2.02 | 2.11 | 750000.00 |  |  | 55955XAN | MP |
| 438 | Obra Opportunistic Structured | 598014AL | MIDO 2024-17A D2 | 01/20/2038 N.A.% |  | 598014AL2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 99.76 |  |  |  |  | MIDO 2024-17A D2 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42097.35 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 498778.80 | 498778.80 | -1221.20 | -1221.20 | 8.44 | False | 8.45 |  | 1.37 | 1.33 | 1.40 | 500000.00 |  |  | 598014AL<br> N | MP |
| 438 | Obra Opportunistic 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 | 3378.44 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 40000.00 | 40140.00 | 40113.57 | 40114.10 | 40114.10 | 0.53 | 0.53 | 8.42 | True | 7.46 |  | 0.11 | 0.11 | 0.11 | 40000.00 |  | N.A. | 62432UAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 640970AG | NEUB 2024-58A D1 | 10/18/2038 N.A.% |  | 640970AG4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/18/2038 |  |  | 100.04 |  |  |  |  | NEUB 2024-58A D1 | 10/18/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35847.35 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500216.60 | 500216.60 | 216.60 | 216.60 | 7.17 | False | 7.16 |  | 1.37 | 1.34 | 1.40 | 500000.00 |  |  | 640970AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 67109SAJ | OAKC 2024-17A D1 | 04/20/2037 8.613420% |  | 67109SAJ6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | BMD | BERMUDA |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.54 |  |  |  |  | OAKC 2024-17A D1 | 04/20/2037 8.613420% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28385.51 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 375000.00 | 373781.44 | 373851.77 | 377040.90 | 377040.90 | 3189.13 | 3189.13 | 7.53 | True | 6.87 |  | 1.04 | 1.01 | 1.06 | 375000.00 |  | N.A. | 67109SAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 67401QAG | OAKCL 2023-2A D | 07/20/2036 10.76781% |  | 67401QAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2036 |  |  | 100.50 |  |  |  |  | OAKCL 2023-2A D | 07/20/2036 10.76781% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 48611.90 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 514893.30 | 514050.38 | 502506.65 | 502506.65 | -11543.73 | -11543.73 | 9.67 | True | 0.68 |  | 1.38 | 1.34 | 1.41 | 500000.00 |  | N.A. | 67401QAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 67443AAL | OBRAC 2024-1A D2 | 01/20/2038 8.259000% |  | 67443AAL5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 101.57 |  |  |  |  | OBRAC 2024-1A D2 | 01/20/2038 8.259000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41295.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 507872.85 | 507872.85 | 7872.85 | 7872.85 | 8.13 | False | 8.06 |  | 1.39 | 1.36 | 1.42 | 500000.00 |  |  | 67443AAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67443CAA | OBRAC 2024-1A E | 01/20/2038 N.A.% |  | 67443CAA5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 102.71 |  |  |  |  | OBRAC 2024-1A E | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 67038.60 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 600000.00 | 600000.00 | 600000.00 | 616236.30 | 616236.30 | 16236.30 | 16236.30 | 0.00 | False | -0.21 |  | 1.69 | 1.65 | 1.73 | 600000.00 |  |  | 67443CAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 674433AA | OBRAC 2025-2A E | 07/20/2038 N.A.% |  | 674433AA5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 101.02 |  |  |  |  | OBRAC 2025-2A E | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 757650.00 | 757650.00 | 7650.00 | 7650.00 | 0.00 | False | -0.08 |  | 2.08 | 2.03 | 2.12 | 750000.00 |  |  | 674433AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570LAA | OCP 2023-27A ER | 07/16/2035 N.A.% |  | 67570LAA0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/16/2035 |  |  | 100.59 |  |  |  |  | OCP 2023-27A ER | 07/16/2035 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25276.25 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251482.23 | 251482.23 | 1482.23 | 1482.23 | 10.05 | False | 10.02 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 67570LAA<br> N | MP |
| 438 | Obra Opportunistic 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 |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249189.73 | 249189.73 | -810.28 | -810.28 | 7.08 | False | 7.10 |  | 0.68 | 0.67 | 0.70 | 250000.00 |  |  | 67120EAN | MP |
| 438 | Obra Opportunistic Structured | 67120HAA | OCPA 2024-39A E | 01/16/2037 N.A.% |  | 67120HAA4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 1/16/2037 |  |  | 98.39 |  |  |  |  | OCPA 2024-39A E | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24401.35 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 245984.33 | 245984.33 | -4015.68 | -4015.68 | 9.92 | False | 9.99 |  | 0.68 | 0.66 | 0.69 | 250000.00 |  |  | 67120HAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 67706HCE | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  | 67706HCE6 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/23/2037 |  |  | 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 |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251295.83 | 251295.83 | 1295.83 | 1295.83 | 8.73 | False | 8.71 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 67706HCE<br> N | MP |
| 438 | Obra Opportunistic Structured | 69690ABC | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  | 69690ABC0 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/20/2037 |  |  | 100.41 |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10973.59 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 152000.00 | 152684.00 | 152651.38 | 152629.37 | 152629.37 | -22.01 | -22.01 | 7.19 | True | 6.89 |  | 0.42 | 0.41 | 0.43 | 152000.00 |  | N.A. | 69690ABC<br> N | MP |
| 438 | Obra Opportunistic Structured | 69700XAU | PLMRS 2022-4A CR | 10/20/2037 N.A.% |  | 69700XAU9 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2037 |  |  | 100.70 |  |  |  |  | PLMRS 2022-4A CR | 10/20/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15423.68 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251742.38 | 251742.38 | 1742.38 | 1742.38 | 6.13 | False | 6.09 |  | 0.69 | 0.67 | 0.71 | 250000.00 |  |  | 69700XAU<br> N | MP |
| 438 | Obra Opportunistic Structured | 750104AW | RAD 2023-19A D1R | 03/20/2038 7.673170% |  | 750104AW1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 3/20/2038 |  |  | 101.00 |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30692.68 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 400000.00 | 404600.00 | 404442.05 | 403990.28 | 403990.28 | -451.77 | -451.77 | 7.60 | True | 7.09 |  | 1.11 | 1.08 | 1.13 | 400000.00 |  | N.A. | 750104AW<br> N | MP |
| 438 | Obra Opportunistic 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 | 7630.51 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 100000.00 | 100200.00 | 100000.00 | 100285.56 | 100285.56 | 285.56 | 285.56 | 7.61 | False | 7.59 |  | 0.28 | 0.27 | 0.28 | 100000.00 |  | N.A. | 75888ABN | MP |
| 438 | Obra Opportunistic Structured | 77342MAQ | ROCKT 2019-1A B1R | 04/20/2034 6.104780% |  | 77342MAQ9 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2034 |  |  | 100.31 |  |  |  |  | ROCKT 2019-1A B1R | 04/20/2034 6.104780% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30405.40 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 499625.00 | 500000.00 | 501548.55 | 501548.55 | 1548.55 | 1548.55 | 6.06 | False | 6.04 |  | 1.38 | 1.34 | 1.41 | 500000.00 |  | N.A. | 77342MAQ<br> N | MP |
| 438 | Obra Opportunistic Structured | 88238CAD | TCIFC 2023-1A D | 04/20/2036 10.41781% |  | 88238CAD4 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.12 |  |  |  |  | TCIFC 2023-1A D | 04/20/2036 10.41781% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 |  | S<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | False | 9.36 |  | 0.00 | 0.00 | 0.00 | 570000.00 |  | N.A. | 88238CAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 88240JAJ | TCIFC 2024-1A D | 04/22/2037 8.820140% |  | 88240JAJ2 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/22/2037 |  |  | 100.19 |  |  |  |  | TCIFC 2024-1A D | 04/22/2037 8.820140% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29333.93 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 375000.00 | 374968.95 | 374970.71 | 375694.01 | 375694.01 | 723.30 | 723.30 | 7.81 | True | 7.58 |  | 1.03 | 1.01 | 1.05 | 375000.00 |  | N.A. | 88240JAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 92539TAD | VERUS 2023-4 M1 | 05/25/2068 7.399000% |  | 92539TAD5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/1/2068 |  |  | 102.19 |  |  |  |  | VERUS 2023-4 M1 | 05/25/2068 7.399000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28116.20 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 380000.00 | 385300.54 | 385279.85 | 388338.34 | 388338.34 | 3058.49 | 3058.49 | 7.24 | True | 4.91 |  | 1.07 | 1.04 | 1.09 | 380000.00 |  |  | 92539TAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 08861RAG | BFLD 2024-UNIV D | 11/15/2029 7.408570% |  | 08861RAG6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2029 |  |  | 100.18 |  |  |  |  | BFLD 2024-UNIV D | 11/15/2029 7.408570% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35013.30 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498749.95 | 498891.61 | 500908.10 | 500908.10 | 2016.49 | 2016.49 | 6.99 | False | 6.95 |  | 1.38 | 1.34 | 1.40 | 500000.00 |  |  | 08861RAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05608RAL | BX 2021-ARIA E | 10/15/2036 6.677980% |  | 05608RAL9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2036 |  |  | 99.62 |  |  |  |  | BX 2021-ARIA E | 10/15/2036 6.677980% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 53367.84 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 800000.00 | 795000.00 | 795000.00 | 796975.44 | 796975.44 | 1975.44 | 1975.44 | 6.70 | False | 6.72 |  | 2.19 | 2.13 | 2.23 | 800000.00 |  |  | 05608RAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 05608RAN | BX 2021-ARIA F | 10/15/2036 7.026980% |  | 05608RAN5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/15/2036 |  |  | 99.75 |  |  |  |  | BX 2021-ARIA F | 10/15/2036 7.026980% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52649.85 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 750000.00 | 743906.25 | 743906.25 | 748100.55 | 748100.55 | 4194.30 | 4194.30 | 7.04 | False | 7.05 |  | 2.05 | 2.00 | 2.10 | 750000.00 |  |  | 05608RAN | MP |
| 438 | Obra Opportunistic Structured | 12433DAG | BX 2024-GPA2 D | 11/15/2029 7.246920% |  | 12433DAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2029 |  |  | 100.25 |  |  |  |  | BX 2024-GPA2 D | 11/15/2029 7.246920% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34513.10 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498750.00 | 501245.65 | 501245.65 | 2495.65 | 2495.65 | 6.89 | False | 6.84 |  | 1.38 | 1.34 | 1.40 | 500000.00 |  |  | 12433DAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05613YAG | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  | 05613YAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 10/18/2042 |  |  | 99.91 |  |  |  |  | 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 |  | 438;USD | USD | 200000.00 | 199500.00 | 199564.12 | 199822.98 | 199822.98 | 258.86 | 258.86 | 7.28 | False | 7.28 |  | 0.55 | 0.53 | 0.56 | 200000.00 |  |  | 05613YAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 12988DAG | CALI 2024-SUN D | 07/15/2041 8.946960% |  | 12988DAG7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/15/2041 |  |  | 100.19 |  |  |  |  | CALI 2024-SUN D | 07/15/2041 8.946960% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19845.75 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 248750.00 | 248750.00 | 250481.78 | 250481.78 | 1731.78 | 1731.78 | 7.92 | False | 7.92 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 12988DAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 34461WAE | FMBT 2024-FBLU C | 12/15/2039 6.469180% |  | 34461WAE0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 99.82 |  |  |  |  | FMBT 2024-FBLU C | 12/15/2039 6.469180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16154.40 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249556.68 | 249556.68 | -443.33 | -443.33 | 6.47 | False | 6.48 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 34461WAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 34461WAG | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  | 34461WAG5 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/15/2039 |  |  | 99.82 |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51838.20 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 748686.90 | 748686.90 | -1313.10 | -1313.10 | 6.92 | False | 6.93 |  | 2.06 | 2.00 | 2.10 | 750000.00 |  |  | 34461WAG<br> N | MP |
| 438 | Obra Opportunistic 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 | 7251.26 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 100000.00 | 100187.50 | 100182.16 | 100059.76 | 100059.76 | -122.40 | -122.40 | 7.25 | False | 7.24 |  | 0.27 | 0.27 | 0.28 | 100000.00 |  |  | 30338DAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 30338DAJ | FS 2024-HULA E | 08/15/2039 8.738700% |  | 30338DAJ0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2039 |  |  | 99.88 |  |  |  |  | FS 2024-HULA E | 08/15/2039 8.738700% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7750.46 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 100000.00 | 99750.00 | 99758.18 | 99875.54 | 99875.54 | 117.36 | 117.36 | 7.76 | False | 7.76 |  | 0.27 | 0.27 | 0.28 | 100000.00 |  |  | 30338DAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 362414AG | GWT 2024-WLF2 D | 05/15/2041 8.239450% |  | 362414AG9 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 5/15/2041 |  |  | 100.37 |  |  |  |  | GWT 2024-WLF2 D | 05/15/2041 8.239450% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36256.05 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498795.59 | 501861.45 | 501861.45 | 3065.86 | 3065.86 | 7.22 | False | 7.21 |  | 1.38 | 1.34 | 1.41 | 500000.00 |  |  | 362414AG<br> N | MP |
| 438 | Obra Opportunistic Structured | 39152MAG | GWT 2024-WOLF D | 03/15/2039 7.209180% |  | 39152MAG0 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2039 |  |  | 100.36 |  |  |  |  | GWT 2024-WOLF D | 03/15/2039 7.209180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28807.04 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 400000.00 | 400000.00 | 400000.00 | 401450.00 | 401450.00 | 1450.00 | 1450.00 | 7.18 | False | 7.16 |  | 1.10 | 1.07 | 1.12 | 400000.00 |  |  | 39152MAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 40424UAE | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  | 40424UAE7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 99.99 |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 47963.86 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 700000.00 | 699812.50 | 699827.20 | 699938.75 | 699938.75 | 111.55 | 111.55 | 6.87 | False | 6.87 |  | 1.92 | 1.87 | 1.96 | 700000.00 |  |  | 40424UAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 40424UAG | HLTN 2024-DPLO D | 06/15/2041 7.660930% |  | 40424UAG2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2041 |  |  | 99.95 |  |  |  |  | HLTN 2024-DPLO D | 06/15/2041 7.660930% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19127.08 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 247500.00 | 247500.00 | 249882.70 | 249882.70 | 2382.70 | 2382.70 | 7.67 | False | 7.67 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 40424UAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 46676AAE | JW 2024-BERY C | 11/15/2039 6.992000% |  | 46676AAE3 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/15/2039 |  |  | 99.99 |  |  |  |  | JW 2024-BERY C | 11/15/2039 6.992000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32768.80 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498783.36 | 499956.30 | 499956.30 | 1172.94 | 1172.94 | 6.55 | False | 6.55 |  | 1.37 | 1.34 | 1.40 | 500000.00 |  |  | 46676AAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 55287KAG | MF1 2025-FL19 C | 05/18/2042 N.A.% |  | 55287KAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 99.99 |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17888.20 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249427.52 | 249986.10 | 249986.10 | 558.58 | 558.58 | 7.16 | False | 7.16 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 55287KAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 55287KAJ | MF1 2025-FL19 D | 05/18/2042 N.A.% |  | 55287KAJ2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 99.89 |  |  |  |  | MF1 2025-FL19 D | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19386.05 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249427.30 | 249724.98 | 249724.98 | 297.68 | 297.68 | 7.76 | False | 7.77 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 55287KAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 62956HAG | NYC 2024-3ELV D | 08/15/2029 9.168270% |  | 62956HAG1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2029 |  |  | 100.02 |  |  |  |  | NYC 2024-3ELV D | 08/15/2029 9.168270% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20375.08 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249374.95 | 249374.95 | 250047.88 | 250047.88 | 672.93 | 672.93 | 8.15 | False | 8.14 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 62956HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 69381CAJ | PGA 2024-RSR2 C | 06/15/2026 8.089500% |  | 69381CAJ6 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2026 |  |  | 99.85 |  |  |  |  | PGA 2024-RSR2 C | 06/15/2026 8.089500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17753.15 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249370.00 | 249695.94 | 249618.55 | 249618.55 | -77.39 | -77.39 | 7.11 | False | 7.26 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 69381CAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 69381CAN | PGA 2024-RSR2 E | 06/15/2039 8.984510% |  | 69381CAN7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/15/2039 |  |  | 100.07 |  |  |  |  | PGA 2024-RSR2 E | 06/15/2039 8.984510% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20499.40 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 251718.75 | 251673.28 | 250182.08 | 250182.08 | -1491.20 | -1491.20 | 8.19 | False | 8.19 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 69381CAN | MP |
| 438 | Obra Opportunistic Structured | 78489CAD | SWCH 2025-DATA D | 03/15/2042 6.948550% |  | 78489CAD1 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 98.93 |  |  |  |  | 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 |  | 438;USD | USD | 150000.00 | 149625.00 | 149625.00 | 148393.16 | 148393.16 | -1231.85 | -1231.85 | 7.03 | False | 7.06 |  | 0.41 | 0.40 | 0.42 | 150000.00 |  |  | 78489CAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 46117WAG | TOWN 2025-STAY D | 03/15/2042 7.150000% |  | 46117WAG7 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 3/15/2042 |  |  | 99.73 |  |  |  |  | TOWN 2025-STAY D | 03/15/2042 7.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17905.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249329.58 | 249329.58 | -670.43 | -670.43 | 7.18 | False | 7.19 |  | 0.68 | 0.67 | 0.70 | 250000.00 |  |  | 46117WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 00900LBE | AIMCO 2015-AA DR3 | 10/17/2034 7.229790% |  | 00900LBE3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/17/2034 |  |  | 100.79 |  |  |  |  | AIMCO 2015-AA DR3 | 10/17/2034 7.229790% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18074.48 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250800.00 | 250681.43 | 251985.30 | 251985.30 | 1303.87 | 1303.87 | 7.17 | True | 4.57 |  | 0.69 | 0.67 | 0.71 | 250000.00 |  | N.A. | 00900LBE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05765DAZ | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  | 05765DAZ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 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 |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249887.50 | 249887.50 | -112.50 | -112.50 | 0.00 | False | 0.00 |  | 0.69 | 0.67 | 0.70 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 438 | Obra Opportunistic Structured | 481939AX | KKR 49A D1R | 10/20/2037 7.569470% |  | 481939AX4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2037 |  |  | 100.76 |  |  |  |  | KKR 49A D1R | 10/20/2037 7.569470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18923.68 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 250000.00 | 251000.00 | 250963.40 | 251908.10 | 251908.10 | 944.70 | 944.70 | 7.51 | True | 6.96 |  | 0.69 | 0.67 | 0.71 | 250000.00 |  | N.A. | 481939AX<br> N | MP |
| 438 | Obra Opportunistic Structured | 674436AL | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  | 674436AL4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 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 |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 654517.50 | 654517.50 | 4517.50 | 4517.50 | 0.00 | False | -0.05 |  | 1.80 | 1.75 | 1.83 | 650000.00 |  |  | 674436AL<br> N | MP |
| 438 | Obra Opportunistic Structured | 69547DAE | PAID 2025-4 D | 01/17/2033 6.572000% |  | 69547DAE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/15/2033 |  |  | 100.32 |  |  |  |  | PAID 2025-4 D | 01/17/2033 6.572000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49290.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 752377.67 | 752377.67 | 2377.67 | 2377.67 | 6.55 | True | 6.40 |  | 2.07 | 2.01 | 2.11 | 750000.00 |  |  | 69547DAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 81749YAA | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  | 81749YAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2055 |  |  | 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 |  | 438;USD | USD | 350000.00 | 349781.25 | 349781.25 | 352906.75 | 352906.75 | 3125.50 | 3125.50 | 5.95 | True | 5.91 |  | 0.97 | 0.94 | 0.99 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 00092AAB | ACHM 2023-HE1 B | 11/25/2037 7.000000% |  | 00092AAB2 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 11/25/2037 |  |  | 103.32 |  |  |  |  | ACHM 2023-HE1 B | 11/25/2037 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35000.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 500000.00 | 494157.55 | 494482.54 | 516615.95 | 516615.95 | 22133.41 | 22133.41 | 6.77 | True | 6.31 |  | 1.42 | 1.38 | 1.45 | 500000.00 |  |  | 00092AAB<br> N | MP |
| 438 | Obra Opportunistic Structured | 034943AB | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  | 034943AB6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/1/2069 |  |  | 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 |  | 438;USD | USD | 183255.27 | 183252.99 | 183253.00 | 188499.58 | 188499.58 | 5246.58 | 5246.58 | 6.22 | True | 4.68 |  | 0.52 | 0.50 | 0.53 | 250000.00 |  |  | 034943AB<br> N | MP |
| 438 | Obra Opportunistic Structured | 465983AD | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  | 465983AD6 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 2/1/2064 |  |  | 101.62 |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25656.00 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 400000.00 | 399992.40 | 399993.64 | 406499.48 | 406499.48 | 6505.84 | 6505.84 | 6.31 | True | 5.71 |  | 1.12 | 1.09 | 1.14 | 400000.00 |  |  | 465983AD<br> N | MP |
| 438 | Obra Opportunistic 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 |  | 438;USD | USD | 786231.01 | 786599.55 | 786591.72 | 794093.48 | 794093.48 | 7501.76 | 7501.76 | 5.51 | True | 5.20 |  | 2.18 | 2.12 | 2.22 | 800000.00 |  |  | 46590SAC<br> N | MP |
| 438 | Obra Opportunistic Structured | 74389DAA | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  | 74389DAA5 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.55 |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10023.53 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 167058.85 | 166589.08 | 166589.08 | 169643.05 | 169643.05 | 3053.97 | 3053.97 | 5.91 | True | 5.83 |  | 0.47 | 0.45 | 0.48 | 168500.00 |  |  | 74389DAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 81743GAA | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  | 81743GAA4 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 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 |  | 438;USD | USD | 488143.33 | 487533.15 | 487533.15 | 493253.60 | 493253.60 | 5720.45 | 5720.45 | 5.94 | True | 5.88 |  | 1.35 | 1.32 | 1.38 | 500000.00 |  |  | 81743GAA<br> N | MP |
| 438 | Obra Opportunistic Structured | FGTXX | Goldman Sachs Financ | ial Square Funds - G |  | 38141W273 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES<br> IL | ILLINOIS | USD | US DOLLAR | 7/1/2025 |  |  | 100.00 |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 37011.71 |  | L<br> N |  |  | 6/30/2025<br> C |  | 438;USD | USD | 875308.35 | 875308.35 | 875308.35 | 875308.35 | 875308.35 | 0.00 | 0.00 | 4.23 | False | 4.21 |  | 2.40 | 2.34 | 2.45 | 0.00 |  |  | FGTXX<br> N | AC |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 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:** $37380951.14

**Total Liabilities:** $1686022.01

**Net Assets:** $35694929.13

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 152 | **1-Year:** 2182 | **5-Year:** 4310 | **10-Year:** 1002 | **30-Year:** 0

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

- **3-Month:** 0 | **1-Year:** 178 | **5-Year:** 516 | **10-Year:** 318 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248832 | -0.10%               | 0.85%                | 0.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7429.45                | $-190751.73                                |
| Month 2  | $-13655.30               | $112106.47                                 |
| Month 3  | $-8257.47                | $108941.07                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GPIF 2023-2A B       | ABS      | CUSIP: 38410JAB8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $503625.05    | 1.41%             | 2027-03-01      | Variable      | 8.35%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A C       | ABS      | CUSIP: 38410KAC3<br>LEI: N/A | Long             | DBT              |  | US        |    148000 | NS      | $146864.91    | 0.41%             | 2028-03-01      | Variable      | 7.92%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A D       | ABS      | CUSIP: 38410KAD1<br>LEI: N/A | Long             | DBT              |  | US        |    730000 | NS      | $728232.74    | 2.04%             | 2028-03-01      | Variable      | 11.57%                | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A B      | ABS      | CUSIP: 44148HAC7<br>LEI: N/A | Long             | DBT              |  | US        |    625000 | NS      | $638716.88    | 1.79%             | 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    | 1.42%             | 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        |    224464 | NS      | $225851.96    | 0.63%             | 2035-07-15      | Fixed         | 7.17%                 | No            |                  2 | On Loan: No      |
| MFT 2023-4A B        | ABS      | CUSIP: 57108UAB0<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $784160.55    | 2.20%             | 2033-12-15      | Variable      | 8.15%                 | No            |                  2 | On Loan: No      |
| PAID 2024-10 D       | ABS      | CUSIP: 69544MAD1<br>LEI: N/A | Long             | DBT              |  | US        |    599949 | NS      | $603363.06    | 1.69%             | 2032-06-15      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| PAID 2021-HG1 A      | ABS      | CUSIP: 69547PAA7<br>LEI: N/A | Long             | DBT              |  | US        |     17848 | NS      | $17755.80     | 0.05%             | 2029-01-16      | Fixed         | 1.22%                 | No            |                  2 | On Loan: No      |
| PEAR 2023-1 A        | ABS      | CUSIP: 70473AAA6<br>LEI: N/A | Long             | DBT              |  | US        |    645824 | NS      | $657266.53    | 1.84%             | 2035-07-15      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| PEAR 2024-1 A        | ABS      | CUSIP: 704933AA8<br>LEI: N/A | Long             | DBT              |  | US        |    314691 | NS      | $318180.27    | 0.89%             | 2036-02-15      | Variable      | 6.95%                 | No            |                  2 | On Loan: No      |
| RPM 2025-1A C        | ABS      | CUSIP: 76089YAC3<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $100512.89    | 0.28%             | 2033-06-27      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UNIT 2025-1A B       | ABS      | CUSIP: 91326EAB1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $254708.98    | 0.71%             | 2055-04-20      | Fixed         | 6.37%                 | No            |                  2 | On Loan: No      |
| WESTR 2023-1A C      | ABS      | CUSIP: 96033EAC2<br>LEI: N/A | Long             | DBT              |  | US        |    205655 | NS      | $205978.62    | 0.58%             | 2037-06-01      | Fixed         | 7.49%                 | No            |                  2 | On Loan: No      |
| ZAYO 2025-2A A2      | ABS      | CUSIP: 98919WAG8<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $101995.53    | 0.29%             | 2055-06-20      | Variable      | 5.95%                 | No            |                  2 | On Loan: No      |
| AGL 2024-30A D       | CLO      | CUSIP: 00120VAJ5<br>LEI: N/A | Long             | DBT              |  | JE        |    350000 | NS      | $351465.94    | 0.98%             | 2037-04-21      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| ALLEG 2024-3A B      | CLO      | CUSIP: 01751JAE7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $501365.50    | 1.40%             | 2037-10-15      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A C       | CLO      | CUSIP: 03666BAG9<br>LEI: N/A | Long             | DBT              |  | KY        |    375000 | NS      | $376620.49    | 1.06%             | 2033-07-25      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A D       | CLO      | CUSIP: 03666BAJ3<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502713.65    | 1.41%             | 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        |     76000 | NS      | $76046.91     | 0.21%             | 2034-10-23      | Variable      | 7.42%                 | No            |                  2 | On Loan: No      |
| BCC 2022-5A DR       | CLO      | CUSIP: 05685JAS8<br>LEI: N/A | Long             | DBT              |  | JE        |    375000 | NS      | $378610.28    | 1.06%             | 2037-01-24      | Variable      | 8.57%                 | No            |                  2 | On Loan: No      |
| BCC 2022-6A D1R      | CLO      | CUSIP: 05685LAY0<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $502802.15    | 1.41%             | 2038-01-22      | Variable      | 7.33%                 | No            |                  2 | On Loan: No      |
| BCC 2024-1A D1       | CLO      | CUSIP: 056920AJ0<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $503608.10    | 1.41%             | 2037-04-16      | Variable      | 8.17%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D1R     | CLO      | CUSIP: 05765DAP0<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $500000.00    | 1.40%             | 2036-04-20      | Variable      | 8.07%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2R     | CLO      | CUSIP: 05765DAQ8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250000.00    | 0.70%             | 2036-04-20      | Variable      | 9.42%                 | No            |                  2 | On Loan: No      |
| BALLY 2024-22A C     | CLO      | CUSIP: 05877GAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251232.55    | 0.70%             | 2037-04-15      | Variable      | 7.82%                 | No            |                  2 | On Loan: No      |
| BSP 2014-IVA D2R4    | CLO      | CUSIP: 08180FCC3<br>LEI: N/A | Long             | DBT              |  | KY        |    300000 | NS      | $301231.68    | 0.84%             | 2034-04-20      | Variable      | 9.48%                 | No            |                  2 | On Loan: No      |
| BSP 2016-9A CR2      | CLO      | CUSIP: 08181BBE8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251250.00    | 0.70%             | 2037-10-20      | Variable      | 6.28%                 | No            |                  2 | On Loan: No      |
| CBAM 2017-3A DR      | CLO      | CUSIP: 12481HAW5<br>LEI: N/A | Long             | DBT              |  | KY        |    440000 | NS      | $443266.78    | 1.24%             | 2034-07-17      | Variable      | 8.08%                 | No            |                  2 | On Loan: No      |
| CIFC 2021-4A DR      | CLO      | CUSIP: 12547DAS5<br>LEI: N/A | Long             | DBT              |  | KY        |    600000 | NS      | $595387.80    | 1.67%             | 2037-07-23      | Variable      | 7.27%                 | No            |                  2 | On Loan: No      |
| CLVR 2018-1A CRR     | CLO      | CUSIP: 18914GAL5<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $504521.20    | 1.41%             | 2037-04-20      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| CCITY 2022-4A C1R    | CLO      | CUSIP: 228233AU6<br>LEI: N/A | Long             | DBT              |  | KY        |    350000 | NS      | $350664.20    | 0.98%             | 2037-04-20      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| DRSLF 2017-50A D     | CLO      | CUSIP: 262431AF6<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $501711.60    | 1.41%             | 2030-07-15      | Variable      | 7.83%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A E      | CLO      | CUSIP: 29003PAA8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $254893.15    | 0.71%             | 2037-04-17      | Variable      | 10.32%                | No            |                  2 | On Loan: No      |
| FCBSL 2022-3A D1R    | CLO      | CUSIP: 349927AU7<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $251275.05    | 0.70%             | 2035-10-20      | Variable      | 8.58%                 | No            |                  2 | On Loan: No      |
| GOCAP 2021-54A D     | CLO      | CUSIP: 381743AG8<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $500625.00    | 1.40%             | 2033-08-05      | Variable      | 8.37%                 | No            |                  2 | On Loan: No      |
| HARUS 2024-3A C      | CLO      | CUSIP: 41756FAG1<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251275.45    | 0.70%             | 2038-01-18      | Variable      | 6.43%                 | No            |                  2 | On Loan: No      |
| KKR 2023-52A B2      | CLO      | CUSIP: 48255XAG3<br>LEI: N/A | Long             | DBT              |  | KY        |    330000 | NS      | $330955.28    | 0.93%             | 2036-07-16      | Variable      | 6.18%                 | No            |                  2 | On Loan: No      |
| MAGNE 2024-42A D2    | CLO      | CUSIP: 55955XAN6<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $754817.70    | 2.11%             | 2038-01-25      | Variable      | 8.27%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D2     | CLO      | CUSIP: 598014AL2<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $498778.80    | 1.40%             | 2038-01-20      | Variable      | 8.48%                 | No            |                  2 | On Loan: No      |
| MVEW 2022-1A DR      | CLO      | CUSIP: 62432UAU5<br>LEI: N/A | Long             | DBT              |  | KY        |     40000 | NS      | $40114.10     | 0.11%             | 2034-04-15      | Variable      | 8.51%                 | No            |                  2 | On Loan: No      |
| NEUB 2024-58A D1     | CLO      | CUSIP: 640970AG4<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $500216.60    | 1.40%             | 2038-10-18      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| OAKC 2024-17A D1     | CLO      | CUSIP: 67109SAJ6<br>LEI: N/A | Long             | DBT              |  | BM        |    375000 | NS      | $377040.90    | 1.06%             | 2037-04-20      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1     | CLO      | CUSIP: 67120EAN3<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $249189.73    | 0.70%             | 2037-01-16      | Variable      | 7.12%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A E      | CLO      | CUSIP: 67120HAA4<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $245984.33    | 0.69%             | 2037-01-16      | Variable      | 9.82%                 | No            |                  2 | On Loan: No      |
| OAKCL 2023-2A D      | CLO      | CUSIP: 67401QAG1<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502506.65    | 1.41%             | 2036-07-20      | Variable      | 9.78%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A E      | CLO      | CUSIP: 674433AA5<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $757650.00    | 2.12%             | 2038-07-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A D2     | CLO      | CUSIP: 67443AAL5<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $507872.85    | 1.42%             | 2038-01-20      | Fixed         | 8.26%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A E      | CLO      | CUSIP: 67443CAA5<br>LEI: N/A | Long             | DBT              |  | KY        |    600000 | NS      | $616236.30    | 1.73%             | 2038-01-20      | Variable      | 11.08%                | No            |                  2 | On Loan: No      |
| OCP 2023-27A ER      | CLO      | CUSIP: 67570LAA0<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251482.23    | 0.70%             | 2035-07-16      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251295.83    | 0.70%             | 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        |    152000 | NS      | $152629.37    | 0.43%             | 2037-07-20      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-4A CR     | CLO      | CUSIP: 69700XAU9<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251742.38    | 0.71%             | 2037-10-20      | Variable      | 6.23%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $403990.28    | 1.13%             | 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        |    100000 | NS      | $100285.56    | 0.28%             | 2034-06-20      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| ROCKT 2019-1A B1R    | CLO      | CUSIP: 77342MAQ9<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $501548.55    | 1.41%             | 2034-04-20      | Variable      | 6.14%                 | No            |                  2 | On Loan: No      |
| TCIFC 2024-1A D      | CLO      | CUSIP: 88240JAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    375000 | NS      | $375694.01    | 1.05%             | 2037-04-22      | Variable      | 7.88%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-4 M1      | CLO      | CUSIP: 92539TAD5<br>LEI: N/A | Long             | DBT              |  | US        |    380000 | NS      | $388338.34    | 1.09%             | 2068-05-01      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| BX 2021-ARIA E       | CMBS     | CUSIP: 05608RAL9<br>LEI: N/A | Long             | DBT              |  | US        |    800000 | NS      | $796975.44    | 2.23%             | 2036-10-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| BX 2021-ARIA F       | CMBS     | CUSIP: 05608RAN5<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $748100.55    | 2.10%             | 2036-10-15      | Variable      | 7.05%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $199822.98    | 0.56%             | 2042-10-18      | Variable      | 7.29%                 | No            |                  2 | On Loan: No      |
| BFLD 2024-UNIV D     | CMBS     | CUSIP: 08861RAG6<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $500908.10    | 1.40%             | 2029-11-15      | Variable      | 7.03%                 | No            |                  2 | On Loan: No      |
| BX 2024-GPA2 D       | CMBS     | CUSIP: 12433DAG8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $501245.65    | 1.40%             | 2029-11-15      | Variable      | 6.93%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN D      | CMBS     | CUSIP: 12988DAG7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250481.78    | 0.70%             | 2041-07-15      | Variable      | 7.96%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA D       | CMBS     | CUSIP: 30338DAG6<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $100059.76    | 0.28%             | 2039-08-15      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA E       | CMBS     | CUSIP: 30338DAJ0<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $99875.54     | 0.28%             | 2039-08-15      | Variable      | 7.78%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU C     | CMBS     | CUSIP: 34461WAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249556.68    | 0.70%             | 2039-12-15      | Variable      | 6.49%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $748686.90    | 2.10%             | 2039-12-15      | Variable      | 6.94%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 D      | CMBS     | CUSIP: 362414AG9<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $501861.45    | 1.41%             | 2041-05-15      | Variable      | 7.28%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WOLF D      | CMBS     | CUSIP: 39152MAG0<br>LEI: N/A | Long             | DBT              |  | US        |    400000 | NS      | $401450.00    | 1.12%             | 2039-03-15      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    700000 | NS      | $699938.75    | 1.96%             | 2041-06-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO D     | CMBS     | CUSIP: 40424UAG2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249882.70    | 0.70%             | 2041-06-15      | Variable      | 7.65%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY D     | CMBS     | CUSIP: 46117WAG7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249329.58    | 0.70%             | 2042-03-15      | Variable      | 7.19%                 | No            |                  2 | On Loan: No      |
| JW 2024-BERY C       | CMBS     | CUSIP: 46676AAE3<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $499956.30    | 1.40%             | 2039-11-15      | Variable      | 6.58%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $249986.10    | 0.70%             | 2042-05-18      | Variable      | 7.19%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 D      | CMBS     | CUSIP: 55287KAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $249724.98    | 0.70%             | 2042-05-18      | Variable      | 7.79%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV D      | CMBS     | CUSIP: 62956HAG1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250047.88    | 0.70%             | 2029-08-15      | Variable      | 8.18%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 C      | CMBS     | CUSIP: 69381CAJ6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249618.55    | 0.70%             | 2026-06-15      | Variable      | 7.13%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 E      | CMBS     | CUSIP: 69381CAN7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250182.08    | 0.70%             | 2039-06-15      | Variable      | 8.23%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $148393.16    | 0.42%             | 2042-03-15      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| AIMCO 2015-AA DR3    | CMO      | CUSIP: 00900LBE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251985.30    | 0.71%             | 2034-10-17      | Variable      | 7.27%                 | 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    | 0.70%             | 2036-04-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| KKR 49A D1R          | CMO      | CUSIP: 481939AX4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251908.10    | 0.71%             | 2037-10-20      | Variable      | 7.63%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $654517.50    | 1.83%             | 2038-07-20      | Variable      | 8.52%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 D        | CMO      | CUSIP: 69547DAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $752377.67    | 2.11%             | 2033-01-15      | Variable      | 6.57%                 | 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    | 0.99%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| ACHM 2023-HE1 B      | MBS      | CUSIP: 00092AAB2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $516615.95    | 1.45%             | 2037-11-25      | Variable      | 7.00%                 | No            |                  2 | On Loan: No      |
| AOMT 2024-4 A2       | MBS      | CUSIP: 034943AB6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    183255 | NS      | $188499.58    | 0.53%             | 2069-01-01      | Variable      | 6.40%                 | 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    | 2.22%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $406499.48    | 1.14%             | 2064-02-01      | Variable      | 6.41%                 | No            |                  2 | On Loan: No      |
| PFMT 2025-2 A1       | MBS      | CUSIP: 74389DAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    167059 | NS      | $169643.05    | 0.48%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-5 A1       | MBS      | CUSIP: 81743GAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    488143 | NS      | $493253.60    | 1.38%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |    875308 | NS      | $875308.35    | 2.45%             |  |  |  | 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