# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-004390
**Filing Date:** 2025-11
**Character Count:** 94432
**Document Hash:** d6d9b4d1b65d09e2c8be22002bf92e49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-004390.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0002000324-25-004390

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**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:** 251510039

**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

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | XTR_PRISRC | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 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 |  |  | 101.24 |  |  |  |  |  | BEATS 2024-1A A2 | 04/07/2064 6.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33125.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 504531.25 | 504491.96 | 506202.05 | 506202.05 | 1710.09 | 1710.09 | 6.54 | False | 6.54 |  | 1.33 | 1.32 | 1.38 | 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 |  |  | 100.45 |  |  |  |  |  | GPIF 2023-2A B | 03/01/2027 9.357840% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41777.95 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 508577.60 | 504440.85 | 502252.85 | 502252.85 | -2188.00 | -2188.00 | 8.32 | True | 7.25 |  | 1.32 | 1.31 | 1.37 | 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 |  |  | 99.65 |  |  |  |  |  | GPIF 2024-1A C | 03/01/2028 8.857610% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11626.13 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 148000.00 | 148713.48 | 148468.26 | 147480.73 | 147480.73 | -987.53 | -987.53 | 7.88 | False | 8.01 |  | 0.39 | 0.38 | 0.40 | 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 |  |  | 99.84 |  |  |  |  |  | GPIF 2024-1A D | 03/01/2028 11.57184% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 83990.15 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 730000.00 | 726698.44 | 728420.45 | 728807.03 | 728807.03 | 386.58 | 386.58 | 11.52 | False | 11.58 |  | 1.92 | 1.90 | 1.99 | 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 |  |  | 102.51 |  |  |  |  |  | HWIRE 2023-1A B | 05/20/2053 7.002000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43762.50 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 625000.00 | 605238.88 | 605362.34 | 640691.19 | 640691.19 | 35328.85 | 35328.85 | 6.83 | True | 4.73 |  | 1.69 | 1.67 | 1.75 | 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 |  |  | 100.59 |  |  |  |  |  | LFS 2023-A A | 07/15/2035 7.173000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13660.19 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 190438.95 | 190302.07 | 190314.02 | 191553.32 | 191553.32 | 1239.30 | 1239.30 | 7.13 | True | 5.88 |  | 0.50 | 0.50 | 0.52 | 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 |  |  | 103.67 |  |  |  |  |  | MFT 2023-4A B | 12/15/2033 8.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 61125.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 780937.50 | 775630.37 | 777561.60 | 777561.60 | 1931.23 | 1931.23 | 7.86 | True | 6.36 |  | 2.05 | 2.03 | 2.12 | 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 |  |  | 99.86 |  |  |  |  |  | PAID 2021-HG1 A | 01/16/2029 1.220000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 37.23 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 3051.50 | 2981.90 | 3002.85 | 3047.14 | 3047.14 | 44.29 | 44.29 | 1.22 | False | 1.26 |  | 0.01 | 0.01 | 0.01 | 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 |  |  | 101.26 |  |  |  |  |  | PAID 2024-10 D | 06/15/2032 6.429000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29872.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 464644.60 | 467766.55 | 466834.08 | 470483.65 | 470483.65 | 3649.57 | 3649.57 | 6.35 | True | 5.28 |  | 1.24 | 1.23 | 1.29 | 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 |  |  | 101.83 |  |  |  |  |  | PEAR 2023-1 A | 07/15/2035 7.420000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 45639.65 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 615089.64 | 626776.35 | 624789.06 | 626332.93 | 626332.93 | 1543.87 | 1543.87 | 7.29 | True | 6.44 |  | 1.65 | 1.63 | 1.71 | 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 |  |  | 101.46 |  |  |  |  |  | PEAR 2024-1 A | 02/15/2036 6.950000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20208.68 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 290772.33 | 294497.99 | 293920.21 | 295023.28 | 295023.28 | 1103.07 | 1103.07 | 6.85 | True | 6.31 |  | 0.78 | 0.77 | 0.81 | 500000.00 |  |  | 704933AA<br> N | MP |
| 438 | Obra Opportunistic Structured | 76089YAC | RPM 2025-1A C | 06/27/2033 6.380000% |  | 76089YAC3 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/27/2033 |  |  | 101.22 |  |  |  |  |  | RPM 2025-1A C | 06/27/2033 6.380000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6380.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 100000.00 | 100000.00 | 100000.00 | 101219.79 | 101219.79 | 1219.79 | 1219.79 | 6.30 | True | 5.47 |  | 0.27 | 0.26 | 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 |  |  | 103.08 |  |  |  |  |  | UNIT 2025-1A B | 04/20/2055 6.369000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15922.50 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 257693.08 | 257693.08 | 7693.08 | 7693.08 | 6.18 | True | 5.27 |  | 0.68 | 0.67 | 0.70 | 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 |  |  | 100.62 |  |  |  |  |  | WESTR 2023-1A C | 12/20/2037 7.490000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14249.06 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 190241.10 | 187805.49 | 187963.15 | 191423.32 | 191423.32 | 3460.17 | 3460.17 | 7.44 | True | 7.07 |  | 0.50 | 0.50 | 0.52 | 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 |  |  | 103.02 |  |  |  |  |  | ZAYO 2025-2A A2 | 06/20/2055 5.953000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5953.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 100000.00 | 100000.00 | 100000.00 | 103022.26 | 103022.26 | 3022.26 | 3022.26 | 5.78 | True | 4.94 |  | 0.27 | 0.27 | 0.28 | 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 |  |  | 100.40 |  |  |  |  |  | AGL 2024-30A D | 04/21/2037 8.778640% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27214.22 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 350000.00 | 350066.26 | 350061.66 | 351401.16 | 351401.16 | 1339.50 | 1339.50 | 7.74 | True | 7.04 |  | 0.93 | 0.92 | 0.96 | 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 |  |  | 100.36 |  |  |  |  |  | ALLEG 2024-3A B | 10/15/2037 6.408490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30837.75 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 499500.00 | 499500.00 | 501775.80 | 501775.80 | 2275.80 | 2275.80 | 6.08 | True | 5.76 |  | 1.32 | 1.31 | 1.37 | 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 |  |  | 100.00 |  |  |  |  |  | ANTR 2021-1A C | 07/25/2033 8.336280% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27487.76 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 375000.00 | 373333.43 | 373528.29 | 375000.00 | 375000.00 | 1471.71 | 1471.71 | 7.33 | False | 7.33 |  | 0.99 | 0.98 | 1.02 | 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 |  |  | 100.00 |  |  |  |  |  | ANTR 2021-1A D | 07/25/2033 9.486280% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42400.35 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498729.60 | 498870.23 | 500000.00 | 500000.00 | 1129.77 | 1129.77 | 8.48 | False | 8.48 |  | 1.32 | 1.30 | 1.37 | 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 |  |  | 100.50 |  |  |  |  |  | BALLY 2024-22A C | 04/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19543.88 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251241.40 | 251241.40 | 1241.40 | 1241.40 | 7.78 | False | 7.75 |  | 0.66 | 0.66 | 0.69 | 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 |  |  | 99.53 |  |  |  |  |  | BCC 2020-3A DRR | 10/23/2034 7.379340% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5638.43 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 76000.00 | 75924.00 | 75987.82 | 75640.56 | 75640.56 | -347.26 | -347.26 | 7.45 | False | 7.49 |  | 0.20 | 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 |  |  | 100.74 |  |  |  |  |  | BCC 2022-5A DR | 01/24/2037 9.566530% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32132.59 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 375000.00 | 379548.60 | 379237.09 | 377784.30 | 377784.30 | -1452.79 | -1452.79 | 8.51 | True | 6.21 |  | 0.99 | 0.99 | 1.03 | 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 |  |  | 100.83 |  |  |  |  |  | BCC 2022-6A D1R | 01/22/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36659.95 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 504150.50 | 504150.50 | 4150.50 | 4150.50 | 7.27 | False | 7.23 |  | 1.33 | 1.32 | 1.38 | 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 |  |  | 100.51 |  |  |  |  |  | BCC 2024-1A D1 | 04/16/2037 9.174540% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40838.85 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 502189.63 | 502058.53 | 502571.20 | 502571.20 | 512.67 | 512.67 | 8.13 | True | 7.20 |  | 1.32 | 1.31 | 1.37 | 500000.00 |  | N.A. | 056920AJ<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 |  |  | 100.63 |  |  |  |  |  | CBAM 2017-3A DR | 07/17/2034 8.041400% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35569.64 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 440000.00 | 436700.00 | 440000.00 | 442760.38 | 442760.38 | 2760.38 | 2760.38 | 8.03 | False | 7.98 |  | 1.17 | 1.16 | 1.21 | 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 |  |  | 100.75 |  |  |  |  |  | CCITY 2022-4A C1R | 04/20/2037 8.769470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30889.22 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 350000.00 | 350000.00 | 350000.00 | 352636.10 | 352636.10 | 2636.10 | 2636.10 | 8.76 | True | 7.44 |  | 0.93 | 0.92 | 0.96 | 350000.00 |  | N.A. | 228233AU<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 |  |  | 100.75 |  |  |  |  |  | CLVR 2018-1A CRR | 04/20/2037 6.743170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33877.45 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 502750.00 | 501458.25 | 503738.20 | 503738.20 | 2279.95 | 2279.95 | 6.73 | True | 5.41 |  | 1.33 | 1.31 | 1.38 | 500000.00 |  | N.A. | 18914GAL<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 |  |  | 101.57 |  |  |  |  |  | ELM28 2024-4A E | 04/17/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25806.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 253926.38 | 253926.38 | 3926.38 | 3926.38 | 10.16 | False | 10.09 |  | 0.67 | 0.66 | 0.69 | 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 |  |  | 100.52 |  |  |  |  |  | FCBSL 2022-3A D1R | 10/20/2035 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21438.73 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251288.38 | 251288.38 | 1288.38 | 1288.38 | 8.53 | False | 8.50 |  | 0.66 | 0.66 | 0.69 | 250000.00 |  |  | 349927AU<br> N | MP |
| 438 | Obra Opportunistic Structured | 41756FAG | HARUS 2024-3A C | 01/18/2038 6.449480% |  | 41756FAG1 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/18/2038 |  |  | 100.45 |  |  |  |  |  | HARUS 2024-3A C | 01/18/2038 6.449480% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16072.50 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249875.00 | 249875.00 | 251116.38 | 251116.38 | 1241.38 | 1241.38 | 6.40 | True | 6.07 |  | 0.66 | 0.66 | 0.69 | 250000.00 |  | N.A. | 41756FAG<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 |  |  | 100.39 |  |  |  |  |  | MAGNE 2024-42A D2 | 01/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 62013.45 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 752915.63 | 752915.63 | 2915.63 | 2915.63 | 8.24 | False | 8.22 |  | 1.98 | 1.96 | 2.06 | 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 |  |  | 100.44 |  |  |  |  |  | MIDO 2024-17A D2 | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42377.45 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 502204.60 | 502204.60 | 2204.60 | 2204.60 | 8.44 | False | 8.42 |  | 1.32 | 1.31 | 1.37 | 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 |  |  | 100.84 |  |  |  |  |  | MVEW 2022-1A DR | 04/15/2034 8.446100% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3403.02 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 40000.00 | 40140.00 | 40015.14 | 40334.84 | 40334.84 | 319.70 | 319.70 | 8.44 | True | -11.29 |  | 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 |  |  | 100.05 |  |  |  |  |  | NEUB 2024-58A D1 | 10/18/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36145.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 500251.10 | 500251.10 | 251.10 | 251.10 | 7.23 | False | 7.22 |  | 1.32 | 1.31 | 1.37 | 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 |  |  | 100.40 |  |  |  |  |  | OAKC 2024-17A D1 | 04/20/2037 8.613420% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28595.59 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 375000.00 | 373781.44 | 373866.72 | 376501.95 | 376501.95 | 2635.23 | 2635.23 | 7.60 | True | 6.89 |  | 0.99 | 0.98 | 1.03 | 375000.00 |  | N.A. | 67109SAJ<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 |  |  | 101.24 |  |  |  |  |  | OBRAC 2024-1A D2 | 01/20/2038 8.259000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 41295.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 506203.80 | 506203.80 | 6203.80 | 6203.80 | 8.16 | False | 8.10 |  | 1.33 | 1.32 | 1.38 | 500000.00 |  |  | 67443AAL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67443CAA | OBRAC 2024-1A E | 01/20/2038 N.A.% |  | 67443CAA5 |  | UNGROUPED SECURITIES |  | CLO | COLL LOAN OBLIGATION | COLL LOAN OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 1/20/2038 |  |  | 102.05 |  |  |  |  |  | OBRAC 2024-1A E | 01/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 66453.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 600000.00 | 600000.00 | 600000.00 | 612281.58 | 612281.58 | 12281.58 | 12281.58 | 10.85 | False | 10.78 |  | 1.61 | 1.60 | 1.67 | 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 |  |  | 101.96 |  |  |  |  |  | OBRAC 2025-2A E | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 80776.50 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 764665.20 | 764665.20 | 14665.20 | 14665.20 | 0.00 | False | -0.15 |  | 2.01 | 1.99 | 2.09 | 750000.00 |  |  | 674433AA<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 |  |  | 100.25 |  |  |  |  |  | OCPA 2024-39A D1 | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17794.43 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250627.50 | 250627.50 | 627.50 | 627.50 | 7.10 | False | 7.09 |  | 0.66 | 0.65 | 0.68 | 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 |  |  | 99.70 |  |  |  |  |  | OCPA 2024-39A E | 01/16/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24544.43 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249261.10 | 249261.10 | -738.90 | -738.90 | 9.85 | False | 9.86 |  | 0.66 | 0.65 | 0.68 | 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 |  |  | 100.36 |  |  |  |  |  | OHALF 2013-1A D2R3 | 04/23/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 22047.48 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250896.10 | 250896.10 | 896.10 | 896.10 | 8.79 | False | 8.77 |  | 0.66 | 0.65 | 0.69 | 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 |  |  | 100.75 |  |  |  |  |  | PLMRS 2022-3A D1R | 07/20/2037 7.219470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11058.74 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 152000.00 | 152684.00 | 152530.03 | 153144.45 | 153144.45 | 614.42 | 614.42 | 7.22 | True | 6.54 |  | 0.40 | 0.40 | 0.42 | 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 |  |  | 100.56 |  |  |  |  |  | PLMRS 2022-4A CR | 10/20/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15563.73 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251399.13 | 251399.13 | 1399.13 | 1399.13 | 6.19 | False | 6.16 |  | 0.66 | 0.66 | 0.69 | 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 |  |  | 102.04 |  |  |  |  |  | RAD 2023-19A D1R | 03/20/2038 7.673170% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30701.96 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 400000.00 | 404600.00 | 403854.23 | 408172.32 | 408172.32 | 4318.09 | 4318.09 | 7.52 | True | 6.30 |  | 1.07 | 1.06 | 1.12 | 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 |  |  | 100.00 |  |  |  |  |  | REGT7 2016-1A DR2 | 06/20/2034 7.616300% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7314.91 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 100000.00 | 100200.00 | 100000.00 | 100000.00 | 100000.00 | 0.00 | 0.00 | 7.31 | False | 7.31 |  | 0.26 | 0.26 | 0.27 | 100000.00 |  | N.A. | 75888ABN | 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 | 29557.46 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 375000.00 | 374968.95 | 374971.09 | 375723.56 | 375723.56 | 752.47 | 752.47 | 7.87 | True | 7.52 |  | 0.99 | 0.98 | 1.03 | 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 |  |  | 102.66 |  |  |  |  |  | VERUS 2023-4 M1 | 05/25/2068 7.399000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28116.20 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 380000.00 | 385300.54 | 385275.37 | 390106.37 | 390106.37 | 4831.00 | 4831.00 | 7.21 | True | 3.28 |  | 1.03 | 1.02 | 1.07 | 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 |  |  | 100.43 |  |  |  |  |  | BFLD 2024-UNIV D | 11/15/2029 7.408570% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34205.30 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498749.95 | 498947.26 | 502174.05 | 502174.05 | 3226.79 | 3226.79 | 6.81 | False | 6.72 |  | 1.32 | 1.31 | 1.37 | 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 |  |  | 100.18 |  |  |  |  |  | BX 2021-ARIA E | 10/15/2036 6.677980% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52071.84 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 800000.00 | 795000.00 | 795000.00 | 801479.76 | 801479.76 | 6479.76 | 6479.76 | 6.50 | False | 6.49 |  | 2.11 | 2.09 | 2.19 | 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 |  |  | 100.25 |  |  |  |  |  | BX 2021-ARIA F | 10/15/2036 7.026980% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 51434.85 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 743906.25 | 743906.25 | 751847.48 | 751847.48 | 7941.23 | 7941.23 | 6.84 | False | 6.83 |  | 1.98 | 1.96 | 2.05 | 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 |  |  | 98.05 |  |  |  |  |  | BX 2024-GPA2 D | 11/15/2029 7.246920% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33705.10 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498750.00 | 490268.15 | 490268.15 | -8481.85 | -8481.85 | 6.87 | False | 7.28 |  | 1.29 | 1.28 | 1.34 | 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 |  |  | 99.06 |  |  |  |  |  | BXMT 2025-FL5 C | 10/18/2042 7.265200% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14162.08 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 200000.00 | 199500.00 | 199625.04 | 198122.80 | 198122.80 | -1502.24 | -1502.24 | 7.37 | False | 7.40 |  | 0.52 | 0.52 | 0.54 | 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 |  |  | 100.56 |  |  |  |  |  | CALI 2024-SUN D | 07/15/2041 8.946960% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19610.63 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 248750.00 | 248750.00 | 251392.45 | 251392.45 | 2642.45 | 2642.45 | 7.80 | False | 7.78 |  | 0.66 | 0.66 | 0.69 | 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 |  |  | 100.17 |  |  |  |  |  | FMBT 2024-FBLU C | 12/15/2039 6.469180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15750.40 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250437.35 | 250437.35 | 437.35 | 437.35 | 6.29 | False | 6.28 |  | 0.66 | 0.65 | 0.68 | 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 |  |  | 100.17 |  |  |  |  |  | FMBT 2024-FBLU D | 12/15/2039 6.919180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 50626.20 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 751309.80 | 751309.80 | 1309.80 | 1309.80 | 6.74 | False | 6.73 |  | 1.98 | 1.96 | 2.05 | 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 |  |  | 100.23 |  |  |  |  |  | FS 2024-HULA D | 08/15/2039 8.239500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7089.66 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 100000.00 | 100187.50 | 100180.18 | 100233.75 | 100233.75 | 53.57 | 53.57 | 7.07 | False | 7.06 |  | 0.26 | 0.26 | 0.27 | 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 |  |  | 100.23 |  |  |  |  |  | FS 2024-HULA E | 08/15/2039 8.738700% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7588.86 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 100000.00 | 99750.00 | 99760.72 | 100229.22 | 100229.22 | 468.50 | 468.50 | 7.57 | False | 7.56 |  | 0.26 | 0.26 | 0.27 | 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 |  |  | 100.62 |  |  |  |  |  | GWT 2024-WLF2 D | 05/15/2041 8.239450% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35448.05 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498806.71 | 503089.40 | 503089.40 | 4282.69 | 4282.69 | 7.05 | False | 7.02 |  | 1.32 | 1.31 | 1.37 | 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 |  |  | 100.63 |  |  |  |  |  | GWT 2024-WOLF D | 03/15/2039 7.209180% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28160.64 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 400000.00 | 400000.00 | 400000.00 | 402514.52 | 402514.52 | 2514.52 | 2514.52 | 7.00 | False | 6.97 |  | 1.06 | 1.05 | 1.10 | 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 |  |  | 100.30 |  |  |  |  |  | HLTN 2024-DPLO C | 06/15/2041 7.860220% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 46832.66 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 700000.00 | 699812.50 | 699828.95 | 702088.52 | 702088.52 | 2259.57 | 2259.57 | 6.67 | False | 6.66 |  | 1.85 | 1.83 | 1.92 | 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 |  |  | 100.56 |  |  |  |  |  | HLTN 2024-DPLO D | 06/15/2041 7.660930% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18723.08 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 247500.00 | 247500.00 | 251393.13 | 251393.13 | 3893.13 | 3893.13 | 7.45 | False | 7.43 |  | 0.66 | 0.66 | 0.69 | 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 |  |  | 100.29 |  |  |  |  |  | JW 2024-BERY C | 11/15/2039 6.992000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31960.80 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 498750.00 | 498796.89 | 501465.00 | 501465.00 | 2668.11 | 2668.11 | 6.37 | False | 6.36 |  | 1.32 | 1.31 | 1.37 | 500000.00 |  |  | 46676AAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 55287KAG | MF1 2025-FL19 C | 05/18/2042 N.A.% |  | 55287KAG8 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.29 |  |  |  |  |  | MF1 2025-FL19 C | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17441.30 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249527.70 | 250723.63 | 250723.63 | 1195.93 | 1195.93 | 6.96 | True | 6.71 |  | 0.66 | 0.65 | 0.69 | 250000.00 |  |  | 55287KAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 55287KAJ | MF1 2025-FL19 D | 05/18/2042 N.A.% |  | 55287KAJ2 |  | UNGROUPED SECURITIES |  | CMBS | COMM MORT BACKED SEC | COMM MORT BACKED SEC |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 5/18/2042 |  |  | 100.06 |  |  |  |  |  | MF1 2025-FL19 D | 05/18/2042 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18939.15 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249527.17 | 250152.43 | 250152.43 | 625.26 | 625.26 | 7.57 | True | 7.52 |  | 0.66 | 0.65 | 0.68 | 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 |  |  | 100.06 |  |  |  |  |  | NYC 2024-3ELV D | 08/15/2029 9.168270% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19971.08 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249374.95 | 249374.95 | 250138.73 | 250138.73 | 763.78 | 763.78 | 7.98 | False | 7.97 |  | 0.66 | 0.65 | 0.68 | 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 |  |  | 100.06 |  |  |  |  |  | PGA 2024-RSR2 C | 06/15/2026 8.089500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17349.15 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249370.00 | 249774.30 | 250149.98 | 250149.98 | 375.68 | 375.68 | 6.94 | False | 6.85 |  | 0.66 | 0.65 | 0.68 | 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 |  |  | 100.53 |  |  |  |  |  | PGA 2024-RSR2 E | 06/15/2039 8.984510% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20095.40 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 251718.75 | 251656.02 | 251313.55 | 251313.55 | -342.47 | -342.47 | 8.00 | False | 7.98 |  | 0.66 | 0.66 | 0.69 | 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 |  |  | 99.56 |  |  |  |  |  | SWCH 2025-DATA D | 03/15/2042 6.948550% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10187.07 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 150000.00 | 149625.00 | 149625.00 | 149342.94 | 149342.94 | -282.06 | -282.06 | 6.82 | False | 6.84 |  | 0.39 | 0.39 | 0.41 | 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 |  |  | 99.94 |  |  |  |  |  | TOWN 2025-STAY D | 03/15/2042 7.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 17500.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 249859.38 | 249859.38 | -140.63 | -140.63 | 7.00 | False | 7.01 |  | 0.66 | 0.65 | 0.68 | 250000.00 |  |  | 46117WAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 00039MAA | ABBSL 2025-6A E | 07/20/2037 10.27169% |  | 00039MAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2037 |  |  | 101.01 |  |  |  |  |  | ABBSL 2025-6A E | 07/20/2037 10.27169% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15407.55 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 150000.00 | 150000.00 | 150000.00 | 151521.44 | 151521.44 | 1521.44 | 1521.44 | 10.17 | True | 8.96 |  | 0.40 | 0.40 | 0.41 | 150000.00 |  | N.A. | 00039MAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 001207AY | AGL 2020-9A DR | 04/20/2037 7.875490% |  | 001207AY5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2037 |  |  | 100.51 |  |  |  |  |  | AGL 2020-9A DR | 04/20/2037 7.875490% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39377.45 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 503350.00 | 502510.18 | 502531.45 | 502531.45 | 21.27 | 21.27 | 7.84 | True | 6.94 |  | 1.32 | 1.31 | 1.37 | 500000.00 |  | N.A. | 001207AY<br> N | MP |
| 438 | Obra Opportunistic Structured | 03666BBC | ANTR 2021-1A CR | 10/25/2038 N.A.% |  | 03666BBC7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 100.67 |  |  |  |  |  | ANTR 2021-1A CR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 375000.00 | 375000.00 | 375000.00 | 377512.50 | 377512.50 | 2512.50 | 2512.50 | 0.00 | False | -0.05 |  | 0.99 | 0.98 | 1.03 | 375000.00 |  |  | 03666BBC<br> N | MP |
| 438 | Obra Opportunistic Structured | 03666BBE | ANTR 2021-1A DR | 10/25/2038 N.A.% |  | 03666BBE3 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/25/2038 |  |  | 100.34 |  |  |  |  |  | ANTR 2021-1A DR | 10/25/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 500000.00 | 500000.00 | 501675.00 | 501675.00 | 1675.00 | 1675.00 | 0.00 | False | -0.03 |  | 1.32 | 1.31 | 1.37 | 500000.00 |  |  | 03666BBE<br> N | MP |
| 438 | Obra Opportunistic Structured | 682461AJ | AOA 2025-1301 D | 08/11/2030 6.430113% |  | 682461AJ7 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/1/2030 |  |  | 100.38 |  |  |  |  |  | AOA 2025-1301 D | 08/11/2030 6.430113% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16075.28 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250947.43 | 250947.43 | 947.43 | 947.43 | 6.41 | False | 6.34 |  | 0.66 | 0.65 | 0.69 | 250000.00 |  |  | 682461AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 088928AE | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  | 088928AE6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2042 |  |  | 100.12 |  |  |  |  |  | BHMS 2025-ATLS C | 08/15/2042 7.650000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55876.20 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 750862.65 | 750862.65 | 862.65 | 862.65 | 7.44 | False | 7.44 |  | 1.98 | 1.96 | 2.05 | 750000.00 |  |  | 088928AE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05765DAZ | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  | 05765DAZ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 4/20/2036 |  |  | 100.49 |  |  |  |  |  | BOBA 2023-1A D2RR | 04/20/2036 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21438.73 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 251221.73 | 251221.73 | 1221.73 | 1221.73 | 0.00 | False | -0.05 |  | 0.66 | 0.66 | 0.69 | 250000.00 |  |  | 05765DAZ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05619BAG | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  | 05619BAG2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 99.86 |  |  |  |  |  | BSPRT 2025-FL12 C | 01/17/2043 6.297000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15742.50 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 249375.00 | 249379.30 | 249653.40 | 249653.40 | 274.10 | 274.10 | 6.31 | False | 6.31 |  | 0.66 | 0.65 | 0.68 | 250000.00 |  |  | 05619BAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 05619BAJ | BSPRT 2025-FL12 D | 01/17/2043 6.796000% |  | 05619BAJ6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 1/17/2043 |  |  | 99.88 |  |  |  |  |  | BSPRT 2025-FL12 D | 01/17/2043 6.796000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13592.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 200000.00 | 199500.00 | 199503.42 | 199753.34 | 199753.34 | 249.92 | 249.92 | 6.80 | False | 6.81 |  | 0.53 | 0.52 | 0.55 | 200000.00 |  |  | 05619BAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 05618XAE | BX 2025-COPT C | 09/15/2042 6.850000% |  | 05618XAE0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.10 |  |  |  |  |  | BX 2025-COPT C | 09/15/2042 6.850000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16625.40 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250261.50 | 250261.50 | 261.50 | 261.50 | 6.84 | False | 6.84 |  | 0.66 | 0.65 | 0.68 | 250000.00 |  |  | 05618XAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 05618XAG | BX 2025-COPT D | 09/15/2042 7.600000% |  | 05618XAG5 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2042 |  |  | 100.10 |  |  |  |  |  | BX 2025-COPT D | 09/15/2042 7.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29600.64 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400419.12 | 400419.12 | 419.12 | 419.12 | 7.59 | False | 7.59 |  | 1.05 | 1.04 | 1.09 | 400000.00 |  |  | 05618XAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 38411WAD | GPIF 2025-1A D | 08/15/2028 N.A.% |  | 38411WAD4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/15/2028 |  |  | 100.21 |  |  |  |  |  | GPIF 2025-1A D | 08/15/2028 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 66540.60 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 751571.48 | 751571.48 | 1571.48 | 1571.48 | 8.84 | False | 8.77 |  | 1.98 | 1.96 | 2.05 | 750000.00 |  |  | 38411WAD<br> N | MP |
| 438 | Obra Opportunistic Structured | 36272MAA | GSMBS 2025-PJ7 A1 | 12/25/2055 6.000000% |  | 36272MAA4 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 12/1/2055 |  |  | 101.78 |  |  |  |  |  | GSMBS 2025-PJ7 A1 | 12/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 28517.24 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 475287.29 | 476475.51 | 476462.40 | 483753.34 | 483753.34 | 7290.94 | 7290.94 | 5.89 | True | 5.80 |  | 1.27 | 1.26 | 1.32 | 500000.00 |  |  | 36272MAA<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 |  |  | 100.81 |  |  |  |  |  | KKR 49A D1R | 10/20/2037 7.569470% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19063.73 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 251000.00 | 250784.30 | 252019.25 | 252019.25 | 1234.95 | 1234.95 | 7.56 | True | 6.83 |  | 0.66 | 0.66 | 0.69 | 250000.00 |  | N.A. | 481939AX<br> N | MP |
| 438 | Obra Opportunistic Structured | 50209AAJ | LMRK 2025-1A B | 09/15/2055 6.200000% |  | 50209AAJ0 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 9/15/2055 |  |  | 100.54 |  |  |  |  |  | LMRK 2025-1A B | 09/15/2055 6.200000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18600.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 300000.00 | 299951.64 | 299951.64 | 301608.76 | 301608.76 | 1657.12 | 1657.12 | 6.17 | False | 6.16 |  | 0.79 | 0.79 | 0.82 | 300000.00 |  |  | 50209AAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 55817HBC | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  | 55817HBC2 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/16/2038 |  |  | 100.92 |  |  |  |  |  | MDPK 2022-62A CR2 | 07/16/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15807.33 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 252290.85 | 252290.85 | 2290.85 | 2290.85 | 0.00 | False | -0.07 |  | 0.66 | 0.66 | 0.69 | 250000.00 |  |  | 55817HBC<br> N | MP |
| 438 | Obra Opportunistic Structured | 59804HAG | MIDO 2023-12A ERR | 07/18/2038 10.82900% |  | 59804HAG1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | JE | JERSEY |  | USD | US DOLLAR | 7/18/2038 |  |  | 101.00 |  |  |  |  |  | MIDO 2023-12A ERR | 07/18/2038 10.82900% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27072.50 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250625.00 | 250570.98 | 252499.15 | 252499.15 | 1928.17 | 1928.17 | 10.72 | True | 10.22 |  | 0.66 | 0.66 | 0.69 | 250000.00 |  | N.A. | 59804HAG<br> N | MP |
| 438 | Obra Opportunistic Structured | 597924AJ | MIDO 2025-21A D1 | 10/20/2038 N.A.% |  | 597924AJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/20/2038 |  |  | 100.00 |  |  |  |  |  | MIDO 2025-21A D1 | 10/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 125000.00 | 125000.00 | 125000.00 | 125000.00 | 125000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.33 | 0.33 | 0.34 | 125000.00 |  |  | 597924AJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 63943VAJ | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  | 63943VAJ8 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 10/15/2037 |  |  | 100.00 |  |  |  |  |  | NAVS 2025-4A D1 | 10/15/2037 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 250000.00 | 250000.00 | 0.00 | 0.00 | 0.00 | False | 0.00 |  | 0.66 | 0.65 | 0.68 | 250000.00 |  |  | 63943VAJ<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 |  |  | 100.34 |  |  |  |  |  | OBRAC 2025-2A D2 | 07/20/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 55381.04 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 650000.00 | 650000.00 | 650000.00 | 652190.44 | 652190.44 | 2190.44 | 2190.44 | 8.49 | False | 8.48 |  | 1.72 | 1.70 | 1.78 | 650000.00 |  |  | 674436AL<br> N | MP |
| 438 | Obra Opportunistic Structured | 67570LAC | OCP 2023-27A ER2 | 07/15/2038 N.A.% |  | 67570LAC6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 99.29 |  |  |  |  |  | OCP 2023-27A ER2 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23102.13 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 250000.00 | 250000.00 | 250000.00 | 248230.20 | 248230.20 | -1769.80 | -1769.80 | 0.00 | False | 0.05 |  | 0.65 | 0.65 | 0.68 | 250000.00 |  |  | 67570LAC<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 |  |  | 102.16 |  |  |  |  |  | PAID 2025-4 D | 01/17/2033 6.572000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 49290.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 750000.00 | 750000.00 | 750000.00 | 766173.60 | 766173.60 | 16173.60 | 16173.60 | 6.43 | True | 5.25 |  | 2.02 | 2.00 | 2.09 | 750000.00 |  |  | 69547DAE<br> N | MP |
| 438 | Obra Opportunistic Structured | 81124NAY | SCUL 30A D1R | 07/20/2038 7.867130% |  | 81124NAY6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/20/2038 |  |  | 102.07 |  |  |  |  |  | SCUL 30A D1R | 07/20/2038 7.867130% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 43269.22 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 550000.00 | 551375.00 | 551251.62 | 561397.32 | 561397.32 | 10145.70 | 10145.70 | 7.71 | True | 6.65 |  | 1.48 | 1.46 | 1.53 | 550000.00 |  | N.A. | 81124NAY<br> N | MP |
| 438 | Obra Opportunistic Structured | 81749YAA | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  | 81749YAA9 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 7/1/2055 |  |  | 101.66 |  |  |  |  |  | SEMT 2025-6 A1 | 07/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20096.74 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 334945.66 | 334736.33 | 334736.33 | 340493.20 | 340493.20 | 5756.87 | 5756.87 | 5.90 | True | 5.81 |  | 0.90 | 0.89 | 0.93 | 350000.00 |  |  | 81749YAA<br> N | MP |
| 438 | Obra Opportunistic Structured | 87268JAJ | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  | 87268JAJ1 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | CAY | CAYMAN ISLANDS |  | USD | US DOLLAR | 7/15/2038 |  |  | 101.15 |  |  |  |  |  | TPGCLO 2025-1A D1 | 07/15/2038 N.A.% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29990.84 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 400000.00 | 399739.60 | 399739.60 | 404600.00 | 404600.00 | 4860.40 | 4860.40 | 0.00 | False | -0.09 |  | 1.07 | 1.06 | 1.11 | 400000.00 |  |  | 87268JAJ<br> N | MP |
| 438 | Obra Opportunistic Structured | 92535VAU | VBTOW 2025-1A C | 08/16/2055 7.446000% |  | 92535VAU6 |  | UNGROUPED SECURITIES |  | CMO | COLL MORT OBLIGATION | COLL MORT OBLIGATION |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 8/16/2055 |  |  | 99.70 |  |  |  |  |  | VBTOW 2025-1A C | 08/16/2055 7.446000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33507.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 450000.00 | 448091.78 | 448091.78 | 448654.55 | 448654.55 | 562.77 | 562.77 | 7.47 | False | 7.47 |  | 1.18 | 1.17 | 1.23 | 450000.00 |  |  | 92535VAU<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 |  |  | 103.78 |  |  |  |  |  | ACHM 2023-HE1 B | 11/25/2037 7.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35000.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 500000.00 | 494157.55 | 494552.87 | 518902.85 | 518902.85 | 24349.98 | 24349.98 | 6.75 | True | 6.19 |  | 1.37 | 1.35 | 1.42 | 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 |  |  | 103.12 |  |  |  |  |  | AOMT 2024-4 A2 | 01/25/2069 6.398000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11049.78 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 172706.80 | 172704.64 | 172704.65 | 178088.65 | 178088.65 | 5384.00 | 5384.00 | 6.20 | True | 4.23 |  | 0.47 | 0.46 | 0.49 | 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 |  |  | 101.66 |  |  |  |  |  | JPMMT 2024-NQM1 M1A | 02/25/2064 6.414000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25656.00 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 400000.00 | 399992.40 | 399994.24 | 406649.32 | 406649.32 | 6655.08 | 6655.08 | 6.31 | True | 5.62 |  | 1.07 | 1.06 | 1.11 | 400000.00 |  |  | 465983AD<br> N | MP |
| 438 | Obra Opportunistic Structured | 74389DAA | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  | 74389DAA5 |  | UNGROUPED SECURITIES |  | MBS | Mortgage Backed |  |  |  | USA | UNITED STATES |  | USD | US DOLLAR | 6/1/2055 |  |  | 101.72 |  |  |  |  |  | PFMT 2025-2 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9570.58 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 159509.68 | 159061.15 | 159061.15 | 162251.26 | 162251.26 | 3190.11 | 3190.11 | 5.90 | True | 5.81 |  | 0.43 | 0.42 | 0.44 | 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 |  |  | 101.72 |  |  |  |  |  | SEMT 2025-5 A1 | 06/25/2055 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27941.04 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 465684.07 | 465101.97 | 465101.97 | 473688.01 | 473688.01 | 8586.04 | 8586.04 | 5.90 | True | 5.81 |  | 1.25 | 1.24 | 1.29 | 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 | 10/1/2025 |  |  | 100.00 |  |  |  |  |  | Goldman Sachs Financ | ial Square Funds - G |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21790.62 | L<br> N |  |  | 9/30/2025<br> C |  | 438;USD | USD | 540474.87 | 540474.87 | 540474.87 | 540474.87 | 540474.87 | 0.00 | 0.00 | 4.03 | False | 4.02 |  | 1.42 | 1.41 | 1.48 | 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:** 2025-09-30

**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:** $38331448.32

**Total Liabilities:** $1738720.49

**Net Assets:** $36592727.83

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 153 | **1-Year:** 2219 | **5-Year:** 4108 | **10-Year:** 768 | **30-Year:** 0

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

- **3-Month:** 3 | **1-Year:** 284 | **5-Year:** 665 | **10-Year:** 172 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000248832 | 0.45%                | 0.78%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13585.63               | $-23926.08                                 |
| Month 2  | $7674.67                 | $77629.89                                  |
| Month 3  | $-1905.81                | $33882.88                                  |

### 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      | $502252.85    | 1.37%             | 2027-03-01      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A C       | ABS      | CUSIP: 38410KAC3<br>LEI: N/A | Long             | DBT              |  | US        |    148000 | NS      | $147480.73    | 0.40%             | 2028-03-01      | Variable      | 7.86%                 | No            |                  2 | On Loan: No      |
| GPIF 2024-1A D       | ABS      | CUSIP: 38410KAD1<br>LEI: N/A | Long             | DBT              |  | US        |    730000 | NS      | $728807.03    | 1.99%             | 2028-03-01      | Variable      | 11.51%                | No            |                  2 | On Loan: No      |
| HWIRE 2023-1A B      | ABS      | CUSIP: 44148HAC7<br>LEI: N/A | Long             | DBT              |  | US        |    625000 | NS      | $640691.19    | 1.75%             | 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      | $506202.05    | 1.38%             | 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        |    190439 | NS      | $191553.32    | 0.52%             | 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      | $777561.60    | 2.12%             | 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        |    464645 | NS      | $470483.65    | 1.29%             | 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        |      3052 | NS      | $3047.14      | 0.01%             | 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        |    615090 | NS      | $626332.93    | 1.71%             | 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        |    290772 | NS      | $295023.28    | 0.81%             | 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      | $101219.79    | 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      | $257693.08    | 0.70%             | 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        |    190241 | NS      | $191423.32    | 0.52%             | 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      | $103022.26    | 0.28%             | 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      | $351401.16    | 0.96%             | 2037-04-21      | Variable      | 7.32%                 | No            |                  2 | On Loan: No      |
| ALLEG 2024-3A B      | CLO      | CUSIP: 01751JAE7<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $501775.80    | 1.37%             | 2037-10-15      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A C       | CLO      | CUSIP: 03666BAG9<br>LEI: N/A | Long             | DBT              |  | KY        |    375000 | NS      | $375000.00    | 1.02%             | 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      | $500000.00    | 1.37%             | 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      | $75640.56     | 0.21%             | 2034-10-23      | Variable      | 6.96%                 | No            |                  2 | On Loan: No      |
| BCC 2022-5A DR       | CLO      | CUSIP: 05685JAS8<br>LEI: N/A | Long             | DBT              |  | JE        |    375000 | NS      | $377784.30    | 1.03%             | 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      | $504150.50    | 1.38%             | 2038-01-22      | Variable      | 6.86%                 | No            |                  2 | On Loan: No      |
| BCC 2024-1A D1       | CLO      | CUSIP: 056920AJ0<br>LEI: N/A | Long             | DBT              |  | JE        |    500000 | NS      | $502571.20    | 1.37%             | 2037-04-16      | Variable      | 7.74%                 | No            |                  2 | On Loan: No      |
| BALLY 2024-22A C     | CLO      | CUSIP: 05877GAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251241.40    | 0.69%             | 2037-04-15      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| CBAM 2017-3A DR      | CLO      | CUSIP: 12481HAW5<br>LEI: N/A | Long             | DBT              |  | KY        |    440000 | NS      | $442760.38    | 1.21%             | 2034-07-17      | Variable      | 7.64%                 | No            |                  2 | On Loan: No      |
| CLVR 2018-1A CRR     | CLO      | CUSIP: 18914GAL5<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $503738.20    | 1.38%             | 2037-04-20      | Variable      | 6.33%                 | No            |                  2 | On Loan: No      |
| CCITY 2022-4A C1R    | CLO      | CUSIP: 228233AU6<br>LEI: N/A | Long             | DBT              |  | KY        |    350000 | NS      | $352636.10    | 0.96%             | 2037-04-20      | Variable      | 8.83%                 | No            |                  2 | On Loan: No      |
| ELM28 2024-4A E      | CLO      | CUSIP: 29003PAA8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $253926.38    | 0.69%             | 2037-04-17      | Variable      | 9.88%                 | No            |                  2 | On Loan: No      |
| FCBSL 2022-3A D1R    | CLO      | CUSIP: 349927AU7<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $251288.38    | 0.69%             | 2035-10-20      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| HARUS 2024-3A C      | CLO      | CUSIP: 41756FAG1<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251116.38    | 0.69%             | 2038-01-18      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| MAGNE 2024-42A D2    | CLO      | CUSIP: 55955XAN6<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $752915.63    | 2.06%             | 2038-01-25      | Variable      | 7.81%                 | No            |                  2 | On Loan: No      |
| MIDO 2024-17A D2     | CLO      | CUSIP: 598014AL2<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $502204.60    | 1.37%             | 2038-01-20      | Variable      | 8.03%                 | No            |                  2 | On Loan: No      |
| MVEW 2022-1A DR      | CLO      | CUSIP: 62432UAU5<br>LEI: N/A | Long             | DBT              |  | KY        |     40000 | NS      | $40334.84     | 0.11%             | 2034-04-15      | Variable      | 8.09%                 | No            |                  2 | On Loan: No      |
| NEUB 2024-58A D1     | CLO      | CUSIP: 640970AG4<br>LEI: N/A | Long             | DBT              |  | KY        |    500000 | NS      | $500251.10    | 1.37%             | 2038-10-18      | Variable      | 6.78%                 | No            |                  2 | On Loan: No      |
| OAKC 2024-17A D1     | CLO      | CUSIP: 67109SAJ6<br>LEI: N/A | Long             | DBT              |  | BM        |    375000 | NS      | $376501.95    | 1.03%             | 2037-04-20      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| OCPA 2024-39A D1     | CLO      | CUSIP: 67120EAN3<br>LEI: N/A | Long             | DBT              |  | JE        |    250000 | NS      | $250627.50    | 0.68%             | 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      | $249261.10    | 0.68%             | 2037-01-16      | Variable      | 9.39%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A E      | CLO      | CUSIP: 674433AA5<br>LEI: N/A | Long             | DBT              |  | KY        |    750000 | NS      | $764665.20    | 2.09%             | 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      | $506203.80    | 1.38%             | 2038-01-20      | Fixed         | 8.26%                 | No            |                  2 | On Loan: No      |
| OBRAC 2024-1A E      | CLO      | CUSIP: 67443CAA5<br>LEI: N/A | Long             | DBT              |  | KY        |    600000 | NS      | $612281.58    | 1.67%             | 2038-01-20      | Variable      | 10.63%                | No            |                  2 | On Loan: No      |
| OHALF 2013-1A D2R3   | CLO      | CUSIP: 67706HCE6<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250896.10    | 0.69%             | 2037-04-23      | Variable      | 8.36%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-3A D1R    | CLO      | CUSIP: 69690ABC0<br>LEI: N/A | Long             | DBT              |  | JE        |    152000 | NS      | $153144.45    | 0.42%             | 2037-07-20      | Variable      | 6.83%                 | No            |                  2 | On Loan: No      |
| PLMRS 2022-4A CR     | CLO      | CUSIP: 69700XAU9<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $251399.13    | 0.69%             | 2037-10-20      | Variable      | 5.78%                 | No            |                  2 | On Loan: No      |
| RAD 2023-19A D1R     | CLO      | CUSIP: 750104AW1<br>LEI: N/A | Long             | DBT              |  | KY        |    400000 | NS      | $408172.32    | 1.12%             | 2038-03-20      | Variable      | 7.23%                 | No            |                  2 | On Loan: No      |
| REGT7 2016-1A DR2    | CLO      | CUSIP: 75888ABN5<br>LEI: N/A | Long             | DBT              |  | KY        |    100000 | NS      | $100000.00    | 0.27%             | 2034-06-20      | Variable      | 7.31%                 | No            |                  2 | On Loan: No      |
| TCIFC 2024-1A D      | CLO      | CUSIP: 88240JAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    375000 | NS      | $375723.56    | 1.03%             | 2037-04-22      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| VERUS 2023-4 M1      | CLO      | CUSIP: 92539TAD5<br>LEI: N/A | Long             | DBT              |  | US        |    380000 | NS      | $390106.37    | 1.07%             | 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      | $801479.76    | 2.19%             | 2036-10-15      | Variable      | 6.32%                 | No            |                  2 | On Loan: No      |
| BX 2021-ARIA F       | CMBS     | CUSIP: 05608RAN5<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $751847.48    | 2.05%             | 2036-10-15      | Variable      | 6.67%                 | No            |                  2 | On Loan: No      |
| BXMT 2025-FL5 C      | CMBS     | CUSIP: 05613YAG8<br>LEI: N/A | Long             | DBT              |  | US        |    200000 | NS      | $198122.80    | 0.54%             | 2042-10-18      | Variable      | 7.08%                 | No            |                  2 | On Loan: No      |
| BFLD 2024-UNIV D     | CMBS     | CUSIP: 08861RAG6<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $502174.05    | 1.37%             | 2029-11-15      | Variable      | 6.65%                 | No            |                  2 | On Loan: No      |
| BX 2024-GPA2 D       | CMBS     | CUSIP: 12433DAG8<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $490268.15    | 1.34%             | 2029-11-15      | Variable      | 6.55%                 | No            |                  2 | On Loan: No      |
| CALI 2024-SUN D      | CMBS     | CUSIP: 12988DAG7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251392.45    | 0.69%             | 2041-07-15      | Variable      | 7.60%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA D       | CMBS     | CUSIP: 30338DAG6<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $100233.75    | 0.27%             | 2039-08-15      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| FS 2024-HULA E       | CMBS     | CUSIP: 30338DAJ0<br>LEI: N/A | Long             | DBT              |  | US        |    100000 | NS      | $100229.22    | 0.27%             | 2039-08-15      | Variable      | 7.40%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU C     | CMBS     | CUSIP: 34461WAE0<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250437.35    | 0.68%             | 2039-12-15      | Variable      | 6.11%                 | No            |                  2 | On Loan: No      |
| FMBT 2024-FBLU D     | CMBS     | CUSIP: 34461WAG5<br>LEI: N/A | Long             | DBT              |  | US        |    750000 | NS      | $751309.80    | 2.05%             | 2039-12-15      | Variable      | 6.56%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WLF2 D      | CMBS     | CUSIP: 362414AG9<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $503089.40    | 1.37%             | 2041-05-15      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| GWT 2024-WOLF D      | CMBS     | CUSIP: 39152MAG0<br>LEI: N/A | Long             | DBT              |  | US        |    400000 | NS      | $402514.52    | 1.10%             | 2039-03-15      | Variable      | 6.85%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO C     | CMBS     | CUSIP: 40424UAE7<br>LEI: N/A | Long             | DBT              |  | US        |    700000 | NS      | $702088.52    | 1.92%             | 2041-06-15      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| HLTN 2024-DPLO D     | CMBS     | CUSIP: 40424UAG2<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251393.13    | 0.69%             | 2041-06-15      | Variable      | 7.30%                 | No            |                  2 | On Loan: No      |
| TOWN 2025-STAY D     | CMBS     | CUSIP: 46117WAG7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $249859.38    | 0.68%             | 2042-03-15      | Variable      | 6.81%                 | No            |                  2 | On Loan: No      |
| JW 2024-BERY C       | CMBS     | CUSIP: 46676AAE3<br>LEI: N/A | Long             | DBT              |  | US        |    500000 | NS      | $501465.00    | 1.37%             | 2039-11-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 C      | CMBS     | CUSIP: 55287KAG8<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250723.63    | 0.69%             | 2042-05-18      | Variable      | 6.98%                 | No            |                  2 | On Loan: No      |
| MF1 2025-FL19 D      | CMBS     | CUSIP: 55287KAJ2<br>LEI: N/A | Long             | DBT              |  | KY        |    250000 | NS      | $250152.43    | 0.68%             | 2042-05-18      | Variable      | 7.58%                 | No            |                  2 | On Loan: No      |
| NYC 2024-3ELV D      | CMBS     | CUSIP: 62956HAG1<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250138.73    | 0.68%             | 2029-08-15      | Variable      | 7.80%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 C      | CMBS     | CUSIP: 69381CAJ6<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $250149.98    | 0.68%             | 2026-06-15      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| PGA 2024-RSR2 E      | CMBS     | CUSIP: 69381CAN7<br>LEI: N/A | Long             | DBT              |  | US        |    250000 | NS      | $251313.55    | 0.69%             | 2039-06-15      | Variable      | 7.85%                 | No            |                  2 | On Loan: No      |
| SWCH 2025-DATA D     | CMBS     | CUSIP: 78489CAD1<br>LEI: N/A | Long             | DBT              |  | US        |    150000 | NS      | $149342.94    | 0.41%             | 2042-03-15      | Variable      | 6.60%                 | No            |                  2 | On Loan: No      |
| ABBSL 2025-6A E      | CMO      | CUSIP: 00039MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    150000 | NS      | $151521.44    | 0.41%             | 2037-07-20      | Variable      | 10.27%                | No            |                  2 | On Loan: No      |
| AGL 2020-9A DR       | CMO      | CUSIP: 001207AY5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $502531.45    | 1.37%             | 2037-04-20      | Variable      | 7.43%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A CR      | CMO      | CUSIP: 03666BBC7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    375000 | NS      | $377512.50    | 1.03%             | 2038-10-25      | Variable      | 6.09%                 | No            |                  2 | On Loan: No      |
| ANTR 2021-1A DR      | CMO      | CUSIP: 03666BBE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    500000 | NS      | $501675.00    | 1.37%             | 2038-10-25      | Variable      | 7.09%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT C       | CMO      | CUSIP: 05618XAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250261.50    | 0.68%             | 2042-09-15      | Variable      | 6.46%                 | No            |                  2 | On Loan: No      |
| BX 2025-COPT D       | CMO      | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $400419.12    | 1.09%             | 2042-09-15      | Variable      | 7.21%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 C    | CMO      | CUSIP: 05619BAG2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $249653.40    | 0.68%             | 2043-01-17      | Variable      | 6.30%                 | No            |                  2 | On Loan: No      |
| BSPRT 2025-FL12 D    | CMO      | CUSIP: 05619BAJ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    200000 | NS      | $199753.34    | 0.55%             | 2043-01-17      | Variable      | 6.80%                 | No            |                  2 | On Loan: No      |
| BOBA 2023-1A D2RR    | CMO      | CUSIP: 05765DAZ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $251221.73    | 0.69%             | 2036-04-20      | Variable      | 8.13%                 | No            |                  2 | On Loan: No      |
| BHMS 2025-ATLS C     | CMO      | CUSIP: 088928AE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $750862.65    | 2.05%             | 2042-08-15      | Variable      | 7.26%                 | No            |                  2 | On Loan: No      |
| GSMBS 2025-PJ7 A1    | CMO      | CUSIP: 36272MAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    475287 | NS      | $483753.34    | 1.32%             | 2055-12-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| GPIF 2025-1A D       | CMO      | CUSIP: 38411WAD4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $751571.48    | 2.05%             | 2028-08-15      | Variable      | 8.71%                 | No            |                  2 | On Loan: No      |
| KKR 49A D1R          | CMO      | CUSIP: 481939AX4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $252019.25    | 0.69%             | 2037-10-20      | Variable      | 7.18%                 | No            |                  2 | On Loan: No      |
| LMRK 2025-1A B       | CMO      | CUSIP: 50209AAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    300000 | NS      | $301608.76    | 0.82%             | 2055-09-15      | Variable      | 6.20%                 | No            |                  2 | On Loan: No      |
| MDPK 2022-62A CR2    | CMO      | CUSIP: 55817HBC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $252290.85    | 0.69%             | 2038-07-16      | Variable      | 5.89%                 | No            |                  2 | On Loan: No      |
| MIDO 2025-21A D1     | CMO      | CUSIP: 597924AJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    125000 | NS      | $125000.00    | 0.34%             | 2038-10-20      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| MIDO 2023-12A ERR    | CMO      | CUSIP: 59804HAG1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | JE        |    250000 | NS      | $252499.15    | 0.69%             | 2038-07-18      | Variable      | 10.38%                | No            |                  2 | On Loan: No      |
| NAVS 2025-4A D1      | CMO      | CUSIP: 63943VAJ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $250000.00    | 0.68%             | 2037-10-15      | Variable      | 7.17%                 | No            |                  2 | On Loan: No      |
| OBRAC 2025-2A D2     | CMO      | CUSIP: 674436AL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    650000 | NS      | $652190.44    | 1.78%             | 2038-07-20      | Variable      | 8.52%                 | No            |                  2 | On Loan: No      |
| OCP 2023-27A ER2     | CMO      | CUSIP: 67570LAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    250000 | NS      | $248230.20    | 0.68%             | 2038-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| AOA 2025-1301 D      | CMO      | CUSIP: 682461AJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    250000 | NS      | $250947.43    | 0.69%             | 2030-08-01      | Variable      | 6.22%                 | No            |                  2 | On Loan: No      |
| PAID 2025-4 D        | CMO      | CUSIP: 69547DAE6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    750000 | NS      | $766173.60    | 2.09%             | 2033-01-15      | Variable      | 6.57%                 | No            |                  2 | On Loan: No      |
| SCUL 30A D1R         | CMO      | CUSIP: 81124NAY6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    550000 | NS      | $561397.32    | 1.53%             | 2038-07-20      | Variable      | 7.87%                 | No            |                  2 | On Loan: No      |
| SEMT 2025-6 A1       | CMO      | CUSIP: 81749YAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    334946 | NS      | $340493.20    | 0.93%             | 2055-07-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| TPGCLO 2025-1A D1    | CMO      | CUSIP: 87268JAJ1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |    400000 | NS      | $404600.00    | 1.11%             | 2038-07-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| VBTOW 2025-1A C      | CMO      | CUSIP: 92535VAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    450000 | NS      | $448654.55    | 1.23%             | 2055-08-16      | Variable      | 7.45%                 | No            |                  2 | On Loan: No      |
| ACHM 2023-HE1 B      | MBS      | CUSIP: 00092AAB2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    500000 | NS      | $518902.85    | 1.42%             | 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        |    172707 | NS      | $178088.65    | 0.49%             | 2069-01-01      | Variable      | 6.40%                 | No            |                  2 | On Loan: No      |
| JPMMT 2024-NQM1 M1A  | MBS      | CUSIP: 465983AD6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    400000 | NS      | $406649.32    | 1.11%             | 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        |    159510 | NS      | $162251.26    | 0.44%             | 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        |    465684 | NS      | $473688.01    | 1.29%             | 2055-06-01      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| Goldman Sachs Financ | MONEYMKT | CUSIP: 38141W273<br>LEI: N/A | Long             | STIV             |  | US        |    540475 | NS      | $540474.87    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-18

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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