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      <invstOrSec>
        <name>US AIRWAYS 2013-1A P</name>
        <lei>IWUQB36BXD6OWD6X4T14</lei>
        <title>CORPBOND</title>
        <cusip>90346WAA1</cusip>
        <identifiers>
          <isin value="US90346WAA18"/>
        </identifiers>
        <balance>431312.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>407590.34</valUSD>
        <pctVal>1.06</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.95</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BUCKEYE PARTNERS</name>
        <lei>549300C1PQJLVEIUBK50</lei>
        <title>CORPBOND</title>
        <cusip>118230AM3</cusip>
        <identifiers>
          <isin value="US118230AM30"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>731250</valUSD>
        <pctVal>1.89</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.85</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CLEVELAND CLINIC FOU</name>
        <lei>5493005LGDPOFHUC6Z36</lei>
        <title>CORPBOND</title>
        <cusip>18600TAA0</cusip>
        <identifiers>
          <isin value="US18600TAA07"/>
        </identifiers>
        <balance>569200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>463946.95</valUSD>
        <pctVal>1.2</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2114-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.86</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREEPORT-MCMORAN INC</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>CORPBOND</title>
        <cusip>35671DBC8</cusip>
        <identifiers>
          <isin value="US35671DBC83"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>858750</valUSD>
        <pctVal>2.23</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.45</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HP INC</name>
        <lei>WHKXQACZ14C5XRO8LW03</lei>
        <title>CORPBOND</title>
        <cusip>428236BR3</cusip>
        <identifiers>
          <isin value="US428236BR31"/>
        </identifiers>
        <balance>1000600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>941725.7</valUSD>
        <pctVal>2.44</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-09-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOTIVA ENTERPRISES</name>
        <lei>UQZ4EDMHL4ZESPZY3752</lei>
        <title>CORPBOND</title>
        <cusip>61980AAD5</cusip>
        <identifiers>
          <isin value="US61980AAD54"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1022612</valUSD>
        <pctVal>2.65</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.85</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OLIN CORP</name>
        <lei>549300GKK294V7W57P06</lei>
        <title>CORPBOND</title>
        <cusip>680665AK2</cusip>
        <identifiers>
          <isin value="US680665AK27"/>
        </identifiers>
        <balance>1000200</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>888927.75</valUSD>
        <pctVal>2.3</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>T MOBILE USA</name>
        <lei>549300V2JRLO5DIFGE82</lei>
        <title>CORPBOND</title>
        <cusip>87264ABY0</cusip>
        <identifiers>
          <isin value="US87264ABY01"/>
        </identifiers>
        <balance>824800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>507705.64</valUSD>
        <pctVal>1.32</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2060-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VALMONT INDUSTRIES</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>CORPBOND</title>
        <cusip>920253AE1</cusip>
        <identifiers>
          <isin value="US920253AE15"/>
        </identifiers>
        <balance>1010800</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>815023.2</valUSD>
        <pctVal>2.11</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FR QF9985 5.5%</name>
        <lei>N/A</lei>
        <title>FHLB</title>
        <cusip>3133BYCW7</cusip>
        <identifiers>
          <isin value="US3133BYCW76"/>
        </identifiers>
        <balance>969678.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>938389.37</valUSD>
        <pctVal>2.43</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2053-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Financ</name>
        <lei>N/A</lei>
        <title>MONEYMKT</title>
        <cusip>38141W273</cusip>
        <identifiers>
          <ticker value="FGTXX"/>
        </identifiers>
        <balance>367842.4</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>367842.35</valUSD>
        <pctVal>0.95</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="Money Market" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ARBOR REALTY TRUST</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>038923580</cusip>
        <identifiers>
          <isin value="US0389235804"/>
        </identifiers>
        <balance>38823</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>716284.35</valUSD>
        <pctVal>1.86</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FARMER MAC</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>313148843</cusip>
        <identifiers>
          <isin value="US3131488435"/>
        </identifiers>
        <balance>38327</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>771522.51</valUSD>
        <pctVal>2</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ASPEN INSURANCE HLDG</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>G05384162</cusip>
        <identifiers>
          <isin value="BMG053841620"/>
        </identifiers>
        <balance>44973</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>865280.52</valUSD>
        <pctVal>2.24</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALLSTATE CORP</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>020002838</cusip>
        <identifiers>
          <isin value="US0200028381"/>
        </identifiers>
        <balance>40100</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>783554</valUSD>
        <pctVal>2.03</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Athene Holding Ltd</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>G0684D305</cusip>
        <identifiers>
          <isin value="BMG0684D3054"/>
        </identifiers>
        <balance>38653</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>836837.45</valUSD>
        <pctVal>2.17</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRIGHTHOUSE FINA</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>10922N202</cusip>
        <identifiers>
          <isin value="US10922N2027"/>
        </identifiers>
        <balance>35113</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>824804.37</valUSD>
        <pctVal>2.14</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COSTAMARE INC</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>Y1771G110</cusip>
        <identifiers>
          <isin value="MHY1771G1109"/>
        </identifiers>
        <balance>9903</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>245693.43</valUSD>
        <pctVal>0.64</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MC</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COSTAMARE INC</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>Y1771G201</cusip>
        <identifiers>
          <isin value="MHY1771G2016"/>
        </identifiers>
        <balance>18979</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>482825.76</valUSD>
        <pctVal>1.25</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CMS ENERGY</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>125896852</cusip>
        <identifiers>
          <isin value="US1258968528"/>
        </identifiers>
        <balance>32834</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>740735.04</valUSD>
        <pctVal>1.92</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>COMPASS DIVERSIF HOL</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>20451Q401</cusip>
        <identifiers>
          <isin value="US20451Q4010"/>
        </identifiers>
        <balance>33014</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>799929.22</valUSD>
        <pctVal>2.07</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DIME COMMUNITY BANCS</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>25432X201</cusip>
        <identifiers>
          <isin value="US25432X2018"/>
        </identifiers>
        <balance>29790</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>461745</valUSD>
        <pctVal>1.2</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DYNEX CAPITAL INC</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>26817Q878</cusip>
        <identifiers>
          <isin value="US26817Q8785"/>
        </identifiers>
        <balance>33268</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>758177.72</valUSD>
        <pctVal>1.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FTAI Aviation Ltd</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>G3730V113</cusip>
        <identifiers>
          <isin value="KYG3730V1133"/>
        </identifiers>
        <balance>36065</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>815429.65</valUSD>
        <pctVal>2.11</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUMMIT HOTEL PROPERT</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>866082605</cusip>
        <identifiers>
          <isin value="US8660826053"/>
        </identifiers>
        <balance>17029</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>333938.69</valUSD>
        <pctVal>0.87</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO MORTGAGE CAP</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>46131B407</cusip>
        <identifiers>
          <isin value="US46131B4077"/>
        </identifiers>
        <balance>17915</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>387322.3</valUSD>
        <pctVal>1</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KKR Real Estate Fina</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>48251K209</cusip>
        <identifiers>
          <isin value="US48251K2096"/>
        </identifiers>
        <balance>25877</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>421795.1</valUSD>
        <pctVal>1.09</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ANNALY CAPITAL MGMT</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>035710847</cusip>
        <identifiers>
          <isin value="US0357108473"/>
        </identifiers>
        <balance>32197</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>764678.75</valUSD>
        <pctVal>1.98</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pebblebrook Hotel</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>70509V803</cusip>
        <identifiers>
          <isin value="US70509V8037"/>
        </identifiers>
        <balance>36568</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>720023.92</valUSD>
        <pctVal>1.87</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SCORPIO TANKERS INC</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>80918T208</cusip>
        <identifiers>
          <isin value="US80918T2087"/>
        </identifiers>
        <balance>36925</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>914632.25</valUSD>
        <pctVal>2.37</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Seapeak LLC</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>Y8564M204</cusip>
        <identifiers>
          <isin value="MHY8564M2048"/>
        </identifiers>
        <balance>35860</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>863508.8</valUSD>
        <pctVal>2.24</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AT&amp;T INC</name>
        <lei>N/A</lei>
        <title>PREFSTCK</title>
        <cusip>00206R508</cusip>
        <identifiers>
          <isin value="US00206R5081"/>
        </identifiers>
        <balance>39600</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>800712</valUSD>
        <pctVal>2.07</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>N/A</lei>
        <title>TREASNOT</title>
        <cusip>91282CGN5</cusip>
        <identifiers>
          <isin value="US91282CGN56"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>990937.5</valUSD>
        <pctVal>2.57</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-02-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.63</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>US TREASURY N/B</name>
        <lei>N/A</lei>
        <title>TREASNOT</title>
        <cusip>91282CGU9</cusip>
        <identifiers>
          <isin value="US91282CGU99"/>
        </identifiers>
        <balance>1000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>980000</valUSD>
        <pctVal>2.54</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2025-03-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.88</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2023-11-19</ncom:dateSigned>
      <ncom:nameOfApplicant>Spinnaker ETF Series</ncom:nameOfApplicant>
      <ncom:signature>Pete Mccabe</ncom:signature>
      <ncom:signerName>Pete Mccabe</ncom:signerName>
      <ncom:title>Principal Accounting Officer/Principal Financial Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
