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    <isConfidential>false</isConfidential>
    <filerInfo>

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          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


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        <classId>C000248833</classId>
      </seriesClassInfo>


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      <regFileNumber>811-22398</regFileNumber>
      <regCik>0001484018</regCik>
      <regLei>54930056GHDI2JOI6X90</regLei>
      <regStreet1>116 SOUTH FRANKLIN STREET</regStreet1>
      <regCity>ROCKY MOUNT</regCity>
      <regStateConditional regCountry="US" regState="US-NC"/>
      <regZipOrPostalCode>27804-5707</regZipOrPostalCode>
      <regPhone>252-972-9922</regPhone>
      <seriesName>Obra High Grade Structured Products ETF</seriesName>
      <seriesId>S000084450</seriesId>
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      <repPdEnd>2025-03-31</repPdEnd>
      <repPdDate>2024-12-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <totLiabs>532389.11</totLiabs>
      <netAssets>26279420.1</netAssets>
      <assetsAttrMiscSec>0</assetsAttrMiscSec>
      <assetsInvested>0</assetsInvested>
      <amtPayOneYrBanksBorr>0</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0</amtPayAftOneYrCtrldComp>
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      <delayDeliv>0</delayDeliv>
      <standByCommit>0</standByCommit>
      <liquidPref>0</liquidPref>
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      <borrowers>
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      <invstOrSec>
        <name>HWIRE 2023-1A A2</name>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HWIRE 2023-1A B</name>
        <lei>N/A</lei>
        <title>ABS</title>
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          <isin value="US44148HAC79"/>
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      <invstOrSec>
        <name>BEATS 2024-1A A2</name>
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          <isin value="US499876AA86"/>
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        <fairValLevel>2</fairValLevel>
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        <name>LBZZ 2023-3A A2</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>OASIS 2023-1A A</name>
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        <units>NS</units>
        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
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          <isDefault>N</isDefault>
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        <securityLending>
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      <invstOrSec>
        <name>MCA 2020-1 A</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>MNET 2023-1A A2</name>
        <lei>N/A</lei>
        <title>ABS</title>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>NWSB 2021-1 A</name>
        <lei>N/A</lei>
        <title>ABS</title>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
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        <title>ABS</title>
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        <assetCat>DBT</assetCat>
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        <name>PAID 2024-1 B</name>
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        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2031-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PAID 2023-3 A</name>
        <lei>N/A</lei>
        <title>ABS</title>
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          <isin value="US69548BAA70"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>PEAR 2021-1 A</name>
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      <invstOrSec>
        <name>SBCLN 2023-A B</name>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <annualizedRt>6.49</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>SBCLN 2023-A C</name>
        <lei>N/A</lei>
        <title>ABS</title>
        <cusip>80290CBV5</cusip>
        <identifiers>
          <isin value="US80290CBV54"/>
        </identifiers>
        <balance>80478.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>80999.38</valUSD>
        <pctVal>0.31</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.74</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>SNVA 2024-A B</name>
        <lei>N/A</lei>
        <title>ABS</title>
        <cusip>86745CAB8</cusip>
        <identifiers>
          <isin value="US86745CAB81"/>
        </identifiers>
        <balance>383983</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>378896.34</valUSD>
        <pctVal>1.44</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-02-20</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>AGL 2024-30A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>00120VAG1</cusip>
        <identifiers>
          <isin value="US00120VAG14"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>757814.18</valUSD>
        <pctVal>2.88</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.59</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>ANTR 2023-1A B</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>03665GAE4</cusip>
        <identifiers>
          <isin value="US03665GAE44"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>503818.85</valUSD>
        <pctVal>1.92</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.8</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>ANTR 2021-1A D</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>03666BAJ3</cusip>
        <identifiers>
          <isin value="US03666BAJ35"/>
        </identifiers>
        <balance>665760</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>666858.5</valUSD>
        <pctVal>2.54</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.46</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>APID 2023-43A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>03769UAG3</cusip>
        <identifiers>
          <isin value="US03769UAG31"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>503786.6</valUSD>
        <pctVal>1.92</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.3</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>BALLY 2023-23A B</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>05874VAE3</cusip>
        <identifiers>
          <isin value="US05874VAE39"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252453.45</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.5</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>BSP 2023-31A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>08183DAJ2</cusip>
        <identifiers>
          <isin value="US08183DAJ28"/>
        </identifiers>
        <balance>600000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>604543.92</valUSD>
        <pctVal>2.3</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.63</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>BLKMM 2024-1A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>09263EAG7</cusip>
        <identifiers>
          <isin value="US09263EAG70"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>509248.5</valUSD>
        <pctVal>1.94</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.35</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>CIFC 2023-3A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>12598YAG3</cusip>
        <identifiers>
          <isin value="US12598YAG35"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>504812.15</valUSD>
        <pctVal>1.92</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.94</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>DRSLF 2023-105A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>26253QAE1</cusip>
        <identifiers>
          <isin value="US26253QAE17"/>
        </identifiers>
        <balance>800000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>807497.92</valUSD>
        <pctVal>3.07</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.39</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>ELM23 2023-2A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>29003YAE1</cusip>
        <identifiers>
          <isin value="US29003YAE14"/>
        </identifiers>
        <balance>830000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>836530.69</valUSD>
        <pctVal>3.18</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.31</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>GOCAP 2024-71A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>38179NAF1</cusip>
        <identifiers>
          <isin value="US38179NAF15"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>253793.18</valUSD>
        <pctVal>0.97</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-02-09</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.77</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>INVCO 2023-2A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>46147KAC6</cusip>
        <identifiers>
          <isin value="US46147KAC62"/>
        </identifiers>
        <balance>530000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>534834.82</valUSD>
        <pctVal>2.04</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.29</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>IVYH 2024-22A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>46604KAE8</cusip>
        <identifiers>
          <isin value="US46604KAE82"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>254259.75</valUSD>
        <pctVal>0.97</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.54</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>IVYH 21A B</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>46604RAC7</cusip>
        <identifiers>
          <isin value="US46604RAC79"/>
        </identifiers>
        <balance>650000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>658300.44</valUSD>
        <pctVal>2.51</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-18</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.74</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>MDPK 2014-14A CRR</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>55818RBC9</cusip>
        <identifiers>
          <isin value="US55818RBC97"/>
        </identifiers>
        <balance>625000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>627848.69</valUSD>
        <pctVal>2.39</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-10-22</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.75</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>MDPK 2023-61A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>55822NAG4</cusip>
        <identifiers>
          <isin value="US55822NAG43"/>
        </identifiers>
        <balance>645000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>655283.88</valUSD>
        <pctVal>2.49</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.19</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>OCT67 2023-1A C</name>
        <lei>N/A</lei>
        <title>CLO</title>
        <cusip>67571LAG6</cusip>
        <identifiers>
          <isin value="US67571LAG68"/>
        </identifiers>
        <balance>555000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>560355.75</valUSD>
        <pctVal>2.13</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.73</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>IPT 2018-INDP B</name>
        <lei>N/A</lei>
        <title>CMBS</title>
        <cusip>45378YAL8</cusip>
        <identifiers>
          <isin value="US45378YAL83"/>
        </identifiers>
        <balance>625000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>610411.5</valUSD>
        <pctVal>2.32</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerConditional desc="Mutual Fund" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.91</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>AGL 2024-33A A1</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>00121DAA3</cusip>
        <identifiers>
          <isin value="US00121DAA37"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251433.68</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-21</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.56</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>AMMC 2022-25A CR</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>00177GAS0</cusip>
        <identifiers>
          <isin value="US00177GAS03"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251274.43</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.3</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>ANCHC 2018-10A BR</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>03331JAW2</cusip>
        <identifiers>
          <isin value="US03331JAW27"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250771.98</valUSD>
        <pctVal>0.95</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.36</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>BAHA 2024-MAR B</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>05493XAE0</cusip>
        <identifiers>
          <isin value="US05493XAE04"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>255283.43</valUSD>
        <pctVal>0.97</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.07</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>BX 2024-VLT4 B</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>05612TAC9</cusip>
        <identifiers>
          <isin value="US05612TAC99"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200763.66</valUSD>
        <pctVal>0.76</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.34</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>BOBA 2023-1A D2R</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>05765DAQ8</cusip>
        <identifiers>
          <isin value="US05765DAQ88"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252951.33</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.44</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>BSP 2014-IVA D2R4</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>08180FCC3</cusip>
        <identifiers>
          <isin value="US08180FCC32"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>301754.82</valUSD>
        <pctVal>1.15</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.44</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>BSTRM 2024-1A B</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>09606BAJ3</cusip>
        <identifiers>
          <isin value="US09606BAJ35"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>247612.25</valUSD>
        <pctVal>0.94</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-11-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.04</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>CALI 2024-SUN C</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>12988DAE2</cusip>
        <identifiers>
          <isin value="US12988DAE22"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251536.45</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-07-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.09</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>ELM28 2024-4A D</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>29003NAG0</cusip>
        <identifiers>
          <isin value="US29003NAG07"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>253514.05</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-17</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.6</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>FS 2024-HULA D</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>30338DAG6</cusip>
        <identifiers>
          <isin value="US30338DAG60"/>
        </identifiers>
        <balance>200000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>200839.36</valUSD>
        <pctVal>0.76</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.25</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>GWT 2024-WLF2 C</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>362414AE4</cusip>
        <identifiers>
          <isin value="US362414AE40"/>
        </identifiers>
        <balance>750000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>755973.68</valUSD>
        <pctVal>2.88</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-05-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.75</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>GSHOR 2022-1A CR</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>38179FAW1</cusip>
        <identifiers>
          <isin value="US38179FAW14"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250858.98</valUSD>
        <pctVal>0.95</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.05</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>HLTN 2024-DPLO C</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>40424UAE7</cusip>
        <identifiers>
          <isin value="US40424UAE73"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251134.45</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-06-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.94</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>JPMMT 2024-NQM1 M1A</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>465983AD6</cusip>
        <identifiers>
          <isin value="US465983AD68"/>
        </identifiers>
        <balance>100000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>100707.9</valUSD>
        <pctVal>0.38</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2064-02-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.41</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>IVYH 7A AR3</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>46602ABE1</cusip>
        <identifiers>
          <isin value="US46602ABE10"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>251448.18</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.9</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>JPMMT 2024-4 A4</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>46657WAD0</cusip>
        <identifiers>
          <isin value="US46657WAD02"/>
        </identifiers>
        <balance>376115.2</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>379842.27</valUSD>
        <pctVal>1.45</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.5</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>JPMMT 2024-4 A6</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>46657WAK4</cusip>
        <identifiers>
          <isin value="US46657WAK45"/>
        </identifiers>
        <balance>345144</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>348352.99</valUSD>
        <pctVal>1.33</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-10-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.5</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>MIDO 2024-17A D1</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>598014AJ7</cusip>
        <identifiers>
          <isin value="US598014AJ71"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249973.65</valUSD>
        <pctVal>0.95</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.49409</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>NYC 2024-3ELV C</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>62956HAE6</cusip>
        <identifiers>
          <isin value="US62956HAE62"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>250451.45</valUSD>
        <pctVal>0.95</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-08-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.15</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>NALP 2024-1 A</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>629863AA9</cusip>
        <identifiers>
          <isin value="US629863AA91"/>
        </identifiers>
        <balance>454329.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>441315.91</valUSD>
        <pctVal>1.68</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.49</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>OBX 2023-NQM6 A3</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>67117VAC4</cusip>
        <identifiers>
          <isin value="US67117VAC46"/>
        </identifiers>
        <balance>100472.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101700.07</valUSD>
        <pctVal>0.39</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-07-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.97</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>OCPA 2023-29A D1R</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>67118BAU7</cusip>
        <identifiers>
          <isin value="US67118BAU70"/>
        </identifiers>
        <balance>500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>500000</valUSD>
        <pctVal>1.9</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.84317</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>OCPA 2024-39A D1</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>67120EAN3</cusip>
        <identifiers>
          <isin value="US67120EAN31"/>
        </identifiers>
        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>249982.88</valUSD>
        <pctVal>0.95</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.29668</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>OBRAC 2024-1A D1</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>67443AAJ0</cusip>
        <identifiers>
          <isin value="US67443AAJ07"/>
        </identifiers>
        <balance>300000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>299993.34</valUSD>
        <pctVal>1.14</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.8231</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>OHALF 2013-1A D2R3</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>67706HCE6</cusip>
        <identifiers>
          <isin value="US67706HCE62"/>
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        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>253988.4</valUSD>
        <pctVal>0.97</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-04-23</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.79</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>PAID 2024-5 B</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>69544LAB7</cusip>
        <identifiers>
          <isin value="US69544LAB71"/>
        </identifiers>
        <balance>149267.7</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>151226.89</valUSD>
        <pctVal>0.58</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PAID 2024-5 C</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>69544LAC5</cusip>
        <identifiers>
          <isin value="US69544LAC54"/>
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        <balance>99981.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>101523.29</valUSD>
        <pctVal>0.39</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.27</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>POST 2024-2A C</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>73742RAG5</cusip>
        <identifiers>
          <isin value="US73742RAG56"/>
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        <balance>325000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>325373.2</valUSD>
        <pctVal>1.24</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.5555</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>ROCKT 2023-1A D</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>77341RAG1</cusip>
        <identifiers>
          <isin value="US77341RAG11"/>
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        <balance>281250</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>288144.2</valUSD>
        <pctVal>1.1</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.61</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>ROCKT 2022-3A AR</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>77341XAL7</cusip>
        <identifiers>
          <isin value="US77341XAL73"/>
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        <balance>250000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>252197.98</valUSD>
        <pctVal>0.96</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.73</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SUNRN 2024-2A A1</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>86771BAA9</cusip>
        <identifiers>
          <isin value="US86771BAA98"/>
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        <balance>197829.2</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>194601.91</valUSD>
        <pctVal>0.74</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-07-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERUS 2023-3 A2</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>92539GAB7</cusip>
        <identifiers>
          <isin value="US92539GAB77"/>
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        <balance>67107.5</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>68029.29</valUSD>
        <pctVal>0.26</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-03-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.44</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>VERUS 2024-3 A3</name>
        <lei>N/A</lei>
        <title>CMO</title>
        <cusip>92540MAC9</cusip>
        <identifiers>
          <isin value="US92540MAC91"/>
        </identifiers>
        <balance>211155</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>213895.69</valUSD>
        <pctVal>0.81</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-04-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.84</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>AOMT 2024-4 A2</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>034943AB6</cusip>
        <identifiers>
          <isin value="US034943AB63"/>
        </identifiers>
        <balance>211537.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>214975.41</valUSD>
        <pctVal>0.82</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2069-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.4</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>VERUS 2023-5 A2</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>924934AB8</cusip>
        <identifiers>
          <isin value="US924934AB82"/>
        </identifiers>
        <balance>439495</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>446278.78</valUSD>
        <pctVal>1.7</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-06-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.76</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>VERUS 2023-INV2 A3</name>
        <lei>N/A</lei>
        <title>MBS</title>
        <cusip>92540BAC3</cusip>
        <identifiers>
          <isin value="US92540BAC37"/>
        </identifiers>
        <balance>340099.9</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>347815.47</valUSD>
        <pctVal>1.32</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-08-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.08</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>763095.8</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>763095.82</valUSD>
        <pctVal>2.9</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-02-20</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>
