# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-003677
**Filing Date:** 2025-9
**Character Count:** 69966
**Document Hash:** 78c6d1c38fc8299ec337a986c601ede7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-003677.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0002000324-25-003677

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker ETF Series
- **CENTRAL INDEX KEY:** 0001484018

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 251345818

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

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

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

## Series and Classes Contracts Data

### Genter Capital Municipal Quality Intermediate ETF (Series ID: S000084933)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000249690 | Genter Capital Municipal Quality Intermediate ETF | GENM            |

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | XTR_PRISRC | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI | PRICE_ID | PRICINGMETHOD |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 76543FAA | RICHMOND REDEV HSG-F | N 05/01/2040 4.5000 |  | 76543FAA8 |  | UNGROUPED SECURITIES |  | ABS | ASSET BACKED SECS |  |  |  | USA | UNITED STATES | VA | VIRGINIA | USD | US DOLLAR | 5/1/2040 |  |  | 98.67 |  |  |  |  |  | RICHMOND REDEV HSG-F | N 05/01/2040 4.5000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1786.24 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 39694.23 | 40101.10 | 40080.25 | 39165.94 | 39165.94 | -914.31 | -914.31 | 4.56 | False | 4.62 |  | 0.43 | 0.39 | 0.44 | 40000.00 |  |  | 76543FAA<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | FIGXX | Fidelity Investments | Money Market Funds |  | 316175108 | 1078 | Money Market Fund |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 8/1/2025 |  |  | 100.00 |  |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 52866.05 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 1256014.95 | 1256014.95 | 1256014.95 | 1256014.95 | 1256014.95 | 0.00 | 0.00 | 4.21 | False | 4.19 |  | 13.82 | 12.58 | 14.26 | 0.00 |  |  | FIGXX<br> N | AC |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 01179R6F | AK MUNI BOND BANK-TW | O 12/01/2027 5.0000 |  | 01179R6F5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AK | ALASKA | USD | US DOLLAR | 12/1/2027 |  |  | 104.24 |  |  |  |  |  | AK MUNI BOND BANK-TW | O 12/01/2027 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 175000.00 | 181753.25 | 180905.20 | 182418.46 | 182418.46 | 1513.26 | 1513.26 | 4.80 | False | 3.10 |  | 2.01 | 1.83 | 2.07 | 0.00 |  |  | 01179R6F<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 010684BQ | ALACHUA CO HLTH-B-3 | 10/01/2030 3.62500% |  | 010684BQ0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 10/1/2030 |  |  | 100.05 |  |  |  |  |  | ALACHUA CO HLTH-B-3 | 10/01/2030 3.62500% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10875.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 300000.00 | 300000.00 | 300000.00 | 300151.44 | 300151.44 | 151.44 | 151.44 | 3.62 | True | 3.58 |  | 3.30 | 3.01 | 3.41 | 0.00 |  |  | 010684BQ<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 041806MH | ARLINGTON HGR EDU-A | 12/01/2026 4.00000% |  | 041806MH0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 12/1/2026 |  |  | 101.63 |  |  |  |  |  | ARLINGTON HGR EDU-A | 12/01/2026 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 800.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 20000.00 | 20047.20 | 20024.84 | 20326.64 | 20326.64 | 301.80 | 301.80 | 3.94 | False | 2.74 |  | 0.22 | 0.20 | 0.23 | 0.00 |  |  | 041806MH<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 0418066Z | ARLINGTON HIER ED-RI | V 08/15/2026 5.0000 |  | 0418066Z8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 8/15/2026 |  |  | 102.59 |  |  |  |  |  | ARLINGTON HIER ED-RI | V 08/15/2026 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 175000.00 | 177969.75 | 177318.84 | 179532.12 | 179532.12 | 2213.28 | 2213.28 | 4.87 | False | 2.46 |  | 1.98 | 1.80 | 2.04 | 0.00 |  |  | 0418066Z<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 04052VAF | AZ INDL DEV AUTH - A | 06/01/2030 5.00000% |  | 04052VAF7 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 6/1/2030 |  |  | 105.58 |  |  |  |  |  | AZ INDL DEV AUTH - A | 06/01/2030 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 40000.00 | 42591.20 | 42133.45 | 42230.18 | 42230.18 | 96.73 | 96.73 | 4.74 | True | 3.43 |  | 0.46 | 0.42 | 0.48 | 0.00 |  |  | 04052VAF<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 083389GH | BENTON WASHINGTON WT | R 10/01/2034 4.0000 |  | 083389GH3 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AR | ARKANSAS | USD | US DOLLAR | 10/1/2034 |  |  | 100.30 |  |  |  |  |  | BENTON WASHINGTON WT | R 10/01/2034 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1600.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 40000.00 | 40894.40 | 40824.90 | 40120.57 | 40120.57 | -704.33 | -704.33 | 3.99 | True | 3.92 |  | 0.44 | 0.40 | 0.46 | 0.00 |  |  | 083389GH<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 09182RAR | BLACK BELT ENERGY GA | S 12/01/2049 4.0000 |  | 09182RAR2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AL | ALABAMA | USD | US DOLLAR | 12/1/2049 |  |  | 100.17 |  |  |  |  |  | BLACK BELT ENERGY GA | S 12/01/2049 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 50000.00 | 50186.50 | 50188.93 | 50084.35 | 50084.35 | -104.59 | -104.59 | 3.99 | False | 3.99 |  | 0.55 | 0.50 | 0.57 | 0.00 |  |  | 09182RAR<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 09182TAF | BLACK BELT ENERGY GA | S 10/01/2052 4.0000 |  | 09182TAF4 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AL | ALABAMA | USD | US DOLLAR | 10/1/2052 |  |  | 100.77 |  |  |  |  |  | BLACK BELT ENERGY GA | S 10/01/2052 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2600.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 65000.00 | 64707.55 | 64817.68 | 65500.01 | 65500.01 | 682.33 | 682.33 | 3.97 | False | 3.95 |  | 0.72 | 0.66 | 0.74 | 0.00 |  |  | 09182TAF<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 104575CP | BRADLEY VLG | 12/15/2035 5.00000% |  | 104575CP8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 12/15/2035 |  |  | 106.67 |  |  |  |  |  | BRADLEY VLG | 12/15/2035 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 35000.00 | 38103.30 | 37943.11 | 37335.66 | 37335.66 | -607.46 | -607.46 | 4.69 | True | 4.05 |  | 0.41 | 0.37 | 0.42 | 0.00 |  |  | 104575CP<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 154871CU | CENTRL PLAINS ENERGY | 05/01/2053 5.00000% |  | 154871CU9 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | NE | NEBRASKA | USD | US DOLLAR | 5/1/2053 |  |  | 104.18 |  |  |  |  |  | CENTRL PLAINS ENERGY | 05/01/2053 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 156901.50 | 156373.04 | 156265.92 | 156265.92 | -107.12 | -107.12 | 4.80 | True | 3.89 |  | 1.72 | 1.57 | 1.77 | 0.00 |  |  | 154871CU<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 154872AT | CENTRL PLAINS ENERGY | 12/01/2049 4.00000% |  | 154872AT2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | NE | NEBRASKA | USD | US DOLLAR | 12/1/2049 |  |  | 100.00 |  |  |  |  |  | CENTRL PLAINS ENERGY | 12/01/2049 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2800.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 70000.00 | 70169.00 | 70296.80 | 70000.00 | 70000.00 | -296.80 | -296.80 | 4.00 | False | 4.00 |  | 0.77 | 0.70 | 0.79 | 0.00 |  |  | 154872AT<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 158862CB | CHANDLER INDL DEV-2 | 09/01/2052 5.00000% |  | 158862CB6 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 9/1/2052 |  |  | 101.77 |  |  |  |  |  | CHANDLER INDL DEV-2 | 09/01/2052 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 50000.00 | 51216.90 | 50825.63 | 50883.79 | 50883.79 | 58.16 | 58.16 | 4.91 | True | 3.84 |  | 0.56 | 0.51 | 0.58 | 0.00 |  |  | 158862CB<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 162393EK | CHATTANOOGA ELEC - A | 09/01/2027 3.00000% |  | 162393EK4 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 9/1/2027 |  |  | 99.99 |  |  |  |  |  | CHATTANOOGA ELEC - A | 09/01/2027 3.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 149961.00 | 149982.29 | 149984.04 | 149984.04 | 1.75 | 1.75 | 3.00 | False | 3.00 |  | 1.65 | 1.50 | 1.70 | 0.00 |  |  | 162393EK<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 167570TW | CHICAGO-REV | 10/01/2028 3.20000% |  | 167570TW0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 10/1/2028 |  |  | 100.73 |  |  |  |  |  | CHICAGO-REV | 10/01/2028 3.20000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5440.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 170000.00 | 170000.00 | 170000.00 | 171234.54 | 171234.54 | 1234.54 | 1234.54 | 3.18 | True | 2.85 |  | 1.88 | 1.72 | 1.94 | 0.00 |  |  | 167570TW<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 199123CN | COLUMBUS HSG AUTH | 04/01/2028 5.00000% |  | 199123CN8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | GA | GEORGIA | USD | US DOLLAR | 4/1/2028 |  |  | 103.17 |  |  |  |  |  | COLUMBUS HSG AUTH | 04/01/2028 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 155565.00 | 154544.51 | 154749.03 | 154749.03 | 204.52 | 204.52 | 4.85 | True | 3.03 |  | 1.70 | 1.55 | 1.76 | 0.00 |  |  | 199123CN | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 21765KAS | COPPERLEAF MET DIST# | 4 12/01/2040 5.0000 |  | 21765KAS5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 12/1/2040 |  |  | 102.36 |  |  |  |  |  | COPPERLEAF MET DIST# | 4 12/01/2040 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 100000.00 | 105632.00 | 105445.87 | 102356.22 | 102356.22 | -3089.65 | -3089.65 | 4.88 | False | 4.78 |  | 1.13 | 1.03 | 1.16 | 0.00 |  |  | 21765KAS<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 230589AA | CUMBERLAND CO INDL-A | M 12/01/2027 3.7500 |  | 230589AA1 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 12/1/2027 |  |  | 100.06 |  |  |  |  |  | CUMBERLAND CO INDL-A | M 12/01/2027 3.7500 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3187.50 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 85000.00 | 85000.00 | 85000.00 | 85051.26 | 85051.26 | 51.26 | 51.26 | 3.75 | False | 3.72 |  | 0.94 | 0.85 | 0.97 | 0.00 |  |  | 230589AA<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 300788CS | EXCELSIOR SPRINGS-B | 03/01/2031 4.00000% |  | 300788CS3 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 3/1/2031 |  |  | 103.49 |  |  |  |  |  | EXCELSIOR SPRINGS-B | 03/01/2031 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1400.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 35000.00 | 36087.75 | 35987.26 | 36220.27 | 36220.27 | 233.01 | 233.01 | 3.87 | False | 3.31 |  | 0.40 | 0.36 | 0.41 | 0.00 |  |  | 300788CS<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 34015TAG | FLORENCE CNTY SC SPL | 12/01/2031 5.00000% |  | 34015TAG3 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | SC | SOUTH CAROLINA | USD | US DOLLAR | 12/1/2031 |  |  | 109.15 |  |  |  |  |  | FLORENCE CNTY SC SPL | 12/01/2031 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 70000.00 | 77198.10 | 76604.99 | 76405.29 | 76405.29 | -199.70 | -199.70 | 4.58 | False | 3.38 |  | 0.84 | 0.77 | 0.87 | 0.00 |  |  | 34015TAG<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 349507EH | FORT WORTH | 03/01/2035 5.00000% |  | 349507EH2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 3/1/2035 |  |  | 107.77 |  |  |  |  |  | FORT WORTH | 03/01/2035 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 300000.00 | 324795.00 | 324595.25 | 323307.90 | 323307.90 | -1287.35 | -1287.35 | 4.64 | False | 4.01 |  | 3.56 | 3.24 | 3.67 | 0.00 |  |  | 349507EH<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 385301AL | GRAND CNTY-COPS | 12/01/2036 5.00000% |  | 385301AL0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 12/1/2036 |  |  | 108.31 |  |  |  |  |  | GRAND CNTY-COPS | 12/01/2036 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 100000.00 | 111963.00 | 111558.68 | 108308.31 | 108308.31 | -3250.37 | -3250.37 | 4.62 | True | 3.93 |  | 1.19 | 1.08 | 1.23 | 0.00 |  |  | 385301AL<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 386523JE | GRAND TRAVERSE HOSP | 07/01/2033 5.00000% |  | 386523JE5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 7/1/2033 |  |  | 106.48 |  |  |  |  |  | GRAND TRAVERSE HOSP | 07/01/2033 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 100000.00 | 107269.65 | 106906.29 | 106476.25 | 106476.25 | -430.04 | -430.04 | 4.70 | True | 3.77 |  | 1.17 | 1.07 | 1.21 | 0.00 |  |  | 386523JE<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 438697BQ | HONOLULU CITY & CNTY | 06/01/2027 5.00000% |  | 438697BQ6 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | HI | HAWAII | USD | US DOLLAR | 6/1/2027 |  |  | 101.47 |  |  |  |  |  | HONOLULU CITY & CNTY | 06/01/2027 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 50000.00 | 51012.00 | 50781.16 | 50733.77 | 50733.77 | -47.40 | -47.40 | 4.93 | False | 4.16 |  | 0.56 | 0.51 | 0.58 | 0.00 |  |  | 438697BQ<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 439397AH | HOPE-REV | 06/01/2033 5.00000% |  | 439397AH3 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AR | ARKANSAS | USD | US DOLLAR | 6/1/2033 |  |  | 109.87 |  |  |  |  |  | HOPE-REV | 06/01/2033 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 175000.00 | 187876.50 | 187354.10 | 192279.50 | 192279.50 | 4925.40 | 4925.40 | 4.55 | True | 3.37 |  | 2.12 | 1.93 | 2.18 | 0.00 |  |  | 439397AH<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 44044TRY | HORIZON REGL MUD | 02/01/2035 4.00000% |  | 44044TRY0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 2/1/2035 |  |  | 98.33 |  |  |  |  |  | HORIZON REGL MUD | 02/01/2035 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1800.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 45000.00 | 45357.15 | 45330.33 | 44249.49 | 44249.49 | -1080.84 | -1080.84 | 4.07 | False | 4.21 |  | 0.49 | 0.44 | 0.50 | 0.00 |  |  | 44044TRY<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 45203LFC | IL HSG DEV AUTH | 02/01/2029 3.15000% |  | 45203LFC2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 2/1/2029 |  |  | 100.05 |  |  |  |  |  | IL HSG DEV AUTH | 02/01/2029 3.15000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12600.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 400000.00 | 400000.00 | 400000.00 | 400190.68 | 400190.68 | 190.68 | 190.68 | 3.15 | True | 3.13 |  | 4.40 | 4.01 | 4.54 | 0.00 |  |  | 45203LFC<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 45204EYS | ILLINOIS FIN AUTH-RE | F 03/01/2026 5.0000 |  | 45204EYS1 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 3/1/2026 |  |  | 100.77 |  |  |  |  |  | ILLINOIS FIN AUTH-RE | F 03/01/2026 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 20000.00 | 20420.60 | 20162.79 | 20154.92 | 20154.92 | -7.87 | -7.87 | 4.96 | False | 3.64 |  | 0.22 | 0.20 | 0.23 | 0.00 |  |  | 45204EYS<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 45528VFX | INDIANAPOLIS LOCAL-B | 2 01/01/2032 5.0000 |  | 45528VFX2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IN | INDIANA | USD | US DOLLAR | 1/1/2032 |  |  | 107.03 |  |  |  |  |  | INDIANAPOLIS LOCAL-B | 2 01/01/2032 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 160000.00 | 168731.20 | 168462.09 | 171251.01 | 171251.01 | 2788.92 | 2788.92 | 4.67 | False | 3.76 |  | 1.88 | 1.72 | 1.94 | 0.00 |  |  | 45528VFX<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 476034TU | JENISON PUB SCHS-I | 05/01/2038 5.00000% |  | 476034TU7 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 5/1/2038 |  |  | 104.27 |  |  |  |  |  | JENISON PUB SCHS-I | 05/01/2038 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 25000.00 | 27681.50 | 27510.21 | 26067.38 | 26067.38 | -1442.83 | -1442.83 | 4.80 | True | 4.41 |  | 0.29 | 0.26 | 0.30 | 0.00 |  |  | 476034TU<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 480639DC | JOPLIN INDL DEV-REF | 02/15/2039 5.00000% |  | 480639DC4 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 2/15/2039 |  |  | 102.87 |  |  |  |  |  | JOPLIN INDL DEV-REF | 02/15/2039 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 50000.00 | 54631.50 | 54274.62 | 51436.95 | 51436.95 | -2837.68 | -2837.68 | 4.86 | True | 4.55 |  | 0.57 | 0.52 | 0.58 | 0.00 |  |  | 480639DC<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 485424QP | KANSAS ST DEPT OF TR | A 09/01/2033 5.0000 |  | 485424QP3 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | KS | KANSAS | USD | US DOLLAR | 9/1/2033 |  |  | 100.18 |  |  |  |  |  | KANSAS ST DEPT OF TR | A 09/01/2033 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 150408.00 | 150202.48 | 150269.30 | 150269.30 | 66.82 | 66.82 | 4.99 | True | 2.78 |  | 1.65 | 1.51 | 1.71 | 0.00 |  |  | 485424QP<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 48620AEG | KAUFMAN CO MUD #3-A | 03/01/2032 6.50000% |  | 48620AEG7 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 3/1/2032 |  |  | 113.73 |  |  |  |  |  | KAUFMAN CO MUD #3-A | 03/01/2032 6.50000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3250.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 50000.00 | 57616.00 | 56816.24 | 56866.20 | 56866.20 | 49.96 | 49.96 | 5.72 | True | 3.64 |  | 0.63 | 0.57 | 0.65 | 0.00 |  |  | 48620AEG<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 74440DFN | KY PUB ENERGY AUTH-A | 06/01/2055 5.25000% |  | 74440DFN9 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | KY | KENTUCKY | USD | US DOLLAR | 6/1/2055 |  |  | 105.62 |  |  |  |  |  | KY PUB ENERGY AUTH-A | 06/01/2055 5.25000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7612.50 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 145000.00 | 150847.70 | 150561.17 | 153143.98 | 153143.98 | 2582.81 | 2582.81 | 4.97 | True | 3.82 |  | 1.69 | 1.53 | 1.74 | 0.00 |  |  | 74440DFN | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 514328HM | LANCASTER PA HGR EDU | 10/01/2025 5.00000% |  | 514328HM8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 10/1/2025 |  |  | 100.36 |  |  |  |  |  | LANCASTER PA HGR EDU | 10/01/2025 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 130000.00 | 130626.60 | 130395.49 | 130462.48 | 130462.48 | 66.99 | 66.99 | 4.98 | False | 2.81 |  | 1.44 | 1.31 | 1.48 | 0.00 |  |  | 514328HM<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 557738PP | MADISON CNTYS ETC - A | 11/01/2025 4.00000% |  | 557738PP0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 11/1/2025 |  |  | 100.21 |  |  |  |  |  | MADISON CNTYS ETC - A | 11/01/2025 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 800.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 20000.00 | 20040.00 | 20006.41 | 20042.86 | 20042.86 | 36.45 | 36.45 | 3.99 | False | 3.11 |  | 0.22 | 0.20 | 0.23 | 0.00 |  |  | 557738PP<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 56042RQM | MAINE HLTH & HGR ED- | A 07/01/2029 5.0000 |  | 56042RQM7 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | ME | MAINE | USD | US DOLLAR | 7/1/2029 |  |  | 105.74 |  |  |  |  |  | MAINE HLTH & HGR ED- | A 07/01/2029 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 10000.00 | 10501.90 | 10393.32 | 10574.03 | 10574.03 | 180.71 | 180.71 | 4.73 | True | 2.93 |  | 0.12 | 0.11 | 0.12 | 0.00 |  |  | 56042RQM<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 58985FAP | MERIDIAN VLG#1-B-REF | 12/01/2034 5.00000% |  | 58985FAP8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 12/1/2034 |  |  | 109.67 |  |  |  |  |  | MERIDIAN VLG#1-B-REF | 12/01/2034 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 75000.00 | 79462.50 | 79340.85 | 82251.02 | 82251.02 | 2910.17 | 2910.17 | 4.56 | True | 3.39 |  | 0.91 | 0.82 | 0.93 | 0.00 |  |  | 58985FAP<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 592647EC | MET WASHINGTON DC AR | P 10/01/2026 5.0000 |  | 592647EC1 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | DC | DISTRICT OF COLUMBIA | USD | US DOLLAR | 10/1/2026 |  |  | 102.49 |  |  |  |  |  | MET WASHINGTON DC AR | P 10/01/2026 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 75000.00 | 76807.10 | 76211.98 | 76869.09 | 76869.09 | 657.11 | 657.11 | 4.88 | False | 2.81 |  | 0.85 | 0.77 | 0.87 | 0.00 |  |  | 592647EC<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 593344BP | MIAMI DADE CO HSG FI | N 10/01/2026 5.0000 |  | 593344BP8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 10/1/2026 |  |  | 100.27 |  |  |  |  |  | MIAMI DADE CO HSG FI | N 10/01/2026 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3250.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 65000.00 | 65633.70 | 65415.72 | 65176.83 | 65176.83 | -238.89 | -238.89 | 4.99 | False | 4.75 |  | 0.72 | 0.65 | 0.74 | 0.00 |  |  | 593344BP<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 605128VW | MISSION TX-CTFS OBLI | G 02/15/2032 5.0000 |  | 605128VW4 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 2/15/2032 |  |  | 108.94 |  |  |  |  |  | MISSION TX-CTFS OBLI | G 02/15/2032 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 100000.00 | 108057.00 | 107906.90 | 108938.56 | 108938.56 | 1031.66 | 1031.66 | 4.59 | False | 3.46 |  | 1.20 | 1.09 | 1.24 | 0.00 |  |  | 605128VW<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 605581FU | MISSISSIPPI ST-REF-C | 10/01/2025 5.00000% |  | 605581FU6 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MS | MISSISSIPPI | USD | US DOLLAR | 10/1/2025 |  |  | 100.39 |  |  |  |  |  | MISSISSIPPI ST-REF-C | 10/01/2025 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 135000.00 | 135619.65 | 135463.03 | 135530.32 | 135530.32 | 67.29 | 67.29 | 4.98 | False | 2.59 |  | 1.49 | 1.36 | 1.54 | 0.00 |  |  | 605581FU<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 60636SLM | MO DEV FIN BRD-A | 12/01/2029 5.00000% |  | 60636SLM4 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 12/1/2029 |  |  | 107.51 |  |  |  |  |  | MO DEV FIN BRD-A | 12/01/2029 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 175000.00 | 184668.75 | 184170.21 | 188135.76 | 188135.76 | 3965.55 | 3965.55 | 4.65 | False | 3.13 |  | 2.07 | 1.88 | 2.14 | 0.00 |  |  | 60636SLM<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 61525AAF | MONTROSE REC DIST-RE | F 12/01/2030 5.0000 |  | 61525AAF2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 12/1/2030 |  |  | 109.32 |  |  |  |  |  | MONTROSE REC DIST-RE | F 12/01/2030 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 200000.00 | 216260.00 | 215779.76 | 218640.92 | 218640.92 | 2861.16 | 2861.16 | 4.57 | False | 3.09 |  | 2.41 | 2.19 | 2.48 | 0.00 |  |  | 61525AAF<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 645438AG | NEW HOPE HGR EDU - A | 08/15/2027 4.00000% |  | 645438AG7 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 8/15/2027 |  |  | 101.65 |  |  |  |  |  | NEW HOPE HGR EDU - A | 08/15/2027 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 600.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 15000.00 | 15119.70 | 15091.06 | 15246.92 | 15246.92 | 155.86 | 155.86 | 3.94 | False | 3.16 |  | 0.17 | 0.15 | 0.17 | 0.00 |  |  | 645438AG<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 647207BL | NM MUNI ENERGY ACQ A | U 06/01/2054 5.0000 |  | 647207BL2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | NM | NEW MEXICO | USD | US DOLLAR | 6/1/2054 |  |  | 106.23 |  |  |  |  |  | NM MUNI ENERGY ACQ A | U 06/01/2054 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 100000.00 | 106313.00 | 105900.76 | 106228.19 | 106228.19 | 327.43 | 327.43 | 4.71 | True | 3.68 |  | 1.17 | 1.06 | 1.21 | 0.00 |  |  | 647207BL<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 67868UHL | OK CNTY FIN AUTH | 09/01/2026 5.00000% |  | 67868UHL0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | OK | OKLAHOMA | USD | US DOLLAR | 9/1/2026 |  |  | 102.37 |  |  |  |  |  | OK CNTY FIN AUTH | 09/01/2026 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 115000.00 | 117519.00 | 116878.60 | 117720.21 | 117720.21 | 841.61 | 841.61 | 4.88 | False | 2.77 |  | 1.30 | 1.18 | 1.34 | 0.00 |  |  | 67868UHL<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 70870JGZ | PA ECO DEV FIN AUTH- | A 03/15/2060 5.0000 |  | 70870JGZ5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 3/15/2060 |  |  | 104.84 |  |  |  |  |  | PA ECO DEV FIN AUTH- | A 03/15/2060 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 159831.00 | 159083.23 | 157254.62 | 157254.62 | -1828.62 | -1828.62 | 4.77 | True | 3.72 |  | 1.73 | 1.58 | 1.79 | 0.00 |  |  | 70870JGZ<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 70342PAN | PATRIOTS ENERGY GROU | P 10/01/2054 5.2500 |  | 70342PAN4 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | SC | SOUTH CAROLINA | USD | US DOLLAR | 10/1/2054 |  |  | 105.86 |  |  |  |  |  | PATRIOTS ENERGY GROU | P 10/01/2054 5.2500 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1050.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 20000.00 | 21320.80 | 21297.66 | 21172.56 | 21172.56 | -125.10 | -125.10 | 4.96 | True | 4.10 |  | 0.23 | 0.21 | 0.24 | 0.00 |  |  | 70342PAN | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 70342PAR | PATRIOTS ENERGY GROU | P 02/01/2054 5.2500 |  | 70342PAR5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | SC | SOUTH CAROLINA | USD | US DOLLAR | 2/1/2054 |  |  | 107.33 |  |  |  |  |  | PATRIOTS ENERGY GROU | P 02/01/2054 5.2500 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 200000.00 | 211966.00 | 211614.06 | 214661.82 | 214661.82 | 3047.76 | 3047.76 | 4.89 | True | 3.73 |  | 2.36 | 2.15 | 2.44 | 0.00 |  |  | 70342PAR<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 70556CAB | PEFA INC GAS PROJ | 09/01/2049 5.00000% |  | 70556CAB0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IA | IOWA | USD | US DOLLAR | 9/1/2049 |  |  | 101.81 |  |  |  |  |  | PEFA INC GAS PROJ | 09/01/2049 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 210000.00 | 213703.10 | 213037.25 | 213809.57 | 213809.57 | 772.32 | 772.32 | 4.91 | True | 3.50 |  | 2.35 | 2.14 | 2.43 | 0.00 |  |  | 70556CAB<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 700385BG | PK CREEK MET DT-A-RE | V 12/01/2036 5.0000 |  | 700385BG1 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 12/1/2036 |  |  | 104.80 |  |  |  |  |  | PK CREEK MET DT-A-RE | V 12/01/2036 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 40000.00 | 43726.80 | 43452.70 | 41921.22 | 41921.22 | -1531.48 | -1531.48 | 4.77 | True | 4.23 |  | 0.46 | 0.42 | 0.48 | 0.00 |  |  | 700385BG<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 733911CU | PORT CORPUS CHRISTI- | A 12/01/2025 5.0000 |  | 733911CU3 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 12/1/2025 |  |  | 100.69 |  |  |  |  |  | PORT CORPUS CHRISTI- | A 12/01/2025 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 35000.00 | 35498.75 | 35156.75 | 35241.66 | 35241.66 | 84.91 | 84.91 | 4.97 | False | 2.88 |  | 0.39 | 0.35 | 0.40 | 0.00 |  |  | 733911CU<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 735240Q5 | PORT OF PORTLAND-25B | 07/01/2038 5.00000% |  | 735240Q55 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | OR | OREGON | USD | US DOLLAR | 7/1/2038 |  |  | 100.54 |  |  |  |  |  | PORT OF PORTLAND-25B | 07/01/2038 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 120000.00 | 121544.55 | 121472.35 | 120652.08 | 120652.08 | -820.27 | -820.27 | 4.97 | True | 4.84 |  | 1.33 | 1.21 | 1.37 | 0.00 |  |  | 735240Q5<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 735389D5 | PORT OF SEATTLE-AMT- | A 05/01/2034 5.0000 |  | 735389D54 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 5/1/2034 |  |  | 101.95 |  |  |  |  |  | PORT OF SEATTLE-AMT- | A 05/01/2034 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 153316.50 | 152775.32 | 152920.67 | 152920.67 | 145.35 | 145.35 | 4.90 | True | 3.84 |  | 1.68 | 1.53 | 1.74 | 0.00 |  |  | 735389D5<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 74442PH4 | PUB FIN AUTH | 11/15/2025 5.00000% |  | 74442PH40 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | WI | WISCONSIN | USD | US DOLLAR | 11/15/2025 |  |  | 100.48 |  |  |  |  |  | PUB FIN AUTH | 11/15/2025 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 75000.00 | 75850.50 | 75288.89 | 75361.36 | 75361.36 | 72.47 | 72.47 | 4.98 | False | 3.28 |  | 0.83 | 0.75 | 0.86 | 0.00 |  |  | 74442PH4<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 84131TBA | S E ALABAMA ST GAS S | P 08/01/2054 5.0000 |  | 84131TBA9 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AL | ALABAMA | USD | US DOLLAR | 8/1/2054 |  |  | 105.56 |  |  |  |  |  | S E ALABAMA ST GAS S | P 08/01/2054 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5250.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 105000.00 | 110865.75 | 110482.61 | 110836.51 | 110836.51 | 353.90 | 353.90 | 4.74 | True | 4.04 |  | 1.22 | 1.11 | 1.26 | 0.00 |  |  | 84131TBA<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 85227XDP | S WSTRN CMNTY #52-B | 12/01/2038 5.50000% |  | 85227XDP7 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | IL | ILLINOIS | USD | US DOLLAR | 12/1/2038 |  |  | 100.25 |  |  |  |  |  | S WSTRN CMNTY #52-B | 12/01/2038 5.50000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 200000.00 | 200302.00 | 200206.36 | 200496.80 | 200496.80 | 290.44 | 290.44 | 5.49 | True | 3.39 |  | 2.21 | 2.01 | 2.28 | 0.00 |  |  | 85227XDP<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 793181KG | SAINT PETER ISD#508- | A 02/01/2039 5.0000 |  | 793181KG2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MN | MINNESOTA | USD | US DOLLAR | 2/1/2039 |  |  | 103.56 |  |  |  |  |  | SAINT PETER ISD#508- | A 02/01/2039 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 60000.00 | 64209.90 | 64018.82 | 62133.77 | 62133.77 | -1885.05 | -1885.05 | 4.83 | True | 4.27 |  | 0.68 | 0.62 | 0.71 | 0.00 |  |  | 793181KG<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 795576ML | SALT LAKE-A-AMT | 07/01/2032 5.00000% |  | 795576ML8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | UT | UTAH | USD | US DOLLAR | 7/1/2032 |  |  | 108.26 |  |  |  |  |  | SALT LAKE-A-AMT | 07/01/2032 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 161971.50 | 161912.00 | 162386.84 | 162386.84 | 474.84 | 474.84 | 4.62 | False | 3.64 |  | 1.79 | 1.63 | 1.84 | 0.00 |  |  | 795576ML<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 815668PJ | SEDGWICK UNIF SD#265 | 08/01/2029 5.00000% |  | 815668PJ1 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | KS | KANSAS | USD | US DOLLAR | 8/1/2029 |  |  | 102.07 |  |  |  |  |  | SEDGWICK UNIF SD#265 | 08/01/2029 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 300000.00 | 311706.00 | 311569.12 | 306213.39 | 306213.39 | -5355.73 | -5355.73 | 4.90 | True | 3.91 |  | 3.37 | 3.07 | 3.48 | 0.00 |  |  | 815668PJ<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 8254345Y | SHREVEPORT | 03/01/2029 5.00000% |  | 8254345Y5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | LA | LOUISIANA | USD | US DOLLAR | 3/1/2029 |  |  | 107.41 |  |  |  |  |  | SHREVEPORT | 03/01/2029 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 75000.00 | 80132.25 | 79350.30 | 80555.57 | 80555.57 | 1205.27 | 1205.27 | 4.66 | False | 2.81 |  | 0.89 | 0.81 | 0.91 | 0.00 |  |  | 8254345Y<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 8254346V | SHREVEPORT | 03/01/2032 5.00000% |  | 8254346V0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | LA | LOUISIANA | USD | US DOLLAR | 3/1/2032 |  |  | 108.42 |  |  |  |  |  | SHREVEPORT | 03/01/2032 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6250.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 125000.00 | 133723.75 | 133484.02 | 135523.78 | 135523.78 | 2039.76 | 2039.76 | 4.61 | False | 3.55 |  | 1.49 | 1.36 | 1.54 | 0.00 |  |  | 8254346V<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 910802AL | UNITED LOCAL SCH DIS | T 12/01/2032 4.0000 |  | 910802AL1 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | OH | OHIO | USD | US DOLLAR | 12/1/2032 |  |  | 103.36 |  |  |  |  |  | UNITED LOCAL SCH DIS | T 12/01/2032 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 800.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 20000.00 | 20309.60 | 20271.45 | 20671.24 | 20671.24 | 399.79 | 399.79 | 3.87 | True | 3.31 |  | 0.23 | 0.21 | 0.23 | 0.00 |  |  | 910802AL<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 92823PSH | VIRIDIAN MUNI-REF | 12/01/2027 6.25000% |  | 92823PSH0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 12/1/2027 |  |  | 106.99 |  |  |  |  |  | VIRIDIAN MUNI-REF | 12/01/2027 6.25000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3125.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 50000.00 | 54630.50 | 53460.96 | 53492.58 | 53492.58 | 31.62 | 31.62 | 5.84 | False | 3.12 |  | 0.59 | 0.54 | 0.61 | 0.00 |  |  | 92823PSH<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 93978HZW | WA HLTH CARE FACS-B | 08/01/2055 5.00000% |  | 93978HZW8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 8/1/2055 |  |  | 106.29 |  |  |  |  |  | WA HLTH CARE FACS-B | 08/01/2055 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 175000.00 | 185174.50 | 184790.74 | 186010.58 | 186010.58 | 1219.84 | 1219.84 | 4.70 | True | 3.49 |  | 2.05 | 1.86 | 2.11 | 0.00 |  |  | 93978HZW<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 935031AG | WARREN CO-REF | 09/01/2032 4.00000% |  | 935031AG9 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MS | MISSISSIPPI | USD | US DOLLAR | 9/1/2032 |  |  | 100.71 |  |  |  |  |  | WARREN CO-REF | 09/01/2032 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 6000.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 150000.00 | 150000.00 | 150000.00 | 151058.31 | 151058.31 | 1058.31 | 1058.31 | 3.97 | False | 3.88 |  | 1.66 | 1.51 | 1.72 | 0.00 |  |  | 935031AG<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 941262AA | WATERBURY HSG AUTH | 07/01/2039 4.25000% |  | 941262AA5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 7/1/2039 |  |  | 97.03 |  |  |  |  |  | WATERBURY HSG AUTH | 07/01/2039 4.25000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2550.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 60000.00 | 60000.00 | 60000.00 | 58220.37 | 58220.37 | -1779.63 | -1779.63 | 4.38 | False | 4.54 |  | 0.64 | 0.58 | 0.66 | 0.00 |  |  | 941262AA<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 962468FG | WHATCOM CO PUD #1-A | 12/01/2030 5.00000% |  | 962468FG4 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | WA | WASHINGTON | USD | US DOLLAR | 12/1/2030 |  |  | 107.64 |  |  |  |  |  | WHATCOM CO PUD #1-A | 12/01/2030 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 50000.00 | 53452.00 | 53200.64 | 53818.54 | 53818.54 | 617.90 | 617.90 | 4.65 | False | 3.42 |  | 0.59 | 0.54 | 0.61 | 0.00 |  |  | 962468FG<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 03745TBF | WINDOW ROCK UNIF SD# | 8 07/01/2033 5.0000 |  | 03745TBF6 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | AZ | ARIZONA | USD | US DOLLAR | 7/1/2033 |  |  | 106.57 |  |  |  |  |  | WINDOW ROCK UNIF SD# | 8 07/01/2033 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3500.00 | L<br> N |  |  | 7/31/2025<br> C |  | 444;USD | USD | 70000.00 | 75512.70 | 75228.61 | 74599.26 | 74599.26 | -629.35 | -629.35 | 4.69 | True | 3.91 |  | 0.82 | 0.75 | 0.85 | 0.00 |  |  | 03745TBF<br> N | MP |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Genter Capital Municipal Quality Intermediate ETF

- **b. EDGAR series identifier (if any):** S000084933

- **c. LEI of Series:** 52990007V4QWGFCEZW48

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9982428.82

**Total Liabilities:** $1175979.11

**Net Assets:** $8806449.71

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 0 | **5-Year:** 0.01 | **10-Year:** 0.01 | **30-Year:** 0

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249690 | 0.59%                | 0.70%                | 0.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2814.15                | $16381.00                                  |
| Month 2  | $-806.69                 | $23587.50                                  |
| Month 3  | $-0.25                   | $4646.32                                   |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond 5 Year (4-6) Total Return Index

- **Index Identifier:** LM05TR

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| RICHMOND REDEV HSG-F | ABS      | CUSIP: 76543FAA8<br>LEI: N/A                  | Long             | DBT              |  | US        |     39694 | NS      | $39165.94     | 0.44%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |   1256015 | NS      | $1256014.95   | 14.26%            |  |  |  | No            |                  1 | On Loan: No      |
| ALACHUA CO HLTH-B-3  | MUNIBOND | CUSIP: 010684BQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $300151.44    | 3.41%             | 2030-10-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| AK MUNI BOND BANK-TW | MUNIBOND | CUSIP: 01179R6F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | NS      | $182418.46    | 2.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WINDOW ROCK UNIF SD# | MUNIBOND | CUSIP: 03745TBF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | NS      | $74599.26     | 0.85%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AZ INDL DEV AUTH -A  | MUNIBOND | CUSIP: 04052VAF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | NS      | $42230.18     | 0.48%             | 2030-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HIER ED-RI | MUNIBOND | CUSIP: 0418066Z8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | NS      | $179532.12    | 2.04%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON HGR EDU-A  | MUNIBOND | CUSIP: 041806MH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20326.64     | 0.23%             | 2026-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BENTON WASHINGTON WT | MUNIBOND | CUSIP: 083389GH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | NS      | $40120.57     | 0.46%             | 2034-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GA | MUNIBOND | CUSIP: 09182RAR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $50084.35     | 0.57%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GA | MUNIBOND | CUSIP: 09182TAF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | NS      | $65500.01     | 0.74%             | 2052-10-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| BRADLEY VLG          | MUNIBOND | CUSIP: 104575CP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | NS      | $37335.66     | 0.42%             | 2035-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY | MUNIBOND | CUSIP: 154871CU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $156265.92    | 1.77%             | 2053-05-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PLAINS ENERGY | MUNIBOND | CUSIP: 154872AT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | NS      | $70000.00     | 0.79%             | 2049-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHANDLER INDL DEV-2  | MUNIBOND | CUSIP: 158862CB6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $50883.79     | 0.58%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA ELEC -A  | MUNIBOND | CUSIP: 162393EK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $149984.04    | 1.70%             | 2027-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO-REV          | MUNIBOND | CUSIP: 167570TW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | NS      | $171234.54    | 1.94%             | 2028-10-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| COLUMBUS HSG AUTH    | MUNIBOND | CUSIP: 199123CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $154749.03    | 1.76%             | 2028-04-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| COPPERLEAF MET DIST# | MUNIBOND | CUSIP: 21765KAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $102356.22    | 1.16%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CUMBERLAND CO INDL-A | MUNIBOND | CUSIP: 230589AA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | NS      | $85051.26     | 0.97%             | 2027-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EXCELSIOR SPRINGS-B  | MUNIBOND | CUSIP: 300788CS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | NS      | $36220.27     | 0.41%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORENCE CNTY SC SPL | MUNIBOND | CUSIP: 34015TAG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | NS      | $76405.29     | 0.87%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT WORTH           | MUNIBOND | CUSIP: 349507EH2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $323307.90    | 3.67%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND CNTY-COPS      | MUNIBOND | CUSIP: 385301AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $108308.31    | 1.23%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND TRAVERSE HOSP  | MUNIBOND | CUSIP: 386523JE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $106476.25    | 1.21%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY | MUNIBOND | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $50733.77     | 0.58%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOPE-REV             | MUNIBOND | CUSIP: 439397AH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | NS      | $192279.50    | 2.18%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HORIZON REGL MUD     | MUNIBOND | CUSIP: 44044TRY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | NS      | $44249.49     | 0.50%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IL HSG DEV AUTH      | MUNIBOND | CUSIP: 45203LFC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | NS      | $400190.68    | 4.54%             | 2029-02-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH-RE | MUNIBOND | CUSIP: 45204EYS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20154.92     | 0.23%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS LOCAL-B | MUNIBOND | CUSIP: 45528VFX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | NS      | $171251.01    | 1.94%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JENISON PUB SCHS-I   | MUNIBOND | CUSIP: 476034TU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | NS      | $26067.38     | 0.30%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JOPLIN INDL DEV-REF  | MUNIBOND | CUSIP: 480639DC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $51436.95     | 0.58%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KANSAS ST DEPT OF TR | MUNIBOND | CUSIP: 485424QP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $150269.30    | 1.71%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUFMAN CO MUD #3-A  | MUNIBOND | CUSIP: 48620AEG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $56866.20     | 0.65%             | 2032-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LANCASTER PA HGR EDU | MUNIBOND | CUSIP: 514328HM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | NS      | $130462.48    | 1.48%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTYS ETC -A | MUNIBOND | CUSIP: 557738PP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20042.86     | 0.23%             | 2025-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR ED- | MUNIBOND | CUSIP: 56042RQM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     10000 | NS      | $10574.03     | 0.12%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MERIDIAN VLG#1-B-REF | MUNIBOND | CUSIP: 58985FAP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | NS      | $82251.02     | 0.93%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC AR | MUNIBOND | CUSIP: 592647EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | NS      | $76869.09     | 0.87%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI DADE CO HSG FI | MUNIBOND | CUSIP: 593344BP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | NS      | $65176.83     | 0.74%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSION TX-CTFS OBLI | MUNIBOND | CUSIP: 605128VW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $108938.56    | 1.24%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST-REF-C | MUNIBOND | CUSIP: 605581FU6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | NS      | $135530.32    | 1.54%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MO DEV FIN BRD-A     | MUNIBOND | CUSIP: 60636SLM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | NS      | $188135.76    | 2.14%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONTROSE REC DIST-RE | MUNIBOND | CUSIP: 61525AAF2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | NS      | $218640.92    | 2.48%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW HOPE HGR EDU -A  | MUNIBOND | CUSIP: 645438AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     15000 | NS      | $15246.92     | 0.17%             | 2027-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NM MUNI ENERGY ACQ A | MUNIBOND | CUSIP: 647207BL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $106228.19    | 1.21%             | 2054-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| OK CNTY FIN AUTH     | MUNIBOND | CUSIP: 67868UHL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | NS      | $117720.21    | 1.34%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PK CREEK MET DT-A-RE | MUNIBOND | CUSIP: 700385BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | NS      | $41921.22     | 0.48%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROU | MUNIBOND | CUSIP: 70342PAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $21172.56     | 0.24%             | 2054-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PATRIOTS ENERGY GROU | MUNIBOND | CUSIP: 70342PAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | NS      | $214661.82    | 2.44%             | 2054-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PEFA INC GAS PROJ    | MUNIBOND | CUSIP: 70556CAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | NS      | $213809.57    | 2.43%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PA ECO DEV FIN AUTH- | MUNIBOND | CUSIP: 70870JGZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $157254.62    | 1.79%             | 2060-03-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT CORPUS CHRISTI- | MUNIBOND | CUSIP: 733911CU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | NS      | $35241.66     | 0.40%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND-25B | MUNIBOND | CUSIP: 735240Q55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | NS      | $120652.08    | 1.37%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE-AMT- | MUNIBOND | CUSIP: 735389D54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $152920.67    | 1.74%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KY PUB ENERGY AUTH-A | MUNIBOND | CUSIP: 74440DFN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | NS      | $153143.98    | 1.74%             | 2055-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PUB FIN AUTH         | MUNIBOND | CUSIP: 74442PH40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | NS      | $75361.36     | 0.86%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PETER ISD#508- | MUNIBOND | CUSIP: 793181KG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | NS      | $62133.77     | 0.71%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE-A-AMT      | MUNIBOND | CUSIP: 795576ML8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $162386.84    | 1.84%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEDGWICK UNIF SD#265 | MUNIBOND | CUSIP: 815668PJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $306213.39    | 3.48%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT           | MUNIBOND | CUSIP: 8254345Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | NS      | $80555.57     | 0.91%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT           | MUNIBOND | CUSIP: 8254346V0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | NS      | $135523.78    | 1.54%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S E ALABAMA ST GAS S | MUNIBOND | CUSIP: 84131TBA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    105000 | NS      | $110836.51    | 1.26%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S WSTRN CMNTY #52-B  | MUNIBOND | CUSIP: 85227XDP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | NS      | $200496.80    | 2.28%             | 2038-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED LOCAL SCH DIS | MUNIBOND | CUSIP: 910802AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20671.24     | 0.23%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VIRIDIAN MUNI-REF    | MUNIBOND | CUSIP: 92823PSH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $53492.58     | 0.61%             | 2027-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WARREN CO-REF        | MUNIBOND | CUSIP: 935031AG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $151058.31    | 1.72%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WA HLTH CARE FACS-B  | MUNIBOND | CUSIP: 93978HZW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | NS      | $186010.58    | 2.11%             | 2055-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WATERBURY HSG AUTH   | MUNIBOND | CUSIP: 941262AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | NS      | $58220.37     | 0.66%             | 2039-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| WHATCOM CO PUD #1-A  | MUNIBOND | CUSIP: 962468FG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $53818.54     | 0.61%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-18

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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