# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-002110
**Filing Date:** 2025-6
**Character Count:** 59976
**Document Hash:** 92d8d8f7740eed4b310e31911f66483c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002110.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0002000324-25-002110

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250625

**DATE AS OF CHANGE**: 20250625

**PERIOD START**: 20250430

**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:** 251072194

**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 |  |  | 97.70 |  |  |  |  |  | RICHMOND REDEV HSG-F | N 05/01/2040 4.5000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1789.34 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 39763.14 | 40170.72 | 40154.45 | 38849.38 | 38849.38 | -1305.07 | -1305.07 | 4.61 | False | 4.71 |  | 0.87 | 0.83 | 0.86 | 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 | 5/1/2025 |  |  | 100.00 |  |  |  |  |  | Fidelity Investments | Money Market Funds |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10180.90 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 240271.44 | 240271.44 | 240271.44 | 240271.44 | 240271.44 | 0.00 | 0.00 | 4.24 | False | 4.22 |  | 5.39 | 5.11 | 5.32 | 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 |  |  | 103.29 |  |  |  |  |  | AK MUNI BOND BANK-TW | O 12/01/2027 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 175000.00 | 181753.25 | 181518.48 | 180755.75 | 180755.75 | -762.73 | -762.73 | 4.84 | False | 3.65 |  | 4.05 | 3.84 | 4.01 | 0.00 |  |  | 01179R6F<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 |  |  | 101.16 |  |  |  |  |  | ARLINGTON HGR EDU-A | 12/01/2026 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 800.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 20047.20 | 20029.85 | 20232.60 | 20232.60 | 202.75 | 202.75 | 3.95 | False | 3.24 |  | 0.45 | 0.43 | 0.45 | 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 |  |  | 102.57 |  |  |  |  |  | ARLINGTON HIER ED-RI | V 08/15/2026 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 175000.00 | 177969.75 | 177866.80 | 179502.75 | 179502.75 | 1635.95 | 1635.95 | 4.87 | False | 2.95 |  | 4.03 | 3.82 | 3.98 | 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 |  |  | 104.03 |  |  |  |  |  | AZ INDL DEV AUTH - A | 06/01/2030 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 40000.00 | 42591.20 | 42235.22 | 41611.20 | 41611.20 | -624.02 | -624.02 | 4.81 | True | 3.92 |  | 0.93 | 0.88 | 0.92 | 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 |  |  | 99.50 |  |  |  |  |  | BENTON WASHINGTON WT | R 10/01/2034 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1600.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 40000.00 | 40894.40 | 40844.49 | 39800.40 | 39800.40 | -1044.09 | -1044.09 | 4.02 | False | 4.06 |  | 0.89 | 0.85 | 0.88 | 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 |  |  | 100.03 |  |  |  |  |  | BLACK BELT ENERGY GA | S 12/01/2049 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 50000.00 | 50186.50 | 50187.58 | 50015.00 | 50015.00 | -172.58 | -172.58 | 4.00 | False | 4.00 |  | 1.12 | 1.06 | 1.11 | 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 |  |  | 100.04 |  |  |  |  |  | BLACK BELT ENERGY GA | S 10/01/2052 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2600.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 65000.00 | 64707.55 | 64725.51 | 65026.65 | 65026.65 | 301.14 | 301.14 | 4.00 | False | 4.00 |  | 1.46 | 1.38 | 1.44 | 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 |  |  | 106.72 |  |  |  |  |  | BRADLEY VLG | 12/15/2035 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 35000.00 | 38103.30 | 38012.25 | 37350.60 | 37350.60 | -661.65 | -661.65 | 4.69 | True | 4.07 |  | 0.84 | 0.79 | 0.83 | 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 |  |  | 103.12 |  |  |  |  |  | CENTRL PLAINS ENERGY | 05/01/2053 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 150000.00 | 156901.50 | 156731.36 | 154677.00 | 154677.00 | -2054.36 | -2054.36 | 4.85 | True | 4.22 |  | 3.47 | 3.29 | 3.43 | 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 |  |  | 99.94 |  |  |  |  |  | CENTRL PLAINS ENERGY | 12/01/2049 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2400.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 60000.00 | 60170.40 | 60298.20 | 59964.00 | 59964.00 | -334.20 | -334.20 | 4.00 | False | 4.00 |  | 1.35 | 1.28 | 1.33 | 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 |  |  | 100.88 |  |  |  |  |  | CHANDLER INDL DEV-2 | 09/01/2052 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 40000.00 | 41058.40 | 40787.29 | 40352.00 | 40352.00 | -435.29 | -435.29 | 4.96 | True | 4.49 |  | 0.91 | 0.86 | 0.89 | 0.00 |  |  | 158862CB<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 |  |  | 99.63 |  |  |  |  |  | CHICAGO-REV | 10/01/2028 3.20000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5440.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 170000.00 | 170000.00 | 170000.00 | 169374.40 | 169374.40 | -625.60 | -625.60 | 3.21 | False | 3.31 |  | 3.80 | 3.60 | 3.75 | 0.00 |  |  | 167570TW<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 19645UTC | CO EDU & CULTURAL-A | 01/15/2034 5.00000% |  | 19645UTC8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | CO | COLORADO | USD | US DOLLAR | 1/15/2034 |  |  | 107.43 |  |  |  |  |  | CO EDU & CULTURAL-A | 01/15/2034 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 40000.00 | 44431.20 | 44271.10 | 42971.60 | 42971.60 | -1299.50 | -1299.50 | 4.65 | False | 3.98 |  | 0.96 | 0.91 | 0.95 | 0.00 |  |  | 19645UTC<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 |  |  | 102.67 |  |  |  |  |  | COLUMBUS HSG AUTH | 04/01/2028 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 150000.00 | 155565.00 | 155211.76 | 154011.00 | 154011.00 | -1200.76 | -1200.76 | 4.87 | True | 3.55 |  | 3.45 | 3.28 | 3.41 | 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 |  |  | 103.82 |  |  |  |  |  | COPPERLEAF MET DIST# | 4 12/01/2040 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 100000.00 | 105632.00 | 105564.14 | 103819.00 | 103819.00 | -1745.14 | -1745.14 | 4.82 | True | 4.67 |  | 2.33 | 2.21 | 2.30 | 0.00 |  |  | 21765KAS<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 226864CK | CROCKETT CO CONSOL#1 | 08/15/2030 5.00000% |  | 226864CK0 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 8/15/2030 |  |  | 106.96 |  |  |  |  |  | CROCKETT CO CONSOL#1 | 08/15/2030 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 100000.00 | 108466.00 | 108182.08 | 106961.00 | 106961.00 | -1221.08 | -1221.08 | 4.67 | True | 3.25 |  | 2.40 | 2.27 | 2.37 | 0.00 |  |  | 226864CK<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 |  |  | 99.75 |  |  |  |  |  | CUMBERLAND CO INDL-A | M 12/01/2027 3.7500 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3187.50 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 85000.00 | 85000.00 | 85000.00 | 84790.05 | 84790.05 | -209.95 | -209.95 | 3.76 | False | 3.85 |  | 1.90 | 1.80 | 1.88 | 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 |  |  | 101.43 |  |  |  |  |  | EXCELSIOR SPRINGS-B | 03/01/2031 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1400.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 35000.00 | 36087.75 | 36026.90 | 35499.10 | 35499.10 | -527.80 | -527.80 | 3.94 | False | 3.73 |  | 0.80 | 0.75 | 0.79 | 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 |  |  | 107.36 |  |  |  |  |  | FLORENCE CNTY SC SPL | 12/01/2031 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 70000.00 | 77198.10 | 76841.38 | 75149.20 | 75149.20 | -1692.18 | -1692.18 | 4.66 | False | 3.73 |  | 1.69 | 1.60 | 1.67 | 0.00 |  |  | 34015TAG<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 |  |  | 109.07 |  |  |  |  |  | GRAND CNTY-COPS | 12/01/2036 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 100000.00 | 111963.00 | 111823.04 | 109065.00 | 109065.00 | -2758.04 | -2758.04 | 4.58 | True | 3.86 |  | 2.45 | 2.32 | 2.42 | 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 |  |  | 105.42 |  |  |  |  |  | GRAND TRAVERSE HOSP | 07/01/2033 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 55000.00 | 59134.60 | 58945.25 | 57982.65 | 57982.65 | -962.60 | -962.60 | 4.74 | True | 4.00 |  | 1.30 | 1.23 | 1.28 | 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 |  |  | 101.62 |  |  |  |  |  | HONOLULU CITY & CNTY | 06/01/2027 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 50000.00 | 51012.00 | 50885.37 | 50808.00 | 50808.00 | -77.37 | -77.37 | 4.92 | False | 4.18 |  | 1.14 | 1.08 | 1.13 | 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 |  |  | 105.77 |  |  |  |  |  | HOPE-REV | 06/01/2033 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 175000.00 | 187876.50 | 187754.85 | 185104.50 | 185104.50 | -2650.35 | -2650.35 | 4.73 | True | 4.05 |  | 4.15 | 3.94 | 4.10 | 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 |  |  | 97.45 |  |  |  |  |  | HORIZON REGL MUD | 02/01/2035 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1600.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 40000.00 | 40330.00 | 40308.08 | 38978.80 | 38978.80 | -1329.28 | -1329.28 | 4.10 | False | 4.32 |  | 0.87 | 0.83 | 0.86 | 0.00 |  |  | 44044TRY<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 |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 20420.60 | 20231.33 | 20154.80 | 20154.80 | -76.53 | -76.53 | 4.96 | False | 4.04 |  | 0.45 | 0.43 | 0.45 | 0.00 |  |  | 45204EYS<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 |  |  | 105.71 |  |  |  |  |  | JENISON PUB SCHS-I | 05/01/2038 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 25000.00 | 27681.50 | 27549.46 | 26426.50 | 26426.50 | -1122.96 | -1122.96 | 4.73 | True | 4.23 |  | 0.59 | 0.56 | 0.59 | 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 |  |  | 104.32 |  |  |  |  |  | JOPLIN INDL DEV-REF | 02/15/2039 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 50000.00 | 54631.50 | 54397.27 | 52161.50 | 52161.50 | -2235.77 | -2235.77 | 4.79 | True | 4.34 |  | 1.17 | 1.11 | 1.16 | 0.00 |  |  | 480639DC<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 |  |  | 112.58 |  |  |  |  |  | KAUFMAN CO MUD #3-A | 03/01/2032 6.50000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 50000.00 | 57616.00 | 57107.95 | 56288.00 | 56288.00 | -819.95 | -819.95 | 5.77 | True | 3.97 |  | 1.26 | 1.20 | 1.25 | 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 |  |  | 105.01 |  |  |  |  |  | KY PUB ENERGY AUTH-A | 06/01/2055 5.25000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7087.50 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 135000.00 | 140343.30 | 140325.99 | 141767.55 | 141767.55 | 1441.56 | 1441.56 | 5.00 | True | 4.04 |  | 3.18 | 3.01 | 3.14 | 0.00 |  |  | 74440DFN | 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 |  |  | 100.18 |  |  |  |  |  | MADISON CNTYS ETC - A | 11/01/2025 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 800.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 20040.00 | 20014.66 | 20035.00 | 20035.00 | 20.34 | 20.34 | 3.99 | False | 3.65 |  | 0.45 | 0.43 | 0.44 | 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 |  |  | 104.46 |  |  |  |  |  | MAINE HLTH & HGR ED- | A 07/01/2029 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 10000.00 | 10501.90 | 10416.54 | 10446.40 | 10446.40 | 29.86 | 29.86 | 4.79 | True | 3.50 |  | 0.23 | 0.22 | 0.23 | 0.00 |  |  | 56042RQM<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 586111NY | MEMPHIS SHELBY CO-A | 07/01/2025 5.00000% |  | 586111NY8 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 7/1/2025 |  |  | 100.17 |  |  |  |  |  | MEMPHIS SHELBY CO-A | 07/01/2025 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 20183.70 | 20027.61 | 20034.40 | 20034.40 | 6.79 | 6.79 | 4.99 | False | 3.91 |  | 0.45 | 0.43 | 0.44 | 0.00 |  |  | 586111NY<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 |  |  | 109.35 |  |  |  |  |  | MERIDIAN VLG#1-B-REF | 12/01/2034 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 75000.00 | 79462.50 | 79440.41 | 82014.75 | 82014.75 | 2574.34 | 2574.34 | 4.57 | True | 3.52 |  | 1.84 | 1.74 | 1.82 | 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 |  |  | 101.93 |  |  |  |  |  | MET WASHINGTON DC AR | P 10/01/2026 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 45000.00 | 46228.10 | 45859.50 | 45869.40 | 45869.40 | 9.90 | 9.90 | 4.91 | False | 3.59 |  | 1.03 | 0.98 | 1.02 | 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 |  |  | 100.48 |  |  |  |  |  | MIAMI DADE CO HSG FI | N 10/01/2026 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 40000.00 | 40527.70 | 40395.50 | 40190.40 | 40190.40 | -205.10 | -205.10 | 4.98 | False | 4.65 |  | 0.90 | 0.85 | 0.89 | 0.00 |  |  | 593344BP<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 609040FT | MONARCH-CHESTERFIELD | 03/01/2031 5.00000% |  | 609040FT2 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | MO | MISSOURI | USD | US DOLLAR | 3/1/2031 |  |  | 106.59 |  |  |  |  |  | MONARCH-CHESTERFIELD | 03/01/2031 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 21641.30 | 21437.64 | 21317.40 | 21317.40 | -120.24 | -120.24 | 4.69 | False | 3.73 |  | 0.48 | 0.45 | 0.47 | 0.00 |  |  | 609040FT<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 592113CQ | NASHVILLE & DAVIDSON | 10/01/2028 5.00000% |  | 592113CQ5 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | TN | TENNESSEE | USD | US DOLLAR | 10/1/2028 |  |  | 103.45 |  |  |  |  |  | NASHVILLE & DAVIDSON | 10/01/2028 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 100000.00 | 104460.00 | 104238.78 | 103451.00 | 103451.00 | -787.78 | -787.78 | 4.83 | True | 3.50 |  | 2.32 | 2.20 | 2.29 | 0.00 |  |  | 592113CQ<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 |  |  | 100.72 |  |  |  |  |  | NEW HOPE HGR EDU - A | 08/15/2027 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 600.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 15000.00 | 15119.70 | 15101.51 | 15107.40 | 15107.40 | 5.89 | 5.89 | 3.97 | False | 3.67 |  | 0.34 | 0.32 | 0.33 | 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 |  |  | 104.15 |  |  |  |  |  | NM MUNI ENERGY ACQ A | U 06/01/2054 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 5000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 100000.00 | 106313.00 | 106156.04 | 104147.00 | 104147.00 | -2009.04 | -2009.04 | 4.80 | True | 4.16 |  | 2.34 | 2.21 | 2.31 | 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 |  |  | 102.24 |  |  |  |  |  | OK CNTY FIN AUTH | 09/01/2026 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 45000.00 | 46088.60 | 45737.04 | 46009.80 | 46009.80 | 272.76 | 272.76 | 4.89 | False | 3.27 |  | 1.03 | 0.98 | 1.02 | 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 |  |  | 105.24 |  |  |  |  |  | PA ECO DEV FIN AUTH- | A 03/15/2060 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 150000.00 | 159831.00 | 159597.63 | 157863.00 | 157863.00 | -1734.63 | -1734.63 | 4.75 | True | 3.69 |  | 3.54 | 3.36 | 3.50 | 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 |  |  | 105.36 |  |  |  |  |  | PATRIOTS ENERGY GROU | P 10/01/2054 5.2500 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1050.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 21320.80 | 21302.74 | 21071.80 | 21071.80 | -230.94 | -230.94 | 4.98 | True | 4.24 |  | 0.47 | 0.45 | 0.47 | 0.00 |  |  | 70342PAN | 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 |  |  | 101.45 |  |  |  |  |  | PEFA INC GAS PROJ | 09/01/2049 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 185000.00 | 188477.35 | 188214.08 | 187676.95 | 187676.95 | -537.13 | -537.13 | 4.93 | True | 4.18 |  | 4.21 | 3.99 | 4.16 | 0.00 |  |  | 70556CAB<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 708292JH | PENNINGTON SD COPS-A | 06/01/2032 4.00000% |  | 708292JH1 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | SD | SOUTH DAKOTA | USD | US DOLLAR | 6/1/2032 |  |  | 100.05 |  |  |  |  |  | PENNINGTON SD COPS-A | 06/01/2032 4.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 100000.00 | 100216.00 | 100078.30 | 100054.00 | 100054.00 | -24.30 | -24.30 | 4.00 | True | 3.32 |  | 2.24 | 2.13 | 2.22 | 0.00 |  |  | 708292JH<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 |  |  | 105.75 |  |  |  |  |  | PK CREEK MET DT-A-RE | V 12/01/2036 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 40000.00 | 43726.80 | 43513.87 | 42300.80 | 42300.80 | -1213.07 | -1213.07 | 4.73 | True | 4.11 |  | 0.95 | 0.90 | 0.94 | 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 |  |  | 100.89 |  |  |  |  |  | PORT CORPUS CHRISTI- | A 12/01/2025 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 35000.00 | 35498.75 | 35275.90 | 35312.90 | 35312.90 | 37.00 | 37.00 | 4.96 | False | 3.44 |  | 0.79 | 0.75 | 0.78 | 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 |  |  | 101.26 |  |  |  |  |  | PORT OF PORTLAND-25B | 07/01/2038 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 4250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 85000.00 | 85981.75 | 85980.10 | 86071.00 | 86071.00 | 90.90 | 90.90 | 4.94 | True | 4.66 |  | 1.93 | 1.83 | 1.91 | 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 |  |  | 101.86 |  |  |  |  |  | PORT OF SEATTLE-AMT- | A 05/01/2034 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 150000.00 | 153316.50 | 153167.00 | 152794.50 | 152794.50 | -372.50 | -372.50 | 4.91 | True | 4.02 |  | 3.43 | 3.25 | 3.39 | 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 |  |  | 100.62 |  |  |  |  |  | PUB FIN AUTH | 11/15/2025 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 75000.00 | 75850.50 | 75544.28 | 75464.25 | 75464.25 | -80.03 | -80.03 | 4.97 | False | 3.83 |  | 1.69 | 1.60 | 1.67 | 0.00 |  |  | 74442PH4<br> N | MP |
| 444 | GENTER CAPITAL MUNICIPAL QUALITY | 758449QC | REEDY CREEK IMP DT-A | 06/01/2025 5.00000% |  | 758449QC9 |  | UNGROUPED SECURITIES |  | MUNIBOND | MUNICIPAL BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 6/1/2025 |  |  | 100.07 |  |  |  |  |  | REEDY CREEK IMP DT-A | 06/01/2025 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 45000.00 | 45502.95 | 45066.17 | 45032.85 | 45032.85 | -33.32 | -33.32 | 5.00 | False | 4.07 |  | 1.01 | 0.96 | 1.00 | 0.00 |  |  | 758449QC<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 |  |  | 104.76 |  |  |  |  |  | S E ALABAMA ST GAS S | P 08/01/2054 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 60000.00 | 63787.20 | 63577.50 | 62853.60 | 62853.60 | -723.90 | -723.90 | 4.77 | True | 4.20 |  | 1.41 | 1.34 | 1.39 | 0.00 |  |  | 84131TBA<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 |  |  | 104.76 |  |  |  |  |  | SAINT PETER ISD#508- | A 02/01/2039 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 35000.00 | 38119.90 | 37990.86 | 36664.60 | 36664.60 | -1326.26 | -1326.26 | 4.77 | True | 4.06 |  | 0.82 | 0.78 | 0.81 | 0.00 |  |  | 793181KG<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 |  |  | 105.87 |  |  |  |  |  | SHREVEPORT | 03/01/2029 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 75000.00 | 80132.25 | 79634.18 | 79402.50 | 79402.50 | -231.68 | -231.68 | 4.72 | False | 3.36 |  | 1.78 | 1.69 | 1.76 | 0.00 |  |  | 8254345Y<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 |  |  | 102.15 |  |  |  |  |  | UNITED LOCAL SCH DIS | T 12/01/2032 4.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 800.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 20309.60 | 20279.84 | 20429.40 | 20429.40 | 149.56 | 149.56 | 3.92 | True | 3.57 |  | 0.46 | 0.43 | 0.45 | 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 |  |  | 106.41 |  |  |  |  |  | VIRIDIAN MUNI-REF | 12/01/2027 6.25000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 3125.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 50000.00 | 54630.50 | 53820.90 | 53204.50 | 53204.50 | -616.40 | -616.40 | 5.87 | False | 3.63 |  | 1.19 | 1.13 | 1.18 | 0.00 |  |  | 92823PSH<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 |  |  | 99.17 |  |  |  |  |  | WATERBURY HSG AUTH | 07/01/2039 4.25000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2550.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 60000.00 | 60000.00 | 60000.00 | 59499.00 | 59499.00 | -501.00 | -501.00 | 4.29 | False | 4.33 |  | 1.33 | 1.27 | 1.32 | 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 |  |  | 105.67 |  |  |  |  |  | WHATCOM CO PUD #1-A | 12/01/2030 5.00000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 50000.00 | 53452.00 | 53338.00 | 52834.00 | 52834.00 | -504.00 | -504.00 | 4.73 | False | 3.86 |  | 1.19 | 1.12 | 1.17 | 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 |  |  | 105.30 |  |  |  |  |  | WINDOW ROCK UNIF SD# | 8 07/01/2033 5.0000 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 1000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 444;USD | USD | 20000.00 | 21741.20 | 21592.72 | 21060.00 | 21060.00 | -532.72 | -532.72 | 4.75 | True | 4.14 |  | 0.47 | 0.45 | 0.47 | 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:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $4702315.33

**Total Liabilities:** $189138.09

**Net Assets:** $4513177.24

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0 | **1-Year:** 0.01 | **5-Year:** 0.02 | **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 | 0.80%                | -0.49%               | -0.21%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-0.10                   | $9155.62                                   |
| Month 2  | $138.66                  | $-26623.17                                 |
| Month 3  | $-0.19                   | $-13701.24                                 |

**Designated Index Information**

- **Index Name:** Bloomberg Municipal Bond 5 Year

- **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        |     39763 | NS      | $38849.38     | 0.86%             | 2040-05-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |    240271 | NS      | $240271.44    | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AK MUNI BOND BANK-TW | MUNIBOND | CUSIP: 01179R6F5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | NS      | $180755.75    | 4.01%             | 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        |     20000 | NS      | $21060.00     | 0.47%             | 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      | $41611.20     | 0.92%             | 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      | $179502.75    | 3.98%             | 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      | $20232.60     | 0.45%             | 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      | $39800.40     | 0.88%             | 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      | $50015.00     | 1.11%             | 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      | $65026.65     | 1.44%             | 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      | $37350.60     | 0.83%             | 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      | $154677.00    | 3.43%             | 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        |     60000 | NS      | $59964.00     | 1.33%             | 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        |     40000 | NS      | $40352.00     | 0.89%             | 2052-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO-REV          | MUNIBOND | CUSIP: 167570TW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | NS      | $169374.40    | 3.75%             | 2028-10-01      | Variable      | 3.20%                 | No            |                  2 | On Loan: No      |
| CO EDU & CULTURAL-A  | MUNIBOND | CUSIP: 19645UTC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | NS      | $42971.60     | 0.95%             | 2034-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS HSG AUTH    | MUNIBOND | CUSIP: 199123CN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $154011.00    | 3.41%             | 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      | $103819.00    | 2.30%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CROCKETT CO CONSOL#1 | MUNIBOND | CUSIP: 226864CK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $106961.00    | 2.37%             | 2030-08-15      | 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      | $84790.05     | 1.88%             | 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      | $35499.10     | 0.79%             | 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      | $75149.20     | 1.67%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND CNTY-COPS      | MUNIBOND | CUSIP: 385301AL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $109065.00    | 2.42%             | 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        |     55000 | NS      | $57982.65     | 1.28%             | 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      | $50808.00     | 1.13%             | 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      | $185104.50    | 4.10%             | 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        |     40000 | NS      | $38978.80     | 0.86%             | 2035-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH-RE | MUNIBOND | CUSIP: 45204EYS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20154.80     | 0.45%             | 2026-03-01      | 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      | $26426.50     | 0.59%             | 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      | $52161.50     | 1.16%             | 2039-02-15      | 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      | $56288.00     | 1.25%             | 2032-03-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MADISON CNTYS ETC -A | MUNIBOND | CUSIP: 557738PP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20035.00     | 0.44%             | 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      | $10446.40     | 0.23%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS SHELBY CO-A  | MUNIBOND | CUSIP: 586111NY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20034.40     | 0.44%             | 2025-07-01      | 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      | $82014.75     | 1.82%             | 2034-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASHVILLE & DAVIDSON | MUNIBOND | CUSIP: 592113CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $103451.00    | 2.29%             | 2028-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC AR | MUNIBOND | CUSIP: 592647EC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | NS      | $45869.40     | 1.02%             | 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        |     40000 | NS      | $40190.40     | 0.89%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONARCH-CHESTERFIELD | MUNIBOND | CUSIP: 609040FT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $21317.40     | 0.47%             | 2031-03-01      | 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      | $15107.40     | 0.33%             | 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      | $104147.00    | 2.31%             | 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        |     45000 | NS      | $46009.80     | 1.02%             | 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      | $42300.80     | 0.94%             | 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      | $21071.80     | 0.47%             | 2054-10-01      | Variable      | 5.25%                 | No            |                  2 | On Loan: No      |
| PEFA INC GAS PROJ    | MUNIBOND | CUSIP: 70556CAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | NS      | $187676.95    | 4.16%             | 2049-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNINGTON SD COPS-A | MUNIBOND | CUSIP: 708292JH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $100054.00    | 2.22%             | 2032-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PA ECO DEV FIN AUTH- | MUNIBOND | CUSIP: 70870JGZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $157863.00    | 3.50%             | 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      | $35312.90     | 0.78%             | 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        |     85000 | NS      | $86071.00     | 1.91%             | 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      | $152794.50    | 3.39%             | 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        |    135000 | NS      | $141767.55    | 3.14%             | 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      | $75464.25     | 1.67%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REEDY CREEK IMP DT-A | MUNIBOND | CUSIP: 758449QC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | NS      | $45032.85     | 1.00%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAINT PETER ISD#508- | MUNIBOND | CUSIP: 793181KG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | NS      | $36664.60     | 0.81%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHREVEPORT           | MUNIBOND | CUSIP: 8254345Y5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | NS      | $79402.50     | 1.76%             | 2029-03-01      | 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        |     60000 | NS      | $62853.60     | 1.39%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED LOCAL SCH DIS | MUNIBOND | CUSIP: 910802AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     20000 | NS      | $20429.40     | 0.45%             | 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      | $53204.50     | 1.18%             | 2027-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| WATERBURY HSG AUTH   | MUNIBOND | CUSIP: 941262AA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | NS      | $59499.00     | 1.32%             | 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      | $52834.00     | 1.17%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-16

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Pete Mccabe

**Name of Signer:** Pete Mccabe

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