# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0002000324-25-002117
**Filing Date:** 2025-6
**Character Count:** 45882
**Document Hash:** 9733e5146c4f8bd3a2e56ac60f147e40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002000324-25-002117.hdr.sgml**: 20250625

**ACCESSION NUMBER**: 0002000324-25-002117

**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:** 251072304

**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 Taxable Quality Intermediate ETF (Series ID: S000084932)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000249689 | Genter Capital Taxable Quality Intermediate ETF | GENT            |

## 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 |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 00928QAS | AIRCASTLE LTD | 06/15/2026 4.250000% |  | 00928QAS0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | BMD | BERMUDA |  |  | USD | US DOLLAR | 6/15/2026 |  |  | 98.88 |  |  |  |  |  | AIRCASTLE LTD | 06/15/2026 4.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24650.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 580000.00 | 567028.05 | 572386.91 | 573494.14 | 573494.14 | 1107.23 | 1107.23 | 4.30 | False | 5.29 |  | 1.51 | 1.49 | 1.49 | 0.00 |  | 549300PNK8AKY3OIKP58 | 00928QAS<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 04010LAZ | ARES CAPITAL COR | 01/15/2026 3.875000% |  | 04010LAZ6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/15/2026 |  |  | 99.07 |  |  |  |  |  | ARES CAPITAL COR | 01/15/2026 3.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24025.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 620000.00 | 603286.50 | 611727.16 | 614204.86 | 614204.86 | 2477.70 | 2477.70 | 3.91 | False | 5.23 |  | 1.62 | 1.60 | 1.60 | 0.00 |  | WEQ82666OJYSI5GUAB47 | 04010LAZ<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 06051GJQ | BANK OF AMER CRP | 03/11/2027 1.658000% |  | 06051GJQ3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 3/11/2027 |  |  | 97.51 |  |  |  |  |  | BANK OF AMER CRP | 03/11/2027 1.658000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10777.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 650000.00 | 610790.85 | 622475.91 | 633820.85 | 633820.85 | 11344.94 | 11344.94 | 1.70 | False | 3.04 |  | 1.67 | 1.65 | 1.65 | 0.00 |  | 9DJT3UXIJIZJI4WXO774 | 06051GJQ<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 06051GLA | BANK OF AMER CRP | 07/22/2026 4.827000% |  | 06051GLA5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 7/22/2026 |  |  | 100.11 |  |  |  |  |  | BANK OF AMER CRP | 07/22/2026 4.827000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 26789.85 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 555000.00 | 549646.75 | 551790.33 | 555606.06 | 555606.06 | 3815.73 | 3815.73 | 4.82 | True | 4.29 |  | 1.46 | 1.45 | 1.45 | 0.00 |  | 9DJT3UXIJIZJI4WXO774 | 06051GLA<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 161175AY | CHARGTER COMM | 4.908% 7/23/25 |  | 161175AY0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 7/23/2025 |  |  | 99.86 |  |  |  |  |  | CHARGTER COMM | 4.908% 7/23/25 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27484.80 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 560000.00 | 555287.60 | 558916.42 | 559222.16 | 559222.16 | 305.74 | 305.74 | 4.91 | False | 5.45 |  | 1.47 | 1.46 | 1.46 | 0.00 |  |  | 161175AY<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 16411RAK | CHENIERE ENERGY | 10/15/2028 4.625000% |  | 16411RAK5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 10/15/2028 |  |  | 98.89 |  |  |  |  |  | CHENIERE ENERGY | 10/15/2028 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30062.50 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 650000.00 | 632084.95 | 635217.23 | 642778.50 | 642778.50 | 7561.27 | 7561.27 | 4.68 | False | 4.98 |  | 1.69 | 1.67 | 1.67 | 0.00 |  | MIHC87W9WTYSYZWV1J40 | 16411RAK<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 16411QAK | CHENIERE ENERGYP | 03/01/2031 4.000000% |  | 16411QAK7 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 3/1/2031 |  |  | 93.31 |  |  |  |  |  | CHENIERE ENERGYP | 03/01/2031 4.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 24400.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 610000.00 | 553643.20 | 559794.70 | 569188.56 | 569188.56 | 9393.86 | 9393.86 | 4.29 | False | 5.35 |  | 1.50 | 1.48 | 1.48 | 0.00 |  | 5493005UEC8AZ34LDV29 | 16411QAK<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 17275RBW | CISCO SYSTEMS | 02/24/2028 4.550000% |  | 17275RBW1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 2/24/2028 |  |  | 101.48 |  |  |  |  |  | CISCO SYSTEMS | 02/24/2028 4.550000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18200.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 400000.00 | 401562.00 | 401528.26 | 405932.40 | 405932.40 | 4404.14 | 4404.14 | 4.48 | True | 3.97 |  | 1.07 | 1.06 | 1.06 | 0.00 |  |  | 17275RBW<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 172967LD | CITIGROUP INC | 01/10/2028 3.887000% |  | 172967LD1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/10/2028 |  |  | 98.87 |  |  |  |  |  | CITIGROUP INC | 01/10/2028 3.887000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11661.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 300000.00 | 296686.00 | 296816.72 | 296614.80 | 296614.80 | -201.92 | -201.92 | 3.93 | False | 4.33 |  | 0.78 | 0.77 | 0.77 | 0.00 |  | 6SHGI4ZSSLCXXQSBB395 | 172967LD<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 172967PF | CITIGROUP INC | 02/13/2030 5.174000% |  | 172967PF2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 2/13/2030 |  |  | 101.37 |  |  |  |  |  | CITIGROUP INC | 02/13/2030 5.174000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15522.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 300000.00 | 300057.80 | 300072.13 | 304110.90 | 304110.90 | 4038.77 | 4038.77 | 5.10 | True | 4.77 |  | 0.80 | 0.79 | 0.79 | 0.00 |  | 6SHGI4ZSSLCXXQSBB395 | 172967PF<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 25389JAU | DIGITAL REALTY | 07/01/2029 3.600000% |  | 25389JAU0 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 7/1/2029 |  |  | 96.18 |  |  |  |  |  | DIGITAL REALTY | 07/01/2029 3.600000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14400.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 400000.00 | 373507.60 | 376944.69 | 384732.40 | 384732.40 | 7787.71 | 7787.71 | 3.74 | False | 4.62 |  | 1.01 | 1.00 | 1.00 | 0.00 |  | CD4SPTZ3YBTHY0C1AH38 | 25389JAU<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 26441CBS | DUKE ENERGY COR | 3/15/2028 4.3% |  | 26441CBS3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 3/15/2028 |  |  | 99.68 |  |  |  |  |  | DUKE ENERGY COR | 3/15/2028 4.3% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 500000.00 | 490700.25 | 492431.25 | 498412.50 | 498412.50 | 5981.25 | 5981.25 | 4.31 | False | 4.42 |  | 1.31 | 1.30 | 1.30 | 0.00 |  |  | 26441CBS<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 29250NAN | ENBRIDGE INC | 01/15/2077 6.000000% |  | 29250NAN5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 1/15/2077 |  |  | 98.00 |  |  |  |  |  | ENBRIDGE INC | 01/15/2077 6.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 425000.00 | 416548.10 | 416564.95 | 416500.00 | 416500.00 | -64.95 | -64.95 | 6.12 | False | 6.13 |  | 1.10 | 1.08 | 1.08 | 0.00 |  | 98TPTUM4IVMFCZBCUR27 | 29250NAN | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 36186CBY | GMAC LLC | 11/01/2031 8.000000% |  | 36186CBY8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 11/1/2031 |  |  | 110.42 |  |  |  |  |  | GMAC LLC | 11/01/2031 8.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 8000.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 100000.00 | 110457.00 | 109429.78 | 110420.50 | 110420.50 | 990.72 | 990.72 | 7.25 | False | 6.04 |  | 0.29 | 0.29 | 0.29 | 0.00 |  | 549300JBN1OSM8YNAI90 | 36186CBY<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 38141GA8 | GOLDMAN SACHS GP | 04/25/2030 5.727000% |  | 38141GA87 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 4/25/2030 |  |  | 103.47 |  |  |  |  |  | GOLDMAN SACHS GP | 04/25/2030 5.727000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 68724.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 1200000.00 | 1236348.00 | 1235670.38 | 1241613.60 | 1241613.60 | 5943.22 | 5943.22 | 5.54 | True | 4.76 |  | 3.27 | 3.23 | 3.23 | 0.00 |  | 784F5XWPLTWKTBV3E584 | 38141GA8<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 403949AR | HF SINCLAIR CORP | 01/15/2031 5.750000% |  | 403949AR1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/15/2031 |  |  | 98.96 |  |  |  |  |  | HF SINCLAIR CORP | 01/15/2031 5.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 35650.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 620000.00 | 619204.90 | 619272.09 | 613568.74 | 613568.74 | -5703.35 | -5703.35 | 5.81 | False | 5.96 |  | 1.61 | 1.60 | 1.60 | 0.00 |  | 2549009G116AM01XHN24 | 403949AR<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 46284VAQ | IRON MOUNTAIN | 01/15/2033 6.250000% |  | 46284VAQ4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/15/2033 |  |  | 99.63 |  |  |  |  |  | IRON MOUNTAIN | 01/15/2033 6.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 500000.00 | 500000.00 | 500000.00 | 498125.00 | 498125.00 | -1875.00 | -1875.00 | 6.27 | False | 6.31 |  | 1.31 | 1.30 | 1.30 | 0.00 |  |  | 46284VAQ<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 46647PEY | JPMORGAN CHASE | 04/22/2031 5.103000% |  | 46647PEY8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 4/22/2031 |  |  | 101.63 |  |  |  |  |  | JPMORGAN CHASE | 04/22/2031 5.103000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19136.25 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 375000.00 | 375000.00 | 375000.00 | 381096.75 | 381096.75 | 6096.75 | 6096.75 | 5.02 | True | 4.73 |  | 1.00 | 0.99 | 0.99 | 0.00 |  |  | 46647PEY<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 534187BR | LINCOLN NATL CRP | 9.25% |  | 534187BR9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | PA | PENNSYLVANIA | USD | US DOLLAR | 9/1/2052 |  |  | 105.75 |  |  |  |  |  | LINCOLN NATL CRP | 9.25% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 200000.00 | 213280.00 | 213177.49 | 211500.00 | 211500.00 | -1677.49 | -1677.49 | 8.75 | True | 6.78 |  | 0.56 | 0.55 | 0.55 | 0.00 |  | EFQMQROEDSNBRIP7LE47 | 534187BR<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 55261FAS | M&T BANK CORP | 10/30/2029 7.413000% |  | 55261FAS3 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 10/30/2029 |  |  | 107.25 |  |  |  |  |  | M&T BANK CORP | 10/30/2029 7.413000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44478.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 600000.00 | 637759.30 | 633193.14 | 643525.80 | 643525.80 | 10332.66 | 10332.66 | 6.91 | True | 5.12 |  | 1.69 | 1.68 | 1.68 | 0.00 |  | 549300WYXDDBYRASEG81 | 55261FAS<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 571903BT | MARRIOTT INTL | 04/15/2032 5.100000% |  | 571903BT9 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MD | MARYLAND | USD | US DOLLAR | 4/15/2032 |  |  | 99.49 |  |  |  |  |  | MARRIOTT INTL | 04/15/2032 5.100000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 12750.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 250000.00 | 246982.50 | 247022.05 | 248734.00 | 248734.00 | 1711.95 | 1711.95 | 5.13 | False | 5.19 |  | 0.65 | 0.65 | 0.65 | 0.00 |  | 225YDZ14ZO8E1TXUSU86 | 571903BT<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 61748UAE | MORGAN STANLEY | 01/15/2031 5.230000% |  | 61748UAE2 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/15/2031 |  |  | 101.50 |  |  |  |  |  | MORGAN STANLEY | 01/15/2031 5.230000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 32687.50 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 625000.00 | 629649.00 | 629500.88 | 634370.00 | 634370.00 | 4869.12 | 4869.12 | 0.00 | True | -0.32 |  | 1.67 | 1.65 | 1.65 | 0.00 |  | IGJSJL3JD5P30I6NJZ34 | 61748UAE<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 62854AAN | MYLAN NV | 06/15/2026 3.950000% |  | 62854AAN4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | DE | DELAWARE | USD | US DOLLAR | 6/15/2026 |  |  | 98.30 |  |  |  |  |  | MYLAN NV | 06/15/2026 3.950000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 1000000.00 | 969325.25 | 982175.67 | 982972.00 | 982972.00 | 796.33 | 796.33 | 4.02 | False | 5.53 |  | 2.59 | 2.56 | 2.56 | 0.00 |  | 254900JOFV74IJ7H9933 | 62854AAN | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 65339KBS | NEXTERA ENERGY | 09/01/2025 5.749000% |  | 65339KBS8 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 9/1/2025 |  |  | 100.34 |  |  |  |  |  | NEXTERA ENERGY | 09/01/2025 5.749000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31619.50 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 550000.00 | 552361.45 | 550709.77 | 551895.30 | 551895.30 | 1185.53 | 1185.53 | 5.73 | False | 4.66 |  | 1.45 | 1.44 | 1.44 | 0.00 |  | UMI46YPGBLUE4VGNNT48 | 65339KBS<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 65339KDJ | NEXTERA ENERGY | 03/15/2030 5.050000% |  | 65339KDJ6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | FL | FLORIDA | USD | US DOLLAR | 3/15/2030 |  |  | 101.56 |  |  |  |  |  | NEXTERA ENERGY | 03/15/2030 5.050000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 30300.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 600000.00 | 600642.00 | 600578.62 | 609382.20 | 609382.20 | 8803.58 | 8803.58 | 4.97 | True | 4.68 |  | 1.60 | 1.59 | 1.59 | 0.00 |  | UMI46YPGBLUE4VGNNT48 | 65339KDJ<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 75513ECT | RTX CORP | 11/08/2026 5.750000% |  | 75513ECT6 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 11/8/2026 |  |  | 101.87 |  |  |  |  |  | RTX CORP | 11/08/2026 5.750000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 600000.00 | 611016.50 | 610484.37 | 611212.80 | 611212.80 | 728.43 | 728.43 | 5.64 | True | 4.39 |  | 1.61 | 1.59 | 1.59 | 0.00 |  | I07WOS4YJ0N7YRFE7309 | 75513ECT<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 78646UAB | SAFEHOLD GL HLD | 01/15/2032 2.850000% |  | 78646UAB5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/15/2032 |  |  | 84.89 |  |  |  |  |  | SAFEHOLD GL HLD | 01/15/2032 2.850000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 14136.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 496000.00 | 421174.23 | 427475.53 | 421047.95 | 421047.95 | -6427.58 | -6427.58 | 3.36 | False | 5.58 |  | 1.11 | 1.10 | 1.10 | 0.00 |  | 54930012UY5Z4Q8NL108 | 78646UAB<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 852060AD | SPRINT CAP CORP | 11/15/2028 6.875000% |  | 852060AD4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | KS | KANSAS | USD | US DOLLAR | 11/15/2028 |  |  | 106.63 |  |  |  |  |  | SPRINT CAP CORP | 11/15/2028 6.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 36093.75 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 525000.00 | 563670.75 | 557752.19 | 559781.25 | 559781.25 | 2029.06 | 2029.06 | 6.45 | False | 4.82 |  | 1.47 | 1.46 | 1.46 | 0.00 |  | 549300L17W0GQBR1PO80 | 852060AD<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 87165BAM | SYNCHRONY FINANC | 12/01/2027 3.950000% |  | 87165BAM5 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CT | CONNECTICUT | USD | US DOLLAR | 12/1/2027 |  |  | 96.97 |  |  |  |  |  | SYNCHRONY FINANC | 12/01/2027 3.950000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23700.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 600000.00 | 571917.50 | 577981.27 | 581809.80 | 581809.80 | 3828.53 | 3828.53 | 4.07 | False | 5.22 |  | 1.53 | 1.51 | 1.52 | 0.00 |  | 549300RS7EWPM9MA6C78 | 87165BAM<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 88167AAE | TEVA PHARMACEUCI | 10/01/2026 3.150000% |  | 88167AAE1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | NLG | NETHERLANDS |  |  | USD | US DOLLAR | 10/1/2026 |  |  | 96.50 |  |  |  |  |  | TEVA PHARMACEUCI | 10/01/2026 3.150000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9450.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 300000.00 | 282115.00 | 288689.67 | 289500.00 | 289500.00 | 810.33 | 810.33 | 3.26 | False | 5.75 |  | 0.76 | 0.75 | 0.75 | 0.00 |  | 5493004T21MOAFINJP35 | 88167AAE<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 89356BAB | TRANSCANADA TRUS | 08/15/2076 5.875000% |  | 89356BAB4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | CAD | CANADA |  |  | USD | US DOLLAR | 8/15/2076 |  |  | 98.75 |  |  |  |  |  | TRANSCANADA TRUS | 08/15/2076 5.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44062.50 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 750000.00 | 740205.50 | 740282.50 | 740625.00 | 740625.00 | 342.50 | 342.50 | 5.95 | False | 5.95 |  | 1.95 | 1.93 | 1.93 | 0.00 |  | 549300Y0MFCAXLBWUV51 | 89356BAB<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 87265HAG | TRI POINTE GROUP | 06/15/2028 5.700000% |  | 87265HAG4 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 6/15/2028 |  |  | 99.75 |  |  |  |  |  | TRI POINTE GROUP | 06/15/2028 5.700000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16245.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 285000.00 | 280062.25 | 281025.86 | 284287.50 | 284287.50 | 3261.64 | 3261.64 | 5.71 | False | 5.79 |  | 0.75 | 0.74 | 0.74 | 0.00 |  | 2138001WXZQOPMPA3D50 | 87265HAG<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 95000U3E | WELLS FARGO CO | 07/25/2029 5.574000% |  | 95000U3E1 |  | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 7/25/2029 |  |  | 102.66 |  |  |  |  |  | WELLS FARGO CO | 07/25/2029 5.574000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 31771.80 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 570000.00 | 575522.35 | 574693.91 | 585142.62 | 585142.62 | 10448.71 | 10448.71 | 5.43 | True | 4.68 |  | 1.54 | 1.52 | 1.52 | 0.00 |  | PBLD0EJDB5FWOLXP3B76 | 95000U3E<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 345370CA | FORD MOTOR CO | 7/16/2031 7.45% |  | 345370CA6 | 1012 | Auto Manufacturers |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES | MI | MICHIGAN | USD | US DOLLAR | 7/16/2031 |  |  | 105.31 |  |  |  |  |  | FORD MOTOR CO | 7/16/2031 7.45% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7450.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 100000.00 | 108180.00 | 107319.97 | 105305.40 | 105305.40 | -2014.57 | -2014.57 | 7.07 | False | 6.40 |  | 0.28 | 0.27 | 0.27 | 0.00 |  |  | 345370CA<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 928563AC | VMWARE INC | 8/21/2027 3.9% |  | 928563AC9 | 1099 | Application Software |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 8/21/2027 |  |  | 98.44 |  |  |  |  |  | VMWARE INC | 8/21/2027 3.9% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19500.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 500000.00 | 484326.60 | 487691.91 | 492196.00 | 492196.00 | 4504.09 | 4504.09 | 3.96 | False | 4.62 |  | 1.30 | 1.28 | 1.28 | 0.00 |  |  | 928563AC<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 26441CAS | DUKE ENERGY CORP | 09/01/26 2.65 |  | 26441CAS4 | A40A | Energy-Alternate Sou | rces | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/1/2026 |  |  | 97.64 |  |  |  |  |  | DUKE ENERGY CORP | 09/01/26 2.65 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 7950.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 300000.00 | 292002.00 | 292140.52 | 292930.50 | 292930.50 | 789.98 | 789.98 | 2.71 | False | 4.48 |  | 0.77 | 0.76 | 0.76 | 0.00 |  |  | 26441CAS<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE 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 | 4297.75 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 101427.79 | 101427.79 | 101427.79 | 101427.79 | 101427.79 | 0.00 | 0.00 | 4.24 | False | 4.22 |  | 0.27 | 0.26 | 0.26 | 0.00 |  |  | FIGXX<br> N | AC |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 91282CBS | US TREASURY N/B | 03/31/2028 1.250000% |  | 91282CBS9 |  | UNGROUPED SECURITIES |  | TREASNOT | TREASURY NOTE |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 3/31/2028 |  |  | 93.48 |  |  |  |  |  | US TREASURY N/B | 03/31/2028 1.250000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25437.50 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 2035000.00 | 1827882.42 | 1865526.48 | 1902407.13 | 1902407.13 | 36880.65 | 36880.65 | 1.34 | False | 3.62 |  | 5.01 | 4.95 | 4.96 | 0.00 |  | 254900HROIFWPRGM1V77 | 91282CBS<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 91282CEP | US TREASURY N/B | 5/15/2032 2.875% |  | 91282CEP2 |  | UNGROUPED SECURITIES |  | TREASNOT | TREASURY NOTE |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 5/15/2032 |  |  | 93.26 |  |  |  |  |  | US TREASURY N/B | 5/15/2032 2.875% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 116437.50 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 4050000.00 | 3676069.18 | 3705607.72 | 3776941.31 | 3776941.31 | 71333.59 | 71333.59 | 3.08 | False | 3.98 |  | 9.94 | 9.83 | 9.84 | 0.00 |  | 254900HROIFWPRGM1V77 | 91282CEP<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 91282CFL | US TREASURY N/B | 09/30/2029 3.875000% |  | 91282CFL0 |  | UNGROUPED SECURITIES |  | TREASNOT | TREASURY NOTE |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/30/2029 |  |  | 100.60 |  |  |  |  |  | US TREASURY N/B | 09/30/2029 3.875000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 182900.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 4720000.00 | 4634939.33 | 4647338.25 | 4748393.63 | 4748393.63 | 101055.38 | 101055.38 | 3.85 | False | 3.73 |  | 12.50 | 12.36 | 12.37 | 0.00 |  | 254900HROIFWPRGM1V77 | 91282CFL<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 91282CGM | US TREASURY N/B | 02/15/2033 3.500000% |  | 91282CGM7 |  | UNGROUPED SECURITIES |  | TREASNOT | TREASURY NOTE |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/15/2033 |  |  | 96.44 |  |  |  |  |  | US TREASURY N/B | 02/15/2033 3.500000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 69300.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 1980000.00 | 1859958.54 | 1868509.80 | 1909539.92 | 1909539.92 | 41030.12 | 41030.12 | 3.63 | False | 4.04 |  | 5.03 | 4.97 | 4.97 | 0.00 |  | 254900HROIFWPRGM1V77 | 91282CGM<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 91282CJK | US TREASURY N/B | 11/15/2026 4.625000% |  | 91282CJK8 |  | UNGROUPED SECURITIES |  | TREASNOT | TREASURY NOTE |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 11/15/2026 |  |  | 101.30 |  |  |  |  |  | US TREASURY N/B | 11/15/2026 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 83250.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 1800000.00 | 1820138.68 | 1816048.98 | 1823484.42 | 1823484.42 | 7435.44 | 7435.44 | 4.57 | False | 3.74 |  | 4.80 | 4.75 | 4.75 | 0.00 |  | 254900HROIFWPRGM1V77 | 91282CJK<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 91282CJX | US TREASURY N/B | 01/31/2031 4.000000% |  | 91282CJX0 |  | UNGROUPED SECURITIES |  | TREASNOT | TREASURY NOTE |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/31/2031 |  |  | 100.75 |  |  |  |  |  | US TREASURY N/B | 01/31/2031 4.000000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 112800.00 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 2820000.00 | 2777562.66 | 2782055.05 | 2841260.26 | 2841260.26 | 59205.21 | 59205.21 | 3.97 | False | 3.85 |  | 7.48 | 7.40 | 7.40 | 0.00 |  | 254900HROIFWPRGM1V77 | 91282CJX<br> N | MP |
| 445 | GENTER CAPITAL TAXABLE QUALITY | 91282CMM | US TREASURY N/B | 02/15/2035 4.625000% |  | 91282CMM0 |  | UNGROUPED SECURITIES |  | TREASNOT | TREASURY NOTE |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/15/2035 |  |  | 103.58 |  |  |  |  |  | US TREASURY N/B | 02/15/2035 4.625000% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 122562.50 | L<br> N |  |  | 4/30/2025<br> C |  | 445;USD | USD | 2650000.00 | 2725035.17 | 2724166.31 | 2744923.80 | 2744923.80 | 20757.49 | 20757.49 | 4.47 | False | 4.17 |  | 7.22 | 7.15 | 7.15 | 0.00 |  | 254900HROIFWPRGM1V77 | 91282CMM<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 Taxable Quality Intermediate ETF

- **b. EDGAR series identifier (if any):** S000084932

- **c. LEI of Series:** 5299005H0VJSXN0ZYL66

**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:** $38404626.28

**Total Liabilities:** $11347.44

**Net Assets:** $38393278.84

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 448 | **1-Year:** 2209 | **5-Year:** 7272 | **10-Year:** 4298 | **30-Year:** 9

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

- **3-Month:** 17 | **1-Year:** 109 | **5-Year:** 185 | **10-Year:** 84 | **30-Year:** 0

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000249689 | 1.39%                | 0.42%                | 0.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7817.12                | $315214.90                                 |
| Month 2  | $11504.14                | $2112.68                                   |
| Month 3  | $4777.39                 | $126822.28                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Intermediate Govt/Credit TR Index

- **Index Identifier:** LF97TRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIRCASTLE LTD        | CORPBOND | CUSIP: 00928QAS0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    580000 | NS      | $573494.14    | 1.49%             | 2026-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| ARES CAPITAL COR     | CORPBOND | CUSIP: 04010LAZ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | NS      | $614204.86    | 1.60%             | 2026-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BANK OF AMER CRP     | CORPBOND | CUSIP: 06051GJQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | NS      | $633820.85    | 1.65%             | 2027-03-11      | Variable      | 1.66%                 | No            |                  2 | On Loan: No      |
| BANK OF AMER CRP     | CORPBOND | CUSIP: 06051GLA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    555000 | NS      | $555606.06    | 1.45%             | 2026-07-22      | Variable      | 4.83%                 | No            |                  2 | On Loan: No      |
| CHARGTER COMM        | CORPBOND | CUSIP: 161175AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560000 | NS      | $559222.16    | 1.46%             | 2025-07-23      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGYP     | CORPBOND | CUSIP: 16411QAK7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    610000 | NS      | $569188.56    | 1.48%             | 2031-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY      | CORPBOND | CUSIP: 16411RAK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    650000 | NS      | $642778.50    | 1.67%             | 2028-10-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS        | CORPBOND | CUSIP: 17275RBW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | NS      | $405932.40    | 1.06%             | 2028-02-24      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC        | CORPBOND | CUSIP: 172967LD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | NS      | $296614.80    | 0.77%             | 2028-01-10      | Variable      | 3.89%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC        | CORPBOND | CUSIP: 172967PF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | NS      | $304110.90    | 0.79%             | 2030-02-13      | Variable      | 5.17%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY       | CORPBOND | CUSIP: 25389JAU0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    400000 | NS      | $384732.40    | 1.00%             | 2029-07-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY CORP     | CORPBOND | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    300000 | NS      | $292930.50    | 0.76%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| DUKE ENERGY COR      | CORPBOND | CUSIP: 26441CBS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | NS      | $498412.50    | 1.30%             | 2028-03-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC         | CORPBOND | CUSIP: 29250NAN5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    425000 | NS      | $416500.00    | 1.08%             | 2077-01-15      | Variable      | 6.00%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CO        | CORPBOND | CUSIP: 345370CA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | NS      | $105305.40    | 0.27%             | 2031-07-16      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| GMAC LLC             | CORPBOND | CUSIP: 36186CBY8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | NS      | $110420.50    | 0.29%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GP     | CORPBOND | CUSIP: 38141GA87<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | NS      | $1241613.60   | 3.23%             | 2030-04-25      | Variable      | 5.73%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP     | CORPBOND | CUSIP: 403949AR1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    620000 | NS      | $613568.74    | 1.60%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN        | CORPBOND | CUSIP: 46284VAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | NS      | $498125.00    | 1.30%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE       | CORPBOND | CUSIP: 46647PEY8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | NS      | $381096.75    | 0.99%             | 2031-04-22      | Variable      | 5.10%                 | No            |                  2 | On Loan: No      |
| LINCOLN NATL CRP     | CORPBOND | CUSIP: 534187BR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | NS      | $211500.00    | 0.55%             | 2052-09-01      | Variable      | 9.25%                 | No            |                  2 | On Loan: No      |
| M&T BANK CORP        | CORPBOND | CUSIP: 55261FAS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | NS      | $643525.80    | 1.68%             | 2029-10-30      | Variable      | 7.41%                 | No            |                  2 | On Loan: No      |
| MARRIOTT INTL        | CORPBOND | CUSIP: 571903BT9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | NS      | $248734.00    | 0.65%             | 2032-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY       | CORPBOND | CUSIP: 61748UAE2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625000 | NS      | $634370.00    | 1.65%             | 2031-01-15      | Variable      | 5.23%                 | No            |                  2 | On Loan: No      |
| MYLAN NV             | CORPBOND | CUSIP: 62854AAN4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | NS      | $982972.00    | 2.56%             | 2026-06-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY       | CORPBOND | CUSIP: 65339KBS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    550000 | NS      | $551895.30    | 1.44%             | 2025-09-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY       | CORPBOND | CUSIP: 65339KDJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | NS      | $609382.20    | 1.59%             | 2030-03-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| RTX CORP             | CORPBOND | CUSIP: 75513ECT6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | NS      | $611212.80    | 1.59%             | 2026-11-08      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD GL HLD      | CORPBOND | CUSIP: 78646UAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    496000 | NS      | $421047.95    | 1.10%             | 2032-01-15      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| SPRINT CAP CORP      | CORPBOND | CUSIP: 852060AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | NS      | $559781.25    | 1.46%             | 2028-11-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANC     | CORPBOND | CUSIP: 87165BAM5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    600000 | NS      | $581809.80    | 1.52%             | 2027-12-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| TRI POINTE GROUP     | CORPBOND | CUSIP: 87265HAG4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285000 | NS      | $284287.50    | 0.74%             | 2028-06-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUCI     | CORPBOND | CUSIP: 88167AAE1<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |    300000 | NS      | $289500.00    | 0.75%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA TRUS     | CORPBOND | CUSIP: 89356BAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    750000 | NS      | $740625.00    | 1.93%             | 2076-08-15      | Variable      | 5.88%                 | No            |                  2 | On Loan: No      |
| VMWARE INC           | CORPBOND | CUSIP: 928563AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | NS      | $492196.00    | 1.28%             | 2027-08-21      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO CO       | CORPBOND | CUSIP: 95000U3E1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    570000 | NS      | $585142.62    | 1.52%             | 2029-07-25      | Variable      | 5.57%                 | No            |                  2 | On Loan: No      |
| Fidelity Investments | MONEYMKT | CUSIP: 316175108<br>LEI: 6X064LF7Y6B4DKF2GZ26 | Long             | STIV             |  | US        |    101428 | NS      | $101427.79    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B      | TREASNOT | CUSIP: 91282CBS9<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   2035000 | NS      | $1902407.13   | 4.96%             | 2028-03-31      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B      | TREASNOT | CUSIP: 91282CEP2<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   4050000 | NS      | $3776941.31   | 9.84%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B      | TREASNOT | CUSIP: 91282CFL0<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   4720000 | NS      | $4748393.63   | 12.37%            | 2029-09-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B      | TREASNOT | CUSIP: 91282CGM7<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1980000 | NS      | $1909539.92   | 4.97%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B      | TREASNOT | CUSIP: 91282CJK8<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   1800000 | NS      | $1823484.42   | 4.75%             | 2026-11-15      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B      | TREASNOT | CUSIP: 91282CJX0<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   2820000 | NS      | $2841260.26   | 7.40%             | 2031-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B      | TREASNOT | CUSIP: 91282CMM0<br>LEI: N/A                  | Long             | DBT              | UST               | US        |   2650000 | NS      | $2744923.80   | 7.15%             | 2035-02-15      | Fixed         | 4.63%                 | 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