# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0001484018-23-000013
**Filing Date:** 2023-3
**Character Count:** 208495
**Document Hash:** 6a1b5e0b82c232181b1172f3262e9a44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001484018-23-000013.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001484018-23-000013

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Spinnaker ETF Series
- **CENTRAL INDEX KEY:** 0001484018
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 23722489

**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

### UVA Unconstrained Medium-Term Fixed Income ETF (Series ID: S000057345)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000183025 | UVA Unconstrained Medium-Term Fixed Income ETF | FFIU            |

### UVA Dividend Value ETF (Series ID: S000057346)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000183026 | UVA Dividend Value ETF | UVDV            |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number <u>811-22398</u>

<u>Spinnaker ETF Series</u><br> (Exact name of registrant as specified in charter)

<u>116 South Franklin Street, Rocky Mount, North Carolina 27804</u>

(Address of principal executive offices) (Zip code)

Paracorp Inc.

<u>2140 South Dupont Hwy, Camden, DE 19934</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>252-972-9922</u>

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>December 31, 2022</u>

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) <br>

## Semi-Annual Report 2022
*For the Fiscal Period from July 1, 2022 through December 31, 2022*

(Unaudited)

## UVA Unconstrained

## Medium-Term Fixed Income ETF
This report and the financial statements contained herein are submitted for the general information of the shareholders of the UVA Unconstrained Medium-Term Fixed Income ETF (the "ETF"). The ETF's shares are not deposits or obligations of, or guaranteed by, any depository institution. The ETF's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

------

Statements in this Semi-Annual Report that reflect projections or expectations of future financial or economic performance of the UVA Unconstrained Medium-Term Fixed Income ETF (the "ETF" or "Fund") and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.<br>***An investor should consider the investment objectives, risks, charges and expenses of the ETF carefully before investing. The prospectus contains this and other information about the ETF. A copy of the prospectus is available at www.etfpages.com/FFIU or by calling The Nottingham Company at 800-773-3863. The prospectus should be read carefully before investing.***<br>

#### For More Information on the UVA Unconstrained Medium-Term Fixed Income ETF:
See Our Web site @ **universalvalueadvisors.com**

or

Call Our Administrative Services Group at **800-773-3863.**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |  |
| **Schedule of Investments** |  |  |  |  |
| (Unaudited) |  |  |  |  |
| *As of December 31, 2022* |  |  |  |  |
|  | **** <br>**Principal** | **Interest <br> Rate** | **Maturity** <br> **Date** | **** <br>**Value (Note 1)** |
| **CORPORATE BONDS - 70.90%** |  |  |  |  |
| **Commodity - 0.42%** |  |  |  |  |
| Newmont Gold Corp. | $325000 | 2.800% | 10/1/2029 | $277213 |
| **Communication Services - 5.34%** |  |  |  |  |
| Alphabet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 1.900% | 8/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334873 |
| Alphabet, Inc. | 750000 | 2.050% | 8/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448026 |
| Discovery Communications LLC | 250000 | 3.800% | 3/13/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243259 |
| Netflix, Inc. | 300000 | 4.375% | 11/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289500 |
| Netflix, Inc. | 750000 | 4.875% | 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723750 |
| Netflix, Inc. | 300000 | 6.375% | 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308625 |
| Paramount Global | 750000 | 4.200% | 5/19/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615157 |
| Walt Disney Co. | 300000 | 3.500% | 5/13/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242750 |
| Walt Disney Co. | 250000 | 3.000% | 7/30/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175909 |
| Walt Disney Co. | 250000 | 2.750% | 9/1/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166887 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3548736 |
| **Consumer Discretionary - 11.65%** |  |  |  |  |
| Amazon.com, Inc. | 500000 | 3.150% | 8/22/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471835 |
| Amazon.com, Inc. | 750000 | 2.500% | 6/3/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479347 |
| Autonation, Inc. | 400000 | 4.750% | 6/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357804 |
| Constellation Brands, Inc. | 200000 | 4.650% | 11/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193809 |
| Constellation Brands, Inc. | 250000 | 2.875% | 5/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213454 |
| Dick's Sporting Goods | 500000 | 3.150% | 1/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391797 |
| Dollar Tree, Inc. | 200000 | 4.000% | 5/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195523 |
| eBay, Inc. | 500000 | 3.600% | 6/5/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475419 |
| eBay, Inc. | 190000 | 2.700% | 3/11/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162144 |
| eBay, Inc. | 1068000 | 4.000% | 7/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854153 |
| Expedia Group, Inc. | 500000 | 5.000% | 2/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493694 |
| Expedia Group, Inc. | 150000 | 4.625% | 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144681 |
| Expedia Group, Inc. | 226000 | 3.800% | 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207710 |
| Expedia Group, Inc. | 250000 | 3.250% | 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212591 |
| Expedia Group, Inc. | 135000 | 2.950% | 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108859 |
| Expedia Group, Inc. | 704000 | 4.100% | 4/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554716 |
| McDonald's Corp. | 500000 | 4.700% | 12/9/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482322 |
| Nike, Inc. | 250000 | 3.250% | 3/27/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204347 |
| Nike, Inc. | 343000 | 3.625% | 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286460 |
| Ralph Lauren Corp. | 350000 | 2.950% | 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302684 |
| Starbucks Corp. | 250000 | 2.450% | 6/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232942 |
| Starbucks Corp. | 250000 | 2.250% | 3/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208799 |
| Tapestry, Inc. | 58000 | 4.125% | 7/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53704 |
| Target Corp. | 500000 | 2.500% | 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468407 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7757201 |
|  |  |  |  | (Continued) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |
| **Schedule of Investments - Continued** |  |  |  |  |
| (Unaudited) |  |  |  |  |
| *As of December 31, 2022* |  |  |  |  |
|  | **** <br>**Principal** | **Interest**<br> **Rate** | **Maturity** <br> **Date** | **** <br>**Value (Note 1)** |
| **CORPORATE BONDS - CONTINUED** |  |  |  |  |
| **Consumer Staples - 1.08%** |  |  |  |  |
| Altria Group, Inc. | $250000 | 5.800% | 2/14/2039 | $229568 |
| Altria Group, Inc. | 400000 | 4.250% | 8/9/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297143 |
| Altria Group, Inc. | 250000 | 4.500% | 5/2/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189455 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716166 |
| **Financials - 19.66%** |  |  |  |  |
| American Tower Corp. | 600000 | 3.800% | 8/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545431 |
| Bank of America Corp. | 500000 | 6.300% | 3/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496250 |
| Bank of New York Mellon | 350000 | 3.750% | 12/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281750 |
| Berkshire Hathaway Finance Corp. | 250000 | 3.700% | 7/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229643 |
| Berkshire Hathaway Finance Corp. | 300000 | 2.850% | 10/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202724 |
| Broadcom, Inc. | 200000 | 3.500% | 1/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182621 |
| Broadcom, Inc. | 250000 | 4.300% | 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221972 |
| Capital One Financial Corp. | 400000 | 3.900% | 1/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395114 |
| Charles Schwab Corp. | 1500000 | 5.375% | 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1466250 |
| Charles Schwab Corp. | 1000000 | 4.000% | 12/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796250 |
| Cincinnati Financial Corp. | 59000 | 6.920% | 5/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62791 |
| Cincinnati Financial Corp. | 250000 | 6.125% | 11/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260235 |
| Citigroup, Inc. | 500000 | 3.875% | 2/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426250 |
| Citigroup, Inc. | 250000 | 1.000% | 3/17/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200160 |
| Crowdstrike Holdings, Inc. | 1000000 | 3.000% | 2/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842500 |
| E Trade Financial Corp. | 250000 | 3.800% | 8/24/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236566 |
| Fidelity National Financial, Inc. | 200000 | 4.875% | 5/12/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187426 |
| Fidelity National Financial, Inc. | 250000 | 3.400% | 6/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211291 |
| Goldman Sachs Group | 1100000 | 4.950% | 2/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1001000 |
| Goldman Sachs Group | 250000 | 6.750% | 10/29/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248568 |
| Goldman Sachs Group | 250000 | 4.600% | 10/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218420 |
| GS Finance Corp. | 250000 | 1.000% | 3/10/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200160 |
| HSBC Holdings PLC | 25000 | 4.250% | 3/14/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24536 |
| Huntington Bancs | 250000 | 4.450% | 10/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223750 |
| Janus Capital Group | 500000 | 4.875% | 8/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490925 |
| Lockheed Martin Corp. | 300000 | 2.800% | 6/15/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204840 |
| Metlife, Inc. | 250000 | 5.875% | 3/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238750 |
| Metlife, Inc. | 405000 | 10.750% | 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530786 |
| Morgan Stanley | 500000 | 6.250% | 8/9/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520645 |
| Morgan Stanley | 250000 | 4.350% | 9/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242778 |
| Morgan Stanley | 280000 | 5.875% | 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274750 |
| Progressive Corp. | 415000 | 3.700% | 1/26/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323518 |
| Reinsurance Group | 100000 | 3.900% | 5/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92052 |
| Seagate HDD Cayman | 1000000 | 5.750% | 12/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851250 |
| TD Ameritrade Holdings | 150000 | 3.300% | 4/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142346 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;13074298 |
|  |  |  |  | (Continued) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |  |
| **Schedule of Investments - Continued** |  |  |  |  |
| (Unaudited) |  |  |  |  |
| *As of December 31, 2022* |  |  |  |  |
|  | **** <br>**Principal** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **** <br>**Value (Note 1)** |
| **CORPORATE BONDS - CONTINUED** |  |  |  |  |
| **Health Care - 4.17%** |  |  |  |  |
| AbbVie, Inc. | $450000 | 2.800% | 3/15/2023 | $447287 |
| Amgen, Inc. | 300000 | 3.150% | 2/21/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223251 |
| Amgen, Inc. | 100000 | 5.375% | 5/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94453 |
| Amgen, Inc. | 300000 | 4.400% | 5/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253643 |
| Bristol-Myers Squibb Co. | 500000 | 4.125% | 6/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447871 |
| Gilead Sciences, Inc. | 332000 | 3.650% | 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321021 |
| Quest Diagnostics, Inc. | 250000 | 4.200% | 6/30/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238881 |
| Regeneron Pharmacies, Inc. | 250000 | 1.750% | 9/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193936 |
| Stryker Corp. | 359000 | 3.375% | 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346738 |
| Stryker Corp. | 211000 | 3.500% | 3/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203180 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2770261 |
| **Industrials - 12.71%** |  |  |  |  |
| 3M Co. | 350000 | 2.250% | 9/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324652 |
| Boeing Co. | 300000 | 3.250% | 3/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269300 |
| Boeing Co. | 300000 | 2.550% | 4/1/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229674 |
| Boeing Co. | 500000 | 3.300% | 3/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373009 |
| Boeing Co. | 250000 | 5.875% | 2/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238979 |
| Boeing Co. | 100000 | 3.500% | 3/1/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65497 |
| Boeing Co. | 100000 | 3.375% | 6/15/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65067 |
| Commercial Metals Co. | 220000 | 3.875% | 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185350 |
| Delta Air Lines, Inc. | 850000 | 2.900% | 10/28/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802188 |
| Delta Air Lines, Inc. | 255000 | 4.375% | 4/19/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225675 |
| Delta Air Lines, Inc. | 290000 | 3.750% | 10/28/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243600 |
| EOG Resources, Inc. | 330000 | 5.100% | 1/15/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314362 |
| Flowserve Corp. | 250000 | 3.500% | 10/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207684 |
| Ford Motor Credit Co. LLC | 250000 | 3.810% | 1/9/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243113 |
| Ford Motor Credit Co. LLC | 200000 | 4.389% | 1/8/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187036 |
| Ford Motor Credit Co. LLC | 100000 | 6.625% | 2/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100085 |
| Ford Motor Credit Co. LLC | 250000 | 6.375% | 2/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239468 |
| Fox Corp. | 300000 | 3.500% | 4/8/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266029 |
| Freeport-McMoran, Inc. | 300000 | 5.000% | 9/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291750 |
| Freeport-McMoran, Inc. | 250000 | 4.375% | 8/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233438 |
| Freeport-McMoran, Inc. | 100000 | 4.250% | 3/1/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91125 |
| Freeport-McMoran, Inc. | 100000 | 5.400% | 11/14/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94375 |
| General Electric Co. | 288000 | 5.100% | 6/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272623 |
| General Motors Co. | 250000 | 5.000% | 10/1/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240213 |
| Mohawk Industries, Inc. | 500000 | 3.625% | 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431416 |
| Olin Corp. | 150000 | 5.625% | 8/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141937 |
| O'Reilly Automotive, Inc. | 250000 | 1.750% | 3/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194068 |
|  |  |  |  | (Continued) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |  |
| **Schedule of Investments - Continued** |  |  |  |  |
| (Unaudited) |  |  |  |  |
| *As of December 31, 2022* |  |  |  |  |
|  | **** <br>**Principal** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **** <br>**Value (Note 1)** |
| **CORPORATE BONDS - CONTINUED** |  |  |  |  |
| **Industrials - Continued** |  |  |  |  |
| Penske Auto Group | $250000 | 3.750% | 6/15/2029 | $206250 |
| Raytheon Technologies Corp. | 400000 | 4.875% | 10/15/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378039 |
| San Diego Gas & Electric Co. | 250000 | 3.000% | 3/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214574 |
| Southwest Airlines Co. | 250000 | 7.375% | 3/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264696 |
| Southwest Airlines Co. | 500000 | 5.125% | 6/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495545 |
| Southwest Airlines Co. | 100000 | 2.625% | 2/10/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83788 |
| United Airlines Holdings, Inc. | 250000 | 4.875% | 1/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240000 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8454605 |
| **Information Technology - 9.89%** |  |  |  |  |
| Apple, Inc. | 500000 | 2.900% | 9/12/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467530 |
| Apple, Inc. | 500000 | 2.375% | 2/8/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355167 |
| Apple, Inc. | 450000 | 3.850% | 5/4/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392358 |
| Apple, Inc. | 500000 | 3.450% | 2/9/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406478 |
| Apple, Inc. | 100000 | 4.650% | 2/23/2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95627 |
| Apple, Inc. | 400000 | 4.250% | 2/9/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371264 |
| Apple, Inc. | 350000 | 3.750% | 9/12/2047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293851 |
| Arrow Electronics, Inc. | 150000 | 3.250% | 9/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144566 |
| Avnet, Inc. | 250000 | 4.625% | 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242289 |
| Cisco Systems, Inc. | 500000 | 2.500% | 9/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466356 |
| Electronic Arts, Inc. | 250000 | 1.850% | 2/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197023 |
| IBM Corp. | 800000 | 4.150% | 5/15/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693115 |
| Intel Corp. | 300000 | 2.800% | 8/12/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210277 |
| Intel Corp. | 300000 | 3.250% | 11/15/2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205257 |
| Microsoft Corp. | 450000 | 3.500% | 11/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381064 |
| Microsoft Corp. | 500000 | 2.525% | 6/1/2050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334027 |
| NetApp, Inc. | 100000 | 3.300% | 9/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96960 |
| Oracle Corp. | 400000 | 3.800% | 11/15/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318120 |
| Oracle Corp. | 650000 | 4.125% | 5/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495546 |
| Qorvo, Inc. | 250000 | 4.375% | 10/15/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220313 |
| Qualcomm, Inc. | 200000 | 3.250% | 5/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189673 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6576861 |
| **Real Estate - 5.98%** |  |  |  |  |
| CBRE Services, Inc. | 500000 | 2.500% | 4/1/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395309 |
| Hudson Pacific Properties, Inc. | 600000 | 4.650% | 4/1/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515381 |
| Hudson Pacific Properties, Inc. | 420000 | 3.250% | 1/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322222 |
| Hyatt Hotels Corp. | 450000 | 5.375% | 4/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447105 |
| Hyatt Hotels Corp. | 250000 | 4.375% | 9/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228171 |
| Hyatt Hotels Corp. | 450000 | 5.750% | 4/23/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435975 |
|  |  |  |  | (Continued) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |  |
| **Schedule of Investments - Continued** |  |  |  |  |
| (Unaudited) |  |  |  |  |
| *As of December 31, 2022* |  |  |  |  |
|  | **** <br>**Principal** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **** <br>**Value (Note 1)** |
| **CORPORATE BONDS - CONTINUED** |  |  |  |  |
| **Real Estate - Continued** |  |  |  |  |
| Kilroy Realty LP | $100000 | 3.050% | 2/15/2030 | $80196 |
| Kilroy Realty LP | 550000 | 2.500% | 11/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393518 |
| Las Vegas Sands Corp. | 125000 | 3.200% | 8/8/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118377 |
| Las Vegas Sands Corp. | 200000 | 2.900% | 6/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185116 |
| Las Vegas Sands Corp. | 325000 | 3.500% | 8/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291558 |
| Las Vegas Sands Corp. | 100000 | 3.900% | 8/8/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84492 |
| Pulte Homes, Inc. | 250000 | 6.375% | 5/15/2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248125 |
| RPM International, Inc. | 250000 | 3.750% | 3/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233217 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3978762 |
| **Total Corporate Bonds (Cost $55,448,013)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;47154103 |
| **MUNICIPAL BONDS - 10.50%** |  |  |  |  |
| Alaska Municipal Bond Bank Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 2.602% | 12/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254342 |
| Alaska Municipal Bond Bank Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 3.028% | 12/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246883 |
| Arizona Board of Rights University | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 3.900% | 6/1/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269223 |
| Bay Area California Toll Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 2.763% | 4/1/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197240 |
| Bay Area California Toll Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 2.913% | 4/1/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270102 |
| Brea Redevelopment Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | 2.500% | 8/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59045 |
| Bristol Township School District | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | 3.650% | 6/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177110 |
| California State University | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | 2.670% | 11/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210024 |
| Golden State Tobacco Securitization Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 3.115% | 6/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189505 |
| Manatee County Florida Port Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 3.187% | 10/1/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143526 |
| Martinez California Refinance Taxable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330000 | 2.700% | 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222922 |
| Miami-Dade County Florida Seaport Revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 2.762% | 10/1/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171385 |
| New Jersey Educational Facilities Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | 3.468% | 7/1/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323256 |
| New York City Transitional Finance Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future Tax Secured Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | 4.905% | 11/1/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324994 |
| New York City Transitional Finance Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Future Tax Secured Revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | 3.450% | 3/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162965 |
| Pennsylvania Higher Educational Facilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 4.300% | 6/15/2045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202848 |
| Philadelphia Pennsylvania Redevelopment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | 3.713% | 11/1/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221942 |
| Princeton University | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 2.612% | 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233327 |
| San Antonio Water System | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185000 | 3.206% | 5/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164197 |
| San Francisco City & County Public Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 2.900% | 11/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234838 |
| San Francisco City & County Public Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | 3.473% | 11/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299780 |
| San Marcos Unified School District | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350000 | 3.377% | 8/1/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240884 |
|  |  |  |  | (Continued) |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |  |
| **Schedule of Investments - Continued** | **Schedule of Investments - Continued** |  |  |  |  |
| (Unaudited) | (Unaudited) |  |  |  |  |
| *As of December 31, 2022* | *As of December 31, 2022* |  |  |  |  |
|  |  | **** <br>**Principal** | **Interest** <br> **Rate** | **Maturity** <br> **Date** | **** <br>**Value (Note 1)** |
| **MUNICIPAL BONDS - CONTINUED** | **MUNICIPAL BONDS - CONTINUED** |  |  |  |  |
|  | State of Oregon | $250000 | 3.577% | 8/1/2029 | $248185 |
|  | Tampa-Hillsborough County Expressway |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505000 | 2.692% | 7/1/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362534 |
|  | The Pennsylvania State University | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | 5.450% | 2/15/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306162 |
|  | The Pennsylvania State University | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | 2.790% | 9/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140238 |
|  | Torrance Unified School District | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | 3.344% | 8/1/2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305960 |
|  | Tulare County Board of Education | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 3.640% | 5/1/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177855 |
|  | University of California | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000 | 2.459% | 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65041 |
|  | University of Pittsburgh-of the Commonwealth |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;System of Higher Education | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | 3.039% | 5/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22950 |
|  | Utah State Transit Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 550000 | 2.774% | 12/15/2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398261 |
|  | Utah Transit Authority | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | 3.127% | 9/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132299 |
|  | **Total Municipal Bonds (Cost $9,021,664)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6979823 |
| **UNITED STATES TREASURY NOTES - 7.35%** | **UNITED STATES TREASURY NOTES - 7.35%** |  |  |  |  |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536000 | 0.250% | 6/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503086 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 3.000% | 7/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487656 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 1.875% | 8/31/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239102 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 2.500% | 3/31/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469766 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 2.750% | 4/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237148 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 3.250% | 6/30/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241992 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 2.375% | 3/31/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227969 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | 1.875% | 2/15/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212695 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | 3.250% | 5/15/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441250 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | 3.125% | 2/15/2043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772313 |
|  | United States Treasury Note | &nbsp;&nbsp;&nbsp;&nbsp; 1500000 | 2.250% | 2/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp; 1053516 |
|  | **Total United States Treasury Notes (Cost $5,347,596)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4886493 |
| **CLOSED-END FUNDS - 1.28%** | **CLOSED-END FUNDS - 1.28%** |  |  |  |  |
|  | **Municipals - 1.28%** |  | **Shares** |  |  |
|  | BlackRock Taxable Municipal Bond Trust |  | &nbsp;&nbsp;&nbsp;&nbsp; 26978 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454310 |
|  | Guggenheim Taxable Municipal Bond & Investment Grade |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Debt Trust |  | &nbsp;&nbsp;&nbsp;&nbsp; 24328 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398006 |
|  | **Total Closed-End Funds (Cost $1,262,966)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852316 |
| **EXCHANGE-TRADED FUNDS - 3.41%** | **EXCHANGE-TRADED FUNDS - 3.41%** |  |  |  |  |
|  | **Commodity Fund - 2.42%** |  | **Shares** |  |  |
| **\*** <br>| Aberdeen Gold ETF Trust |  | &nbsp;&nbsp;&nbsp;&nbsp; 92000 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1607240 |
|  | **Financials - 0.99%** |  |  |  |  |
|  | Invesco Financial Preferred ETF |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72000 |
|  | VanEck Vectors Preferred Securities ex Financials ETF |  | &nbsp;&nbsp;&nbsp;&nbsp; 35000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584850 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656850 |
|  | **Total Exchange-Traded Funds (Cost $2,478,330)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2264090 |
|  |  |  |  |  | (Continued) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |  |
| **Schedule of Investments - Continued** | **Schedule of Investments - Continued** |  |  |  |
| (Unaudited) |  |  |  |  |
| *As of December 31, 2022* | *As of December 31, 2022* |  |  |  |
|  |  |  |  | **** <br>**Value (Note 1)** |
| **PREFERRED STOCK - 0.09%** | **PREFERRED STOCK - 0.09%** |  | **Dividend** |  |
|  | **Real Estate - 0.09%** | **Shares** | **Rate** |  |
|  | Hudson Pacific Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | 4.750% | $62650 |
|  | **Total Preferred Stock (Cost $125,000)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62650 |
| **SHORT-TERM INVESTMENT - 3.37%** | **SHORT-TERM INVESTMENT - 3.37%** | **Shares** |  |  |
|  | Morgan Stanley Institutional Liquidity Funds, 4.23% § | &nbsp;&nbsp;&nbsp;&nbsp;2243292 |  | &nbsp;&nbsp;&nbsp;&nbsp; 2243292 |
|  | **Total Short-Term Investment (Cost $2,243,292)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2243292 |
| **Investments, at Value (Cost $75,926,861) - 96.90%** | **Investments, at Value (Cost $75,926,861) - 96.90%** |  |  | $64442767 |
| **Other Assets Less Liabilities - 3.10%** | **Other Assets Less Liabilities - 3.10%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2062796 |
|  | **Net Assets - 100%** |  |  | $66505563 |
| § <br>| Represents 7 day effective yield |  |  |  |
| **\*** <br>| Non-income producing investment |  |  |  |
| The following acronyms or abbreviations are used in this schedule of investments: | The following acronyms or abbreviations are used in this schedule of investments: |  |  |  |
|  | PLC - Public Limited Company |  |  |  |
|  | LLC - Limited Liability Company |  |  |  |
|  | LP - Limited Partnership |  |  |  |
|  | *Summary of Investments* |  |  |  |
|  |  | *% of Net* |  |  |
|  |  | *Assets* | *Value* |  |
|  | Corporate Bonds | 70.90% | $&nbsp;&nbsp;&nbsp;&nbsp;47154103 |  |
|  | Municipal Bonds | 10.50% | &nbsp;&nbsp;&nbsp;&nbsp;6979823 |  |
|  | United States Treasury Notes | 7.35% | &nbsp;&nbsp;&nbsp;&nbsp;4886493 |  |
|  | Closed-End Funds | 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 852316 |  |
|  | Exchange-Traded Funds | 3.41% | &nbsp;&nbsp;&nbsp;&nbsp;2264090 |  |
|  | Preferred Stock | 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62650 |  |
|  | Short-Term Investment | 3.37% | &nbsp;&nbsp;&nbsp;&nbsp;2243292 |  |
|  | Other Assets Less Liabilities | 3.10% | &nbsp;&nbsp;&nbsp;&nbsp;2062796 |  |
|  | Total Net Assets | 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;66505563 |  |
| *See Notes to Financial Statements* | *See Notes to Financial Statements* |  |  |  |

---

------

---

| | |
|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |  |
| **Statement of Assets and Liabilities** |  |
| (Unaudited) |  |
| *As of December 31, 2022* |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value (cost $75,926,861) | $&nbsp;&nbsp;&nbsp;&nbsp;64442767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 649180 |
| Investments sold | &nbsp;&nbsp;&nbsp;&nbsp; 1435574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses: |  |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp;&nbsp;&nbsp;66531412 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516 |
| Advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7217 |
| Compliance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 |
| Security pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 |
| Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 |
| Shareholder fulfillment fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 |
| Transfer Agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| Miscellaneous reporting expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 |
| Trustee fees and meeting expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| Registration and filing expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25849 |
| Total Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;66505563 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital | $&nbsp;&nbsp;&nbsp;&nbsp;78697769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated Deficit | &nbsp;&nbsp;&nbsp;&nbsp;(12192206) |
| Total Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;66505563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Outstanding, no par value (unlimited authorized shares) | &nbsp;&nbsp;&nbsp;&nbsp; 3100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Asset Value, Offering Price, and Redemption Price Per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.45 |
| *See Notes to Financial Statements* |  |

---

------

---

| | |
|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |  |
| **Statement of Operations** |  |
| (Unaudited) |  |
| *For the fiscal period ended December 31, 2022* |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $&nbsp;&nbsp;&nbsp;&nbsp; 1225153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95322 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 1320474 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder fulfillment fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous reporting expenses *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and meeting expenses *(note 3)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration & filing expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived by the Sub-Advisor *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171041 |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 1149433 |
| Realized and Unrealized Loss on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss from investment transactions | &nbsp;&nbsp;&nbsp;&nbsp; (645156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp; (1836818) |
| Net Realized and Unrealized Loss on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (2481974) |
| Net Decrease in Net Assets Resulting from Operations | $&nbsp;&nbsp;&nbsp;&nbsp; (1332541) |
| *See Notes to Financial Statements* |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |
| **Statements of Changes in Net Assets** | **Statements of Changes in Net Assets** |  |  |
|  |  | *December 31,* | *June 30,* |
| *For the fiscal year or period ended* | *For the fiscal year or period ended* | *2022 (a)* | *2022* |
| Operations: | Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1149433 | $1974767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (645156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1836818) | &nbsp;&nbsp;&nbsp;&nbsp; (12507555) |
| Net Decrease in Net Assets Resulting from Operations | Net Decrease in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1332542) | &nbsp;&nbsp;&nbsp;&nbsp; (10518805) |
| Distributions to Investors: | Distributions to Investors: |  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings | &nbsp;&nbsp;&nbsp; From distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1166263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2572837) |
| Decrease from Distributions to Investors | Decrease from Distributions to Investors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1166263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2572837) |
| Beneficial Interest Transactions: | Beneficial Interest Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2177214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Increase from Beneficial Interest Transactions | Increase from Beneficial Interest Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158997 |
| Net Increase (Decrease) in Net Assets | Net Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2475797) | &nbsp;&nbsp;&nbsp;&nbsp; 19488155 |
| Net Assets: | Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; 68981360 | &nbsp;&nbsp;&nbsp;&nbsp; 80914005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $&nbsp;&nbsp;&nbsp;&nbsp; 66505563 | $68981360 |
| Share Information: | Share Information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 |
| (a) | Unaudited. |  |  |
| *See Notes to Financial Statements* | *See Notes to Financial Statements* |  |  |

---

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** | **UVA Unconstrained Medium-Term Fixed Income ETF** |  |  |
| **Financial Highlights** | **Financial Highlights** |  |  |  |  |  |  |  |
| *For a share outstanding during each* | *For a share outstanding during each* | *December 31,* | *December 31,* | *June 30,* | *June 30,* | *June 30,* | *June 30,* | *June 30,* |
| *of the fiscal years or periods ended* | *of the fiscal years or periods ended* |  | *2022* <br>(g) | 2022 | *2021* | *2020* | *2019* | *2018*<br> (d) |
| Net Asset Value, Beginning of Period | Net Asset Value, Beginning of Period |  | $22.25 | $26.53 | $26.14 | $25.28 | $24.30 | $25.00 |
| Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (f) | &nbsp;&nbsp;&nbsp; Net investment income (f) |  | &nbsp;&nbsp;&nbsp;&nbsp; 0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 0.46 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  |  |  |  |  |  |  |
|  | on investments |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp;&nbsp; (4.08) | &nbsp;&nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp;&nbsp;&nbsp; (0.71) |
| Total from Investment Operations | Total from Investment Operations |  | (0.11) | (3.44) | 1.11 | 1.57 | 1.68 | (0.25) |
| Distributions to Investors: | Distributions to Investors: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp; From net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) |
| &nbsp;&nbsp;&nbsp; From capital gains | &nbsp;&nbsp;&nbsp; From capital gains |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Total from Distributions to Investors | Total from Distributions to Investors |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp;&nbsp; (0.45) |
| Net Asset Value, End of Period | Net Asset Value, End of Period |  | $21.45 | $22.25 | $26.53 | $26.14 | $25.28 | $24.30 |
| Total Return (e) | Total Return (e) |  | (1.90)%<br> (b) | (13.29)% | 4.30% | 6.29% | 7.05% | (1.00)%<br> (b) |
| Net Assets, End of Period (in thousands) | Net Assets, End of Period (in thousands) |  | $66506 | $68981 | $80914 | $61426 | $45502 | $47385 |
| Ratios of: | Ratios of: |  |  |  |  |  |  |  |
| Gross Expenses to Average Net Assets (c) | Gross Expenses to Average Net Assets (c) |  | 0.75%<br> (a) | 0.62% | 0.65% | 0.73% | 0.76% | 0.77%<br> (a) |
| Net Expenses to Average Net Assets (c) | Net Expenses to Average Net Assets (c) |  | 0.50%<br> (a) | 0.50% | 0.50% | 0.50% | 0.45% | 0.45%<br> (a) |
| Net Investment Income to Average | Net Investment Income to Average |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; Net Assets |  | 3.34%<br> (a) | 2.58% | 2.47% | 2.75% | 2.88% | 2.36%<br> (a) |
| Portfolio turnover rate | Portfolio turnover rate |  | 11.36%<br> (b) | 20.17% | 30.49% | 21.28% | 49.44% | 6.85%<br> (b) |
| (a) | Annualized. |  |  |  |  |  |  |  |
| (b) | Not annualized. |  |  |  |  |  |  |  |
| (c) | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). |
| (d) | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. | For a share outstanding during the period from August 18, 2017 (Commencement of Operations) through June 30, 2018. |
| (e) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and, consequently, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (f) | Calculated using the average shares method. | Calculated using the average shares method. |  |  |  |  |  |  |
| (g) | Unaudited. |  |  |  |  |  |  |  |
| *See Notes to Financial Statements* | *See Notes to Financial Statements* |  |  |  |  |  |  |  |

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 *---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

*

1. Organization and Significant Accounting Policies

The UVA Unconstrained Medium-Term Fixed Income ETF, an exchange-traded fund (the "ETF"), is a diversified series of the Spinnaker ETF Series (the "Trust"). The Trust was established as a Delaware statutory trust under an Agreement and Declaration of Trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act").

The ETF commenced operations on August 18, 2017. The investment objective of the ETF is to seek current income with limited risk to principal. The ETF seeks to achieve its investment objective by investing principally in fixed income securities of any kind with dollar-weighted average effective duration between three and nine years, under normal circumstances. Under normal market conditions, the ETF intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in such securities. Fixed income securities include bonds, debt securities, and income-producing instruments of any kind issued by governmental or private-sector entities.

The Trust will issue and redeem shares at Net Asset Value ("NAV") only in a large, specified number of shares called a "Creation Unit" or multiples thereof. A Creation Unit consists of 50,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. As a practical matter, only authorized participants may purchase or redeem these Creation Units. Except when aggregated in Creation Units, the shares are not redeemable securities of the ETF. The prices at which creations and redemptions occur are based on the next calculation of NAV after an order is received in proper form by Capital Investment Group, Inc. (the "Distributor"). Individual shares of the ETF may only be purchased and sold in secondary market transactions through brokers. Shares of the ETF are listed for trading on NYSE Arca under the trading symbol FFIU, and because shares will trade at market prices rather than NAV, shares of the ETF may trade at a price greater than or less than NAV.

*Creation Transaction Fees.* A creation transaction fee of $500 minimum per transaction (the "Creation Transaction Fee") is applicable to each transaction regardless of the number of Creation units purchased in the transaction. An additional variable charge for cash creations or partial cash creations may also be imposed to compensate the ETF for the costs associated with buying the applicable securities. The price for each Creation unit will equal the ETF's daily NAV per share times the number of Shares in a Creation unit plus the Creation Transaction Fees, and, if applicable, any transfer taxes.

*Redemption Transaction Fees*. A redemption transaction fee of $500 minimum per transaction (the "Redemption Transaction Fee") is applicable to each transaction regardless of the number of Creation units redeemed in the transaction. An additional variable charge for cash redemptions or partial cash redemptions may also be imposed to compensate the ETF for the costs associated with selling the applicable securities. The price for each Creation unit will equal the ETF's daily NAV per share times the number of Shares in a Creation unit plus the Redemption Transaction Fees, and, if applicable, any transfer taxes.

The following is a summary of significant accounting policies consistently followed by the ETF. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The ETF follows the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification 946 "Financial Services – Investment Companies."*

*Investment Valuation*

The ETF's investments in securities are carried at market value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean of the most recent bid and ask prices. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the security is principally traded closes early or if trading of the particular security is halted during the day and does not resume prior to the ETF's net asset value calculation) or which cannot be accurately valued using the ETF's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board of Trustees (the "Board" or the "Trustees"). A security's "fair value" price may differ from the price next available for that security using the ETF's normal pricing procedures. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

(Continued)

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| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

With respect to any portion of a ETF's assets that may be invested in other mutual funds, the value of the ETF's shares is based on the NAV of the shares of the other mutual funds in which the ETF invests. The valuation methods used by mutual funds in pricing their shares, including the circumstances under which they will use fair value pricing and the effects of using fair value pricing, are included in the prospectuses of such funds. To the extent the ETF invests a portion of its assets in non-registered investment vehicles, the ETF's shares in the non-registered vehicles are fair valued at NAV.

With respect to an ETF's assets invested directly in securities, the ETF's investments are generally valued at current market prices. Equity securities, debt securities, options and futures are generally valued at the official closing price or, if none, the last reported sales price on the primary exchange or market on which they are listed (closing price). Equity securities and debt securities that are not traded primarily on an exchange are generally valued at the quoted bid price obtained from a broker-dealer.

*Fair Value Measurement*

Various inputs are used in determining the value of the ETF's investments. These inputs are summarized in the three broad levels listed below:

**Level 1:** unadjusted quoted prices in active markets for identical securities

**Level 2:** other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, credit risk, etc.)

**Level 3:** significant unobservable inputs (including the ETF's own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of December 31, 2022, for the ETF's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Investments in Securities (a)(b)*** | ***Total*** | ***Level 1*** | ***Level 2*** | ***Level 3*** |
| *Assets* |  |  |  |  |
| Corporate Bonds | $47154103 | $- | $47154103 | $- |
| Municipal Bonds | 6979823 | - | 6979823 | - |
| United States Treasury Notes | 4886493 | - | 4886493 | - |
| Closed-End Funds | 852316 | 852316 | - | - |
| Exchange-Traded Funds | 2264090 | 2264090 | - | - |
| Preferred Stock | 62650 | 62650 | - | - |
| Short-Term Investment | 2243292 | 2243292 | - | - |
| *Total Assets* | $64442767 | $5422348 | $59020419 | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The ETF did not hold any Level 3 securities during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Refer to Schedule of Investments for a breakdown by Industry.

*Investment Transactions and Investment Income*

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income and expense are recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion/amortization of discounts and premiums using the effective interest method. Gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

(Continued)

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| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

*Expenses*

The ETF bears expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

*Distributions*

The ETF may declare and distribute dividends from net investment income, if any, monthly. The ETF generally declares and distributes capital gains, if any, annually. Dividends and distributions to shareholders are recorded on ex-date.

*Estimates*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

*Federal Income Taxes*

No provision for income taxes is included in the accompanying financial statements, as the ETF intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Transactions with Related Parties and Service Providers** 

*Advisor*

The ETF pays a monthly fee to OBP Capital, LLC (the "Advisor") calculated at the annual rate of 0.25% of the ETF's average daily net assets.

The Advisor has engaged Universal Value Advisors as the sub-advisor of the ETF (the "Sub-Advisor") to provide day to day portfolio management of the ETF. The Advisor pays a monthly fee to the Sub-Advisor calculated at the annual rate of 0.20% of the ETF's average daily net assets. The Sub-Advisor is paid directly by the Advisor out of the advisory fees disclosed above.

The ETF and the Sub-Advisor have entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the ETF, under which the Sub-Advisor has agreed to waive or reduce its fees and to assume other expenses of the ETF, if necessary, in amounts that limit the ETF's total operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of ETF officers and Trustees and contractual indemnification of ETF service providers (other than the Advisor or Sub-Advisor)) to not more than 0.50% of the average daily net assets of the ETF. The current term of the Expense Limitation Agreement is through October 31, 2023. While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.

For the fiscal period ended December 31, 2022, the Advisor earned $17,104 in net advisory fees after payment of the sub-advisor fee.

For the fiscal period ended December 31, 2022, the Sub-Advisor earned $68,417 in sub-advisory fees, of which $43,816 were waived pursuant to the Expense Limitation Agreement.

*Administrator*

The ETF pays a monthly fee to the ETF's administrator, The Nottingham Company (the "Administrator"), based upon the average daily net assets of the ETF and calculated at the annual rates as shown in the schedule below, which is subject to a minimum of $3,750 per month.

(Continued)

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| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

A breakdown of these fees is provided in the following table:

---

| | |
|:---|:---|
| **Net Assets** | **Annual Fee** |
| On the first $100 million | 0.100% |
| $100 million to $200 million | 0.080% |
| On all assets over $200 million | 0.060% |

---

A breakdown of the Fund Accounting Fee schedule is as follows:

---

| | |
|:---|:---|
| **Base Fee** | **Asset-Based Fee** |
| $2,250 per month minimum | 1 basis point (0.01%) per year |

---

The ETF incurred $34,461 in administration fees, $9,516in custody fees, and $16,963 in fund accounting fees for the fiscal period ended December 31, 2022.

*Compliance Services*

The Nottingham Company, Inc. serves as the Trust's compliance services provider including services as the Trust's Chief Compliance Officer. The Nottingham Company, Inc. is entitled to receive customary fees from the ETF for its services pursuant to the Compliance Services Agreement with the ETF.

*Transfer Agent*

Nottingham Shareholder Services, LLC ("Transfer Agent") serves as transfer, dividend paying, and shareholder servicing agent for the ETF. For its services, the Transfer Agent is entitled to receive compensation from the ETF pursuant to the Transfer Agent's fee arrangements with the ETF. The ETF incurred $6,039 in transfer agent fees during the fiscal period ended December 31, 2022.

*Distributor*

Capital Investment Group, Inc. ("Distributor") serves as the ETF's principal underwriter and distributor. The Distributor receives $6,500 per year paid in monthly installments for services provided and expenses assumed. Additional expenses may be incurred for processing fees during the year. This expense is included in the shareholder fulfillment expenses on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Trustees and Officers** 

The Board is responsible for the management and supervision of the ETF. The Trustees approve all significant agreements between the Trust, on behalf of the ETF, and those companies that furnish services to the ETF; review performance of the Advisor and the ETF; and oversee activities of the ETF. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Trustees who are not "interested persons" of the Trust or the Advisor within the meaning of the 1940 Act (the "Independent Trustees") receive $5,000 per year payable quarterly and $2,000 per series in the Trust. The Trust will reimburse each Trustee and officer of the Trust for his or her travel and other expenses relating to attendance of Board meetings. Additional fees may also be incurred during the year as special meetings are necessary in addition to the regularly scheduled meetings of the Board.

Certain officers of the Trust may also be officers of the Advisor or the Administrator.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

&nbsp;&nbsp;&nbsp;&nbsp;4. **Purchases and Sales of Investment Securities** 

For the fiscal period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and securities sold short) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| ***Purchases of Securities*** <br> ***(Excluding U.S. Government*** <br> ***Securities)*** | ***Proceeds from***<br> ***Sales of Securities***<br> ***(excluding U.S.*** <br> ***Government Securities)*** | <br> ***Purchase of U.S.*** <br>***Government*** <br> ***Securities*** | ***Proceeds from Sales*** <br> ***of U.S. Government*** <br> ***Securities*** |
| $4765138 | $7324162 | <br>$2951857 | <br>$- |

---

---

| | |
|:---|:---|
| ****** <br>***Cost from Purchases In-Kind*** | ****** <br>***Proceeds from Redemptions In-Kind*** |
| <br>$- | <br>$- |

---

#### <br>
5. Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. The general ledger is adjusted for permanent book/tax differences to reflect tax character but is not adjusted for temporary differences.

Management has reviewed the ETF's tax positions to be taken on the federal income tax returns for the fiscal year/periods ended June 30, 2020 through June 30, 2022, and during the fiscal period ended December 31, 2022, and determined that the ETF does not have a liability for uncertain tax positions. The ETF recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal period ended December 31, 2022, the ETF did not incur any interest or penalties.

Distributions during the year/period ended were characterized for tax purposes as follows:

---

| | | |
|:---|:---|:---|
|  |  ***December 31, 2022*** |  ***June 30, 2022*** |
| Ordinary Income <br>| $1166263 | $990030 |
| Capital Gains <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606157 |
| Total Distributions <br>| $1166263 | $1596187 |

---

At December 31, 2022, the tax-basis cost of investments and components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Cost of Investments | $&nbsp;&nbsp;&nbsp;&nbsp;75926861 |
| Gross Unrealized Appreciation | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41138 |
| Gross Unrealized Depreciation | (11525232) |
| Net Unrealized Appreciation | $(11484094) |

---

6. Concentration of Risk

At various times, the ETF may have cash, cash collateral, and due from broker balances that exceed federally insured limits. It is the opinion of management that the solvency of the financial institutions is not of a particular concern at this time.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

7. Principal Risks

*Call/Prepayment Risk*. During periods of falling interest rates, an issuer of a callable bond may exercise its right to pay principal on an obligation earlier than expected. This may result in the ETF reinvesting proceeds at lower interest rates, resulting in a decline in the ETF's income.

*Interest Rate Risk.* As interest rates rise, the value of fixed income securities held by the ETF are likely to decrease. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Interest rates in the United States are near historic lows, which may increase the ETF's exposure to risks associated with rising rates. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy (including the Federal Reserve ending its "quantitative easing" policy of purchasing large quantities of securities issued or guaranteed by the U.S. government), rising inflation, and changes in general economic conditions. Interest rate changes can be sudden and unpredictable. Moreover, rising interest rates may lead to decreased liquidity in the bond markets, making it more difficult for the ETF to value or sell some or all of its bond investments at any given time.

Changes in interest rates may also affect the ETF's share price; for example, a sharp rise in interest rates could cause the ETF's share price to fall. Securities with longer durations tend to be more sensitive to interest rate changes, making them more volatile than securities with shorter durations. Duration is an estimate of a security's sensitivity to changes in prevailing interest rates that is based on certain factors that may prove to be incorrect. It is therefore not an exact measurement and may not be able to reliably predict a particular security's price sensitivity to changes in interest rates.

*Fixed Income Risk*. When the ETF invests in fixed income securities, the value of your investment in the ETF will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the ETF. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default), extension risk (an issuer may exercise its right to repay principal on a fixed rate obligation held by the ETF later than expected), and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the ETF, possibly causing the ETF's share price and total return to be reduced and fluctuate more than other types of investments.

*Authorized Participant Risk.* Only an authorized participant ("Authorized Participant" or "AP") may engage in creation or redemption transactions directly with the ETF. The ETF has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

*ETF Structure Risks*. The ETF is structured as an ETF and as a result is subject to the special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Not Individually Redeemable*. Shares are not individually redeemable and may be redeemed by the ETF at NAV only in large
 blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Trading Issues*. An active trading market for the ETF's shares may not be developed or maintained. Trading in Shares on
 the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to
 meet the listing requirements of the Exchange. If the ETF's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an
 agency basis is limited, which may limit the market for the ETF's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Cash Purchases and Redemptions.* To the extent Creation Units are purchased or redeemed by Authorized Participants in
 cash instead of in-kind, the ETF will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the ETF and impact the ETF's NAV if not fully offset by transaction fees paid by the
 Authorized Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Market Price Variance Risk*. The market prices of Shares will fluctuate in response to changes in
 NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the
 NAV vary significantly. This means that Shares may trade at a discount to NAV.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences
 between the market value of ETF shares and the ETF's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent Authorized Participants exit the business or are unable to process creations or redemptions and no other Authorized Participant can step in to do
 so, there may be a significantly reduced trading market in the ETF's shares, which can lead to differences between the market value of ETF shares and the ETF's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price for the ETF's shares may deviate from the ETF's net asset value, particularly during times of market stress, with the result that investors may
 pay significantly more or receive significantly less for ETF shares than the ETF's net asset value, which is reflected in the bid and ask price for ETF shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When all or a portion of an ETF's underlying securities trade in a market that is closed when the market for the ETF's shares is open, there may be changes from
 the last quote of the closed market and the quote from the ETF's domestic trading day, which could lead to differences between the market value of the ETF's shares and the ETF's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In stressed market conditions, the market for the ETF's shares may become less liquid in response to the deteriorating liquidity of the ETF's portfolio. This
 adverse effect on the liquidity of the ETF's shares may, in turn, lead to differences between the market value of the ETF's shares and the ETF's net asset value.

*Management Risk.* The ETF is subject to management risk because it is an actively managed portfolio. In managing the ETF's portfolio securities, the Sub-Adviser will apply investment techniques and risk analyses in making investment decisions for the ETF, but there can be no guarantee that these will produce the desired results. The Sub-Adviser's decisions relating to the ETF's duration will also affect the ETF's yield, and in unusual circumstances will affect its share price. To the extent that the Sub-Adviser anticipates interest rates imprecisely, the ETF's yield at times could lag those of other similarly managed funds.

*Preferred Securities Risk.* Investing in preferred stock involves the following risks: (i) certain preferred stocks contain provisions that allow an issuer under certain conditions to skip or defer distributions; (ii) preferred stocks may be subject to redemption, including at the issuer's call, and, in the event of redemption, the ETF may not be able to reinvest the proceeds at comparable or favorable rates of return; (iii) preferred stocks are generally subordinated to bonds and other debt securities in an issuer's capital structure in terms of priority for corporate income and liquidation payments; and (iv) preferred stocks may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than many other securities.

*Credit/Default Risk.* Credit risk is the risk that issuers or guarantors of debt instruments or the counterparty to a derivatives contract, repurchase agreement, or loan of portfolio securities is unable or unwilling to make timely interest and/or principal payments or otherwise honor its obligations. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social, or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security's or other instrument's credit quality or value and an issuer's or counterparty's ability to pay interest and principal when due. Debt instruments are subject to varying degrees of credit risk, which may be reflected in credit ratings. Securities issued by the U.S. government have limited credit risk. Credit rating downgrades and defaults (failure to make interest or principal payment) may potentially reduce the ETF's income and Share price.

*Foreign Securities Risk*. Investments in securities of non-U.S. issuers are subject to risks not usually associated with owning securities of U.S. issuers. There is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations or currency exchange rates, expropriation or confiscatory taxation, limitation on the removal of cash or other assets of the ETF from foreign markets, political or financial instability, or diplomatic and other developments which could affect such investments. Further, economies of particular countries or areas of the world may differ favorably or unfavorably from the economy of the United States. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Investments in foreign markets also involve currency risk, which is the risk that the values of the ETF's investments denominated in foreign currencies will decrease due to adverse changes in the value of the U.S. dollar relative to the value of foreign currencies.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

*COVID-19 and Other Infectious Illnesses Risk*. The outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak, or other infectious illness outbreaks that may arise in the future, may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings. The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors. The extent to which COVID-19 or other infectious illnesses will affect the ETF, the ETF's service providers' and/or issuer's operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 or other infectious illnesses and the actions taken to contain COVID-19 or other infectious illnesses. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the ETF invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the ETF's investments may be negatively affected by such events. If there is a significant decline in the value of the ETF's portfolio, this may impact the ETF's asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak, or any other infectious illness outbreak that may arise in the future, and its impact on the global economy cannot be determined with certainty.

*Early Close/Trading Halt Risk.* An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the ETF from buying or selling certain securities or financial instruments. In these circumstances, the ETF may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur.

*Cybersecurity Risk.* As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the ETF. The Advisor and the ETF are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the ETF or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ETF shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The ETF and its shareholders could be negatively impacted as a result.

*Inflation-Indexed Bond Risk.* Inflation-indexed bonds may change in value in response to actual or anticipated changes in inflation rates in a manner unanticipated by the ETF's portfolio management team or investors generally. Inflation-indexed bonds are subject to debt securities risks.

*Mortgage- and Asset-Backed Securities Risk*. In addition to other risks commonly associated with investing in debt securities, mortgage-backed securities ("MBS") are subject to "prepayment risk" and "extension risk." Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated, and the ETF may have to invest the proceeds in securities with lower yields. MBS are priced with an expectation of some anticipated level of prepayment of principal. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated causing the value of these securities to fall. MBS are also subject to the risk of default on the underlying mortgages, particularly during periods of economic downturn. Reduced investor demand for mortgage loans and mortgage- related securities may adversely affect the liquidity and market value of MBS. The risks associated with investing in asset-backed securities ("ABS") are similar to those associated with investing in MBS. ABS also entail certain risks not presented by MBS, including the risk that in certain states it may be difficult to perfect the liens securing the collateral backing certain ABS. In addition, certain ABS are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

*U.S. Government Securities Risk*. Debt securities issued or guaranteed by certain U.S. Government agencies, instrumentalities, and sponsored enterprises are not supported by the full faith and credit of the U.S. Government, so investments in their securities or obligations issued by them involve credit risk greater than investments in other types of U.S. Government securities.

8. Commitments and Contingencies

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the ETF. In addition, in the normal course of business, the Trust enters into contracts with its service providers, on behalf of the ETF, and others that provide for general indemnifications. The ETF's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the ETF. The ETF expects risk of loss to be remote.

9. Subsequent Events

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of the financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments, other than the following items:

*Distributions*

Per share distributions for the ETF during the subsequent period were as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br> **Record Date** | <br> **Ex-Date** | <br> **Payable Date** | <br> **Ordinary Income** |
| 1/31/2023 | 1/30/2023 | 2/1/2023 | $0.060000 |

---

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Additional Information**<br>(Unaudited) |
| *As of December 31, 2022* |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. **Proxy Voting Policies and Voting Record** 

Copies of the Advisor's and Sub-Advisor's Proxy Voting Policies and Procedures are included as Appendix A to the ETF's Statement of Additional Information and are available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission ("SEC") at http://www.sec.gov. Information regarding how the ETF voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, is available (1) without charge, upon request, by calling the ETF at the number above and (2) on the SEC's website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Quarterly Portfolio Holdings** 

The ETF files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The ETF's Form N-PORT is available on the SEC's website at http://www.sec.gov. You may also obtain copies without charge, upon request, by calling the ETF at 800-773-3863.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Tax Information** 

We are required to advise you within 60 days of the ETF's fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the ETF's fiscal period ended December 31, 2022.

During the fiscal period ended December 31, 2022, the ETF paid $1,166,203 in income distributions but no long-term capital gain distributions.

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Schedule of Shareholder Expenses** 

As a shareholder of the ETF, you incur ongoing costs, including management fees and other ETF expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the ETF and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the fiscal period from July 1, 2022 through December 31, 2022.

**Actual Expenses** – The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** – The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the ETF's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the ETF's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the ETF and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Additional Information**<br>(Unaudited) |
| *As of December 31, 2022* |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\*** |
| Actual<br> Hypothetical (5% annual return before expenses) |  |  |  |
| Actual<br> Hypothetical (5% annual return before expenses) | $1000.00 | $1113.60 | $2.65 |
| Actual<br> Hypothetical (5% annual return before expenses) | $1000.00 | $1022.70 | $2.54 |

---

\*Expenses are equal to the average account value over the period multiplied by the ETF's annualized expense ratio of 0.50%, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six-month period).

&nbsp;&nbsp;&nbsp;&nbsp;5. **Approval of Investment Advisory Agreement** 

In connection with the quarterly Board meeting held on May 23, 2022, the Board, including a majority of the Independent Trustees, discussed the approval of the renewal of the management agreement, between the Trust and the Advisor, with respect to the ETF (the "Investment Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Advisory Agreement. In connection with their deliberations regarding approval of the Investment Advisory Agreement, the Trustees reviewed materials prepared by the Advisor.

In deciding on whether to approve the renewal of the Investment Advisory Agreement, the Trustees considered numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Advisor under the Investment Advisory Agreement. The
 Trustees reviewed the services being provided by the Advisor to the ETF including, without limitation, the quality of its investment advisory services since inception; assuring compliance with the investment objectives, policies, and
 limitations; and its coordination of services among the service providers. The Trustees evaluated the Advisor's staffing, personnel, and methods of operating; the education and experience of the Advisor's personnel; the Advisor's
 compliance program; and the Advisor's financial condition. It was noted that there had not been change in management.

After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of the Advisor's business, compliance program, and ADV), the Board concluded that the nature, extent, and quality of the services provided by the Advisor were satisfactory and adequate.

<u>Performance.</u> The Trustees compared the performance of the ETF with the performance of its comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Lipper peer group average). The Trustees noted that the ETF had outperformed its peer group, Lipper category, and benchmark index for the one-year period. They further noted that the ETF outperformed the Lipper category for the since inception period but underperformed the peer group and benchmark index for the since inception period noting the explanation provided that the underperformance was because the category uses lower quality assets that are expected to generate higher returns but take higher risks. After reviewing the investment performance of the ETF, Advisor's experience managing the ETF, and other factors, the Board concluded that the investment performance of the ETF and Advisor were satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Fees and Expenses.</u> The Trustees compared the advisory fee of the ETF to other comparable funds and noted it was below that of both the peer group and
 category averages. Following this comparison, and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Advisor were not unreasonable in relation to the nature and quality of
 the services provided by the Advisor and that they reflected charges that were within a range of what could have been negotiated at arm's length.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Profitability</u>. The Board reviewed the Advisor's profitability analysis in connection with its management of the ETF over the past
 twelve months. The Board noted that the Advisor realized a very small profit for the prior twelve months. The Board considered the profit realized and concluded that Advisor's level of profitability was not excessive.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Additional Information**<br>(Unaudited) |
| *As of December 31, 2022* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Economies of Scale.</u> In this regard, the Trustees reviewed the ETF's operational history and noted that the size of the ETF had not provided an
 opportunity to realize economies of scale. The Trustees then reviewed the fee arrangements for breakpoints or other provisions that would allow shareholders to benefit from economies of scale in the future as the ETF grows. The
 Trustees determined that the maximum management fee would stay the same regardless of the asset levels. It was pointed out that breakpoints in the advisory fee could be reconsidered in the future.

*Conclusion.* Having reviewed and discussed in depth such information from the Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the Investment Advisory Agreement and as assisted by the advice of legal counsel, the Trustees concluded that approval of the Investment Advisory Agreement was in the best interest of the shareholders of the ETF.

6. Approval of Investment Sub-Advisory Agreement

In connection with the quarterly Board meeting held on May 23, 2022, the Board, including a majority of the Independent Trustees, discussed the approval of the renewal of the management agreement, between the Trust and the Sub-Advisor, with respect to the ETF (the "Investment Sub-Advisory Agreement").

The Trustees were assisted by legal counsel throughout the review process. The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Investment Sub-Advisory Agreement and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the approval of the Investment Sub-Advisory Agreement. In connection with their deliberations regarding approval of the Investment Sub-Advisory Agreement, the Trustees reviewed materials prepared by the Sub-Advisor.

In deciding on whether to approve the renewal of the Investment Advisory Agreement, the Trustees considered numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Nature, Extent, and Quality of Services.</u> The Trustees considered the responsibilities of the Sub-Advisor under the Investment Sub-Advisory Agreement. The Trustees reviewed the services being provided by the Sub-Advisor to the ETF including, without limitation, the quality of its investment advisory services since the Sub-Advisor began managing the ETF (including research and recommendations with respect to portfolio securities); the Sub-Advisor's procedures for formulating investment recommendations; assuring compliance with the investment objectives, policies, and limitations; coordination of services for the ETF among the service providers; and the Sub-Advisors efforts to promote the ETF, grow the assets, and assist in the distribution of shares (although no portion of the investment sub-advisory fee was targeted to pay distribution expenses). The Trustees evaluated the Sub-Advisor's staffing, personnel, and methods of operating; the education and experience of the Sub-Advisor's personnel; compliance program; and the Sub-Advisor's financial condition. It was noted that there had been no change in management.

After reviewing the foregoing information and further information in the memorandum from the Sub-Advisor (e.g., descriptions of the Sub-Advisor's business, compliance program, and ADV), the Board concluded that the nature, extent, and quality of the services provided by the Sub-Advisor were satisfactory and adequate for the ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Performance.</u> The Trustees compared the performance of the ETF with the performance of comparable funds with similar strategies managed by other investment advisers, and applicable peer group data (e.g., Morningstar/Lipper peer group average). The Trustees noted that the ETF outperformed the peer group, Lipper category, and benchmark index for the 1-year period. They further noted that the ETF outperformed the Lipper category for the since inception period but underperformed the peer group and the benchmark index for the since inception period noting the explanation provided that the underperformance was because the category uses lower quality assets that are expected to generate higher returns but take higher risks. The Trustees also considered the consistency of the Sub-Advisor's management of the ETF with its investment objective, policies, and limitations.

(Continued)

------

---

| |
|:---|
| **UVA Unconstrained Medium-Term Fixed Income ETF** |
| **Additional Information**<br>(Unaudited) |
| *As of December 31, 2022* |

---

After reviewing the investment performance of the ETF, the Sub-Advisor's experience managing the ETF, the historical investment performance, and other factors, the Board concluded that the investment performance of the ETF and the Sub-Advisor was satisfactory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Fees and Expenses.</u> The Trustees first noted the management fee for the ETF under the Investment Sub-Advisory Agreement. The Trustees noted that there were no other accounts managed by the Sub-Advisor to which to compare fees, but the Trustees had previously determined as part of it consideration of the advisory agreement with the Advisor that the overall advisory fee paid by the ETF was not unreasonable in relation to the services provided. Upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to Sub-Advisor were not unreasonable in relation to the nature and quality of the services provided and that they reflected charges that were within a range of what could have been negotiated at arm's length.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Profitability</u>. The Board reviewed the Sub-Advisor's profitability analysis in connection with its management of the ETF over the past twelve months. The Board noted that the Sub-Advisor had realized a very small profit for the prior twelve months of operations. The Trustees discussed the profitability level of the Sub-Advisor, noting, among other factors and circumstances, that the level of profitability was not excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Economies of Scale</u>. In this regard, the Trustees reviewed the ETF's operational history and noted that the size of the ETF had not provided an opportunity to realize economies of scale. The Trustees then reviewed the ETF's fee arrangements for breakpoints or other provisions that would allow the ETF's shareholders to benefit from economies of scale in the future as the ETF grows. It was pointed out that breakpoints in the advisory fee could be reconsidered in the future.

------

### UVA Unconstrained Medium-Term Fixed Income ETF

### is a series of

### Spinnaker ETF Series

---

| | |
|:---|:---|
| **For Shareholder Service Inquiries:<br>**  | **For Investment Advisor Inquiries:** |

---

Nottingham Shareholder Services Universal Value Advisors

116 South Franklin Street 1 E. Liberty Street #406

Rocky Mount, North Carolina 27804 Reno, Nevada 89501

---

| | |
|:---|:---|
| **Telephone:<br>800-773-3863 <br>World Wide Web @:<br>ncfunds.com**  | **Telephone:**<br> **** <br>**775-284-7778**<br> **** <br>**World Wide Web @:**<br> **** <br>**universalvalueadvisors.com** |

---

------

## Semi-Annual Report 2022
*For the fiscal period from July 1, 2022 through December 31, 2022*

(Unaudited)

## UVA Dividend Value ETF
This report and the financial statements contained herein are submitted for the general information of the shareholders of the UVA Dividend Value ETF (the "ETF"). The ETF's shares are not deposits or obligations of, or guaranteed by, any depository institution. The ETF's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

------

Statements in this Semi-Annual Report that reflect projections or expectations of future financial or economic performance of the UVA Dividend Value ETF (the "ETF") and of the market in general and statements of the ETF's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.<br>***An investor should consider the investment objectives, risks, charges and expenses of the ETF carefully before investing. The prospectus contains this and other information about the ETF. A copy of the prospectus is available at https://etfpages.com/UVDV or by calling The Nottingham Company at 800-773-3863. The prospectus should be read carefully before investing.***<br>

#### For More Information on the UVA Dividend Value ETF:
See Our Web site @ **universalvalueadvisors.com**

or

Call Our Administrative Services Group at **800-773-3863.**

------

---

| | | |
|:---|:---|:---|
| **UVA Dividend Value ETF** |  |  |
| **Schedule of Investments** |  |  |
| (Unaudited) |  |  |
| *As of December 31, 2022* |  |  |
|  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - 67.56%** |  |  |
| **Communication Services - 1.63%** |  |  |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717 | $131436 |
| Verizon Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295261 |
| **Consumer Discretionary - 4.39%** |  |  |
| Constellation Brands, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245887 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191850 |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123645 |
| The Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 792434 |
| **Consumer Staples - 8.60%** |  |  |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458106 |
| Hanesbrands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59479 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92193 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203784 |
| The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222984 |
| The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240891 |
| The Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147510 |
| Tyson Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551875 |
| **Energy - 7.78%** |  |  |
| Chesapeake Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232905 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309979 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182193 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167915 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187345 |
| The Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404863 |
| **Financials - 5.50%** |  |  |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183991 |
| Cincinnati Financial Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157783 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301458 |
| Generac Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99452 |
| Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205752 |
| T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992278 |
| **Health Care - 13.02%** |  |  |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502956 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346727 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437032 |
| KLA-Tencor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389472 |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137254 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304468 |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351463 |
|  |  | (Continued) |

---

------

---

| | | |
|:---|:---|:---|
| **UVA Dividend Value ETF** |  |  |
| **Schedule of Investments - Continued** |  |  |
| (Unaudited) |  |  |
| *As of December 31, 2022* |  |  |
|  | **Shares** | **Value (Note 1)** |
| **COMMON STOCKS - CONTINUED** |  |  |
| **Industrials - 14.66%** |  |  |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1588 | $190433 |
| Archer-Daniels-Midland Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191550 |
| DOW Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172334 |
| Enbridge, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166644 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337678 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140273 |
| Huntington Ingalls, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272894 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568220 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437558 |
| Tesla, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42867 |
| The Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647235 |
| **Information Technology - 5.49%** |  |  |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131396 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178994 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89106 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90365 |
| MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104048 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142859 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130059 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990946 |
| **Materials - 4.43%** |  |  |
| Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392594 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143992 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799112 |
| **Real Estate - 2.06%** |  |  |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129023 |
| Hudson Pacific Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158959 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371651 |
| **Total Common Stocks (Cost $13,406,720)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 12197118 |
| **MASTER LIMITED PARTNERSHIP - 1.33%** |  |  |
| **Energy - 1.33%** |  |  |
| Enterprise Products Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239873 |
| **Total Master Limited Partnership (Cost $236,795)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239873 |
|  |  | (Continued) |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UVA Dividend Value ETF** | **UVA Dividend Value ETF** |  |  |  |
| **Schedule of Investments - Continued** | **Schedule of Investments - Continued** |  |  |  |
| (Unaudited) |  |  |  |  |
| *As of December 31, 2022* | *As of December 31, 2022* |  |  |  |
|  |  | **Shares** |  | **Value (Note 1)** |
| **EXCHANGE-TRADED FUNDS - 2.15%** | **EXCHANGE-TRADED FUNDS - 2.15%** |  |  |  |
|  | **Small-Cap - 1.45%** |  |  |  |
|  | ProShares UltraShort Russell 2000 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15788 |  | $261923 |
|  | **Total Market - 0.70%** |  |  |  |
|  | ProShares UltraShort FTSE Europe ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9868 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126014 |
|  | **Total Exchange-Traded Funds (Cost $480,244)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387937 |
| **SHORT-TERM INVESTMENT - 29.30%** | **SHORT-TERM INVESTMENT - 29.30%** |  |  |  |
|  | Dreyfus Treasury Securities Cash Management Fund, 3.99% § | &nbsp;&nbsp;&nbsp;&nbsp;5290131 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290131 |
|  | **Total Short-Term Investment (Cost $5,290,131)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5290131 |
| **Investments, at Value (Cost $19,413,890) - 100.34%** | **Investments, at Value (Cost $19,413,890) - 100.34%** |  |  | $18115059 |
| **Liabilities in Excess of Other Assets - (0.34)%** | **Liabilities in Excess of Other Assets - (0.34)%** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61665) |
|  | **Net Assets - 100%** |  |  | $18053394 |
| § <br>| Represents 7 day effective yield |  |  |  |
| µ <br>| American Depositary Receipt |  |  |  |
| *The following acronym or abbreviation is used in this Schedule:* | *The following acronym or abbreviation is used in this Schedule:* |  |  |  |
|  | PLC - Public Limited Company |  |  |  |
|  | NV - Netherlands Company |  |  |  |
|  | *Summary of Investments* |  |  |  |
|  | *by Sector* | *% of Net* |  |  |
|  |  | *Assets* | *Value* |  |
|  | *Common Stocks:* |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 1.63% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295261 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 4.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792434 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | 8.60% | &nbsp;&nbsp;&nbsp;&nbsp; 1551875 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7.78% | &nbsp;&nbsp;&nbsp;&nbsp; 1404863 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992278 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 13.02% | &nbsp;&nbsp;&nbsp;&nbsp; 2351463 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 14.66% | &nbsp;&nbsp;&nbsp;&nbsp; 2647235 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 5.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990946 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Materials | 4.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799112 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 2.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371651 |  |
|  | *Master Limited Partnership:* |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Energy | 1.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239873 |  |
|  | *Exchange-Traded Funds:* |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Small-Cap | 1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261923 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total Market | 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126014 |  |
|  | *Short-Term Investment* | 29.30% | &nbsp;&nbsp;&nbsp;&nbsp; 5290131 |  |
|  | *Liabilities in Excess of Other Assets* | -0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61665) |  |
|  | Total Net Assets | 100.00% | $&nbsp;&nbsp;&nbsp;&nbsp;18053394 |  |
| *See Notes to Financial Statements* | *See Notes to Financial Statements* |  |  |  |

---

------

---

| | |
|:---|:---|
| **UVA Dividend Value ETF** |  |
| **Statement of Assets and Liabilities** |  |
| (Unaudited) |  |
| *As of December 31, 2022* |  |
| Assets: |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $19,413,890) | $&nbsp;&nbsp;&nbsp;&nbsp;18115059 |
| &nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25251 |
| &nbsp;&nbsp;&nbsp; Receivables: |  |
| Interest and dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30919 |
| Due from Sub-Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24886 |
| &nbsp;&nbsp;&nbsp; Prepaid Expenses: |  |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848 |
| Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; Total assets | &nbsp;&nbsp;&nbsp;&nbsp;18197709 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |
| Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110975 |
| &nbsp;&nbsp;&nbsp; Accrued expenses: |  |
| Custody fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15215 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10001 |
| Compliance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258 |
| Shareholder fulfillment fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| Trustee fees and meeting expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714 |
| Security pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 |
| Miscellaneous reporting expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| Fund accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144315 |
| Total Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;18053394 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp; Paid in Capital | $&nbsp;&nbsp;&nbsp;&nbsp;19544490 |
| &nbsp;&nbsp;&nbsp; Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp; (1491096) |
| Total Net Assets | $&nbsp;&nbsp;&nbsp;&nbsp;18053394 |
| &nbsp;&nbsp;&nbsp; Shares Outstanding, no par value (unlimited authorized shares) | &nbsp;&nbsp;&nbsp;&nbsp; 1930000 |
| &nbsp;&nbsp;&nbsp; Net Asset Value, Offering Price, and Redemption Price Per Share | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.35 |
| *See Notes to Financial Statements* |  |

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| | |
|:---|:---|
| **UVA Dividend Value ETF** |  |
| **Statement of Operations** |  |
| (Unaudited) |  |
| *For the Fiscal Period Ended December 31, 2022* |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp; Dividends | $&nbsp;&nbsp;&nbsp;&nbsp; 258669 |
| Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 258669 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67499 |
| &nbsp;&nbsp;&nbsp; Administration fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20496 |
| &nbsp;&nbsp;&nbsp; Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18043 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14442 |
| &nbsp;&nbsp;&nbsp; Shareholder fulfillment fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13643 |
| &nbsp;&nbsp;&nbsp; Compliance fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9187 |
| &nbsp;&nbsp;&nbsp; Custody fees *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7798 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6039 |
| &nbsp;&nbsp;&nbsp; Security pricing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3843 |
| &nbsp;&nbsp;&nbsp; Trustee fees and meeting expenses *(note 3)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3220 |
| &nbsp;&nbsp;&nbsp; Miscellaneous reporting expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2196 |
| &nbsp;&nbsp;&nbsp; Insurance fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1721 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 168931 |
| &nbsp;&nbsp;&nbsp; Expenses reimbursed by the Sub-Advisor *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42933) |
| &nbsp;&nbsp;&nbsp; Expenses waived by the Sub-Advisor *(note 2)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53999) |
| &nbsp;&nbsp;&nbsp; Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71999 |
| Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp; 186670 |
| Realized and Unrealized Gain (Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| Investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65968) |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39499 |
| In-kind transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9435 |
| Total net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17034) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on: |  |
| Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74776 |
| Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83213 |
| Total net change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp; 157989 |
| Net Realized and Unrealized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 140955 |
| Net Increase in Net Assets Resulting from Operations | $&nbsp;&nbsp;&nbsp;&nbsp; 327625 |
| *See Notes to Financial Statements* |  |

---

------

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| | | |
|:---|:---|:---|
| **UVA Dividend Value ETF** |  |  |
| **Statement of Changes in Net Assets** |  |  |
|  | *December 31,* | *June 30,* |
| *For the fiscal period or year ended* | *2022 (a)* | *2022 (b)* |
| Operations: |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $186670 | $132753 |
| &nbsp;&nbsp;&nbsp; Net realized loss from investment transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24366) |
| &nbsp;&nbsp;&nbsp; Net realized gain from options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47926 |
| &nbsp;&nbsp;&nbsp; Net realized gain from in-kind transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113845 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1467073) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10253 |
| Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1186662) |
| Distributions to Investors: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131627) |
| Decrease from Distributions to Investors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (131627) |
| Beneficial Interest Transactions: |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1957510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20163921 |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2311165) |
| Increase from Beneficial Interest Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17852756 |
| Net Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16534467 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16534467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp; End of period | $18053394 | $16534467 |
| Share Information: |  |  |
| &nbsp;&nbsp;&nbsp; Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 |
| &nbsp;&nbsp;&nbsp; Shares Repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (230000) |
| &nbsp;&nbsp;&nbsp; Net Increase in Shares of Beneficial Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770000 |
| (a) Unaudited. |  |  |
| (b) For a share outstanding for the period from November 18, 2021 (Commencement of Operations) through June 30, 2022. | (b) For a share outstanding for the period from November 18, 2021 (Commencement of Operations) through June 30, 2022. |  |
| *See Notes to Financial Statements* |  |  |

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| | | | |
|:---|:---|:---|:---|
| **UVA Dividend Value ETF** | **UVA Dividend Value ETF** |  |  |
| **Financial Highlights** | **Financial Highlights** |  |  |
|  |  | *December 31,* | *June 30,* |
| *For a share outstanding during the fiscal periods ended* | *For a share outstanding during the fiscal periods ended* | *2022*<br> (e) | *2022*<br> (f) |
| Net Asset Value, Beginning of Period | Net Asset Value, Beginning of Period | $9.34 | $10.00 |
| Income (Loss) from Investment Operations: | Income (Loss) from Investment Operations: |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (d) | &nbsp;&nbsp;&nbsp; Net investment income (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.66) |
| Total from Investment Operations | Total from Investment Operations | 0.21 | (0.57) |
| Distributions to Investors: | Distributions to Investors: |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp; From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| &nbsp;&nbsp;&nbsp; From capital gains | &nbsp;&nbsp;&nbsp; From capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Total from Distributions to Investors | Total from Distributions to Investors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) |
| Net Asset Value, End of Period | Net Asset Value, End of Period | $9.35 | $9.34 |
| Total Return | Total Return | 2.32%<br> (b) | (5.77)%<br> (b) |
| Net Assets, End of Period (in thousands) | Net Assets, End of Period (in thousands) | $18053 | $16534 |
| Ratios of: | Ratios of: |  |  |
| Gross Expenses to Average Net Assets (c) | Gross Expenses to Average Net Assets (c) | 2.46%<br> (a) | 2.10%<br> (a) |
| Net Expenses to Average Net Assets (c) | Net Expenses to Average Net Assets (c) | 0.80%<br> (a) | 0.80%<br> (a) |
| Net Investment Income to Average Net Assets | Net Investment Income to Average Net Assets | 2.06%<br> (a) | 1.46%<br> (a) |
| Portfolio turnover rate | Portfolio turnover rate | 17.53%<br> (b) | 13.70%<br> (b) |
| (a) | Annualized. |  |  |
| (b) | Not annualized. |  |  |
| (c) | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). | The expense ratios listed reflect total expenses prior to any waivers (gross expense ratio) and after any waivers (net expense ratio). |
| (d) | Calculated using the average shares method. |  |  |
| (e) | Unaudited. |  |  |
| (f) | For a share outstanding for the period from November 18, 2021 (Commencement of Operations) through June 30, 2022. | For a share outstanding for the period from November 18, 2021 (Commencement of Operations) through June 30, 2022. | For a share outstanding for the period from November 18, 2021 (Commencement of Operations) through June 30, 2022. |
| *See Notes to Financial Statements* | *See Notes to Financial Statements* |  |  |

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 *---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

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*

1. Organization and Significant Accounting Policies

The UVA Dividend Value ETF, an exchange-traded fund (the "ETF"), is a diversified series of the Spinnaker ETF Series (the "Trust"). The Trust was established as a Delaware statutory trust under an Agreement and Declaration of Trust on December 21, 2016, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act").

The ETF commenced operations on November 18, 2021. The investment objective of the ETF is to seek positive returns and protection of capital. The ETF seeks to achieve its investment objective by investing principally in dividend-paying securities and, under normal circumstances, the ETF intends to invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in such securities. The ETF may also enter into equity derivative instruments such as options. The ETF may use these derivative instruments for investment purposes, including to generate income, to increase liquidity and/or to adjust the ETF's exposure to certain equity markets.

The Trust will issue and redeem shares at Net Asset Value ("NAV") only in a large, specified number of shares called a "Creation Unit" or multiples thereof. A Creation Unit consists of 10,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of in-kind securities and/or cash. As a practical matter, only authorized participants may purchase or redeem these Creation Units. Except when aggregated in Creation Units, the shares are not redeemable securities of the ETF. The prices at which creations and redemptions occur are based on the next calculation of NAV after an order is received in proper form by Capital Investment Group, Inc. (the "Distributor"). Individual shares of the ETF may only be purchased and sold in secondary market transactions through brokers. Shares of the ETF are listed for trading on NYSE Arca under the trading symbol UVDV, and because shares will trade at market prices rather than NAV, shares of the ETF may trade at a price greater than or less than NAV.

*Creation Transaction Fees.* A creation transaction fee of $5.00 per domestic security with a $500 minimum per transaction (the "Creation Transaction Fee") is applicable to each transaction regardless of the number of Creation units purchased in the transaction. An additional variable charge for cash creations or partial cash creations may also be imposed to compensate the ETF for the costs associated with buying the applicable securities. The price for each Creation unit will equal the ETF's daily NAV per share times the number of Shares in a Creation unit plus the Creation Transaction Fees, and, if applicable, any transfer taxes.

*Redemption Transaction Fees*. A redemption transaction fee of $5.00 per domestic security with a $500 minimum per transaction (the "Redemption Transaction Fee") is applicable to each transaction regardless of the number of Creation units redeemed in the transaction. An additional variable charge for cash redemptions or partial cash redemptions may also be imposed to compensate the ETF for the costs associated with selling the applicable securities. The price for each Creation unit will equal the ETF's daily NAV per share times the number of Shares in a Creation unit plus the Redemption Transaction Fees, and, if applicable, any transfer taxes.

The following is a summary of significant accounting policies consistently followed by the ETF. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The ETF follows the accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification 946 "Financial Services – Investment Companies."*

*Investment Valuation*

The ETF's investments in securities are carried at market value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean of the most recent bid and ask prices. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the security is principally traded closes early or if trading of the particular security is halted during the day and does not resume prior to the ETF's net asset value calculation) or which cannot be accurately valued using the ETF's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board of Trustees (the "Board" or the "Trustees"). A security's "fair value" price may differ from the price next available for that security using the ETF's normal pricing procedures. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

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| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

With respect to any portion of a ETF's assets that may be invested in other mutual funds, the value of the ETF's shares is based on the NAV of the shares of the other mutual funds in which the ETF invests. The valuation methods used by mutual funds in pricing their shares, including the circumstances under which they will use fair value pricing and the effects of using fair value pricing, are included in the prospectuses of such funds. To the extent the ETF invests a portion of its assets in non-registered investment vehicles, the ETF's shares in the non-registered vehicles are fair valued at NAV.

With respect to an ETF's assets invested directly in securities, the ETF's investments are generally valued at current market prices. Equity securities, debt securities, options and futures are generally valued at the official closing price or, if none, the last reported sales price on the primary exchange or market on which they are listed (closing price). Equity securities and debt securities that are not traded primarily on an exchange are generally valued at the quoted bid price obtained from a broker-dealer.

*Option Valuation*

Exchange-traded equity options for which market quotations are readily available are valued at the mean of the last quoted bid and ask prices as quoted on the Exchange or board of trade on which such options are traded. In the event that there is no mean price available for such an exchange-traded equity option held by the ETF on a day in which the ETF values such option, the last bid (long positions) or ask (short positions) price, if available, will be used as the value of such option. If no such bid or ask price is available on a day in which the ETF values such option, the prior day's price will be used, unless the ETF determines in good faith the prior day's price no longer reflects the fair value of such option, in which case, the option will be treated as a Fair Value Asset (as defined below). Over-the-counter derivatives ("OTC") may be valued using a mathematical model which may incorporate a number of market data factors.

*Fair Value Measurement*

Various inputs are used in determining the value of the ETF's investments. These inputs are summarized in the three broad levels listed below:

**Level 1:** unadjusted quoted prices in active markets for identical securities

**Level 2:** other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, credit risk, etc.)

**Level 3:** significant unobservable inputs (including the ETF's own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

The following table summarizes the inputs as of December 31, 2022, for the ETF's assets measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Investments in Securities (a)(b)* | *Total* | *Level 1* | *Level 2* | *Level 3* |
| *Assets* |  |  |  |  |
| Common Stocks | $12197118 | $12197118 | $- | $- |
| Master Limited Partnership | 239873 | 239873 | - | - |
| Exchange-Traded Funds | 387937 | 387937 | - | - |
| Short-Term Investment | 5290131 | 5290131 | - | - |
| *Total Assets* | $18115059 | $18115059 | $- | $- |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The ETF did not hold any Level 3 securities during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Refer to Schedule of Investments for a breakdown by Industry.

*Purchased Options*

When the ETF purchases an option, an amount equal to the premium paid by the ETF is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the ETF enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. Purchased options are non-income producing securities.

*Option Writing*

When the ETF writes an option, an amount equal to the premium received by the ETF is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated by the ETF on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss (depending on if the premium is less than the amount paid for the closing purchase transaction). If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the ETF has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the ETF. The ETF, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. Written options are non-income producing securities.

*Derivative Financial Instruments*

The ETF may invest in derivative financial instruments (derivatives) in order to manage risk or gain exposure to various other investments or markets. Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the ETF to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities.

Derivatives are marked to market daily based upon quotations from market makers or the ETF's independent pricing services and the ETF's net benefit or obligation under the contract, as measured by the fair market value of the contract, is included in Investments, at value on the Statement of Assets and Liabilities for options purchased and the Options Written, at value on the Statement of Assets and Liabilities for options written. Net realized gains and losses and net change in unrealized appreciation and depreciation on these contracts for the year are included in the Realized and Unrealized Gain on Investments on the Statement of Operations for options purchased and Realized and Unrealized Gain on Options Written on the Statement of Operations for options written. The ETF held no options as of the fiscal period ended December 31, 2022.

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| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

The following table sets forth the effect of the derivative instruments on the Statement of Operations for the fiscal period ended December 31, 2022:

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| | | |
|:---|:---|:---|
| Derivative Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Location | Gains/Losses |
| Written options – Equity risk | Net realized gain from options written | $39499 |
| Written options – Equity risk | Net change in unrealized appreciation on<br> &nbsp;&nbsp;&nbsp;&nbsp;options written | <br> $83213 |

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** 

<br> *Investment Transactions and Investment Income*

Investment transactions are accounted for as of the date purchased or sold (trade date). Dividend income and expense are recorded on the ex-dividend date. Interest income is recorded on the accrual basis and includes accretion/amortization of discounts and premiums using the effective interest method. Gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

*Expenses*

The ETF bears expenses incurred specifically on its behalf as well as a portion of general expenses, which are allocated according to methods reviewed annually by the Trustees.

*Distributions*

The ETF may declare and distribute dividends from net investment income, if any, monthly. The ETF generally declares and distributes capital gains, if any, annually. Dividends and distributions to shareholders are recorded on ex-date.

*Estimates*

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period. Actual results could differ from those estimates.

*Federal Income Taxes*

No provision for income taxes is included in the accompanying financial statements, as the ETF intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Transactions with Related Parties and Service Providers** 

*Advisor*

The ETF pays a monthly fee to OBP Capital, LLC (the "Advisor") calculated at the annual rate of 0.75% of the ETF's average daily net assets.

The Advisor has engaged Universal Value Advisors as the sub-advisor of the ETF (the "Sub-Advisor") to provide day to day portfolio management of the ETF. The Advisor pays a monthly fee to the Sub-Advisor calculated at the annual rate of 0.60% of the ETF's average daily net assets. The Sub-Advisor is paid directly by the Advisor out of the advisory fees disclosed above.

The ETF and the Sub-Advisor have entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the ETF, under which the Sub-Advisor has agreed to waive or reduce its fees and to assume other expenses of the ETF, if necessary, in amounts that limit the ETF's total operating expenses (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of ETF officers and Trustees and contractual indemnification of ETF service providers (other than the Advisor or Sub-Advisor)) to not more than 0.80% of the average daily net assets of the ETF. The current term of the Expense Limitation Agreement is through October 31, 2023. While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.

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| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

For the fiscal period ended December 31, 2022, the Advisor earned $13,500 in net advisory fees.

For the fiscal period ended December 31, 2022, the Sub-Advisor earned $53,999 in sub-advisory fees, all of which were waived and $42,933 was reimbursed pursuant to the Expense Limitation Agreement.

*Administrator*

The ETF pays a monthly fee to the ETF's administrator, The Nottingham Company (the "Administrator"), based upon the average daily net assets of the ETF and calculated at the annual rates as shown in the schedule below, which is subject to a minimum of $2,750 per month.

A breakdown of these fees is provided in the following table:

---

| | |
|:---|:---|
| **Net Assets** | **Annual Fee** |
| On the first $250 million | 0.090% |
| On the next $250 million | 0.080% |
| On the next $250 million | 0.060% |
| On the next $250 million | 0.050% |
| On all assets over $1 billion | 0.040% |

---

A breakdown of the Fund Accounting Fee schedule is as follows:

---

| | |
|:---|:---|
| **Base Fee** | **Asset-Based Fee** |
| $2,250 per month minimum | 1 basis point (0.01%) per year |

---

The ETF incurred $20,496 in administration fees, $7,798 in custody fees, and $14,442 in fund accounting fees for the fiscal period ended September December 31, 2022.

------

---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

*Compliance Services*

The Nottingham Company, Inc. serves as the Trust's compliance services provider including services as the Trust's Chief Compliance Officer. The Nottingham Company, Inc. is entitled to receive customary fees from the ETF for its services pursuant to the Compliance Services Agreement with the ETF.

*Transfer Agent*

Nottingham Shareholder Services, LLC ("Transfer Agent") serves as transfer, dividend paying, and shareholder servicing agent for the ETF. For its services, the Transfer Agent is entitled to receive compensation from the ETF pursuant to the Transfer Agent's fee arrangements with the ETF. The ETF incurred $6,039 in transfer agent fees during the fiscal period ended December 31, 2022.

*Distributor*

Capital Investment Group, Inc. (the "Distributor") serves as the ETF's principal underwriter and distributor. The Distributor receives $6,500 per year paid in monthly installments for services provided and expenses assumed. Additional expenses may be incurred for processing fees during the year. This expense is included in the shareholder fulfillment expenses on the Statement of Operations.

The ETF monthly website fees and New York Stock Exchange fees are also included in the shareholder fulfillment expenses on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Trustees and Officers** 

The Board is responsible for the management and supervision of the ETF. The Trustees approve all significant agreements between the Trust, on behalf of the ETF, and those companies that furnish services to the ETF; review performance of the Advisor and the ETF; and oversee activities of the ETF. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Trustees who are not "interested persons" of the Trust or the Advisor within the meaning of the 1940 Act (the "Independent Trustees") receive $5,000 per year payable quarterly and $2,000 per series in the Trust. The Trust will reimburse each Trustee and officer of the Trust for his or her travel and other expenses relating to attendance of Board meetings. Additional fees may also be incurred during the year as special meetings are necessary in addition to the regularly scheduled meetings of the Board.

Certain officers of the Trust may also be officers of the Advisor or the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Purchases and Sales of Investment Securities** 

For the fiscal period ended December 31, 2022, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities and securities sold short) were as follows:

---

| | |
|:---|:---|
| *Purchases of Securities*<br> *(Excluding In-Kind Transactions)* | *Proceeds from*<br> *Sales of Securities (Excluding In-Kind* <br> *Transactions)* |
| $2490310 | $4169720 |

---

---

| | |
|:---|:---|
| ** <br>*Cost from Purchases In-Kind* | ** <br>*Proceeds from Redemptions In-Kind* |
| <br>$1268432 | <br>$323044<br>|

---

5. Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. The general ledger is adjusted for permanent book/tax differences to reflect tax character but is not adjusted for temporary differences.

------

---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

Management has reviewed the ETF's tax positions to be taken on the federal income tax returns for the fiscal periods ended June 30, 2022 and December 31, 2022 and determined that the ETF does not have a liability for uncertain tax positions. The ETF recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal period ended December 31, 2022, the ETF did not incur any interest or penalties.

Distributions during the period ended were characterized for tax purposes as follows:

---

| | | |
|:---|:---|:---|
|  | *December 31, 2022*<br>| *June 30, 2022* |
| Ordinary Income <br>| &nbsp;&nbsp;&nbsp;&nbsp;$386587 | $131627 |
| Capital Gains <br>|  |  |
| Total Distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;$386587 | $131627 |

---

At December 31, 2022, the tax-basis cost of investments and components of distributable earnings were as follows:

---

| | |
|:---|:---|
| Cost of Investments | $19413890 |
| Gross Unrealized Appreciation | $635309 |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1934140) |
| Net Unrealized Appreciation | $(1298831) |

---

6. Concentration of Risk

At various times, the ETF may have cash, cash collateral, and due from broker balances that exceed federally insured limits. It is the opinion of management that the solvency of the financial institutions is not of a particular concern at this time.

7. Principal Risks

*Leverage Risk.* The use of leverage may exaggerate changes in the ETF's share price and the return on its investments. Accordingly, the ETF may be more volatile and all other risks, including the risk of loss of an investment, tend to be compounded or magnified. Borrowing also leads to additional interest expense and other fees that increase the ETF's expenses.

*Equity Securities Risk.* Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. These changes in value may result from factors affecting individual issuers, industries, or the stock market as a whole. In addition, equity markets tend to be cyclical which may cause stock prices to fall over short or extended periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Convertible Securities Risk. Convertible securities are hybrid securities that have characteristics of both fixed income and equity securities and are subject to risks associated with both equity securities and fixed income securities. If a convertible security's investment value is greater than its conversion value, its price likely will increase when interest rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible security will tend to fluctuate directly with the price of the underlying equity security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contingent Convertible Securities Risk. In addition to the risk of convertible securities described above, the ETF bear the risks and have little control if the fixed income securities are converted to equity securities. Bank-issued contingent convertible fixed income securities that are converted to equity securities will likely result in the ETF receiving shares as the stock price is declining. The ETF may also have difficulty selling its position in the contingent convertible securities if regulators do not allow the sale.

------

---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preferred Securities Risk. The value of preferred stocks will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

*Risks from Writing Options*. Writing option contracts can result in losses that exceed the ETF's initial investment and may lead to additional turnover and higher tax liability. The risk involved in writing a call option is that there could be an increase in the market value of the security. If this occurred, the option could be exercised and the underlying security would then be sold by the ETF at a lower price than its current market value or in the case of cash settled options, the ETF would be required to purchase the option at a price that is higher than the original sales price for such option. Similarly, while writing call options can reduce the risk of owning stocks, such a strategy limits the opportunity of the ETF to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security. If this occurred, the option could be exercised and the underlying security would then be sold to the ETF at a higher price than its current market value or in the case of cash settled options, the ETF would be required to purchase the option at a price that is higher than the original sales price for such option.

*Risks from Purchasing Options*. If a call or put option purchased by the ETF is not sold when it has remaining value and if the market price of the underlying security, in the case of a call, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the ETF will lose its entire investment in the option. Since many factors influence the value of an option, including the price of the underlying security, the exercise price, the time to expiration, the interest rate, and the dividend rate of the underlying security, the Advisor's success in implementing the ETF's strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets, and movements in interest rates. There is no assurance that a liquid market will exist when the ETF seeks to close out an option position. Where a position in a purchased option is used as a hedge against price movements in a related position, the price of the option may move more or less than the price of the related position.

*Large Capitalization Risk*. Large capitalization securities tend to go in and out of favor based on market and economic conditions. During a period when the demand for large capitalization securities is less than for other types of investments - for example small capitalization securities - the ETF's performance could be affected.

*Value Securities Risk*. Value securities are those issued by companies that may be perceived as undervalued. Value securities may fail to appreciate for long periods of time and may never realize their full potential value. Value securities have generally performed better than non-value securities during periods of economic recovery. Value securities may go in and out of favor over time. Dividend-paying value securities may also reduce or eliminate their dividend payments in the future.

*ETF Structure Risks*. The ETF is structured as an ETF and as a result is subject to the special risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Not Individually Redeemable*. Shares are not individually redeemable and may be redeemed by ETF at NAV only in large
 blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Trading Issues*. An active trading market for the ETF's shares may not be developed or maintained. Trading in Shares on
 the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to
 meet the listing requirements of the Exchange. If the ETF's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an
 agency basis is limited, which may limit the market for the ETF's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Cash Purchases and Redemptions*. To the extent Creation Units are purchased or redeemed by APs in cash instead of
 in-kind, the ETF will incur certain costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the ETF and impact the ETF's NAV if not fully offset by transaction fees paid by the APs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o *Market Price Variance Risk*. The market prices of Shares will fluctuate in response to changes in
 NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the
 NAV vary significantly. This means that Shares may trade at a discount to NAV.

------

---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In times of market stress, market makers may step away from their role market making in shares of ETFs and in executing trades, which can lead to differences
 between the market value of ETF shares and the ETF's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a
 significantly reduced trading market in the ETF's shares, which can lead to differences between the market value of ETF shares and the ETF's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market price for the ETF's shares may deviate from the ETF's net asset value, particularly during times of market stress, with the result that investors may
 pay significantly more or receive significantly less for ETF shares than the ETF's net asset value, which is reflected in the bid and ask price for ETF shares or in the closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the ETF's shares is open, there may be changes from
 the last quote of the closed market and the quote from the ETF's domestic trading day, which could lead to differences between the market value of the ETF's shares and the ETF's net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In stressed market conditions, the market for the ETF's shares may become less liquid in response to the deteriorating liquidity of the ETF's portfolio. This
 adverse effect on the liquidity of the ETF's shares may, in turn, lead to differences between the market value of the ETF's shares and the ETF's net asset value.

*Limited History of Operations Risk*. The ETF has a limited history of operations. Accordingly, investors in the ETF bear the risk that the ETF may not be successful in implementing its investment strategy, may not employ a successful investment strategy, or may fail to attract sufficient assets under management to realize economies of scale, any of which could result in the ETF being liquidated at any time without shareholder approval and at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders and will cause shareholders to incur expenses of liquidation.

*Sector Focus Risk*. The ETF may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the ETF's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

*Small and Medium Capitalization Companies Risk*. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience.

*Foreign Securities Risk*. Investments in securities of non-U.S. issuers are subject to risks not usually associated with owning securities of U.S. issuers. There is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations or currency exchange rates, expropriation or confiscatory taxation, limitation on the removal of cash or other assets of the ETF from foreign markets, political or financial instability, or diplomatic and other developments which could affect such investments. Further, economies of particular countries or areas of the world may differ favorably or unfavorably from the economy of the United States. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Investments in foreign markets also involve currency risk, which is the risk that the values of the ETF's investments denominated in foreign currencies will decrease due to adverse changes in the value of the U.S. dollar relative to the value of foreign currencies.

*Geographic Risk*. A natural or other disaster could occur in a geographic region in which the ETF invests, which could affect the economy or particular business operations of companies in the specific geographic region, causing an adverse impact on the ETF's investments in the affected region.

------

---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

*Model Risk*. Like all quantitative analysis, the Sub-Adviser's investment model carries a risk that the mathematical model used might be based on one or more incorrect assumptions. Rapidly changing and unforeseen market dynamics could also lead to a decrease in short term effectiveness of the adviser's mathematical model. No assurance can be given that the fund will be successful under all or any market conditions.

*Authorized Participant Risk.* Only an authorized participant ("Authorized Participant" or "AP") may engage in creation or redemption transactions directly with the ETF. The ETF has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). Authorized Participant concentration risk may be heightened for exchange-traded funds that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes.

*COVID-19 and Other Infectious Illnesses Risk.* The outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19 w has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many countries or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak, or other infectious illness outbreaks that may arise in the future, may exacerbate other pre-existing political, social and economic risks in certain countries or globally. As such, issuers of debt securities with operations, productions, offices, and/or personnel in (or other exposure to) areas affected with the virus may experience significant disruptions to their business and/or holdings. The potential impact on the credit markets may include market illiquidity, defaults and bankruptcies, among other consequences, particularly on issuers in the airline, travel and leisure and retail sectors. The extent to which COVID-19 or other infectious illnesses will affect the ETF, the ETF's service providers' and/or issuer's operations and results will depend on future developments, which are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of COVID-19 or other infectious illnesses and the actions taken to contain COVID-19 or other infectious illnesses. Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the ETF invests in securities of issuers located in or with significant exposure to countries experiencing economic, political and/or financial difficulties, the value and liquidity of the ETF's investments may be negatively affected by such events. If there is a significant decline in the value of the ETF's portfolio, this may impact the ETF's asset coverage levels for certain kinds of derivatives and other portfolio transactions. The duration of the COVID-19 outbreak, or any other infectious illness outbreak that may arise in the future, and its impact on the global economy cannot be determined with certainty.

*Cybersecurity Risk.* As part of its business, the Advisor processes, stores, and transmits large amounts of electronic information, including information relating to the transactions of the ETF. The Advisor and the ETF are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the ETF or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ETF shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, and/or reputational damage. The ETF and its shareholders could be negatively impacted as a result.

*Early Close/Trading Halt Risk*: An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the ETF from buying or selling certain securities or financial instruments. In these circumstances, the ETF may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

8. Commitments and Contingencies

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the ETF. In addition, in the normal course of business, the Trust enters into contracts with its service providers, on behalf of the ETF, and others that provide for general indemnifications. The ETF's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the ETF. The ETF expects risk of loss to be remote.

------

---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Notes to Financial Statements**<br> (Unaudited) |
| *As of December 31, 2022* |

---

9. Subsequent Events

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of the financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

------

 *---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Additional Information**<br>(Unaudited) |
| *As of December 31, 2022* |

---

*

&nbsp;&nbsp;&nbsp;&nbsp;1. **Proxy Voting Policies and Voting Record** 

Copies of the Advisor's and Sub-Advisor's Proxy Voting Policies and Procedures are included as Appendix A to the ETF's Statement of Additional Information and are available, without charge, upon request, by calling 800-773-3863, and on the website of the Securities and Exchange Commission ("SEC") at http://www.sec.gov. Information regarding how the ETF voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30, is available (1) without charge, upon request, by calling the ETF at the number above and (2) on the SEC's website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Quarterly Portfolio Holdings** 

The ETF files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The ETF's Form N-PORT is available on the SEC's website at http://www.sec.gov. You may also obtain copies without charge, upon request, by calling the ETF at 800-773-3863.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Tax Information** 

We are required to advise you within 60 days of the ETF's fiscal year-end regarding federal tax status of certain distributions received by shareholders during each fiscal year. The following information is provided for the ETF's initial period ended December 31, 2022.

During fiscal period ended December 31, 2022, the ETF paid $386,587 in income distributions but no long-term capital gain distributions.

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income. However, many retirement plans may need this information for their annual information meeting.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Schedule of Shareholder Expenses** 

As a shareholder of the ETF, you incur ongoing costs, including management fees and other ETF expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the ETF and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the fiscal period from July 1, 2022 through December 31, 2022.

**Actual Expenses** – The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** – The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the ETF's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the ETF's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the ETF and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(Continued)

------

---

| |
|:---|
| **UVA Dividend Value ETF** |
| **Additional Information**<br>(Unaudited) |
| *As of December 31, 2022* |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\*** |
| Actual<br> Hypothetical (5% annual return before expenses) |  |  |  |
| Actual<br> Hypothetical (5% annual return before expenses) | $1000.00 | $1023.20 | $4.08 |
| Actual<br> Hypothetical (5% annual return before expenses) | $1000.00 | $1021.17 | $4.08 |

---

\*Expenses are equal to the average account value over the period multiplied by the ETF's annualized expense ratio of 0.80%, multiplied by the number of days in the most recent period divided by the number of days in the fiscal year (to reflect the six-month period).

------

### UVA Dividend Value ETF

### is a series of

### Spinnaker ETF Series

---

| | |
|:---|:---|
| **For Shareholder Service Inquiries:<br>**  | **For Investment Advisor Inquiries:** |

---

Nottingham Shareholder Services Universal Value Advisors

116 South Franklin Street 1 E. Liberty Street #406

Rocky Mount, North Carolina 27804 Reno, Nevada 89501

---

| | |
|:---|:---|
| **Telephone:<br>800-773-3863 <br>World Wide Web @:<br>ncfunds.com**  | **Telephone:**<br> **** <br>775-284-7778 <br> **** <br>**World Wide Web @:**<br> **** <br>universalvalueadvisors.com |

---

------

(b) Not applicable.

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| | |
|:---|:---|
| **ITEM 2.**  | **CODE OF ETHICS.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 3.**  | **AUDIT COMMITTEE FINANCIAL EXPERT.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 4.**  | **PRINCIPAL ACCOUNTANT FEES AND SERVICES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 5.**  | **AUDIT COMMITTEE OF LISTED REGISTRANTS.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 6.**  | **SCHEDULE OF INVESTMENTS.** |

---

A copy of the schedule of investments of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

---

| | |
|:---|:---|
| **ITEM 7.**<br> **** <br>| **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 8.**  | **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 9.**<br> **** <br>| **PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** |

---

Not applicable.

------

---

| | |
|:---|:---|
| **ITEM 10.**  | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.** |

---

None.

---

| | |
|:---|:---|
| **ITEM 11.**  | **CONTROLS AND PROCEDURES.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The President and Principal Executive Officer and the Treasurer and Principal Financial Officer have concluded that the registrant's disclosure controls and
 procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of the disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules
 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that
 occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **ITEM 12.**<br> **** <br>| **DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END FUND MANAGEMENT INVESTMENT COMPANIES.** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 13.**  | **EXHIBITS.** |

---

(a)(1) Not applicable.

(a)(2) [Certifications pursuant to Rule 30a-2(a)](https://www.sec.gov/Archives/edgar/data/1484018/000148401823000013/cert302.htm) under the Investment Company Act of 1940 are filed herewith.

(a)(3) Not applicable.

(a)(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b)](https://www.sec.gov/Archives/edgar/data/1484018/000148401823000013/cert906.htm) under the Investment Company Act of 1940 and
 Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

------

**SIGNATURES**

<br> Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Spinnaker ETF Series | Spinnaker ETF Series |
|  | <u>/s/ Katherine M. Honey</u> |
| By:<br>| Katherine M. Honey<br> President and Principal Executive Officer |
| Date: | March 10, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  | <u>/s/ Katherine M. Honey</u> |
| By:<br>| Katherine M. Honey<br> President and Principal Executive Officer |
| Date: | March 10, 2023 |
|  | <u>/s/ Ashley H. Lanham</u> |
| By: | Ashley H. Lanham<br> Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date: | March 10, 2023<br>|

---

## Ex-99.Cert

#### EXHIBIT 13(a)(2)

#### CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND

#### SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Katherine M. Honey, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the UVA Unconstrained Medium-Term Fixed Income ETF and the UVA Dividend Value ETF, each a series of the
 Spinnaker ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash follows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered under this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not materials, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; <u>/s/ Katherine M. Honey</u> |
| By: | &nbsp;&nbsp;&nbsp; Katherine M. Honey<br> President and Principal Executive Officer |
| Date: | &nbsp;&nbsp;&nbsp; March 10, 2023 |

---

------

#### EXHIBIT 13(a)(2)

#### CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND

#### SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Ashley H. Lanham, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the UVA Unconstrained Medium-Term Fixed Income ETF and the UVA Dividend Value ETF, each a series of the
 Spinnaker ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
 statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash follows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered under this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of
 directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not materials, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Ashley H. Lanham</u> |
| By: | &nbsp;&nbsp;&nbsp;&nbsp; Ashley H. Lanham<br> Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp; March 10, 2023 |

---

## Exhibit 99.906

#### EXHIBIT 13(b)

#### SPINNAKER ETF SERIES

#### CERTIFICATION PURSUANT TO RULE 30a-2(b) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the semi-annual report of UVA Unconstrained Medium-Term Fixed Income ETF and the UVA Dividend Value ETF (the "Funds"), each a series of the Spinnaker ETF Series on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Katherine M. Honey, President and Principal Executive Officer of the Funds, does hereby certify, to her knowledge, that:

<br> (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Funds.

---

| | |
|:---|:---|
| By: | <u>/s/ Katherine M. Honey</u><br>|
|  | Katherine M. Honey<br> President and Principal Executive Officer |
| Date: | March 10, 2023 |

---

A signed original of this written statement required by Section 906 has been provided to the Spinnaker ETF Series and will be retained by the Spinnaker ETF Series and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

------

#### EXHIBIT 13(b)

#### SPINNAKER ETF SERIES

#### CERTIFICATION PURSUANT TO RULE 30a-2(b) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the semi-annual report of UVA Unconstrained Medium-Term Fixed Income ETF and the UVA Dividend Value ETF (the "Funds"), each a series of the Spinnaker ETF Series on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Ashley H. Lanham, Treasurer, Principal Financial Officer, and Principal Accounting Officer of the Funds, does hereby certify, to her knowledge, that:

<br> (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

<br> (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Funds.

---

| | |
|:---|:---|
| By: | <u>/s/ Ashley H. Lanham</u><br>|
|  | Ashley H. Lanham<br> Treasurer, Principal Financial Officer, and Principal Accounting Officer |
| Date: | March 10, 2023 |

---

A signed original of this written statement required by Section 906 has been provided to the Spinnaker ETF Series and will be retained by the Spinnaker ETF Series and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.