# EDGAR Filing Document

**Accession Number:** 0001484018
**File Stem:** 0001387131-23-002173
**Filing Date:** 2023-2
**Character Count:** 40629
**Document Hash:** 34eeb4b728074eac5e1915c67d3dfb16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-002173.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001387131-23-002173

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**PERIOD START**: 20230930

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22398
- **FILM NUMBER:** 23641067

**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

### Trajan Wealth Income Opportunities ETF (Series ID: S000067575)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000217293 | Trajan Wealth Income Opportunities ETF | TWIO            |

## Nport-Ex

---

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| XTR_FUND | XTR_FNDDSC | XTR_TKR | XTR_DESC1 | XTR_DESC2 | OCC_ID | XTR_CUSIP | XTR_GROUP1 | XTR_GROUP2 | XTR_CATGRY | XTR_CATDSC | XTR_SECTOR | XTR_SECTR1 | XTR_SECTR2 | XTR_CONTRY | XTR_CONDSC | XTR_STATE | XTR_STNAME | XTR_CURNCY | XTR_CURDSC | XTR_MATDAT | XTR_SUBUNT | XTR_SUBDSC | XTR_PRICE | XTR_PRISRC | SECTYPE | SECTYPE2 | RPT_ID | INCLUD_CAT | LEGAL1 | LEGAL2 | LEGAL3 | LEGAL4 | LEGAL5 | LEGAL6 | BAS_Q_DECS | BAS_M_DECS | LCL_P_DECS | LCL_Q_DECS | ISBASCURR | POS_INCOM | CLASS | QTYINDIC | FAS_LEVEL | PROCESS_DATE | SECTOR | FUNDCURR | BASECURR | POS_QTY | POS_ORGCST | POS_AMORT | POS_MKTVAL | RND_MKTVAL | POS_GL | RNDPOS_GL | POS_YIELD | YIELDTOCALL | POS_YTM | POS_YTM_NA | POS_PC_PRT | POS_PC_AST | POS_PC_NAS | POS_ORGFAC | FAS_TODAY_ONLY | LEI |
| 430 | Trajan Wealth Income Opportunities ETF | AIG | American Internation | al Group Inc |  | 026874784 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 63.24 |  |  |  |  |  | American Internation | al Group Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10768.64 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 8413.00 | 439510.05 | 439510.05 | 532038.12 | 532038.12 | 92528.07 | 92528.07 | 2.02 | False | 0.00 | N/A | 2.10 | 2.03 | 2.09 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | ATCO | Atlas Corp |  |  | Y0436Q109 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | MH | MARSHALL ISLANDS |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 15.34 |  |  |  |  |  | Atlas Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20395.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 40790.00 | 546632.04 | 546632.04 | 625718.60 | 625718.60 | 79086.56 | 79086.56 | 3.26 | False | 0.00 | N/A | 2.47 | 2.39 | 2.46 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | BKH | Black Hills Corp |  |  | 092113109 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | SD | SOUTH DAKOTA | USD | US DOLLAR | 1/0/1900 |  |  | 70.34 |  |  |  |  |  | Black Hills Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15951.79 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 6619.00 | 437027.59 | 437027.59 | 465580.46 | 465580.46 | 28552.87 | 28552.87 | 3.43 | False | 0.00 | N/A | 1.84 | 1.78 | 1.83 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | BX | Blackstone Inc. |  |  | 09260D107 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 74.19 |  |  |  |  |  | Blackstone Inc. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 18984.42 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 3843.00 | 390713.93 | 390713.93 | 285112.17 | 285112.17 | -105601.76 | -105601.76 | 6.66 | False | 0.00 | N/A | 1.12 | 1.09 | 1.12 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | BMY | Bristol-Myers Squibb | Co |  | 110122108 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 71.95 |  |  |  |  |  | Bristol-Myers Squibb | Co |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15158.88 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 7018.00 | 427887.11 | 427887.11 | 504945.10 | 504945.10 | 77057.99 | 77057.99 | 3.00 | False | 0.00 | N/A | 1.99 | 1.93 | 1.98 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | AVGO | Broadcom Inc |  |  | 11135F101 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 559.13 |  |  |  |  |  | Broadcom Inc |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13570.70 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 803.00 | 421270.79 | 421270.79 | 448981.39 | 448981.39 | 27710.60 | 27710.60 | 3.02 | False | 0.00 | N/A | 1.77 | 1.71 | 1.76 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | BG | Bunge Ltd |  |  | G16962105 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 99.77 |  |  |  |  |  | Bunge Ltd |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 10853.70 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 4719.00 | 389190.31 | 389190.31 | 470814.63 | 470814.63 | 81624.32 | 81624.32 | 2.31 | False | 0.00 | N/A | 1.86 | 1.80 | 1.85 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | FLO | Flowers Foods, Inc. |  |  | 343498101 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 28.74 |  |  |  |  |  | Flowers Foods, Inc. |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15454.68 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 17764.00 | 425308.97 | 425308.97 | 510537.36 | 510537.36 | 85228.39 | 85228.39 | 3.03 | False | 0.00 | N/A | 2.01 | 1.95 | 2.00 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | MPW | Medical Properties T | rust Inc |  | 58463J304 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | AL | ALABAMA | USD | US DOLLAR | 1/0/1900 |  |  | 11.14 |  |  |  |  |  | Medical Properties T | rust Inc |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34747.25 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 30215.00 | 587752.49 | 587752.49 | 336595.10 | 336595.10 | -251157.39 | -251157.39 | 10.32 | False | 0.00 | N/A | 1.33 | 1.28 | 1.32 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | OGE | OGE Energy Corp |  |  | 670837103 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OK | OKLAHOMA | USD | US DOLLAR | 1/0/1900 |  |  | 39.55 |  |  |  |  |  | OGE Energy Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 19674.94 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 11967.00 | 403417.10 | 403417.10 | 473294.85 | 473294.85 | 69877.75 | 69877.75 | 4.16 | False | 0.00 | N/A | 1.87 | 1.81 | 1.86 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | O | Realty Income Corp |  |  | 756109104 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | CA | CALIFORNIA | USD | US DOLLAR | 1/0/1900 |  |  | 63.43 |  |  |  |  |  | Realty Income Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 20076.02 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 6771.00 | 453106.74 | 453106.74 | 429484.53 | 429484.53 | -23622.21 | -23622.21 | 4.67 | False | 0.00 | N/A | 1.69 | 1.64 | 1.69 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | SON | Sonoco Products Co |  |  | 835495102 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | SC | SOUTH CAROLINA | USD | US DOLLAR | 1/0/1900 |  |  | 60.71 |  |  |  |  |  | Sonoco Products Co |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15473.28 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 8059.00 | 478821.71 | 478821.71 | 489261.89 | 489261.89 | 10440.18 | 10440.18 | 3.16 | False | 0.00 | N/A | 1.93 | 1.87 | 1.92 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | VLO | Valero Energy Corp |  |  | 91913Y100 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | TX | TEXAS | USD | US DOLLAR | 1/0/1900 |  |  | 126.86 |  |  |  |  |  | Valero Energy Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 16605.12 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 4236.00 | 304734.07 | 304734.07 | 537378.96 | 537378.96 | 232644.89 | 232644.89 | 3.09 | False | 0.00 | N/A | 2.12 | 2.05 | 2.11 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | VFC | VF Corp |  |  | 918204108 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | NC | NORTH CAROLINA | USD | US DOLLAR | 1/0/1900 |  |  | 27.61 |  |  |  |  |  | VF Corp |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 21836.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 10918.00 | 502455.34 | 502455.34 | 301445.98 | 301445.98 | -201009.36 | -201009.36 | 7.24 | False | 0.00 | N/A | 1.19 | 1.15 | 1.18 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | WMB | Williams Cos Inc/The |  |  | 969457100 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | OK | OKLAHOMA | USD | US DOLLAR | 1/0/1900 |  |  | 32.90 |  |  |  |  |  | Williams Cos Inc/The |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 25724.90 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 15267.00 | 392960.81 | 392960.81 | 502284.30 | 502284.30 | 109323.49 | 109323.49 | 5.12 | False | 0.00 | N/A | 1.98 | 1.92 | 1.97 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | ZION | Zions Bancorporation |  |  | 989701107 | UNGROUPED SECURITIES |  | COMMSTCK | COMMON STOCK |  |  |  | USA | UNITED STATES | UT | UTAH | USD | US DOLLAR | 1/0/1900 |  |  | 49.16 |  |  |  |  |  | Zions Bancorporation |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 11315.96 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 7162.00 | 403912.43 | 403912.43 | 352083.92 | 352083.92 | -51828.51 | -51828.51 | 3.21 | False | 0.00 | N/A | 1.39 | 1.34 | 1.38 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | BY 5 | BUCKEYE PARTNERS | 11/15/2043 5.85% |  | 118230AM3 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 11/15/2043 |  |  | 74.50 |  |  |  |  |  | BUCKEYE PARTNERS | 11/15/2043 5.85% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 54639.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 934000.00 | 915317.73 | 915688.76 | 695830.00 | 695830.00 | -219858.76 | -219858.76 | 7.85 | False | 8.47 |  | 2.74 | 2.66 | 2.73 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | CLECLI 4 | CLEVELAND CLINIC FOU | 4.858% 1/1/2114 |  | 18600TAA0 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/1/2114 |  |  | 87.02 |  |  |  |  |  | CLEVELAND CLINIC FOU | 4.858% 1/1/2114 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 27651.74 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 569200.00 | 809052.09 | 808512.40 | 495325.81 | 495325.81 | -313186.59 | -313186.59 | 5.58 | False | 5.59 |  | 1.95 | 1.89 | 1.94 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | FCX 5 | FREEPORT-MCMORAN INC | 5.45% 3/15/43 |  | 35671DBC8 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 3/15/2043 |  |  | 90.25 |  |  |  |  |  | FREEPORT-MCMORAN INC | 5.45% 3/15/43 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39349.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 722000.00 | 899037.90 | 891264.70 | 651605.00 | 651605.00 | -239659.70 | -239659.70 | 6.04 | False | 6.31 |  | 2.57 | 2.49 | 2.56 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | HPQ 6 | HP INC | 6% 09/15/41 |  | 428236BR3 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 96.38 |  |  |  |  |  | HP INC | 6% 09/15/41 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 39936.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 665600.00 | 868985.39 | 859078.34 | 641504.61 | 641504.61 | -217573.73 | -217573.73 | 6.23 | False | 6.33 |  | 2.53 | 2.45 | 2.52 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | MTVD 685 | MOTIVA ENTERPRISES | 1/15/2040 6.85% |  | 61980AAD5 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/15/2040 |  |  | 99.34 |  |  |  |  |  | MOTIVA ENTERPRISES | 1/15/2040 6.85% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 44525.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 650000.00 | 787839.00 | 783082.14 | 645680.75 | 645680.75 | -137401.39 | -137401.39 | 6.90 | False | 6.92 |  | 2.55 | 2.46 | 2.53 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | OLN 5 | OLIN CORP | 5% 2/1/30 |  | 680665AK2 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 2/1/2030 |  |  | 91.25 |  |  |  |  |  | OLIN CORP | 5% 2/1/30 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 42260.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 845200.00 | 895361.34 | 888114.42 | 771245.00 | 771245.00 | -116869.42 | -116869.42 | 5.48 | False | 6.56 |  | 3.04 | 2.94 | 3.03 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | TMUS 3.6 | T MOBILE USA | 11/15/2060 3.6% |  | 87264ABY0 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 11/15/2060 |  |  | 66.63 |  |  |  |  |  | T MOBILE USA | 11/15/2060 3.6% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 29692.80 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 824800.00 | 818894.59 | 818938.35 | 549541.97 | 549541.97 | -269396.38 | -269396.38 | 5.40 | False | 5.78 |  | 2.17 | 2.10 | 2.16 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | AAL 3 | US AIRWAYS 2013-1A P | 3.95% 11/15/25 |  | 90346WAA1 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 11/15/2025 |  |  | 91.13 |  |  |  |  |  | US AIRWAYS 2013-1A P | 3.95% 11/15/25 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 9618.12 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 243496.68 | 243105.79 | 243256.94 | 221886.35 | 221886.35 | -21370.59 | -21370.59 | 4.33 | False | 7.44 |  | 0.88 | 0.85 | 0.87 | 680000.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | VMI 5 | VALMONT INDUSTRIES | 5.25% 10/01/54 |  | 920253AE1 | UNGROUPED SECURITIES |  | CORPBOND | CORPORATE BOND |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 10/1/2054 |  |  | 85.67 |  |  |  |  |  | VALMONT INDUSTRIES | 5.25% 10/01/54 |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 33432.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 636800.00 | 792529.88 | 789163.02 | 545568.85 | 545568.85 | -243594.17 | -243594.17 | 6.13 | False | 6.30 |  | 2.15 | 2.08 | 2.14 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | UMBXX | Money Market Fiducia | ry |  | SF8888528 | UNGROUPED SECURITIES |  | MONEYMKT | MONEY MARKET |  |  |  | USA | UNITED STATES | MA | MASSACHUSETTS | USD | US DOLLAR | 1/4/2023 |  |  | 100.00 |  |  |  |  |  | Money Market Fiducia | ry |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 353.05 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 3530532.58 | 3530532.58 | 3530532.58 | 3530532.58 | 3530532.58 | 0.00 | 0.00 | 0.01 | False | 0.01 |  | 13.92 | 13.48 | 13.86 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | NLY I | ANNALY CAPITAL MGMT | 6.75% |  | 035710847 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 22.36 |  |  |  |  |  | ANNALY CAPITAL MGMT | 6.75% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 78936.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 22425.00 | 567745.79 | 567745.79 | 501423.00 | 501423.00 | -66322.79 | -66322.79 | 15.74 | False | 0.00 | N/A | 1.98 | 1.91 | 1.97 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | ABR F | ARBOR REALTY TRUST | 6.25% PERP |  | 038923850 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 18.11 |  |  |  |  |  | ARBOR REALTY TRUST | 6.25% PERP |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 48781.04 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 31676.00 | 772823.82 | 772823.82 | 573652.36 | 573652.36 | -199171.46 | -199171.46 | 8.50 | False | 0.00 | N/A | 2.26 | 2.19 | 2.25 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | AHL D | ASPEN INSURANCE HLDG | 5.625% |  | G05384162 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 18.07 |  |  |  |  |  | COMPASS DIVERSIF HOL | 7.875% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 26672.00 | 701245.69 | 701245.69 | 481963.04 | 481963.04 | -219282.65 | -219282.65 | 0.00 | False | 0.00 | N/A | 1.90 | 1.84 | 1.89 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | ATH A | Athene Holding Ltd |  |  | G0684D305 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 21.45 |  |  |  |  |  | Athene Holding Ltd |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 21457.00 | 557045.29 | 557045.29 | 460252.65 | 460252.65 | -96792.64 | -96792.64 | 0.00 | False | 0.00 | N/A | 1.82 | 1.76 | 1.81 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | CODI C | COMPASS DIVERSIF HOL | 7.875% |  | 20451Q401 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 22.82 |  |  |  |  |  | COMPASS DIVERSIF HOL | 7.875% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 23978.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 23978.00 | 625185.76 | 625185.76 | 547177.96 | 547177.96 | -78007.80 | -78007.80 | 4.38 | False | 0.00 | N/A | 2.16 | 2.09 | 2.15 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | CMRE E | COSTAMARE INC | 8.875% |  | Y1771G201 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 25.36 |  |  |  |  |  | COSTAMARE INC | 8.875% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 15558.72 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 16207.00 | 436499.90 | 436499.90 | 411009.52 | 411009.52 | -25490.38 | -25490.38 | 3.79 | False | 0.00 | N/A | 1.62 | 1.57 | 1.61 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | DCOMP | DIME COMMUNITY BANCS | 5.5% |  | 25432X201 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 18.47 |  |  |  |  |  | DIME COMMUNITY BANCS | 5.5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 34671.00 | 846885.62 | 846885.62 | 640373.37 | 640373.37 | -206512.25 | -206512.25 | 0.00 | False | 0.00 | N/A | 2.53 | 2.44 | 2.51 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | DX C | DYNEX CAPITAL INC | 6.9% |  | 26817Q878 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 21.81 |  |  |  |  |  | DYNEX CAPITAL INC | 6.9% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40840.80 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 26180.00 | 668054.92 | 668054.92 | 570985.80 | 570985.80 | -97069.12 | -97069.12 | 7.15 | False | 0.00 | N/A | 2.25 | 2.18 | 2.24 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | AGM F | FARMER MAC | 5.25% |  | 313148843 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 19.10 |  |  |  |  |  | FARMER MAC | 5.25% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 108676.20 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 28599.00 | 722271.74 | 722271.74 | 546255.20 | 546255.20 | -176016.54 | -176016.54 | 19.89 | False | 0.00 | N/A | 2.15 | 2.08 | 2.14 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | FTAIP | FTAI Aviation Ltd | 8.25% |  | G3730V113 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | CAY | CAYMAN ISLANDS |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 22.50 |  |  |  |  |  | FTAI Aviation Ltd | 8.25% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 40636.20 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 30785.00 | 807419.68 | 807419.68 | 692662.50 | 692662.50 | -114757.18 | -114757.18 | 5.87 | False | 0.00 | N/A | 2.73 | 2.64 | 2.72 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | IVR B | INVESCO MORTGAGE CAP | 7.75% |  | 46131B407 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 19.68 |  |  |  |  |  | INVESCO MORTGAGE CAP | 7.75% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 92148.45 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 27507.00 | 679696.38 | 679696.38 | 541337.76 | 541337.76 | -138358.62 | -138358.62 | 17.02 | False | 0.00 | N/A | 2.13 | 2.07 | 2.12 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | KREFP | KKR Real Estate Fina | 6.5% PERP |  | 48251K209 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES | NY | NEW YORK | USD | US DOLLAR | 1/0/1900 |  |  | 16.50 |  |  |  |  |  | KKR Real Estate Fina | 6.5% PERP |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 31368.00 | 802429.35 | 802429.35 | 517572.00 | 517572.00 | -284857.35 | -284857.35 | 0.00 | False | 0.00 | N/A | 2.04 | 1.98 | 2.03 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | PEB-G | Pebblebrook Hotel | 6.375% QTR |  | 70509V803 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 18.20 |  |  |  |  |  | Pebblebrook Hotel | 6.375% QTR |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 24950.00 | 638895.77 | 638895.77 | 454090.00 | 454090.00 | -184805.77 | -184805.77 | 0.00 | False | 0.00 | N/A | 1.79 | 1.73 | 1.78 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | PLYM A | PLYMOUTH INDUSTRIAL | 7.5% |  | 729640201 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 24.98 |  |  |  |  |  | PLYMOUTH INDUSTRIAL | 7.5% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 13646.82 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 15686.00 | 418636.61 | 418636.61 | 391836.28 | 391836.28 | -26800.33 | -26800.33 | 3.48 | False | 0.00 | N/A | 1.55 | 1.50 | 1.54 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | SBBA | SCORPIO TANKERS INC | 7% |  | 80918T208 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 1/0/1900 |  |  | 24.67 |  |  |  |  |  | SCORPIO TANKERS INC | 7% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 0.00 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 31513.00 | 785238.08 | 785238.08 | 777331.17 | 777331.17 | -7906.91 | -7906.91 | 0.00 | False | 0.00 | N/A | 3.07 | 2.97 | 3.05 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | SEAL A | Seapeak LLC |  |  | Y8564M204 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 22.42 |  |  |  |  |  | Seapeak LLC |  |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 34020.25 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 30580.00 | 812690.19 | 812690.19 | 685603.60 | 685603.60 | -127086.59 | -127086.59 | 4.96 | False | 0.00 | N/A | 2.70 | 2.62 | 2.69 | 0.00 |  |  |
| 430 | Trajan Wealth Income Opportunities ETF | INN E | SUMMIT HOTEL PROPERT | 6.25% |  | 866082605 | UNGROUPED SECURITIES |  | PREFSTCK | PREFERRED STOCK |  |  |  | USA | UNITED STATES |  |  | USD | US DOLLAR | 9/15/2041 |  |  | 18.28 |  |  |  |  |  | SUMMIT HOTEL PROPERT | 6.25% |  |  |  |  | 5 | 2 | 6 | 5<br> N | True | 2401.68 | L<br> N |  |  | 1/3/2023<br> C |  | 430;USD | USD | 30021.00 | 752548.00 | 752548.00 | 548783.88 | 548783.88 | -203764.12 | -203764.12 | 0.44 | False | 0.00 | N/A | 2.16 | 2.09 | 2.15 | 0.00 |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** ROCKY MOUNT

  - **State:** NC

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Trajan Wealth Income Opportunities ETF

- **b. EDGAR series identifier (if any):** S000067575

- **c. LEI of Series:** 549300WYHPPSSN255520

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $26199420.12

**Total Liabilities:** $721288.45

**Net Assets:** $25478131.67

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000217293 | 1.42%                | 4.63%                | -2.40%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $298305.50                                 |
| Month 2  | $17.25                   | $1094945.55                                |
| Month 3  | $0.00                    | $-784670.59                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                 | Title    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Internation | COMMSTCK | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |      8413 | NS      | $532038.12    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Corp           | COMMSTCK | CUSIP: Y0436Q109<br>LEI: 213800ZIRB79BE5XQM68 | Long             | EC               | CORP              | MH        |     40790 | NS      | $625718.60    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc         | COMMSTCK | CUSIP: 11135F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       803 | NS      | $448981.39    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Ltd            | COMMSTCK | CUSIP: G16962105<br>LEI: 5493007M0RIN8HY3MM77 | Long             | EC               | CORP              | US        |      4719 | NS      | $470814.63    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp     | COMMSTCK | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |      6619 | NS      | $465580.46    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb | COMMSTCK | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      7018 | NS      | $504945.10    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc.      | COMMSTCK | CUSIP: 09260D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3843 | NS      | $285112.17    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods Inc.   | COMMSTCK | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |     17764 | NS      | $510537.36    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties T | COMMSTCK | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |     30215 | NS      | $336595.10    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp   | COMMSTCK | CUSIP: 756109104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6771 | NS      | $429484.53    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp      | COMMSTCK | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     11967 | NS      | $473294.85    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co   | COMMSTCK | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Long             | EC               | CORP              | US        |      8059 | NS      | $489261.89    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp              | COMMSTCK | CUSIP: 918204108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10918 | NS      | $301445.98    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Valero Energy Corp   | COMMSTCK | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      4236 | NS      | $537378.96    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The | COMMSTCK | CUSIP: 969457100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15267 | NS      | $502284.30    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation | COMMSTCK | CUSIP: 989701107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7162 | NS      | $352083.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| US AIRWAYS 2013-1A P | CORPBOND | CUSIP: 90346WAA1<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |    243497 | NS      | $221886.35    | 0.01%             | 2025-11-15      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS     | CORPBOND | CUSIP: 118230AM3<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |    934000 | NS      | $695830.00    | 0.03%             | 2043-11-15      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| CLEVELAND CLINIC FOU | CORPBOND | CUSIP: 18600TAA0<br>LEI: 5493005LGDPOFHUC6Z36 | Long             | DBT              | CORP              | US        |    569200 | NS      | $495325.81    | 0.02%             | 2114-01-01      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC | CORPBOND | CUSIP: 35671DBC8<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |    722000 | NS      | $651605.00    | 0.03%             | 2043-03-15      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| HP INC               | CORPBOND | CUSIP: 428236BR3<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | DBT              | CORP              | US        |    665600 | NS      | $641504.61    | 0.03%             | 2041-09-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MOTIVA ENTERPRISES   | CORPBOND | CUSIP: 61980AAD5<br>LEI: UQZ4EDMHL4ZESPZY3752 | Long             | DBT              | CORP              | US        |    650000 | NS      | $645680.75    | 0.03%             | 2040-01-15      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| OLIN CORP            | CORPBOND | CUSIP: 680665AK2<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    845200 | NS      | $771245.00    | 0.03%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| T MOBILE USA         | CORPBOND | CUSIP: 87264ABY0<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    824800 | NS      | $549541.97    | 0.02%             | 2060-11-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| VALMONT INDUSTRIES   | CORPBOND | CUSIP: 920253AE1<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | DBT              | CORP              | US        |    636800 | NS      | $545568.85    | 0.02%             | 2054-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Money Market Fiducia | MONEYMKT | CUSIP: SF8888528<br>LEI: N/A                  | Long             | STIV             |  | US        |   4169026 | NS      | $4169025.74   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST   | PREFSTCK | CUSIP: 038923850<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     31676 | NS      | $573652.36    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FARMER MAC           | PREFSTCK | CUSIP: 313148843<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     28599 | NS      | $546255.20    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASPEN INSURANCE HLDG | PREFSTCK | CUSIP: G05384162<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26672 | NS      | $481963.04    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Athene Holding Ltd   | PREFSTCK | CUSIP: G0684D305<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     21457 | NS      | $460252.65    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| COSTAMARE INC        | PREFSTCK | CUSIP: Y1771G201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     16207 | NS      | $411009.52    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| COMPASS DIVERSIF HOL | PREFSTCK | CUSIP: 20451Q401<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     23978 | NS      | $547177.96    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DIME COMMUNITY BANCS | PREFSTCK | CUSIP: 25432X201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     34671 | NS      | $640373.37    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DYNEX CAPITAL INC    | PREFSTCK | CUSIP: 26817Q878<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     26180 | NS      | $570985.80    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| FTAI Aviation Ltd    | PREFSTCK | CUSIP: G3730V113<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |     30785 | NS      | $692662.50    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERT | PREFSTCK | CUSIP: 866082605<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30021 | NS      | $548783.88    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| INVESCO MORTGAGE CAP | PREFSTCK | CUSIP: 46131B407<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     27507 | NS      | $541337.76    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KKR Real Estate Fina | PREFSTCK | CUSIP: 48251K209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     31368 | NS      | $517572.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MGMT  | PREFSTCK | CUSIP: 035710847<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     22425 | NS      | $501423.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Pebblebrook Hotel    | PREFSTCK | CUSIP: 70509V803<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     24950 | NS      | $454090.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PLYMOUTH INDUSTRIAL  | PREFSTCK | CUSIP: 729640201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     15686 | NS      | $391836.28    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SCORPIO TANKERS INC  | PREFSTCK | CUSIP: 80918T208<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     31513 | NS      | $777331.17    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Seapeak LLC          | PREFSTCK | CUSIP: Y8564M204<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30580 | NS      | $685603.60    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-09

**Name of Applicant:** Spinnaker ETF Series

**Signature:** Ashley Lanham

**Name of Signer:** Ashley Lanham

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