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.

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.

For More Information on the UVA Unconstrained Medium-Term Fixed Income ETF:

See Our Web site @ universalvalueadvisors.com

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

UVA Unconstrained Medium-Term Fixed Income ETF

Schedule of Investments
(Unaudited)

As of December 31, 2022
			Principal	Interest Rate	Maturity Date	Value (Note 1)

CORPORATE BONDS - 70.90%
	Commodity - 0.42%
		Newmont Gold Corp.	$ 325,000	2.800%	10/1/2029	$ 277,213

	Communication Services - 5.34%
		Alphabet, Inc.	500,000	1.900%	8/15/2040	334,873
		Alphabet, Inc.	750,000	2.050%	8/15/2050	448,026
		Discovery Communications LLC	250,000	3.800%	3/13/2024	243,259
		Netflix, Inc.	300,000	4.375%	11/15/2026	289,500
		Netflix, Inc.	750,000	4.875%	4/15/2028	723,750
		Netflix, Inc.	300,000	6.375%	5/15/2029	308,625
		Paramount Global	750,000	4.200%	5/19/2032	615,157
		Walt Disney Co.	300,000	3.500%	5/13/2040	242,750
		Walt Disney Co.	250,000	3.000%	7/30/2046	175,909
		Walt Disney Co.	250,000	2.750%	9/1/2049	166,887
						3,548,736
	Consumer Discretionary - 11.65%
		Amazon.com, Inc.	500,000	3.150%	8/22/2027	471,835
		Amazon.com, Inc.	750,000	2.500%	6/3/2050	479,347
		Autonation, Inc.	400,000	4.750%	6/1/2030	357,804
		Constellation Brands, Inc.	200,000	4.650%	11/15/2028	193,809
		Constellation Brands, Inc.	250,000	2.875%	5/1/2030	213,454
		Dick's Sporting Goods	500,000	3.150%	1/15/2032	391,797
		Dollar Tree, Inc.	200,000	4.000%	5/15/2025	195,523
		eBay, Inc.	500,000	3.600%	6/5/2027	475,419
		eBay, Inc.	190,000	2.700%	3/11/2030	162,144
		eBay, Inc.	1,068,000	4.000%	7/15/2042	854,153
		Expedia Group, Inc.	500,000	5.000%	2/15/2026	493,694
		Expedia Group, Inc.	150,000	4.625%	8/1/2027	144,681
		Expedia Group, Inc.	226,000	3.800%	2/15/2028	207,710
		Expedia Group, Inc.	250,000	3.250%	2/15/2030	212,591
		Expedia Group, Inc.	135,000	2.950%	3/15/2031	108,859
		Expedia Group, Inc.	704,000	4.100%	4/15/2043	554,716
		McDonald's Corp.	500,000	4.700%	12/9/2035	482,322
		Nike, Inc.	250,000	3.250%	3/27/2040	204,347
		Nike, Inc.	343,000	3.625%	5/1/2043	286,460
		Ralph Lauren Corp.	350,000	2.950%	6/15/2030	302,684
		Starbucks Corp.	250,000	2.450%	6/15/2026	232,942
		Starbucks Corp.	250,000	2.250%	3/12/2030	208,799
		Tapestry, Inc.	58,000	4.125%	7/15/2027	53,704
		Target Corp.	500,000	2.500%	4/15/2026	468,407
						7,757,201

						(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Schedule of Investments - Continued
(Unaudited)

As of December 31, 2022
			Principal	Interest Rate	Maturity Date	Value (Note 1)

CORPORATE BONDS - CONTINUED
	Consumer Staples - 1.08%
		Altria Group, Inc.	$ 250,000	5.800%	2/14/2039	$ 229,568
		Altria Group, Inc.	400,000	4.250%	8/9/2042	297,143
		Altria Group, Inc.	250,000	4.500%	5/2/2043	189,455
						716,166
	Financials - 19.66%
		American Tower Corp.	600,000	3.800%	8/15/2029	545,431
		Bank of America Corp.	500,000	6.300%	3/10/2026	496,250
		Bank of New York Mellon	350,000	3.750%	12/20/2026	281,750
		Berkshire Hathaway Finance Corp.	250,000	3.700%	7/15/2030	229,643
		Berkshire Hathaway Finance Corp.	300,000	2.850%	10/15/2050	202,724
		Broadcom, Inc.	200,000	3.500%	1/15/2028	182,621
		Broadcom, Inc.	250,000	4.300%	11/15/2032	221,972
		Capital One Financial Corp.	400,000	3.900%	1/29/2024	395,114
		Charles Schwab Corp.	1,500,000	5.375%	6/1/2025	1,466,250
		Charles Schwab Corp.	1,000,000	4.000%	12/1/2030	796,250
		Cincinnati Financial Corp.	59,000	6.920%	5/15/2028	62,791
		Cincinnati Financial Corp.	250,000	6.125%	11/1/2034	260,235
		Citigroup, Inc.	500,000	3.875%	2/18/2026	426,250
		Citigroup, Inc.	250,000	1.000%	3/17/2031	200,160
		Crowdstrike Holdings, Inc.	1,000,000	3.000%	2/15/2029	842,500
		E Trade Financial Corp.	250,000	3.800%	8/24/2027	236,566
		Fidelity National Financial, Inc.	200,000	4.875%	5/12/2030	187,426
		Fidelity National Financial, Inc.	250,000	3.400%	6/15/2030	211,291
		Goldman Sachs Group	1,100,000	4.950%	2/10/2025	1,001,000
		Goldman Sachs Group	250,000	6.750%	10/29/2027	248,568
		Goldman Sachs Group	250,000	4.600%	10/15/2033	218,420
		GS Finance Corp.	250,000	1.000%	3/10/2031	200,160
		HSBC Holdings PLC	25,000	4.250%	3/14/2024	24,536
		Huntington Bancs	250,000	4.450%	10/15/2027	223,750
		Janus Capital Group	500,000	4.875%	8/1/2025	490,925
		Lockheed Martin Corp.	300,000	2.800%	6/15/2050	204,840
		Metlife, Inc.	250,000	5.875%	3/15/2028	238,750
		Metlife, Inc.	405,000	10.750%	8/1/2039	530,786
		Morgan Stanley	500,000	6.250%	8/9/2026	520,645
		Morgan Stanley	250,000	4.350%	9/8/2026	242,778
		Morgan Stanley	280,000	5.875%	9/15/2026	274,750
		Progressive Corp.	415,000	3.700%	1/26/2045	323,518
		Reinsurance Group	100,000	3.900%	5/15/2029	92,052
		Seagate HDD Cayman	1,000,000	5.750%	12/1/2034	851,250
		TD Ameritrade Holdings	150,000	3.300%	4/1/2027	142,346
						13,074,298
						(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Schedule of Investments - Continued
(Unaudited)

As of December 31, 2022
			Principal	Interest Rate	Maturity Date	Value (Note 1)

CORPORATE BONDS - CONTINUED
	Health Care - 4.17%
		AbbVie, Inc.	$ 450,000	2.800%	3/15/2023	$ 447,287
		Amgen, Inc.	300,000	3.150%	2/21/2040	223,251
		Amgen, Inc.	100,000	5.375%	5/15/2043	94,453
		Amgen, Inc.	300,000	4.400%	5/1/2045	253,643
		Bristol-Myers Squibb Co.	500,000	4.125%	6/15/2039	447,871
		Gilead Sciences, Inc.	332,000	3.650%	3/1/2026	321,021
		Quest Diagnostics, Inc.	250,000	4.200%	6/30/2029	238,881
		Regeneron Pharmacies, Inc.	250,000	1.750%	9/15/2030	193,936
		Stryker Corp.	359,000	3.375%	11/1/2025	346,738
		Stryker Corp.	211,000	3.500%	3/15/2026	203,180
						2,770,261
	Industrials - 12.71%
		3M Co.	350,000	2.250%	9/19/2026	324,652
		Boeing Co.	300,000	3.250%	3/1/2028	269,300
		Boeing Co.	300,000	2.550%	4/1/2032	229,674
		Boeing Co.	500,000	3.300%	3/1/2035	373,009
		Boeing Co.	250,000	5.875%	2/15/2040	238,979
		Boeing Co.	100,000	3.500%	3/1/2045	65,497
		Boeing Co.	100,000	3.375%	6/15/2046	65,067
		Commercial Metals Co.	220,000	3.875%	2/15/2031	185,350
		Delta Air Lines, Inc.	850,000	2.900%	10/28/2024	802,188
		Delta Air Lines, Inc.	255,000	4.375%	4/19/2028	225,675
		Delta Air Lines, Inc.	290,000	3.750%	10/28/2029	243,600
		EOG Resources, Inc.	330,000	5.100%	1/15/2036	314,362
		Flowserve Corp.	250,000	3.500%	10/1/2030	207,684
		Ford Motor Credit Co. LLC	250,000	3.810%	1/9/2024	243,113
		Ford Motor Credit Co. LLC	200,000	4.389%	1/8/2026	187,036
		Ford Motor Credit Co. LLC	100,000	6.625%	2/15/2028	100,085
		Ford Motor Credit Co. LLC	250,000	6.375%	2/1/2029	239,468
		Fox Corp.	300,000	3.500%	4/8/2030	266,029
		Freeport-McMoran, Inc.	300,000	5.000%	9/1/2027	291,750
		Freeport-McMoran, Inc.	250,000	4.375%	8/1/2028	233,438
		Freeport-McMoran, Inc.	100,000	4.250%	3/1/2030	91,125
		Freeport-McMoran, Inc.	100,000	5.400%	11/14/2034	94,375
		General Electric Co.	288,000	5.100%	6/15/2032	272,623
		General Motors Co.	250,000	5.000%	10/1/2028	240,213
		Mohawk Industries, Inc.	500,000	3.625%	5/15/2030	431,416
		Olin Corp.	150,000	5.625%	8/1/2029	141,937
		O'Reilly Automotive, Inc.	250,000	1.750%	3/15/2031	194,068


						(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Schedule of Investments - Continued
(Unaudited)

As of December 31, 2022
			Principal	Interest Rate	Maturity Date	Value (Note 1)

CORPORATE BONDS - CONTINUED
	Industrials - Continued
		Penske Auto Group	$ 250,000	3.750%	6/15/2029	$ 206,250
		Raytheon Technologies Corp.	400,000	4.875%	10/15/2040	378,039
		San Diego Gas & Electric Co.	250,000	3.000%	3/15/2032	214,574
		Southwest Airlines Co.	250,000	7.375%	3/1/2027	264,696
		Southwest Airlines Co.	500,000	5.125%	6/15/2027	495,545
		Southwest Airlines Co.	100,000	2.625%	2/10/2030	83,788
		United Airlines Holdings, Inc.	250,000	4.875%	1/15/2025	240,000
						8,454,605
	Information Technology - 9.89%
		Apple, Inc.	500,000	2.900%	9/12/2027	467,530
		Apple, Inc.	500,000	2.375%	2/8/2041	355,167
		Apple, Inc.	450,000	3.850%	5/4/2043	392,358
		Apple, Inc.	500,000	3.450%	2/9/2045	406,478
		Apple, Inc.	100,000	4.650%	2/23/2046	95,627
		Apple, Inc.	400,000	4.250%	2/9/2047	371,264
		Apple, Inc.	350,000	3.750%	9/12/2047	293,851
		Arrow Electronics, Inc.	150,000	3.250%	9/8/2024	144,566
		Avnet, Inc.	250,000	4.625%	4/15/2026	242,289
		Cisco Systems, Inc.	500,000	2.500%	9/20/2026	466,356
		Electronic Arts, Inc.	250,000	1.850%	2/15/2031	197,023
		IBM Corp.	800,000	4.150%	5/15/2039	693,115
		Intel Corp.	300,000	2.800%	8/12/2041	210,277
		Intel Corp.	300,000	3.250%	11/15/2049	205,257
		Microsoft Corp.	450,000	3.500%	11/15/2042	381,064
		Microsoft Corp.	500,000	2.525%	6/1/2050	334,027
		NetApp, Inc.	100,000	3.300%	9/29/2024	96,960
		Oracle Corp.	400,000	3.800%	11/15/2037	318,120
		Oracle Corp.	650,000	4.125%	5/15/2045	495,546
		Qorvo, Inc.	250,000	4.375%	10/15/2029	220,313
		Qualcomm, Inc.	200,000	3.250%	5/20/2027	189,673
						6,576,861
	Real Estate - 5.98%
		CBRE Services, Inc.	500,000	2.500%	4/1/2031	395,309
		Hudson Pacific Properties, Inc.	600,000	4.650%	4/1/2029	515,381
		Hudson Pacific Properties, Inc.	420,000	3.250%	1/15/2030	322,222
		Hyatt Hotels Corp.	450,000	5.375%	4/23/2025	447,105
		Hyatt Hotels Corp.	250,000	4.375%	9/15/2028	228,171
		Hyatt Hotels Corp.	450,000	5.750%	4/23/2030	435,975


						(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Schedule of Investments - Continued
(Unaudited)

As of December 31, 2022
			Principal	Interest Rate	Maturity Date	Value (Note 1)

CORPORATE BONDS - CONTINUED
	Real Estate - Continued
		Kilroy Realty LP	$ 100,000	3.050%	2/15/2030	$ 80,196
		Kilroy Realty LP	550,000	2.500%	11/15/2032	393,518
		Las Vegas Sands Corp.	125,000	3.200%	8/8/2024	118,377
		Las Vegas Sands Corp.	200,000	2.900%	6/25/2025	185,116
		Las Vegas Sands Corp.	325,000	3.500%	8/18/2026	291,558
		Las Vegas Sands Corp.	100,000	3.900%	8/8/2029	84,492
		Pulte Homes, Inc.	250,000	6.375%	5/15/2033	248,125
		RPM International, Inc.	250,000	3.750%	3/15/2027	233,217
						3,978,762

		Total Corporate Bonds (Cost $55,448,013)				47,154,103

MUNICIPAL BONDS - 10.50%
		Alaska Municipal Bond Bank Authority	350,000	2.602%	12/1/2036	254,342
		Alaska Municipal Bond Bank Authority	350,000	3.028%	12/1/2041	246,883
		Arizona Board of Rights University	350,000	3.900%	6/1/2044	269,223
		Bay Area California Toll Authority	250,000	2.763%	4/1/2034	197,240
		Bay Area California Toll Authority	350,000	2.913%	4/1/2036	270,102
		Brea Redevelopment Agency	60,000	2.500%	8/1/2023	59,045
		Bristol Township School District	255,000	3.650%	6/1/2043	177,110
		California State University	300,000	2.670%	11/1/2038	210,024
		Golden State Tobacco Securitization Corp.	250,000	3.115%	6/1/2038	189,505
		Manatee County Florida Port Authority	200,000	3.187%	10/1/2041	143,526
		Martinez California Refinance Taxable
		Government Authority	330,000	2.700%	8/1/2040	222,922
		Miami-Dade County Florida Seaport Revenue
		Authority	250,000	2.762%	10/1/2038	171,385
		New Jersey Educational Facilities Authority	400,000	3.468%	7/1/2035	323,256
		New York City Transitional Finance Authority
		Future Tax Secured Revenue	325,000	4.905%	11/1/2024	324,994
		New York City Transitional Finance Authority
		Future Tax Secured Revenue	170,000	3.450%	3/1/2026	162,965
		Pennsylvania Higher Educational Facilities
		Authority	250,000	4.300%	6/15/2045	202,848
		Philadelphia Pennsylvania Redevelopment
		Authority	225,000	3.713%	11/1/2023	221,942
		Princeton University	250,000	2.612%	7/1/2026	233,327
		San Antonio Water System	185,000	3.206%	5/15/2030	164,197
		San Francisco City & County Public Utilities	250,000	2.900%	11/1/2025	234,838
		San Francisco City & County Public Utilities	400,000	3.473%	11/1/2043	299,780
		San Marcos Unified School District	350,000	3.377%	8/1/2040	240,884
						(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Schedule of Investments - Continued
(Unaudited)

As of December 31, 2022
			Principal	Interest Rate	Maturity Date	Value (Note 1)

MUNICIPAL BONDS - CONTINUED
		State of Oregon	$ 250,000	3.577%	8/1/2029	$ 248,185
		Tampa-Hillsborough County Expressway
		Authority	505,000	2.692%	7/1/2037	362,534
		The Pennsylvania State University	300,000	5.450%	2/15/2030	306,162
		The Pennsylvania State University	200,000	2.790%	9/1/2043	140,238
		Torrance Unified School District	400,000	3.344%	8/1/2039	305,960
		Tulare County Board of Education	250,000	3.640%	5/1/2043	177,855
		University of California	70,000	2.459%	5/15/2026	65,041
		University of Pittsburgh-of the Commonwealth
		System of Higher Education	25,000	3.039%	5/15/2027	22,950
		Utah State Transit Authority	550,000	2.774%	12/15/2038	398,261
		Utah Transit Authority	140,000	3.127%	9/15/2026	132,299

		Total Municipal Bonds (Cost $9,021,664)				6,979,823

UNITED STATES TREASURY NOTES - 7.35%
		United States Treasury Note	536,000	0.250%	6/15/2024	503,086
		United States Treasury Note	500,000	3.000%	7/31/2024	487,656
		United States Treasury Note	250,000	1.875%	8/31/2024	239,102
		United States Treasury Note	500,000	2.500%	3/31/2027	469,766
		United States Treasury Note	250,000	2.750%	4/30/2027	237,148
		United States Treasury Note	250,000	3.250%	6/30/2027	241,992
		United States Treasury Note	250,000	2.375%	3/31/2029	227,969
		United States Treasury Note	250,000	1.875%	2/15/2032	212,695
		United States Treasury Note	500,000	3.250%	5/15/2042	441,250
		United States Treasury Note	900,000	3.125%	2/15/2043	772,313
		United States Treasury Note	1,500,000	2.250%	2/15/2052	1,053,516

		Total United States Treasury Notes (Cost $5,347,596)				4,886,493

CLOSED-END FUNDS - 1.28%
	Municipals - 1.28%			Shares
		BlackRock Taxable Municipal Bond Trust		26,978		454,310
		Guggenheim Taxable Municipal Bond & Investment Grade
		Debt Trust		24,328		398,006

		Total Closed-End Funds (Cost $1,262,966)				852,316

EXCHANGE-TRADED FUNDS - 3.41%
	Commodity Fund - 2.42%			Shares
	*	Aberdeen Gold ETF Trust		92,000		1,607,240

	Financials - 0.99%
		Invesco Financial Preferred ETF		5,000		72,000
		VanEck Vectors Preferred Securities ex Financials ETF		35,000		584,850
						656,850

		Total Exchange-Traded Funds (Cost $2,478,330)				2,264,090
						(Continued)

UVA Unconstrained Medium-Term Fixed Income ETF

Schedule of Investments - Continued
(Unaudited)

As of December 31, 2022
							Value (Note 1)

PREFERRED STOCK - 0.09%						Dividend
	Real Estate - 0.09%			Shares		Rate
		Hudson Pacific Properties, Inc.		5,000		4.750%	$ 62,650

		Total Preferred Stock (Cost $125,000)					62,650

SHORT-TERM INVESTMENT - 3.37%				Shares
		Morgan Stanley Institutional Liquidity Funds, 4.23% §		2,243,292			2,243,292

		Total Short-Term Investment (Cost $2,243,292)					2,243,292

Investments, at Value (Cost $75,926,861) - 96.90%							$ 64,442,767

Other Assets Less Liabilities - 3.10%							2,062,796

	Net Assets - 100%						$ 66,505,563

§	Represents 7 day effective yield
*	Non-income producing investment
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%	$	47,154,103
			Municipal Bonds	10.50%		6,979,823
			United States Treasury Notes	7.35%		4,886,493
			Closed-End Funds	1.28%		852,316
			Exchange-Traded Funds	3.41%		2,264,090
			Preferred Stock	0.09%		62,650
			Short-Term Investment	3.37%		2,243,292
			Other Assets Less Liabilities	3.10%		2,062,796
			Total Net Assets	100.00%	$	66,505,563








See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF

Statement of Assets and Liabilities
(Unaudited)

As of December 31, 2022

Assets:
Investments, at value (cost $75,926,861)		$	64,442,767
Receivables:
	Interest and dividends		649,180
	Investments sold		1,435,574
Prepaid expenses:
	Professional fees		3,891

Total assets			66,531,412

Liabilities:
Accrued expenses:
	Custody fees		9,516
	Advisory fees		7,217
	Compliance fees		2,779
	Security pricing fees		1,640
	Insurance fees		1,552
	Shareholder fulfillment fees		1,369
	Transfer Agent fees		537
	Administration fees		450
	Miscellaneous reporting expenses		446
	Trustee fees and meeting expenses		165
	Registration and filing expenses		138
	Fund accounting fees		40

Total liabilities			25,849

Total Net Assets		$	66,505,563

Net Assets Consist of:
Paid in Capital		$	78,697,769
Accumulated Deficit			(12,192,206)

Total Net Assets		$	66,505,563
Shares Outstanding, no par value (unlimited authorized shares)			3,100,000
Net Asset Value, Offering Price, and Redemption Price Per Share		$	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:
Interest		$	1,225,153
Dividends			95,322

	Total Investment Income		1,320,474

Expenses:
Investment advisory fees (note 2)			85,521
Administration fees (note 2)			34,461
Professional fees			22,704
Fund accounting fees (note 2)			16,963
Compliance fees (note 2)			11,279
Shareholder fulfillment fees			10,970
Security pricing fees			10,025
Custody fees (note 2)			9,516
Transfer Agent fees (note 2)			6,039
Miscellaneous reporting expenses (note 2)			2,196
Insurance fees			1,552
Trustee fees and meeting expenses (note 3)			3,167
Registration & filing expenses			464

Total Expenses			214,857

Expenses waived by the Sub-Advisor (note 2)			(43,816)

Net Expenses			171,041

Net Investment Income			1,149,433

Realized and Unrealized Loss on Investments:

Net realized loss from investment transactions			(645,156)
Net change in unrealized depreciation on investments			(1,836,818)

Net Realized and Unrealized Loss on Investments			(2,481,974)

Net Decrease in Net Assets Resulting from Operations		$	(1,332,541)










See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF

Statements of Changes in Net Assets
			December 31,	June 30,
For the fiscal year or period ended			2022 (a)	2022

Operations:
Net investment income		$	1,149,433	$ 1,974,767
Net realized gain (loss) from investment transactions			(645,156)	13,983
Net change in unrealized depreciation on investments			(1,836,818)	(12,507,555)

Net Decrease in Net Assets Resulting from Operations			(1,332,542)	(10,518,805)

Distributions to Investors:
From distributable earnings			(1,166,263)	(2,572,837)

Decrease from Distributions to Investors			(1,166,263)	(2,572,837)

Beneficial Interest Transactions:
Shares sold			2,200,221	1,158,997
Shares repurchased			(2,177,214)	-

Increase from Beneficial Interest Transactions			23,007	1,158,997

Net Increase (Decrease) in Net Assets			(2,475,797)	19,488,155

Net Assets:
Beginning of period			68,981,360	80,914,005
End of period		$	66,505,563	$ 68,981,360

Share Information:
Shares Sold			100,000	50,000
Shares Repurchased			(100,000)	-
Net Increase in Shares			-	50,000

(a)	Unaudited.

















See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF

Financial Highlights

For a share outstanding during each		December 31,			June 30,
of the fiscal years or periods ended			2022	(g)	2022	2021	2020	2019	2018	(d)

Net Asset Value, Beginning of Period			$ 22.25		$ 26.53	$ 26.14	$ 25.28	$ 24.30	$ 25.00

Income (Loss) from Investment Operations:
Net investment income (f)			0.69		0.64	0.64	0.71	0.70	0.46
Net realized and unrealized gain (loss)
	on investments		(0.80)		(4.08)	0.47	0.86	0.98	(0.71)

Total from Investment Operations			(0.11)		(3.44)	1.11	1.57	1.68	(0.25)

Distributions to Investors:
From net investment income			(0.69)		(0.64)	(0.64)	(0.71)	(0.70)	(0.45)
From capital gains			-		(0.20)	(0.08)	-	-	-

Total from Distributions to Investors			(0.69)		(0.84)	(0.72)	(0.71)	(0.70)	(0.45)

Net Asset Value, End of Period			$ 21.45		$ 22.25	$ 26.53	$ 26.14	$ 25.28	$ 24.30

Total Return (e)			(1.90)%	(b)	(13.29)%	4.30%	6.29%	7.05%	(1.00)%	(b)

Net Assets, End of Period (in thousands)			$66,506		$ 68,981	$80,914	$ 61,426	$ 45,502	$47,385

Ratios of:
Gross Expenses to Average Net Assets (c)			0.75%	(a)	0.62%	0.65%	0.73%	0.76%	0.77%	(a)
Net Expenses to Average Net Assets (c)			0.50%	(a)	0.50%	0.50%	0.50%	0.45%	0.45%	(a)
Net Investment Income to Average
	Net Assets		3.34%	(a)	2.58%	2.47%	2.75%	2.88%	2.36%	(a)

Portfolio turnover rate			11.36%	(b)	20.17%	30.49%	21.28%	49.44%	6.85%	(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).
(d)	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.
(f)	Calculated using the average shares method.
(g)	Unaudited.



See Notes to Financial Statements

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

(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)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

(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	$	47,154,103	$	-	$	47,154,103	$	-
Municipal Bonds		6,979,823		-		6,979,823		-
United States Treasury Notes		4,886,493		-		4,886,493		-
Closed-End Funds		852,316		852,316		-		-
Exchange-Traded Funds		2,264,090		2,264,090		-		-
Preferred Stock		62,650		62,650		-		-
Short-Term Investment		2,243,292		2,243,292		-		-
Total Assets	$	64,442,767	$	5,422,348	$	59,020,419	$	-

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

(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)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

(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.

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)

UVA Unconstrained Medium-Term Fixed Income ETF

Notes to Financial Statements

(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.

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

(Unaudited)

As of December 31, 2022

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 (Excluding U.S. Government Securities)	Proceeds from Sales of Securities (excluding U.S. Government Securities)	Purchase of U.S. Government Securities	Proceeds from Sales of U.S. Government Securities
$4,765,138	$7,324,162	$2,951,857	$ -

Cost from Purchases In-Kind	Proceeds from Redemptions In-Kind
$ -	$ -

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	$1,166,263	$ 990,030
Capital Gains	-	606,157
Total Distributions	$1,166,263	$1,596,187

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

Cost of Investments	$	75,926,861

Gross Unrealized Appreciation	$	41,138
Gross Unrealized Depreciation		(11,525,232)
Net Unrealized Appreciation	$	(11,484,094)

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

(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:

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.

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.

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.

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

(Unaudited)

As of December 31, 2022

•	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.

•

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.

•

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.

•

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.

•

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

(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

(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:

Record Date	Ex-Date	Payable Date	Ordinary Income
1/31/2023	1/30/2023	2/1/2023	$0.060000

UVA Unconstrained Medium-Term Fixed Income ETF

Additional Information

(Unaudited)

As of December 31, 2022

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.

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.

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.

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

(Unaudited)

As of December 31, 2022

	Beginning Account Value July 1, 2022	Ending Account Value December 31, 2022	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$1,113.60	$2.65
	$1,000.00	$1,022.70	$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).

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:

(i)

Nature, Extent, and Quality of Services. 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.

Performance. 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.

(ii)

Fees and Expenses. 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.

(iii)

Profitability. 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

(Unaudited)

As of December 31, 2022

(iv)

Economies of Scale. 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:

(i)

Nature, Extent, and Quality of Services. 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.

(ii)

Performance. 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

(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.

(iii)

Fees and Expenses. 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.

(iv)

Profitability. 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.

(v)

Economies of Scale. 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:

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:

800-773-3863

World Wide Web @:

ncfunds.com

Telephone:

775-284-7778

World Wide Web @:

universalvalueadvisors.com