Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of the Trajan Wealth Income Opportunities ETF
(the “ETF”) and of the market in general and statements of the ETF’s plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from
those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include,
without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.
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 ncfunds.com/fundpages/430.htm or by calling The Nottingham Company at
800-773-3863. The prospectus should be read carefully before investing.
|
•
|
The economic environment has turned decidedly negative with the Federal Reserve raising interest rates and stock prices falling.
|
•
|
The sharp rise in interest rates has impacted both the bond returns and returns of preferred stock.
|
•
|
The decline in stock prices has impacted the TWIO stock portfolio as well.
|
•
|
The TWIO portfolio is made up of three asset classes; domestic preferred stocks, income producing fixed income securities, and income producing
common stocks. Investments in each of the three asset classes is made with a primary objective of producing current income and secondary objectives of conservation of principal and the opportunity for limited capital appreciation.
|
•
|
The preferred stocks in TWIO are typically $25 par preferreds.
|
•
|
The daily average volume in TWIO for the past 90 days has been 11,910/shares.
|
Periods ended September 30, 2022
|
Year to Date
|
1 Year
|
Since
Inception 03/31/2021
|
Gross
Expense
Ratio1
|
Net Expense
Ratio2
|
Trajan Wealth Income Opportunities ETF
|
(16.17)%
|
(13.46)%
|
(7.40)%
|
2.72%
|
0.86%
|
Bloomberg U.S. Aggregate Bond TR Index
|
(14.61)%
|
(14.60)%
|
(8.85)%
|
N/A
|
N/A
|
S&P U.S. Preferred Stock Index
|
(20.93)%
|
(21.09)%
|
(13.57)%
|
N/A
|
N/A
|
S&P 400 Mid-Cap Index
|
(22.47)%
|
(16.55)%
|
(10.58)%
|
N/A
|
N/A
|
20% S&P 400 Mid-Cap TR Index/35% Bloomberg U.S. Aggregate Bond TR Index/45% S&P Preferred Stock TR Index
|
(19.09)%
|
(17.91)%
|
(11.31)%
|
N/A
|
N/A
|
Trajan Wealth Income Opportunities ETF
|
||||||||||||||||||
Performance Update
|
||||||||||||||||||
(Unaudited)
|
||||||||||||||||||
For the initial period from March 31, 2021 (Commencement of Operations) through September 30, 2022
|
||||||||||||||||||
Comparison of the Change in Value of a $10,000 Investment
|
This graph assumes an initial investment of $10,000 on March 31, 2021 (Commencement of Operations). All dividends and distributions, if any, are reinvested. This graph
depicts the performance of the Trajan Wealth Income Opportunities ETF versus the Bloomberg Capital Aggregate Bond Index, the S&P Preferred Stock Index, the S&P 400 Mid-Cap Index, and the 20% of the S&P 400 Mid-Cap Index, 35%
of the Bloomberg Capital Aggregate Bond Index, and 45% of the S&P Preferred Stock Index. It is important to note that the ETF is a professionally managed exchange-traded fund while the index is not available for investment and is
unmanaged. The comparison is shown for illustrative purposes only.
|
||||||||||||||||||
Average Annual Total Returns
|
||||||||||||||||||
As of
|
One
|
Since
|
Inception
|
|||||||||||||||
September 30, 2022
|
Year
|
Inception
|
Date
|
|||||||||||||||
Trajan Wealth Income Opportunities ETF
|
-13.46%
|
-7.40%
|
03/31/21
|
|||||||||||||||
Bloomberg Capital Aggregate Bond Index
|
-14.60%
|
-8.85%
|
N/A
|
|||||||||||||||
S&P Preferred Stock Index
|
-21.09%
|
-13.57%
|
N/A
|
|||||||||||||||
S&P 400 Mid-Cap Index
|
-16.55%
|
-10.58%
|
N/A
|
|||||||||||||||
20% S&P 400 Mid-Cap Index/35% Bloomberg Capital
|
||||||||||||||||||
Aggregate Bond Index/45% S&P Preferred Stock Index
|
-17.91%
|
-11.31%
|
N/A
|
|||||||||||||||
(Continued)
|
Trajan Wealth Income Opportunities ETF
|
||||||||||||||||||
Performance Update
|
||||||||||||||||||
(Unaudited)
|
||||||||||||||||||
For the initial period from March 31, 2021 (Commencement of Operations) through September 30, 2022
|
||||||||||||||||||
Performance quoted in the previous graph represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so
that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Sub-Advisor has entered into an Expense Limitation Agreement with the Trust,
on behalf of the ETF, under which it 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; (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 0.85% of the average daily net assets of the ETF for the current fiscal year. The current term of the Expense
Limitation Agreement remains in effect through January 31, 2023. The Expense Limitation Agreement may be terminated by the Board of Trustees of the Trust at any time. The Sub-Advisor cannot recoup from the Fund any amounts paid by the
Sub-Advisor under the Expense Limitation Agreement. Without the waiver, the expenses would be estimated to be 2.72% per the ETF’s most recent prospectus dated February 1, 2022. An investor may obtain performance data, current to the
most recent month-end, by visiting ncfunds.com.
|
||||||||||||||||||
The graph and table do not reflect the deduction of taxes that an investor would pay on ETF distributions or the redemption of ETF shares. Average
annual total returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of distributions, if any.
|
||||||||||||||||||
Trajan Wealth Income Opportunities ETF
|
||||||||||||
Schedule of Investments
|
||||||||||||
As of September 30, 2022
|
||||||||||||
Shares
|
Value (Note 1)
|
|||||||||||
COMMON STOCKS - 26.41%
|
||||||||||||
Consumer Staples - 4.59%
|
||||||||||||
Bunge Ltd.
|
4,719
|
$
|
389,648
|
|||||||||
Flowers Foods, Inc.
|
17,764
|
438,593
|
||||||||||
VF Corp.
|
10,918
|
326,557
|
||||||||||
1,154,798
|
||||||||||||
Energy - 3.54%
|
||||||||||||
The Williams Co.
|
15,267
|
437,094
|
||||||||||
Valero Energy Corp.
|
4,236
|
452,617
|
||||||||||
889,711
|
||||||||||||
Financials - 4.31%
|
||||||||||||
American International Group, Inc.
|
8,413
|
399,449
|
||||||||||
Blackstone, Inc.
|
3,843
|
321,659
|
||||||||||
Zions Bancorporation, n.a.
|
7,162
|
364,259
|
||||||||||
1,085,367
|
||||||||||||
Health Care - 1.98%
|
||||||||||||
Bristol-Myers Squibb Co.
|
7,018
|
498,910
|
||||||||||
Industrials - 2.25%
|
||||||||||||
Atlas Corp.
|
40,790
|
566,981
|
||||||||||
Information Technology - 1.42%
|
||||||||||||
Broadcom, Inc.
|
803
|
356,540
|
||||||||||
Materials - 1.82%
|
||||||||||||
Sonoco Products Co.
|
8,059
|
457,187
|
||||||||||
Real Estate - 2.99%
|
||||||||||||
Medical Properties Trust, Inc.
|
30,215
|
358,350
|
||||||||||
Realty Income Corp.
|
6,771
|
394,072
|
||||||||||
752,422
|
||||||||||||
Utilities - 3.51%
|
||||||||||||
Black Hills Corp.
|
6,619
|
448,305
|
||||||||||
OGE Energy Corp.
|
11,967
|
436,317
|
||||||||||
884,622
|
||||||||||||
Total Common Stocks (Cost $7,004,702)
|
6,646,538
|
|||||||||||
CORPORATE BONDS - 19.83%
|
|
Maturity
|
||||||||||
Communication Services - 2.12%
|
Interest Rate | Date |
Par
|
|||||||||
T Mobile USA, Inc.
|
3.600%
|
11/15/2060
|
$ 824,800
|
532,613
|
||||||||
Energy - 5.28%
|
||||||||||||
Buckeye Partners LP
|
5.850%
|
11/15/2043
|
934,000
|
705,170
|
||||||||
α
|
Motiva Enterprises LLC
|
6.850%
|
1/15/2040
|
650,000
|
624,385
|
|||||||
1,329,555
|
||||||||||||
Health Care - 1.89%
|
||||||||||||
Cleveland Clinic Foundation
|
4.858%
|
1/1/2114
|
569,200
|
476,034
|
||||||||
(Continued)
|
Trajan Wealth Income Opportunities ETF
|
||||||||||||
Schedule of Investments - Continued
|
||||||||||||
As of September 30, 2022
|
||||||||||||
Value (Note 1)
|
||||||||||||
CORPORATE BONDS - Continued
|
|
Maturity
|
||||||||||
Industrials - 3.06%
|
Interest Rate | Date | Par | |||||||||
US Airways PT Trust 2013-1
|
3.950%
|
5/15/2027
|
$ 260,980
|
$
|
229,336
|
|||||||
Valmont Industries, Inc.
|
5.250%
|
10/1/2054
|
636,800
|
541,851
|
||||||||
771,187
|
||||||||||||
Information Technology - 2.29%
|
||||||||||||
HP, Inc.
|
6.000%
|
9/15/2041
|
665,600
|
577,413
|
||||||||
Materials - 5.19%
|
||||||||||||
Freeport-McMoran, Inc.
|
5.450%
|
3/15/2043
|
722,000
|
603,772
|
||||||||
Olin Corp.
|
5.000%
|
2/1/2030
|
845,200
|
701,516
|
||||||||
1,305,288
|
||||||||||||
Total Corporate Bonds (Cost $7,020,867)
|
4,992,090
|
|||||||||||
PREFERRED STOCKS - 38.15%
|
||||||||||||
Dividend Rate | Shares | |||||||||||
Energy - 3.12%
|
||||||||||||
Scorpio Tankers, Inc.
|
7.000%
|
31,513
|
784,674
|
|||||||||
Financials - 23.04%
|
||||||||||||
Annaly Capital Management
|
6.750%
|
22,425
|
487,744
|
|||||||||
Aspen Insurance Holdings Ltd.
|
5.625%
|
26,672
|
553,711
|
|||||||||
Athene Holding Ltd.
|
6.350%
|
21,457
|
523,122
|
|||||||||
Compass Diversified Holdings
|
7.875%
|
23,978
|
591,777
|
|||||||||
Dime Community Bancshares, Inc.
|
5.500%
|
34,671
|
681,979
|
|||||||||
Dynex Capital, Inc.
|
6.900%
|
26,180
|
563,655
|
|||||||||
Federal Agricultural Mortgage Corp.
|
5.250%
|
28,599
|
585,136
|
|||||||||
Invesco Mortgage Capital, Inc.
|
7.750%
|
27,507
|
469,269
|
|||||||||
KKR Real Estate Financial Trust, Inc.
|
6.500%
|
31,368
|
623,596
|
|||||||||
Seapeak LLC
|
8.500%
|
30,580
|
720,159
|
|||||||||
5,800,148
|
||||||||||||
Industrials - 3.86%
|
||||||||||||
Costamare, Inc.
|
8.875%
|
16,207
|
407,120
|
|||||||||
Fortress Transportation and Infrastructure
|
||||||||||||
Investors LLC
|
8.250%
|
30,785
|
563,673
|
|||||||||
970,793
|
||||||||||||
Real Estate - 8.13%
|
||||||||||||
Arbor Realty Trust
|
6.250%
|
31,676
|
662,345
|
|||||||||
Pebblebrook Hotel Trust
|
6.375%
|
24,950
|
466,565
|
|||||||||
Plymouth Industrial REIT, Inc.
|
7.500%
|
15,686
|
391,523
|
|||||||||
Summit Hotel Properties, Inc.
|
6.250%
|
30,021
|
526,568
|
|||||||||
2,047,001
|
||||||||||||
Total Preferred Stocks (Cost $11,595,313)
|
9,602,616
|
|||||||||||
(Continued)
|
Trajan Wealth Income Opportunities ETF
|
||||||||||||
Schedule of Investments - Continued
|
||||||||||||
As of September 30, 2022
|
||||||||||||
Value (Note 1)
|
||||||||||||
SHORT-TERM INVESTMENT - 15.19%
|
||||||||||||
Dreyfus Treasury Securities Cash Management Fund -
|
Shares
|
|||||||||||
Institutional Class, 0.01% §
|
3,824,640
|
$
|
3,824,640
|
|||||||||
Total Short-Term Investment (Cost $3,824,640)
|
3,824,640
|
|||||||||||
Investments, at Value (Cost $29,445,522) - 99.58%
|
25,065,884
|
|||||||||||
Other Assets Less Liabilities - 0.42%
|
105,267
|
|||||||||||
Net Assets - 100%
|
$
|
25,171,151
|
||||||||||
§
|
Represents 7 day effective yield
|
|||||||||||
The following acronyms or abbreviations are used in this schedule of investments:
|
||||||||||||
PLC - Public Limited Company
|
LP - Limited Partnership
|
|||||||||||
REIT - Real Estate Investment Trust
|
||||||||||||
α
|
Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration,
normally to qualified institutional buyers. As of September 30, 2022, the total market value of 144A securities is $624,385 or 2.48% of net assets.
|
|||||||||||
Summary of Investments
|
||||||||||||
by Sector
|
% of Net
|
|||||||||||
Assets
|
Value
|
|||||||||||
Common Stocks:
|
||||||||||||
Consumer Staples
|
4.59%
|
$
|
1,154,798
|
|||||||||
Energy
|
3.54%
|
889,711
|
||||||||||
Financials
|
4.31%
|
1,085,367
|
||||||||||
Health Care
|
1.98%
|
498,910
|
||||||||||
Industrials
|
2.25%
|
566,981
|
||||||||||
Information Technology
|
1.42%
|
356,540
|
||||||||||
Materials
|
1.82%
|
457,187
|
||||||||||
Real Estate
|
2.99%
|
752,422
|
||||||||||
Utilities
|
3.51%
|
884,622
|
||||||||||
Corporate Bonds:
|
||||||||||||
Communication Services
|
2.12%
|
532,613
|
||||||||||
Energy
|
5.28%
|
1,329,555
|
||||||||||
Health Care
|
1.89%
|
476,034
|
||||||||||
Industrials
|
3.06%
|
771,187
|
||||||||||
Information Technology
|
2.29%
|
577,413
|
||||||||||
Materials
|
5.19%
|
1,305,288
|
||||||||||
Preferred Stocks:
|
||||||||||||
Energy
|
3.12%
|
784,674
|
||||||||||
Financials
|
23.04%
|
5,800,148
|
||||||||||
Industrials
|
3.86%
|
970,793
|
||||||||||
Real Estate
|
8.13%
|
2,047,001
|
||||||||||
Short-Term Investment
|
15.19%
|
3,824,640
|
||||||||||
Other Assets Less Liabilities
|
0.42%
|
105,267
|
||||||||||
Total Net Assets
|
100.00%
|
$
|
25,171,151
|
|||||||||
See Notes to Financial Statements
|
Trajan Wealth Income Opportunities ETF
|
|||
Statement of Assets and Liabilities
|
|||
As of September 30, 2022
|
|||
Assets:
|
|||
Investments, at value (cost $29,445,522)
|
$
|
25,065,884
|
|
Receivables:
|
|||
Interest and dividends
|
159,724
|
||
From Sub-Advisor
|
9,935
|
||
Prepaid Expenses:
|
|||
Insurance fees
|
1,560
|
||
Total assets
|
25,237,103
|
||
Liabilities:
|
|||
Accrued expenses:
|
|||
Professional fees
|
23,466
|
||
Custody fees
|
20,205
|
||
Investment Advisory fees
|
12,017
|
||
Shareholder fulfillment expenses
|
4,064
|
||
Compliance fees
|
1,883
|
||
Registration & filing expenses
|
1,716
|
||
Trustee fees and meeting expenses
|
910
|
||
Administration fees
|
646
|
||
Security pricing fees
|
628
|
||
Miscellaneous reporting fees
|
351
|
||
Fund accounting fees
|
55
|
||
Transfer agent fees
|
11
|
||
Total liabilities
|
65,952
|
||
Total Net Assets
|
$
|
25,171,151
|
|
Net Assets Consist of:
|
|||
Paid in Capital
|
$
|
29,964,502
|
|
Accumulated Deficit
|
(4,793,351)
|
||
Total Net Assets
|
$
|
25,171,151
|
|
Shares Outstanding, no par value (unlimited authorized shares)
|
2,980,000
|
||
Net Asset Value, Offering Price, and Redemption Price Per Share
|
$
|
8.45
|
|
See Notes to Financial Statements
|
Trajan Wealth Income Opportunities ETF
|
|||
Statement of Operations
|
|||
For the fiscal year ended September 30, 2022
|
|||
Investment Income:
|
|||
Interest
|
$
|
275,698
|
|
Dividends
|
965,607
|
||
Total Investment Income
|
1,241,305
|
||
Expenses:
|
|||
Advisory fees (note 2)
|
135,922
|
||
Professional fees
|
41,367
|
||
Administration fees (note 2)
|
27,481
|
||
Shareholder fulfillment fees (note 2)
|
25,035
|
||
Compliance fees (note 2)
|
22,663
|
||
Fund accounting fees (note 2)
|
22,478
|
||
Custody fees (note 2)
|
18,352
|
||
Transfer agent fees (note 2)
|
9,342
|
||
Pricing fees
|
5,218
|
||
Trustee fees (note 3)
|
4,506
|
||
Miscellaneous reporting expenses (note 2)
|
4,192
|
||
Registration and filing expenses
|
3,814
|
||
Insurance fees
|
3,650
|
||
Total Expenses
|
324,020
|
||
|
|||
Expenses waived by the Sub-Advisor (note 2)
|
(111,298)
|
||
Expenses reimbursed by the Sub-Advisor (note 2)
|
(2,661)
|
||
|
|||
Net Expenses
|
210,061
|
||
Net Investment Income
|
1,031,244
|
||
Realized and Unrealized Loss on Investments:
|
|||
Net realized loss from investment transactions
|
(420,556)
|
||
Net change in unrealized depreciation on investments
|
(4,278,142)
|
||
Net Realized and Unrealized Loss on Investments
|
(4,698,698)
|
||
Net Decrease in Net Assets Resulting from Operations
|
$
|
(3,667,454)
|
|
See Notes to Financial Statements
|
Trajan Wealth Income Opportunities ETF
|
|||||||||
Statements of Changes in Net Assets
|
|||||||||
For the fiscal year or period ended September 30,
|
2022
|
2021 (a)
|
|||||||
Operations:
|
|||||||||
Net investment income
|
$ 1,031,244
|
$ 201,947
|
|||||||
Net realized loss from investment transactions
|
(420,556)
|
(45,159)
|
|||||||
Net change in unrealized depreciation on investments
|
(4,278,142)
|
(101,496)
|
|||||||
Net Increase (Decrease) in Net Assets Resulting from Operations
|
(3,667,454)
|
55,292
|
|||||||
Distributions to Investors:
|
(984,239)
|
(196,950)
|
|||||||
Decrease from Distributions to Investors
|
(984,239)
|
(196,950)
|
|||||||
Beneficial Interest Transactions:
|
|||||||||
Shares sold
|
8,063,854
|
22,396,351
|
|||||||
Shares redeemed
|
(495,703)
|
-
|
|||||||
Increase from Beneficial Interest Transactions
|
7,568,151
|
22,396,351
|
|||||||
Net Increase in Net Assets
|
2,916,458
|
22,254,693
|
|||||||
Net Assets:
|
|||||||||
Beginning of period
|
22,254,693
|
-
|
|||||||
End of period
|
$ 25,171,151
|
$ 22,254,693
|
|||||||
Share Information:
|
|||||||||
Shares Sold
|
840,000
|
2,190,000
|
|||||||
Shares Redeemed
|
(50,000)
|
-
|
|||||||
Net Increase in Shares of Beneficial Interest
|
790,000
|
2,190,000
|
|||||||
(a) For the initial period from March 31, 2021 (Commencement of Operations) through September 30, 2021.
|
|||||||||
See Notes to Financial Statements
|
Trajan Wealth Income Opportunities ETF
|
|||||||||
Financial Highlights
|
|||||||||
For a share outstanding during the fiscal
|
|||||||||
year or period ended September 30,
|
2022
|
2021
|
(e)
|
||||||
Net Asset Value, Beginning of Period
|
$ 10.16
|
$ 10.00
|
|||||||
Income (Loss) from Investment Operations:
|
|||||||||
Net investment income
|
0.39
|
0.14
|
|||||||
Net realized and unrealized gain (loss) on investments
|
(1.73)
|
0.16
|
(d)
|
||||||
Total from Investment Operations
|
(1.34)
|
0.30
|
|||||||
Distributions to Investors:
|
|||||||||
From net investment income
|
(0.37)
|
(0.14)
|
|||||||
Total from Distributions to Investors
|
(0.37)
|
(0.14)
|
|||||||
Net Asset Value, End of Period
|
$ 8.45
|
$ 10.16
|
|||||||
Total Return
|
(13.46)%
|
2.99%
|
(b)
|
||||||
Net Assets, End of Period (in thousands)
|
$ 25,171
|
$ 22,255
|
|||||||
Ratios of:
|
|||||||||
Gross Expenses to Average Net Assets (c)
|
1.31%
|
2.71%
|
(a)
|
||||||
Net Expenses to Average Net Assets (c)
|
0.85%
|
0.85%
|
(a)
|
||||||
Net Investment Income to Average Net Assets
|
4.17%
|
4.28%
|
(a)
|
||||||
Portfolio turnover rate
|
23.89%
|
12.90%
|
(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)
|
The amount of realized and unrealized gain (loss) per share does not accord with the amounts reported in the Statement of Operations due to the timing of the Fund share
creations in relation to fluctuating market values during the period.
|
||||||||
(e)
|
For the initial period from March 31, 2021 (Commencement of Operations) through September 30, 2021.
|
||||||||
See Notes to Financial Statements
|
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
Investments in Securities (a)
|
Total
|
Level 1
|
Level 2
|
Level 3
|
||||
Assets
|
||||||||
Common Stocks*
|
$
|
6,646,538
|
$
|
6,646,538
|
$
|
-
|
$
|
-
|
Corporate Bonds*
|
4,992,090
|
-
|
4,992,090
|
-
|
||||
Preferred Stocks*
|
9,602,616
|
9,602,616
|
-
|
-
|
||||
Short-Term Investment
|
3,824,640
|
3,824,640
|
-
|
-
|
||||
Total Assets
|
$
|
25,065,884
|
$
|
20,073,794
|
$
|
4,992,090
|
$
|
-
|
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
2.
|
Transactions with Related Parties and Service Providers
|
Net Assets
|
Annual Fee
|
On the first $250 million
|
0.070%
|
On the next $250 million
|
0.060%
|
On the next $500 million
|
0.040%
|
On all assets over $1 billion
|
0.035%
|
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
Base Fee
|
Asset-Based Fee
|
$1,667 per month minimum
|
1 basis point (0.01%) per year
|
3.
|
Trustees and Officers
|
4.
|
Purchases and Sales of Investment Securities
|
Purchases of Securities
|
Proceeds from Sales
|
||
$8,563,648
|
$5,407,462
|
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
Cost from Purchases In-Kind
|
Proceeds from Redemptions In-Kind
|
$2,048,134
|
$ -
|
September 30, 2022 | September 30, 2021 | ||
Ordinary Income
|
$984,239 | $ 196,950 | |
Capital Gains
|
- | - | |
Total Distributions
|
$984,239 | $ 196,950 |
Cost of Investments
|
$29,442,481
|
|
Gross Unrealized Appreciation
|
$ 341,306
|
|
Gross Unrealized Depreciation
|
(4,717,903)
|
|
Net Unrealized Depreciation
|
(4,376,597)
|
|
Undistributed Net Investment Income
Capital Loss Carryforward
|
43,028
(459,782)
|
|
Accumulated Deficit
|
$ (4,793,351)
|
|
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
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.
|
o
|
Trading Issues. An active trading market for the ETF’s shares may not be developed or maintained. Trading in Shares on the
Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet
the listing requirements of the Exchange. If the ETF’s shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency
basis is limited, which may limit the market for the ETF’s shares.
|
o
|
Cash Purchases. To the extent Creation Units are purchased by APs in cash instead of in-kind, the ETF will incur certain
costs such as brokerage expenses and taxable gains and losses. These costs could be imposed on the ETF and impact the ETF’s NAV if not fully offset by transaction fees paid by the APs.
|
o
|
Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand
for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the particular security. There may be times when the market price and the NAV vary significantly. This
means that Shares may trade at a discount to NAV.
|
• |
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.
|
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
• |
To the extent authorized participants exit the business or are unable to process creations or redemptions and no other AP can step in to do so, there may be a
significantly reduced trading market in the ETF’s shares, which can lead to differences between the market value of ETF shares and the ETF’s net asset value.
|
• |
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 ETFs underlying securities trade in a market that is closed when the market for the ETF’s shares is open, there may be changes from the
last quote of the closed market and the quote from the ETF’s domestic trading day, which could lead to differences between the market value of the Fund’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.
|
Trajan Wealth Income Opportunities ETF |
Notes to Financial Statements |
As of September 30, 2022 |
Trajan Wealth Income Opportunities ETF |
Additional Information
(Unaudited)
|
As of September 30, 2022 |
1.
|
Proxy Voting Policies and Voting Record
|
2.
|
Quarterly Portfolio Holdings
|
3.
|
Tax Information
|
4.
|
Schedule of Shareholder Expenses
|
Trajan Wealth Income Opportunities ETF |
Additional Information
(Unaudited)
|
As of September 30, 2022 |
Beginning
Account Value
April 1, 2022
|
Ending
Account Value
September 30, 2022
|
Expenses Paid
During Period*
|
|
Actual
Hypothetical (5% annual return before expenses)
|
|||
$1,000.00
|
$ 863.30
|
$3.97
|
|
$1,000.00
|
$1,020.81
|
$4.31
|
Name and
Date of Birth |
Position
held with Funds or Trust |
Length
of Time
Served
|
Principal Occupation
During Past 5 Years |
Number of
Portfolios in
Fund
Complex
Overseen by
Trustee
|
Other Directorships
Held by Trustee During Past 5 Years |
Independent Trustees
|
|||||
Thomas R. Galloway
(10/1963) |
Independent Trustee, Chairman
|
Since 12/16
|
Independent Investor since 2012.
|
5
|
Independent Trustee of the Wonderfund Trust for all its series since 2021 and Volt ETF Trust for all of its series since 2016 (all
registered investment companies).
|
Jesse S. Eberdt, III
(10/1959) |
Independent Trustee
|
Since 12/16
|
Managing Director at Tempus Durham, LLC (advisory firm) since 2010.
|
5
|
None.
|
Name and
Date of Birth |
Position held with
Funds or Trust |
Length of
Time Served |
Principal Occupation
During Past 5 Years |
Officers
|
|||
Katherine M. Honey
(09/1973) |
President and Principal Executive Officer
|
Since 12/16
|
President of The Nottingham Company since 2018. EVP of The Nottingham Company from 2008 to 2018.
|
Ashley H. Lanham
(03/1984)
|
Treasurer, Principal Financial Officer, and Principal Accounting Officer
|
Since 12/16
|
Managing Director of Fund Administration and Fund Accounting. The Nottingham Company since 2008.
|
Tracie A. Coop
(12/1976) |
Secretary
|
Since 12/19
|
General Counsel, The Nottingham Company since 2019. Formerly, Vice President and Managing Counsel, State Street Bank and Trust Company
from 2015 to 2019.
|
Andrea M. Knoth
(09/1983) |
Chief Compliance Officer
|
Since 05/2022
|
Director of Compliance, The Nottingham Company since 2022. Formerly, Senior Fund Compliance Administrator, Ultimus Fund Solutions from
2019 to 2022. Formerly, Associate Director of Operational Compliance, Barings from 2018 to 2019. Formerly, Senior Fund Compliance Administrator, Gemini Fund Services from 2012 to 2018.
|
For Shareholder Service Inquiries:
|
For Investment Advisor Inquiries:
|
Nottingham Shareholder Services |
OBP Capital, LLC
|
116 South Franklin Street |
116 South Franklin Street
|
Post Office Box 69 |
Rocky Mount, North Carolina 27804
|
Telephone:
800-773-3863
World Wide Web @:
ncfunds.com |
Telephone:
800-773-3863
World Wide Web @:
trajanwealthetf.com
|
Item 2. | CODE OF ETHICS. |
(a) |
The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial
officer, and principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
|
(c) |
During the period covered by this report, there have been no substantive amendments to the provisions of the Code of Ethics.
|
(d) |
During the period covered by this report, the registrant did not grant any waivers to the provisions of the Code of Ethics.
|
(f)(1) | A copy of the Code of Ethics is filed with this Form N-CSR as Exhibit 13(a)(1). |
Item 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Item 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a)
|
Audit Fees – Audit fees billed for the Trajan Wealth Income Opportunities ETF (the “Fund”), a series of the Trust, for the last
two fiscal years are reflected in the table below. These amounts represent aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant’s independent accountant, BBD, LLP (“Accountant”),
in connection with the annual audit of the registrant’s financial statements and for services that are normally provided by the Accountant in connection with the registrant’s statutory and regulatory filings for those fiscal years.
|
Fund
|
September 30, 2021
|
September 30, 2022
|
Trajan Wealth Income Opportunities ETF
|
$14,000
|
$14,000
|
(b)
|
Audit-Related Fees – Audit-Related fees billed for the Trajan Wealth Income Opportunities ETF (the “Fund”), a series of the Trust,
for the last two fiscal years are reflected in the table below. These amounts represent fees billed each of the last two fiscal years for professional services rendered by the registrant’s independent accountant, BBD, LLP (“Accountant”),
in connection with two semi-annual examinations and a surprise examination of the 17f-1 security counts.
|
Fund
|
September 30, 2021
|
September 30, 2022
|
Trajan Wealth Income Opportunities ETF
|
$5,500
|
$5,500
|
(c)
|
Tax Fees – The tax fees billed in each of the last two fiscal years ended for professional services rendered by the Accountant for
tax compliance, tax advice, and tax planning are reflected in the table below. These services were for the completion of the Fund’s federal and state income tax returns, excise tax returns, and assistance with distribution calculations.
|
Fund
|
September 30, 2021
|
September 30, 2022
|
Trajan Wealth Income Opportunities ETF
|
$3,000
|
$3,000
|
(d)
|
All Other Fees – There were no other fees billed in each of the fiscal years ended September 30, 2021, and September 30, 2022, for
products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this item.
|
(e)(1)
|
The registrant’s Board of Trustees pre-approved the engagement of the Accountant for the last two fiscal years at an audit committee meeting of the Board of Trustees called for such purpose; and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose. The charter of the audit committee states that the audit committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the registrant and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the registrant’s investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the operations and financial reporting of the registrant. |
(2)
|
There were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X.
|
(f) |
Not applicable.
|
(g) |
Aggregate non-audit fees billed by the Accountant to the Fund for services rendered for the fiscal years ended September 30, 2021, and September 30, 2022, were $3,000 and $3,000,
respectively. There were no fees billed by the Accountant for non-audit services rendered to the Fund’s investment adviser, or any other entity controlling, controlled by, or under common control with the Fund’s investment adviser.
|
(h) |
Not applicable.
|
Item 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
(a) |
The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Thomas R. Galloway and Jesse S. Eberdt, III.
|
(b) |
Not applicable.
|
Item 6. | SCHEDULE OF INVESTMENTS. |
Item 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Item 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Item 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Item 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Item 11. | CONTROLS AND PROCEDURES. |
(a) |
The President and Principal Executive Officer and the Treasurer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b)
under the Exchange Act of 1934, as of a date within 90 days of the filing of this report.
|
(b) |
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the
period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
|
Item 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Item 13. | EXHIBITS. |
(a)(1) |
Code of Ethics required by Item 2 of Form N-CSR is filed herewith.
|
(a)(2) |
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are
filed herewith.
|
(b) | Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith. |
Spinnaker ETF Series
|
|
/s/ Katherine M. Honey
|
|
Date: December 5, 2022 |
Katherine M. Honey
President and Principal Executive Officer
|
/s/ Katherine M. Honey
|
|
Date: December 5, 2022 |
Katherine M. Honey
President and Principal Executive Officer
|
/s/ Ashley H. Lanham
|
|
Date: December 1, 2022 |
Ashley H. Lanham
Treasurer, Principal Financial Officer, and Principal Financial Officer
|
1.
|
Covered Officers/Purpose of the Supplemental Code
|
a.
|
Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional
relationships;
|
b.
|
Full, fair, accurate, timely and understandable disclosure in reports and documents that registrant files with, or submits to, the SEC and
in other public communications made by the Trust;
|
c.
|
Compliance with applicable laws and governmental rules and regulations;
|
d.
|
The prompt internal reporting of violations of this Code of Ethics to an appropriate person or persons identified in the Code of Ethics;
and
|
e.
|
Accountability for adherence to this Code of Ethics.
|
2.
|
Ethical Handling of Conflicts of Interest
|
a.
|
Not use his personal influence or personal relationships improperly to influence Investment decisions or financial reporting by the Trust
whereby the Covered Officer would benefit personally to the detriment of the Trust;
|
b.
|
Not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer to the detriment of
the Trust;
|
c.
|
Not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to
trade personally in contemplation of the market effect of such transactions;
|
d.
|
Report at least annually any affiliations or other relationships related to conflicts of interest that the Trustees and Officers
Questionnaire covers.
|
a.
|
Service as a trustee on the board of any public company; The receipt of non-nominal gifts (currently gifts in excess of $200);
|
b.
|
The receipt of entertainment from any company with which the Trust has current or prospective business dealings, including investments in
such companies, unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;
|
c.
|
Any ownership interest in, or any consulting or employment relationship with, any of the Service Providers, other than its Advisor,
principal underwriter, Administrator or any affiliated person thereof;
|
d.
|
A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio
transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.
|
3.
|
Disclosure and Compliance
|
a.
|
Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust;
|
b.
|
Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to
others, whether within or outside the Trust, including to the Trustees and auditors, and to governmental regulators and self-regulatory organizations;
|
c.
|
Each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers
and employees of the Trust and the advisor or administrator, as appropriate, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and
in other public communications made by the Trust; and
|
d.
|
It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by
applicable laws, rules and regulations.
|
4.
|
Reporting and Accountability
|
a.
|
Upon adoption of this Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that
he has received, read, and understands the Code of Ethics;
|
b.
|
Annually thereafter affirm to the Board that he has complied with the requirements of this Code of Ethics;
|
c.
|
Not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential
violations that are made in good faith; and
|
d.
|
Promptly notify the Audit Committee if he knows of any material violation of this Code of Ethics.
|
e.
|
The compliance officer of the Advisor (or such other Trust officer or other investigator as the Audit Committee may from time to time
designate) (referred in this Code of Ethics as the “Investigator”) shall take appropriate action to investigate any potential violations that are reported:
|
a.
|
The compliance officer of the Advisor (or such other Trust officer or other investigator as the Audit Committee may from time to time
designate (referred to in this Code of Ethics as the “Investigator”) shall take appropriate action to investigate any potential violations that are reported:
|
b.
|
If, after such investigation, the Investigator believes that no violation has occurred, the Investigator is not required to take any
further action;
|
c.
|
Any matter that the Investigator believes is a violation will be reported to the Audit Committee;
|
d.
|
If the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider
appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment advisor, administrator, or their boards; or a recommendation to
dismiss the Covered Officer;
|
e.
|
The Board will be responsible for granting waivers, as appropriate; and
|
5.
|
Other Policies and Procedures
|
6.
|
Amendments
|
7.
|
Confidentiality
|
8.
|
Internal Use
|
1. |
I have reviewed this report on Form N-CSR of the Trajan Wealth Income Opportunities ETF, a series of the Spinnaker ETF Series;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
|
By:
|
/s/ Katherine M. Honey
|
|
Katherine M. Honey
President and Principal Executive Officer
|
||
Date:
|
December 5, 2022
|
1. |
I have reviewed this report on Form N-CSR of the Trajan Wealth Income Opportunities ETF, a series of the Spinnaker ETF Series;
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations,
changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4. |
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5. |
The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control
over financial reporting.
|
By:
|
/s/ Ashley H. Lanham
|
|
Ashley H. Lanham
Treasurer, Principal Accounting Officer, and Principal Financial Officer
|
||
Date:
|
December 1, 2022
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
By:
|
/s/ Katherine M. Honey
|
|
Katherine M. Honey
President and Principal Executive Officer
|
||
Date:
|
December 5, 2022
|
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
By:
|
/s/ Ashley H. Lanham
|
|
Ashley H. Lanham
Treasurer, Principal Accounting Officer, and Principal Financial Officer
|
||
Date:
|
December 1, 2022
|
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