The spinnaker halyard (red line) leaves the mast above the base. The line goes through a block on the centerboard trunk cap, mast base or mast side. This line goes aft through a floating swivel block and then back forward to be tied off at the 1st block’s eyestrap.
The blue spinnaker hoist line is tied to the floating block and creates a reverse 1:2 purchase allowing the skipper to hoist the halyard twice as fast, almost in one pull (requiring twice the force.) The hoist line leads all the way to the transom and back forward to the centerboard trunk. It is important that the line turns at the transom to fully hoist the sail without blocking out the red line.
Leading the line fwd on the CB trunk to a turning block after the cam cleat in a similar manner as the CB hoist and other lines allows hoisting from any position in the boat.
If you are re-rigging an entire boat, place the spinnaker halyard and jib tensioner on opposite sides of the mast/CB trunk to minimize possible block tangles in spinnaker hoist/takedowns.