NPORT-EX 2 aaa2.htm

Eldridge AAA CLO ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COLLATERALIZED LOAN OBLIGATIONS - 98.3%(a)(b)
  
Par
    
Value
 
Bermuda - 2.2%
  
OHA Credit Funding, Series 2024-17A, Class A, 5.36% (3 mo. Term SOFR + 1.48%), 04/20/2037
  
$
1,250,000
    
$
1,252,360
  
RR Ltd., Series 2023-27A, Class A1AR, 5.14% (3 mo. Term SOFR + 1.23%), 10/15/2040
    
4,000,000
      
4,002,080
  
             
5,254,440
  
                 
Cayman Islands – 81.6%(c)
  
AGL CLO Ltd., Series 2024-33A, Class A1, 5.22% (3 mo. Term SOFR + 1.35%), 07/21/2037
    
2,815,000
      
2,823,642
  
Aimco CDO
  
Series 2015-AA, Class A1R4, 5.13% (3 mo. Term SOFR + 1.25%), 10/17/2038
    
3,000,000
      
3,004,155
  
Series 2019-10A, Class ARR, 5.27% (3 mo. Term SOFR + 1.41%), 07/22/2037
    
900,000
      
901,453
  
Apidos CLO, Series 2021-37A, Class A, 5.25% (3 mo. Term SOFR + 1.39%), 10/22/2034
    
1,500,000
      
1,501,726
  
ARES CLO
  
Series 2016-41A, Class AR2, 5.24% (3 mo. Term SOFR + 1.33%), 04/15/2034
    
900,000
      
900,975
  
Series 2020-56A, Class A1R2, 5.11% (3 mo. Term SOFR + 1.25%), 01/25/2038
    
2,000,000
      
2,001,382
  
Series 2021-61A, Class A1R, 5.41% (3 mo. Term SOFR + 1.53%), 04/20/2037
    
1,500,000
      
1,504,800
  
Series 2022-63A, Class A1R, 5.59% (3 mo. Term SOFR + 1.31%), 10/15/2038
    
5,000,000
      
5,001,865
  
Series 2022-ALF3A, Class A1R, 5.13% (3 mo. Term SOFR + 1.27%), 07/25/2036
    
4,000,000
      
4,005,372
  
Ares Loan Funding IX Ltd., Series 2025-ALF9A, Class A1, 5.09% (3 mo. Term SOFR + 1.18%), 03/31/2038
    
4,000,000
      
3,997,000
  
Babson CLO Ltd., Series 2022-4A, Class A1R, 5.24% (3 mo. Term SOFR + 1.36%), 10/20/2037
    
2,025,000
      
2,032,711
  
Bain Capital Credit CLO
  
Series 2017-2A, Class A1R3, 5.26% (3 mo. Term SOFR + 1.40%), 07/25/2037
    
2,000,000
      
2,005,204
  
Series 2020-2A, Class ARR, 5.12% (3 mo. Term SOFR + 1.24%), 07/19/2034
    
1,800,000
      
1,802,480
  
Basswood Park CLO Ltd., Series 2021-1A, Class AR, 4.91% (3 mo. Term SOFR + 1.03%), 04/20/2034
    
2,026,500
      
2,027,351
  
Benefit Street Partners CLO Ltd.
  
Series 2015-6BR, Class A1R, 5.06% (3 mo. Term SOFR + 1.18%), 04/20/2038
    
3,750,000
      
3,747,885
  
Series 2016-10A, Class A1R3, 5.18% (3 mo. Term SOFR + 1.30%), 07/20/2038
    
2,830,000
      
2,833,172
  
Series 2018-16A, Class A1R2, 5.20% (3 mo. Term SOFR + 1.32%), 01/17/2038
    
4,500,000
      
4,503,793
  
Series 2020-21A, Class A1R2, 5.16% (3 mo. Term SOFR + 1.24%), 01/15/2039
    
1,000,000
      
1,001,380
  
Series 2024-38A, Class A, 5.17% (3 mo. Term SOFR + 1.31%), 01/25/2038
    
3,000,000
      
3,007,320
  
Buckhorn Park CLO Ltd., Series 2019-1A, Class ARR, 4.95% (3 mo. Term SOFR + 1.07%), 07/18/2034
    
2,950,000
      
2,951,507
  
Carlyle Global Market Strategies
  
Series 2019-4A, Class A11R, 5.22% (3 mo. Term SOFR + 1.32%), 04/15/2035
    
3,250,000
      
3,251,375
  
Series 2021-4A, Class A1, 5.26% (3 mo. Term SOFR + 1.37%), 04/20/2034
    
1,200,000
      
1,201,055
  
Series 2023-3A, Class A1R, 5.14% (3 mo. Term SOFR + 1.23%), 10/15/2038
    
3,000,000
      
3,003,300
  
Series 2024-2A, Class A, 5.38% (3 mo. Term SOFR + 1.52%), 04/25/2037
    
2,500,000
      
2,506,550
  
CIFC Funding Ltd.
  
Series 2014-3A, Class A1R, 5.08% (3 mo. Term SOFR + 1.18%), 03/31/2038
    
4,000,000
      
3,998,000
  
Series 2017-1A, Class ARR, 5.42% (3 mo. Term SOFR + 1.55%), 04/21/2037
    
835,000
      
838,433
  
Series 2018-2A, Class A1R, 5.25% (3 mo. Term SOFR + 1.37%), 10/20/2037
    
3,000,000
      
3,006,630
  
Series 2018-4A, Class AR, 5.10% (3 mo. Term SOFR + 1.22%), 01/17/2038
    
2,500,000
      
2,504,228
  
Series 2020-4A, Class A1R, 5.21% (3 mo. Term SOFR + 1.30%), 01/15/2040
    
4,000,000
      
4,005,920
  
Series 2022-2A, Class A1R, 4.85% (3 mo. Term SOFR + 0.97%), 04/19/2035
    
800,000
      
796,444
  
Elmwood CLO Ltd.
  
Series 2020-2A, Class ARR, 5.25% (3 mo. Term SOFR + 1.37%), 10/20/2037
    
1,500,000
      
1,505,373
  
Series 2021-5A, Class AR, 5.27% (3 mo. Term SOFR + 1.36%), 10/15/2037
    
900,000
      
902,231
  
Series 2022-8A, Class AR2, 5.12% (3 mo. Term SOFR + 1.22%), 10/15/2038
    
1,070,000
      
1,071,464
  
Series 2024-12RA, Class AR, 5.22% (3 mo. Term SOFR + 1.34%), 10/20/2037
    
1,500,000
      
1,503,854
  
Series 2024-1A, Class A1, 5.38% (3 mo. Term SOFR + 1.50%), 04/18/2037
    
1,850,000
      
1,855,815
  
Series 2024-3A, Class A, 5.40% (3 mo. Term SOFR + 1.52%), 04/18/2037
    
1,500,000
      
1,505,032
  
Flatiron CLO Ltd., Series 2024-2A, Class A, 5.23% (3 mo. Term SOFR + 1.35%), 10/17/2037
    
3,000,000
      
3,008,796
  
Generate CLO Ltd., Series 2024-17A, Class A1, 5.26% (3 mo. Term SOFR + 1.40%), 10/22/2037
    
3,000,000
      
3,010,065
  
Goldentree Loan Opportunities Ltd.
  
Series 2019-6A, Class AR2, 4.85% (3 mo. Term SOFR + 0.97%), 04/20/2035
    
1,250,000
      
1,249,864
  
Series 2024-22A, Class A, 5.21% (3 mo. Term SOFR + 1.33%), 10/20/2037
    
3,000,000
      
3,009,060
  
Harriman Park CLO Ltd., Series 2020-1A, Class ARR, 5.18% (3 mo. Term SOFR + 1.30%), 07/20/2038
    
3,000,000
      
3,005,496
  
KKR CLO Trust, Series 2024-47A, Class A, 5.28% (3 mo. Term SOFR + 1.37%), 01/15/2038
    
4,000,000
      
4,013,208
  
Lakeside Park CLO Ltd., Series 2025-1A, Class A, 5.05% (3 mo. Term SOFR + 1.15%), 04/15/2038
    
2,000,000
      
1,999,918
  
Madison Park Funding Ltd.
  
Series 2018-30A, Class A1R, 5.25% (3 mo. Term SOFR + 1.36%), 07/16/2037
    
3,000,000
      
3,008,991
  
Series 2019-34A, Class A1RR, 5.26% (3 mo. Term SOFR + 1.37%), 10/16/2037
    
2,000,000
      
2,007,466
  
Series 2022-62A, Class A1R2, 5.19% (3 mo. Term SOFR + 1.30%), 07/16/2038
    
2,000,000
      
2,003,694
  
Series 2024-67A, Class A1, 5.37% (3 mo. Term SOFR + 1.51%), 04/25/2037
    
1,300,000
      
1,302,048
  
Magnetite CLO Ltd.
  
Series 2023-34A, Class A1R, 5.04% (3 mo. Term SOFR + 1.14%), 01/15/2038
    
2,100,000
      
2,100,729
  
Series 2023-37A, Class A1R, 5.10% (3 mo. Term SOFR + 1.20%), 10/25/2038
    
2,500,000
      
2,499,995
  
Series 2024-40A, Class A1, 5.35% (3 mo. Term SOFR + 1.45%), 07/15/2037
    
2,000,000
      
2,005,726
  
   Series 2024-44A, Class A1, 5.26% (3 mo. Term SOFR + 1.35%), 10/15/2037
    
2,750,000
      
2,759,130
  
Neuberger Berman CLO Ltd.
  
Series 2019-31A, Class AR2, 5.11% (3 mo. Term SOFR + 1.23%), 01/20/2039
    
3,000,000
      
3,003,375
  
Series 2020-36RA, Class A, 5.55% (3 mo. Term SOFR + 1.27%), 07/20/2039
    
3,500,000
      
3,507,983
  
Series 2020-39A, Class A1R, 5.41% (3 mo. Term SOFR + 1.53%), 04/20/2038
    
1,250,000
      
1,254,320
  
Series 2021-43A, Class AR, 4.93% (3 mo. Term SOFR + 1.05%), 07/17/2036
    
900,000
      
900,937
  
Series 2024-59A, Class A1, 5.15% (3 mo. Term SOFR + 1.29%), 01/23/2039
    
2,000,000
      
2,005,200
  
OCP CLO Ltd.
  
Series 2017-13A, Class AR2, 5.21% (3 mo. Term SOFR + 1.34%), 11/26/2037
    
2,060,000
      
2,065,210
  
Series 2019-17A, Class AR2, 5.28% (3 mo. Term SOFR + 1.40%), 07/20/2037
    
3,000,000
      
3,010,947
  
Series 2021-22A, Class AR, 5.23% (3 mo. Term SOFR + 1.35%), 10/20/2037
    
3,000,000
      
3,005,466
  
Octagon Investment Partners Ltd.
  
Series 2016-1A, Class A1R2, 5.30% (3 mo. Term SOFR + 1.42%), 07/18/2037
    
2,000,000
      
2,004,668
  
Series 2020-3A, Class A1R2, 5.27% (3 mo. Term SOFR + 1.36%), 01/15/2038
    
2,950,000
      
2,951,915
  
Series 2021-1A, Class AR, 4.96% (3 mo. Term SOFR + 1.07%), 10/15/2034
    
1,790,000
      
1,790,530
  
OHA Credit Funding
  
Series 2020-5A, Class AR, 5.23% (3 mo. Term SOFR + 1.35%), 10/18/2037
    
3,000,000
      
3,005,298
  
Series 2021-10RA, Class A1, 5.54% (3 mo. Term SOFR + 1.26%), 07/18/2037
    
2,500,000
      
2,503,415
  
OHA Credit Partners Ltd., Series 2021-16A, Class AR, 5.23% (3 mo. Term SOFR + 1.35%), 10/18/2037
    
4,225,000
      
4,231,988
  
Palmer Square CLO Ltd.
  
Series 2019-1A, Class A1R2, 5.10% (3 mo. Term SOFR + 1.25%), 08/14/2038
    
4,000,000
      
4,003,180
  
Series 2021-1A, Class A1AR, 5.03% (3 mo. Term SOFR + 1.15%), 04/20/2038
    
3,300,000
      
3,302,270
  
Series 2024-2A, Class A1, 5.28% (3 mo. Term SOFR + 1.40%), 07/20/2037
    
3,000,000
      
3,011,598
  
Series 2024-3A, Class A, 5.23% (3 mo. Term SOFR + 1.35%), 07/20/2037
    
1,500,000
      
1,505,875
  
Regatta Funding Ltd.
  
Series 2021-1A, Class A1R, 5.07% (3 mo. Term SOFR + 1.16%), 04/15/2038
    
1,500,000
      
1,497,746
  
Series 2024-4A, Class A1, 5.18% (3 mo. Term SOFR + 1.32%), 01/25/2038
    
4,000,000
      
4,006,724
  
Rockland Park CLO Ltd., Series 2021-1A, Class A1R, 5.18% (3 mo. Term SOFR + 1.30%), 07/20/2038
    
4,200,000
      
4,209,152
  
RR 32 Ltd., Series 2024-32RA, Class A1R, 5.26% (3 mo. Term SOFR + 1.36%), 10/15/2039
    
1,500,000
      
1,503,642
  
Sixth Street CLO
  
Series 2019-13A, Class A1R2, 5.09% (3 mo. Term SOFR + 1.22%), 01/21/2038
    
2,000,000
      
1,999,932
  
Series 2021-17A, Class A1R, 5.03% (3 mo. Term SOFR + 1.15%), 04/17/2038
    
5,000,000
      
4,996,225
  
Series 2024-25A, Class A, 5.35% (3 mo. Term SOFR + 1.48%), 07/24/2037
    
3,250,000
      
3,258,791
  
Series 2024-27A, Class A, 5.22% (3 mo. Term SOFR + 1.34%), 01/17/2038
    
1,000,000
      
1,003,982
  
TICP CLO Ltd., Series 2018-11A, Class AR, 5.39% (3 mo. Term SOFR + 1.53%), 04/25/2037
    
3,000,000
      
3,006,894
  
Wellman Park CLO Ltd., Series 2021-1A, Class AR, 5.26% (3 mo. Term SOFR + 1.35%), 07/15/2037
    
2,500,000
      
2,506,817
  
             
197,049,143
  
                 
Jersey – 14.1%
  
AGL CLO Ltd., Series 2022-20A, Class A1R, 5.25% (3 mo. Term SOFR + 1.37%), 10/20/2037
    
2,650,000
      
2,657,701
  
Apidos CLO
  
Series 2022-40A, Class AR, 5.25% (3 mo. Term SOFR + 1.35%), 07/15/2037
    
2,500,000
      
2,504,205
  
Series 2024-48A, Class A1, 5.30% (3 mo. Term SOFR + 1.44%), 07/25/2037
    
3,000,000
      
3,010,950
  
ARES CLO, Series 2023-ALF4A, Class A1R, 5.14% (3 mo. Term SOFR + 1.23%), 10/15/2038
    
2,000,000
      
2,002,058
  
Bain Capital Credit CLO
   Series 2022-4A, Class A1R, 5.27% (3 mo. Term SOFR + 1.38%), 10/16/2037
    
2,000,000
      
2,005,678
  
   Series 2024-2A, Class A1, 5.43% (3 mo. Term SOFR + 1.52%), 07/15/2037
    
3,000,000
      
3,011,229
  
Benefit Street Partners CLO Ltd., Series 2022-28A, Class AR, 5.23% (3 mo. Term SOFR + 1.35%), 10/20/2037
    
3,000,000
      
3,008,616
  
Birch Grove CLO, Series 2024-8A, Class A1, 5.51% (3 mo. Term SOFR + 1.63%), 04/20/2037
    
1,140,000
      
1,144,883
  
Danby Park CLO Ltd., Series 2022-1A, Class AR, 5.23% (3 mo. Term SOFR + 1.36%), 10/21/2037
    
2,000,000
      
2,007,182
  
Goldentree Loan Opportunities Ltd., Series 2023-17A, Class AR, 5.16% (3 mo. Term SOFR + 1.28%), 01/20/2039
    
5,000,000
      
5,019,570
  
Neuberger Berman Loan Advisers NBLA CLO 52 Ltd., Series 2022-52A, Class AR, 5.22% (3 mo. Term SOFR + 1.35%), 10/24/2038
    
2,500,000
      
2,506,180
  
OCP CLO Ltd., Series 2024-36A, Class A1, 5.25% (3 mo. Term SOFR + 1.36%), 10/16/2037
    
2,200,000
      
2,204,637
  
Palmer Square CLO Ltd., Series 2022-3A, Class A1R, 5.23% (3 mo. Term SOFR + 1.35%), 07/20/2037
    
3,000,000
      
3,006,567
  
             
34,089,456
  
United States – 0.4%
                
Clover CLO, Series 2020-1A, Class A1RR, 5.29% (3 mo. Term SOFR + 1.39%), 07/15/2037
    
1,000,000
      
1,002,987
  
                 
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $237,345,485)
      
237,396,026
  
                 
TOTAL INVESTMENTS - 98.3% (Cost $237,345,485)
      
237,396,026
  
Money Market Deposit Account - 1.0% (d)
      
2,498,032
  
Other Assets in Excess of Liabilities - 0.7%
      
1,540,079
  
TOTAL NET ASSETS - 100.0%
          
$
241,434,137
  
                 
Par amount is in USD unless otherwise indicated.
          
Percentages are stated as a percent of net assets.
          

SOFR - Secured Overnight Financing Rate

(a)
Variable rate securities. The coupon is based on a reference index and spread. The rate reported is the rate in effect as of November 30, 2025.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2025, the value of these securities total $237,396,026 or 98.3% of the Fund’s net assets.
(c)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of November 30, 2025 was 3.61%.
Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
Eldridge AAA CLO ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments at Fair Value:
                        
  Collateralized Loan Obligations
  
$
–
    
$
237,396,026
    
$
–
    
$
237,396,026
  
Total Investments in Securities
  
$
–
    
$
237,396,026
    
$
–
    
$
237,396,026
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories. As of the period ended November 30, 2025, the Fund did not hold any Level 3 securities, nor were there any transfers into or out of Level 3.