Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BANK LOANS — 10.9% | ||||||||
| 494,856 | Abe Investment Holdings, Inc. 4.625% (3-Month USD Libor+450 basis points), 2/19/20262,3,4 | $ | 495,989 | |||||
| 256,750 | Alterra Mountain Co. 4.000% (1-Month USD Libor+350 basis points), 8/17/20282,3,4 | 256,654 | ||||||
| 201,022 | American Consolidated Natural Resources, Inc. 17.000% (1-Month USD Libor+1,300 basis points), 9/16/20252,4 | 206,047 | ||||||
| American Rock Salt Co. LLC | ||||||||
| 498,750 | 4.750% (1-Month USD Libor+400 basis points), 6/11/20282,4 | 502,074 | ||||||
| 250,000 | 8.000% (1-Month USD Libor+725 basis points), 6/11/20292,4 | 249,688 | ||||||
| 494,886 | Amynta Agency Borrower, Inc. 4.587% (3-Month USD Libor+450 basis points), 2/28/20252,3,4 | 494,733 | ||||||
| 850,000 | Artera Services LLC 8.250% (3-Month USD Libor+725 basis points), 3/6/20262,3,4 | 848,143 | ||||||
| Aruba Investments Holdings, LLC | ||||||||
| 248,750 | 4.750% (1-Month USD Libor+400 basis points), 11/24/20272,3,4 | 249,838 | ||||||
| 400,000 | 8.500% (1-Month USD Libor+775 basis points), 11/24/20282,3,4 | 404,334 | ||||||
| 500,000 | Avaya, Inc. 4.340% (1-Month USD Libor+425 basis points), 12/15/20272,3,4 | 502,230 | ||||||
| 297,754 | Canada Goose, Inc. 4.250% (1-Month USD Libor+350 basis points), 10/7/20272,3,4,5 | 298,745 | ||||||
| 298,500 | CCI Buyer, Inc. 4.750% (1-Month USD Libor+400 basis points), 12/17/20272,3,4 | 299,776 | ||||||
| CCS-CMGC Holdings, Inc. | ||||||||
| 267,438 | 5.584% (3-Month USD Libor+550 basis points), 10/1/20252,3,4 | 263,159 | ||||||
| 150,000 | 9.129% (3-Month USD Libor+900 basis points), 10/1/20262,3,4 | 149,250 | ||||||
| 492,500 | Delek U.S. Holdings, Inc. 6.500% (1-Month USD Libor+550 basis points), 3/30/20252,3,4 | 494,716 | ||||||
| 744,375 | ECI Macola/Max Holding LLC 4.500% (1-Month USD Libor+375 basis points), 11/9/20272,3,4 | 747,516 | ||||||
| 350,000 | Flexential Intermediate Corp. 7.330% (3-Month USD Libor+725 basis points), 8/1/20252,3,4 | 325,500 | ||||||
| 498,434 | Forterra Finance LLC 4.000% (3-Month USD Libor+300 basis points), 10/25/20232,3,4 | 499,008 | ||||||
| 398,000 | Grab Holdings, Inc. 5.500% (1-Month USD Libor+450 basis points), 1/29/20262,3,4,5 | 402,643 | ||||||
| 595,500 | Great Outdoors Group LLC 5.000% (1-Month USD Libor+425 basis points), 3/5/20282,3,4 | 598,230 | ||||||
| 691,897 | Idera, Inc. 4.500% (1-Month USD Libor+375 basis points), 3/2/20282,3,4 | 691,970 | ||||||
| 680,457 | Inmar, Inc. 5.000% (3-Month USD Libor+400 basis points), 5/1/20242,3,4 | 679,729 | ||||||
| 246,803 | IRB Holding Corp. 2.750% (1-Month USD Libor+275 basis points), 2/5/20252,3,4 | 246,507 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BANK LOANS (Continued) | ||||||||
| 339,139 | Isagenix International LLC 6.750% (3-Month USD Libor+575 basis points), 6/14/20252,3,4 | $ | 264,812 | |||||
| 646,750 | Ivanti Software, Inc. 5.750% (1-Month USD Libor+475 basis points), 12/1/20272,3,4 | 647,355 | ||||||
| 768,073 | Kestrel Acquisition LLC 5.250% (3-Month USD Libor+425 basis points), 6/30/20252,3,4,6,7 | 674,307 | ||||||
| 199,092 | LBM Acquisition LLC 4.500% (1-Month USD Libor+375 basis points), 12/18/20272,3,4 | 196,742 | ||||||
| 160,956 | Life Time, Inc. 5.750% (1-Month USD Libor+475 basis points), 12/15/20242,3,4 | 162,549 | ||||||
| Lightstone Holdco LLC | ||||||||
| 473,305 | 4.750% (3-Month USD Libor+375 basis points), 1/30/20242,3,4 | 419,696 | ||||||
| 26,695 | 4.750% (3-Month USD Libor+375 basis points), 1/30/20242,3,4 | 23,672 | ||||||
| 595,500 | LogMeIn, Inc. 4.834% (1-Month USD Libor+475 basis points), 8/31/20272,3,4 | 595,408 | ||||||
| 500,000 | Magenta Buyer LLC 5.750% (1-Month USD Libor+500 basis points), 7/27/20282,3,4 | 497,187 | ||||||
| 247,416 | Mauser Packaging Solutions Holding Co. 3.381% (3-Month USD Libor+325 basis points), 4/3/20242,3,4 | 241,309 | ||||||
| 382,050 | McAfee LLC 3.837% (3-Month USD Libor+375 basis points), 9/29/20242,3,4 | 382,839 | ||||||
| 633,750 | Minotaur Acquisition, Inc. 4.837% (3-Month USD Libor+500 basis points), 3/29/20262,3,4 | 631,690 | ||||||
| 750,000 | Mitchell International, Inc. 7.000% (1-Month USD Libor+650 basis points), 10/15/20292,3,4 | 757,406 | ||||||
| National Mentor Holdings, Inc. | ||||||||
| 692,624 | 4.500% (1-Month USD Libor+375 basis points), 3/2/20282,3,4 | 689,351 | ||||||
| 32,230 | 4.500% (1-Month USD Libor+375 basis points), 3/2/20282,3,4,6,7 | 32,078 | ||||||
| 21,866 | 4.500% (1-Month USD Libor+375 basis points), 3/2/20282,3,4 | 21,763 | ||||||
| 398,344 | NeuStar, Inc. 9.000% (3-Month USD Libor+800 basis points), 8/8/20252,3,4 | 398,983 | ||||||
| 750,000 | Oregon Clean Energy LLC 4.750% (3-Month USD Libor+375 basis points), 3/1/20262,3,4 | 690,000 | ||||||
| 249,375 | Pluto Acquisition I, Inc. 4.135% (1-Month USD Libor+400 basis points), 6/20/20262,3,4 | 249,739 | ||||||
| 100,000 | Prairie ECI Acquiror LP 4.000% (3-Month USD Libor+475 basis points), 3/11/20262,3,4 | 96,788 | ||||||
| 325,000 | Quest Software U.S. Holdings, Inc. 8.379% (3-Month USD Libor+825 basis points), 5/18/20262,3,4 | 325,340 | ||||||
| 750,000 | Redstone Holdco 2 LP 8.500% (1-Month USD Libor+775 basis points), 8/6/20292,3,4 | 726,562 | ||||||
| 400,000 | Renaissance Holdings Corp. 7.087% (3-Month USD Libor+700 basis points), 5/29/20262,3,4 | 402,252 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BANK LOANS (Continued) | ||||||||
| 395,960 | Rohm Holding GmbH 4.904% (1-Month USD Libor+500 basis points), 7/31/20262,3,4,5 | $ | 397,569 | |||||
| 574,515 | Sabert Corp. 5.500% (1-Month USD Libor+450 basis points), 12/10/20262,3,4 | 575,414 | ||||||
| 494,872 | Scientific Games International, Inc. 2.837% (1-Month USD Libor+275 basis points), 8/14/20242,3,4 | 493,494 | ||||||
| 342,795 | Serta Simmons Bedding LLC 3.500% (3-Month USD Libor+350 basis points), 11/8/20232,3,4 | 232,852 | ||||||
| 494,911 | Severin Acquisition LLC 3.336% (1-Month USD Libor+325 basis points), 8/1/20252,3,4 | 494,139 | ||||||
| 455,882 | SK Invictus Intermediate II Sarl 6.834% (3-Month USD Libor+675 basis points), 3/28/20262,3,4,5 | 456,167 | ||||||
| 247,495 | Surf Holdings LLC 3.616% (1-Month USD Libor+350 basis points), 3/5/20272,3,4 | 246,299 | ||||||
| 496,250 | U.S. Radiology Specialists, Inc. 6.250% (1-Month USD Libor+550 basis points), 12/15/20272,3,4 | 498,808 | ||||||
| 396,962 | U.S. Renal Care, Inc. 5.087% (3-Month USD Libor+500 basis points), 7/26/20262,3,4 | 394,878 | ||||||
| 388,478 | U.S. Silica Co. 5.000% (3-Month USD Libor+400 basis points), 5/1/20252,4 | 381,679 | ||||||
| 600,000 | Vision Solutions, Inc. 4.750% (1-Month USD Libor+400 basis points), 5/28/20282,3,4 | 600,750 | ||||||
| Total Bank Loans | ||||||||
| (Cost $23,439,194) | 23,806,356 | |||||||
| BONDS — 85.6% | ||||||||
| ASSET-BACKED SECURITIES — 76.4% | ||||||||
| 500,000 | Allegany Park CLO Ltd. Series 2019-1A, Class D, 3.832% (3-Month USD Libor+370 basis points), 1/20/20333,4,8 | 501,143 | ||||||
| 375,000 | Anchorage Credit Opportunities CLO Ltd. Series 2019-1A, Class E, 7.682% (3-Month USD Libor+755 basis points), 1/20/20323,4,8 | 372,998 | ||||||
| 750,000 | Annisa CLO Series 2016-2A, Class DR, 3.132% (3-Month USD Libor+300 basis points), 7/20/20313,4,8 | 747,216 | ||||||
| Apidos CLO | ||||||||
| 2,000,000 | Series 2015-21A, Class DR, 5.322% (3-Month USD Libor+520 basis points), 7/18/20273,4,8 | 1,997,456 | ||||||
| 925,000 | Series 2017-28A, Class D, 5.632% (3-Month USD Libor+550 basis points), 1/20/20313,4,8 | 889,172 | ||||||
| 1,500,000 | Series 2013-12A, Class DR, 2.724% (3-Month USD Libor+260 basis points), 4/15/20313,4,8 | 1,455,000 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Apidos CLO Series 2012-11A, Class DR3, 3.872% (3-Month USD Libor+375 basis points), 4/17/20343,4,8 |
$ | 1,014,127 | |||||
| 1,000,000 | Ares CLO Ltd. Series 2020-58A, Class E, 7.154% (3-Month USD Libor+703 basis points), 1/15/20333,4,8 | 1,004,441 | ||||||
| ASSURANT CLO Ltd. | ||||||||
| 1,000,000 | Series 2017-1A, Class E, 6.592% (3-Month USD Libor+646 basis points), 10/20/20293,4,8 | 1,000,000 | ||||||
| 1,000,000 | Series 2019-5A, Class E, 7.464% (3-Month USD Libor+734 basis points), 1/15/20333,4,8 | 1,005,026 | ||||||
| 1,000,000 | Series 2017-1A, Class ER, 7.330% (3-Month USD Libor+720 basis points), 10/20/20343,4,8 | 980,000 | ||||||
| 1,750,000 | Atrium Series 12A, Class DR, 2.928% (3-Month USD Libor+280 basis points), 4/22/20273,4,8 | 1,741,431 | ||||||
| 500,000 | Avery Point CLO Ltd. Series 2015-6A, Class E1, 5.621% (3-Month USD Libor+550 basis points), 8/5/20273,4,8 | 482,718 | ||||||
| 500,000 | Bain Capital Credit CLO Series 2018-1A, Class D, 2.824% (3-Month USD Libor+270 basis points), 4/23/20313,4,8 | 481,502 | ||||||
| 1,000,000 | Ballyrock CLO Ltd. Series 2019-1A, Class DR, 6.874% (3-Month USD Libor+675 basis points), 7/15/20323,4,8 | 997,673 | ||||||
| Barings CLO Ltd. | ||||||||
| 1,000,000 | Series 2013-IA, Class ER, 5.332% (3-Month USD Libor+520 basis points), 1/20/20283,4,8 | 983,283 | ||||||
| 750,000 | Series 2013-IA, Class FR, 6.882% (3-Month USD Libor+675 basis points), 1/20/20283,4,8 | 718,343 | ||||||
| 2,300,000 | Series 2017-1A, Class E, 6.122% (3-Month USD Libor+600 basis points), 7/18/20293,4,8 | 2,308,810 | ||||||
| 1,000,000 | Series 2017-1A, Class F, 7.572% (3-Month USD Libor+745 basis points), 7/18/20293,4,8 | 961,282 | ||||||
| 800,000 | Series 2019-4A, Class E, 7.514% (3-Month USD Libor+739 basis points), 1/15/20333,4,8 | 802,901 | ||||||
| 1,500,000 | Series 2019-1A, Class ER, 6.984% (3-Month USD Libor+686 basis points), 4/15/20363,4,8 | 1,502,484 | ||||||
| 1,000,000 | Series 2020-1A, Class DR, 3.324% (3-Month USD Libor+320 basis points), 10/15/20363,4,8 | 999,998 | ||||||
| 1,000,000 | Series 2020-1A, Class ER, 6.774% (3-Month USD Libor+665 basis points), 10/15/20363,4,8 | 999,976 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| Barings Euro CLO | ||||||||
| 750,000 | Series 2020-1A, Class E, 6.900% (3-Month EUR Libor+690 basis points), 4/21/20333,4,8 | $ | 870,237 | |||||
| 1,000,000 | Series 2020-1X, Class F, 7.980% (3-Month EUR Libor+798 basis points), 4/21/20333,4 | 1,146,310 | ||||||
| 500,000 | Battalion CLO Ltd. Series 2016-10A, Class CR2, 3.574% (3-Month USD Libor+345 basis points), 1/25/20353,4,8 | 501,872 | ||||||
| Benefit Street Partners CLO Ltd. | ||||||||
| 805,000 | Series 2013-IIA, Class CR, 3.824% (3-Month USD Libor+370 basis points), 7/15/20293,4,8 | 807,463 | ||||||
| 1,000,000 | Series 2013-IIIA, Class DR, 6.732% (3-Month USD Libor+660 basis points), 7/20/20293,4,8 | 967,867 | ||||||
| 750,000 | Series 2018-5BA, Class C, 3.062% (3-Month USD Libor+293 basis points), 4/20/20313,4,8 | 730,783 | ||||||
| 1,250,000 | Series 2018-14A, Class E, 5.482% (3-Month USD Libor+535 basis points), 4/20/20313,4,8 | 1,192,719 | ||||||
| 1,250,000 | Series 2019-17A, Class ER, 6.474% (3-Month USD Libor+635 basis points), 7/15/20323,4,8 | 1,245,098 | ||||||
| 1,250,000 | Series 2020-21A, Class DR, 3.434% (3-Month USD Libor+335 basis points), 10/15/20343,4,8 | 1,250,134 | ||||||
| 1,500,000 | Series 2020-21A, Class ER, 6.784% (3-Month USD Libor+670 basis points), 10/15/20343,4,8 | 1,499,973 | ||||||
| 1,000,000 | Series 2021-24A, Class E, 6.780% (3-Month USD Libor+661 basis points), 10/20/20343,4,8 | 989,948 | ||||||
| 500,000 | Canyon Capital CLO Ltd. Series 2014-1A, Class CR, 2.879% (3-Month USD Libor+275 basis points), 1/30/20313,4,8 | 485,950 | ||||||
| 500,000 | Carbone CLO Ltd. Series 2017-1A, Class D, 6.032% (3-Month USD Libor+590 basis points), 1/20/20313,4,8 | 496,055 | ||||||
| 500,000 | Carlyle Global Market Strategies CLO Ltd. Series 2014-1A, Class DR, 2.722% (3-Month USD Libor+260 basis points), 4/17/20313,4,8 | 480,248 | ||||||
| 1,303,000 | Carlyle U.S. CLO Ltd. Series 2019-3A, Class D, 7.162% (3-Month USD Libor+703 basis points), 10/20/20323,4,8 | 1,307,043 | ||||||
| 1,250,000 | Cedar Funding CLO Ltd. Series 2020-12A, Class E, 6.124% (3-Month USD Libor+600 basis points), 10/25/20323,4,8 | 1,251,580 | ||||||
| 1,000,000 | CIFC European Funding CLO Series 3X, Class D, 3.600% (3-Month EUR Libor+360 basis points), 1/15/20343,4 | 1,164,381 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| CIFC Funding Ltd. | ||||||||
| 750,000 | Series 2015-3A, Class DR, 2.624% (3-Month USD Libor+250 basis points), 4/19/20293,4,8 | $ | 742,526 | |||||
| 1,000,000 | Series 2017-1A, Class D, 3.630% (3-Month USD Libor+350 basis points), 4/23/20293,4,8 | 1,000,228 | ||||||
| 500,000 | Series 2018-3A, Class E, 5.622% (3-Month USD Libor+550 basis points), 7/18/20313,4,8 | 488,840 | ||||||
| 1,000,000 | Series 2016-1A, Class ER, 7.830% (3-Month USD Libor+770 basis points), 10/21/20313,4,8 | 1,001,209 | ||||||
| 1,850,000 | Series 2019-5A, Class D, 6.964% (3-Month USD Libor+684 basis points), 10/15/20323,4,8 | 1,854,968 | ||||||
| 500,000 | Series 2019-6A, Class E, 7.522% (3-Month USD Libor+740 basis points), 1/16/20333,4,8 | 501,661 | ||||||
| 1,000,000 | Series 2019-2A, Class ER, 6.712% (3-Month USD Libor+659 basis points), 4/17/20343,4,8 | 1,012,980 | ||||||
| Crestline Denali CLO Ltd. | ||||||||
| 750,000 | Series 2018-1A, Class D, 2.732% (3-Month USD Libor+260 basis points), 1/20/20303,4,8 | 714,182 | ||||||
| 500,000 | Series 2016-1A, Class DR, 3.474% (3-Month USD Libor+335 basis points), 10/23/20313,4,8 | 482,719 | ||||||
| Cumberland Park CLO Ltd. | ||||||||
| 1,000,000 | Series 2015-2A, Class DR, 2.832% (3-Month USD Libor+270 basis points), 7/20/20283,4,8 | 1,001,681 | ||||||
| 1,500,000 | Series 2015-2A, Class ER, 5.782% (3-Month USD Libor+565 basis points), 7/20/20283,4,8 | 1,502,178 | ||||||
| 1,750,000 | Dartry Park CLO DAC Series 1X, Class CRR, 3.350% (3-Month EUR Libor+335 basis points), 1/28/20343,4 | 2,027,779 | ||||||
| 1,000,000 | Denali Capital CLO Ltd. Series 2016-1A, Class DR, 2.874% (3-Month USD Libor+275 basis points), 4/15/20313,4,8 | 949,445 | ||||||
| Dryden CLO Ltd. | ||||||||
| 995,000 | Series 2018-57A, Class D, 2.675% (3-Month USD Libor+255 basis points), 5/15/20313,4,8 | 975,660 | ||||||
| 330,000 | Series 2018-57A, Class E, 5.325% (3-Month USD Libor+520 basis points), 5/15/20313,4,8 | 318,988 | ||||||
| 1,000,000 | Series 2018-70A, Class E, 6.172% (3-Month USD Libor+605 basis points), 1/16/20323,4,8 | 996,253 | ||||||
| 500,000 | Series 2020-78A, Class D, 3.122% (3-Month USD Libor+300 basis points), 4/17/20333,4,8 | 501,521 | ||||||
| 1,000,000 | Series 2020-77A, Class ER, 6.004% (3-Month USD Libor+587 basis points), 5/20/20343,4,8 | 993,291 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Series 2020-77A, Class FR, 7.724% (3-Month USD Libor+759 basis points), 5/20/20343,4,8 | $ | 971,071 | |||||
| 1,000,000 | Series 2020-86A, Class DR, 3.322% (3-Month USD Libor+320 basis points), 7/17/20343,4,8 | 1,000,149 | ||||||
| 500,000 | Dryden Senior Loan Fund Series 2016-45A, Class DR, 3.274% (3-Month USD Libor+315 basis points), 10/15/20303,4,8 | 502,189 | ||||||
| Eaton Vance CLO Ltd. | ||||||||
| 1,075,000 | Series 2015-1A, Class DR, 2.632% (3-Month USD Libor+250 basis points), 1/20/20303,4,8 | 1,052,653 | ||||||
| 850,000 | Series 2015-1A, Class ER, 5.732% (3-Month USD Libor+560 basis points), 1/20/20303,4,8 | 835,728 | ||||||
| 500,000 | Series 2014-1RA, Class E, 5.824% (3-Month USD Libor+570 basis points), 7/15/20303,4,8 | 481,882 | ||||||
| 750,000 | Series 2018-1A, Class D, 3.324% (3-Month USD Libor+320 basis points), 10/15/20303,4,8 | 753,872 | ||||||
| 1,000,000 | Series 2020-2A, Class E, 7.444% (3-Month USD Libor+732 basis points), 10/15/20323,4,8 | 1,008,256 | ||||||
| 1,500,000 | Series 2013-1A, Class D3R, 6.924% (3-Month USD Libor+680 basis points), 1/15/20343,4,8 | 1,505,297 | ||||||
| 600,000 | Elmwood CLO Ltd. Series 2019-3A, Class FR, 7.864% (3-Month USD Libor+774 basis points), 10/20/20343,4,8 | 576,000 | ||||||
| 1,000,000 | Flatiron CLO LLC Series 2021-2A, Class E, 6.538% (3-Month USD Libor+620 basis points), 10/15/20343,4,8 | 1,000,000 | ||||||
| Flatiron CLO Ltd. | ||||||||
| 5,425,000 | Series 2017-1A, Class SUB, 0.000%, 5/15/20303,8,9 | 4,129,602 | ||||||
| 3,500,000 | Series 2018-1A, Class SUB, 0.000%, 4/17/20313,8,9 | 2,661,487 | ||||||
| 1,000,000 | Series 2020-1A, Class D, 3.921% (3-Month USD Libor+379 basis points), 11/20/20333,4,8 | 1,011,981 | ||||||
| 1,750,000 | Series 2020-1A, Class E, 7.981% (3-Month USD Libor+785 basis points), 11/20/20333,4,8 | 1,801,343 | ||||||
| 750,000 | Series 2021-1A, Class E, 6.151% (3-Month USD Libor+600 basis points), 7/19/20343,4,8 | 749,942 | ||||||
| 500,000 | Galaxy CLO Ltd. Series 2017-24A, Class E, 5.624% (3-Month USD Libor+550 basis points), 1/15/20313,4,8 | 486,533 | ||||||
| 1,000,000 | Generate CLO Ltd. Series 9A, Class E, 6.990% (3-Month USD Libor+685 basis points), 10/20/20343,4,8 | 990,000 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 500,000 | Goldentree Loan Management U.S. CLO Ltd. Series 2020-8A, Class ER, 6.282% (3-Month USD Libor+615 basis points), 10/20/20343,4,8 | $ | 498,079 | |||||
| 1,500,000 | Goldentree Loan Opportunities Ltd. Series 2016-12A, Class ER, 5.530% (3-Month USD Libor+540 basis points), 7/21/20303,4,8 | 1,477,934 | ||||||
| GoldentTree Loan Management U.S. CLO Ltd. | ||||||||
| 1,460,000 | Series 2021-10A, Class E, 6.332% (3-Month USD Libor+620 basis points), 7/20/20343,4,8 | 1,456,582 | ||||||
| 750,000 | Series 2021-10A, Class F, 7.922% (3-Month USD Libor+779 basis points), 7/20/20343,4,8 | 728,262 | ||||||
| 500,000 | Greenwood Park CLO Ltd. Series 2018-1A, Class E, 5.074% (3-Month USD Libor+495 basis points), 4/15/20313,4,8 | 485,944 | ||||||
| 1,000,000 | Griffith Park CLO DAC Series 1X, Class DR, 5.520% (3-Month EUR Libor+552 basis points), 11/21/20313,4 | 1,142,482 | ||||||
| Grippen Park CLO Ltd. | ||||||||
| 4,000,000 | Series 2017-1A, Class SUB, 0.000%, 1/20/20303,8,9 | 2,673,957 | ||||||
| 1,000,000 | Series 2017-1A, Class E, 5.832% (3-Month USD Libor+570 basis points), 1/20/20303,4,8 | 996,252 | ||||||
| Highbridge Loan Management Ltd. | ||||||||
| 1,850,000 | Series 7A-2015, Class DR, 2.525% (3-Month USD Libor+240 basis points), 3/15/20273,4,8 | 1,819,200 | ||||||
| 850,000 | Series 3A-2014, Class CR, 3.722% (3-Month USD Libor+360 basis points), 7/18/20293,4,8 | 845,154 | ||||||
| 875,000 | Series 5A-2015, Class DRR, 3.274% (3-Month USD Libor+315 basis points), 10/15/20303,4,8 | 843,621 | ||||||
| HPS Loan Management Ltd. | ||||||||
| 500,000 | Series 8A-2016, Class ER, 5.632% (3-Month USD Libor+550 basis points), 7/20/20303,4,8 | 479,223 | ||||||
| 1,375,000 | Series 15A-19, Class E, 6.728% (3-Month USD Libor+660 basis points), 7/22/20323,4,8 | 1,373,416 | ||||||
| 1,000,000 | Invesco CLO Ltd. Series 2021-1A, Class E, 6.584% (3-Month USD Libor+646 basis points), 4/15/20343,4,8 | 995,610 | ||||||
| 1,000,000 | Jay Park CLO Ltd. Series 2016-1A, Class DR, 5.332% (3-Month USD Libor+520 basis points), 10/20/20273,4,8 | 992,934 | ||||||
| 1,000,000 | KKR CLO Ltd. Series 13, Class ER, 5.072% (3-Month USD Libor+495 basis points), 1/16/20283,4,8 | 996,136 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | LCM LP Series 18A, Class DR, 2.932% (3-Month USD Libor+280 basis points), 4/20/20313,4,8 | $ | 970,427 | |||||
| Madison Park Funding Ltd. | ||||||||
| 1,250,000 | Series 2015-19A, Class CR, 2.278% (3-Month USD Libor+215 basis points), 1/22/20283,4,8 | 1,249,773 | ||||||
| 1,000,000 | Series 2015-19A, Class DR, 4.478% (3-Month USD Libor+435 basis points), 1/22/20283,4,8 | 978,272 | ||||||
| 1,000,000 | Series 2014-13A, Class FR, 8.074% (3-Month USD Libor+795 basis points), 4/19/20303,4,8 | 983,229 | ||||||
| Magnetite Ltd. | ||||||||
| 500,000 | Series 2015-16A, Class ER, 5.122% (3-Month USD Libor+500 basis points), 1/18/20283,4,8 | 498,456 | ||||||
| 1,000,000 | Series 2019-22A, Class ER, 6.474% (3-Month USD Libor+635 basis points), 4/15/20313,4,8 | 1,002,042 | ||||||
| 1,050,000 | Series 2015-12A, Class FR, 8.074% (3-Month USD Libor+795 basis points), 10/15/20313,4,8 | 1,022,834 | ||||||
| 1,500,000 | Series 2015-14RA, Class F, 8.052% (3-Month USD Libor+793 basis points), 10/18/20313,4,8 | 1,449,348 | ||||||
| 750,000 | Series 2020-28A, Class E, 7.204% (3-Month USD Libor+708 basis points), 10/25/20313,4,8 | 752,265 | ||||||
| 1,075,000 | Series 2019-24A, Class E, 7.074% (3-Month USD Libor+695 basis points), 1/15/20333,4,8 | 1,077,539 | ||||||
| 800,000 | Milos CLO Ltd. Series 2017-1A, Class ER, 6.282% (3-Month USD Libor+615 basis points), 10/20/20303,4,8 | 801,236 | ||||||
| 1,000,000 | Morgan Stanley Eaton Vance CLO Ltd. Series 2021-1A, Class E, 6.883% (3-Month USD Libor+675 basis points), 10/20/20343,4,8 | 1,000,000 | ||||||
| 1,000,000 | Mountain View CLO Ltd. Series 2015-10A, Class E, 4.972% (3-Month USD Libor+485 basis points), 10/13/20273,4,8 | 990,455 | ||||||
| Neuberger Berman CLO Ltd. | ||||||||
| 1,000,000 | Series 2016-22A, Class ER, 6.182% (3-Month USD Libor+606 basis points), 10/17/20303,4,8 | 987,606 | ||||||
| 5,000,000 | Series 2015-20A, Class SUB, 0.000%, 7/15/20343,8,9 | 2,571,716 | ||||||
| Neuberger Berman Loan Advisers CLO Ltd. | ||||||||
| 1,000,000 | Series 2018-27A, Class E, 5.324% (3-Month USD Libor+520 basis points), 1/15/20303,4,8 | 983,466 | ||||||
| 1,450,000 | Series 2019-32A, Class ER, 6.224% (3-Month USD Libor+610 basis points), 1/20/20323,4,8 | 1,451,948 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 528,045 | Series 2019-35A, Class D, 3.824% (3-Month USD Libor+370 basis points), 1/19/20333,4,8 | $ | 529,833 | |||||
| 1,000,000 | Neuberger Berman Loan Advisers Euro CLO Series 2021-1X, Class D, 3.000% (3-Month EUR Libor+300 basis points), 4/17/20343,4 | 1,141,111 | ||||||
| New Mountain CLO Ltd. | ||||||||
| 1,000,000 | Series CLO-2A, Class E, 6.484% (3-Month USD Libor+636 basis points), 4/15/20343,4,8 | 999,634 | ||||||
| 1,500,000 | Series CLO-1A, Class ER, 6.809% (3-Month USD Libor+668 basis points), 10/15/20343,4,8 | 1,492,593 | ||||||
| 1,000,000 | Series CLO-3A, Class E, 6.731% (3-Month USD Libor+660 basis points), 10/20/20343,4,8 | 999,849 | ||||||
| 1,250,000 | Oak Hill Credit Partners Ltd. Series 2014-10RA, Class D2R, 4.882% (3-Month USD Libor+475 basis points), 4/20/20343,4,8 | 1,259,112 | ||||||
| OCP CLO Ltd. | ||||||||
| 1,000,000 | Series 2020-18A, Class ER, 6.562% (3-Month USD Libor+643 basis points), 7/20/20323,4,8 | 998,912 | ||||||
| 1,000,000 | Series 2019-17A, Class ER, 6.632% (3-Month USD Libor+650 basis points), 7/20/20323,4,8 | 1,001,993 | ||||||
| 1,000,000 | Series 2021-22A, Class E, 0.000% (3-Month USD Libor+660 basis points), 12/2/20343,4,8 | 1,000,000 | ||||||
| Octagon Investment Partners Ltd. | ||||||||
| 500,000 | Series 2019-3A, Class ER, 6.874% (3-Month USD Libor+675 basis points), 7/15/20343,4,8 | 500,079 | ||||||
| 750,000 | Series 2020-1A, Class ER, 6.382% (3-Month USD Libor+625 basis points), 7/20/20343,4,8 | 749,678 | ||||||
| 1,000,000 | Octagon Ltd. Series 2021-1A, Class E, 6.653% (3-Month USD Libor+653 basis points), 10/15/20343,4,8 | 995,223 | ||||||
| 1,750,000 | OHA Credit Funding Ltd. Series 2019-2A, Class DR, 3.430% (3-Month USD Libor+330 basis points), 4/21/20343,4,8 | 1,750,364 | ||||||
| OZLM Ltd. | ||||||||
| 600,000 | Series 2015-12X, Class E, 6.779% (3-Month USD Libor+665 basis points), 4/30/20273,4 | 570,593 | ||||||
| 1,250,000 | Series 2018-22A, Class C, 2.772% (3-Month USD Libor+265 basis points), 1/17/20313,4,8 | 1,207,287 | ||||||
| 1,000,000 | Series 2014-6A, Class CS, 3.252% (3-Month USD Libor+313 basis points), 4/17/20313,4,8 | 987,656 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 750,000 | PPM CLO Ltd. Series 2019-3A, Class ER, 6.732% (3-Month USD Libor+661 basis points), 4/17/20343,4,8 | $ | 745,875 | |||||
| Recette CLO Ltd. | ||||||||
| 1,000,000 | Series 2015-1A, Class YRR, 0.100%, 4/20/20343,8 | 30,019 | ||||||
| 1,000,000 | Series 2015-1A, Class FRR, 8.602% (3-Month USD Libor+847 basis points), 4/20/20343,4,8 | 963,697 | ||||||
| 1,200,000 | Regatta Funding LP Series 2013-2A, Class CR2, 3.824% (3-Month USD Libor+370 basis points), 1/15/20293,4,8 | 1,204,508 | ||||||
| Regatta Funding Ltd. | ||||||||
| 1,000,000 | Series 2018-4A, Class D, 6.624% (3-Month USD Libor+650 basis points), 10/25/20313,4,8 | 990,000 | ||||||
| 750,000 | Series 2019-2A, Class D, 4.024% (3-Month USD Libor+390 basis points), 1/15/20333,4,8 | 754,024 | ||||||
| 750,000 | Series 2016-1A, Class ER2, 6.522% (3-Month USD Libor+640 basis points), 6/20/20343,4,8 | 750,120 | ||||||
| 625,000 | Riserva CLO Ltd. Series 2016-3A, Class FRR, 8.632% (3-Month USD Libor+851 basis points), 1/18/20343,4,8 | 610,974 | ||||||
| Rockford Tower CLO Ltd. | ||||||||
| 1,900,000 | Series 2020-1A, Class E, 7.032% (3-Month USD Libor+690 basis points), 1/20/20323,4,8 | 1,908,592 | ||||||
| 1,000,000 | Series 2021-3A, Class E, 6.855% (3-Month USD Libor+672 basis points), 10/20/20343,4,8 | 985,000 | ||||||
| 1,500,000 | Shackleton CLO Ltd. Series 2014-6RA, Class E, 5.732% (3-Month USD Libor+561 basis points), 7/17/20283,4,8 | 1,473,750 | ||||||
| 1,000,000 | Sound Point CLO Series 2019-3A, Class DR, 3.632% (3-Month USD Libor+350 basis points), 10/25/20343,4,8 | 1,000,000 | ||||||
| Sound Point CLO Ltd. | ||||||||
| 500,000 | Series 2016-2A, Class ER, 7.032% (3-Month USD Libor+690 basis points), 10/20/20283,4,8 | 497,508 | ||||||
| 1,000,000 | Series 2019-1A, Class DR, 3.632% (3-Month USD Libor+350 basis points), 1/20/20323,4,8 | 996,073 | ||||||
| 1,500,000 | Symphony CLO Ltd. Series 2014-14A, Class E, 4.727% (3-Month USD Libor+460 basis points), 7/14/20263,4,8 | 1,497,750 | ||||||
| TCI-Flatiron CLO Ltd. | ||||||||
| 875,000 | Series 2017-1A, Class D, 2.874% (3-Month USD Libor+275 basis points), 11/18/20303,4,8 | 867,397 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Series 2016-1A, Class DR2, 3.722% (3-Month USD Libor+360 basis points), 1/17/20323,4,8 | $ | 1,004,589 | |||||
| 1,500,000 | Series 2016-1A, Class ER2, 7.122% (3-Month USD Libor+700 basis points), 1/17/20323,4,8 | 1,502,442 | ||||||
| 1,000,000 | TCI-Symphony CLO Ltd. Series 2016-1A, Class DR, 3.122% (3-Month USD Libor+300 basis points), 10/13/20293,4,8 | 1,004,439 | ||||||
| 1,500,000 | TCW CLO Ltd. Series 2019-2A, Class E, 7.532% (3-Month USD Libor+740 basis points), 10/20/20323,4,8 | 1,502,672 | ||||||
| 1,000,000 | Thompson Park CLO Ltd. Series 2021-1A, Class E, 6.434% (3-Month USD Libor+631 basis points), 4/15/20343,4,8 | 994,048 | ||||||
| TICP CLO Ltd. | ||||||||
| 750,000 | Series 2017-8A, Class D, 6.682% (3-Month USD Libor+655 basis points), 10/20/20303,4,8 | 754,463 | ||||||
| 688,000 | Series 2016-5A, Class ER, 5.872% (3-Month USD Libor+575 basis points), 7/17/20313,4,8 | 682,030 | ||||||
| 1,000,000 | Series 2019-14A, Class D, 7.282% (3-Month USD Libor+715 basis points), 10/20/20323,4,8 | 1,002,114 | ||||||
| 560,000 | Series 2019-13A, Class ER, 6.324% (3-Month USD Libor+620 basis points), 4/15/20343,4,8 | 561,443 | ||||||
| 1,000,000 | Trinitas CLO Ltd. Series 2019-11A, Class D2R, 4.124% (3-Month USD Libor+400 basis points), 7/15/20343,4,8 | 997,595 | ||||||
| 800,000 | Tryon Park CLO Ltd. Series 2013-1A, Class DR, 6.074% (3-Month USD Libor+595 basis points), 4/15/20293,4,8 | 802,278 | ||||||
| Voya CLO Ltd. | ||||||||
| 750,000 | Series 2014-3A, Class CR, 2.774% (3-Month USD Libor+265 basis points), 7/25/20263,4,8 | 752,983 | ||||||
| 750,000 | Series 2015-1A, Class CR, 2.472% (3-Month USD Libor+235 basis points), 1/18/20293,4,8 | 725,592 | ||||||
| 500,000 | Series 2013-1A, Class CR, 3.074% (3-Month USD Libor+295 basis points), 10/15/20303,4,8 | 484,705 | ||||||
| 500,000 | Series 2019-4A, Class E, 7.604% (3-Month USD Libor+748 basis points), 1/15/20333,4,8 | 503,783 | ||||||
| 1,000,000 | Series 2020-2A, Class ER, 6.524% (3-Month USD Libor+640 basis points), 7/19/20343,4,8 | 1,000,222 | ||||||
| 750,000 | Wind River CLO Ltd. Series 2014-3A, Class DR2, 3.528% (3-Month USD Libor+340 basis points), 10/22/20313,4,8 | 736,103 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| York CLO Ltd. | ||||||||
| 1,000,000 | Series 3A, Class ER, 6.532% (3-Month USD Libor+640 basis points), 10/20/20293,4,8 | $ | 1,005,140 | |||||
| 750,000 | Series 2A, Class DR, 2.728% (3-Month USD Libor+260 basis points), 1/22/20313,4,8 | 739,859 | ||||||
| 1,750,000 | Series 5A, Class D, 3.478% (3-Month USD Libor+335 basis points), 10/22/20313,4,8 | 1,752,373 | ||||||
| 250,000 | Series 6A, Class D, 4.128% (3-Month USD Libor+400 basis points), 7/22/20323,4,8 | 251,737 | ||||||
| 1,250,000 | Series 7A, Class D, 3.928% (3-Month USD Libor+380 basis points), 1/22/20333,4,8 | 1,254,591 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $162,887,302) | 166,968,538 | |||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.9% | ||||||||
| 203,000 | DBUBS Mortgage Trust Series 2011-LC3A, Class PM2, 5.098%, 5/10/20443,8,9 | 203,530 | ||||||
| 955,000 | Elmwood CLO Ltd. Series 2020-2A, Class DR, 3.232% (3-Month USD Libor+310 basis points), 10/20/20343,4,8 | 952,895 | ||||||
| 650,000 | GS Mortgage Securities Corp. Series 2012-TMSQ, Class C, 3.458%, 12/10/20303,8,9 | 639,073 | ||||||
| 750,000 | Sixth Street CLO Ltd. Series 2021-17A, Class E, 6.332% (3-Month USD Libor+620 basis points), 1/20/20343,4,8 | 756,082 | ||||||
| U.S. USDC | ||||||||
| 525,000 | Series 2018-USDC, Class D, 4.493%, 5/13/20388,9 | 495,302 | ||||||
| 1,250,000 | Series 2018-USDC, Class E, 4.493%, 5/13/20388,9 | 1,078,164 | ||||||
| 1,202,049 | West Town Mall Trust Series 2017-KNOX, Class A, 3.823%, 7/5/20308 | 1,208,240 | ||||||
| 500,000 | WFLD Mortgage Trust Series 2014-MONT, Class D, 3.755%, 8/10/20313,8,9 | 400,702 | ||||||
| 750,000 | Worldwide Plaza Trust Series 2017-WWP, Class F, 3.596%, 11/10/20368,9 | 682,549 | ||||||
| Total Commercial Mortgage-Backed Securities | ||||||||
| (Cost $6,334,580) | 6,416,537 | |||||||
| CORPORATE — 6.3% | ||||||||
| BASIC MATERIALS — 0.2% | ||||||||
| 425,000 | EverArc Escrow Sarl 5.000%, 10/30/20293,5,8 | 425,531 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| CORPORATE (Continued) | ||||||||
| COMMUNICATIONS — 1.6% | ||||||||
| 600,000 | Endure Digital, Inc. 6.000%, 2/15/20293,8 | $ | 553,026 | |||||
| 255,000 | ION Trading Technologies Sarl 5.750%, 5/15/20283,5,8 | 261,694 | ||||||
| 500,000 | Kaixo Bondco Telecom S.A. 5.125%, 9/30/20293 | 574,974 | ||||||
| 500,000 | LCPR Senior Secured Financing DAC 5.125%, 7/15/20293,5,8 | 504,425 | ||||||
| 500,000 | Lorca Telecom Bondco S.A. 4.000%, 9/18/20273 | 582,794 | ||||||
| 1,000,000 | Scripps Escrow II, Inc. 5.375%, 1/15/20313,8 | 980,030 | ||||||
| 3,456,943 | ||||||||
| CONSUMER, CYCLICAL — 1.7% | ||||||||
| 500,000 | American Airlines Group, Inc. 3.750%, 3/1/20258 | 457,400 | ||||||
| 400,000 | American Axle & Manufacturing, Inc. 5.000%, 10/1/20293 | 382,957 | ||||||
| 205,000 | Everi Holdings, Inc. 5.000%, 7/15/20293,8 | 210,125 | ||||||
| 530,000 | GYP Holdings Corp. 4.625%, 5/1/20293,8 | 524,038 | ||||||
| 650,000 | Life Time, Inc. 8.000%, 4/15/20263,8 | 683,572 | ||||||
| 650,000 | Lions Gate Capital Holdings LLC 5.500%, 4/15/20293,8 | 665,437 | ||||||
| 360,000 | Premier Entertainment Sub LLC / Premier Entertainment Finance
Corp. 5.625%, 9/1/20293,8 | 366,750 | ||||||
| 395,000 | Shea Homes LP / Shea Homes Funding
Corp. 4.750%, 4/1/20293,8 | 397,469 | ||||||
| 3,687,748 | ||||||||
| CONSUMER, NON-CYCLICAL — 1.1% | ||||||||
| 500,000 | CoreLogic, Inc. 4.500%, 5/1/20283,8 | 494,660 | ||||||
| 300,000 | Endo Dac / Endo Finance LLC / Endo Finco, Inc. 9.500%, 7/31/20273,5,8 | 298,225 | ||||||
| 190,000 | Endo Luxembourg Finance Co. I Sarl / Endo US, Inc. 6.125%, 4/1/20293,5,8 | 187,429 | ||||||
| 270,000 | Grifols Escrow Issuer S.A. 4.750%, 10/15/20283,5,8 | 274,388 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| CORPORATE (Continued) | ||||||||
| CONSUMER, NON-CYCLICAL (Continued) | ||||||||
| 90,000 | ModivCare Escrow Issuer, Inc. 5.000%, 10/1/20293,8 | $ | 91,658 | |||||
| 500,000 | Modulaire Global Finance PLC 8.000%, 2/15/20233,5,8 | 510,135 | ||||||
| 500,000 | NESCO Holdings, Inc. 5.500%, 4/15/20293,8 | 506,875 | ||||||
| 2,363,370 | ||||||||
| ENERGY — 0.8% | ||||||||
| 500,000 | Crestwood Midstream Partners LP / Crestwood Midstream Finance
Corp. 6.000%, 2/1/20293,8 | 518,832 | ||||||
| 500,000 | Genesis Energy LP / Genesis Energy Finance Corp. 7.750%, 2/1/20283 | 494,747 | ||||||
| 300,000 | Murray Energy Corp. 11.250%, 1/14/2022*,3,8,10 | — | ||||||
| 250,000 | Nabors Industries Ltd. 7.250%, 1/15/20263,5,8 | 242,924 | ||||||
| 450,000 | Peabody Energy Corp. 6.375%, 3/31/20253,8,11 | 410,252 | ||||||
| 1,666,755 | ||||||||
| INDUSTRIAL — 0.6% | ||||||||
| 180,000 | Carriage Purchaser, Inc. 7.875%, 10/15/20293,8 | 179,193 | ||||||
| 300,000 | FXI Holdings, Inc. 12.250%, 11/15/20263,8 | 334,231 | ||||||
| 350,000 | Plastipak Holdings, Inc. 6.250%, 10/15/20253,8 | 356,783 | ||||||
| 512,000 | Trident TPI Holdings, Inc. 6.625%, 11/1/20253,8 | 521,544 | ||||||
| 1,391,751 | ||||||||
| TECHNOLOGY — 0.1% | ||||||||
| 250,000 | Helios Software Holdings, Inc. 4.625%, 5/1/20283,8 | 247,188 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| CORPORATE (Continued) | ||||||||
| UTILITIES — 0.2% | ||||||||
| 500,000 | Pike Corp. 5.500%, 9/1/20283,8 | $ | 509,375 | |||||
| Total Corporate | ||||||||
| (Cost $14,007,205) | 13,748,661 | |||||||
| Total Bonds | ||||||||
| (Cost $183,229,087) | 187,133,736 | |||||||
Number of Shares | ||||||||
| COMMON STOCKS — 0.8% | ||||||||
| ENERGY — 0.1% | ||||||||
| 3,913 | Phillips 66 | 292,614 | ||||||
| FINANCIAL — 0.7% | ||||||||
| 7,083 | Equity Residential - REIT | 611,971 | ||||||
| 6,878 | SL Green Realty Corp. - REIT | 481,942 | ||||||
| 10,700 | Vornado Realty Trust - REIT | 456,141 | ||||||
| 1,550,054 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $1,871,353) | 1,842,668 | |||||||
| Number of Contracts | ||||||||
| PURCHASED OPTION CONTRACTS — 0.1% | ||||||||
| PUT OPTIONS — 0.1% | ||||||||
| EQUITY — 0.1% | ||||||||
| 784 | Axalta Coating Systems, Ltd. Exercise Price: $31.00, Notional Amount: $2,430,400, Expiration Date: November 19, 2021 | 64,680 | ||||||
| SPDR S&P 500 ETF Trust | ||||||||
| 883 | Exercise Price: $400.00, Notional Amount: $35,320,000, Expiration Date: November 19, 2021 | 31,347 | ||||||
| 316 | Exercise Price: $400.00, Notional Amount: $12,640,000, Expiration Date: December 17, 2021 | 46,610 | ||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Number of Contracts | Value | |||||||
| PURCHASED OPTION CONTRACTS (Continued) | ||||||||
| EQUITY (Continued) | ||||||||
| 340 | Exercise Price: $275.00, Notional Amount: $9,350,000, Expiration Date: January 21, 2022 | $ | 11,390 | |||||
| 154,027 | ||||||||
| Total Put Options | ||||||||
| (Cost $389,829) | 154,027 | |||||||
| Total Purchased Option Contracts | ||||||||
| (Cost $389,829) | 154,027 | |||||||
| Number of Shares | ||||||||
| WARRANTS — 0.0% | ||||||||
| ENERGY — 0.0% | ||||||||
| 508 | Nabors Industries Ltd., Expiration Date: June 11, 2026*,5 | 3,759 | ||||||
| Total Warrants | ||||||||
| (Cost $—) | 3,759 | |||||||
| SHORT-TERM INVESTMENTS — 7.1% | ||||||||
| 1,610,441 | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 0.01%11,12 | 1,610,441 | ||||||
| 13,890,350 | Federated Treasury Obligations Fund - Institutional Class, 0.01%12 | 13,890,350 | ||||||
| Total Short-Term Investments | ||||||||
| (Cost $15,500,791) | 15,500,791 | |||||||
| TOTAL INVESTMENTS — 104.5% | ||||||||
| (Cost $224,430,254) | 228,441,337 | |||||||
| Liabilities in Excess of Other Assets — (4.5)% | (9,864,329 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 218,577,008 | ||||||
Principal Amount | ||||||||
| SECURITIES SOLD SHORT — (1.8)% | ||||||||
| BONDS — (1.8)% | ||||||||
| CORPORATE — (1.8)% | ||||||||
| CONSUMER, CYCLICAL — (1.2)% | ||||||||
| $ | (520,000 | ) | Party City Holdings, Inc. 8.750%, 2/15/20263,8 | (532,524 | ) | |||
| (700,000 | ) | Staples, Inc. 10.750%, 4/15/20273,8 | (669,631 | ) | ||||
| (1,500,000 | ) | Wynn Resorts Finance LLC / Wynn Resorts
Capital Corp. 5.125%, 10/1/20293,8 | (1,505,625 | ) | ||||
| (2,707,780 | ) | |||||||
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
Principal Amount | Value | |||||||
| SECURITIES SOLD SHORT (Continued) | ||||||||
| BONDS (Continued) | ||||||||
| CORPORATE (Continued) | ||||||||
| FINANCIAL — (0.3)% | ||||||||
| $ | (700,000 | ) | Country Garden Holdings Co., Ltd. 3.300%, 1/12/20313,5 | $ | (633,494 | ) | ||
| INDUSTRIAL — (0.3)% | ||||||||
| (650,000 | ) | Jabil, Inc. 3.000%, 1/15/20313 | (665,900 | ) | ||||
| Total Corporate | ||||||||
| (Proceeds $4,077,048) | (4,007,174 | ) | ||||||
| Total Bonds | ||||||||
| (Proceeds $4,077,048) | (4,007,174 | ) | ||||||
| Total Securities Sold Short | ||||||||
| (Proceeds $4,077,048) | $ | (4,007,174 | ) | |||||
| REIT– | Real Estate Investment Trusts |
| * | Non-income producing security. |
| 1 | Local currency. |
| 2 | Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. All loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration, under the Securities Act of 1933, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. |
| 3 | Callable. |
| 4 | Floating rate security. |
| 5 | Foreign security denominated in U.S. Dollars. |
| 6 | All or a portion of the loan is unfunded. |
| 7 | Denotes investments purchased on a when-issued or delayed delivery basis. |
| 8 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The absolute value of these securities is $180,613,388 which represents 82.63% of total net assets of the Fund. |
| 9 | Variable rate security. |
| 10 | Security is in default. |
| 11 | All or a portion of this security is segregated as collateral for securities sold short. The market value of the securities pledged as collateral was $2,020,692, which represents 0.92% of total net assets of the Fund. |
| 12 | The rate is the annualized seven-day yield at period end. |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
SWAP CONTRACTS
CREDIT DEFAULT SWAP CONTRACTS
| Counterparty/ Reference Entity | Rating(a) (Moody's/ S&P) | Pay/(b) Receive Fixed Rate | Fixed/Rate Frequency | Expiration Date | Notional Amount | Premium Paid (Received) | Unrealized Appreciation/ (Depreciation) | Value | ||||||||||||||||
| Morgan Stanley | ||||||||||||||||||||||||
| HCA, Inc. | Pay | 5%/Quarterly | 12/20/26 | $ | (1,900,000 | ) | $ | (393,632 | ) | $ | (5,258 | ) | $ | (398,890 | ) | |||||||||
| J.P. Morgan | ||||||||||||||||||||||||
| Markit CMBX Investment Grade CDSI Series 6 Index | BBB- | Receive | 3%/Quarterly | 5/11/63 | 1,000,000 | (241,250 | ) | (36,196 | ) | (277,446 | ) | |||||||||||||
| Markit CDX NA Investment Grade CDSI Series 33 Index | BBB- | Receive | 1%/Quarterly | 12/20/24 | 2,000,000 | (51,000 | ) | 26,121 | (24,879 | ) | ||||||||||||||
| TOTAL CREDIT DEFAULT SWAP CONTRACTS | $ | (685,882 | ) | $ | (15,333 | ) | $ | (701,215 | ) | |||||||||||||||
| (a) | Ratings are presented for credit default contracts in which the fund has sold protection on the underlying referenced debt. Ratings for an underlying index represent the average of the ratings of all the securities included in that index. The Moody’s and Standard & Poor’s (S&P) ratings are believed to be the most recent ratings available at October 31, 2021. |
| (b) | If Palmer Square Opportunistic Income Fund is paying a fixed rate, the counterparty acts as guarantor of the variable instrument. If Palmer Square Opportunistic Income Fund is receiving a fixed rate, Palmer Square Opportunistic Income Fund acts as guarantor of the variable instrument. |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2021 (Unaudited)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| Purchase Contracts | Counterparty | Currency Exchange | Currency Amount Purchased | Value At Settlement Date | Value At October 31, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||||
| Euro | JP Morgan | EUR per USD | 1,050,000 | $ | 1,277,624 | $ | 1,218,557 | $ | (59,067 | ) | ||||||||||
| 1,277,624 | 1,218,557 | (59,067 | ) |
| Sale Contracts | Counterparty | Currency Exchange | Currency Amount Sold | Value At Settlement Date | Value At October 31, 2021 | Unrealized Appreciation (Depreciation) | ||||||||||||||
| Euro | JP Morgan | EUR per USD | (5,800,000 | ) | $ | (6,976,741 | ) | $ | (6,740,790 | ) | $ | 235,951 | ||||||||
| (6,976,741 | ) | (6,740,790 | ) | 235,951 | ||||||||||||||||
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $ | (5,699,117 | ) | $ | (5,522,233 | ) | $ | 176,884 | ||||||||||||
EUR – Euro