Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BANK LOANS — 18.5% | ||||||||
| 738,520 | Acrisure LLC 8.931% (1-Month Term SOFR+350 basis points), 2/15/20272,3,4 | $ | 720,981 | |||||
| 493,750 | AI Aqua Merger Sub, Inc. 9.082% (1-Month USD Libor+400 basis points), 7/30/20282,3,4 | 485,166 | ||||||
| 712,885 | Alliance Laundry Systems LLC 8.932% (3-Month Term SOFR+350 basis points), 10/8/20272,3,4 | 712,504 | ||||||
| 738,693 | Alliant Holdings Intermediate LLC 8.931% (1-Month USD Libor+350 basis points), 11/6/20272,3,4 | 737,043 | ||||||
| 500,000 | American Rock Salt Co. LLC 12.681% (1-Month Term SOFR+725 basis points), 6/11/20292,4 | 437,500 | ||||||
| 498,750 | Amynta Agency Borrower, Inc. 10.416% (1-Month Term SOFR+500 basis points), 2/28/20282,3,4 | 499,099 | ||||||
| 492,500 | AP Gaming I LLC 9.540% (1-Month Term SOFR+400 basis points), 2/15/20292,3,4 | 491,453 | ||||||
| 497,494 | Apple Bidco LLC 9.316% (1-Month Term SOFR+400 basis points), 9/23/20282,3,4 | 497,143 | ||||||
| 740,372 | AppLovin Corp. 8.416% (1-Month Term SOFR+300 basis points), 8/18/20302,3,4 | 738,917 | ||||||
| 500,000 | Aretec Group, Inc. 5.500% (1-Month Term SOFR+450 basis points), 8/9/20302,3,4,5,6 | 486,875 | ||||||
| Asurion LLC | ||||||||
| 750,000 | 10.681% (1-Month Term SOFR+525 basis points), 2/3/20282,3,4 | 654,375 | ||||||
| 161,091 | 9.416% (3-Month Term SOFR+400 basis points), 8/19/20282,3,4 | 154,077 | ||||||
| 740,530 | Autokiniton U.S. Holdings, Inc. 9.931% (1-Month Term SOFR+450 basis points), 4/6/20282,3,4 | 728,497 | ||||||
| 744,375 | Barracuda Networks, Inc. 9.869% (1-Month Term SOFR+450 basis points), 8/15/20292,3,4 | 711,623 | ||||||
| 699,894 | Birkenstock U.S. BidCo, Inc. 8.877% (1-Month Term SOFR+375 basis points), 4/28/20282,3,4 | 699,456 | ||||||
| 463,568 | Brightview Landscapes LLC 8.619% (1-Month Term SOFR+325 basis points), 4/22/20292,3,4 | 463,858 | ||||||
| 292,500 | CCI Buyer, Inc. 9.390% (3-Month Term SOFR+400 basis points), 12/17/20272,3,4 | 286,711 | ||||||
| 150,000 | CCS-CMGC Holdings, Inc. 14.684% (3-Month USD Libor+900 basis points), 10/1/20262,3,4 | 89,266 | ||||||
| 500,000 | Century DE Buyer LLC 4.000% (1-Month Term SOFR+400 basis points), 9/27/20302,3,4,5,6 | 497,188 | ||||||
| 750,000 | CHG Healthcare Services, Inc. 9.145% (1-Month Term SOFR+375 basis points), 9/30/20282,3,4 | 744,491 | ||||||
| 737,123 | CP Atlas Buyer, Inc. 9.166% (1-Month Term SOFR+350 basis points), 11/23/20272,4 | 686,601 | ||||||
| 500,000 | CPM Holdings, Inc. 9.818% (1-Month Term SOFR+450 basis points), 9/28/20282,3,4 | 500,375 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BANK LOANS (Continued) | ||||||||
| 746,251 | Creative Artists Agency LLC 8.816% (1-Month Term SOFR+350 basis points), 11/26/20282,3,4 | $ | 744,647 | |||||
| 800,000 | Dedalus Finance GmbH 7.712% (6-Month Euribor+375 basis points), 5/31/20272,4 | 807,648 | ||||||
| 740,434 | Deerfield Dakota Holding LLC 9.140% (3-Month Term SOFR+375 basis points), 4/9/20272,3,4 | 716,062 | ||||||
| 738,693 | Dotdash Meredith, Inc. 9.415% (1-Month Term SOFR+400 basis points), 12/1/20282,3,4 | 701,759 | ||||||
| 738,722 | EAB Global, Inc. 9.131% (3-Month USD Libor+350 basis points), 8/16/20282,3,4 | 728,221 | ||||||
| 729,375 | ECI Macola/Max Holding LLC 9.402% (3-Month Term SOFR+375 basis points), 11/9/20272,3,4 | 726,487 | ||||||
| 500,000 | EnergySolutions LLC 9.382% (1-Month Term SOFR+400 basis points), 9/18/20302,3,4 | 498,000 | ||||||
| 746,114 | Ensemble RCM LLC 9.219% (1-Month Term SOFR+375 basis points), 8/1/20262,3,4 | 746,748 | ||||||
| 748,101 | EP Purchaser LLC 9.152% (3-Month Term SOFR+350 basis points), 11/4/20282,3,4 | 725,658 | ||||||
| 625,566 | EW Scripps Co. 8.431% (1-Month Term SOFR+300 basis points), 1/7/20282,3,4 | 601,519 | ||||||
| 738,750 | Fertitta Entertainment LLC 9.316% (1-Month Term SOFR+400 basis points), 1/27/20292,3,4 | 723,583 | ||||||
| 746,250 | Filtration Group Corp. 9.681% (1-Month Term SOFR+425 basis points), 10/24/20282,3,4 | 747,414 | ||||||
| 737,384 | Flexera Software LLC 9.181% (1-Month Term SOFR+375 basis points), 3/3/20282,3,4 | 729,626 | ||||||
| 703,125 | Forest City Enterprises LP 8.931% (1-Month Term SOFR+350 basis points), 12/7/20252,3,4 | 635,780 | ||||||
| 348,726 | Generation Bridge Northeast LLC 9.566% (1-Month Term SOFR+425 basis points), 8/7/20292,3,4 | 349,090 | ||||||
| 583,590 | Great Outdoors Group LLC 9.181% (1-Month Term SOFR+375 basis points), 3/5/20282,3,4 | 580,246 | ||||||
| 500,000 | GTCR W Merger Sub LLC 3.000% (1-Month Term SOFR+300 basis points), 9/20/20303,4,5,6 | 497,083 | ||||||
| 750,000 | HireRight Holdings Corp. 9.386% (1-Month Term SOFR+400 basis points), 9/28/20302,3,4 | 743,437 | ||||||
| 500,000 | HUB International Ltd. 9.584% (1-Month Term SOFR+425 basis points), 6/20/20302,3,4 | 500,335 | ||||||
| 744,275 | Hudson River Trading LLC 8.631% (1-Month Term SOFR+300 basis points), 3/18/20282,3,4 | 734,659 | ||||||
| 677,990 | Idera, Inc. 9.272% (1-Month Term SOFR+375 basis points), 3/2/20282,3,4 | 666,129 | ||||||
| 750,000 | INEOS Enterprises Holdings U.S. Finco LLC 9.272% (1-Month Term SOFR+375 basis points), 7/7/20302,4 | 736,875 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BANK LOANS (Continued) | ||||||||
| 460,740 | INEOS U.S. Finance LLC 9.166% (1-Month Term SOFR+375 basis points), 11/8/20272,3,4 | $ | 456,423 | |||||
| 448,875 | INEOS U.S. Petrochem LLC 9.166% (1-Month Term SOFR+375 basis points), 3/1/20302,3,4 | 438,775 | ||||||
| 500,000 | Isolved, Inc. 9.484% (1-Month Term SOFR+400 basis points), 10/5/20302,3,4 | 498,750 | ||||||
| 637,049 | Ivanti Software, Inc. 9.907% (3-Month Term SOFR+425 basis points), 12/1/20272,3,4 | 568,168 | ||||||
| 656,721 | Kestrel Acquisition LLC 9.681% (1-Month Term SOFR+425 basis points), 6/30/20252,3,4 | 647,366 | ||||||
| 740,625 | Light & Wonder International, Inc. 8.535% (1-Month Term SOFR+300 basis points), 4/14/20292,3,4 | 740,858 | ||||||
| Lightstone Holdco LLC | ||||||||
| 700,439 | 11.066% (1-Month Term SOFR+575 basis points), 1/30/20272,3,4 | 659,638 | ||||||
| 39,616 | 11.066% (1-Month Term SOFR+575 basis points), 1/30/20272,3,4 | 37,308 | ||||||
| 744,332 | Medline Borrower LP 8.681% (1-Month Term SOFR+325 basis points), 10/21/20282,3,4 | 740,380 | ||||||
| 748,125 | MH Sub I LLC 9.566% (1-Month Term SOFR+425 basis points), 5/3/20282,3,4 | 716,173 | ||||||
| 738,402 | Minotaur Acquisition, Inc. 10.166% (1-Month Term SOFR+500 basis points), 3/29/20262,3,4 | 736,453 | ||||||
| 750,000 | Mitchell International, Inc. 11.946% (1-Month Term SOFR+650 basis points), 10/15/20292,3,4 | 700,901 | ||||||
| 740,578 | NAB Holdings LLC 8.540% (3-Month Term SOFR+300 basis points), 11/23/20282,3,4 | 736,679 | ||||||
| 541,582 | NFP Corp. 8.681% (1-Month Term SOFR+325 basis points), 2/13/20272,4 | 532,172 | ||||||
| 498,750 | Northriver Midstream Finance LP 8.395% (1-Month Term SOFR+300 basis points), 8/16/20302,3,4,7 | 497,969 | ||||||
| 500,000 | Nouryon USA LLC 9.434% (1-Month Term SOFR+400 basis points), 4/3/20282,3,4 | 489,688 | ||||||
| OMNIA Partners LLC | ||||||||
| 42,936 | 4.250% (1-Month Term SOFR+425 basis points), 7/25/20302,3,4,5,6 | 42,936 | ||||||
| 457,064 | 9.628% (1-Month Term SOFR+425 basis points), 7/25/20302,3,4 | 457,064 | ||||||
| 738,722 | OneDigital Borrower LLC 9.666% (3-Month Term SOFR+425 basis points), 11/16/20272,4 | 738,105 | ||||||
| 736,292 | Peraton Corp. 9.166% (1-Month Term SOFR+375 basis points), 2/1/20282,3,4 | 723,753 | ||||||
| 716,322 | Petco Health & Wellness Co., Inc. 8.902% (3-Month Term SOFR+325 basis points), 3/4/20282,3,4 | 701,598 | ||||||
| 740,554 | PODS LLC 8.431% (1-Month Term SOFR+300 basis points), 3/31/20282,3,4 | 707,229 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BANK LOANS (Continued) | ||||||||
| 100,000 | Prairie ECI Acquiror LP 10.166% (1-Month Term SOFR+475 basis points), 3/11/20262,3,4 | $ | 99,864 | |||||
| 738,750 | Pre-Paid Legal Services, Inc. 8.931% (1-Month Term SOFR+375 basis points), 12/15/20282,3,4 | 723,580 | ||||||
| 750,000 | Project Alpha Intermediate Holding, Inc. 5.250% (1-Month Term SOFR+475 basis points), 10/26/20302,3,4,5,6 | 729,611 | ||||||
| 750,000 | Project Boost Purchaser LLC 4.000% (1-Month Term SOFR+350 basis points), 5/30/20262,3,4,5,6 | 746,437 | ||||||
| 303,453 | Prometric Holdings, Inc. 10.695% (3-Month Term SOFR+300 basis points), 1/29/20253,4 | 300,570 | ||||||
| 738,693 | RealPage, Inc. 8.431% (1-Month Term SOFR+300 basis points), 4/22/20282,3,4 | 723,188 | ||||||
| 736,842 | Red Planet Borrower LLC 9.166% (1-Month Term SOFR+375 basis points), 9/30/20282,3,4 | 689,603 | ||||||
| 750,000 | Redstone Holdco 2 LP 13.180% (1-Month Term SOFR+775 basis points), 8/6/20292,3,4 | 475,500 | ||||||
| Renaissance Holdings Corp. | ||||||||
| 750,000 | 10.066% (3-Month USD Libor+325 basis points), 5/30/20252,3,4 | 740,393 | ||||||
| 17,978 | 12.431% (1-Month USD Libor+700 basis points), 5/29/20262,3,4 | 17,974 | ||||||
| 740,900 | Reverb Buyer, Inc. 8.772% (3-Month Term SOFR+350 basis points), 11/1/20282,3,4 | 692,627 | ||||||
| 750,000 | Rocket Software, Inc. 10.078% (1-Month Term SOFR+475 basis points), 10/5/20282,3,4 | 736,969 | ||||||
| 750,000 | Severin Acquisition LLC 8.599% (1-Month Term SOFR+300 basis points), 8/1/20252,3,4 | 750,067 | ||||||
| 982,925 | Surf Holdings LLC 8.956% (1-Month Term SOFR+350 basis points), 3/5/20272,3,4 | 978,163 | ||||||
| 342,720 | Thryv, Inc. 13.931% (1-Month Term SOFR+850 basis points), 3/1/20262,3,4 | 343,576 | ||||||
| 898,272 | Traverse Midstream Partners LLC 9.216% (6-Month Term SOFR+425 basis points), 9/27/20242,3,4 | 897,711 | ||||||
| 463,074 | UGI Energy Services LLC 8.666% (1-Month Term SOFR+325 basis points), 2/22/20302,3,4 | 463,254 | ||||||
| 740,360 | UKG, Inc. 9.219% (3-Month Term SOFR+375 basis points), 5/3/20262,3,4 | 739,790 | ||||||
| 740,625 | Univision Communications, Inc. 9.640% (3-Month Term SOFR+425 basis points), 6/24/20292,3,4 | 740,625 | ||||||
| 744,260 | Vertiv Group Corp. 8.179% (1-Month Term SOFR+275 basis points), 3/2/20272,3,4 | 743,843 | ||||||
| 588,000 | Vision Solutions, Inc. 9.640% (3-Month Term SOFR+400 basis points), 5/28/20282,3,4 | 561,614 | ||||||
| 652,614 | WaterBridge Midstream Operating LLC 11.363% (3-Month Term SOFR+575 basis points), 6/21/20262,3,4 | 653,521 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BANK LOANS (Continued) | ||||||||
| 738,722 | Whatabrands LLC 8.431% (1-Month Term SOFR+325 basis points), 8/3/20282,3,4 | $ | 732,908 | |||||
| 738,608 | Zelis Payments Buyer, Inc. 8.931% (1-Month Term SOFR+350 basis points), 9/30/20262,3,4 | 739,379 | ||||||
| Total Bank Loans | ||||||||
| (Cost $54,584,612) | 54,253,358 | |||||||
| BONDS — 83.0% | ||||||||
| ASSET-BACKED SECURITIES — 74.7% | ||||||||
| 522 Funding CLO Ltd. | ||||||||
| 1,000,000 | Series 2020-6A, Class F, 13.714% (3-Month Term SOFR+830.16 basis points), 10/23/20343,4,8 | 846,567 | ||||||
| 1,500,000 | Series 2019-5A, Class ER, 12.154% (3-Month Term SOFR+676 basis points), 4/15/20353,4,8 | 1,386,302 | ||||||
| 1,000,000 | ALM Ltd. Series 2020-1A, Class D, 11.655% (3-Month Term SOFR+626.16 basis points), 10/15/20293,4,8 | 966,145 | ||||||
| 1,400,000 | Anchorage Credit Funding Ltd. Series 2015-1A, Class ERV, 6.700%, 7/28/20373,8 | 1,134,312 | ||||||
| 1,050,000 | Annisa CLO Series 2016-2A, Class DR, 8.677% (3-Month Term SOFR+326.16 basis points), 7/20/20313,4,8 | 1,022,199 | ||||||
| Apidos CLO | ||||||||
| 1,250,000 | Series 2017-28A, Class D, 11.177% (3-Month Term SOFR+576.16 basis points), 1/20/20313,4,8 | 1,095,300 | ||||||
| 500,000 | Series 2015-20A, Class DR, 11.355% (3-Month Term SOFR+596.16 basis points), 7/16/20313,4,8 | 440,800 | ||||||
| Apidos CLO | ||||||||
| 1,500,000 | Series 2018-29A, Class C, 8.390% (3-Month Term SOFR+301.16 basis points), 7/25/20303,4,8 | 1,442,800 | ||||||
| 1,250,000 | Series 2017-28A, Class C, 8.177% (3-Month Term SOFR+276.16 basis points), 1/20/20313,4,8 | 1,191,342 | ||||||
| Ares CLO Ltd. | ||||||||
| 750,000 | Series 2017-42A, Class E, 11.724% (3-Month Term SOFR+631.16 basis points), 1/22/20283,4,8 | 709,005 | ||||||
| 650,000 | Series 2015-38A, Class DR, 8.177% (3-Month Term SOFR+276.16 basis points), 4/20/20303,4,8 | 615,329 | ||||||
| 1,700,000 | Series 2018-50A, Class D, 8.555% (3-Month Term SOFR+316.16 basis points), 1/15/20323,4,8 | 1,630,348 | ||||||
| 2,000,000 | Series 2021-62A, Class SUB, 0.000%, 1/25/20343,8,9 | 1,210,055 | ||||||
| 1,000,000 | ASSURANT CLO Ltd. Series 2017-1A, Class ER, 12.877% (3-Month Term SOFR+746.16 basis points), 10/20/20343,4,8 | 878,515 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 500,000 | Bain Capital Credit CLO Series 2018-1A, Class D, 8.374% (3-Month Term SOFR+296.16 basis points), 4/23/20313,4,8 | $ | 459,391 | |||||
| 1,000,000 | Bain Capital Credit CLO Ltd. Series 2021-7A, Class D, 8.924% (3-Month Term SOFR+351.16 basis points), 1/22/20353,4,8 | 955,320 | ||||||
| Ballyrock CLO Ltd. | ||||||||
| 1,500,000 | Series 2019-2A, Class CR, 8.791% (3-Month Term SOFR+341.16 basis points), 11/20/20303,4,8 | 1,493,796 | ||||||
| 750,000 | Series 2019-1A, Class DR, 12.405% (3-Month Term SOFR+701.16 basis points), 7/15/20323,4,8 | 727,945 | ||||||
| 1,100,000 | Series 2023-23A, Class D, 13.548% (3-Month Term SOFR+817 basis points), 4/25/20363,4,8 | 1,100,490 | ||||||
| Barings CLO Ltd. | ||||||||
| 1,500,000 | Series 2017-1A, Class E, 11.657% (3-Month Term SOFR+626.16 basis points), 7/18/20293,4,8 | 1,450,235 | ||||||
| 1,000,000 | Series 2017-1A, Class F, 13.107% (3-Month Term SOFR+771.16 basis points), 7/18/20293,4,8 | 793,562 | ||||||
| 1,000,000 | Series 2016-2A, Class DR2, 8.827% (3-Month Term SOFR+341.16 basis points), 1/20/20323,4,8 | 961,343 | ||||||
| Barings CLO Ltd. | ||||||||
| 1,000,000 | Series 2018-4A, Class D, 8.555% (3-Month Term SOFR+316.16 basis points), 10/15/20303,4,8 | 979,059 | ||||||
| 1,000,000 | Series 2015-2A, Class DR, 8.627% (3-Month Term SOFR+321.16 basis points), 10/20/20303,4,8 | 962,559 | ||||||
| 1,000,000 | Series 2015-IA, Class DR, 8.277% (3-Month Term SOFR+286.16 basis points), 1/20/20313,4,8 | 940,063 | ||||||
| 1,500,000 | Barings Euro CLO DAC Series 2015-1X, Class DRR, 7.606% (3-Month Euribor+365 basis points), 7/25/20353,4 | 1,466,680 | ||||||
| 500,000 | Battalion CLO Ltd. Series 2016-10A, Class CR2, 9.110% (3-Month Term SOFR+371.16 basis points), 1/25/20353,4,8 | 461,232 | ||||||
| 1,000,000 | Bean Creek CLO Ltd. Series 2015-1A, Class DR, 8.427% (3-Month Term SOFR+301.16 basis points), 4/20/20313,4,8 | 955,610 | ||||||
| Benefit Street Partners CLO Ltd. | ||||||||
| 1,000,000 | Series 2013-IIIA, Class DR, 12.277% (3-Month Term SOFR+686.16 basis points), 7/20/20293,4,8 | 971,820 | ||||||
| 1,050,000 | Series 2017-12A, Class C, 8.705% (3-Month Term SOFR+331.16 basis points), 10/15/20303,4,8 | 1,041,981 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Series 2017-12A, Class D, 12.065% (3-Month Term SOFR+667.16 basis points), 10/15/20303,4,8 | $ | 922,987 | |||||
| 500,000 | Series 2015-8A, Class DR, 11.277% (3-Month Term SOFR+586.16 basis points), 1/20/20313,4,8 | 423,759 | ||||||
| 1,250,000 | Series 2018-14A, Class E, 11.027% (3-Month Term SOFR+561.16 basis points), 4/20/20313,4,8 | 1,122,446 | ||||||
| 1,000,000 | Series 2019-18A, Class DR, 9.055% (3-Month Term SOFR+366.16 basis points), 10/15/20343,4,8 | 962,601 | ||||||
| 1,500,000 | Series 2020-21A, Class ER, 12.355% (3-Month Term SOFR+696.16 basis points), 10/15/20343,4,8 | 1,468,121 | ||||||
| 1,000,000 | Series 2019-18A, Class ER, 12.405% (3-Month Term SOFR+701.16 basis points), 10/15/20343,4,8 | 980,122 | ||||||
| 1,000,000 | BlueMountain CLO Ltd. Series 2020-29A, Class D2R, 9.890% (3-Month Term SOFR+451.16 basis points), 7/25/20343,4,8 | 982,557 | ||||||
| 750,000 | Bryant Park Funding Ltd. Series 2023-21A, Class E, 13.955% (3-Month Term SOFR+847 basis points), 10/18/20363,4,8 | 735,911 | ||||||
| 500,000 | Canyon Capital CLO Ltd. Series 2014-1A, Class CR, 8.402% (3-Month Term SOFR+301.16 basis points), 1/30/20313,4,8 | 470,661 | ||||||
| Carlyle Global Market Strategies CLO Ltd. | ||||||||
| 1,000,000 | Series 2014-4RA, Class D, 11.305% (3-Month Term SOFR+591.16 basis points), 7/15/20303,4,8 | 856,309 | ||||||
| 750,000 | Series 2014-1A, Class DR, 8.264% (3-Month Term SOFR+286.16 basis points), 4/17/20313,4,8 | 707,997 | ||||||
| 1,500,000 | Series 2014-2RA, Class C, 8.426% (3-Month Term SOFR+306.16 basis points), 5/15/20313,4,8 | 1,421,683 | ||||||
| 1,000,000 | Carlyle Global Market Strategies Euro CLO Series 2022-5X, Class A2B, 6.500%, 10/25/20353 | 1,060,437 | ||||||
| 2,000,000 | CIFC European Funding CLO Series 3X, Class D, 7.565% (3-Month Euribor+360 basis points), 1/15/20343,4 | 2,028,642 | ||||||
| CIFC Funding Ltd. | ||||||||
| 2,000,000 | Series 2015-3A, Class ER, 10.608% (3-Month Term SOFR+521.16 basis points), 4/19/20293,4,8 | 1,814,459 | ||||||
| 1,000,000 | Series 2017-4A, Class D, 11.760% (3-Month Term SOFR+636.16 basis points), 10/24/20303,4,8 | 932,010 | ||||||
| 1,500,000 | Series 2013-4A, Class DRR, 8.449% (3-Month Term SOFR+306.16 basis points), 4/27/20313,4,8 | 1,448,478 | ||||||
| 1,000,000 | Series 2013-4A, Class ERR, 11.099% (3-Month Term SOFR+571.16 basis points), 4/27/20313,4,8 | 909,584 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 500,000 | Series 2018-3A, Class E, 11.157% (3-Month Term SOFR+576.16 basis points), 7/18/20313,4,8 | $ | 462,690 | |||||
| 1,000,000 | Series 2016-1A, Class D2RR, 9.924% (3-Month Term SOFR+451.16 basis points), 10/21/20313,4,8 | 997,500 | ||||||
| 1,000,000 | Clear Creek CLO Series 2015-1A, Class DR, 8.627% (3-Month Term SOFR+321.16 basis points), 10/20/20303,4,8 | 974,389 | ||||||
| Crestline Denali CLO Ltd. | ||||||||
| 750,000 | Series 2018-1A, Class D, 8.277% (3-Month Term SOFR+286.16 basis points), 1/20/20303,4,8 | 692,605 | ||||||
| 1,250,000 | Series 2017-1A, Class D, 9.407% (3-Month Term SOFR+399.16 basis points), 4/20/20303,4,8 | 1,232,039 | ||||||
| 1,000,000 | Series 2016-1A, Class DR, 9.024% (3-Month Term SOFR+361.16 basis points), 10/23/20313,4,8 | 925,777 | ||||||
| 1,750,000 | Dartry Park CLO DAC Series 1X, Class CRR, 7.298% (3-Month Euribor+335 basis points), 1/28/20343,4 | 1,714,563 | ||||||
| 1,000,000 | Denali Capital CLO Ltd. Series 2016-1A, Class DR, 8.405% (3-Month Term SOFR+301.16 basis points), 4/15/20313,4,8 | 925,972 | ||||||
| Dryden CLO Ltd. | ||||||||
| 4,000,000 | Series 2020-86A, Class SUB, 0.000%, 7/17/20303,8,9 | 1,975,591 | ||||||
| 750,000 | Series 2018-65A, Class D, 8.757% (3-Month Term SOFR+336.16 basis points), 7/18/20303,4,8 | 714,989 | ||||||
| 995,000 | Series 2018-57A, Class D, 8.176% (3-Month Term SOFR+281.16 basis points), 5/15/20313,4,8 | 926,028 | ||||||
| 330,000 | Series 2018-57A, Class E, 10.826% (3-Month Term SOFR+546.16 basis points), 5/15/20313,4,8 | 279,443 | ||||||
| 1,000,000 | Series 2020-77A, Class ER, 11.511% (3-Month Term SOFR+613.16 basis points), 5/20/20343,4,8 | 885,587 | ||||||
| 1,000,000 | Series 2020-77A, Class FR, 13.231% (3-Month Term SOFR+785.16 basis points), 5/20/20343,4,8 | 815,232 | ||||||
| 1,000,000 | Series 2022-106A, Class D, 11.094% (3-Month Term SOFR+570 basis points), 10/15/20353,4,8 | 1,019,515 | ||||||
| Dryden Euro CLO | ||||||||
| 1,000,000 | Series 2021-91X, Class D, 8.825% (3-Month Euribor+485 basis points), 4/18/20353,4 | 1,022,448 | ||||||
| 1,250,000 | Series 2021-103X, Class B2, 7.500%, 1/19/20363 | 1,341,769 | ||||||
| 1,000,000 | Dryden Euro CLO B.V. Series 2013-29X, Class B2RE, 2.050%, 7/15/20323 | 942,552 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| Dryden Senior Loan Fund | ||||||||
| 2,500,000 | Series 2013-30A, Class DR, 8.226% (3-Month Term SOFR+286.16 basis points), 11/15/20283,4,8 | $ | 2,401,376 | |||||
| 1,000,000 | Series 2013-30A, Class FR, 12.876% (3-Month Term SOFR+751.16 basis points), 11/15/20283,4,8 | 822,748 | ||||||
| 750,000 | Series 2014-36A, Class DR3, 9.345% (3-Month Term SOFR+395.16 basis points), 4/15/20293,4,8 | 739,829 | ||||||
| 1,875,000 | Series 2015-38A, Class DR, 8.655% (3-Month Term SOFR+326.16 basis points), 7/15/20303,4,8 | 1,782,829 | ||||||
| 750,000 | Series 2016-45A, Class DR, 8.805% (3-Month Term SOFR+341.16 basis points), 10/15/20303,4,8 | 730,906 | ||||||
| Eaton Vance CLO Ltd. | ||||||||
| 1,075,000 | Series 2015-1A, Class DR, 8.177% (3-Month Term SOFR+276.16 basis points), 1/20/20303,4,8 | 1,018,047 | ||||||
| 850,000 | Series 2015-1A, Class ER, 11.277% (3-Month Term SOFR+586.16 basis points), 1/20/20303,4,8 | 733,473 | ||||||
| 500,000 | Series 2014-1RA, Class E, 11.355% (3-Month Term SOFR+596.16 basis points), 7/15/20303,4,8 | 431,248 | ||||||
| 1,250,000 | Series 2018-1A, Class D, 8.855% (3-Month Term SOFR+346.16 basis points), 10/15/20303,4,8 | 1,196,096 | ||||||
| 1,500,000 | Series 2013-1A, Class D3R, 12.455% (3-Month Term SOFR+706.16 basis points), 1/15/20343,4,8 | 1,419,586 | ||||||
| 1,000,000 | Series 2020-2A, Class ER, 12.155% (3-Month Term SOFR+676.16 basis points), 1/15/20353,4,8 | 970,902 | ||||||
| Elmwood CLO Ltd. | ||||||||
| 1,000,000 | Series 2019-2A, Class DR, 8.677% (3-Month Term SOFR+326.16 basis points), 4/20/20343,4,8 | 983,112 | ||||||
| 600,000 | Series 2019-3A, Class FR, 13.417% (3-Month Term SOFR+800.16 basis points), 10/20/20343,4,8 | 552,000 | ||||||
| Flatiron CLO Ltd. | ||||||||
| 5,425,000 | Series 2017-1A, Class SUB, 0.000%, 5/15/20303,8,9 | 2,354,112 | ||||||
| 3,500,000 | Series 2018-1A, Class SUB, 0.000%, 4/17/20313,8,9 | 1,609,154 | ||||||
| 750,000 | Flatiron RR CLO LLC Series 2021-2A, Class E, 11.855% (3-Month Term SOFR+646.16 basis points), 10/15/20343,4,8 | 711,064 | ||||||
| Galaxy CLO Ltd. | ||||||||
| 1,320,000 | Series 2017-23A, Class E, 11.810% (3-Month Term SOFR+641.16 basis points), 4/24/20293,4,8 | 1,266,854 | ||||||
| 1,250,000 | Series 2017-24A, Class D, 8.105% (3-Month Term SOFR+271.16 basis points), 1/15/20313,4,8 | 1,211,136 | ||||||
| 1,125,000 | Series 2017-24A, Class E, 11.155% (3-Month Term SOFR+576.16 basis points), 1/15/20313,4,8 | 1,055,370 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Series 2023-32A, Class E, 0.000% (3-Month Term SOFR+733 basis points), 10/20/20363,4,8,10 | $ | 990,000 | |||||
| 1,000,000 | Generate CLO Ltd. Series 4A, Class ER, 12.427% (3-Month Term SOFR+701.16 basis points), 4/20/20323,4,8 | 992,103 | ||||||
| Generate CLO Ltd. | ||||||||
| 1,250,000 | Series 2A, Class DR, 8.274% (3-Month Term SOFR+286.16 basis points), 1/22/20313,4,8 | 1,218,109 | ||||||
| 750,000 | Series 2A, Class F, 12.924% (3-Month Term SOFR+751.16 basis points), 1/22/20313,4,8 | 684,917 | ||||||
| 1,250,000 | Series 7A, Class D, 9.474% (3-Month Term SOFR+406.16 basis points), 1/22/20333,4,8 | 1,249,374 | ||||||
| 1,000,000 | Series 9A, Class E, 12.527% (3-Month Term SOFR+711.16 basis points), 10/20/20343,4,8 | 978,671 | ||||||
| 1,000,000 | Series 6A, Class ER, 12.474% (3-Month Term SOFR+706.16 basis points), 1/22/20353,4,8 | 976,544 | ||||||
| 2,000,000 | Series 2023-11A, Class D, 11.166% (3-Month Term SOFR+575 basis points), 4/20/20353,4,8 | 2,040,692 | ||||||
| 2,000,000 | Gilbert Park CLO Ltd. Series 2017-1A, Class E, 12.055% (3-Month Term SOFR+666.16 basis points), 10/15/20303,4,8 | 1,771,174 | ||||||
| 750,000 | GoldenTree Loan Management EUR CLO DAC Series 5X, Class E, 9.243% (3-Month Euribor+525 basis points), 4/20/20343,4 | 707,316 | ||||||
| GoldenTree Loan Management U.S. CLO Ltd. | ||||||||
| 1,000,000 | Series 2020-7A, Class FR, 13.427% (3-Month Term SOFR+801.16 basis points), 4/20/20343,4,8 | 849,417 | ||||||
| 750,000 | Series 2021-10A, Class F, 13.467% (3-Month Term SOFR+805.16 basis points), 7/20/20343,4,8 | 635,070 | ||||||
| GoldenTree Loan Opportunities Ltd. | ||||||||
| 2,000,000 | Series 2014-9A, Class ER2, 11.312% (3-Month Term SOFR+592.16 basis points), 10/29/20293,4,8 | 2,000,464 | ||||||
| 1,500,000 | Series 2016-12A, Class ER, 11.074% (3-Month Term SOFR+566.16 basis points), 7/21/20303,4,8 | 1,382,105 | ||||||
| 1,000,000 | Series 2015-11A, Class FR2, 12.107% (3-Month Term SOFR+671.16 basis points), 1/18/20313,4,8 | 848,366 | ||||||
| 500,000 | Greenwood Park CLO Ltd. Series 2018-1A, Class E, 10.605% (3-Month Term SOFR+521.16 basis points), 4/15/20313,4,8 | 418,100 | ||||||
| 1,000,000 | Griffith Park CLO DAC Series 1X, Class DR, 9.335% (3-Month Euribor+552 basis points), 11/21/20313,4 | 948,842 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| Grippen Park CLO Ltd. | ||||||||
| 4,000,000 | Series 2017-1A, Class SUB, 0.000%, 1/20/20303,8,9 | $ | 804,452 | |||||
| 1,000,000 | Series 2017-1A, Class E, 11.377% (3-Month Term SOFR+596.16 basis points), 1/20/20303,4,8 | 952,122 | ||||||
| 1,000,000 | Harvest CLO DAC Series 16A, Class B1RR, 5.265% (3-Month Euribor+130 basis points), 10/15/20313,4,8 | 1,017,726 | ||||||
| Highbridge Loan Management Ltd. | ||||||||
| 850,000 | Series 3A-2014, Class CR, 9.257% (3-Month Term SOFR+386.16 basis points), 7/18/20293,4,8 | 838,190 | ||||||
| 1,250,000 | Series 5A-2015, Class DRR, 8.805% (3-Month Term SOFR+341.16 basis points), 10/15/20303,4,8 | 1,157,211 | ||||||
| 3,500,000 | Series 12A-18, Class SUB, 0.000%, 7/18/20313,8,9 | 1,543,594 | ||||||
| 2,360,000 | Series 12A-18, Class D, 10.807% (3-Month Term SOFR+541.16 basis points), 7/18/20313,4,8 | 2,154,279 | ||||||
| HPS Loan Management Ltd. | ||||||||
| 500,000 | Series 8A-2016, Class ER, 11.177% (3-Month Term SOFR+576.16 basis points), 7/20/20303,4,8 | 432,287 | ||||||
| 1,500,000 | Series 6A-2015, Class CR, 8.131% (3-Month Term SOFR+276.16 basis points), 2/5/20313,4,8 | 1,402,588 | ||||||
| 2,000,000 | Series 15A-19, Class ER, 12.212% (3-Month Term SOFR+680 basis points), 1/22/20353,4,8 | 1,855,883 | ||||||
| 1,000,000 | Invesco CLO Ltd. Series 2022-3A, Class D, 10.412% (3-Month Term SOFR+500 basis points), 10/22/20353,4,8 | 1,006,420 | ||||||
| 1,500,000 | Invesco U.S. CLO Ltd. Series 2023-1A, Class E, 13.772% (3-Month Term SOFR+836 basis points), 4/22/20353,4,8 | 1,507,359 | ||||||
| 750,000 | LCM LP Series 18A, Class DR, 8.477% (3-Month Term SOFR+306.16 basis points), 4/20/20313,4,8 | 660,287 | ||||||
| Madison Park Funding Ltd. | ||||||||
| 1,334,322 | Series 12A, Class ER, 10.924% (3-Month Term SOFR+551.16 basis points), 4/22/20273,4,8 | 1,332,719 | ||||||
| 1,250,000 | Series 2015-19A, Class CR, 7.824% (3-Month Term SOFR+241.16 basis points), 1/22/20283,4,8 | 1,234,879 | ||||||
| 1,000,000 | Series 2015-19A, Class ER, 11.774% (3-Month Term SOFR+636.16 basis points), 1/22/20283,4,8 | 952,393 | ||||||
| 1,750,000 | Series 2014-13A, Class ER, 11.408% (3-Month Term SOFR+601.16 basis points), 4/19/20303,4,8 | 1,691,035 | ||||||
| 1,000,000 | Series 2014-13A, Class FR, 13.608% (3-Month Term SOFR+821.16 basis points), 4/19/20303,4,8 | 929,203 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Series 2017-26A, Class DR, 8.652% (3-Month Term SOFR+326.16 basis points), 7/29/20303,4,8 | $ | 989,107 | |||||
| 875,000 | Magnetite Ltd. Series 2016-18A, Class ER, 10.876% (3-Month Term SOFR+551.16 basis points), 11/15/20283,4,8 | 841,231 | ||||||
| Magnetite Ltd. | ||||||||
| 1,000,000 | Series 2014-8A, Class ER2, 11.305% (3-Month Term SOFR+591.16 basis points), 4/15/20313,4,8 | 961,427 | ||||||
| 1,050,000 | Series 2015-12A, Class FR, 13.605% (3-Month Term SOFR+821.16 basis points), 10/15/20313,4,8 | 912,627 | ||||||
| 1,500,000 | Series 2015-14RA, Class F, 13.587% (3-Month Term SOFR+819.16 basis points), 10/18/20313,4,8 | 1,327,605 | ||||||
| 1,000,000 | Series 2023-39A, Class D, 9.535% (3-Month Term SOFR+415 basis points), 10/25/20333,4,8,10 | 1,000,000 | ||||||
| 750,000 | Series 2022-35A, Class ER, 12.628% (3-Month Term SOFR+725 basis points), 10/25/20363,4,8 | 750,000 | ||||||
| 800,000 | Milos CLO Ltd. Series 2017-1A, Class ER, 11.827% (3-Month Term SOFR+641.16 basis points), 10/20/20303,4,8 | 725,533 | ||||||
| Morgan Stanley Eaton Vance CLO Ltd. | ||||||||
| 1,000,000 | Series 2021-1A, Class E, 12.424% (3-Month Term SOFR+701.16 basis points), 10/20/20343,4,8 | 950,996 | ||||||
| 1,250,000 | Series 2022-16A, Class E, 12.244% (3-Month Term SOFR+685 basis points), 4/15/20353,4,8 | 1,221,001 | ||||||
| 1,250,000 | Series 2022-17A, Class E, 13.316% (3-Month Term SOFR+790 basis points), 7/20/20353,4,8 | 1,260,678 | ||||||
| 1,000,000 | Series 2022-18A, Class E, 13.916% (3-Month Term SOFR+850 basis points), 10/20/20353,4,8 | 1,016,216 | ||||||
| 1,000,000 | Series 2023-19A, Class E, 14.156% (3-Month Term SOFR+890 basis points), 7/20/20363,4,8 | 1,009,931 | ||||||
| 750,000 | Mountain View CLO Ltd. Series 2019-1A, Class DR, 9.595% (3-Month Term SOFR+420.16 basis points), 10/15/20343,4,8 | 725,656 | ||||||
| Neuberger Berman CLO Ltd. | ||||||||
| 1,000,000 | Series 2016-22A, Class ER, 11.724% (3-Month Term SOFR+632.16 basis points), 10/17/20303,4,8 | 910,352 | ||||||
| 5,000,000 | Series 2015-20A, Class SUB, 0.000%, 7/15/20343,8,9 | 1,858,029 | ||||||
| Neuberger Berman Loan Advisers CLO Ltd. | ||||||||
| 1,500,000 | Series 2018-27A, Class E, 10.855% (3-Month Term SOFR+546.16 basis points), 1/15/20303,4,8 | 1,403,193 | ||||||
| 1,250,000 | Series 2017-24A, Class E, 11.678% (3-Month Term SOFR+628.16 basis points), 4/19/20303,4,8 | 1,157,444 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Neuberger Berman Loan Advisers Euro CLO Series 2021-1X, Class D, 6.985% (3-Month Euribor+300 basis points), 4/17/20343,4 | $ | 980,620 | |||||
| 1,000,000 | New Mountain CLO Ltd. Series CLO-3A, Class E, 12.277% (3-Month Term SOFR+686.16 basis points), 10/20/20343,4,8 | 979,113 | ||||||
| New Mountain CLO Ltd. | ||||||||
| 1,175,000 | Series CLO-2A, Class E, 12.015% (3-Month Term SOFR+662.16 basis points), 4/15/20343,4,8 | 1,139,182 | ||||||
| 1,500,000 | Series CLO-1A, Class ER, 12.335% (3-Month Term SOFR+694.16 basis points), 10/15/20343,4,8 | 1,474,440 | ||||||
| 500,000 | Series CLO-4A, Class E, 13.566% (3-Month Term SOFR+815 basis points), 4/20/20363,4,8 | 502,315 | ||||||
| 1,250,000 | Newark BSL CLO Ltd. Series 2017-1A, Class CR, 8.790% (3-Month Term SOFR+341.16 basis points), 7/25/20303,4,8 | 1,207,958 | ||||||
| 1,250,000 | Oak Hill Credit Partners Ltd. Series 2014-10RA, Class D2R, 10.427% (3-Month Term SOFR+501.16 basis points), 4/20/20343,4,8 | 1,257,681 | ||||||
| OCP CLO Ltd. | ||||||||
| 1,000,000 | Series 2017-14A, Class C, 8.241% (3-Month Term SOFR+286.16 basis points), 11/20/20303,4,8 | 962,500 | ||||||
| 2,050,000 | Series 2014-5A, Class CR, 8.541% (3-Month Term SOFR+316.16 basis points), 4/26/20313,4,8 | 1,890,795 | ||||||
| 500,000 | Series 2020-8RA, Class D, 12.664% (3-Month Term SOFR+726.16 basis points), 1/17/20323,4,8 | 481,497 | ||||||
| 1,250,000 | Series 2020-18A, Class ER, 12.107% (3-Month Term SOFR+669.16 basis points), 7/20/20323,4,8 | 1,177,822 | ||||||
| 1,000,000 | Series 2019-17A, Class ER, 12.177% (3-Month Term SOFR+676.16 basis points), 7/20/20323,4,8 | 941,714 | ||||||
| 1,000,000 | Series 2016-12A, Class ER2, 12.545% (3-Month Term SOFR+715 basis points), 4/18/20333,4,8 | 956,050 | ||||||
| 1,000,000 | Series 2021-22A, Class D, 8.777% (3-Month Term SOFR+336.16 basis points), 12/2/20343,4,8 | 937,609 | ||||||
| 1,000,000 | Series 2021-22A, Class E, 12.277% (3-Month Term SOFR+686.16 basis points), 12/2/20343,4,8 | 931,164 | ||||||
| 1,000,000 | Series 2023-28A, Class E, 13.820% (3-Month Term SOFR+840 basis points), 7/16/20363,4,8 | 1,003,824 | ||||||
| 1,000,000 | Octagon 70 Alto Ltd. Series 2023-1A, Class E, 12.065% (3-Month Term SOFR+666 basis points), 10/20/20363,4,8 | 962,042 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| Octagon Investment Partners Ltd. | ||||||||
| 1,000,000 | Series 2012-1A, Class CRR, 9.555% (3-Month Term SOFR+416.16 basis points), 7/15/20293,4,8 | $ | 968,182 | |||||
| 1,500,000 | Series 2013-1A, Class DR2, 8.140% (3-Month Term SOFR+276.16 basis points), 1/25/20313,4,8 | 1,397,618 | ||||||
| 1,000,000 | Series 2018-18A, Class C, 8.355% (3-Month Term SOFR+296.16 basis points), 4/16/20313,4,8 | 948,803 | ||||||
| 750,000 | Series 2020-1A, Class ER, 11.927% (3-Month Term SOFR+651.16 basis points), 7/20/20343,4,8 | 686,683 | ||||||
| 1,500,000 | Series 2020-4A, Class ER, 12.455% (3-Month Term SOFR+706.16 basis points), 1/15/20353,4,8 | 1,366,284 | ||||||
| 1,000,000 | OSD CLO Ltd. Series 2021-23A, Class E, 11.664% (3-Month Term SOFR+626.16 basis points), 4/17/20313,4,8 | 935,663 | ||||||
| OZLM Ltd. | ||||||||
| 1,500,000 | Series 2014-8A, Class DRR, 11.744% (3-Month Term SOFR+634.16 basis points), 10/17/20293,4,8 | 1,399,557 | ||||||
| 1,000,000 | Series 2017-16A, Class C, 9.183% (3-Month Term SOFR+381.16 basis points), 5/16/20303,4,8 | 984,907 | ||||||
| 1,250,000 | Series 2018-22A, Class C, 8.314% (3-Month Term SOFR+291.16 basis points), 1/17/20313,4,8 | 1,186,148 | ||||||
| 1,750,000 | Series 2014-6A, Class CS, 8.794% (3-Month Term SOFR+339.16 basis points), 4/17/20313,4,8 | 1,664,962 | ||||||
| 1,500,000 | Series 2018-20A, Class C, 8.627% (3-Month Term SOFR+321.16 basis points), 4/20/20313,4,8 | 1,381,545 | ||||||
| Post CLO Ltd. | ||||||||
| 1,500,000 | Series 2022-1A, Class E, 12.166% (3-Month Term SOFR+675 basis points), 4/20/20353,4,8 | 1,385,257 | ||||||
| 2,000,000 | Series 2023-1A, Class E, 13.316% (3-Month Term SOFR+790 basis points), 4/20/20363,4,8 | 1,972,521 | ||||||
| 750,000 | PPM CLO Ltd. Series 2019-3A, Class ER, 12.274% (3-Month Term SOFR+687.16 basis points), 4/17/20343,4,8 | 670,433 | ||||||
| Recette CLO Ltd. | ||||||||
| 1,000,000 | Series 2015-1A, Class YRR, 0.100%, 4/20/20343,8 | 28,584 | ||||||
| 1,750,000 | Series 2015-1A, Class FRR, 14.147% (3-Month Term SOFR+873.16 basis points), 4/20/20343,4,8 | 1,456,079 | ||||||
| Regatta Funding Ltd. | ||||||||
| 1,132,500 | Series 2018-4A, Class D, 12.140% (3-Month Term SOFR+676.16 basis points), 10/25/20313,4,8 | 1,026,422 | ||||||
| 750,000 | Series 2016-1A, Class ER2, 12.059% (3-Month Term SOFR+666.16 basis points), 6/20/20343,4,8 | 674,075 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| 1,000,000 | Series 2023-2A, Class D, 9.535% (3-Month Term SOFR+525 basis points), 1/25/20373,4,8 | $ | 1,000,000 | |||||
| 625,000 | Riserva CLO Ltd. Series 2016-3A, Class FRR, 14.167% (3-Month Term SOFR+877.16 basis points), 1/18/20343,4,8 | 521,946 | ||||||
| Rockford Tower CLO Ltd. | ||||||||
| 1,125,000 | Series 2017-2A, Class ER, 11.905% (3-Month Term SOFR+651.16 basis points), 10/15/20293,4,8 | 1,059,794 | ||||||
| 1,400,000 | Series 2020-1A, Class E, 12.577% (3-Month Term SOFR+716.16 basis points), 1/20/20323,4,8 | 1,343,039 | ||||||
| 1,500,000 | RR15 Ltd. Series 2021-15A, Class C, 8.555% (3-Month Term SOFR+316.16 basis points), 4/15/20363,4,8 | 1,441,515 | ||||||
| 1,000,000 | Shackleton CLO Ltd. Series 2013-4RA, Class C, 8.525% (3-Month Term SOFR+313.16 basis points), 4/13/20313,4,8 | 903,763 | ||||||
| 5,121,212 | Signal Peak CLO Ltd. Series 2017-4A, Class SUB, 0.000%, 10/26/20343,8,9 | 1,681,353 | ||||||
| Sound Point CLO Ltd. | ||||||||
| 1,500,000 | Series 2017-3A, Class C, 8.677% (3-Month Term SOFR+326.16 basis points), 10/20/20303,4,8 | 1,327,420 | ||||||
| 875,000 | Series 2018-2A, Class D, 8.641% (3-Month Term SOFR+326.16 basis points), 7/26/20313,4,8 | 757,096 | ||||||
| 1,500,000 | Series 2019-1A, Class DR, 9.177% (3-Month Term SOFR+376.16 basis points), 1/20/20323,4,8 | 1,348,197 | ||||||
| 1,000,000 | Series 2019-3A, Class DR, 9.140% (3-Month Term SOFR+376.16 basis points), 10/25/20343,4,8 | 900,718 | ||||||
| 1,000,000 | Stratus CLO Ltd. Series 2021-2A, Class F, 13.037% (3-Month Term SOFR+762.16 basis points), 12/28/20293,4,8 | 955,758 | ||||||
| Stratus CLO Ltd. | ||||||||
| 750,000 | Series 2021-2A, Class D, 8.327% (3-Month Term SOFR+291.16 basis points), 12/28/20293,4,8 | 732,861 | ||||||
| 650,000 | Series 2021-1A, Class F, 12.927% (3-Month Term SOFR+751.16 basis points), 12/29/20293,4,8 | 618,679 | ||||||
| 1,000,000 | Series 2022-1A, Class E, 12.916% (3-Month Term SOFR+750 basis points), 7/20/20303,4,8 | 998,703 | ||||||
| 1,000,000 | Symphony CLO Ltd. Series 2016-18A, Class DR, 8.924% (3-Month Term SOFR+351.16 basis points), 7/23/20333,4,8 | 952,734 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| ASSET-BACKED SECURITIES (Continued) | ||||||||
| TCI-Flatiron CLO Ltd. | ||||||||
| 1,000,000 | Series 2017-1A, Class E, 11.988% (3-Month Term SOFR+661.16 basis points), 11/18/20303,4,8 | $ | 993,352 | |||||
| 1,000,000 | Series 2016-1A, Class DR3, 8.403% (3-Month Term SOFR+300 basis points), 1/17/20323,4,8 | 980,139 | ||||||
| 1,500,000 | Series 2016-1A, Class ER3, 11.653% (3-Month Term SOFR+625 basis points), 1/17/20323,4,8 | 1,446,045 | ||||||
| 750,000 | TCI-Symphony CLO Ltd. Series 2017-1A, Class E, 12.105% (3-Month Term SOFR+671.16 basis points), 7/15/20303,4,8 | 600,824 | ||||||
| 1,000,000 | Thayer Park CLO Ltd. Series 2017-1A, Class ER, 14.547% (3-Month Term SOFR+913.16 basis points), 4/20/20343,4,8 | 831,867 | ||||||
| 2,350,000 | THL Credit Wind River CLO Ltd. Series 2013-2A, Class DR, 8.607% (3-Month Term SOFR+321.16 basis points), 10/18/20303,4,8 | 2,150,368 | ||||||
| 938,000 | TICP CLO Ltd. Series 2016-5A, Class ER, 11.414% (3-Month Term SOFR+601.16 basis points), 7/17/20313,4,8 | 845,814 | ||||||
| Voya CLO Ltd. | ||||||||
| 750,000 | Series 2015-1A, Class CR, 8.007% (3-Month Term SOFR+261.16 basis points), 1/18/20293,4,8 | 723,122 | ||||||
| 500,000 | Series 2013-1A, Class CR, 8.605% (3-Month Term SOFR+321.16 basis points), 10/15/20303,4,8 | 456,695 | ||||||
| 2,000,000 | Series 2016-3A, Class CR, 8.907% (3-Month Term SOFR+351.16 basis points), 10/18/20313,4,8 | 1,818,633 | ||||||
| 1,000,000 | Series 2020-2A, Class ER, 12.058% (3-Month Term SOFR+666.16 basis points), 7/19/20343,4,8 | 958,641 | ||||||
| 1,000,000 | Series 2019-4A, Class ER, 12.365% (3-Month Term SOFR+697.16 basis points), 1/15/20353,4,8 | 913,614 | ||||||
| 750,000 | Series 2022-1A, Class E, 12.886% (3-Month Term SOFR+747 basis points), 4/20/20353,4,8 | 719,525 | ||||||
| 1,000,000 | Series 2022-3A, Class ER, 13.416% (3-Month Term SOFR+800 basis points), 10/20/20363,4,8 | 999,960 | ||||||
| 1,500,000 | Voya Euro CLO DAC Series 1X, Class B2NE, 2.100%, 10/15/20303 | 1,432,385 | ||||||
| 750,000 | Wind River CLO Ltd. Series 2014-3A, Class DR2, 9.074% (3-Month Term SOFR+366.16 basis points), 10/22/20313,4,8 | 654,293 | ||||||
| Total Asset-Backed Securities | ||||||||
| (Cost $230,531,136) | 219,551,219 | |||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.4% | ||||||||
| 203,000 | DBUBS Mortgage Trust Series 2011-LC3A, Class PM2, 5.098%, 5/10/20443,8,9 | $ | 149,966 | |||||
| 1,000,000 | GS Mortgage Securities Corp. II Series 2012-BWTR, Class A, 2.954%, 11/5/20343,8 | 749,451 | ||||||
| 500,000 | WFLD Mortgage Trust Series 2014-MONT, Class D, 3.755%, 8/10/20313,8,9 | 152,250 | ||||||
| 750,000 | Worldwide Plaza Trust Series 2017-WWP, Class F, 3.596%, 11/10/20368,9 | 120,876 | ||||||
| Total Commercial Mortgage-Backed Securities | ||||||||
| (Cost $2,030,566) | 1,172,543 | |||||||
| CORPORATE — 7.9% | ||||||||
| BASIC MATERIALS — 0.2% | ||||||||
| 500,000 | INEOS Quattro Finance 2 PLC 2.500%, 1/15/20263 | 493,984 | ||||||
| COMMUNICATIONS — 0.7% | ||||||||
| 665,000 | Global Switch Finance B.V. 1.375%, 10/7/20303 | 586,935 | ||||||
| 665,000 | Matterhorn Telecom S.A. 3.125%, 9/15/20263 | 658,978 | ||||||
| 500,000 | Nexstar Media, Inc. 5.625%, 7/15/20273,8 | 450,350 | ||||||
| 700,000 | Scripps Escrow, Inc. 5.875%, 7/15/20273,8 | 523,887 | ||||||
| 2,220,150 | ||||||||
| CONSUMER, CYCLICAL — 1.4% | ||||||||
| 650,000 | Air Canada 3.875%, 8/15/20263,7,8 | 592,051 | ||||||
| 570,000 | Churchill Downs, Inc. 4.750%, 1/15/20283,8 | 511,133 | ||||||
| 525,000 | Dana Financing Luxembourg Sarl 8.500%, 7/15/20313 | 568,690 | ||||||
| 830,000 | International Game Technology PLC 6.250%, 1/15/20273,7,8 | 809,667 | ||||||
| 850,000 | Pinnacle Bidco PLC 8.250%, 10/11/20283 | 873,716 | ||||||
| 775,000 | Scientific Games Holdings LP/Scientific
Games U.S. FinCo, Inc. 6.625%, 3/1/20303,8 | 667,209 | ||||||
| 4,022,466 | ||||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| CORPORATE (Continued) | ||||||||
| CONSUMER, NON-CYCLICAL — 1.3% | ||||||||
| 800,000 | Albion Financing 1 SARL / Aggreko Holdings, Inc. 6.125%, 10/15/20263,7,8 | $ | 740,924 | |||||
| 400,000 | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 7.125%, 7/31/20263,7,8 | 385,448 | ||||||
| 525,000 | House of HR Group B.V. 9.000%, 11/3/20293 | 542,839 | ||||||
| 560,000 | LifePoint Health, Inc. 5.375%, 1/15/20293,8 | 339,826 | ||||||
| 700,000 | Option Care Health, Inc. 4.375%, 10/31/20293,8 | 585,815 | ||||||
| 570,000 | Perrigo Finance Unlimited Co. 4.375%, 3/15/20263,7 | 535,678 | ||||||
| 650,000 | Shift4 Payments LLC / Shift4 Payments Finance
Sub, Inc. 4.625%, 11/1/20263,8 | 601,185 | ||||||
| 3,731,715 | ||||||||
| ENERGY — 1.3% | ||||||||
| 725,000 | Energy Transfer LP 6.500% (USD 5 Year Tsy+569.4 basis points), 11/15/20263,9,11 | 658,430 | ||||||
| 575,000 | Genesis Energy LP / Genesis Energy Finance Corp. 6.250%, 5/15/20263 | 548,574 | ||||||
| 550,000 | Hess Midstream Operations LP 5.125%, 6/15/20283,8 | 508,358 | ||||||
| 300,000 | Murray Energy Corp. 11.250%, 10/17/2027*,3,8,10,12 | — | ||||||
| 590,000 | Nabors Industries Ltd. 7.250%, 1/15/20263,7,8 | 554,739 | ||||||
| 900,000 | NextEra Energy Partners LP 2.500%, 6/15/20268,13 | 780,300 | ||||||
| 865,000 | Northriver Midstream Finance LP 5.625%, 2/15/20263,7,8 | 818,792 | ||||||
| 3,869,193 | ||||||||
| FINANCIAL — 0.4% | ||||||||
| 750,000 | Acrisure LLC / Acrisure Finance, Inc. 7.000%, 11/15/20253,8 | 728,208 | ||||||
| 550,000 | Emeria SASU 7.750%, 3/31/20283 | 536,428 | ||||||
| 1,264,636 | ||||||||
| INDUSTRIAL — 1.0% | ||||||||
| 526,000 | Carriage Purchaser, Inc. 7.875%, 10/15/20293,8 | 390,341 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Principal Amount1 | Value | |||||||
| BONDS (Continued) | ||||||||
| CORPORATE (Continued) | ||||||||
| INDUSTRIAL (Continued) | ||||||||
| 620,000 | GFL Environmental, Inc. 5.125%, 12/15/20263,7,8 | $ | 588,999 | |||||
| 755,000 | Smyrna Ready Mix Concrete LLC 6.000%, 11/1/20283,8 | 698,773 | ||||||
| 760,000 | Standard Industries, Inc. 5.000%, 2/15/20273,8 | 703,332 | ||||||
| 800,000 | Trivium Packaging Finance B.V. 8.500%, 8/15/20273,7,8 | 668,738 | ||||||
| 3,050,183 | ||||||||
| TECHNOLOGY — 1.0% | ||||||||
| 850,000 | Banff Merger Sub, Inc. 8.375%, 9/1/20263 | 879,092 | ||||||
| 750,000 | Camelot Finance S.A. 4.500%, 11/1/20263,7,8 | 694,135 | ||||||
| 600,000 | Presidio Holdings, Inc. 8.250%, 2/1/20283,8 | 568,379 | ||||||
| 875,000 | Virtusa Corp. 7.125%, 12/15/20283,8 | 693,257 | ||||||
| 2,834,863 | ||||||||
| UTILITIES — 0.6% | ||||||||
| 685,000 | Calpine Corp. 5.000%, 2/1/20313,8 | 553,194 | ||||||
| 700,000 | Pike Corp. 5.500%, 9/1/20283,8 | 599,302 | ||||||
| 535,000 | Talen Energy Supply LLC 8.625%, 6/1/20303,8 | 544,153 | ||||||
| 1,696,649 | ||||||||
| Total Corporate | ||||||||
| (Cost $24,030,980) | 23,183,839 | |||||||
| Total Bonds | ||||||||
| (Cost $256,592,682) | 243,907,601 | |||||||
| Number of Shares | ||||||||
| COMMON STOCKS — 0.1% | ||||||||
| FINANCIAL — 0.1% | ||||||||
| 6,869 | SL Green Realty Corp. - REIT | 201,193 | ||||||
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| Number of Shares | Value | |||||||
| COMMON STOCKS (Continued) | ||||||||
| FINANCIAL (Continued) | ||||||||
| 10,700 | Vornado Realty Trust - REIT | $ | 205,440 | |||||
| 406,633 | ||||||||
| Total Common Stocks | ||||||||
| (Cost $1,048,246) | 406,633 | |||||||
| SHORT-TERM INVESTMENTS — 8.4% | ||||||||
| 24,793,284 | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 5.16%14,15 | $ | 24,793,284 | |||||
| Total Short-Term Investments | ||||||||
| (Cost $24,793,284) | 24,793,284 | |||||||
| TOTAL INVESTMENTS — 110.0% | ||||||||
| (Cost $337,018,824) | 323,360,876 | |||||||
| Liabilities in Excess of Other Assets — (10.0)% | (29,287,880 | ) | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 294,072,996 | ||||||
Principal | ||||||||
| SECURITIES SOLD SHORT — (0.5)% | ||||||||
| BONDS — (0.5)% | ||||||||
| CORPORATE — (0.5)% | ||||||||
| COMMUNICATIONS — (0.2)% | ||||||||
| (600,000 | ) | Telenet Finance Luxembourg Notes Sarl 3.500%, 3/1/20283 | (579,886 | ) | ||||
| CONSUMER, CYCLICAL — (0.2)% | ||||||||
| (510,000 | ) | TUI Cruises GmbH 6.500%, 5/15/20263 | (501,852 | ) | ||||
| CONSUMER, NON-CYCLICAL — (0.1)% | ||||||||
| (340,000 | ) | Upbound Group, Inc. 6.375%, 2/15/20293,8 | (292,750 | ) | ||||
| Total Corporate | ||||||||
| (Proceeds $1,405,195) | (1,374,488 | ) | ||||||
| Total Bonds | ||||||||
| (Proceeds $1,405,195) | (1,374,488 | ) | ||||||
| Total Securities Sold Short | ||||||||
| (Proceeds $1,405,195) | $ | (1,374,488 | ) | |||||
EUR – Euro
REIT – Real Estate Investment Trusts
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
| * | 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”), (iii) the Certificate of Deposit rate, or (iv) Secured Overnight Financing Rate (“SOFR”). 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 | All or a portion of the loan is unfunded. |
| 6 | Denotes investments purchased on a when-issued or delayed delivery basis. |
| 7 | Foreign security denominated in U.S. Dollars. |
| 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 $223,670,753 which represents 76.06% of total net assets of the Fund. |
| 9 | Variable rate security. |
| 10 | Level 3 securities fair valued under procedures established by the Board of Trustees, represents 0.68% of Net Assets. The total value of these securities is $1,990,000. |
| 11 | Perpetual security. |
| 12 | Security is in default. |
| 13 | Convertible security. |
| 14 | 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 $1,993,820, which represents 0.68% of total net assets of the Fund. |
| 15 | The rate is the annualized seven-day yield at period end. |
Palmer Square Opportunistic Income Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
SWAP CONTRACTS
CREDIT DEFAULT SWAP CONTRACTS
| Pay/(b) | ||||||||||||||||||||||||||||
| Rating(a) | Receive | Premium | Unrealized | |||||||||||||||||||||||||
| Counterparty/ | (Moody’s/ | Fixed | Fixed/Rate | Expiration | Notional | Paid | Appreciation/ | |||||||||||||||||||||
| Reference Entity | S&P) | Rate | Frequency | Date | Amount | (Received) | (Depreciation) | Value | ||||||||||||||||||||
| Morgan Stanley | ||||||||||||||||||||||||||||
| Markit CDX NA High Yield | ||||||||||||||||||||||||||||
| CDSI Series 41 Index | Unrated | Receive | 5%/Quarterly | 12/20/28 | $ | 3,500,000 | $ | 99,750 | $ | 44,700 | $ | 144,450 | ||||||||||||||||
| TOTAL CREDIT DEFAULT SWAP CONTRACTS | $ | 99,750 | $ | 44,700 | $ | 144,450 | ||||||||||||||||||||||
| (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, 2023. |
| (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
CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2023 (Unaudited)
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
| Currency | Value At | Unrealized | ||||||||||||||||||
| Currency | Amount | Settlement | Value At | Appreciation | ||||||||||||||||
| Purchase Contracts | Counterparty | Exchange | Purchased | Date | October 31, 2023 | (Depreciation) | ||||||||||||||
| Euro | JP Morgan | EUR per USD | 1,355,625 | $ | 1,435,713 | $ | 1,439,462 | $ | 3,749 | |||||||||||
| $ | 1,435,713 | $ | 1,439,462 | $ | 3,749 | |||||||||||||||
| Currency | Value At | Unrealized | ||||||||||||||||||
| Currency | Amount | Settlement | Value At | Appreciation | ||||||||||||||||
| Sale Contracts | Counterparty | Exchange | Sold | Date | October 31, 2023 | (Depreciation) | ||||||||||||||
| Euro | JP Morgan | EUR per USD | (19,287,875 | ) | $ | (20,776,866 | ) | $ | (20,480,488 | ) | $ | 296,378 | ||||||||
| $ | (20,776,866 | ) | $ | (20,480,488 | ) | $ | 296,378 | |||||||||||||
| TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $ | (19,341,153 | ) | $ | (19,041,026 | ) | $ | 300,127 | ||||||||||||
EUR – Euro
USD – U.S. Dollar