NPORT-EX 2 psinc093020.htm
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BANK LOANS — 8.7%  
$1,500,000 Acadia Healthcare Co., Inc.
2.500% (3-Month USD Libor+250 basis points), 2/16/20231,2,3,4,5 		$1,490,625
412,925 Alterra Mountain Co.
5.500% (1-Month USD Libor+450 basis points), 8/1/20262,4,5 		409,828
1,496,222 American Builders & Contractors Supply Co., Inc.
2.147% (1-Month USD Libor+200 basis points), 1/15/20272,4,5 		1,459,549
789,725 AmWINS Group, Inc.
3.750% (3-Month USD Libor+275 basis points), 1/25/20242,4,5 		784,383
888,734 Ancestry.com Operations, Inc.
4.400% (3-Month USD Libor+425 basis points), 8/27/20262,4,5 		888,889
844,718 AppLovin Corp.
3.647% (3-Month USD Libor+350 basis points), 8/15/20252,5 		835,004
1,396,500 Aristocrat International Pty Ltd.
4.750% (1-Month USD Libor+375 basis points), 10/19/20242,4,5,6 		1,393,232
759,343 Ascend Learning LLC
4.000% (3-Month USD Libor+300 basis points), 7/12/20242,4,5 		751,275
1,500,000 Asplundh Tree Expert LLC
2.500% (1-Month USD Libor+250 basis points), 9/4/20271,2,3,4,5 		1,500,315
  Asurion LLC  
1,495,203 3.156% (1-Month USD Libor+300 basis points), 8/4/20222,4,5 1,480,872
349,075 3.147% (1-Month USD Libor+300 basis points), 11/3/20234,5 344,530
913,008 Avaya, Inc.
4.401% (3-Month USD Libor+425 basis points), 12/15/20242,4,5 		909,730
1,078,343 BCP Raptor LLC
5.250% (3-Month USD Libor+425 basis points), 6/30/20242,4,5 		854,587
750,000 Berry Global, Inc.
2.156% (1-Month USD Libor+200 basis points), 10/1/20224,5 		744,551
1,232,189 CenturyLink, Inc.
2.397% (1-Month USD Libor+225 basis points), 3/15/20272,4,5 		1,186,536
493,435 Change Healthcare Holdings LLC
3.500% (1-Month USD Libor+250 basis points), 3/1/20242,4,5 		483,838
461,414 Charter Communications Operating LLC
1.650% (3-Month USD Libor+150 basis points), 3/31/20232,5 		457,953
1,551,464 Citadel Securities LP
2.897% (1-Month USD Libor+275 basis points), 2/27/20262,4,5 		1,544,684
750,000 CSC Holdings LLC
2.652% (1-Month USD Libor+250 basis points), 4/15/20272,4,5 		729,221
997,494 Delek U.S. Holdings, Inc.
6.500% (1-Month USD Libor+550 basis points), 3/30/20252,4,5 		978,167
1,500,000 EFS Cogen Holdings I LLC
4.500% (1-Month USD Libor+350 basis points), 9/24/20271,2,3,4,5 		1,497,375
272,250 Ensemble RCM LLC
4.011% (3-Month USD Libor+375 basis points), 8/1/20262,5 		269,753
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BANK LOANS (Continued)  
$797,943 Exact Holding North America, Inc.
5.250% (3-Month USD Libor+425 basis points), 9/29/20244,5 		$794,205
1,500,000 FinCo I LLC
2.648% (1-Month USD Libor+250 basis points), 6/27/20254,5 		1,494,690
1,758,471 First Eagle Holdings, Inc.
2.720% (1-Month USD Libor+250 basis points), 2/2/20272,4,5 		1,721,261
1,496,250 Go Daddy Operating Co. LLC
2.647% (1-Month USD Libor+250 basis points), 8/10/20272,4,5 		1,477,547
1,400,000 Harbor Freight Tools USA, Inc.
3.250% (3-Month USD Libor+250 basis points), 8/16/20232,4,5 		1,382,388
427,850 Hercules Merger Sub LLC
2.897% (1-Month USD Libor+275 basis points), 11/1/20262,4,5 		420,720
1,500,000 Hilton Worldwide Finance LLC
1.898% (3-Month USD Libor+175 basis points), 6/21/20262,4,5 		1,450,973
1,072,299 Hudson River Trading LLC
3.145% (1-Month USD Libor+300 basis points), 2/18/20272,4,5 		1,050,853
1,326,015 Inmar, Inc.
5.000% (3-Month USD Libor+400 basis points), 5/1/20242,4,5 		1,262,552
997,561 Ivanti Software, Inc.
5.250% (3-Month USD Libor+425 basis points), 1/20/20242,4,5 		993,611
985,019 Jane Street Group LLC
3.147% (1-Month USD Libor+300 basis points), 1/7/20252,4,5 		979,788
593,919 Janus International Group LLC
4.750% (1-Month USD Libor+375 basis points), 2/15/20252,4,5 		580,556
1,400,000 LogMeIn, Inc.
4.906% (1-Month USD Libor+475 basis points), 8/31/20272,4,5 		1,355,816
1,425,519 McAfee LLC
3.896% (3-Month USD Libor+375 basis points), 9/29/20242,4,5 		1,417,800
1,500,000 Michaels Stores, Inc.
3.500% (3-Month USD Libor+250 basis points), 1/28/20231,2,3,4,5 		1,498,875
1,375,000 Milano Acquisition Corp.
4.750% (1-Month USD Libor+400 basis points), 8/17/20271,2,3,4,5 		1,363,828
  National Mentor Holdings, Inc.  
613,421 4.400% (3-Month USD Libor+425 basis points), 3/8/20262,4,5 606,008
28,001 4.400% (3-Month USD Libor+425 basis points), 3/8/20262,4,5 27,662
124,713 NeuStar, Inc.
4.647% (3-Month USD Libor+450 basis points), 8/8/20242,4,5 		118,882
834,990 NFP Corp.
3.397% (1-Month USD Libor+325 basis points), 2/13/20272,5 		804,028
863,475 Option Care Health, Inc.
4.647% (1-Month USD Libor+450 basis points), 8/6/20262,4,5 		857,720
1,000,000 Pike Corp.
3.150% (1-Month USD Libor+300 basis points), 7/24/20262,4,5 		994,790
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BANK LOANS (Continued)  
$1,150,000 PODS LLC
3.750% (3-Month USD Libor+275 basis points), 11/21/20242,4,5 		$1,128,921
1,481,156 Refinitiv U.S. Holdings, Inc.
3.397% (1-Month USD Libor+325 basis points), 10/1/20252,5 		1,468,062
350,000 Sabert Corp.
5.500% (1-Month USD Libor+450 basis points), 12/10/20262,4,5 		345,335
1,215,128 Select Medical Corp.
2.780% (3-Month USD Libor+250 basis points), 3/6/20252,4,5 		1,187,028
1,500,000 Sophia LP
4.500% (1-Month USD Libor+375 basis points), 10/6/20271,2,3,4,5 		1,492,500
997,500 T-Mobile USA, Inc.
3.147% (1-Month USD Libor+300 basis points), 4/1/20272,4,5 		997,944
1,500,000 Tosca Services LLC
5.250% (1-Month USD Libor+425 basis points), 7/28/20271,2,3,4,5 		1,502,348
  Travelport Finance Luxembourg Sarl  
84,829 7.000% (1-Month USD Libor+700 basis points), 2/28/20252,5,6 81,781
496,250 6.072% (3-Month USD Libor+500 basis points), 5/30/20262,4,5,6 375,909
893,250 WaterBridge Midstream Operating LLC
6.750% (3-Month USD Libor+575 basis points), 6/21/20262,4,5 		749,057
1,477,500 WEX, Inc.
2.397% (3-Month USD Libor+225 basis points), 5/17/20262,4,5 		1,432,119
432,152 Whatabrands LLC
2.906% (1-Month USD Libor+275 basis points), 8/3/20262,4,5 		424,049
750,000 Ziggo Financing Partnership
2.652% (1-Month USD Libor+250 basis points), 4/30/20282,4,5 		723,750
  Total Bank Loans  
  (Cost $56,017,118) 55,558,253
  BONDS — 84.8%  
  ASSET-BACKED SECURITIES — 46.1%  
  Ally Auto Receivables Trust  
78,512 Series 2017-4, Class A3, 1.750%, 12/15/20214 78,579
4,432,542 Series 2019-4, Class A2, 1.930%, 10/17/20224 4,452,018
346,567 Series 2019-3, Class A2, 2.060%, 10/17/20224 348,030
5,909,000 Series 2019-1, Class A3, 2.910%, 9/15/20234 6,025,401
  Annisa CLO Ltd.  
1,000,000 Series 2016-2A, Class DR, 3.272% (3-Month USD Libor+300 basis points), 7/20/20314,5,7 950,144
1,000,000 Series 2016-2A, Class ER, 6.272% (3-Month USD Libor+600 basis points), 7/20/20314,5,7 905,116
  Apidos CLO  
1,000,000 Series 2015-21A, Class DR, 5.472% (3-Month USD Libor+520 basis points), 7/18/20274,5,7 848,572
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$750,000 Series 2017-26A, Class C, 3.972% (3-Month USD Libor+370 basis points), 7/18/20294,5,7 $731,745
750,000 Series 2013-12A, Class ER, 5.675% (3-Month USD Libor+540 basis points), 4/15/20314,5,7 642,767
1,000,000 Series 2015-22A, Class ER, 8.922% (3-Month USD Libor+865 basis points), 4/20/20314,5,7 803,718
500,000 Series 2015-20A, Class DR, 5.971% (3-Month USD Libor+570 basis points), 7/16/20314,5,7 432,044
250,000 Apidos CLO XXXII
Series 2019-32A, Class E, 7.022% (3-Month USD Libor+675 basis points), 1/20/20334,5,7 		240,154
1,000,000 Ares CLO Ltd.
Series 2015-2A, Class ER, 7.123% (3-Month USD Libor+685 basis points), 4/17/20334,5,7 		931,106
3,000,000 ARES XLVII CLO Ltd.
Series 2018-47A, Class D, 2.975% (3-Month USD Libor+270 basis points), 4/15/20304,5,7 		2,789,948
1,000,000 Ballyrock CLO Ltd.
Series 2019-1A, Class D, 7.075% (3-Month USD Libor+680 basis points), 7/15/20324,5,7 		950,105
  Bardot CLO Ltd.  
750,000 Series 2019-2A, Class D, 4.058% (3-Month USD Libor+380 basis points), 10/22/20324,5,7 750,627
1,000,000 Series 2019-2A, Class E, 7.208% (3-Month USD Libor+695 basis points), 10/22/20324,5,7 950,907
  Barings CLO Ltd.  
1,500,000 Series 2013-IA, Class DR, 2.822% (3-Month USD Libor+255 basis points), 1/20/20284,5,7 1,430,358
1,000,000 Series 2018-2A, Class C, 2.975% (3-Month USD Libor+270 basis points), 4/15/20304,5,7 957,318
1,000,000 Series 2019-1A, Class E, 6.955% (3-Month USD Libor+668 basis points), 4/15/20314,5,7 919,401
2,250,000 Series 2019-3A, Class E, 7.052% (3-Month USD Libor+678 basis points), 4/20/20314,5,7 2,108,240
500,000 Battalion CLO Ltd.
Series 2020-15A, Class A1, 1.623% (3-Month USD Libor+135 basis points), 1/17/20334,5,7 		498,160
85,369 Bear Stearns ARM Trust
Series 2004-3, Class 1A3, 3.398%, 7/25/20344,8 		78,526
  Benefit Street Partners CLO Ltd.  
1,175,000 Series 2014-IVA, Class A1RR, 1.522% (3-Month USD Libor+125 basis points), 1/20/20294,5,7 1,169,478
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$1,610,000 Series 2014-IVA, Class CRR, 4.072% (3-Month USD Libor+380 basis points), 1/20/20294,5,7 $1,561,238
500,000 Series 2018-5BA, Class C, 3.202% (3-Month USD Libor+293 basis points), 4/20/20314,5,7 434,975
500,000 Series 2018-14A, Class E, 5.622% (3-Month USD Libor+535 basis points), 4/20/20314,5,7 416,755
500,000 Series 2018-5BA, Class D, 6.222% (3-Month USD Libor+595 basis points), 4/20/20314,5,7 412,671
  BlueMountain CLO Ltd.  
875,000 Series 2019-25A, Class E, 6.975% (3-Month USD Libor+670 basis points), 7/15/20324,5,7 812,634
3,500,000 Series 2016-2A, Class A1R, 1.563% (3-Month USD Libor+131 basis points), 8/20/20324,5,7 3,483,788
  BMW Vehicle Owner Trust  
833,538 Series 2018-A, Class A3, 2.350%, 4/25/20224 837,580
744,466 Series 2019-A, Class A2, 2.050%, 5/25/20224 747,845
1,650,000 Series 2020-A, Class A2, 0.390%, 2/27/20234 1,651,112
625,000 Burnham Park Clo Ltd.
Series 2016-1A, Class AR, 1.422% (3-Month USD Libor+115 basis points), 10/20/20294,5,7 		617,981
  Canadian Pacer Auto Receivables Trust  
903,036 Series 2019-1A, Class A2, 2.780%, 3/21/20224,7 906,887
1,113,067 Series 2020-1A, Class A2A, 1.770%, 11/21/20224,7 1,120,872
  Capital One Prime Auto Receivables Trust  
1,422,149 Series 2019-1, Class A2, 2.580%, 4/15/20224 1,428,784
1,706,230 Series 2019-2, Class A2, 2.060%, 9/15/20224 1,715,549
500,000 Carlyle Global Market Strategies CLO Ltd.
Series 2015-2A, Class CR, 2.495% (3-Month USD Libor+225 basis points), 4/27/20274,5,7 		478,803
  CarMax Auto Owner Trust  
3,608,472 Series 2016-3, Class A4, 1.600%, 1/18/20224 3,610,240
135,973 Series 2018-4, Class A2A, 3.110%, 2/15/20224 136,130
496,773 Series 2017-3, Class A3, 1.970%, 4/15/20224 498,643
4,610,000 Series 2020-2, Class A2A, 1.750%, 1/17/20234 4,646,262
6,699,580 Series 2020-1, Class A2, 1.870%, 4/17/20234 6,757,076
834,438 Carvana Auto Receivables Trust
Series 2019-4A, Class A2, 2.200%, 7/15/20224,7 		837,894
500,000 Cedar Funding Ltd.
Series 2016-6A, Class DR, 3.272% (3-Month USD Libor+300 basis points), 10/20/20284,5,7 		476,102
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$500,000 CFIP CLO Ltd.
Series 2018-1A, Class E, 6.622% (3-Month USD Libor+635 basis points), 7/18/20314,5,7 		$444,057
  CIFC Funding Ltd.  
756,000 Series 2018-1A, Class B, 1.672% (3-Month USD Libor+140 basis points), 4/18/20314,5,7 736,182
3,500,000 Series 2013-3RA, Class A1, 1.244% (3-Month USD Libor+98 basis points), 4/24/20314,5,7 3,451,875
500,000 Series 2019-5A, Class D, 7.115% (3-Month USD Libor+684 basis points), 10/15/20324,5,7 487,598
  Citigroup Mortgage Loan Trust  
832,695 Series 2019-IMC1, Class A1, 2.720%, 7/25/20494,7,8 849,157
496,901 Series 2019-IMC1, Class A3, 3.030%, 7/25/20494,7,8 505,674
  CNH Equipment Trust  
298,805 Series 2019-B, Class A2, 2.550%, 9/15/20224 300,206
1,695,000 Series 2020-A, Class A2, 1.080%, 7/17/20234 1,704,333
1,250,000 Cook Park CLO Ltd.
Series 2018-1A, Class E, 5.673% (3-Month USD Libor+540 basis points), 4/17/20304,5,7 		1,093,039
1,500,000 Cumberland Park CLO Ltd.
Series 2015-2A, Class ER, 5.922% (3-Month USD Libor+565 basis points), 7/20/20284,5,7 		1,317,832
7,125,000 Dell Equipment Finance Trust
Series 2020-2, Class A1, 0.315%, 9/22/20214,7 		7,125,278
  DLL LLC  
549,492 Series 2019-DA1, Class A2, 2.790%, 11/22/20214,7 550,306
1,270,000 Series 2019-DA1, Class A3, 2.890%, 4/20/20234,7 1,291,820
  Dryden CLO Ltd.  
1,250,000 Series 2020-86A, Class E, 6.894% (3-Month USD Libor+666 basis points), 7/17/20304,5,7 1,204,979
250,000 Series 2018-64A, Class F, 7.422% (3-Month USD Libor+715 basis points), 4/18/20314,5,7 179,889
1,000,000 Series 2018-57A, Class D, 2.830% (3-Month USD Libor+255 basis points), 5/15/20314,5,7 919,769
1,550,000 Series 2019-72A, Class D, 3.980% (3-Month USD Libor+370 basis points), 5/15/20324,5,7 1,535,905
2,800,000 Series 2019-68A, Class A, 1.585% (3-Month USD Libor+131 basis points), 7/15/20324,5,7 2,793,761
  Dryden Senior Loan Fund  
1,505,000 Series 2012-25A, Class DRR, 3.275% (3-Month USD Libor+300 basis points), 10/15/20274,5,7 1,399,921
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$1,100,000 Series 2017-54A, Class E, 6.472% (3-Month USD Libor+620 basis points), 10/19/20294,5,7 $993,859
875,000 Series 2017-50A, Class E, 6.535% (3-Month USD Libor+626 basis points), 7/15/20304,5,7 808,749
1,000,000 Series 2016-45A, Class DR, 3.425% (3-Month USD Libor+315 basis points), 10/15/20304,5,7 980,830
500,000 Series 2016-45A, Class ER, 6.125% (3-Month USD Libor+585 basis points), 10/15/20304,5,7 448,978
  Eaton Vance CLO Ltd.  
1,500,000 Series 2015-1A, Class DR, 2.772% (3-Month USD Libor+250 basis points), 1/20/20304,5,7 1,408,369
250,000 Series 2014-1RA, Class E, 5.975% (3-Month USD Libor+570 basis points), 7/15/20304,5,7 220,568
1,000,000 Series 2018-1A, Class D, 3.475% (3-Month USD Libor+320 basis points), 10/15/20304,5,7 980,551
2,000,000 Series 2019-1A, Class E, 7.025% (3-Month USD Libor+675 basis points), 4/15/20314,5,7 1,985,200
405,800 FDIC Guaranteed Notes Trust
Series 2010-S4, Class A, 0.876% (1-Month USD Libor+72 basis points), 12/4/20204,5,7 		405,542
3,500,000 Ford Credit Auto Lease Trust
Series 2019-A, Class A4, 2.980%, 6/15/20224 		3,566,231
1,031,561 Ford Credit Auto Owner Trust
Series 2017-C, Class A3, 2.010%, 3/15/20224 		1,034,966
  GM Financial Automobile Leasing Trust  
160,752 Series 2019-2, Class A2A, 2.670%, 6/21/20214 160,956
2,200,000 Series 2020-2, Class A2A, 0.710%, 10/20/20224 2,206,802
  GM Financial Consumer Automobile Receivables Trust  
896,537 Series 2017-3A, Class A3, 1.970%, 5/16/20224,7 899,541
2,061,460 Series 2019-4, Class A2A, 1.840%, 11/16/20224 2,073,376
2,061,757 Series 2020-1, Class A2, 1.830%, 1/17/20234 2,072,829
1,058,155 Series 2020-2, Class A2A, 1.500%, 3/16/20234 1,064,891
6,500,000 Series 2020-3, Class A2, 0.350%, 7/17/20234 6,503,900
2,459,441 Series 2018-4, Class A3, 3.210%, 10/16/20234 2,515,399
500,000 GoldenTree Loan Opportunities Ltd.
Series 2014-9A, Class ER2, 5.930% (3-Month USD Libor+566 basis points), 10/29/20294,5,7 		446,506
1,900,000 Greenwood Park CLO Ltd.
Series 2018-1A, Class D, 2.775% (3-Month USD Libor+250 basis points), 4/15/20314,5,7 		1,762,939
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$1,250,000 Harriman Park CLO Ltd.
Series 2020-1A, Class D, 4.775% (3-Month USD Libor+364 basis points), 4/20/20314,5,7 		$1,253,644
  Highbridge Loan Management Ltd.  
850,000 Series 7A-2015, Class CR, 1.980% (3-Month USD Libor+170 basis points), 3/15/20274,5,7 819,194
1,100,000 Series 7A-2015, Class DR, 2.680% (3-Month USD Libor+240 basis points), 3/15/20274,5,7 1,013,000
500,000 Series 2013-2A, Class DR, 6.872% (3-Month USD Libor+660 basis points), 10/20/20294,5,7 427,432
1,000,000 Series 5A-2015, Class DRR, 3.425% (3-Month USD Libor+315 basis points), 10/15/20304,5,7 891,737
1,000,000 Series 5A-2015, Class ERR, 6.275% (3-Month USD Libor+600 basis points), 10/15/20304,5,7 817,977
1,000,000 Series 6A-2015, Class CR, 2.749% (3-Month USD Libor+250 basis points), 2/5/20314,5,7 895,000
600,000 Home Partners of America Trust
Series 2017-1, Class C, 1.701% (1-Month USD Libor+155 basis points), 7/17/20345,7 		600,683
  Honda Auto Receivables Owner Trust  
450,341 Series 2019-1, Class A2, 2.750%, 9/20/20214 451,468
7,200,000 Series 2020-1, Class A2, 1.630%, 10/21/20224 7,256,563
1,385,000 Series 2020-2, Class A2, 0.740%, 11/15/20224 1,388,933
  HPS Loan Management Ltd.  
1,250,000 Series 13A-18, Class D, 3.275% (3-Month USD Libor+300 basis points), 10/15/20304,5,7 1,138,291
500,000 Series 15A-19, Class E, 6.858% (3-Month USD Libor+660 basis points), 7/22/20324,5,7 467,691
  Hyundai Auto Lease Securitization Trust  
699,361 Series 2019-B, Class A2, 2.080%, 12/15/20214,7 702,399
2,976,105 Series 2020-A, Class A2, 1.900%, 5/16/20224,7 2,997,643
1,350,000 John Deere Owner Trust
Series 2020-B, Class A2, 0.410%, 3/15/20234 		1,351,380
500,000 Limerock CLO LLC
Series 2014-3A, Class D, 5.422% (3-Month USD Libor+515 basis points), 10/20/20264,5,7 		431,281
  Madison Park Funding Ltd.  
500,000 Series 2015-16A, Class C, 3.972% (3-Month USD Libor+370 basis points), 4/20/20264,5,7 496,271
825,000 Series 2015-19A, Class CR, 2.408% (3-Month USD Libor+215 basis points), 1/22/20284,5,7 782,253
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$2,000,000 Series 2015-19A, Class DR, 4.608% (3-Month USD Libor+435 basis points), 1/22/20284,5,7 $1,685,115
1,000,000 Series 2018-27A, Class C, 2.872% (3-Month USD Libor+260 basis points), 4/20/20304,5,7 923,819
3,880,000 Series 2015-17A, Class AR, 1.491% (3-Month USD Libor+122 basis points), 7/21/20304,5,7 3,858,668
2,250,000 Series 2019-36A, Class D, 4.025% (3-Month USD Libor+375 basis points), 1/15/20334,5,7 2,233,732
  Magnetite Ltd.  
579,000 Series 2015-16A, Class C1R, 1.872% (3-Month USD Libor+160 basis points), 1/18/20284,5,7 566,338
1,250,000 Series 2015-16A, Class DR, 2.422% (3-Month USD Libor+215 basis points), 1/18/20284,5,7 1,189,507
1,250,000 Series 2019-22A, Class D, 3.925% (3-Month USD Libor+365 basis points), 4/15/20314,5,7 1,249,243
500,000 Series 2019-22A, Class E, 7.025% (3-Month USD Libor+675 basis points), 4/15/20314,5,7 483,303
1,500,000 Series 2016-17A, Class DR, 3.172% (3-Month USD Libor+290 basis points), 7/20/20314,5,7 1,449,655
250,000 Series 2015-12A, Class DR, 3.275% (3-Month USD Libor+300 basis points), 10/15/20314,5,7 242,762
750,000 Series 2020-28A, Class E, 0.000% (3-Month USD Libor+708 basis points), 10/25/20314,5,7 742,500
1,000,000 Series 2019-24A, Class E, 7.225% (3-Month USD Libor+695 basis points), 1/15/20334,5,7 982,820
2,000,000 Mariner CLO LLC
Series 2016-3A, Class DR2, 3.156% (3-Month USD Libor+290 basis points), 7/23/20294,5,7 		1,916,329
3,000,000 Mercedes-Benz Auto Lease Trust
Series 2020-B, Class A2, 0.310%, 2/15/20234 		2,999,648
  MMAF Equipment Finance LLC  
589,694 Series 2017-AA, Class A3, 2.040%, 2/16/20224,7 590,319
1,300,000 Series 2020-BA, Class A2, 0.380%, 8/14/20234,7 1,300,122
1,950,000 Series 2020-A, Class A2, 0.740%, 4/9/20244,7 1,957,238
  Mountain View CLO LLC  
2,800,000 Series 2016-1A, Class AR, 1.628% (3-Month USD Libor+136 basis points), 4/14/20334,5,7 2,759,335
2,500,000 Series 2016-1A, Class DR, 3.968% (3-Month USD Libor+370 basis points), 4/14/20334,5,7 2,283,781
  Mountain View CLO Ltd.  
500,000 Series 2015-10A, Class CR, 2.116% (3-Month USD Libor+185 basis points), 10/13/20274,5,7 479,453
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$1,250,000 Series 2019-1A, Class D, 4.325% (3-Month USD Libor+405 basis points), 4/15/20294,5,7 $1,228,791
3,625,000 Series 2019-2A, Class D, 4.645% (3-Month USD Libor+437 basis points), 1/15/20334,5,7 3,629,364
  Nationstar HECM Loan Trust  
500,223 Series 2019-1A, Class A, 2.651%, 6/25/20294,7,8 502,534
1,269,856 Series 2019-2A, Class A, 2.272%, 11/26/20294,7,8 1,275,354
  Neuberger Berman CLO Ltd.  
2,150,000 Series 2017-16SA, Class D, 2.775% (3-Month USD Libor+250 basis points), 1/15/20284,5,7 2,075,276
750,000 Series 2014-18A, Class CR2, 3.271% (3-Month USD Libor+300 basis points), 10/21/20304,5,7 698,723
1,000,000 Series 2014-18A, Class DR2, 6.191% (3-Month USD Libor+592 basis points), 10/21/20304,5,7 913,197
  Neuberger Berman Loan Advisers CLO Ltd.  
1,500,000 Series 2018-27A, Class D, 2.875% (3-Month USD Libor+260 basis points), 1/15/20304,5,7 1,418,667
500,000 Series 2018-27A, Class E, 5.475% (3-Month USD Libor+520 basis points), 1/15/20304,5,7 438,469
500,000 Series 2018-30A, Class E, 7.022% (3-Month USD Libor+675 basis points), 1/20/20314,5,7 483,638
1,000,000 Series 2018-29A, Class E, 5.872% (3-Month USD Libor+560 basis points), 10/19/20314,5,7 892,069
2,000,000 Series 2020-38A, Class E, 0.000% (3-Month USD Libor+750 basis points), 10/20/20324,5,7 2,000,000
1,250,000 Series 2019-35A, Class D, 3.972% (3-Month USD Libor+370 basis points), 1/19/20334,5,7 1,251,477
1,000,000 Series 2019-34A, Class D, 4.472% (3-Month USD Libor+420 basis points), 1/20/20334,5,7 1,002,745
1,000,000 Series 2020-36A, Class D, 5.325% (3-Month USD Libor+415 basis points), 4/20/20334,5,7 1,001,119
1,198,345 New Residential Mortgage Loan Trust
Series 2019-NQM4, Class A1, 2.492%, 9/25/20594,7,8 		1,223,298
  Newark BSL CLO Ltd.  
1,000,000 Series 2016-1A, Class CR, 3.245% (3-Month USD Libor+300 basis points), 12/21/20294,5,7 963,338
500,000 Series 2017-1A, Class A1, 1.515% (3-Month USD Libor+127 basis points), 7/25/20304,5,7 498,126
2,725,000 Nissan Auto Lease Trust
Series 2020-A, Class A3, 1.840%, 1/17/20234 		2,775,903
  Nissan Auto Receivables Owner Trust  
312,191 Series 2017-C, Class A3, 2.120%, 4/18/20224 313,631
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$2,000,000 Series 2020-A, Class A2, 1.450%, 12/15/20224 $2,013,024
  OBX Trust  
3,449,259 Series 2018-EXP1, Class 2A1, 0.998% (1-Month USD Libor+85 basis points), 4/25/20484,5,7 3,462,269
2,557,004 Series 2020-INV1, Class A11, 1.048% (1-Month USD Libor+90 basis points), 12/25/20494,5,7 2,557,927
491,634 Series 2019-EXP1, Class 2A1A, 1.098% (1-Month USD Libor+95 basis points), 1/25/20594,5,7 491,332
448,170 Series 2019-EXP2, Class 2A1A, 1.048% (1-Month USD Libor+90 basis points), 6/25/20594,5,7 448,825
  Octagon Investment Partners Ltd.  
500,000 Series 2017-1A, Class E, 6.572% (3-Month USD Libor+630 basis points), 7/20/20304,5,7 452,618
750,000 Series 2020-2A, Class D, 4.849% (3-Month USD Libor+460 basis points), 7/15/20334,5,7 751,812
  OHA Credit Funding Ltd.  
1,000,000 Series 2019-2A, Class D, 4.271% (3-Month USD Libor+400 basis points), 4/21/20314,5,7 1,000,320
1,000,000 Series 2019-2A, Class E, 5.771% (3-Month USD Libor+550 basis points), 4/21/20314,5,7 867,510
750,000 OHA Credit Partners Ltd.
Series 2015-11A, Class DR, 3.222% (3-Month USD Libor+295 basis points), 1/20/20324,5,7 		712,501
436,140 Oscar U.S. Funding LLC
Series 2019-2A, Class A2, 2.490%, 8/10/20224,7 		439,309
1,250,000 Regatta Funding Ltd.
Series 2019-2A, Class D, 4.175% (3-Month USD Libor+390 basis points), 1/15/20334,5,7 		1,237,390
  Riserva Clo Ltd.  
2,000,000 Series 2016-3A, Class AR, 1.412% (3-Month USD Libor+114 basis points), 10/18/20284,5,7 1,995,747
800,000 Series 2016-3A, Class ER, 6.622% (3-Month USD Libor+635 basis points), 10/18/20284,5,7 752,139
1,000,000 Riserva CLO Ltd.
Series 2016-3A, Class DR, 3.722% (3-Month USD Libor+345 basis points), 10/18/20284,5,7 		978,680
  Rockford Tower CLO Ltd.  
2,000,000 Series 2017-3A, Class A, 1.462% (3-Month USD Libor+119 basis points), 10/20/20304,5,7 1,988,300
2,000,000 Series 2018-1A, Class A, 1.353% (3-Month USD Libor+110 basis points), 5/20/20314,5,7 1,982,064
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$2,000,000 Series 2019-1A, Class E, 6.632% (3-Month USD Libor+636 basis points), 4/20/20324,5,7 $1,761,324
  TCI-Flatiron CLO Ltd.  
1,000,000 Series 2018-1A, Class D, 3.970% (3-Month USD Libor+370 basis points), 1/29/20324,5,7 985,022
1,000,000 Series 2018-1A, Class E, 6.870% (3-Month USD Libor+660 basis points), 1/29/20324,5,7 912,632
1,750,000 TCI-Symphony CLO Ltd.
Series 2017-1A, Class A, 1.505% (3-Month USD Libor+123 basis points), 7/15/20304,5,7 		1,745,926
  Tesla Auto Lease Trust  
1,301,178 Series 2020-A, Class A1, 0.215%, 8/20/20214,7 1,301,138
1,993,245 Series 2019-A, Class A2, 2.130%, 4/20/20224,7 2,015,791
2,550,000 Series 2020-A, Class A2, 0.550%, 5/22/20234,7 2,554,534
1,765,000 THL Credit Wind River Clo Ltd.
Series 2017-3A, Class A, 1.525% (3-Month USD Libor+125 basis points), 10/15/20304,5,7 		1,758,926
  TICP CLO Ltd.  
1,000,000 Series 2017-8A, Class D, 6.822% (3-Month USD Libor+655 basis points), 10/20/20304,5,7 931,479
750,000 Series 2016-5A, Class ER, 6.023% (3-Month USD Libor+575 basis points), 7/17/20314,5,7 669,378
750,000 Series 2020-15A, Class A, 2.915% (3-Month USD Libor+128 basis points), 4/20/20334,5,7 748,095
1,000,000 Upland CLO Ltd.
Series 2016-1A, Class CR, 3.172% (3-Month USD Libor+290 basis points), 4/20/20314,5,7 		911,027
  Volkswagen Auto Loan Enhanced Trust  
4,989,738 Series 2018-1, Class A3, 3.020%, 11/21/20224 5,065,173
3,245,000 Series 2020-1, Class A2A, 0.930%, 12/20/20224 3,256,530
  Voya CLO Ltd.  
2,000,000 Series 2015-1A, Class CR, 2.622% (3-Month USD Libor+235 basis points), 1/18/20294,5,7 1,707,811
750,000 Series 2013-1A, Class CR, 3.225% (3-Month USD Libor+295 basis points), 10/15/20304,5,7 666,026
500,000 Series 2016-1A, Class DR, 5.522% (3-Month USD Libor+525 basis points), 1/20/20314,5,7 401,398
1,000,000 Series 2013-2A, Class CR, 2.995% (3-Month USD Libor+275 basis points), 4/25/20314,5,7 867,721
675,000 Series 2018-2A, Class E, 5.525% (3-Month USD Libor+525 basis points), 7/15/20314,5,7 574,427
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$2,000,000 Series 2020-2A, Class E, 8.035% (3-Month USD Libor+785 basis points), 7/19/20314,5,7 $2,006,275
1,000,000 Series 2018-3A, Class A1A, 1.425% (3-Month USD Libor+115 basis points), 10/15/20314,5,7 998,197
500,000 Series 2018-3A, Class D, 3.275% (3-Month USD Libor+300 basis points), 10/15/20314,5,7 470,289
1,000,000 Series 2018-4A, Class D, 3.875% (3-Month USD Libor+360 basis points), 1/15/20324,5,7 990,148
1,750,000 Series 2018-4A, Class E, 6.575% (3-Month USD Libor+630 basis points), 1/15/20324,5,7 1,596,429
471,557 West CLO Ltd.
Series 2014-2A, Class A1BR, 2.724%, 1/16/20274,7 		471,842
1,000,000 Westcott Park CLO Ltd.
Series 2016-1A, Class ER, 6.672% (3-Month USD Libor+640 basis points), 7/20/20284,5,7 		949,881
  World Omni Auto Receivables Trust  
5,097 Series 2018-D, Class A2A, 3.010%, 4/15/20224 5,102
487,183 Series 2019-B, Class A2, 2.630%, 6/15/20224 488,874
1,440,885 Series 2017-A, Class A3, 1.930%, 9/15/20224 1,448,235
2,931,931 Series 2020-A, Class A2, 1.710%, 11/15/20224 2,963,261
3,700,000 Series 2020-B, Class A2A, 0.550%, 7/17/20234 3,707,400
5,000,000 Series 2020-C, Class A2, 0.350%, 12/15/20234 5,002,360
  World Omni Automobile Lease Securitization Trust  
1,005,656 Series 2019-B, Class A2A, 2.050%, 7/15/20224 1,013,298
2,250,000 Series 2019-B, Class A3, 2.030%, 11/15/20224 2,296,586
3,750,000 Series 2018-B, Class A4, 3.300%, 3/15/20244 3,812,415
  York CLO Ltd.  
2,375,000 Series 2016-1A, Class AR, 1.522% (3-Month USD Libor+125 basis points), 10/20/20294,5,7 2,368,458
1,250,000 Series 2016-1A, Class DR, 3.872% (3-Month USD Libor+360 basis points), 10/20/20294,5,7 1,249,628
1,000,000 Series 2016-1A, Class ER, 6.672% (3-Month USD Libor+640 basis points), 10/20/20294,5,7 904,618
2,000,000 Series 2015-1A, Class AR, 1.408% (3-Month USD Libor+115 basis points), 1/22/20314,5,7 1,986,000
2,000,000 Series 2018-1A, Class D, 3.608% (3-Month USD Libor+335 basis points), 10/22/20314,5,7 1,983,557
2,625,000 Series 2019-1A, Class A1, 1.608% (3-Month USD Libor+135 basis points), 7/22/20324,5,7 2,618,445
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  ASSET-BACKED SECURITIES (Continued)  
$1,250,000 Series 2019-1A, Class D, 4.258% (3-Month USD Libor+400 basis points), 7/22/20324,5,7 $1,253,123
  Total Asset-Backed Securities  
  (Cost $293,255,890) 294,227,638
  COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.0%  
2,000,000 280 Park Avenue Mortgage Trust
Series 2017-280P, Class B, 1.232% (1-Month USD Libor+108 basis points), 9/15/20344,5,7 		1,990,086
1,000,000 AIMCO CLO Series
Series 2015-AA, Class ER, 5.475% (3-Month USD Libor+520 basis points), 1/15/20284,5,7 		907,513
  BBCMS Mortgage Trust  
2,550,000 Series 2019-BWAY, Class A, 1.108% (1-Month USD Libor+95.6 basis points), 11/25/20345,7 2,481,369
2,000,000 Series 2017-DELC, Class A, 1.002% (1-Month USD Libor+85 basis points), 8/15/20365,7 1,947,162
1,548,000 Series 2018-TALL, Class A, 0.874% (1-Month USD Libor+72.2 basis points), 3/15/20375,7 1,491,340
1,000,000 Series 2018-TALL, Class B, 1.123% (1-Month USD Libor+97.1 basis points), 3/15/20375,7 952,559
2,752,964 BX Commercial Mortgage Trust
Series 2019-XL, Class B, 1.232% (1-Month USD Libor+108 basis points), 10/15/20365,7 		2,754,621
  Citigroup Commercial Mortgage Trust  
1,200,000 Series 2018-TBR, Class A, 0.982% (1-Month USD Libor+83 basis points), 12/15/20364,5,7 1,155,635
2,000,000 Series 2019-SST2, Class A, 1.072% (1-Month USD Libor+92 basis points), 12/15/20364,5,7 1,969,266
750,000 Series 2018-TBR, Class B, 1.302% (1-Month USD Libor+115 basis points), 12/15/20364,5,7 708,923
  CORE Mortgage Trust  
1,485,000 Series 2019-CORE, Class A, 1.032% (1-Month USD Libor+88 basis points), 12/15/20315,7 1,478,748
1,100,000 Series 2019-CORE, Class B, 1.252% (1-Month USD Libor+110 basis points), 12/15/20315,7 1,086,800
2,050,000 Credit Suisse Mortgage Capital Certificates
Series 2019-ICE4, Class A, 1.132% (1-Month USD Libor+98 basis points), 5/15/20365,7 		2,051,956
1,495,000 CSMC 2017-TIME
Series 2017-TIME, Class B, 3.775%, 11/13/20397,8 		1,188,525
861,356 Fannie Mae Grantor Trust
Series 2004-T5, Class AB4, 0.715%, 5/28/20354,8 		810,287
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)  
$118,162 FDIC Guaranteed Notes Trust
Series 2010-S2, Class 2A, 2.570%, 7/29/20474,7 		$119,554
1,838,990 J.P. Morgan Chase Commercial Mortgage Securities Trust
Series 2018-WPT, Class AFL, 1.109% (1-Month USD Libor+95 basis points), 7/5/20334,5,7 		1,789,751
59,087 Mellon Residential Funding
Series 1999-TBC3, Class A2, 2.610%, 10/20/20294,8 		58,113
500,000 UBS-Barclays Commercial Mortgage Trust
Series 2012-C4, Class B, 3.718%, 12/10/20454,7,8 		510,808
  Total Commercial Mortgage-Backed Securities  
  (Cost $25,770,567) 25,453,016
  CORPORATE — 30.4%  
  BASIC MATERIALS — 2.1%  
800,000 Clearwater Paper Corp.
4.750%, 8/15/20284,7 		803,500
2,705,000 Dow Chemical Co.
2.100%, 11/15/20304 		2,667,127
650,000 Freeport-McMoRan, Inc.
5.000%, 9/1/20274 		680,576
1,500,000 Huntsman International LLC
4.500%, 5/1/20294 		1,687,509
  Methanex Corp.  
340,000 4.250%, 12/1/20244,6 342,125
340,000 5.250%, 12/15/20294,6 336,813
2,700,000 Mosaic Co.
4.250%, 11/15/20234 		2,932,632
1,370,000 Nucor Corp.
2.700%, 6/1/20304 		1,473,653
255,000 OCI N.V.
4.625%, 10/15/20254,6,7 		255,000
1,500,000 Teck Resources Ltd.
3.900%, 7/15/20304,6,7 		1,572,216
750,000 Tronox, Inc.
6.500%, 5/1/20254,7 		781,406
    13,532,557
  COMMUNICATIONS — 2.7%  
  Alphabet, Inc.  
1,345,000 0.800%, 8/15/20274 1,336,177
680,000 1.100%, 8/15/20304 674,841
510,000 Cablevision Lightpath LLC
3.875%, 9/15/20274,7 		510,956
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  COMMUNICATIONS (Continued)  
$1,500,000 CenturyLink, Inc.
4.000%, 2/15/20274,7 		$1,525,920
350,000 Cox Communications, Inc.
1.800%, 10/1/20304,7 		345,639
1,180,000 Fox Corp.
3.050%, 4/7/20254 		1,293,759
2,030,000 Interpublic Group of Cos., Inc.
3.500%, 10/1/2020 		2,030,000
700,000 Lamar Media Corp.
3.750%, 2/15/20284,7 		697,813
1,500,000 Match Group, Inc.
4.625%, 6/1/20284,7 		1,547,812
255,000 Nexstar Broadcasting, Inc.
4.750%, 11/1/20284,7 		260,738
750,000 Scripps Escrow, Inc.
5.875%, 7/15/20274,7 		724,687
1,000,000 Sirius XM Radio, Inc.
5.500%, 7/1/20294,7 		1,077,075
1,500,000 Sprint Spectrum Co. LLC / Sprint Spectrum Co. II LLC / Sprint Spectrum Co. III LLC
5.152%, 9/20/20297 		1,770,937
95,000 Switch Ltd.
3.750%, 9/15/20284,7 		96,188
680,000 T-Mobile USA, Inc.
2.550%, 2/15/20314,7 		705,384
750,000 Twitter, Inc.
3.875%, 12/15/20274,7 		784,406
1,000,000 ViaSat, Inc.
6.500%, 7/15/20284,7 		1,002,995
1,003,000 Virgin Media Secured Finance PLC
5.500%, 5/15/20294,6,7 		1,078,265
    17,463,592
  CONSUMER, CYCLICAL — 5.9%  
810,000 American Honda Finance Corp.
0.650%, 9/8/2023 		810,070
950,000 BMW U.S. Capital LLC
3.150%, 4/18/20244,7 		1,019,189
1,700,000 BorgWarner, Inc.
2.650%, 7/1/20274 		1,796,851
1,600,000 Choice Hotels International, Inc.
3.700%, 1/15/20314 		1,686,760
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  CONSUMER, CYCLICAL (Continued)  
$345,000 Cummins, Inc.
1.500%, 9/1/20304 		$343,399
700,000 Daimler Finance North America LLC
2.550%, 8/15/20227 		723,596
750,000 Dana, Inc.
5.625%, 6/15/20284 		775,601
  Delta Air Lines, Inc. / SkyMiles IP Ltd.  
745,000 4.500%, 10/20/20256,7 765,201
1,000,000 4.750%, 10/20/20286,7 1,038,983
620,000 DR Horton, Inc.
1.400%, 10/15/20274 		616,878
  Ford Motor Co.  
1,160,000 9.000%, 4/22/20254 1,331,442
730,000 9.625%, 4/22/20304 943,784
  General Motors Co.  
1,400,000 6.125%, 10/1/20254 1,628,446
895,000 5.000%, 10/1/20284 1,007,842
780,000 General Motors Financial Co., Inc.
1.700%, 8/18/2023 		783,473
800,000 Harley-Davidson Financial Services, Inc.
3.350%, 6/8/20254,7 		837,957
580,000 Hyundai Capital America
1.217% (3-Month USD Libor+94 basis points), 7/8/20215,7 		580,512
1,000,000 International Game Technology PLC
5.250%, 1/15/20294,6,7 		1,012,855
180,000 KB Home
4.800%, 11/15/20294 		198,788
750,000 Lions Gate Capital Holdings LLC
6.375%, 2/1/20244,7 		744,836
1,005,000 Magna International, Inc.
2.450%, 6/15/20304,6 		1,059,638
620,000 Michaels Stores, Inc.
4.750%, 10/1/20274,7 		615,738
650,000 Nordstrom, Inc.
8.750%, 5/15/20254,7 		712,524
110,000 PACCAR Financial Corp.
2.650%, 4/6/2023 		116,022
1,950,000 Ross Stores, Inc.
4.700%, 4/15/20274 		2,303,110
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  CONSUMER, CYCLICAL (Continued)  
  Sally Holdings LLC / Sally Capital, Inc.  
$180,000 8.750%, 4/30/20254,7 $197,775
770,000 5.625%, 12/1/20254 781,662
445,000 Shea Homes LP / Shea Homes Funding Corp.
4.750%, 4/1/20294,7 		444,722
  Starbucks Corp.  
1,750,000 1.300%, 5/7/2022 1,773,622
2,500,000 2.550%, 11/15/20304 2,650,923
90,000 Taylor Morrison Communities, Inc.
5.125%, 8/1/20304,7 		96,469
2,026,000 Toyota Motor Credit Corp.
2.250%, 10/18/2023 		2,129,119
750,000 TRI Pointe Group, Inc.
5.250%, 6/1/20274 		803,295
1,000,000 Vail Resorts, Inc.
6.250%, 5/15/20254,7 		1,062,500
770,000 VF Corp.
2.400%, 4/23/20254 		817,489
  Volkswagen Group of America Finance LLC  
2,340,000 3.875%, 11/13/20207 2,349,063
545,000 2.700%, 9/26/20227 565,314
750,000 Wyndham Hotels & Resorts, Inc.
5.375%, 4/15/20264,7 		764,531
    37,889,979
  CONSUMER, NON-CYCLICAL — 5.3%  
1,260,000 AbbVie, Inc.
2.300%, 11/21/20227 		1,304,381
750,000 Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
5.875%, 2/15/20284,7 		801,892
1,242,857 Amgen, Inc.
3.875%, 11/15/20214 		1,279,175
750,000 ASGN, Inc.
4.625%, 5/15/20284,7 		754,357
2,500,000 Avery Dennison Corp.
2.650%, 4/30/20304 		2,672,380
500,000 Becton, Dickinson and Co.
3.125%, 11/8/2021 		514,153
505,000 Biogen, Inc.
2.250%, 5/1/20304 		516,369
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  CONSUMER, NON-CYCLICAL (Continued)  
$1,650,000 Block Financial LLC
3.875%, 8/15/20304 		$1,660,773
2,600,000 Campbell Soup Co.
3.300%, 3/19/20254 		2,828,576
335,000 Centene Corp.
3.000%, 10/15/20304 		341,700
1,365,000 CVS Health Corp.
1.300%, 8/21/20274 		1,346,357
1,000,000 DaVita, Inc.
3.750%, 2/15/20314,7 		966,050
825,000 Emergent BioSolutions, Inc.
3.875%, 8/15/20284,7 		830,305
1,395,000 Fresenius Medical Care U.S. Finance III, Inc.
2.375%, 2/16/20314,7 		1,380,976
415,000 General Mills, Inc.
4.000%, 4/17/20254 		471,397
1,500,000 HCA, Inc.
3.500%, 9/1/20304 		1,530,369
2,500,000 Ingredion, Inc.
2.900%, 6/1/20304 		2,718,357
  Johnson & Johnson  
345,000 0.550%, 9/1/20254 345,465
690,000 0.950%, 9/1/20274 691,121
1,665,000 1.300%, 9/1/20304 1,682,854
370,000 Mars, Inc.
1.625%, 7/16/20324,7 		367,344
495,000 McKesson Corp.
3.650%, 11/30/2020 		497,694
1,495,000 Perrigo Finance Unlimited Co.
3.150%, 6/15/20304,6 		1,553,719
685,000 Regeneron Pharmaceuticals, Inc.
1.750%, 9/15/20304 		669,062
  Royalty Pharma PLC  
635,000 1.200%, 9/2/20254,6,7 633,744
1,005,000 2.200%, 9/2/20304,6,7 1,001,342
400,000 Unilever Capital Corp.
0.375%, 9/14/2023 		400,870
330,000 United Rentals, Inc.
3.875%, 2/15/20314 		335,569
695,000 Universal Health Services, Inc.
2.650%, 10/15/20304,7 		693,624
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  CONSUMER, NON-CYCLICAL (Continued)  
$2,450,000 Zimmer Biomet Holdings, Inc.
3.550%, 4/1/20254 		$2,710,631
    33,500,606
  ENERGY — 2.2%  
1,475,000 BP Capital Markets America, Inc.
4.742%, 3/11/2021 		1,503,164
130,000 Cheniere Energy, Inc.
4.625%, 10/15/20284,7 		133,656
  Enable Midstream Partners LP  
650,000 4.950%, 5/15/20284 638,020
340,000 4.150%, 9/15/20294 315,488
1,600,000 Enterprise Products Operating LLC
2.800%, 1/31/20304 		1,697,936
485,000 Marathon Petroleum Corp.
4.700%, 5/1/20254 		548,227
  MPLX LP  
345,000 1.750%, 3/1/20264 344,836
2,500,000 2.650%, 8/15/20304 2,457,005
710,000 Plains All American Pipeline LP / PAA Finance Corp.
3.550%, 12/15/20294 		688,343
2,775,000 Schlumberger Finance Canada Ltd.
2.200%, 11/20/20206,7 		2,782,287
2,800,000 Valero Energy Corp.
2.850%, 4/15/20254 		2,937,239
    14,046,201
  FINANCIAL — 1.7%  
1,490,000 Affiliated Managers Group, Inc.
3.300%, 6/15/20304 		1,594,784
1,750,000 Bank of America Corp.
2.738% (3-Month USD Libor+37 basis points), 1/23/20224,8 		1,762,507
840,000 Compass Group Diversified Holdings LLC
8.000%, 5/1/20264,7 		884,991
750,000 Diversified Healthcare Trust
9.750%, 6/15/20254 		840,120
800,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.250%, 5/15/20264 		835,872
  Iron Mountain, Inc.  
175,000 5.000%, 7/15/20284,7 179,592
825,000 5.250%, 7/15/20304,7 861,609
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  FINANCIAL (Continued)  
$1,500,000 MPT Operating Partnership LP / MPT Finance Corp.
4.625%, 8/1/20294 		$1,563,285
345,000 Prologis LP
1.250%, 10/15/20304 		337,231
2,025,000 Public Storage
2.370%, 9/15/20224 		2,096,667
    10,956,658
  INDUSTRIAL — 5.0%  
750,000 Amsted Industries, Inc.
4.625%, 5/15/20304,7 		775,781
1,340,000 Ball Corp.
2.875%, 8/15/20304 		1,326,600
700,000 Berry Global, Inc.
4.500%, 2/15/20264,7 		708,313
2,500,000 Carrier Global Corp.
2.722%, 2/15/20304,7 		2,616,870
750,000 Clean Harbors, Inc.
4.875%, 7/15/20274,7 		779,393
2,425,000 CNH Industrial Capital LLC
3.875%, 10/15/2021 		2,492,216
1,950,000 CRH America, Inc.
5.750%, 1/15/2021 		1,979,100
  FedEx Corp.  
1,500,000 3.400%, 1/14/2022 1,555,401
2,750,000 3.800%, 5/15/20254 3,110,781
3,120,000 Flex Ltd.
4.875%, 5/12/20304,6 		3,567,708
505,000 FLIR Systems, Inc.
2.500%, 8/1/20304 		517,513
760,000 Graphic Packaging International LLC
3.500%, 3/1/20294,7 		766,175
1,003,000 Hillenbrand, Inc.
5.750%, 6/15/20254 		1,076,344
655,000 Howmet Aerospace, Inc.
5.125%, 10/1/20244 		691,025
475,000 JELD-WEN, Inc.
6.250%, 5/15/20254,7 		508,250
1,134,000 Martin Marietta Materials, Inc.
2.500%, 3/15/20304 		1,182,588
1,250,000 Owens Corning
3.875%, 6/1/20304 		1,416,837
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  INDUSTRIAL (Continued)  
$750,000 Owens-Brockway Glass Container, Inc.
6.625%, 5/13/20274,7 		$813,750
1,500,000 Penske Truck Leasing Co. Lp / PTL Finance Corp.
3.375%, 2/1/20224,7 		1,549,326
685,000 Republic Services, Inc.
1.450%, 2/15/20314 		676,633
320,000 Sensata Technologies, Inc.
3.750%, 2/15/20314,7 		318,800
  Standard Industries, Inc.  
180,000 4.375%, 7/15/20304,7 184,824
1,500,000 3.375%, 1/15/20314,7 1,483,305
  Summit Materials LLC / Summit Materials Finance Corp.  
562,000 6.500%, 3/15/20274,7 600,531
375,000 5.250%, 1/15/20294,7 391,172
225,000 Weekley Homes LLC / Weekley Finance Corp.
4.875%, 9/15/20284,7 		227,813
  WESCO Distribution, Inc.  
135,000 7.125%, 6/15/20254,7 147,234
180,000 7.250%, 6/15/20284,7 197,474
    31,661,757
  TECHNOLOGY — 2.7%  
140,000 Analog Devices, Inc.
2.950%, 4/1/20254 		152,395
500,000 Apple, Inc.
1.125%, 5/11/20254 		512,360
95,000 Black Knight InfoServ LLC
3.625%, 9/1/20284,7 		96,188
95,000 Booz Allen Hamilton, Inc.
3.875%, 9/1/20284,7 		97,700
783,000 BY Crown Parent LLC / BY Bond Finance, Inc.
4.250%, 1/31/20264,7 		798,171
2,720,000 Cadence Design Systems, Inc.
4.375%, 10/15/20244 		3,064,330
2,750,000 Hewlett Packard Enterprise Co.
4.650%, 10/1/20244 		3,113,110
  Infor, Inc.  
270,000 1.450%, 7/15/20234,7 273,879
270,000 1.750%, 7/15/20254,7 278,527
1,500,000 Marvell Technology Group Ltd.
4.200%, 6/22/20234,6 		1,620,183
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  TECHNOLOGY (Continued)  
  Microchip Technology, Inc.  
$755,000 2.670%, 9/1/20237 $782,114
810,000 4.250%, 9/1/20254,7 841,338
  NCR Corp.  
405,000 5.000%, 10/1/20284,7 405,253
95,000 5.250%, 10/1/20304,7 95,178
540,000 NXP B.V. / NXP Funding LLC / NXP USA, Inc.
2.700%, 5/1/20254,6,7 		572,301
  Oracle Corp.  
1,500,000 2.500%, 5/15/20224 1,547,454
245,000 2.500%, 4/1/20254 262,916
750,000 Qorvo, Inc.
4.375%, 10/15/20294 		798,165
1,000,000 Science Applications International Corp.
4.875%, 4/1/20284,7 		1,017,010
800,000 Seagate HDD Cayman
4.125%, 1/15/20314,6,7 		864,195
    17,192,767
  UTILITIES — 2.8%  
  AES Corp.  
1,650,000 3.300%, 7/15/20254,7 1,760,938
400,000 3.950%, 7/15/20304,7 442,734
2,500,000 American Electric Power Co., Inc.
2.300%, 3/1/20304 		2,579,392
2,090,000 Berkshire Hathaway Energy Co.
4.050%, 4/15/20254,7 		2,389,012
750,000 Calpine Corp.
4.500%, 2/15/20284,7 		769,365
2,880,000 Dominion Energy, Inc.
2.715%, 8/15/20219 		2,933,963
750,000 DPL, Inc.
4.350%, 4/15/20294 		801,686
1,600,000 Entergy Mississippi LLC
3.100%, 7/1/20234 		1,698,250
1,400,000 Exelon Generation Co. LLC
3.250%, 6/1/20254 		1,532,521
215,000 NRG Energy, Inc.
5.750%, 1/15/20284 		232,334
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Principal
Amount 		  Value
  BONDS (Continued)  
  CORPORATE (Continued)  
  UTILITIES (Continued)  
$2,500,000 Southern Co.
3.700%, 4/30/20304 		$2,858,900
    17,999,095
  Total Corporate  
  (Cost $188,790,483) 194,243,212
  U.S. GOVERNMENT — 4.3%  
  United States Treasury Bill  
8,400,000 0.142%, 10/8/2020 8,399,908
6,400,000 0.091%, 12/3/2020 6,398,995
13,000,000 0.118%, 12/31/2020 12,996,880
  Total U.S. Government  
  (Cost $27,794,939) 27,795,783
  Total Bonds  
  (Cost $535,611,879) 541,719,649
  COMMERCIAL PAPER — 4.4%  
2,950,000 American Electric Power
0.152%, 11/2/2020 		2,949,496
3,200,000 Bemis Company, Inc.
0.140%, 10/13/2020 		3,199,814
4,500,000 Dominion Energy, Inc.
0.180%, 10/1/2020 		4,499,982
2,000,000 Duke Energy Corp.
0.250%, 11/17/2020 		1,999,474
4,500,000 Kingdom of Denmark
0.150%, 11/24/2020 		4,499,428
  LVMH Moet Hennessy  
4,500,000 0.200%, 11/16/2020 4,499,460
3,550,000 0.150%, 12/17/2020 3,549,102
3,000,000 Pfizer, Inc.
0.230%, 10/30/2020 		2,999,814
  Total Commercial Paper  
  (Cost $28,194,947) 28,196,570
    
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
Number
of Shares 		  Value
  SHORT-TERM INVESTMENTS — 3.4%  
11,890,596 Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 0.01%10 $11,890,596
9,781,678 Federated Treasury Obligations Fund - Institutional Class, 0.02%10 9,781,678
  Total Short-Term Investments  
  (Cost $21,672,274) 21,672,274
  TOTAL INVESTMENTS — 101.3%  
  (Cost $641,496,218) 647,146,746
  Liabilities in Excess of Other Assets — (1.3)% (8,484,649)
  TOTAL NET ASSETS — 100.0% $638,662,097
    
Principal
Amount 		   
  SECURITIES SOLD SHORT — (11.5)%  
  BONDS — (11.5)%  
  U.S. GOVERNMENT — (11.5)%  
  United States Treasury Note  
$(14,200,000) 1.625%, 2/15/2026 (15,188,448)
(9,055,000) 0.625%, 3/31/2027 (9,170,659)
(3,059,100) 1.625%, 8/15/2029 (3,330,118)
(40,443,000) 1.500%, 2/15/2030 (43,627,886)
(2,000,000) 0.625%, 8/15/2030 (1,988,594)
  Total U.S. Government  
  (Proceeds $72,786,252) (73,305,705)
  Total Bonds  
  (Proceeds $72,786,252) (73,305,705)
  Total Securities Sold Short  
  (Proceeds $72,786,252) $(73,305,705)
    
1 All or a portion of the loan is unfunded.
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 Denotes investments purchased on a when-issued or delayed delivery basis.
4 Callable.
5 Floating rate security.
Palmer Square Income Plus Fund
SCHEDULE OF INVESTMENTS - Continued
As of September 30, 2020 (Unaudited)
6 Foreign security denominated in U.S. Dollars.
7 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 total value of these securities is $281,188,572 which represents 44.03% of total net assets of the Fund.
8 Variable rate security.
9 Step rate security.
10 The rate is the annualized seven-day yield at period end.