Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BANK LOANS — 10.0% | ||
$250,000 | Alphabet Holding Co., Inc. 7.898% (3-Month USD Libor+775 basis points), 8/15/20251,2,3 | $242,142 |
258,700 | Alterra Mountain Co. 5.500% (1-Month USD Libor+450 basis points), 8/1/20261,2,3 | 257,406 |
359,698 | American Consolidated Natural Resources, Inc. 14.000% (1-Month USD Libor+1,300 basis points), 9/16/20251,3 | 284,161 |
Ancestry.com Operations, Inc. | ||
297,715 | 4.750% (1-Month USD Libor+375 basis points), 10/19/20231,2,3 | 297,678 |
297,733 | 4.400% (3-Month USD Libor+425 basis points), 8/27/20261,2,3 | 297,574 |
400,000 | Aruba Investments Holdings, LLC 8.500% (1-Month USD Libor+775 basis points), 10/28/20281,3 | 393,000 |
248,718 | Bass Pro Group LLC 5.750% (3-Month USD Libor+500 basis points), 9/25/20241,2,3 | 248,447 |
687,563 | BCP Raptor LLC 5.250% (3-Month USD Libor+425 basis points), 6/30/20241,2,3 | 569,818 |
300,000 | Canada Goose, Inc. 5.000% (1-Month USD Libor+425 basis points), 10/1/20271,2,3,4 | 298,407 |
CCS-CMGC Holdings, Inc. | ||
270,188 | 7.544% (3-Month USD Libor+550 basis points), 10/1/20251,2,3 | 253,090 |
150,000 | 9.214% (3-Month USD Libor+900 basis points), 10/1/20261,2,3 | 139,500 |
648,329 | Core & Main LP 3.750% (3-Month USD Libor+300 basis points), 8/1/20241,2,3 | 630,503 |
395,801 | Covia Holdings Corp. 5.387% (3-Month USD Libor+375 basis points), 6/1/20251,2,3 | 300,148 |
297,750 | CTOS LLC 4.399% (1-Month USD Libor+425 basis points), 4/18/20251,2,3 | 296,447 |
497,500 | Delek U.S. Holdings, Inc. 6.500% (1-Month USD Libor+550 basis points), 3/30/20251,2,3 | 485,478 |
94,747 | Ditech Holding Corp. 8.499% (3-Month USD Libor+600 basis points), 6/30/20221,3 | 28,542 |
484,095 | Dynasty Acquisition Co., Inc. 3.720% (1-Month USD Libor+350 basis points), 4/8/20261,2,3 | 434,928 |
750,000 | ECI Macola/Max Holding LLC 4.750% (1-Month USD Libor+375 basis points), 9/17/20271,2,3,5,6 | 737,580 |
Exact Holding North America, Inc. | ||
698,201 | 5.250% (3-Month USD Libor+425 basis points), 9/29/20241,2,3 | 698,201 |
450,000 | 9.000% (3-Month USD Libor+800 basis points), 9/29/20251,2,3 | 447,750 |
350,000 | Flexential Intermediate Corp. 7.501% (3-Month USD Libor+725 basis points), 8/1/20251,2,3 | 214,343 |
538,397 | Forterra Finance LLC 4.000% (3-Month USD Libor+300 basis points), 10/25/20231,2,3 | 535,705 |
596,916 | Idera, Inc. 5.000% (3-Month USD Libor+450 basis points), 6/29/20241,2,3 | 588,339 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BANK LOANS (Continued) | ||
$299,974 | Infoblox, Inc. 4.648% (3-Month USD Libor+450 basis points), 11/7/20231,2,3 | $298,474 |
687,563 | Inmar, Inc. 5.000% (3-Month USD Libor+400 basis points), 5/1/20241,2,3 | 657,235 |
249,361 | IRB Holding Corp. 3.750% (1-Month USD Libor+275 basis points), 2/5/20251,2,3,5,6 | 237,828 |
438,662 | Isagenix International LLC 6.750% (3-Month USD Libor+575 basis points), 6/14/20251,2,3 | 242,361 |
648,415 | Ivanti Software, Inc. 5.250% (3-Month USD Libor+425 basis points), 1/20/20241,2,3 | 646,489 |
593,919 | Janus International Group LLC 4.750% (1-Month USD Libor+375 basis points), 2/15/20251,2,3 | 577,586 |
270,844 | Kestrel Acquisition LLC 5.250% (3-Month USD Libor+425 basis points), 6/30/20251,2,3 | 233,535 |
Lightstone Holdco LLC | ||
473,305 | 4.750% (3-Month USD Libor+375 basis points), 1/30/20241,2,3 | 418,920 |
26,695 | 4.750% (3-Month USD Libor+375 basis points), 1/30/20241,2,3 | 23,628 |
507,371 | Limetree Bay Terminals LLC 4.156% (3-Month USD Libor+400 basis points), 2/15/20241,2,3,4 | 429,906 |
600,000 | LogMeIn, Inc. 4.890% (1-Month USD Libor+475 basis points), 8/31/20271,2,3 | 582,753 |
497,462 | McAfee LLC 3.895% (3-Month USD Libor+375 basis points), 9/29/20241,2,3 | 493,671 |
640,250 | Minotaur Acquisition, Inc. 5.148% (3-Month USD Libor+500 basis points), 3/29/20261,2,3 | 611,439 |
529,375 | MMM Holdings LLC 6.750% (1-Month USD Libor+575 basis points), 11/6/20261,2,3,4 | 530,370 |
398,344 | NeuStar, Inc. 9.000% (3-Month USD Libor+800 basis points), 8/8/20251,2,3 | 342,202 |
496,250 | Option Care Health, Inc. 4.648% (1-Month USD Libor+450 basis points), 8/6/20261,2,3 | 487,151 |
545,836 | Petco Animal Supplies, Inc. 4.250% (3-Month USD Libor+325 basis points), 1/26/20231,2,3 | 509,538 |
500,000 | PowerTeam Services LLC 8.250% (3-Month USD Libor+725 basis points), 3/6/20261,2,3 | 453,332 |
100,000 | Prairie ECI Acquiror LP 4.000% (3-Month USD Libor+475 basis points), 3/11/20261,2,3 | 90,015 |
325,000 | Quest Software U.S. Holdings, Inc. 8.464% (3-Month USD Libor+825 basis points), 5/18/20261,2,3 | 307,775 |
400,000 | Renaissance Holdings Corp. 7.148% (3-Month USD Libor+700 basis points), 5/29/20261,2,3 | 391,334 |
595,749 | Sabert Corp. 5.500% (1-Month USD Libor+450 basis points), 12/10/20261,2,3 | 586,813 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BANK LOANS (Continued) | ||
$294,263 | Samsonite 5.500% (1-Month USD Libor+450 basis points), 4/25/20251,2,3,4 | $287,642 |
346,401 | Serta Simmons Bedding LLC 3.500% (3-Month USD Libor+350 basis points), 11/8/20231,2,3 | 138,152 |
500,000 | SK Invictus Intermediate II Sarl 6.898% (3-Month USD Libor+675 basis points), 3/28/20261,2,3,4 | 468,440 |
260,266 | Standard Aero Ltd. 3.720% (1-Month USD Libor+350 basis points), 4/8/20261,2,3,4 | 233,832 |
447,750 | Surgery Center Holdings, Inc. 9.000% (1-Month USD Libor+800 basis points), 8/31/20241,2,3 | 455,214 |
397,933 | TecoStar Holdings, Inc. 4.250% (3-Month USD Libor+325 basis points), 5/1/20241,2,3 | 384,005 |
392,536 | U.S. Silica Co. 5.000% (3-Month USD Libor+400 basis points), 5/1/20251,3 | 333,165 |
891,000 | WaterBridge Midstream Operating LLC 6.750% (3-Month USD Libor+575 basis points), 6/21/20261,2,3 | 746,769 |
728,824 | Windstream Services LLC 6.250% (3-Month USD Libor+200 basis points), 4/24/20211,3 | 445,796 |
Total Bank Loans | ||
(Cost $22,314,024) | 21,324,557 | |
BONDS — 86.7% | ||
ASSET-BACKED SECURITIES — 73.5% | ||
1,000,000 | AIMCO CLO Ltd. Series 2019-10A, Class E, 6.766% (3-Month USD Libor+655 basis points), 7/22/20322,3,7 | 928,300 |
AIMCO CLO Series | ||
5,000,000 | Series 2015-AA, Class SUB, 0.000%, 1/15/20282,7,8 | 2,131,838 |
1,000,000 | Series 2015-AA, Class DR, 2.687% (3-Month USD Libor+245 basis points), 1/15/20282,3,7 | 948,241 |
750,000 | Series 2015-AA, Class FR, 7.237% (3-Month USD Libor+700 basis points), 1/15/20282,3,7 | 617,070 |
Annisa CLO Ltd. | ||
1,000,000 | Series 2016-2A, Class DR, 3.218% (3-Month USD Libor+300 basis points), 7/20/20312,3,7 | 934,268 |
2,000,000 | Series 2016-2A, Class ER, 6.218% (3-Month USD Libor+600 basis points), 7/20/20312,3,7 | 1,780,400 |
Apidos CLO | ||
1,500,000 | Series 2015-21A, Class DR, 5.418% (3-Month USD Libor+520 basis points), 7/18/20272,3,7 | 1,275,390 |
750,000 | Series 2017-26A, Class C, 3.918% (3-Month USD Libor+370 basis points), 7/18/20292,3,7 | 725,592 |
650,000 | Series 2016-24A, Class DR, 6.018% (3-Month USD Libor+580 basis points), 10/20/20302,3,7 | 551,148 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$900,000 | Series 2016-24A, Class ER, 8.073% (3-Month USD Libor+785.5 basis points), 10/20/20302,3,7 | $662,261 |
1,000,000 | Series 2018-18A, Class E, 5.916% (3-Month USD Libor+570 basis points), 10/22/20302,3,7 | 863,248 |
925,000 | Series 2017-28A, Class D, 5.718% (3-Month USD Libor+550 basis points), 1/20/20312,3,7 | 779,002 |
2,000,000 | Series 2013-12A, Class DR, 2.837% (3-Month USD Libor+260 basis points), 4/15/20312,3,7 | 1,770,428 |
400,000 | Series 2019-31A, Class D, 3.887% (3-Month USD Libor+365 basis points), 4/15/20312,3,7 | 390,430 |
1,750,000 | Series 2013-12A, Class ER, 5.637% (3-Month USD Libor+540 basis points), 4/15/20312,3,7 | 1,470,577 |
1,000,000 | Series 2019-31A, Class E, 6.987% (3-Month USD Libor+675 basis points), 4/15/20312,3,7 | 924,341 |
1,000,000 | Series 2015-22A, Class CR, 3.168% (3-Month USD Libor+295 basis points), 4/20/20312,3,7 | 936,479 |
1,050,000 | Series 2013-15A, Class ERR, 5.918% (3-Month USD Libor+570 basis points), 4/20/20312,3,7 | 903,566 |
1,000,000 | Series 2015-22A, Class DR, 6.968% (3-Month USD Libor+675 basis points), 4/20/20312,3,7 | 941,426 |
1,250,000 | Series 2015-22A, Class ER, 8.868% (3-Month USD Libor+865 basis points), 4/20/20312,3,7 | 1,006,204 |
1,500,000 | Series 2015-20A, Class SUB, 0.000%, 7/16/20312,7,8 | 603,890 |
750,000 | Series 2015-20A, Class DR, 5.930% (3-Month USD Libor+570 basis points), 7/16/20312,3,7 | 635,750 |
1,000,000 | Series XXXA, Class D, 5.818% (3-Month USD Libor+560 basis points), 10/18/20312,3,7 | 872,398 |
1,166,667 | Atrium Series 15A, Class D, 3.209% (3-Month USD Libor+300 basis points), 1/23/20312,3,7 | 1,109,014 |
Ballyrock CLO Ltd. | ||
1,000,000 | Series 2018-1A, Class D, 6.018% (3-Month USD Libor+580 basis points), 4/20/20312,3,7 | 869,724 |
500,000 | Series 2019-1A, Class D, 7.037% (3-Month USD Libor+680 basis points), 7/15/20322,3,7 | 472,207 |
Bardot CLO Ltd. | ||
750,000 | Series 2019-2A, Class D, 4.016% (3-Month USD Libor+380 basis points), 10/22/20322,3,7 | 750,585 |
1,000,000 | Series 2019-2A, Class E, 7.166% (3-Month USD Libor+695 basis points), 10/22/20322,3,7 | 945,366 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
Barings CLO Ltd. | ||
$1,450,000 | Series 2013-IA, Class DR, 2.768% (3-Month USD Libor+255 basis points), 1/20/20282,3,7 | $1,366,726 |
1,750,000 | Series 2017-1A, Class E, 6.218% (3-Month USD Libor+600 basis points), 7/18/20292,3,7 | 1,592,113 |
750,000 | Series 2017-1A, Class F, 7.668% (3-Month USD Libor+745 basis points), 7/18/20292,3,7 | 571,164 |
1,000,000 | Series 2019-1A, Class E, 6.917% (3-Month USD Libor+668 basis points), 4/15/20312,3,7 | 926,109 |
500,000 | Series 2019-3A, Class E, 6.998% (3-Month USD Libor+678 basis points), 4/20/20312,3,7 | 459,550 |
Benefit Street Partners CLO Ltd. | ||
1,250,000 | Series 2014-IVA, Class CRR, 4.018% (3-Month USD Libor+380 basis points), 1/20/20292,3,7 | 1,180,761 |
2,000,000 | Series 2017-11A, Class E, 7.437% (3-Month USD Libor+720 basis points), 4/15/20292,3,7 | 1,328,295 |
805,000 | Series 2013-IIA, Class CR, 3.937% (3-Month USD Libor+370 basis points), 7/15/20292,3,7 | 737,229 |
750,000 | Series 2018-5BA, Class C, 3.148% (3-Month USD Libor+293 basis points), 4/20/20312,3,7 | 653,658 |
1,250,000 | Series 2018-14A, Class E, 5.568% (3-Month USD Libor+535 basis points), 4/20/20312,3,7 | 1,005,049 |
1,000,000 | Series 2018-5BA, Class D, 6.168% (3-Month USD Libor+595 basis points), 4/20/20312,3,7 | 829,367 |
1,000,000 | Series 2019-17A, Class E, 6.837% (3-Month USD Libor+660 basis points), 7/15/20322,3,7 | 906,493 |
500,000 | Series 2019-19A, Class D, 4.037% (3-Month USD Libor+380 basis points), 1/15/20332,3,7 | 478,505 |
625,000 | BlueMountain CLO Ltd. Series 2019-25A, Class E, 6.937% (3-Month USD Libor+670 basis points), 7/15/20322,3,7 | 579,728 |
500,000 | Carbone CLO Ltd. Series 2017-1A, Class D, 6.118% (3-Month USD Libor+590 basis points), 1/20/20312,3,7 | 447,929 |
850,000 | Carlyle Global Market Strategies CLO Ltd. Series 2015-2A, Class CR, 2.467% (3-Month USD Libor+225 basis points), 4/27/20272,3,7 | 806,219 |
1,303,000 | Carlyle U.S. CLO Ltd. Series 2019-3A, Class D, 7.248% (3-Month USD Libor+703 basis points), 10/20/20322,3,7 | 1,236,141 |
1,250,000 | Catamaran CLO Ltd. Series 2013-1A, Class DR, 3.017% (3-Month USD Libor+280 basis points), 1/27/20282,3,7 | 1,156,152 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$1,250,000 | Cedar Funding CLO Ltd. Series 2016-6A, Class DR, 3.218% (3-Month USD Libor+300 basis points), 10/20/20282,3,7 | $1,177,812 |
750,000 | Chenango Park CLO Ltd. Series 2018-1A, Class D, 6.037% (3-Month USD Libor+580 basis points), 4/15/20302,3,7 | 665,777 |
CIFC Funding Ltd. | ||
750,000 | Series 2015-3A, Class DR, 2.718% (3-Month USD Libor+250 basis points), 4/19/20292,3,7 | 666,267 |
750,000 | Series 2018-1A, Class D, 2.868% (3-Month USD Libor+265 basis points), 4/18/20312,3,7 | 693,545 |
500,000 | Series 2018-3A, Class E, 5.718% (3-Month USD Libor+550 basis points), 7/18/20312,3,7 | 434,154 |
750,000 | Series 2019-5A, Class D, 7.077% (3-Month USD Libor+684 basis points), 10/15/20322,3,7 | 710,755 |
250,000 | Cook Park CLO Ltd. Series 2018-1A, Class E, 5.618% (3-Month USD Libor+540 basis points), 4/17/20302,3,7 | 216,950 |
2,500,000 | Cumberland Park CLO Ltd. Series 2015-2A, Class ER, 5.868% (3-Month USD Libor+565 basis points), 7/20/20282,3,7 | 2,174,231 |
Dryden CLO Ltd. | ||
1,000,000 | Series 2020-86A, Class E, 6.894% (3-Month USD Libor+666 basis points), 7/17/20302,3,7 | 947,542 |
640,000 | Series 2018-64A, Class F, 7.368% (3-Month USD Libor+715 basis points), 4/18/20312,3,7 | 477,962 |
995,000 | Series 2018-57A, Class D, 2.830% (3-Month USD Libor+255 basis points), 5/15/20312,3,7 | 893,179 |
330,000 | Series 2018-57A, Class E, 5.480% (3-Month USD Libor+520 basis points), 5/15/20312,3,7 | 279,755 |
550,000 | Series 2020-77A, Class D1, 5.514% (3-Month USD Libor+514 basis points), 5/20/20312,3,7 | 551,755 |
1,000,000 | Series 2018-70A, Class E, 6.280% (3-Month USD Libor+605 basis points), 1/16/20322,3,7 | 909,059 |
250,000 | Series 2019-72A, Class E, 7.080% (3-Month USD Libor+680 basis points), 5/15/20322,3,7 | 238,378 |
500,000 | Series 2020-78A, Class D, 3.218% (3-Month USD Libor+300 basis points), 4/17/20332,3,7 | 475,189 |
Dryden Senior Loan Fund | ||
1,750,000 | Series 2012-25A, Class DRR, 3.237% (3-Month USD Libor+300 basis points), 10/15/20272,3,7 | 1,610,271 |
7,000,000 | Series 2014-33X, Class SUBR, 0.000%, 4/15/20292,8 | 2,733,437 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$800,000 | Series 2017-54A, Class E, 6.418% (3-Month USD Libor+620 basis points), 10/19/20292,3,7 | $707,791 |
1,125,000 | Series 2015-38A, Class ER, 5.837% (3-Month USD Libor+560 basis points), 7/15/20302,3,7 | 950,592 |
1,775,000 | Series 2017-50A, Class E, 6.497% (3-Month USD Libor+626 basis points), 7/15/20302,3,7 | 1,613,838 |
500,000 | Series 2016-45A, Class DR, 3.387% (3-Month USD Libor+315 basis points), 10/15/20302,3,7 | 482,509 |
1,000,000 | Series 2016-45A, Class ER, 6.087% (3-Month USD Libor+585 basis points), 10/15/20302,3,7 | 896,694 |
1,500,000 | Series 2015-41A, Class ER, 5.537% (3-Month USD Libor+530 basis points), 4/15/20312,3,7 | 1,218,975 |
Eaton Vance CLO Ltd. | ||
609,494 | Series 2013-1A, Class DRR, 7.337% (3-Month USD Libor+710 basis points), 1/15/20282,3,7 | 561,496 |
1,075,000 | Series 2015-1A, Class DR, 2.718% (3-Month USD Libor+250 basis points), 1/20/20302,3,7 | 991,337 |
850,000 | Series 2015-1A, Class ER, 5.818% (3-Month USD Libor+560 basis points), 1/20/20302,3,7 | 763,971 |
750,000 | Series 2014-1RA, Class D, 3.287% (3-Month USD Libor+305 basis points), 7/15/20302,3,7 | 698,821 |
500,000 | Series 2014-1RA, Class E, 5.937% (3-Month USD Libor+570 basis points), 7/15/20302,3,7 | 437,719 |
750,000 | Series 2018-1A, Class D, 3.437% (3-Month USD Libor+320 basis points), 10/15/20302,3,7 | 725,881 |
1,750,000 | Series 2019-1A, Class E, 6.987% (3-Month USD Libor+675 basis points), 4/15/20312,3,7 | 1,670,910 |
500,000 | Series 2020-2A, Class D, 4.290% (3-Month USD Libor+410 basis points), 10/15/20322,3,7 | 500,000 |
1,000,000 | Series 2020-2A, Class E, 7.510% (3-Month USD Libor+732 basis points), 10/15/20322,3,7 | 979,812 |
Flatiron CLO Ltd. | ||
1,500,000 | Series 2015-1A, Class E, 4.937% (3-Month USD Libor+470 basis points), 4/15/20272,3,7 | 1,385,370 |
1,500,000 | Series 2017-1A, Class SUB, 0.000%, 5/15/20302,7,8 | 845,739 |
1,000,000 | Series 2020-1A, Class D, 4.038% (3-Month USD Libor+379 basis points), 11/20/20332,3,7 | 995,000 |
1,750,000 | Series 2020-1A, Class E, 8.098% (3-Month USD Libor+785 basis points), 11/20/20332,3,7 | 1,732,500 |
500,000 | Galaxy CLO Ltd. Series 2017-24A, Class E, 5.737% (3-Month USD Libor+550 basis points), 1/15/20312,3,7 | 431,742 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$1,500,000 | Goldentree Loan Opportunities Ltd. Series 2016-12A, Class ER, 5.609% (3-Month USD Libor+540 basis points), 7/21/20302,3,7 | $1,315,838 |
1,701,000 | GoldenTree Loan Opportunities Ltd. Series 2014-9A, Class ER2, 5.873% (3-Month USD Libor+566 basis points), 10/29/20292,3,7 | 1,441,953 |
1,000,000 | Griffith Park CLO DAC Series 1X, Class DR, 5.520% (3-Month EUR Libor+552 basis points), 11/21/20312,3 | 1,056,718 |
Highbridge Loan Management Ltd. | ||
1,850,000 | Series 7A-2015, Class DR, 2.680% (3-Month USD Libor+240 basis points), 3/15/20272,3,7 | 1,697,800 |
1,000,000 | Series 7A-2015, Class FR, 6.880% (3-Month USD Libor+660 basis points), 3/15/20272,3,7 | 628,105 |
850,000 | Series 3A-2014, Class CR, 3.818% (3-Month USD Libor+360 basis points), 7/18/20292,3,7 | 789,822 |
500,000 | Series 5A-2015, Class DRR, 3.387% (3-Month USD Libor+315 basis points), 10/15/20302,3,7 | 448,167 |
800,000 | Series 5A-2015, Class ERR, 6.237% (3-Month USD Libor+600 basis points), 10/15/20302,3,7 | 662,116 |
HPS Loan Management Ltd. | ||
500,000 | Series 8A-2016, Class ER, 5.718% (3-Month USD Libor+550 basis points), 7/20/20302,3,7 | 427,998 |
1,375,000 | Series 15A-19, Class E, 6.816% (3-Month USD Libor+660 basis points), 7/22/20322,3,7 | 1,278,858 |
600,000 | LCM Ltd. Series 28A, Class E, 5.968% (3-Month USD Libor+575 basis points), 10/20/20302,3,7 | 496,392 |
550,000 | Limerock CLO LLC Series 2014-3A, Class D, 5.368% (3-Month USD Libor+515 basis points), 10/20/20262,3,7 | 445,766 |
Madison Park Funding Ltd. | ||
500,000 | Series 2015-16A, Class C, 3.918% (3-Month USD Libor+370 basis points), 4/20/20262,3,7 | 493,776 |
1,250,000 | Series 2015-19A, Class CR, 2.366% (3-Month USD Libor+215 basis points), 1/22/20282,3,7 | 1,175,827 |
1,460,000 | Series 2015-19A, Class DR, 4.566% (3-Month USD Libor+435 basis points), 1/22/20282,3,7 | 1,238,556 |
250,000 | Series 2018-27A, Class C, 2.818% (3-Month USD Libor+260 basis points), 4/20/20302,3,7 | 225,919 |
750,000 | Series 2017-23A, Class E, 6.467% (3-Month USD Libor+625 basis points), 7/27/20302,3,7 | 641,319 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
Magnetite Ltd. | ||
$1,500,000 | Series 2015-16A, Class DR, 2.368% (3-Month USD Libor+215 basis points), 1/18/20282,3,7 | $1,416,007 |
500,000 | Series 2015-16A, Class ER, 5.218% (3-Month USD Libor+500 basis points), 1/18/20282,3,7 | 451,537 |
500,000 | Series 2019-22A, Class E, 6.987% (3-Month USD Libor+675 basis points), 4/15/20312,3,7 | 474,378 |
1,000,000 | Series 2016-17A, Class DR, 3.118% (3-Month USD Libor+290 basis points), 7/20/20312,3,7 | 953,332 |
250,000 | Series 2015-12A, Class DR, 3.237% (3-Month USD Libor+300 basis points), 10/15/20312,3,7 | 238,878 |
1,150,000 | Series 2015-12A, Class ER, 5.917% (3-Month USD Libor+568 basis points), 10/15/20312,3,7 | 1,029,324 |
1,500,000 | Series 2015-14RA, Class F, 8.148% (3-Month USD Libor+793 basis points), 10/18/20312,3,7 | 1,166,676 |
750,000 | Series 2020-28A, Class E, 7.297% (3-Month USD Libor+708 basis points), 10/25/20312,3,7 | 736,909 |
1,075,000 | Series 2019-24A, Class E, 7.187% (3-Month USD Libor+695 basis points), 1/15/20332,3,7 | 1,033,829 |
1,500,000 | Mountain View CLO LLC Series 2016-1A, Class DR, 3.929% (3-Month USD Libor+370 basis points), 4/14/20332,3,7 | 1,434,081 |
Mountain View CLO Ltd. | ||
1,000,000 | Series 2015-10A, Class E, 5.074% (3-Month USD Libor+485 basis points), 10/13/20272,3,7 | 801,628 |
1,300,000 | Series 2019-2A, Class D, 4.607% (3-Month USD Libor+437 basis points), 1/15/20332,3,7 | 1,271,244 |
Neuberger Berman CLO Ltd. | ||
1,250,000 | Series 2015-19A, Class DR2, 5.787% (3-Month USD Libor+555 basis points), 7/15/20272,3,7 | 1,140,184 |
4,000,000 | Series 2015-20A, Class SUB, 0.000%, 1/15/20282,7,8 | 1,482,268 |
1,500,000 | Series 2017-16SA, Class D, 2.737% (3-Month USD Libor+250 basis points), 1/15/20282,3,7 | 1,436,881 |
1,050,000 | Series 2015-20A, Class FR, 7.687% (3-Month USD Libor+745 basis points), 1/15/20282,3,7 | 873,195 |
325,000 | Series 2016-22A, Class DR, 3.318% (3-Month USD Libor+310 basis points), 10/17/20302,3,7 | 305,164 |
1,000,000 | Series 2016-22A, Class ER, 6.278% (3-Month USD Libor+606 basis points), 10/17/20302,3,7 | 914,635 |
350,000 | Series 2014-18A, Class CR2, 3.209% (3-Month USD Libor+300 basis points), 10/21/20302,3,7 | 314,664 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$1,000,000 | Series 2014-18A, Class DR2, 6.129% (3-Month USD Libor+592 basis points), 10/21/20302,3,7 | $870,216 |
Neuberger Berman Loan Advisers CLO Ltd. | ||
916,000 | Series 2018-27A, Class E, 5.437% (3-Month USD Libor+520 basis points), 1/15/20302,3,7 | 782,913 |
1,000,000 | Series 2017-24A, Class E, 6.238% (3-Month USD Libor+602 basis points), 4/19/20302,3,7 | 913,062 |
1,000,000 | Series 2017-26A, Class E, 6.118% (3-Month USD Libor+590 basis points), 10/18/20302,3,7 | 906,690 |
1,250,000 | Series 2018-30A, Class E, 6.968% (3-Month USD Libor+675 basis points), 1/20/20312,3,7 | 1,187,220 |
750,000 | Series 2019-31A, Class E, 6.968% (3-Month USD Libor+675 basis points), 4/20/20312,3,7 | 711,286 |
1,000,000 | Series 2020-37A, Class E, 7.268% (3-Month USD Libor+705 basis points), 7/20/20312,3,7 | 967,766 |
1,250,000 | Series 2018-29A, Class E, 5.818% (3-Month USD Libor+560 basis points), 10/19/20312,3,7 | 1,092,692 |
1,250,000 | Series 2019-32A, Class E, 6.918% (3-Month USD Libor+670 basis points), 1/19/20322,3,7 | 1,198,213 |
500,000 | Series 2020-38A, Class D, 3.980% (3-Month USD Libor+375 basis points), 10/20/20322,3,7 | 497,593 |
1,550,000 | Series 2020-38A, Class E, 7.730% (3-Month USD Libor+750 basis points), 10/20/20322,3,7 | 1,521,027 |
528,045 | Series 2019-35A, Class D, 3.918% (3-Month USD Libor+370 basis points), 1/19/20332,3,7 | 524,706 |
1,000,000 | Newark BSL CLO Ltd. Series 2016-1A, Class CR, 3.217% (3-Month USD Libor+300 basis points), 12/21/20292,3,7 | 944,050 |
OCP CLO Ltd. | ||
1,350,000 | Series 2017-13A, Class D, 6.867% (3-Month USD Libor+663 basis points), 7/15/20302,3,7 | 1,264,594 |
500,000 | Series 2019-17A, Class E, 6.878% (3-Month USD Libor+666 basis points), 7/20/20322,3,7 | 475,600 |
Octagon Investment Partners Ltd. | ||
500,000 | Series 2014-1A, Class E, 5.087% (3-Month USD Libor+485 basis points), 4/15/20262,3,7 | 499,714 |
575,000 | Series 2015-1A, Class DR, 2.787% (3-Month USD Libor+255 basis points), 7/15/20272,3,7 | 540,375 |
500,000 | Series 2017-1A, Class E, 6.518% (3-Month USD Libor+630 basis points), 7/20/20302,3,7 | 444,692 |
500,000 | Series 2020-2A, Class D, 4.849% (3-Month USD Libor+460 basis points), 7/15/20332,3,7 | 501,104 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$1,000,000 | OHA Credit Funding Ltd. Series 2019-2A, Class E, 5.709% (3-Month USD Libor+550 basis points), 4/21/20312,3,7 | $879,267 |
1,000,000 | Recette CLO Ltd. Series 2015-1X, Class SUB, 0.000%, 10/20/20272,8 | 218,591 |
Regatta Funding Ltd. | ||
1,000,000 | Series 2018-3A, Class E, 6.165% (3-Month USD Libor+595 basis points), 10/25/20312,3,7 | 889,859 |
2,200,000 | Series 2018-4A, Class D, 6.715% (3-Month USD Libor+650 basis points), 10/25/20312,3,7 | 1,984,643 |
500,000 | Series 2019-1A, Class E, 7.087% (3-Month USD Libor+685 basis points), 10/15/20322,3,7 | 478,807 |
500,000 | Series 2019-2A, Class D, 4.137% (3-Month USD Libor+390 basis points), 1/15/20332,3,7 | 498,102 |
Riserva CLO Ltd. | ||
1,150,000 | Series 2016-3A, Class DR, 3.668% (3-Month USD Libor+345 basis points), 10/18/20282,3,7 | 1,130,993 |
1,500,000 | Series 2016-3A, Class ER, 6.568% (3-Month USD Libor+635 basis points), 10/18/20282,3,7 | 1,368,366 |
Rockford Tower CLO Ltd. | ||
500,000 | Series 2018-1A, Class D, 3.253% (3-Month USD Libor+300 basis points), 5/20/20312,3,7 | 463,162 |
1,000,000 | Series 2019-1A, Class E, 6.578% (3-Month USD Libor+636 basis points), 4/20/20322,3,7 | 897,096 |
TCI-Flatiron CLO Ltd. | ||
750,000 | Series 2017-1A, Class D, 3.030% (3-Month USD Libor+275 basis points), 11/18/20302,3,7 | 691,210 |
1,000,000 | Series 2018-1A, Class E, 6.813% (3-Month USD Libor+660 basis points), 1/29/20322,3,7 | 929,291 |
1,000,000 | TCI-Symphony CLO Ltd. Series 2016-1A, Class DR, 3.224% (3-Month USD Libor+300 basis points), 10/13/20292,3,7 | 926,931 |
700,000 | Thayer Park CLO Ltd. Series 2017-1A, Class D, 6.318% (3-Month USD Libor+610 basis points), 4/20/20292,3,7 | 632,694 |
TICP CLO Ltd. | ||
1,000,000 | Series 2017-8A, Class D, 6.768% (3-Month USD Libor+655 basis points), 10/20/20302,3,7 | 919,494 |
543,000 | Series 2016-5A, Class ER, 5.968% (3-Month USD Libor+575 basis points), 7/17/20312,3,7 | 476,665 |
500,000 | Series 2019-13A, Class E, 6.987% (3-Month USD Libor+675 basis points), 7/15/20322,3,7 | 470,379 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$500,000 | Treman Park CLO Ltd. Series 2015-1A, Class DRR, 2.868% (3-Month USD Libor+265 basis points), 10/20/20282,3,7 | $473,266 |
1,000,000 | Upland CLO Ltd. Series 2016-1A, Class CR, 3.118% (3-Month USD Libor+290 basis points), 4/20/20312,3,7 | 906,521 |
Voya CLO Ltd. | ||
750,000 | Series 2014-3A, Class CR, 2.865% (3-Month USD Libor+265 basis points), 7/25/20262,3,7 | 724,051 |
750,000 | Series 2015-1A, Class CR, 2.568% (3-Month USD Libor+235 basis points), 1/18/20292,3,7 | 652,316 |
500,000 | Series 2017-2A, Class D, 6.257% (3-Month USD Libor+602 basis points), 6/7/20302,3,7 | 419,276 |
500,000 | Series 2013-1A, Class CR, 3.187% (3-Month USD Libor+295 basis points), 10/15/20302,3,7 | 444,583 |
880,000 | Series 2016-1A, Class DR, 5.468% (3-Month USD Libor+525 basis points), 1/20/20312,3,7 | 708,436 |
1,000,000 | Series 2018-1A, Class D, 5.418% (3-Month USD Libor+520 basis points), 4/19/20312,3,7 | 823,565 |
500,000 | Series 2018-2A, Class E, 5.487% (3-Month USD Libor+525 basis points), 7/15/20312,3,7 | 427,776 |
795,000 | Series 2018-2A, Class F, 7.527% (3-Month USD Libor+729 basis points), 7/15/20312,3,7 | 582,618 |
1,000,000 | Series 2020-2A, Class E, 8.035% (3-Month USD Libor+785 basis points), 7/19/20312,3,7 | 996,271 |
1,000,000 | Series 2018-3A, Class D, 3.237% (3-Month USD Libor+300 basis points), 10/15/20312,3,7 | 917,692 |
1,500,000 | Series 2018-4A, Class E, 6.537% (3-Month USD Libor+630 basis points), 1/15/20322,3,7 | 1,369,829 |
250,000 | Webster Park CLO Ltd. Series 2015-1A, Class DR, 5.718% (3-Month USD Libor+550 basis points), 7/20/20302,3,7 | 214,114 |
500,000 | Westcott Park CLO Ltd. Series 2016-1A, Class ER, 6.618% (3-Month USD Libor+640 basis points), 7/20/20282,3,7 | 462,715 |
York CLO Ltd. | ||
1,225,000 | Series 2016-1A, Class ER, 6.618% (3-Month USD Libor+640 basis points), 10/20/20292,3,7 | 1,106,683 |
1,750,000 | Series 2018-1A, Class D, 3.566% (3-Month USD Libor+335 basis points), 10/22/20312,3,7 | 1,707,928 |
1,000,000 | Series 2018-1A, Class E, 6.226% (3-Month USD Libor+601 basis points), 10/22/20312,3,7 | 890,278 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
ASSET-BACKED SECURITIES (Continued) | ||
$1,250,000 | Series 2019-1A, Class D, 4.216% (3-Month USD Libor+400 basis points), 7/22/20322,3,7 | $1,243,240 |
500,000 | Series 2019-1A, Class E, 7.276% (3-Month USD Libor+706 basis points), 7/22/20322,3,7 | 470,968 |
1,250,000 | Series 2019-2A, Class D, 4.016% (3-Month USD Libor+380 basis points), 1/22/20332,3,7 | 1,237,686 |
Total Asset-Backed Securities | ||
(Cost $162,304,598) | 155,925,665 | |
COMMERCIAL MORTGAGE-BACKED SECURITIES — 2.6% | ||
2,000,000 | AIMCO CLO Series Series 2015-AA, Class ER, 5.437% (3-Month USD Libor+520 basis points), 1/15/20282,3,7 | 1,805,656 |
1,437,000 | Benefit Street Partners CLO Ltd. Series 2015-VIA, Class CR, 3.668% (3-Month USD Libor+345 basis points), 10/18/20292,3,7 | 1,346,839 |
1,875,000 | CSMC Series 2017-TIME, Class B, 3.653%, 11/13/20397,8 | 1,512,073 |
800,000 | Neuberger Berman Loan Advisers CLO Ltd. Series 2017-25A, Class D, 3.468% (3-Month USD Libor+325 basis points), 10/18/20292,3,7 | 792,324 |
Total Commercial Mortgage-Backed Securities | ||
(Cost $5,653,687) | 5,456,892 | |
CORPORATE — 10.6% | ||
BASIC MATERIALS — 1.4% | ||
648,000 | Kraton Polymers LLC / Kraton Polymers Capital Corp. 7.000%, 4/15/20252,7 | 669,465 |
506,000 | Neon Holdings, Inc. 10.125%, 4/1/20262,7 | 537,625 |
220,000 | OCI N.V. 4.625%, 10/15/20252,4,7 | 223,207 |
500,000 | Olin Corp. 5.625%, 8/1/20292 | 517,497 |
500,000 | Tronox, Inc. 6.500%, 5/1/20252,7 | 528,125 |
500,000 | Venator Finance Sarl / Venator Materials LLC 5.750%, 7/15/20252,4,7 | 430,938 |
2,906,857 | ||
COMMUNICATIONS — 1.3% | ||
215,000 | Avaya, Inc. 6.125%, 9/15/20282,7 | 221,316 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
CORPORATE (Continued) | ||
COMMUNICATIONS (Continued) | ||
$355,000 | Cablevision Lightpath LLC 5.625%, 9/15/20282,7 | $359,216 |
650,000 | Scripps Escrow, Inc. 5.875%, 7/15/20272,7 | 632,937 |
ViaSat, Inc. | ||
750,000 | 5.625%, 9/15/20252,7 | 755,400 |
165,000 | 6.500%, 7/15/20282,7 | 170,617 |
577,000 | Virgin Media Secured Finance PLC 5.500%, 5/15/20292,4,7 | 617,390 |
2,756,876 | ||
CONSUMER, CYCLICAL — 2.8% | ||
500,000 | American Axle & Manufacturing, Inc. 6.500%, 4/1/20272 | 504,375 |
544,000 | At Home Holding, Inc. 8.750%, 9/1/20252,7 | 573,920 |
Carvana Co. | ||
110,000 | 5.625%, 10/1/20252,7 | 108,488 |
110,000 | 5.875%, 10/1/20282,7 | 108,786 |
335,000 | Dana, Inc. 5.625%, 6/15/20282 | 352,197 |
Delta Air Lines, Inc. / SkyMiles IP Ltd. | ||
195,000 | 4.500%, 10/20/20254,7 | 198,067 |
290,000 | 4.750%, 10/20/20284,7 | 296,605 |
400,000 | Downstream Development Authority of the Quapaw Tribe of Oklahoma 10.500%, 2/15/20232,7,9 | 373,458 |
Ford Motor Co. | ||
590,000 | 9.000%, 4/22/20252 | 694,746 |
150,000 | 9.625%, 4/22/20302 | 201,616 |
255,000 | International Game Technology PLC 5.250%, 1/15/20292,4,7 | 252,859 |
105,000 | L Brands, Inc. 6.875%, 7/1/20252,7 | 112,716 |
400,000 | Lions Gate Capital Holdings LLC 6.375%, 2/1/20242,7 | 385,246 |
500,000 | Nordstrom, Inc. 8.750%, 5/15/20252,7 | 547,830 |
155,000 | Sally Holdings LLC / Sally Capital, Inc. 8.750%, 4/30/20252,7 | 170,694 |
395,000 | Shea Homes LP / Shea Homes Funding Corp. 4.750%, 4/1/20292,7 | 401,912 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
CORPORATE (Continued) | ||
CONSUMER, CYCLICAL (Continued) | ||
$85,000 | Taylor Morrison Communities, Inc. 5.125%, 8/1/20302,7 | $92,442 |
365,000 | Vail Resorts, Inc. 6.250%, 5/15/20252,7 | 383,706 |
215,000 | White Cap Buyer LLC 6.875%, 10/15/20282,7 | 220,778 |
5,980,441 | ||
CONSUMER, NON-CYCLICAL — 1.5% | ||
180,000 | Acadia Healthcare Co., Inc. 5.000%, 4/15/20292,7 | 185,904 |
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | ||
500,000 | 9.500%, 7/31/20272,4,7 | 537,293 |
169,000 | 6.000%, 6/30/20282,4,7 | 130,722 |
550,000 | GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC 7.125%, 7/31/20262,4 | 545,187 |
66,000 | Par Pharmaceutical, Inc. 7.500%, 4/1/20272,7 | 70,046 |
215,000 | Providence Service Corp. 5.875%, 11/15/20252,7 | 219,166 |
645,000 | Shift4 Payments LLC / Shift4 Payments Finance Sub, Inc. 4.625%, 11/1/20262,7 | 655,481 |
425,000 | Tenet Healthcare Corp. 6.125%, 10/1/20282,7 | 413,578 |
400,000 | U.S. Renal Care, Inc. 10.625%, 7/15/20272,7 | 427,000 |
3,184,377 | ||
ENERGY — 0.3% | ||
75,000 | CSI Compressco LP / CSI Compressco Finance, Inc. 7.500%, 4/1/20252,7 | 66,086 |
300,000 | Murray Energy Corp. 11.250%, 4/15/20212,7,10 | 190 |
225,000 | Nabors Industries, Inc. 5.750%, 2/1/20252 | 60,075 |
450,000 | Peabody Energy Corp. 6.375%, 3/31/20252,7,9 | 136,125 |
400,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6.000%, 3/1/20272,7 | 379,000 |
641,476 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
CORPORATE (Continued) | ||
FINANCIAL — 0.5% | ||
$530,000 | Compass Group Diversified Holdings LLC 8.000%, 5/1/20262,7 | $559,145 |
165,000 | Iron Mountain, Inc. 5.000%, 7/15/20282,7 | 168,645 |
225,000 | NFP Corp. 6.875%, 8/15/20282,7 | 218,531 |
55,000 | Realogy Group LLC / Realogy Co.-Issuer Corp. 7.625%, 6/15/20252,7 | 58,177 |
1,004,498 | ||
INDUSTRIAL — 1.4% | ||
650,000 | Amsted Industries, Inc. 4.625%, 5/15/20302,7 | 670,719 |
500,000 | Builders FirstSource, Inc. 5.000%, 3/1/20302,7 | 528,125 |
105,000 | Cornerstone Building Brands, Inc. 6.125%, 1/15/20292,7 | 107,460 |
350,000 | Plastipak Holdings, Inc. 6.250%, 10/15/20252,7 | 351,094 |
400,000 | PowerTeam Services LLC 9.033%, 12/4/20252,7 | 425,250 |
Trident TPI Holdings, Inc. | ||
246,000 | 9.250%, 8/1/20242,7 | 259,530 |
162,000 | 6.625%, 11/1/20252,7 | 161,375 |
200,000 | Weekley Homes LLC / Weekley Finance Corp. 4.875%, 9/15/20282,7 | 203,064 |
WESCO Distribution, Inc. | ||
120,000 | 7.125%, 6/15/20252,7 | 129,459 |
160,000 | 7.250%, 6/15/20282,7 | 175,375 |
3,011,451 | ||
TECHNOLOGY — 1.3% | ||
400,000 | BY Crown Parent LLC 7.375%, 10/15/20242,7 | 405,458 |
Diebold Nixdorf, Inc. | ||
325,000 | 8.500%, 4/15/20242 | 296,563 |
335,000 | 9.375%, 7/15/20252,7 | 356,147 |
330,000 | Dun & Bradstreet Corp. 10.250%, 2/15/20272,7 | 370,265 |
500,000 | Everi Payments, Inc. 7.500%, 12/15/20252,7 | 508,072 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Principal Amount | Value | |
BONDS (Continued) | ||
CORPORATE (Continued) | ||
TECHNOLOGY (Continued) | ||
$230,000 | Exela Intermediate LLC / Exela Finance, Inc. 10.000%, 7/15/20232,7,9 | $69,000 |
NCR Corp. | ||
160,000 | 5.000%, 10/1/20282,7 | 158,700 |
80,000 | 5.250%, 10/1/20302,7 | 79,350 |
500,000 | Science Applications International Corp. 4.875%, 4/1/20282,7 | 524,640 |
2,768,195 | ||
UTILITIES — 0.1% | ||
Talen Energy Supply LLC | ||
350,000 | 6.500%, 6/1/20252,9 | 209,046 |
133,000 | 10.500%, 1/15/20262,7 | 92,435 |
301,481 | ||
Total Corporate | ||
(Cost $22,556,949) | 22,555,652 | |
Total Bonds | ||
(Cost $190,515,234) | 183,938,209 |
Number of Shares | ||
COMMON STOCKS — 0.0% | ||
ENERGY — 0.0% | ||
12,991 | Pacific Drilling S.A.*,4 | 2,975 |
TECHNOLOGY — 0.0% | ||
17,360 | Exela Technologies, Inc.* | 6,510 |
Total Common Stocks | ||
(Cost $304,593) | 9,485 | |
WARRANTS — 0.0% | ||
ENERGY — 0.0% | ||
969 | Denbury, Inc., Expiration Date: September 18, 2023*,9 | 1,880 |
Total Warrants | ||
(Cost $137,672) | 1,880 |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
Number of Shares | Value | |
SHORT-TERM INVESTMENTS — 5.6% | ||
258,894 | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 0.01%9,11 | $258,894 |
11,606,775 | Federated Treasury Obligations Fund - Institutional Class, 0.01%11 | 11,606,775 |
Total Short-Term Investments | ||
(Cost $11,865,669) | 11,865,669 | |
TOTAL INVESTMENTS — 102.3% | ||
(Cost $225,137,192) | 217,139,800 | |
Liabilities in Excess of Other Assets — (2.3)% | (4,944,167) | |
TOTAL NET ASSETS — 100.0% | $212,195,633 |
Principal Amount | ||
SECURITIES SOLD SHORT — (0.5)% | ||
BONDS — (0.5)% | ||
CORPORATE — (0.5)% | ||
ENERGY — (0.5)% | ||
$(1,000,000) | Continental Resources, Inc. 4.500%, 4/15/20232 | (959,450) |
Total Corporate | ||
(Proceeds $990,964) | (959,450) | |
Total Bonds | ||
(Proceeds $990,964) | (959,450) | |
Total Securities Sold Short | ||
(Proceeds $990,964) | $(959,450) |
* | Non-income producing security. |
1 | 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. |
2 | Callable. |
3 | Floating rate security. |
4 | Foreign security denominated in U.S. Dollars. |
5 | All or a portion of the loan is unfunded. |
6 | Denotes investments purchased on a when-issued or delayed delivery basis. |
Palmer Square Opportunistic Income Fund
SCHEDULE OF INVESTMENTS - Continued
As of October 31, 2020 (Unaudited)
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 $176,548,161 which represents 83.20% of total net assets of the Fund. |
8 | Variable rate security. |
9 | 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 $908,356, which represents 0.43% of total net assets of the Fund. |
10 | Security is in default. |
11 | The rate is the annualized seven-day yield at period end. |
See accompanying Notes to Schedule of Investments.