3.31 PART F
Published on May 21, 2026
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
As
of
March
31,
2026
(Unaudited)
1
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
—
97
.8
%
AGL
CLO
Ltd.
Series
2021-13A-A1R
4.768%
(3-Month
Term
SOFR
+
110
basis
points),
10/20/2034
1,2,3
1,000,000
$
1,000,421
AGL
Core
CLO
Ltd.
Series
2023-27A-BR
5.220%
(3-Month
Term
SOFR
+
155
basis
points),
1/21/2039
1,2,3
2,000,000
1,997,447
AIMCO
CLO
Ltd.
Series
2020-11A-A1R2
5.008%
(3-Month
Term
SOFR
+
134
basis
points),
7/17/2037
1,2,3
1,000,000
1,000,792
Series
2024-22A-A
5.168%
(3-Month
Term
SOFR
+
150
basis
points),
4/19/2037
1,2,3
850,000
852,195
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
4.999%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,3
1,000,000
1,001,874
Series
2023-44A-A1R
5.028%
(3-Month
Term
SOFR
+
136
basis
points),
10/26/2037
1,2,3
1,750,000
1,749,046
Series
2024-49A-B
5.268%
(3-Month
Term
SOFR
+
160
basis
points),
10/24/2037
1,2,3
1,500,000
1,502,830
Ares
CLO
Ltd.
Series
2015-2A-A1R4
4.958%
(3-Month
Term
SOFR
+
129
basis
points),
7/17/2038
1,2,3
1,000,000
998,263
Ares
Loan
Funding
Ltd.
Series
2025-ALF9A-A1
4.852%
(3-Month
Term
SOFR
+
118
basis
points),
3/31/2038
1,2,3
1,000,000
997,254
Bain
Capital
Credit
CLO
Ltd.
Series
2019-1A-AR3
4.644%
(3-Month
Term
SOFR
+
98
basis
points),
4/19/2034
1,2,3
1,000,000
999,389
Series
2019-2A-AR3
4.588%
(3-Month
Term
SOFR
+
92
basis
points),
10/17/2032
1,2,3
752,670
752,859
Series
2022-2A-A1R
4.819%
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2035
1,2,3
750,000
749,813
Series
2023-1A-A1R
5.071%
(3-Month
Term
SOFR
+
140
basis
points),
7/16/2038
1,2,3
1,000,000
1,001,936
Series
2023-3A-A1R
4.978%
(3-Month
Term
SOFR
+
131
basis
points),
10/24/2038
1,2,3
2,000,000
2,001,509
Barings
CLO
Ltd.
Series
2022-4A-A1R
5.028%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,000,767
Battalion
CLO
Ltd.
Series
2017-11A-AR2
4.798%
(3-Month
Term
SOFR
+
113
basis
points),
4/24/2034
1,2,3
1,988,925
1,991,018
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
4.918%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,3
1,000,000
999,189
Series
2024-37A-A
5.018%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2038
1,2,3
500,000
501,168
Series
2025-41A-A
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
7/25/2038
1,2,3
900,000
898,870
Series
2025-42A-A
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,3
1,000,000
998,681
Series
2026-47A-A
4.861%
(3-Month
Term
SOFR
+
119
basis
points),
4/15/2039
1,2,3
2,000,000
1,998,141
Birch
Grove
CLO
Ltd.
Series
2024-11A-A1
5.029%
(3-Month
Term
SOFR
+
136
basis
points),
1/22/2038
1,2,3
500,000
501,165
Blueberry
Park
CLO
Ltd.
Series
2024-1A-A
5.018%
(3-Month
Term
SOFR
+
135
basis
points),
10/20/2037
1,2,3
1,000,000
1,000,765
Carlyle
US
CLO
Ltd.
Series
2020-2A-A1R2
4.748%
(3-Month
Term
SOFR
+
108
basis
points),
1/25/2035
1,2,3
1,000,000
998,010
CarVal
CLO
Ltd.
Series
2023-1A-A1R
5.108%
(3-Month
Term
SOFR
+
144
basis
points),
7/20/2037
1,2,3
1,000,000
1,002,657
CBAMR
Ltd.
Series
2017-4A-BR
5.472%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,3
1,000,000
1,002,454
Cedar
Funding
CLO
Ltd.
Series
2016-5A-AR2
4.882%
(3-Month
Term
SOFR
+
126
basis
points),
1/17/2039
1,2,3
1,000,000
998,503
CIFC
Funding
Ltd.
Series
2017-4A-A1R
4.880%
(3-Month
Term
SOFR
+
121.2
basis
points),
10/24/2030
1,2,3
15,787
15,802
Series
2018-1A-A1R
4.988%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,3
750,000
750,191
Series
2019-1A-A1R2
5.028%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,000,767
Series
2021-4A-AR
5.031%
(3-Month
Term
SOFR
+
136
basis
points),
7/23/2037
1,2,3
2,000,000
2,001,562
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
2
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Dewolf
Park
CLO
Ltd.
Series
2017-1A-AR2
4.875%
(3-Month
Term
SOFR
+
121
basis
points),
1/22/2039
1,2,3
2,000,000
$
2,001,781
Dryden
CLO
Ltd.
Series
2019-68A-BRR
5.222%
(3-Month
Term
SOFR
+
155
basis
points),
7/15/2035
1,2,3
1,000,000
1,002,082
Series
2019-80A-ARR
4.618%
(3-Month
Term
SOFR
+
95
basis
points),
1/17/2033
1,2,3
836,969
837,215
Series
2019-80A-BRR
5.168%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,3
500,000
500,928
Series
2020-86A-A1R2
4.798%
(3-Month
Term
SOFR
+
113
basis
points),
7/17/2034
1,2,3
1,000,000
1,001,043
Series
2022-97A-BR
5.318%
(3-Month
Term
SOFR
+
165
basis
points),
10/20/2038
1,2,3
500,000
500,645
Dryden
Senior
Loan
Fund
Series
2016-43A-AR3
4.738%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,3
1,000,000
1,000,877
Series
2017-49A-BR
5.529%
(3-Month
Term
SOFR
+
186.2
basis
points),
7/18/2030
1,2,3
500,000
500,963
Eaton
Vance
CLO
Ltd.
Series
2013-1A-AR4
5.012%
(3-Month
Term
SOFR
+
134
basis
points),
10/15/2038
1,2,3
750,000
751,733
Elmwood
CLO
Ltd.
Series
2021-1A-AR
5.218%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,3
800,000
802,067
Series
2022-1A-A1R
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,3
1,000,000
998,691
GoldenTree
Loan
Management
US
CLO
Ltd.
Series
2024-19A-AR
4.821%
(3-Month
Term
SOFR
+
115
basis
points),
7/20/2039
1,2,3
1,000,000
998,119
Golub
Capital
Partners
CLO
Ltd.
Series
2023-68A-BR
5.368%
(3-Month
Term
SOFR
+
170
basis
points),
7/25/2038
1,2,3
1,000,000
1,001,840
HPS
Loan
Management
Ltd.
Series
2024-20A-B1
5.518%
(3-Month
Term
SOFR
+
185
basis
points),
7/25/2037
1,2,3
750,000
752,969
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.781%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,3
3,000,000
2,995,026
Juniper
Valley
Park
CLO
Ltd.
Series
2023-1A-ARR
4.748%
(3-Month
Term
SOFR
+
108
basis
points),
7/20/2036
1,2,3
1,000,000
1,000,174
KKR
CLO
Ltd.
Series
18-A1R2
4.718%
(3-Month
Term
SOFR
+
105
basis
points),
10/18/2035
1,2,3
1,553,536
1,552,632
Series
2022-41A-B
5.572%
(3-Month
Term
SOFR
+
190
basis
points),
4/15/2035
1,2,3
1,000,000
994,479
Madison
Park
Funding
Ltd.
Series
13A-BR2
4.971%
(3-Month
Term
SOFR
+
130
basis
points),
11/21/2030
1,2,3
700,000
701,657
Series
2019-35A-A1R2
4.799%
(3-Month
Term
SOFR
+
122
basis
points),
2/13/2039
1,2,3
2,000,000
1,997,098
Series
2021-59A-A1R
5.168%
(3-Month
Term
SOFR
+
150
basis
points),
4/18/2037
1,2,3
2,000,000
2,005,177
Magnetite
Ltd.
Series
2019-23A-AR2
4.637%
(3-Month
Term
SOFR
+
99
basis
points),
1/25/2035
1,2,3
3,000,000
3,000,892
Series
2019-23A-BR2
4.997%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2035
1,2,3
1,000,000
993,583
Series
2021-29A-AR
5.022%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
250,000
250,199
Series
2022-35A-A1RR
4.918%
(3-Month
Term
SOFR
+
120
basis
points),
1/25/2039
1,2,3
2,000,000
1,998,100
Series
2023-37A-A1R
4.868%
(3-Month
Term
SOFR
+
120
basis
points),
10/25/2038
1,2,3
2,000,000
1,999,377
Series
2024-44A-A1
5.022%
(3-Month
Term
SOFR
+
135
basis
points),
10/15/2037
1,2,3
1,500,000
1,501,168
Series
2024-47A-A
4.998%
(3-Month
Term
SOFR
+
133
basis
points),
1/25/2038
1,2,3
1,325,000
1,327,479
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-A1R
4.961%
(3-Month
Term
SOFR
+
129
basis
points),
10/23/2037
1,2,3
1,000,000
998,203
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2018-27A-BR
5.422%
(3-Month
Term
SOFR
+
175
basis
points),
7/15/2038
1,2,3
465,000
465,888
Series
2019-31A-AR2
4.898%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2039
1,2,3
625,000
625,183
Series
2019-33A-AR2
4.891%
(3-Month
Term
SOFR
+
122
basis
points),
4/16/2039
1,2,3
3,000,000
2,994,749
Series
2020-39A-A1R
5.198%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,3
830,000
832,138
Series
2022-47A-AR
4.757%
(3-Month
Term
SOFR
+
109
basis
points),
4/16/2035
1,2,3
1,000,000
1,000,273
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
3
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.264%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,3
1,000,000
$
1,001,417
Octagon
Ltd.
Series
2021-1A-AR
4.742%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,3
1,000,000
1,000,818
OHA
Credit
Funding
Ltd.
Series
2022-11A-B1R
5.268%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,3
500,000
500,672
OHA
Credit
Partners
Ltd.
Series
2012-7A-AR4
4.796%
(3-Month
Term
SOFR
+
114
basis
points),
2/20/2038
1,2,3
2,000,000
1,997,811
Palmer
Square
CLO
Ltd.
Series
2021-3A-A1R
4.962%
(3-Month
Term
SOFR
+
129
basis
points),
10/15/2038
1,2,3,4
1,000,000
998,236
Series
2021-4A-BR
5.372%
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
1,2,3,4
1,799,110
1,803,527
Palmer
Square
Loan
Funding
Ltd.
Series
2024-3A-A2R
4.810%
(3-Month
Term
SOFR
+
115
basis
points),
8/8/2032
1,2,3,4
1,000,000
999,674
Rad
CLO
Ltd.
Series
2024-23A-A1
5.268%
(3-Month
Term
SOFR
+
160
basis
points),
4/20/2037
1,2,3
1,000,000
1,002,990
Regatta
Funding
Ltd.
Series
2021-2A-AR
4.852%
(3-Month
Term
SOFR
+
118
basis
points),
1/15/2038
1,2,3
2,000,000
1,998,760
Riserva
CLO
Ltd.
Series
2016-3A-AR3
4.718%
(3-Month
Term
SOFR
+
105
basis
points),
1/18/2034
1,2,3
1,000,000
1,000,661
RR
Ltd.
Series
2021-14A-A1
5.054%
(3-Month
Term
SOFR
+
138.2
basis
points),
4/15/2036
1,2,3
1,450,000
1,451,640
Signal
Peak
CLO
Ltd.
Series
2017-4A-AR2
4.788%
(3-Month
Term
SOFR
+
112
basis
points),
10/26/2034
1,2,3
1,000,000
1,000,801
Series
2017-4A-BR2
5.318%
(3-Month
Term
SOFR
+
165
basis
points),
10/26/2034
1,2,3
1,000,000
1,000,829
Sound
Point
CLO
Ltd.
Series
2018-2A-A
5.030%
(3-Month
Term
SOFR
+
136.2
basis
points),
7/26/2031
1,2,3
98,272
98,376
Symphony
CLO
Ltd.
Series
2021-25A-AR
4.718%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,3
1,250,000
1,250,696
Thompson
Park
CLO
Ltd.
Series
2021-1A-A1R
4.722%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2034
1,2,3
1,500,000
1,500,856
Trinitas
CLO
Ltd.
Series
2019-10A-AR2
4.812%
(3-Month
Term
SOFR
+
114
basis
points),
1/15/2035
1,2,3
1,000,000
999,000
Series
2019-10A-B1R2
5.372%
(3-Month
Term
SOFR
+
170
basis
points),
1/15/2035
1,2,3
500,000
496,688
Series
2021-15A-A1R
4.789%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,3
500,000
500,446
Series
2021-15A-B1R
5.319%
(3-Month
Term
SOFR
+
165
basis
points),
4/22/2034
1,2,3
250,000
250,263
Voya
CLO
Ltd.
Series
2015-3A-A1R4
4.628%
(3-Month
Term
SOFR
+
96
basis
points),
10/20/2031
1,2,3
194,424
194,622
Series
2019-4A-BR
5.684%
(3-Month
Term
SOFR
+
201.2
basis
points),
1/15/2035
1,2,3
250,000
248,747
Wellman
Park
CLO
Ltd.
Series
2021-1A-AR
5.022%
(3-Month
Term
SOFR
+
135
basis
points),
7/15/2037
1,2,3
1,000,000
1,000,500
Whitebox
CLO
Ltd.
Series
2020-2A-A1R2
5.048%
(3-Month
Term
SOFR
+
138
basis
points),
10/24/2037
1,2,3
2,000,000
2,001,537
Wind
River
CLO
Ltd.
Series
2019-3A-AR3
4.992%
(3-Month
Term
SOFR
+
120
basis
points),
1/15/2038
1,2,3
1,750,000
1,744,705
Series
2021-4A-AR
4.900%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,3
1,000,000
1,000,302
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$103,192,215)
103,194,340
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
4
Number
of
Shares
Value
SHORT-TERM
INVESTMENTS
—
0
.8
%
Money
Market
Funds
—
0
.8
%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.55%
5
837,571
$
837,571
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$837,571)
837,571
TOTAL
INVESTMENTS
—
98.6%
(Cost
$104,029,786)
104,031,911
Other
Assets
in
Excess
of
Liabilities
—
1.4%
1,465,862
TOTAL
NET
ASSETS
—
100.0%
$
105,497,773
1
Callable.
2
Floating
rate
security.
3
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
$103,194,340
which
represents
97.82%
of
total
net
assets
of
the
Fund.
4
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
5
The
rate
is
the
annualized
seven-day
yield
at
period
end.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
As
of
March
31,
2026
(Unaudited)
5
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
3.6%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
165,000
$
164,954
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
301,774
303,114
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
140,000
139,985
BofA
Auto
Trust
Series
2024-1A-A3
,
5.350%
,
11/15/2028
1,2
776,608
781,937
Chase
Auto
Owner
Trust
Series
2024-5A-A2
,
4.400%
,
11/26/2027
1,2
92
92
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
240,000
239,830
Dell
Equipment
Finance
Trust
Series
2024-1-A3
,
5.390%
,
3/22/2030
1,2
293,493
294,917
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
326,046
328,931
Ford
Credit
Auto
Lease
Trust
Series
2026-A-A3
,
4.000%
,
7/15/2029
1
1,080,000
1,077,478
GM
Financial
Automobile
Leasing
Trust
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
35,063
35,120
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
513,712
514,201
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
14,921
14,939
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
140,755
141,495
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
45,841
45,880
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
53,565
53,680
Series
2025-B-A3
,
4.530%
,
4/17/2028
1,2
705,000
707,988
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
64,326
64,450
John
Deere
Owner
Trust
Series
2022-C-A3
,
5.090%
,
6/15/2027
1
11,714
11,725
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
473,093
476,005
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
31,309
31,347
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
163,371
164,405
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
75,000
75,180
MMAF
Equipment
Finance
LLC
Series
2024-A-A3
,
4.950%
,
7/14/2031
1,2
625,000
631,350
Porsche
Financial
Auto
Securitization
Trust
Series
2024-1A-A3
,
4.440%
,
1/22/2030
1,2
698,888
700,369
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
55,046
55,295
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
42,513
42,560
Toyota
Lease
Owner
Trust
Series
2024-A-A3
,
5.250%
,
4/20/2027
1,2
17,748
17,763
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
6
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
45,209
$
45,272
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
382,000
385,906
Volkswagen
Auto
Lease
Trust
Series
2026-A-A3
,
4.170%
,
3/20/2029
1
555,000
554,258
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
173,807
174,115
Volvo
Financial
Equipment
LLC
Series
2025-2A-A2
,
3.960%
,
6/15/2028
1,2
145,000
144,934
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$8,423,622)
8,419,475
BANK
LOANS
—
8.5%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan
B
6.417%
(3-Month
Term
SOFR
+
275
basis
points),
9/9/2031
1,3,4
197,995
198,490
Acrisure
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
6.918%
(1-Month
Term
SOFR
+
325
basis
points),
6/21/2032
1,3,4
198,500
192,669
Acrisure
LLC,
First
Lien,
Term
Loan,
B6
6.668%
(1-Month
Term
SOFR
+
300
basis
points),
11/6/2030
1,3,4
199,495
193,660
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
Term
Loan
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
9/19/2031
1,3,4
347,877
345,604
Altium
Packaging
LLC,
First
Lien,
2024
Refinancing
Term
Loan
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
6/11/2031
1,3,4
448,987
434,395
Amentum
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan
5.668%
(1-Month
Term
SOFR
+
200
basis
points),
9/29/2031
1,3,4
299,060
299,496
American
Airlines,
Inc.,
First
Lien,
2024
Term
Loan,
B
6.000%
(6-Month
Term
SOFR
+
225
basis
points),
2/15/2028
1,3,4
98,980
96,753
Amynta
Agency
Borrower,
Inc.,
First
Lien,
2026
Refinancing
Term
Loan
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
12/29/2031
1,3,4
149,250
147,305
Apollo
Commercial
Real
Estate
Finance,
Inc.,
First
Lien,
Initial
Term
Loan
6.925%
(1-Month
Term
SOFR
+
325
basis
points),
6/13/2030
1,3,4
198,500
199,121
Ascend
Learning
LLC,
First
Lien,
Initial
Term
Loan
6.668%
(1-Month
Term
SOFR
+
300
basis
points),
12/11/2028
1,3,4
398,992
390,414
Astoria
Energy
LLC,
First
Lien,
Advance
Term
Loan,
B
5.929%
(1-Month
Term
SOFR
+
225
basis
points;
3-Month
Term
SOFR
+
225
basis
points),
6/23/2032
1,3,4
137,914
138,334
Barracuda
Networks,
Inc.,
First
Lien,
Initial
Term
Loan
8.167%
(3-Month
Term
SOFR
+
450
basis
points),
8/15/2029
1,3,4
325,000
210,031
Belron
Finance
2019
LLC,
First
Lien,
Term
Loan,
B
5.660%
(3-Month
Term
SOFR
+
200
basis
points),
10/16/2031
3,4
198,004
198,177
Brown
Group
Holding
LLC,
First
Lien,
Initial
Term
Loan
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
7/1/2031
1,3,4
249,369
250,008
Burlington
Coat
Factory
Warehouse
Corp.,
First
Lien,
Term
Loan,
B
5.418%
(1-Month
Term
SOFR
+
175
basis
points),
9/24/2031
1,3,4
197,990
197,990
Calpine
Construction
Finance
Co.
LP,
First
Lien,
2025
Refinancing
Term
Loan
5.418%
(1-Month
Term
SOFR
+
175
basis
points),
7/31/2030
1,3,4
100,000
100,156
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
7
Principal
Amount
Value
BANK
LOANS
(Continued)
Citadel
Securities
LP,
First
Lien,
2024
Term
Loan,
B
5.672%
(3-Month
Term
SOFR
+
200
basis
points),
10/31/2031
1,3,4
98,751
$
98,978
Citco
Funding
LLC,
First
Lien,
2026
Term
Loan
5.667%
(3-Month
Term
SOFR
+
200
basis
points),
1/31/2033
3,4
49,875
49,748
Clarios
Global
LP,
First
Lien,
2024
Dollar
Term
Loan
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
5/6/2030
1,3,4
598,611
597,489
Cotiviti,
Inc.,
First
Lien,
New
Term
Loan,
B
6.418%
(1-Month
Term
SOFR
+
275
basis
points),
5/1/2031
1,3,4
98,500
90,990
CPV
Fairview
LLC,
First
Lien,
Term
Loan,
B
6.200%
(3-Month
Term
SOFR
+
250
basis
points),
8/14/2031
1,3,4
124,258
123,948
Cross
Financial
Corp.,
First
Lien,
Term
Loan,
B4
6.418%
(1-Month
Term
SOFR
+
275
basis
points),
10/31/2031
3,4
99,003
98,384
Crown
Subsea
Communications
Holding,
Inc.,
First
Lien,
2026
Term
Loan
6.673%
(1-Month
Term
SOFR
+
300
basis
points),
1/30/2031
3,4
300,000
301,313
Delta
Topco,
Inc.,
Second
Lien,
Second
Amendment
Term
Loan
8.921%
(1-Month
Term
SOFR
+
525
basis
points),
12/24/2030
3,4
200,000
176,666
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Term
Loan,
B
6.700%
(3-Month
Term
SOFR
+
300
basis
points),
10/3/2031
1,3,4
188,212
188,815
Ensemble
RCM
LLC,
First
Lien,
Closing
Date
Term
Loan
6.660%
(3-Month
Term
SOFR
+
300
basis
points),
2/9/2033
3,4
450,000
445,687
EVERTEC
Group
LLC,
First
Lien,
Term
Loan,
B
5.918%
(1-Month
Term
SOFR
+
225
basis
points),
10/30/2030
3,4
250,000
249,766
EW
Scripps
Co.
(The),
First
Lien,
Term
Loan,
B2
9.540%
(1-Month
Term
SOFR
+
575
basis
points),
6/30/2028
3,4
82,698
83,439
Financiere
Mendel
SAS,
First
Lien,
New
Term
Loan,
B
6.389%
(3-Month
Term
SOFR
+
275
basis
points),
11/11/2030
3,4
197,995
199,697
Fleet
US
Bidco,
Inc.,
First
Lien,
Term
Loan,
B2
6.419%
(3-Month
Term
SOFR
+
275
basis
points),
2/21/2031
1,3,4
199,000
199,498
Fugue
Finance
BV,
First
Lien,
14th
Amendment
Term
Loan
5.921%
(3-Month
Term
SOFR
+
225
basis
points),
1/9/2032
3,4
198,503
196,456
GIH
Borrower
LLC,
First
Lien,
Term
Loan,
B
6.200%
(3-Month
Term
SOFR
+
250
basis
points),
11/26/2031
1,3,4
98,750
98,948
Global
Medical
Response,
Inc.,
First
Lien,
Initial
Term
Loan
7.170%
(3-Month
Term
SOFR
+
350
basis
points),
10/1/2032
1,3,4
99,670
99,483
Graham
Packaging
Co.,
Inc.,
First
Lien,
Initial
Term
Loan
5.918%
(1-Month
Term
SOFR
+
225
basis
points),
1/26/2033
3,4
375,000
371,798
Grant
Thornton
Advisors
LLC,
First
Lien,
2025
Incremental
Term
Loan
6.423%
(1-Month
Term
SOFR
+
275
basis
points),
6/2/2031
3,4
249,372
233,422
Great
Outdoors
Group
LLC,
First
Lien,
Term
Loan,
B
6.918%
(1-Month
Term
SOFR
+
325
basis
points),
1/23/2032
1,3,4
249,369
249,275
Grinding
Media,
Inc.,
First
Lien,
Term
Loan,
B
7.173%
(3-Month
Term
SOFR
+
350
basis
points),
10/12/2028
1,3,4
98,750
98,935
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B2
6.175%
(1-Month
Term
SOFR
+
250
basis
points),
3/18/2030
3,4
447,374
446,070
Hunterstown
Generation
LLC,
First
Lien,
Term
Loan
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
11/6/2031
1,3,4
394,696
395,519
Inception
Finco
SARL,
First
Lien,
Term
Loan,
B9
6.950%
(3-Month
Term
SOFR
+
325
basis
points),
4/18/2031
3,4
199,000
200,575
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
8
Principal
Amount
Value
BANK
LOANS
(Continued)
Installed
Building
Products,
Inc.,
First
Lien,
Term
Loan,
B3
5.418%
(1-Month
Term
SOFR
+
175
basis
points),
3/28/2031
1,3,4
98,492
$
98,657
IRB
Holding
Corp.,
First
Lien,
2025
Replacement
Term
Loan,
B
6.176%
(1-Month
Term
SOFR
+
250
basis
points),
12/16/2030
1,3,4
372,046
371,581
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
5.918%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
347,680
340,767
Jane
Street
Group
LLC,
First
Lien,
Extended
Term
Loan,
B
5.673%
(3-Month
Term
SOFR
+
200
basis
points),
12/15/2031
1,3,4
498,684
490,184
Janus
Henderson
US
Holdings,
Inc.,
First
Lien,
Term
Loan
0.00%,
2/21/2033
3,4
500,000
500,000
Lackawanna
Energy
Center
LLC,
First
Lien,
Term
Loan,
B
6.419%
(1-Month
Term
SOFR
+
275
basis
points),
7/23/2032
3,4
439,237
440,517
LSF12
Crown
US
Commercial
Bidco
LLC,
First
Lien,
2026
Refinancing
Term
Loan
6.668%
(1-Month
Term
SOFR
+
300
basis
points),
12/2/2031
3,4
96,910
97,128
Michael
Baker
International,
Inc.,
First
Lien,
Term
Loan,
B1
7.667%
(3-Month
Term
SOFR
+
400
basis
points),
12/1/2028
3,4
98,503
98,687
Mitchell
International,
Inc.,
Second
Lien,
Initial
Term
Loan
8.923%
(1-Month
Term
SOFR
+
525
basis
points),
6/7/2032
3,4
200,000
181,188
NAB
Holdings
LLC,
First
Lien,
2025
Refinancing
Term
Loan
6.172%
(3-Month
Term
SOFR
+
250
basis
points),
11/24/2028
3,4
398,990
366,738
Nexstar
Media,
Inc.,
First
Lien,
Term
Loan,
B7
6.224%
(12-Month
Term
SOFR
+
275
basis
points),
3/18/2033
3,4
450,000
445,500
OAK-Eagle
Acquireco,
Inc.,
First
Lien,
Term
Loan,
B1
6.967%
(12-Month
Term
SOFR
+
350
basis
points),
3/23/2033
1,3,4
350,000
348,250
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
6.668%
(1-Month
Term
SOFR
+
300
basis
points),
7/2/2031
1,3,4
98,250
95,241
Osmosis
Buyer
Ltd.,
First
Lien,
2026
Refinancing
Term
Loan,
B
6.412%
(1-Month
Term
SOFR
+
275
basis
points;
3-Month
Term
SOFR
+
275
basis
points),
7/31/2028
3,4
250,000
249,726
Padagis
LLC,
First
Lien,
Term
Loan,
B
8.658%
(3-Month
Term
SOFR
+
475
basis
points),
7/6/2028
1,3,4
175,000
161,438
Pegasus
Bidco
BV,
First
Lien,
2025-1
Dollar
Term
Loan
6.403%
(3-Month
Term
SOFR
+
275
basis
points),
7/12/2029
1,3,4
498,744
498,120
Penn
Entertainment,
Inc.,
First
Lien,
Term
Loan,
B
6.173%
(1-Month
Term
SOFR
+
250
basis
points),
5/3/2029
1,3,4
249,352
250,321
Phoenix
Guarantor,
Inc.,
First
Lien,
Term
Loan,
B5
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
2/21/2031
3,4
247,487
247,875
Pioneer
AcquisitionCo
LLC,
First
Lien,
Initial
Term
Loan
6.961%
(3-Month
Term
SOFR
+
325
basis
points),
10/27/2032
3,4
200,000
201,209
Plastipak
Packaging,
Inc.,
First
Lien,
Term
Loan,
B
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
9/24/2032
1,3,4
398,997
395,341
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
Term
Loan
6.922%
(3-Month
Term
SOFR
+
325
basis
points),
10/28/2030
1,3,4
98,995
75,461
Quartz
AcquireCo
LLC,
First
Lien,
Term
Loan,
B2
5.950%
(3-Month
Term
SOFR
+
225
basis
points),
6/28/2030
3,4
197,970
165,800
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B2
5.918%
(1-Month
Term
SOFR
+
225
basis
points),
3/19/2029
1,3,4
249,364
249,435
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
9
Principal
Amount
Value
BANK
LOANS
(Continued)
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
5.923%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
1,3,4
99,000
$
98,938
Red
Planet
Borrower
LLC,
First
Lien,
Initial
Term
Loan
7.668%
(1-Month
Term
SOFR
+
400
basis
points),
9/8/2032
1,3,4
449,500
440,622
Ryan
Specialty
LLC,
First
Lien,
Term
Loan,
B1
5.668%
(1-Month
Term
SOFR
+
200
basis
points),
9/15/2031
1,3,4
197,995
197,995
Sazerac
Co.,
Inc.,
First
Lien,
Term
Loan,
B2
5.670%
(1-Month
Term
SOFR
+
200
basis
points),
7/9/2032
3,4
300,000
300,188
SCIL
USA
Holdings
LLC,
First
Lien,
Term
Loan,
B2
7.788%
(6-Month
Term
SOFR
+
400
basis
points),
11/8/2032
3,4
249,375
248,753
Select
Medical
Corp.,
First
Lien,
Term
Loan
6.724%
(12-Month
Term
SOFR
+
325
basis
points),
12/31/2031
3,4
350,000
349,562
Sophos
Holdings
LLC,
First
Lien,
Dollar
Term
Loan
7.282%
(1-Month
Term
SOFR
+
350
basis
points),
3/5/2027
3,4
375,000
358,067
Summer
BC
Holdco
B
SARL,
First
Lien,
Extended
Term
Loan,
B
8.960%
(3-Month
Term
SOFR
+
500
basis
points),
2/15/2029
3,4
374,048
321,307
Tega
MC
Australia
Holdings
Pty.
Ltd.,
First
Lien,
Term
Loan
4.029%
(1-Month
Term
SOFR
+
350
basis
points),
3/25/2033
3,4
500,000
497,500
TransDigm,
Inc.,
First
Lien,
Term
Loan,
K
5.923%
(1-Month
Term
SOFR
+
225
basis
points),
3/22/2030
1,3,4
450,000
450,511
Whatabrands
LLC,
First
Lien,
2024-2
Refinancing
Term
Loan,
B
6.173%
(1-Month
Term
SOFR
+
250
basis
points),
8/3/2028
1,3,4
423,927
423,738
White
Cap
Supply
Holdings
LLC,
First
Lien,
Term
Loan,
C
6.918%
(1-Month
Term
SOFR
+
325
basis
points),
10/19/2029
1,3,4
250,000
241,033
Zayo
Group
Holdings,
Inc.,
First
Lien,
Initial
Dollar
Term
Loan
6.787%
(1-Month
Term
SOFR
+
300
basis
points),
3/11/2030
3
411,491
404,782
TOTAL
BANK
LOANS
(Cost
$19,750,162)
19,589,662
COLLATERALIZED
LOAN
OBLIGATIONS
—
39.2%
1988
CLO
Ltd.
Series
2022-1A-D1R
6.772%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2039
1,2,4
1,000,000
996,051
522
Funding
CLO
Ltd.
Series
2020-6A-DR
7.083%
(3-Month
Term
SOFR
+
341.2
basis
points),
10/23/2034
1,2,4
1,000,000
953,038
720
East
CLO
Ltd.
Series
2023-2A-D1R
6.422%
(3-Month
Term
SOFR
+
275
basis
points),
10/15/2038
1,2,4
500,000
494,311
Series
2023-2A-ER
9.172%
(3-Month
Term
SOFR
+
550
basis
points),
10/15/2038
1,2,4
500,000
482,580
Anchorage
Capital
CLO
Ltd.
Series
2022-24A-A1R
5.102%
(3-Month
Term
SOFR
+
143
basis
points),
7/15/2037
1,2,4
1,000,000
1,002,652
Apidos
CLO
Ltd.
Series
2018-18A-A1R2
4.999%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,4
500,000
500,937
Series
2025-54A-A1
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,000,000
998,682
Ares
CLO
Ltd.
Series
2016-39A-AR3
5.088%
(3-Month
Term
SOFR
+
142
basis
points),
7/18/2037
1,2,4
1,000,000
1,002,585
Series
2016-39A-DR3
6.918%
(3-Month
Term
SOFR
+
325
basis
points),
7/18/2037
1,2,4
500,000
492,596
Series
2021-61A-ER
10.508%
(3-Month
Term
SOFR
+
684
basis
points),
4/20/2037
1,2,4
500,000
461,790
Series
2022-66A-D1R2
6.568%
(3-Month
Term
SOFR
+
290
basis
points),
10/25/2038
1,2,4
1,000,000
992,489
Series
2025-76A-E
10.832%
(3-Month
Term
SOFR
+
716
basis
points),
5/27/2038
1,2,4
250,000
242,312
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
10
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Ares
Loan
Funding
Ltd.
Series
2021-ALFA-D1R
6.517%
(3-Month
Term
SOFR
+
285
basis
points),
4/15/2039
1,2,4
1,000,000
$
994,829
Arini
US
CLO
Ltd.
Series
5A-D
0.00%,
4/15/2039
1,2,5,6
1,000,000
1,000,000
Bain
Capital
Credit
CLO
Ltd.
Series
2021-3A-D
7.030%
(3-Month
Term
SOFR
+
336.2
basis
points),
7/24/2034
1,2,4
1,000,000
963,375
Ballyrock
CLO
Ltd.
Series
2021-17A-DR
9.768%
(3-Month
Term
SOFR
+
610
basis
points),
10/20/2038
1,2,4
250,000
238,045
Barings
CLO
Ltd.
Series
2023-1A-ER
10.368%
(3-Month
Term
SOFR
+
670
basis
points),
4/20/2038
1,2,4
500,000
484,350
Series
2025-3A-D1
6.468%
(3-Month
Term
SOFR
+
280
basis
points),
3/31/2038
1,2,4
1,000,000
992,256
Series
2025-7A-D1
6.428%
(3-Month
Term
SOFR
+
270
basis
points),
1/15/2038
1,2,4
1,000,000
988,092
Series
2025-8A-E
8.670%
(3-Month
Term
SOFR
+
500
basis
points),
1/15/2039
1,2,4
1,000,000
978,310
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
4.918%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,4
1,000,000
999,189
Series
2025-42A-A
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/25/2038
1,2,4
1,000,000
998,681
Birch
Grove
CLO
Ltd.
Series
2024-8A-E
10.768%
(3-Month
Term
SOFR
+
710
basis
points),
4/20/2037
1,2,4
500,000
498,506
BlueMountain
CLO
Ltd.
Series
2020-30A-DR
6.972%
(3-Month
Term
SOFR
+
330
basis
points),
4/15/2035
1,2,4
900,000
891,771
Bryant
Park
Funding
Ltd.
Series
2021-17RA-ER
10.598%
(3-Month
Term
SOFR
+
693
basis
points),
1/20/2038
1,2,4
500,000
477,691
Series
2023-20A-DR
7.072%
(3-Month
Term
SOFR
+
340
basis
points),
4/15/2038
1,2,4
250,000
246,568
Series
2023-21A-ER
8.918%
(3-Month
Term
SOFR
+
525
basis
points),
10/18/2038
1,2,4
500,000
486,744
Carlyle
US
CLO
Ltd.
Series
2020-2A-A1R2
4.748%
(3-Month
Term
SOFR
+
108
basis
points),
1/25/2035
1,2,4
2,000,000
1,996,021
Series
2021-9A-AR
4.778%
(3-Month
Term
SOFR
+
111
basis
points),
10/20/2034
1,2,4
3,000,000
3,000,120
Series
2026-2A-D
0.00%,
4/20/2039
1,2,5,6
375,000
375,000
CBAM
Ltd.
Series
2018-5A-D1R
7.112%
(3-Month
Term
SOFR
+
300
basis
points),
10/17/2038
1,2,4
1,000,000
980,922
Cedar
Funding
CLO
Ltd.
Series
2016-5A-AR2
4.882%
(3-Month
Term
SOFR
+
126
basis
points),
1/17/2039
1,2,4
1,000,000
998,503
Series
2023-17A-D1R
6.720%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
995,491
CIFC
Funding
Ltd.
Series
2018-1A-A1R
4.988%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,4
500,000
500,127
Dryden
CLO
Ltd.
Series
2019-75A-AR3
4.712%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,4
1,000,000
1,000,369
Series
2019-80A-DR
6.768%
(3-Month
Term
SOFR
+
310
basis
points),
1/17/2033
1,2,4
475,000
461,331
Series
2023-102A-ER
9.522%
(3-Month
Term
SOFR
+
585
basis
points),
10/15/2038
1,2,4
500,000
475,514
Series
2025-120A-E
9.146%
(3-Month
Term
SOFR
+
545
basis
points),
1/15/2039
1,2,4
500,000
489,415
Dryden
Senior
Loan
Fund
Series
2013-30A-DR
6.514%
(3-Month
Term
SOFR
+
286.2
basis
points),
11/15/2028
1,2,4
500,000
501,319
Series
2016-45A-A1RR
4.752%
(3-Month
Term
SOFR
+
108
basis
points),
10/15/2030
1,2,4
65,122
65,142
Series
2016-45A-DRR
6.722%
(3-Month
Term
SOFR
+
305
basis
points),
10/15/2030
1,2,4
625,000
626,628
Eaton
Vance
CLO
Ltd.
Series
2013-1A-AR4
5.012%
(3-Month
Term
SOFR
+
134
basis
points),
10/15/2038
1,2,4
1,000,000
1,002,310
Series
2013-1A-D1R4
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2038
1,2,4
1,000,000
995,481
Elmwood
CLO
Ltd.
Series
2021-1A-AR
5.218%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,4
800,000
802,067
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
11
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2021-2A-D1R
6.318%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,4
1,000,000
$
985,586
Series
2021-3A-AR2
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
1,000,000
1,001,449
Series
2021-3A-DR2
6.718%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
995,412
Series
2021-5A-D1R
6.772%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2037
1,2,4
1,000,000
990,056
Series
2022-1A-A1R
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,500,000
1,498,036
Empower
CLO
Ltd.
Series
2023-1A-D1R
7.518%
(3-Month
Term
SOFR
+
385
basis
points),
4/25/2038
1,2,4
1,000,000
995,845
Series
2023-1A-ER
11.008%
(3-Month
Term
SOFR
+
734
basis
points),
4/25/2038
1,2,4
250,000
239,040
Series
2023-3A-D1R
6.515%
(3-Month
Term
SOFR
+
285
basis
points),
1/20/2039
1,2,4
1,000,000
988,163
Series
2023-3A-ER
9.315%
(3-Month
Term
SOFR
+
565
basis
points),
1/20/2039
1,2,4
750,000
723,111
Golub
Capital
CLO
Ltd.
Series
2026-88A-D1
0.00%,
4/17/2039
1,2,5,6
2,000,000
2,000,000
Series
2026-88A-E
0.00%,
4/17/2039
1,2,5,6
1,000,000
980,000
Golub
Capital
Partners
Static
Ltd.
Series
2024-1A-AR
4.788%
(3-Month
Term
SOFR
+
112
basis
points),
7/20/2035
1,2,4
1,610,305
1,611,849
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,4
500,000
500,082
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.781%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,4
1,000,000
998,342
Series
2023-2A-ER
11.550%
(3-Month
Term
SOFR
+
788
basis
points),
4/21/2038
1,2,4
250,000
239,351
Series
2025-2A-D
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
995,443
Series
2026-1A-D1A
0.00%,
4/15/2039
1,2,5,6
1,000,000
1,000,000
Kennedy
Lewis
CLO
Ltd.
Series
7A-D1R
7.669%
(3-Month
Term
SOFR
+
400
basis
points),
4/22/2037
1,2,4
777,000
761,497
KKR
CLO
Ltd.
Series
40A-AR
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2034
1,2,4
1,000,000
1,001,134
Madison
Park
Funding
Ltd.
Series
2021-59A-A1R
5.168%
(3-Month
Term
SOFR
+
150
basis
points),
4/18/2037
1,2,4
1,500,000
1,503,883
Magnetite
Ltd.
Series
2019-23A-AR2
4.637%
(3-Month
Term
SOFR
+
99
basis
points),
1/25/2035
1,2,4
1,000,000
1,000,297
Series
2019-23A-BR2
4.997%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2035
1,2,4
1,000,000
993,583
Series
2020-27A-D1RR
6.318%
(3-Month
Term
SOFR
+
265
basis
points),
10/20/2038
1,2,4
750,000
738,402
Menlo
CLO
Ltd.
Series
2024-1A-A1
5.088%
(3-Month
Term
SOFR
+
142
basis
points),
1/20/2038
1,2,4
500,000
501,160
Series
2024-1A-D1
6.918%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,4
500,000
500,962
Series
2025-3A-D
6.894%
(3-Month
Term
SOFR
+
300
basis
points),
10/16/2038
1,2,4
750,000
751,684
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-ER
9.731%
(3-Month
Term
SOFR
+
606
basis
points),
10/23/2037
1,2,4
500,000
475,772
Series
2023-19A-D1R
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
997,500
Neuberger
Berman
CLO
Ltd.
Series
2016-22A-ER2
10.498%
(3-Month
Term
SOFR
+
683
basis
points),
4/15/2038
1,2,4
250,000
250,000
Series
2019-32RA-D1
6.618%
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2039
1,2,4
1,000,000
991,261
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2020-36RA-A
4.938%
(3-Month
Term
SOFR
+
127
basis
points),
7/20/2039
1,2,4
1,000,000
1,000,229
Series
2020-39A-A1R
5.198%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,4
500,000
501,288
Series
2021-41A-DR
6.472%
(3-Month
Term
SOFR
+
280
basis
points),
4/15/2034
1,2,4
500,000
493,549
Neuberger
Berman
Loan
Advisers
NBLA
CLO
Ltd.
Series
2022-52A-AR
5.018%
(3-Month
Term
SOFR
+
135
basis
points),
10/24/2038
1,2,4
1,000,000
1,000,764
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
12
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
New
Mountain
CLO
Ltd.
Series
4A-ER
10.578%
(3-Month
Term
SOFR
+
691
basis
points),
3/20/2038
1,2,4
450,000
$
436,103
Series
CLO-9A-D1
6.509%
(3-Month
Term
SOFR
+
280
basis
points),
4/22/2039
1,2,4
1,000,000
993,504
Series
CLO-9A-E
9.009%
(3-Month
Term
SOFR
+
530
basis
points),
4/22/2039
1,2,4
500,000
483,999
NYACK
Park
CLO
Ltd.
Series
2021-1A-D1R
6.368%
(3-Month
Term
SOFR
+
270
basis
points),
10/20/2038
1,2,4
500,000
492,347
Oaktree
CLO
Ltd.
Series
2022-1A-DR
6.772%
(3-Month
Term
SOFR
+
310
basis
points),
7/15/2038
1,2,4
1,000,000
992,256
Series
2022-1A-ER
9.672%
(3-Month
Term
SOFR
+
600
basis
points),
7/15/2038
1,2,4
1,000,000
952,797
Series
2023-2A-A1R
5.018%
(3-Month
Term
SOFR
+
135
basis
points),
7/20/2038
1,2,4
1,000,000
1,001,449
OCP
CLO
Ltd.
Series
2021-21A-AR
4.848%
(3-Month
Term
SOFR
+
118
basis
points),
1/20/2038
1,2,4
2,000,000
1,996,849
Octagon
Investment
Partners
Ltd.
Series
2019-1A-D1R
6.681%
(3-Month
Term
SOFR
+
285
basis
points),
10/15/2038
1,2,4
250,000
248,798
Octagon
Ltd.
Series
2022-1A-D
7.353%
(3-Month
Term
SOFR
+
370
basis
points),
5/15/2035
1,2,4
1,000,000
968,058
Series
2022-1A-E
11.260%
(3-Month
Term
SOFR
+
759
basis
points),
7/21/2037
1,2,4
500,000
457,533
OHA
Credit
Partners
Ltd.
Series
2015-12A-ER2
9.921%
(3-Month
Term
SOFR
+
625
basis
points),
4/23/2037
1,2,4
500,000
491,767
Post
CLO
Ltd.
Series
2022-1A-DR
6.762%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2035
1,2,4
1,000,000
990,356
Series
2023-1A-A1R
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,4
1,000,000
998,700
Series
2023-1A-BR
5.368%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,4
1,000,000
1,000,610
Series
2024-2A-E
10.168%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,4
500,000
485,971
Series
2025-1A-E
9.110%
(3-Month
Term
SOFR
+
540
basis
points),
1/20/2039
1,2,4
500,000
493,730
Rad
CLO
Ltd.
Series
2021-15A-A1AR
5.028%
(3-Month
Term
SOFR
+
136
basis
points),
7/20/2040
1,2,4
1,000,000
1,002,434
Riserva
CLO
Ltd.
Series
2016-3A-AR3
4.718%
(3-Month
Term
SOFR
+
105
basis
points),
1/18/2034
1,2,4
2,000,000
2,001,322
Series
2016-3A-DRR
7.179%
(3-Month
Term
SOFR
+
351.2
basis
points),
1/18/2034
1,2,4
500,000
480,921
RR
Ltd.
Series
2022-21A-DR
9.522%
(3-Month
Term
SOFR
+
585
basis
points),
7/15/2039
1,2,4
500,000
482,345
Shackleton
CLO
Ltd.
Series
2015-7RA-ARR
4.772%
(3-Month
Term
SOFR
+
110
basis
points),
7/15/2031
1,2,4
113,497
113,611
Series
2019-14A-ERR
9.568%
(3-Month
Term
SOFR
+
590
basis
points),
7/20/2034
1,2,4
500,000
463,814
Signal
Peak
CLO
Ltd.
Series
2016-3A-D1R4
0.00%,
4/23/2039
1,2,6
1,000,000
1,000,000
Series
2017-4A-BR2
5.318%
(3-Month
Term
SOFR
+
165
basis
points),
10/26/2034
1,2,4
1,500,000
1,501,244
Silver
Point
CLO
Ltd.
Series
2025-9A-E
10.572%
(3-Month
Term
SOFR
+
690
basis
points),
3/31/2038
1,2,4
500,000
490,949
Trestles
CLO
Ltd.
Series
2025-8A-D1
6.668%
(3-Month
Term
SOFR
+
300
basis
points),
6/11/2035
1,2,4
750,000
750,031
Trinitas
CLO
Ltd.
Series
2019-10A-B1R2
5.372%
(3-Month
Term
SOFR
+
170
basis
points),
1/15/2035
1,2,4
1,000,000
993,376
Voya
CLO
Ltd.
Series
2017-3A-CRR
6.768%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2034
1,2,4
1,250,000
1,247,617
Whitebox
CLO
Ltd.
Series
2023-4A-ER
10.148%
(3-Month
Term
SOFR
+
648
basis
points),
4/20/2036
1,2,4
500,000
487,136
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
13
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Wind
River
CLO
Ltd.
Series
2021-4A-AR
4.900%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,4
1,000,000
$
1,000,302
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$91,452,082)
90,828,849
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
0.5%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
1,179,469
1,034,121
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$1,029,205)
1,034,121
CORPORATE
BONDS
—22.4%
AEROSPACE
&
DEFENSE
—
0.2%
Spirit
AeroSystems,
Inc.
4.600%,
6/15/2028
1
250,000
250,246
TransDigm,
Inc.
6.875%,
12/15/2030
1,2
200,000
205,059
455,305
AUTOMOBILE
COMPONENTS
—
0.1%
Cyprium
Corp.
/
Cyprium
Holdings
Luxembourg
SARL
6.125%,
4/15/2031
1,2
335,000
331,086
AUTOMOBILES
—
0.2%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
490,000
476,170
BEVERAGES
—
0.6%
Constellation
Brands,
Inc.
2.250%,
8/1/2031
1
130,000
114,712
Keurig
Dr.
Pepper,
Inc.
3.950%,
4/15/2029
1
470,000
460,550
Pernod
Ricard
International
Finance
LLC
1.250%,
4/1/2028
1,2
250,000
234,918
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.375%,
4/30/2029
1,2
575,000
559,116
1,369,296
BIOTECHNOLOGY
—
0.2%
Amgen,
Inc.
2.200%,
2/21/2027
1
300,000
294,598
Gilead
Sciences,
Inc.
2.950%,
3/1/2027
1
250,000
247,485
542,083
BROADLINE
RETAIL
—
0.4%
eBay,
Inc.
4.250%,
3/6/2029
1
350,000
348,225
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
14
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
BROADLINE
RETAIL
(Continued)
Match
Group
Holdings
II
LLC
4.625%,
6/1/2028
1,2
150,000
$
146,740
Match
Group
Holdings
II
LLC
4.125%,
8/1/2030
1,2
450,000
417,436
912,401
BUILDING
PRODUCTS
—
0.5%
Builders
FirstSource,
Inc.
5.000%,
3/1/2030
1,2
350,000
341,123
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/1/2028
1,2
350,000
347,579
Standard
Building
Solutions,
Inc.
6.500%,
8/15/2032
1,2
350,000
350,491
Standard
Industries,
Inc.
4.375%,
7/15/2030
1,2
100,000
94,317
1,133,510
CAPITAL
MARKETS
—
0.5%
Aretec
Group,
Inc.
10.000%,
8/15/2030
1,2
300,000
319,024
Jane
Street
Group
/
JSG
Finance,
Inc.
7.125%,
4/30/2031
1,2
100,000
102,857
S&P
Global,
Inc.
2.450%,
3/1/2027
1
325,000
319,912
VFH
Parent
LLC
/
Valor
Co-Issuer,
Inc.
7.500%,
6/15/2031
1,2
325,000
334,164
1,075,957
CHEMICALS
—
0.5%
Axalta
Coating
Systems
LLC
3.375%,
2/15/2029
1,2
625,000
591,810
HB
Fuller
Co.
4.250%,
10/15/2028
1
575,000
555,704
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
300,000
296,889
1,444,403
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.8%
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
SARL
4.625%,
6/1/2028
1,2
475,000
464,384
GFL
Environmental,
Inc.
4.000%,
8/1/2028
1,2
250,000
243,210
GFL
Environmental,
Inc.
6.750%,
1/15/2031
1,2
300,000
310,823
Reworld
Holding
Corp.
4.875%,
12/1/2029
1,2
350,000
328,444
Veralto
Corp.
5.500%,
9/18/2026
1
92,000
92,393
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
15
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
COMMERCIAL
SERVICES
&
SUPPLIES
(Continued)
VM
Consolidated,
Inc.
5.500%,
4/15/2029
1,2
475,000
$
459,894
1,899,148
CONSUMER
FINANCE
—
0.1%
American
Honda
Finance
Corp.
4.193%(Term
SOFR
+
55
basis
points),
5/21/2026
4
295,000
295,000
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.1%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
165,000
155,708
CONTAINERS
&
PACKAGING
—
0.3%
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
4.250%,
9/30/2026
1
100,000
99,686
Graphic
Packaging
International
LLC
3.750%,
2/1/2030
1,2
575,000
528,204
627,890
DISTRIBUTORS
—
0.3%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
395,000
387,861
Resideo
Funding,
Inc.
6.500%,
7/15/2032
1,2
400,000
394,611
782,472
DIVERSIFIED
REITS
—
0.3%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
375,000
371,202
Simon
Property
Group
LP
3.250%,
11/30/2026
1
275,000
273,822
645,024
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.6%
AT&T,
Inc.
1.650%,
2/1/2028
1
525,000
500,448
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.125%,
5/1/2027
1,2
62,000
61,971
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
345,000
345,161
Verizon
Communications,
Inc.
4.016%,
12/3/2029
1
250,000
246,632
Virgin
Media
Finance
plc
5.000%,
7/15/2030
1,2
175,000
143,597
1,297,809
ELECTRIC
UTILITIES
—
1.4%
AEP
Transmission
Co.
LLC
3.100%,
12/1/2026
1
125,000
124,069
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
16
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ELECTRIC
UTILITIES
(Continued)
Alpha
Generation
LLC
6.750%,
10/15/2032
1,2
575,000
$
583,834
Duke
Energy
Corp.
3.150%,
8/15/2027
1
275,000
270,968
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
1/15/2027
1
300,000
294,402
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
5/1/2027
1
175,000
173,517
NRG
Energy,
Inc.
4.734%,
10/15/2030
1,2
225,000
223,037
Southern
Co.
(The)
5.113%,
8/1/2027
175,000
176,575
Southern
Co.
(The)
4.850%,
6/15/2028
1
500,000
504,878
Vistra
Operations
Co.
LLC
4.300%,
7/15/2029
1,2
250,000
245,814
XPLR
Infrastructure
Operating
Partners
LP
8.375%,
1/15/2031
1,2
575,000
605,616
3,202,710
ELECTRICAL
EQUIPMENT
—
0.2%
Vertiv
Group
Corp.
4.125%,
11/15/2028
1,2
400,000
394,185
ENERGY
EQUIPMENT
&
SERVICES
—
0.2%
Star
Holding
LLC
8.750%,
8/1/2031
1,2
550,000
558,682
ENTERTAINMENT
—
0.1%
Netflix,
Inc.
4.875%,
4/15/2028
1
145,000
146,926
FINANCIAL
SERVICES
—
0.7%
Block,
Inc.
6.000%,
8/15/2033
1,2
521,000
512,932
Global
Payments,
Inc.
2.150%,
1/15/2027
1
250,000
245,521
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
6.750%,
8/15/2032
1,2
501,000
493,255
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
400,000
397,839
1,649,547
FOOD
PRODUCTS
—
0.5%
Campbell's
Co.
(The)
2.375%,
4/24/2030
1
100,000
89,849
Flowers
Foods,
Inc.
2.400%,
3/15/2031
1
310,000
262,315
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
17
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
FOOD
PRODUCTS
(Continued)
General
Mills,
Inc.
4.200%,
4/17/2028
1
275,000
$
273,650
Hormel
Foods
Corp.
1.800%,
6/11/2030
1
110,000
98,890
J.
M.
Smucker
Co.
(The)
2.375%,
3/15/2030
1
180,000
166,057
Mars,
Inc.
4.600%,
3/1/2028
1,2
300,000
301,928
1,192,689
GROUND
TRANSPORTATION
—
0.7%
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
325,000
320,024
CSX
Corp.
3.800%,
3/1/2028
1
700,000
693,991
NESCO
Holdings
II,
Inc.
5.500%,
4/15/2029
1,2
575,000
562,869
1,576,884
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
1.2%
Avantor
Funding,
Inc.
4.625%,
7/15/2028
1,2
400,000
390,645
Avantor
Funding,
Inc.
3.875%,
11/1/2029
1,2
50,000
46,946
Baxter
International,
Inc.
1.730%,
4/1/2031
1
485,000
406,365
Becton
Dickinson
&
Co.
3.700%,
6/6/2027
1
575,000
570,428
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
475,000
484,587
Medline
Borrower
LP
3.875%,
4/1/2029
1,2
575,000
556,555
Stryker
Corp.
4.850%,
12/8/2028
1
150,000
152,284
Zimmer
Biomet
Holdings,
Inc.
5.350%,
12/1/2028
1
175,000
179,045
2,786,855
HEALTH
CARE
PROVIDERS
&
SERVICES
—
0.7%
Global
Medical
Response,
Inc.
7.375%,
10/1/2032
1,2
255,000
265,020
HAH
Group
Holding
Co.
LLC
9.750%,
10/1/2031
1,2
250,000
219,239
HCA,
Inc.
4.500%,
2/15/2027
1
89,000
89,010
HCA,
Inc.
4.125%,
6/15/2029
1
125,000
123,300
Radiology
Partners,
Inc.
8.500%,
7/15/2032
1,2
375,000
380,670
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
18
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HEALTH
CARE
PROVIDERS
&
SERVICES
(Continued)
Surgery
Center
Holdings,
Inc.
7.250%,
4/15/2032
1,2
350,000
$
344,198
Universal
Health
Services,
Inc.
2.650%,
10/15/2030
1
150,000
135,112
1,556,549
HEALTH
CARE
TECHNOLOGY
—
0.2%
Raven
Acquisition
Holdings
LLC
6.875%,
11/15/2031
1,2
350,000
337,717
HOTELS,
RESTAURANTS
&
LEISURE
—
1.2%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
5.625%,
9/15/2029
1,2
233,000
233,799
Brightstar
Lottery
plc
5.250%,
1/15/2029
1,2
100,000
99,253
Brightstar
Lottery
plc
/
Brightstar
Global
Solutions
Corp.
5.750%,
1/15/2033
1,2
330,000
321,153
Churchill
Downs,
Inc.
5.750%,
4/1/2030
1,2
500,000
494,729
Light
&
Wonder
International,
Inc.
7.500%,
9/1/2031
1,2
550,000
564,779
Penn
Entertainment,
Inc.
4.125%,
7/1/2029
1,2
425,000
397,708
Scientific
Games
Holdings
LP
/
Scientific
Games
US
FinCo,
Inc.
6.625%,
3/1/2030
1,2
200,000
172,230
Starbucks
Corp.
4.850%,
2/8/2027
1
109,000
109,541
Starbucks
Corp.
4.000%,
11/15/2028
1
75,000
74,408
Wyndham
Hotels
&
Resorts,
Inc.
4.375%,
8/15/2028
1,2
225,000
219,925
2,687,525
HOUSEHOLD
PRODUCTS
—
0.4%
Clorox
Co.
(The)
4.400%,
5/1/2029
1
950,000
949,180
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
1.1%
Atlantica
Sustainable
Infrastructure
Ltd.
4.125%,
6/15/2028
1,2
405,000
393,637
Clearway
Energy
Operating
LLC
4.750%,
3/15/2028
1,2
462,000
456,083
Constellation
Energy
Generation
LLC
3.900%,
1/8/2028
475,000
471,405
Lightning
Power
LLC
7.250%,
8/15/2032
1,2
350,000
364,087
Talen
Energy
Supply
LLC
8.625%,
6/1/2030
1,2
675,000
708,437
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
19
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
(Continued)
Vistra
Corp.
8.000%,
10/15/2026
1,2,7
200,000
$
202,243
2,595,892
INSURANCE
—
0.4%
Alliant
Holdings
Intermediate
LLC
/
Alliant
Holdings
Co-Issuer
4.250%,
10/15/2027
1,2
150,000
147,121
AmWINS
Group,
Inc.
6.375%,
2/15/2029
1,2
550,000
553,529
Howden
UK
Refinance
plc
/
Howden
UK
Refinance
2
plc
/
Howden
US
Refinance
LLC
8.125%,
2/15/2032
1,2
275,000
257,913
958,563
IT
SERVICES
—
1.0%
Ahead
DB
Holdings
LLC
6.625%,
5/1/2028
1,2
475,000
465,152
Everforth,
Inc.
4.625%,
5/15/2028
1,2
325,000
314,921
Gartner,
Inc.
4.500%,
7/1/2028
1,2
100,000
98,347
Gartner,
Inc.
3.625%,
6/15/2029
1,2
345,000
324,665
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
3.500%,
3/1/2029
1,2
600,000
558,871
International
Business
Machines
Corp.
3.300%,
1/27/2027
1
325,000
322,950
Virtusa
Corp.
7.125%,
12/15/2028
1,2
175,000
134,961
2,219,867
MACHINERY
—
0.1%
Mueller
Water
Products,
Inc.
4.000%,
6/15/2029
1,2
193,000
186,074
Stanley
Black
&
Decker,
Inc.
2.300%,
3/15/2030
1
75,000
68,503
254,577
MEDIA
—
0.4%
EW
Scripps
Co.
(The)
9.875%,
8/15/2030
1,2
150,000
145,761
Fox
Corp.
4.709%,
1/25/2029
1
635,000
636,737
Nexstar
Media,
Inc.
5.625%,
7/15/2027
1,2
125,000
125,055
907,553
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
—
0.2%
Starwood
Property
Trust,
Inc.
5.250%,
10/15/2028
1,2
350,000
346,236
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
20
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
MULTI-UTILITIES
—
0.6%
Dominion
Energy,
Inc.
4.600%,
5/15/2028
1
250,000
$
250,827
Dominion
Energy,
Inc.
3.375%,
4/1/2030
1
350,000
334,291
DTE
Energy
Co.
4.950%,
7/1/2027
1
588,000
591,949
Public
Service
Enterprise
Group,
Inc.
5.200%,
4/1/2029
1
150,000
152,956
1,330,023
OIL,
GAS
&
CONSUMABLE
FUELS
—
2.0%
Cheniere
Energy
Partners
LP
4.000%,
3/1/2031
1
375,000
360,188
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
375,000
374,129
Energy
Transfer
LP
4.950%,
6/15/2028
1
150,000
151,569
Enterprise
Products
Operating
LLC
4.300%,
6/20/2028
1
225,000
225,343
Enterprise
Products
Operating
LLC
4.150%,
10/16/2028
1
475,000
474,146
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
8.875%,
4/15/2030
1
450,000
470,176
Kinetik
Holdings
LP
5.875%,
6/15/2030
1,2
600,000
602,558
NGL
Energy
Operating
LLC
/
NGL
Energy
Finance
Corp.
8.125%,
2/15/2029
1,2
450,000
463,861
NGPL
PipeCo
LLC
4.875%,
8/15/2027
1,2
250,000
250,560
Northriver
Midstream
Finance
LP
6.750%,
7/15/2032
1,2
600,000
602,188
TerraForm
Power
Operating
LLC
4.750%,
1/15/2030
1,2
550,000
527,065
4,501,783
PASSENGER
AIRLINES
—
0.1%
Air
Canada
3.875%,
8/15/2026
1,2
150,000
149,338
PERSONAL
CARE
PRODUCTS
—
0.3%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
300,000
297,173
Opal
Bidco
SAS
6.500%,
3/31/2032
1,2
450,000
450,706
747,879
PHARMACEUTICALS
—
0.3%
Merck
&
Co.,
Inc.
4.206%(Term
SOFR
+
57
basis
points),
3/15/2029
4
250,000
250,620
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
21
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
PHARMACEUTICALS
(Continued)
Zoetis,
Inc.
4.150%,
8/17/2028
1
175,000
$
174,487
Zoetis,
Inc.
3.900%,
8/20/2028
1
300,000
297,495
722,602
PROFESSIONAL
SERVICES
—
0.1%
CoreLogic,
Inc.
4.500%,
5/1/2028
1,2
225,000
211,439
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.7%
Entegris,
Inc.
4.750%,
4/15/2029
1,2
483,000
477,782
Kioxia
Holdings
Corp.
6.250%,
7/24/2030
1,2
592,000
602,081
ON
Semiconductor
Corp.
3.875%,
9/1/2028
1,2
561,000
541,661
1,621,524
SOFTWARE
—
0.8%
AppLovin
Corp.
5.125%,
12/1/2029
1
335,000
337,021
Atlassian
Corp.
5.250%,
5/15/2029
1
350,000
352,186
Crowdstrike
Holdings,
Inc.
3.000%,
2/15/2029
1
125,000
118,986
Fair
Isaac
Corp.
6.250%,
9/15/2034
1,2
255,000
251,019
UKG,
Inc.
6.875%,
2/1/2031
1,2
425,000
415,722
VMware
LLC
1.400%,
8/15/2026
1
113,000
111,824
Workday,
Inc.
3.800%,
4/1/2032
1
375,000
348,252
1,935,010
SPECIALIZED
REITS
—
0.4%
Iron
Mountain,
Inc.
5.000%,
7/15/2028
1,2
60,000
59,394
Iron
Mountain,
Inc.
4.875%,
9/15/2029
1,2
225,000
219,051
SBA
Communications
Corp.
3.125%,
2/1/2029
1
705,000
668,464
946,909
SPECIALTY
RETAIL
—
0.3%
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
550,000
543,580
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
22
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SPECIALTY
RETAIL
(Continued)
Lowe's
Cos.,
Inc.
1.300%,
4/15/2028
1
250,000
$
235,607
779,187
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.2%
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/1/2029
1
300,000
306,235
Hewlett
Packard
Enterprise
Co.
4.400%,
9/25/2027
1
250,000
249,712
555,947
TRADING
COMPANIES
&
DISTRIBUTORS
—
0.2%
United
Rentals
North
America,
Inc.
5.375%,
11/15/2033
1,2
500,000
486,715
TOTAL
CORPORATE
BONDS
(Cost
$52,120,691)
51,753,755
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
—
2.9%
BRAVO
Residential
Funding
Trust
Series
2026-NQM3-A1
,
4.985%
,
11/25/2065
1,2,6
645,000
642,001
EFMT
Series
2026-NQM4-A1
,
5.466%
,
4/25/2071
1,2,6
1,000,000
1,003,943
Flagstar
Mortgage
Trust
Series
2021-2-A6
,
2.500%
,
4/25/2051
1,2,6
203,238
182,768
GS
Mortgage-Backed
Securities
Trust
Series
2025-PJ11-A27
,
5.012%
(30-Day
Term
SOFR
Average
+
135
basis
points,
7.00%
Cap),
5/25/2056
1,2,4
191,028
191,713
J.P.
Morgan
Mortgage
Trust
Series
2026-NQX1-A1
,
5.500%
,
7/25/2066
1,2,6
1,000,000
1,003,689
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2026-NQM3-A1
,
5.209%
,
3/25/2071
1,2,6
515,000
514,803
OBX
Trust
Series
2026-J1-AF
,
5.012%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
2/25/2056
1,2,4
496,745
495,703
PMT
Loan
Trust
Series
2026-INV4-A2
,
1.000%
,
3/25/2057
1,2,6
350,000
350,252
Series
2026-INV4-A38
,
5.258%
(30-Day
Term
SOFR
Average
+
160
basis
points,
6.00%
Cap),
3/25/2057
1,2,4
800,000
798,119
Series
2026-J2-A24
,
5.012%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
3/25/2057
1,2,4
975,000
972,490
Sequoia
Mortgage
Trust
Series
2021-4-A4
,
2.500%
,
6/25/2051
1,2,6
200,705
180,707
Series
2025-12-A26F
,
5.212%
(30-Day
Term
SOFR
Average
+
155
basis
points,
6.50%
Cap),
12/25/2055
1,2,4
294,769
296,753
TOTAL
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$6,623,783)
6,632,941
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
23
Principal
Amount
Value
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—3.1%
United
States
Treasury
Notes
—
3.1%
U.S.
Treasury
Notes
3.500%,
1/31/2028
4,475,000
$
4,449,828
U.S.
Treasury
Notes
4.000%,
1/31/2029
2,775,000
2,787,954
7,237,782
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$7,241,727)
7,237,782
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
25.9%
Money
Market
Funds
—
17.1%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.55%
8
39,661,206
39,661,206
Principal
Amount
United
States
Treasury
Bills
—
8.8%
U.S.
Treasury
Bills,
3.210%,
4/9/2026
9
4,000,000
3,996,795
U.S.
Treasury
Bills,
3.400%,
4/16/2026
9
2,500,000
2,496,228
U.S.
Treasury
Bills,
3.550%,
5/12/2026
9
1,000,000
995,875
U.S.
Treasury
Bills,
3.570%,
5/21/2026
9
1,500,000
1,492,453
U.S.
Treasury
Bills,
3.570%,
6/4/2026
9
3,000,000
2,980,760
U.S.
Treasury
Bills,
3.570%,
6/11/2026
9
1,500,000
1,489,374
U.S.
Treasury
Bills,
3.560%,
6/23/2026
9
5,000,000
4,958,840
U.S.
Treasury
Bills,
3.600%,
7/21/2026
9
2,000,000
1,977,831
20,388,156
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$60,048,865)
60,049,362
TOTAL
INVESTMENTS
—
106.1%
(Cost
$246,690,137)
245,545,947
Liabilities
in
Excess
of
Other
Assets
—
(6.1)%
(14,047,455)
TOTAL
NET
ASSETS
—
100.0%
$
231,498,492
1
Callable.
2
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
$133,530,340
which
represents
57.68%
of
total
net
assets
of
the
Fund.
3
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.
4
Floating
rate
security.
5
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
24
6
Variable
rate
security.
7
Perpetual
security.
Maturity
date
represents
next
call
date.
8
The
rate
is
the
annualized
seven-day
yield
at
period
end.
9
The
rate
shown
represents
the
yield
at
period
end.
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
As
of
March
31,
2026
(Unaudited)
1
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
7.4%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
1,910,000
$
1,909,473
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
2,904,577
2,917,475
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
1,665,000
1,664,824
BofA
Auto
Trust
Series
2024-1A-A3
,
5.350%
,
11/15/2028
1,2
296,164
298,196
Chase
Auto
Owner
Trust
Series
2024-5A-A2
,
4.400%
,
11/26/2027
1,2
1,258
1,258
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
2,630,000
2,628,135
Dell
Equipment
Finance
Trust
Series
2024-1-A3
,
5.390%
,
3/22/2030
1,2
2,848,303
2,862,130
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
2,348,137
2,368,919
Ford
Credit
Auto
Owner
Trust
Series
2024-D-A2A
,
4.590%
,
10/15/2027
1
323,819
324,159
GM
Financial
Automobile
Leasing
Trust
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
831,001
832,335
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
1,251,589
1,252,781
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
382,965
383,429
Series
2025-3-A2A
,
4.320%
,
6/16/2028
1
1,324,899
1,327,403
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
1,943,179
1,953,390
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
1,131,919
1,132,882
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
1,270,252
1,272,979
Series
2025-B-A3
,
4.530%
,
4/17/2028
1,2
4,395,000
4,413,627
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
968,912
970,781
John
Deere
Owner
Trust
Series
2022-C-A3
,
5.090%
,
6/15/2027
1
163,469
163,624
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
4,290,462
4,316,871
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
835,956
836,977
Series
2025-B-A2A
,
4.280%
,
7/17/2028
1
1,748,457
1,750,220
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
2,158,835
2,172,498
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
1,660,000
1,663,987
Porsche
Financial
Auto
Securitization
Trust
Series
2024-1A-A3
,
4.440%
,
1/22/2030
1,2
4,354,946
4,364,175
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
2,199,926
2,209,879
Tesla
Auto
Lease
Trust
Series
2024-A-A4
,
5.310%
,
12/20/2027
1,2
1,750,000
1,756,881
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
1,008,162
1,009,290
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
2
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
Toyota
Lease
Owner
Trust
Series
2024-A-A3
,
5.250%
,
4/20/2027
1,2
568,984
$
569,461
US
Bank
C&I
Credit-Linked
Notes
Series
2025-SUP2-B1
,
4.818%
,
9/25/2032
1,2
2,467,668
2,480,392
Series
2025-SUP2-C
,
5.562%
(30-Day
Term
SOFR
Average
+
190
basis
points),
9/25/2032
1,2,3
3,701,502
3,729,841
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
657,038
657,955
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
5,920,000
5,980,536
Volkswagen
Auto
Lease
Trust
Series
2026-A-A3
,
4.170%
,
3/20/2029
1
3,355,000
3,350,512
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
1,011,977
1,013,774
Volvo
Financial
Equipment
LLC
Series
2025-2A-A2
,
3.960%
,
6/15/2028
1,2
1,790,000
1,789,184
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$68,268,777)
68,330,233
BANK
LOANS
—
6.8%
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
Term
Loan
5.918%
(3-Month
Term
SOFR
+
225
basis
points),
4/20/2028
1,3,4
831,872
825,633
Amentum
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan
5.668%
(1-Month
Term
SOFR
+
200
basis
points),
9/29/2031
1,3,4
1,495,298
1,497,481
Astoria
Energy
LLC,
First
Lien,
Advance
Term
Loan,
B
5.929%
(1-Month
Term
SOFR
+
225
basis
points;
3-Month
Term
SOFR
+
225
basis
points),
6/23/2032
1,3,4
1,608,995
1,613,902
Avantor
Funding,
Inc.,
First
Lien,
Incremental
EUR
Term
Loan,
B6
4.392%
(1-Month
Term
SOFR
+
250
basis
points),
10/11/2032
3,4
1,375,000
1,595,961
Citco
Funding
LLC,
First
Lien,
2026
Term
Loan
5.667%
(3-Month
Term
SOFR
+
200
basis
points),
1/31/2033
3,4
329,175
328,339
Clarios
Global
LP,
First
Lien,
2024
Dollar
Term
Loan
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
5/6/2030
1,3,4
1,496,212
1,493,407
Core
&
Main
LP,
First
Lien,
Term
Loan,
D
5.676%
(1-Month
Term
SOFR
+
200
basis
points),
7/27/2028
1,3,4
1,478,144
1,480,923
Cornerstone
Generation
LLC,
First
Lien,
Term
Loan,
B
5.917%
(3-Month
Term
SOFR
+
225
basis
points),
8/11/2032
1,3,4
997,494
999,633
Corpay
Technologies
Operating
Co.
LLC,
First
Lien,
Term
Loan,
B4
5.418%
(1-Month
Term
SOFR
+
175
basis
points),
4/28/2028
1,3,4
1,954,962
1,955,979
CPV
Fairview
LLC,
First
Lien,
Term
Loan,
B
6.200%
(3-Month
Term
SOFR
+
250
basis
points),
8/14/2031
1,3,4
994,066
991,580
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Term
Loan,
B
6.700%
(3-Month
Term
SOFR
+
300
basis
points),
10/3/2031
1,3,4
1,279,375
1,283,475
EVERTEC
Group
LLC,
First
Lien,
Term
Loan,
B
5.918%
(1-Month
Term
SOFR
+
225
basis
points),
10/30/2030
3,4
1,500,000
1,498,598
Flutter
Financing
BV,
First
Lien,
2024
Refinancing
Term
Loan,
B
5.422%
(3-Month
Term
SOFR
+
175
basis
points),
12/2/2030
1,3,4
1,661,750
1,647,625
Froneri
International
Ltd.,
First
Lien,
Term
Loan,
B4
5.877%
(6-Month
Term
SOFR
+
225
basis
points),
9/30/2031
1,3,4
1,469,651
1,442,786
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
3
Principal
Amount
Value
BANK
LOANS
(Continued)
Gates
Corp.,
First
Lien,
Initial
Dollar
Term
Loan,
B5
5.423%
(1-Month
Term
SOFR
+
175
basis
points),
6/4/2031
1,3,4
1,571,013
$
1,571,115
GIP
Pilot
Acquisition
Partners
LP,
First
Lien,
Initial
Term
Loan
5.646%
(3-Month
Term
SOFR
+
200
basis
points),
10/4/2030
1,3,4
1,650,000
1,654,125
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B2
6.175%
(1-Month
Term
SOFR
+
250
basis
points),
3/18/2030
3,4
1,949,857
1,944,173
Hunterstown
Generation
LLC,
First
Lien,
Term
Loan
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
11/6/2031
1,3,4
1,871,020
1,874,921
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
5.918%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
1,346,817
1,320,447
Iron
Mountain,
Inc.,
First
Lien,
Amendment
No.
1
Incremental
Term
Loan,
B
5.668%
(1-Month
Term
SOFR
+
200
basis
points),
1/31/2031
1,3,4
987,374
983,365
Jane
Street
Group
LLC,
First
Lien,
Extended
Term
Loan,
B
5.673%
(3-Month
Term
SOFR
+
200
basis
points),
12/15/2031
1,3,4
1,496,053
1,470,552
Janus
Henderson
US
Holdings,
Inc.,
First
Lien,
Term
Loan
0.00%,
2/21/2033
3,4
1,625,000
1,625,000
Koppers,
Inc.,
First
Lien,
2023
Term
Loan,
B2
6.180%
(1-Month
Term
SOFR
+
250
basis
points),
4/10/2030
3,4
989,975
988,737
Lackawanna
Energy
Center
LLC,
First
Lien,
Term
Loan,
B
6.419%
(1-Month
Term
SOFR
+
275
basis
points),
7/23/2032
3,4
1,512,927
1,517,337
Light
&
Wonder
International,
Inc.,
First
Lien,
Term
Loan,
B3
5.675%
(1-Month
Term
SOFR
+
200
basis
points),
4/16/2029
3,4
1,484,962
1,486,819
MIWD
Holdco
II
LLC,
First
Lien,
2024
Incremental
Term
Loan
6.423%
(1-Month
Term
SOFR
+
275
basis
points),
3/28/2031
1,3,4
1,793,199
1,657,956
Nexstar
Media,
Inc.,
First
Lien,
Term
Loan,
B7
6.224%
(12-Month
Term
SOFR
+
275
basis
points),
3/18/2033
3,4
1,400,000
1,386,000
PCI
Gaming
Authority,
First
Lien,
Term
Loan,
B
5.668%
(1-Month
Term
SOFR
+
200
basis
points),
7/18/2031
1,3,4
1,477,444
1,479,024
Peer
Holding
III
BV,
First
Lien,
Term
Loan,
B5
6.200%
(3-Month
Term
SOFR
+
250
basis
points),
7/1/2031
1,3,4
987,500
986,730
Penn
Entertainment,
Inc.,
First
Lien,
Term
Loan,
B
6.173%
(1-Month
Term
SOFR
+
250
basis
points),
5/3/2029
1,3,4
1,496,114
1,501,926
Plastipak
Packaging,
Inc.,
First
Lien,
Term
Loan,
B
6.168%
(1-Month
Term
SOFR
+
250
basis
points),
9/24/2032
1,3,4
2,144,612
2,124,956
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B2
5.918%
(1-Month
Term
SOFR
+
225
basis
points),
3/19/2029
1,3,4
498,728
498,870
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
5.923%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
1,3,4
1,485,000
1,484,072
Resideo
Funding,
Inc.,
First
Lien,
Sixth
Amendment
Term
Loan
5.674%
(3-Month
Term
SOFR
+
200
basis
points),
8/13/2032
1,3,4
1,496,241
1,494,370
Ryan
Specialty
LLC,
First
Lien,
Term
Loan,
B1
5.668%
(1-Month
Term
SOFR
+
200
basis
points),
9/15/2031
1,3,4
1,728,125
1,728,125
Sazerac
Co.,
Inc.,
First
Lien,
Term
Loan,
B2
5.670%
(1-Month
Term
SOFR
+
200
basis
points),
7/9/2032
3,4
1,745,625
1,746,716
SS&C
Technologies,
Inc.,
First
Lien,
Term
Loan,
B8
5.673%
(1-Month
Term
SOFR
+
200
basis
points),
5/9/2031
1,3,4
1,575,000
1,571,748
Stonepeak
Nile
Parent
LLC,
First
Lien,
Amendment
No.
1
Term
Loan
5.917%
(3-Month
Term
SOFR
+
225
basis
points),
4/9/2032
1,3,4
997,708
997,349
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
4
Principal
Amount
Value
BANK
LOANS
(Continued)
Talen
Energy
Supply
LLC,
First
Lien,
2024-1
Incremental
Term
Loan,
B
6.153%
(3-Month
Term
SOFR
+
250
basis
points),
12/15/2031
3,4
2,643,308
$
2,651,291
Trans
Union
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B9
5.450%
(3-Month
Term
SOFR
+
175
basis
points),
6/24/2031
1,3,4
1,481,250
1,475,606
TransDigm,
Inc.,
First
Lien,
Term
Loan,
K
5.923%
(1-Month
Term
SOFR
+
225
basis
points),
3/22/2030
1,3,4
1,984,975
1,987,228
WEX,
Inc.,
First
Lien,
Term
Loan,
B2
5.423%
(1-Month
Term
SOFR
+
175
basis
points),
4/3/2028
1,3,4
1,984,887
1,978,694
Zegona
Holdco
Ltd.,
First
Lien,
Additional
Term
Loan,
B3
4.391%
(6-Month
Term
SOFR
+
225
basis
points),
7/17/2029
3,4
750,000
867,247
TOTAL
BANK
LOANS
(Cost
$63,034,585)
62,709,821
COLLATERALIZED
LOAN
OBLIGATIONS
—
31.3%
522
Funding
CLO
Ltd.
Series
2019-5A-ER
10.432%
(3-Month
Term
SOFR
+
676
basis
points),
4/15/2035
1,2,3
1,500,000
1,356,275
720
East
CLO
Ltd.
Series
2023-2A-D1R
6.422%
(3-Month
Term
SOFR
+
275
basis
points),
10/15/2038
1,2,3
1,250,000
1,235,778
Series
2023-2A-ER
9.172%
(3-Month
Term
SOFR
+
550
basis
points),
10/15/2038
1,2,3
1,125,000
1,085,804
Anchorage
Credit
Funding
Ltd.
Series
2016-3A-BR
3.471%
,
1/28/2039
1,2
2,000,000
1,911,368
Annisa
CLO
Ltd.
Series
2016-2A-DRR
6.468%
(3-Month
Term
SOFR
+
280
basis
points),
7/20/2031
1,2,3
1,500,000
1,503,909
Apidos
CLO
Ltd.
Series
2015-23A-ARR
4.722%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2033
1,2,3
3,665,896
3,666,478
Series
2017-28A-C1R
6.518%
(3-Month
Term
SOFR
+
285
basis
points),
10/20/2038
1,2,3
1,750,000
1,741,495
Series
XXXA-CR
6.668%
(3-Month
Term
SOFR
+
300
basis
points),
10/18/2031
1,2,3
1,500,000
1,503,905
Ares
CLO
Ltd.
Series
2015-2A-A1R4
4.958%
(3-Month
Term
SOFR
+
129
basis
points),
7/17/2038
1,2,3
3,800,000
3,793,397
Series
2016-39A-AR3
5.088%
(3-Month
Term
SOFR
+
142
basis
points),
7/18/2037
1,2,3
3,750,000
3,759,695
Arini
US
CLO
Ltd.
Series
5A-D
0.00%,
4/15/2039
1,2,5,6
1,000,000
1,000,000
Avoca
CLO
DAC
Series
32X-C
4.016%
(3-Month
EURIBOR
+
200
basis
points),
4/15/2039
1,3
1,500,000
1,730,009
Bain
Capital
Credit
CLO
Ltd.
Series
2018-2A-DR
6.618%
(3-Month
Term
SOFR
+
295
basis
points),
7/19/2031
1,2,3
1,500,000
1,503,906
Series
2019-1A-AR3
4.644%
(3-Month
Term
SOFR
+
98
basis
points),
4/19/2034
1,2,3
2,000,000
1,998,777
Series
2023-1A-D1R
6.871%
(3-Month
Term
SOFR
+
320
basis
points),
7/16/2038
1,2,3
1,250,000
1,244,421
Series
2024-1A-D1R
7.431%
(3-Month
Term
SOFR
+
375
basis
points),
4/16/2039
1,2,3
1,500,000
1,499,955
Ballyrock
CLO
Ltd.
Series
2019-2A-C1R3
6.368%
(3-Month
Term
SOFR
+
270
basis
points),
10/25/2038
1,2,3
1,000,000
985,383
Series
2019-2A-C2R3
7.618%
(3-Month
Term
SOFR
+
395
basis
points),
10/25/2038
1,2,3
500,000
490,991
Series
2021-17A-C1R
6.368%
(3-Month
Term
SOFR
+
270
basis
points),
10/20/2038
1,2,3
1,500,000
1,478,213
Series
2021-17A-C2R
7.618%
(3-Month
Term
SOFR
+
395
basis
points),
10/20/2038
1,2,3
500,000
491,046
Series
2021-17A-DR
9.768%
(3-Month
Term
SOFR
+
610
basis
points),
10/20/2038
1,2,3
1,000,000
952,180
Barings
CLO
Ltd.
Series
2025-7A-C
5.478%
(3-Month
Term
SOFR
+
175
basis
points),
1/15/2038
1,2,3
1,000,000
998,709
Series
2025-7A-D1
6.428%
(3-Month
Term
SOFR
+
270
basis
points),
1/15/2038
1,2,3
1,000,000
988,092
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
5
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Barings
Euro
CLO
Series
2015-1X-DRR
5.680%
(3-Month
EURIBOR
+
365
basis
points),
7/25/2035
1,3
3,500,000
$
4,003,400
Barings
Loan
Partners
CLO
Ltd.
Series
LP-5A-A
4.888%
(3-Month
Term
SOFR
+
122
basis
points),
1/20/2035
1,2,3
2,500,000
2,500,720
Battalion
CLO
Ltd.
Series
2016-10A-CR2
7.380%
(3-Month
Term
SOFR
+
371.2
basis
points),
1/24/2035
1,2,3
2,000,000
1,892,431
Series
2020-15A-A1RR
4.648%
(3-Month
Term
SOFR
+
98
basis
points),
1/17/2033
1,2,3
1,077,763
1,075,293
Benefit
Street
Partners
CLO
Ltd.
Series
2014-IVA-AR5
4.918%
(3-Month
Term
SOFR
+
125
basis
points),
10/20/2038
1,2,3
2,500,000
2,497,973
Series
2019-17A-D1R2
6.822%
(3-Month
Term
SOFR
+
315
basis
points),
10/15/2037
1,2,3
1,000,000
996,089
Series
2022-27A-D1R
6.818%
(3-Month
Term
SOFR
+
315
basis
points),
10/20/2037
1,2,3
1,250,000
1,241,419
Series
2026-47A-A
4.861%
(3-Month
Term
SOFR
+
119
basis
points),
4/15/2039
1,2,3
2,500,000
2,497,677
Series
2026-49A-D1
0.00%,
4/18/2039
1,2,5,6
1,000,000
1,000,000
BlueMountain
CLO
Ltd.
Series
2015-3A-A2R
5.429%
(3-Month
Term
SOFR
+
176.2
basis
points),
4/20/2031
1,2,3
2,000,000
2,003,868
Series
2020-29A-D2R
8.180%
(3-Month
Term
SOFR
+
451.2
basis
points),
7/25/2034
1,2,3
1,750,000
1,725,213
Bryant
Park
Funding
Ltd.
Series
2021-17RA-ER
10.598%
(3-Month
Term
SOFR
+
693
basis
points),
1/20/2038
1,2,3
1,000,000
955,381
Series
2024-23A-E
10.383%
(3-Month
Term
SOFR
+
673
basis
points),
5/15/2037
1,2,3
1,000,000
958,619
Carlyle
US
CLO
Ltd.
Series
2018-4A-D2R
8.368%
(3-Month
Term
SOFR
+
470
basis
points),
10/17/2037
1,2,3
1,000,000
984,769
Series
2022-1A-DR
6.922%
(3-Month
Term
SOFR
+
325
basis
points),
4/15/2035
1,2,3
1,000,000
994,538
Series
2026-2A-D
0.00%,
4/20/2039
1,2,5,6
1,000,000
1,000,000
Series
2026-2A-E
0.00%,
4/20/2039
1,2,5,6
1,000,000
1,000,001
CarVal
CLO
Ltd.
Series
2019-1A-AR2
4.688%
(3-Month
Term
SOFR
+
102
basis
points),
4/20/2032
1,2,3
1,675,007
1,674,167
CBAMR
Ltd.
Series
2017-4A-BR
5.472%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,3
1,000,000
1,002,454
Cedar
Funding
CLO
Ltd.
Series
2014-4A-DR3
6.971%
(3-Month
Term
SOFR
+
330
basis
points),
1/23/2038
1,2,3
625,000
613,294
Series
2024-19A-A1
5.001%
(3-Month
Term
SOFR
+
133
basis
points),
1/23/2038
1,2,3
1,000,000
1,000,749
CIFC
Funding
Ltd.
Series
2019-1A-A1R2
5.028%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
3,900,000
3,902,991
Series
2020-2A-D2R2
7.570%
(3-Month
Term
SOFR
+
390
basis
points),
4/16/2039
1,2,3
1,375,000
1,358,773
CreekSource
Dunes
Creek
CLO
Ltd.
Series
2024-1A-D
6.772%
(3-Month
Term
SOFR
+
310
basis
points),
1/15/2038
1,2,3
1,250,000
1,252,389
CVC
Cordatus
Loan
Fund
DAC
Series
36X-B
4.063%
(3-Month
EURIBOR
+
200
basis
points),
10/20/2038
1,3
1,750,000
2,024,092
Dartry
Park
CLO
DAC
Series
1X-CRR
5.388%
(3-Month
EURIBOR
+
335
basis
points),
1/28/2034
1,3
2,250,000
2,599,312
Dryden
CLO
Ltd.
Series
2019-75A-AR3
4.712%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,3
5,000,000
5,001,847
Series
2019-80A-BRR
5.168%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,3
2,000,000
2,003,713
Series
2020-86A-DR
7.129%
(3-Month
Term
SOFR
+
346.2
basis
points),
7/17/2034
1,2,3
1,000,000
978,500
Series
2026-114A-D1
0.00%,
4/20/2039
1,2,6
1,500,000
1,500,000
Dryden
Euro
CLO
DAC
Series
2021-103X-B2R
5.150%
,
1/19/2038
1
2,000,000
2,310,069
Series
2024-124X-B2
5.100%
,
12/20/2037
1
2,500,000
2,886,117
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
6
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Dryden
Senior
Loan
Fund
Series
2015-41A-DR
6.534%
(3-Month
Term
SOFR
+
286.2
basis
points),
4/15/2031
1,2,3
1,000,000
$
1,002,607
Series
2017-49A-DR
7.329%
(3-Month
Term
SOFR
+
366.2
basis
points),
7/18/2030
1,2,3
1,500,000
1,503,889
Eaton
Vance
CLO
Ltd.
Series
2013-1A-D1R4
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2038
1,2,3
1,000,000
995,481
Series
2015-1A-DR
6.429%
(3-Month
Term
SOFR
+
276.2
basis
points),
1/20/2030
1,2,3
1,500,000
1,503,911
Series
2020-2A-ER2
10.172%
(3-Month
Term
SOFR
+
650
basis
points),
10/15/2037
1,2,3
1,000,000
916,907
Elevation
CLO
Ltd.
Series
2018-10A-AR
4.588%
(3-Month
Term
SOFR
+
92
basis
points),
10/20/2031
1,2,3
2,516
2,516
Elmwood
CLO
Ltd.
Series
2019-3A-A1RR
5.048%
(3-Month
Term
SOFR
+
138
basis
points),
7/18/2037
1,2,3
1,750,000
1,751,378
Series
2020-3A-ARR
5.048%
(3-Month
Term
SOFR
+
138
basis
points),
7/18/2037
1,2,3
5,000,000
5,005,005
Series
2020-4A-D1RR
6.768%
(3-Month
Term
SOFR
+
310
basis
points),
10/17/2037
1,2,3
1,240,000
1,227,699
Series
2021-2A-D1R
6.318%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,3
1,000,000
985,586
Series
2021-3A-DR2
6.718%
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,3
1,500,000
1,493,118
Series
2022-1A-BR
5.368%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,3
2,000,000
2,001,195
Series
2022-6A-D1R2
6.368%
(3-Month
Term
SOFR
+
270
basis
points),
10/17/2038
1,2,3
1,500,000
1,478,016
Empower
CLO
Ltd.
Series
2022-1A-A1R
5.058%
(3-Month
Term
SOFR
+
139
basis
points),
10/20/2037
1,2,3
2,000,000
2,001,542
Series
2023-2A-AR
4.992%
(3-Month
Term
SOFR
+
132
basis
points),
10/15/2038
1,2,3
2,000,000
2,003,920
Series
2023-3A-AR
4.905%
(3-Month
Term
SOFR
+
124
basis
points),
1/20/2039
1,2,3
3,000,000
2,998,818
Series
2023-3A-D1R
6.515%
(3-Month
Term
SOFR
+
285
basis
points),
1/20/2039
1,2,3
2,000,000
1,976,325
Series
2023-3A-ER
9.315%
(3-Month
Term
SOFR
+
565
basis
points),
1/20/2039
1,2,3
1,000,000
964,149
Series
2025-1A-A
4.978%
(3-Month
Term
SOFR
+
131
basis
points),
7/20/2038
1,2,3
2,750,000
2,746,621
Series
2025-1A-D1
6.618%
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2038
1,2,3
1,000,000
998,532
Flatiron
CLO
Ltd.
Series
2020-1A-ER2
8.906%
(3-Month
Term
SOFR
+
525
basis
points),
11/20/2038
1,2,3
1,500,000
1,437,537
Galaxy
CLO
Ltd.
Series
2023-32A-ER
9.523%
(3-Month
Term
SOFR
+
585
basis
points),
1/20/2039
1,2,3
1,000,000
956,502
Golub
Capital
CLO
Ltd.
Series
2026-88A-D1
0.00%,
4/17/2039
1,2,5,6
2,000,000
2,000,000
Golub
Capital
Partners
CLO
Ltd.
Series
2024-74A-A
5.168%
(3-Month
Term
SOFR
+
150
basis
points),
7/25/2037
1,2,3
2,000,000
2,005,307
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,3
1,000,000
1,000,164
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.781%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,3
2,000,000
1,996,684
Series
2026-1A-D1A
0.00%,
4/15/2039
1,2,5,6
1,500,000
1,500,000
KKR
CLO
Ltd.
Series
18-A1R2
4.718%
(3-Month
Term
SOFR
+
105
basis
points),
10/18/2035
1,2,3
1,165,152
1,164,474
Series
40A-AR
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2034
1,2,3
3,000,000
3,003,403
KKR
Financial
CLO
Ltd.
Series
2013-1A-D1R3
7.085%
(3-Month
Term
SOFR
+
325
basis
points),
10/15/2038
1,2,3
1,000,000
998,480
Menlo
CLO
Ltd.
Series
2024-1A-D1
6.918%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,3
1,500,000
1,502,887
Series
2025-3A-A
5.194%
(3-Month
Term
SOFR
+
130
basis
points),
10/16/2038
1,2,3
3,500,000
3,494,991
Mountain
View
CLO
Ltd.
Series
2019-1A-DR
7.874%
(3-Month
Term
SOFR
+
420.2
basis
points),
10/15/2034
1,2,3
1,500,000
1,490,830
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
7
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Neuberger
Berman
CLO
Ltd.
Series
2016-22A-ER2
10.498%
(3-Month
Term
SOFR
+
683
basis
points),
4/15/2038
1,2,3
1,000,000
$
1,000,000
Series
2017-16SA-D1R2
6.372%
(3-Month
Term
SOFR
+
270
basis
points),
4/15/2039
1,2,3
1,000,000
986,219
Neuberger
Berman
Loan
Advisers
CLO
Ltd.
Series
2018-28A-D1R
6.868%
(3-Month
Term
SOFR
+
320
basis
points),
10/20/2038
1,2,3
1,000,000
996,103
Series
2019-33A-AR2
4.891%
(3-Month
Term
SOFR
+
122
basis
points),
4/16/2039
1,2,3
1,000,000
998,250
New
Mountain
CLO
Ltd.
Series
CLO-4A-BR
5.718%
(3-Month
Term
SOFR
+
205
basis
points),
3/20/2038
1,2,3
1,000,000
1,003,537
Series
CLO-6A-D1
6.768%
(3-Month
Term
SOFR
+
310
basis
points),
10/15/2037
1,2,3
1,750,000
1,748,347
Series
CLO-9A-D1
6.509%
(3-Month
Term
SOFR
+
280
basis
points),
4/22/2039
1,2,3
2,000,000
1,987,008
Series
CLO-9A-E
9.009%
(3-Month
Term
SOFR
+
530
basis
points),
4/22/2039
1,2,3
1,000,000
967,998
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.264%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,3
2,000,000
2,002,834
OCP
CLO
Ltd.
Series
2017-13A-AR2
5.010%
(3-Month
Term
SOFR
+
134
basis
points),
11/26/2037
1,2,3
3,500,000
3,499,827
Series
2017-14A-A1R
5.038%
(3-Month
Term
SOFR
+
137
basis
points),
7/20/2037
1,2,3
3,000,000
3,002,354
Series
2020-18A-ER2
9.918%
(3-Month
Term
SOFR
+
625
basis
points),
7/20/2037
1,2,3
1,000,000
969,579
Series
2022-25A-A1R
5.088%
(3-Month
Term
SOFR
+
142
basis
points),
7/20/2037
1,2,3
4,000,000
4,005,532
Series
2024-32A-D2
9.050%
,
4/23/2037
1,2
1,500,000
1,494,927
Series
2024-32A-E
10.431%
(3-Month
Term
SOFR
+
676
basis
points),
4/23/2037
1,2,3
895,000
869,271
OCP
Euro
CLO
DAC
Series
2023-8X-BR
4.028%
(3-Month
EURIBOR
+
190
basis
points),
1/20/2040
1,3
3,000,000
3,460,932
Series
2023-8X-DR
5.428%
(3-Month
EURIBOR
+
330
basis
points),
1/20/2040
1,3
1,000,000
1,145,047
OCP
Euro
DAC
Series
2025-12A-B2
4.700%
,
1/20/2038
1,2
1,500,000
1,709,591
Octagon
Investment
Partners
Ltd.
Series
2014-1A-DRR
6.681%
(3-Month
Term
SOFR
+
301.2
basis
points),
1/22/2030
1,2,3
750,000
751,952
Series
2019-1A-D1R
6.681%
(3-Month
Term
SOFR
+
285
basis
points),
10/15/2038
1,2,3
500,000
497,595
Octagon
Ltd.
Series
2021-1A-AR
4.742%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,3
5,000,000
5,004,088
Series
2021-1A-D
7.034%
(3-Month
Term
SOFR
+
336.2
basis
points),
10/15/2034
1,2,3
1,000,000
955,700
Series
2022-1A-D
7.353%
(3-Month
Term
SOFR
+
370
basis
points),
5/15/2035
1,2,3
1,000,000
968,058
OHA
Credit
Funding
Ltd.
Series
2022-11A-B1R
5.268%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,3
1,000,000
1,001,344
OZLM
Ltd.
Series
2014-6A-CT
6.568%
(3-Month
Term
SOFR
+
290
basis
points),
4/17/2031
1,2,3
2,000,000
2,005,215
Penta
CLO
DAC
Series
2017-3X-CRR
4.026%
(3-Month
EURIBOR
+
200
basis
points),
10/17/2038
1,3
1,500,000
1,730,045
Post
CLO
Ltd.
Series
2018-1A-D1R
7.071%
(3-Month
Term
SOFR
+
340
basis
points),
10/16/2037
1,2,3
1,000,000
993,230
Series
2021-1A-DR
6.672%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2034
1,2,3
1,250,000
1,235,627
Series
2022-1A-AR
4.762%
(3-Month
Term
SOFR
+
110
basis
points),
4/20/2035
1,2,3
3,500,000
3,500,774
Series
2022-1A-DR
6.762%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2035
1,2,3
1,000,000
990,356
Series
2023-1A-A1R
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
10/20/2038
1,2,3
4,500,000
4,494,149
Series
2023-1A-BR
5.368%
(3-Month
Term
SOFR
+
170
basis
points),
10/20/2038
1,2,3
1,500,000
1,500,915
Series
2023-1A-D1R
6.518%
(3-Month
Term
SOFR
+
285
basis
points),
10/20/2038
1,2,3
2,000,000
1,990,253
Series
2023-1A-D2R
7.618%
(3-Month
Term
SOFR
+
395
basis
points),
10/20/2038
1,2,3
200,000
197,787
Series
2024-1A-A1
5.268%
(3-Month
Term
SOFR
+
160
basis
points),
4/20/2037
1,2,3
5,000,000
5,014,954
Series
2024-2A-E
10.168%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,3
1,000,000
971,942
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
8
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2025-1A-D2
7.610%
(3-Month
Term
SOFR
+
390
basis
points),
1/20/2039
1,2,3
1,000,000
$
994,543
Series
2025-1A-E
9.110%
(3-Month
Term
SOFR
+
540
basis
points),
1/20/2039
1,2,3
1,000,000
987,461
Recette
CLO
Ltd.
Series
2015-1A-FRR
12.399%
(3-Month
Term
SOFR
+
873.2
basis
points),
4/20/2034
1,2,3
1,000,000
617,552
Regatta
Funding
Ltd.
Series
2016-1A-A1R3
4.755%
(3-Month
Term
SOFR
+
107
basis
points),
6/20/2034
1,2,3
3,000,000
3,002,611
Series
2016-1A-D2R3
7.568%
(3-Month
Term
SOFR
+
390
basis
points),
10/20/2038
1,2,3
1,000,000
959,669
Series
2016-1A-ER3
10.085%
(3-Month
Term
SOFR
+
640
basis
points),
6/20/2034
1,2,3
2,000,000
1,828,909
Series
2019-2A-ER2
9.300%
(3-Month
Term
SOFR
+
565
basis
points),
4/15/2039
1,2,3
1,000,000
948,773
Series
2024-2A-D1
7.668%
(3-Month
Term
SOFR
+
400
basis
points),
4/25/2037
1,2,3
2,000,000
2,009,213
Romark
Ltd.
Series
2018-1A-A1
4.959%
(3-Month
Term
SOFR
+
129.2
basis
points),
4/20/2031
1,2,3
54,828
54,882
RR
Ltd.
Series
2020-8A-DR2
8.672%
(3-Month
Term
SOFR
+
500
basis
points),
1/15/2039
1,2,3
1,500,000
1,437,351
Shackleton
CLO
Ltd.
Series
2013-4RA-C
6.783%
(3-Month
Term
SOFR
+
313.2
basis
points),
4/13/2031
1,2,3
2,250,000
2,255,863
Series
2019-14A-ERR
9.568%
(3-Month
Term
SOFR
+
590
basis
points),
7/20/2034
1,2,3
1,000,000
927,628
Signal
Peak
CLO
Ltd.
Series
2016-3A-D1R4
0.00%,
4/23/2039
1,2,6
1,500,000
1,500,000
Series
2017-4A-AR2
4.788%
(3-Month
Term
SOFR
+
112
basis
points),
10/26/2034
1,2,3
2,000,000
2,001,602
Silver
Point
CLO
Ltd.
Series
2025-12A-A1
5.288%
(3-Month
Term
SOFR
+
131
basis
points),
10/15/2038
1,2,3
2,000,000
1,998,750
Series
2025-9A-A1
5.192%
(3-Month
Term
SOFR
+
152
basis
points),
3/31/2038
1,2,3
2,000,000
2,005,779
Sixth
Street
CLO
Ltd.
Series
2023-22A-D1R
6.320%
(3-Month
Term
SOFR
+
265
basis
points),
4/21/2038
1,2,3
1,000,000
985,574
Sound
Point
CLO
Ltd.
Series
2019-3A-DR
7.430%
(3-Month
Term
SOFR
+
376.2
basis
points),
10/25/2034
1,2,3
1,500,000
1,413,659
Symphony
CLO
Ltd.
Series
2021-25A-AR
4.718%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,3
2,500,000
2,501,392
TCI-Symphony
CLO
Ltd.
Series
2016-1A-AR2
4.933%
(3-Month
Term
SOFR
+
128.2
basis
points),
10/13/2032
1,2,3
683,136
683,850
Thayer
Park
CLO
Ltd.
Series
2017-1A-A1RR
4.668%
(3-Month
Term
SOFR
+
100
basis
points),
4/20/2034
1,2,3
3,750,000
3,748,480
Trestles
CLO
Ltd.
Series
2017-1A-A1RR
5.128%
(3-Month
Term
SOFR
+
146
basis
points),
7/25/2037
1,2,3
4,000,000
4,010,620
Series
2018-2A-A1R
5.238%
(3-Month
Term
SOFR
+
157
basis
points),
7/25/2037
1,2,3
3,000,000
3,007,940
Series
2023-6A-A1R
4.848%
(3-Month
Term
SOFR
+
118
basis
points),
4/25/2038
1,2,3
2,000,000
1,996,680
Trinitas
CLO
Ltd.
Series
2019-10A-AR2
4.812%
(3-Month
Term
SOFR
+
114
basis
points),
1/15/2035
1,2,3
2,000,000
1,998,000
Series
2021-15A-A1R
4.789%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,3
3,000,000
3,002,674
Series
2021-15A-B1R
5.319%
(3-Month
Term
SOFR
+
165
basis
points),
4/22/2034
1,2,3
1,000,000
1,001,053
Series
2022-21A-C1R
5.618%
(3-Month
Term
SOFR
+
195
basis
points),
4/20/2038
1,2,3
1,250,000
1,252,298
Series
2024-29A-A1
5.161%
(3-Month
Term
SOFR
+
149
basis
points),
7/23/2037
1,2,3
3,000,000
3,007,919
Venture
CLO
Ltd.
Series
2019-38A-ARR
4.667%
(3-Month
Term
SOFR
+
100
basis
points),
7/30/2032
1,2,3
936,238
937,353
Verdelite
Static
CLO
Ltd.
Series
2024-1A-D
6.518%
(3-Month
Term
SOFR
+
285
basis
points),
7/20/2032
1,2,3
1,250,000
1,254,218
Voya
CLO
Ltd.
Series
2013-1A-CR
6.884%
(3-Month
Term
SOFR
+
321.2
basis
points),
10/15/2030
1,2,3
1,000,000
1,002,603
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
9
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2013-2A-CR
6.680%
(3-Month
Term
SOFR
+
301.2
basis
points),
4/25/2031
1,2,3
2,000,000
$
2,005,203
Series
2015-3A-A1R4
4.628%
(3-Month
Term
SOFR
+
96
basis
points),
10/20/2031
1,2,3
777,698
778,488
Series
2017-1A-C
7.259%
(3-Month
Term
SOFR
+
359.2
basis
points),
4/17/2030
1,2,3
1,250,000
1,253,248
Series
2020-3A-ARR
4.920%
(3-Month
Term
SOFR
+
125
basis
points),
1/20/2038
1,2,3
1,500,000
1,499,053
Series
2021-3A-A1R
4.922%
(3-Month
Term
SOFR
+
125
basis
points),
4/15/2038
1,2,3
3,000,000
2,997,954
Voya
Euro
CLO
DAC
Series
1A-B2R
5.150%
,
10/15/2037
1,2
2,000,000
2,315,060
Series
9X-B1
3.872%
(3-Month
EURIBOR
+
195
basis
points),
10/15/2038
1,3
1,875,000
2,163,722
Whitebox
CLO
Ltd.
Series
2020-2A-A1R2
5.048%
(3-Month
Term
SOFR
+
138
basis
points),
10/24/2037
1,2,3
1,000,000
1,000,768
Series
2023-4A-D1R
7.568%
(3-Month
Term
SOFR
+
390
basis
points),
4/20/2036
1,2,3
1,000,000
999,930
Series
2025-5A-B
5.368%
(3-Month
Term
SOFR
+
170
basis
points),
7/20/2038
1,2,3
1,000,000
1,000,650
Wind
River
CLO
Ltd.
Series
2021-4A-AR
4.900%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2035
1,2,3
4,000,000
4,001,209
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$292,393,320)
291,465,642
COLLATERALIZED
MORTGAGE
OBLIGATIONS
—
0.1%
FNMA
Series
2004-T5-AB4
,
5.063%
,
5/28/2035
1,6
554,617
547,058
TOTAL
COLLATERALIZED
MORTGAGE
OBLIGATIONS
(Cost
$536,762)
547,058
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
1.1%
BBCMS
Mortgage
Trust
Series
2019-BWAY-D
,
2.714%
(1-Month
Term
SOFR
+
227.4
basis
points),
11/15/2034
2,3
2,000,000
26,355
BPR
Trust
Series
2021-WILL-B
,
6.787%
(1-Month
Term
SOFR
+
311.4
basis
points),
6/15/2038
2,3
1,000,000
997,958
BX
Trust
Series
2022-CLS-A
,
5.760%
,
10/13/2027
2
2,000,000
2,008,430
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
4,354,601
3,817,977
NYO
Commercial
Mortgage
Trust
Series
2021-1290-A
,
4.882%
(1-Month
Term
SOFR
+
120.9
basis
points),
11/15/2038
2,3
2,880,000
2,875,585
Worldwide
Plaza
Trust
Series
2017-WWP-F
,
3.596%
,
11/10/2036
2,6
1,575,000
7,977
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$13,314,574)
9,734,282
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
10
Principal
Amount
Value
CONVERTIBLE
BONDS
—0.1%
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.1%
XPLR
Infrastructure
LP
2.500%,
6/15/2026
2,7
1,245,000
$
1,237,219
TOTAL
CONVERTIBLE
BONDS
(Cost
$1,232,219)
1,237,219
CORPORATE
BONDS
—29.4%
AEROSPACE
&
DEFENSE
—
0.1%
Spirit
AeroSystems,
Inc.
4.600%,
6/15/2028
1
1,150,000
1,151,130
AUTOMOBILE
COMPONENTS
—
0.1%
Cyprium
Corp.
/
Cyprium
Holdings
Luxembourg
SARL
6.125%,
4/15/2031
1,2
1,300,000
1,284,813
AUTOMOBILES
—
0.7%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
1,125,000
1,093,248
General
Motors
Co.
6.800%,
10/1/2027
1
1,950,000
2,006,192
Hyundai
Capital
America
2.750%,
9/27/2026
1,2
2,446,000
2,427,798
Hyundai
Capital
America
5.160%(Term
SOFR
+
150
basis
points),
1/8/2027
2,3
525,000
528,629
Hyundai
Capital
America
4.673%(Term
SOFR
+
104
basis
points),
6/24/2027
2,3
875,000
877,294
6,933,161
BEVERAGES
—
0.7%
Constellation
Brands,
Inc.
2.250%,
8/1/2031
1
1,500,000
1,323,596
Keurig
Dr.
Pepper,
Inc.
4.350%,
5/15/2028
1
2,310,000
2,302,418
Keurig
Dr.
Pepper,
Inc.
3.950%,
4/15/2029
1
1,510,000
1,479,639
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
4.375%,
4/30/2029
1,2
1,550,000
1,507,184
6,612,837
BIOTECHNOLOGY
—
0.3%
Amgen,
Inc.
2.200%,
2/21/2027
1
2,750,000
2,700,478
BROADLINE
RETAIL
—
0.3%
eBay,
Inc.
4.250%,
3/6/2029
1
1,425,000
1,417,773
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
11
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
BROADLINE
RETAIL
(Continued)
Match
Group
Holdings
II
LLC
4.625%,
6/1/2028
1,2
1,664,000
$
1,627,834
3,045,607
BUILDING
PRODUCTS
—
0.4%
Builders
FirstSource,
Inc.
5.000%,
3/1/2030
1,2
700,000
682,245
Smyrna
Ready
Mix
Concrete
LLC
6.000%,
11/1/2028
1,2
1,935,000
1,921,617
Standard
Building
Solutions,
Inc.
6.500%,
8/15/2032
1,2
500,000
500,701
Standard
Industries,
Inc.
4.375%,
7/15/2030
1,2
475,000
448,008
3,552,571
CAPITAL
MARKETS
—
0.2%
Intercontinental
Exchange,
Inc.
4.000%,
9/15/2027
1
1,500,000
1,493,861
CHEMICALS
—
0.9%
Axalta
Coating
Systems
LLC
3.375%,
2/15/2029
1,2
2,534,000
2,399,435
HB
Fuller
Co.
4.250%,
10/15/2028
1
1,645,000
1,589,796
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
4,775,000
4,725,481
8,714,712
COMMERCIAL
SERVICES
&
SUPPLIES
—
1.0%
GFL
Environmental,
Inc.
4.000%,
8/1/2028
1,2
1,500,000
1,459,262
Veralto
Corp.
5.500%,
9/18/2026
1
3,514,000
3,529,008
Waste
Management,
Inc.
4.875%,
2/15/2029
1
4,296,000
4,370,172
9,358,442
CONSTRUCTION
&
ENGINEERING
—
0.4%
MasTec,
Inc.
4.500%,
8/15/2028
1,2
3,745,000
3,705,516
CONSUMER
FINANCE
—
1.1%
American
Honda
Finance
Corp.
4.193%(Term
SOFR
+
55
basis
points),
5/21/2026
3
1,000,000
1,000,000
Caterpillar
Financial
Services
Corp.
4.041%(Term
SOFR
+
38
basis
points),
1/7/2027
3
1,525,000
1,524,702
Caterpillar
Financial
Services
Corp.
4.186%(Term
SOFR
+
52
basis
points),
5/14/2027
3
1,475,000
1,477,065
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
12
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CONSUMER
FINANCE
(Continued)
General
Motors
Financial
Co.,
Inc.
4.682%(Term
SOFR
+
104
basis
points),
2/26/2027
3
2,019,000
$
2,018,724
Toyota
Motor
Credit
Corp.
4.109%(SOFR
Index
+
45
basis
points),
4/10/2026
3
1,450,000
1,450,072
Toyota
Motor
Credit
Corp.
4.555%(SOFR
Index
+
89
basis
points),
5/18/2026
3
930,000
930,613
Toyota
Motor
Credit
Corp.
4.418%(Term
SOFR
+
77
basis
points),
8/7/2026
3
1,650,000
1,652,050
10,053,226
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.2%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
2,300,000
2,170,472
CONTAINERS
&
PACKAGING
—
0.6%
Graphic
Packaging
International
LLC
3.750%,
2/1/2030
1,2
2,225,000
2,043,920
Silgan
Holdings,
Inc.
4.250%,
2/15/2031
1,8
2,825,000
3,171,981
5,215,901
DISTRIBUTORS
—
0.2%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
1,490,000
1,463,072
DIVERSIFIED
REITS
—
0.7%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
3,505,000
3,469,500
Simon
Property
Group
LP
3.250%,
11/30/2026
1
3,200,000
3,186,292
6,655,792
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.9%
AT&T,
Inc.
1.650%,
2/1/2028
1
4,125,000
3,932,089
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
2,860,000
2,861,337
Verizon
Communications,
Inc.
4.016%,
12/3/2029
1
1,675,000
1,652,437
8,445,863
ELECTRIC
UTILITIES
—
1.7%
AEP
Transmission
Co.
LLC
3.100%,
12/1/2026
1
1,150,000
1,141,432
Duke
Energy
Corp.
3.150%,
8/15/2027
1
3,415,000
3,364,925
Eversource
Energy
5.450%,
3/1/2028
1
2,200,000
2,236,422
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
13
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ELECTRIC
UTILITIES
(Continued)
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
5/1/2027
1
3,500,000
$
3,470,345
NRG
Energy,
Inc.
5.750%,
7/15/2029
1,2
1,100,000
1,098,889
NRG
Energy,
Inc.
4.734%,
10/15/2030
1,2
1,095,000
1,085,448
Southern
Co.
(The)
5.113%,
8/1/2027
2,025,000
2,043,221
Vistra
Operations
Co.
LLC
4.300%,
7/15/2029
1,2
754,000
741,376
XPLR
Infrastructure
Operating
Partners
LP
8.375%,
1/15/2031
1,2
775,000
816,266
15,998,324
ELECTRICAL
EQUIPMENT
—
0.2%
Vertiv
Group
Corp.
4.125%,
11/15/2028
1,2
1,975,000
1,946,287
ENTERTAINMENT
—
0.3%
Netflix,
Inc.
4.875%,
4/15/2028
1
2,464,000
2,496,732
FINANCIAL
SERVICES
—
0.9%
Block,
Inc.
6.000%,
8/15/2033
1,2
1,336,000
1,315,310
Mastercard,
Inc.
4.076%(SOFR
Index
+
44
basis
points),
3/15/2028
1,3
1,920,000
1,918,336
Shift4
Payments
LLC
/
Shift4
Payments
Finance
Sub,
Inc.
6.750%,
8/15/2032
1,2
1,054,000
1,037,705
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
3,950,000
3,928,660
8,200,011
FOOD
PRODUCTS
—
1.9%
Campbell's
Co.
(The)
2.375%,
4/24/2030
1
900,000
808,640
Flowers
Foods,
Inc.
2.400%,
3/15/2031
1
2,060,000
1,743,123
General
Mills,
Inc.
4.200%,
4/17/2028
1
3,250,000
3,234,049
Hormel
Foods
Corp.
1.800%,
6/11/2030
1
1,190,000
1,069,805
J.
M.
Smucker
Co.
(The)
2.375%,
3/15/2030
1
1,900,000
1,752,822
Mars,
Inc.
4.600%,
3/1/2028
1,2
5,130,000
5,162,969
Mondelez
International
Holdings
Netherlands
BV
1.250%,
9/24/2026
1,2
1,720,000
1,696,396
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
14
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
FOOD
PRODUCTS
(Continued)
Mondelez
International,
Inc.
2.625%,
3/17/2027
1
2,500,000
$
2,462,992
17,930,796
GROUND
TRANSPORTATION
—
0.6%
Ashtead
Capital,
Inc.
4.375%,
8/15/2027
1,2
2,000,000
1,989,656
CSX
Corp.
3.800%,
3/1/2028
1
3,188,000
3,160,635
5,150,291
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
1.5%
Avantor
Funding,
Inc.
3.875%,
11/1/2029
1,2
700,000
657,250
Baxter
International,
Inc.
1.730%,
4/1/2031
1
2,500,000
2,094,663
Becton
Dickinson
&
Co.
3.700%,
6/6/2027
1
1,725,000
1,711,285
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
4,085,000
4,167,446
Medline
Borrower
LP
3.875%,
4/1/2029
1,2
2,000,000
1,935,844
Stryker
Corp.
4.850%,
12/8/2028
1
1,822,000
1,849,745
Zimmer
Biomet
Holdings,
Inc.
5.350%,
12/1/2028
1
1,700,000
1,739,292
14,155,525
HEALTH
CARE
PROVIDERS
&
SERVICES
—
1.4%
CVS
Health
Corp.
4.300%,
3/25/2028
1
1,500,000
1,494,997
Elevance
Health,
Inc.
3.650%,
12/1/2027
1
1,950,000
1,928,336
HCA,
Inc.
4.500%,
2/15/2027
1
928,000
928,102
HCA,
Inc.
4.125%,
6/15/2029
1
1,225,000
1,208,341
Icon
Investments
Six
DAC
5.809%,
5/8/2027
1
3,200,000
3,217,089
McKesson
Corp.
1.300%,
8/15/2026
1
2,915,000
2,885,693
Universal
Health
Services,
Inc.
2.650%,
10/15/2030
1
1,100,000
990,820
12,653,378
HEALTH
CARE
TECHNOLOGY
—
0.1%
IQVIA,
Inc.
2.250%,
3/15/2029
1,8
1,000,000
1,097,115
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
15
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HOTELS,
RESTAURANTS
&
LEISURE
—
0.9%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
5.625%,
9/15/2029
1,2
1,000,000
$
1,003,428
Brightstar
Lottery
plc
5.250%,
1/15/2029
1,2
2,050,000
2,034,684
Starbucks
Corp.
4.850%,
2/8/2027
1
615,000
618,053
Starbucks
Corp.
4.000%,
11/15/2028
1
2,925,000
2,901,903
Wyndham
Hotels
&
Resorts,
Inc.
4.375%,
8/15/2028
1,2
1,550,000
1,515,040
8,073,108
HOUSEHOLD
PRODUCTS
—
0.3%
Clorox
Co.
(The)
4.400%,
5/1/2029
1
3,150,000
3,147,280
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.4%
Atlantica
Sustainable
Infrastructure
Ltd.
4.125%,
6/15/2028
1,2
1,277,000
1,241,170
Clearway
Energy
Operating
LLC
4.750%,
3/15/2028
1,2
935,000
923,024
Constellation
Energy
Generation
LLC
3.900%,
1/8/2028
1,675,000
1,662,325
3,826,519
IT
SERVICES
—
0.4%
Everforth,
Inc.
4.625%,
5/15/2028
1,2
850,000
823,640
Gartner,
Inc.
4.500%,
7/1/2028
1,2
1,450,000
1,426,035
Gartner,
Inc.
3.625%,
6/15/2029
1,2
574,000
540,168
Go
Daddy
Operating
Co.
LLC
/
GD
Finance
Co.,
Inc.
3.500%,
3/1/2029
1,2
1,000,000
931,452
3,721,295
MACHINERY
—
0.4%
Mueller
Water
Products,
Inc.
4.000%,
6/15/2029
1,2
1,061,000
1,022,923
Parker-Hannifin
Corp.
4.250%,
9/15/2027
1
2,050,000
2,051,653
Stanley
Black
&
Decker,
Inc.
2.300%,
3/15/2030
1
700,000
639,361
3,713,937
MEDIA
—
0.4%
Fox
Corp.
4.709%,
1/25/2029
1
3,850,000
3,860,530
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
16
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
—
0.2%
Starwood
Property
Trust,
Inc.
5.250%,
10/15/2028
1,2
1,500,000
$
1,483,867
MULTI-UTILITIES
—
1.0%
CenterPoint
Energy,
Inc.
1.450%,
6/1/2026
1
3,000,000
2,985,468
Dominion
Energy,
Inc.
3.375%,
4/1/2030
1
1,350,000
1,289,408
DTE
Energy
Co.
4.950%,
7/1/2027
1
3,105,000
3,125,855
Public
Service
Enterprise
Group,
Inc.
5.200%,
4/1/2029
1
1,625,000
1,657,022
9,057,753
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.4%
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
1,390,000
1,386,770
Enbridge,
Inc.
3.700%,
7/15/2027
1
2,700,000
2,675,029
Energy
Transfer
LP
4.950%,
6/15/2028
1
1,775,000
1,793,563
Enterprise
Products
Operating
LLC
4.300%,
6/20/2028
1
2,150,000
2,153,282
Kinetik
Holdings
LP
5.875%,
6/15/2030
1,2
1,500,000
1,506,396
Northriver
Midstream
Finance
LP
6.750%,
7/15/2032
1,2
925,000
928,373
TerraForm
Power
Operating
LLC
4.750%,
1/15/2030
1,2
2,450,000
2,347,833
12,791,246
PERSONAL
CARE
PRODUCTS
—
0.3%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
2,975,000
2,946,968
PHARMACEUTICALS
—
1.6%
Eli
Lilly
&
Co.
4.200%,
8/14/2029
1
1,850,000
1,852,133
Merck
&
Co.,
Inc.
4.206%(Term
SOFR
+
57
basis
points),
3/15/2029
3
4,100,000
4,110,175
Novartis
Capital
Corp.
4.100%,
11/5/2030
1
2,294,000
2,269,156
Roche
Holdings,
Inc.
1.930%,
12/13/2028
1,2
2,825,000
2,672,408
Zoetis,
Inc.
4.150%,
8/17/2028
1
2,214,000
2,207,507
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
17
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
PHARMACEUTICALS
(Continued)
Zoetis,
Inc.
3.900%,
8/20/2028
1
1,385,000
$
1,373,437
14,484,816
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
1.4%
Applied
Materials,
Inc.
4.800%,
6/15/2029
1
2,175,000
2,215,970
Entegris,
Inc.
4.750%,
4/15/2029
1,2
3,765,000
3,724,324
Intel
Corp.
2.600%,
5/19/2026
1
4,100,000
4,089,818
Kioxia
Holdings
Corp.
6.250%,
7/24/2030
1,2
2,291,000
2,330,013
ON
Semiconductor
Corp.
3.875%,
9/1/2028
1,2
628,000
606,352
12,966,477
SOFTWARE
—
1.1%
AppLovin
Corp.
5.125%,
12/1/2029
1
1,551,000
1,560,356
Atlassian
Corp.
5.250%,
5/15/2029
1
1,750,000
1,760,930
Crowdstrike
Holdings,
Inc.
3.000%,
2/15/2029
1
750,000
713,915
Fair
Isaac
Corp.
6.250%,
9/15/2034
1,2
1,540,000
1,515,957
Oracle
Corp.
4.411%(Term
SOFR
+
76
basis
points),
8/3/2028
1,3
1,825,000
1,798,577
VMware
LLC
2.200%,
8/15/2031
1
600,000
526,849
Workday,
Inc.
3.800%,
4/1/2032
1
2,300,000
2,135,946
10,012,530
SPECIALIZED
REITS
—
0.9%
American
Tower
Corp.
3.375%,
10/15/2026
1
2,235,000
2,222,339
Crown
Castle,
Inc.
5.000%,
1/11/2028
1
4,750,000
4,785,695
Iron
Mountain,
Inc.
5.000%,
7/15/2028
1,2
500,000
494,953
SBA
Communications
Corp.
3.125%,
2/1/2029
1
1,335,000
1,265,815
8,768,802
SPECIALTY
RETAIL
—
0.5%
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
4,605,000
4,551,250
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
18
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.4%
Dell
International
LLC
/
EMC
Corp.
5.300%,
10/1/2029
1
1,350,000
$
1,378,057
Hewlett
Packard
Enterprise
Co.
4.400%,
9/25/2027
1
2,553,000
2,550,061
3,928,118
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.4%
Eutelsat
SA
1.500%,
10/13/2028
1,8
1,400,000
1,538,841
NJJ
Continental
SA
4.500%,
1/30/2030
1,8
750,000
865,983
NJJ
Continental
SA
3.875%,
10/15/2030
1,8
1,525,000
1,697,934
4,102,758
TOTAL
CORPORATE
BONDS
(Cost
$274,425,426)
273,623,167
EXCHANGE
TRADED
FUNDS
—0.8%
Palmer
Square
CLO
Senior
Debt
ETF
9
26,224
536,019
Palmer
Square
Credit
Opportunities
ETF
9
14,874
305,214
Palmer
Square
EUR
CLO
Senior
Debt
Index
UCITS
ETF
*,8,9
114,579
6,722,723
7,563,956
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$7,479,928)
7,563,956
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
—
5.5%
Bear
Stearns
ARM
Trust
Series
2004-3-1A3
,
4.819%
,
7/25/2034
1,6
38,491
35,989
BRAVO
Residential
Funding
Trust
Series
2026-NQM3-A1
,
4.985%
,
11/25/2065
1,2,6
3,945,000
3,926,657
COLT
Mortgage
Loan
Trust
Series
2021-4-A1
,
1.397%
,
10/25/2066
1,2,6
4,199,030
3,587,748
Series
2022-1-A1
,
2.284%
,
12/27/2066
1,2,6
3,937,146
3,622,106
EFMT
Series
2026-NQM4-A1
,
5.466%
,
4/25/2071
1,2,6
4,075,000
4,091,068
Ellington
Financial
Mortgage
Trust
Series
2021-2-A1
,
0.931%
,
6/25/2066
1,2,6
3,531,390
3,014,106
Series
2021-3-A1
,
1.241%
,
9/25/2066
1,2,6
3,632,171
3,038,965
Flagstar
Mortgage
Trust
Series
2021-2-A6
,
2.500%
,
4/25/2051
1,2,6
2,698,377
2,426,594
GS
Mortgage-Backed
Securities
Trust
Series
2025-PJ11-A27
,
5.012%
(30-Day
Term
SOFR
Average
+
135
basis
points,
7.00%
Cap),
5/25/2056
1,2,3
1,752,684
1,758,965
Mellon
Residential
Funding
Corp.
Series
1999-TBC3-A2
,
4.387%
,
10/20/2029
1,6
12,777
12,474
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2026-NQM3-A1
,
5.209%
,
3/25/2071
1,2,6
3,140,000
3,138,798
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
19
Principal
Amount
Value
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Continued)
OBX
Trust
Series
2020-INV1-A11
,
4.693%
(1-Month
Term
SOFR
+
101.4
basis
points,
6.00%
Cap),
12/25/2049
1,2,3
984,984
$
964,714
Series
2026-J1-AF
,
5.012%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
2/25/2056
1,2,3
3,954,289
3,945,990
PMT
Loan
Trust
Series
2026-INV4-A2
,
1.000%
,
3/25/2057
1,2,6
1,415,000
1,416,019
Series
2026-INV4-A38
,
5.258%
(30-Day
Term
SOFR
Average
+
160
basis
points,
6.00%
Cap),
3/25/2057
1,2,3
3,260,000
3,252,336
Series
2026-J2-A24
,
5.012%
(30-Day
Term
SOFR
Average
+
135
basis
points,
6.00%
Cap),
3/25/2057
1,2,3
6,080,000
6,064,352
Sequoia
Mortgage
Trust
Series
2021-4-A4
,
2.500%
,
6/25/2051
1,2,6
2,664,747
2,399,228
Series
2025-12-A26F
,
5.212%
(30-Day
Term
SOFR
Average
+
155
basis
points,
6.50%
Cap),
12/25/2055
1,2,3
2,877,506
2,896,874
Verus
Securitization
Trust
Series
2021-5-A1
,
1.013%
,
9/25/2066
1,2,6
1,222,901
1,054,611
TOTAL
RESIDENTIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$51,996,032)
50,647,594
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—4.5%
United
States
Treasury
Notes
—
4.5%
U.S.
Treasury
Notes
3.500%,
1/31/2028
22,950,000
22,820,906
U.S.
Treasury
Notes
4.000%,
1/31/2029
19,075,000
19,164,042
41,984,948
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$41,471,801)
41,984,948
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
11.1%
Money
Market
Funds
—
1.5%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.55%
10
13,976,094
13,976,094
Principal
Amount
United
States
Treasury
Bills
—
9.6%
U.S.
Treasury
Bills,
3.210%,
4/9/2026
11
10,000,000
9,991,988
U.S.
Treasury
Bills,
3.570%,
5/21/2026
11
20,000,000
19,899,375
U.S.
Treasury
Bills,
3.590%,
5/26/2026
11
10,000,000
9,944,439
U.S.
Treasury
Bills,
3.570%,
6/4/2026
11
20,000,000
19,871,735
U.S.
Treasury
Bills,
3.570%,
6/11/2026
11
10,000,000
9,929,162
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
20
Principal
Amount
Value
SHORT-TERM
INVESTMENTS
(Continued)
United
States
Treasury
Bills
(Continued)
U.S.
Treasury
Bills,
3.600%,
7/7/2026
11
20,000,000
$
19,805,798
89,442,497
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$103,422,540)
103,418,591
TOTAL
INVESTMENTS
—
98.1%
(Cost
$917,575,963)
911,262,511
Other
Assets
in
Excess
of
Liabilities
—
1.9%
17,183,194
TOTAL
NET
ASSETS
—
100.0%
$
928,445,705
SECURITIES
SOLD
SHORT
—
(0.6)%
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—(0.6)%
United
States
Treasury
Notes
—
(0.6)%
U.S.
Treasury
Notes
4.125%,
7/31/2031
(5,250,000)
(5,284,658)
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Proceeds$(5,327,758))
(5,284,658)
TOTAL
SECURITIES
SOLD
SHORT
—
(0.6)%
(Proceeds$(5,327,758))
$
(5,284,658)
Abbreviations:
EUR
Euro
ETF
Exchange-Traded
Fund
FNMA
Federal
National
Mortgage
Association
SOFR
Secured
Overnight
Financing
Rate
UCITS
Undertakings
for
Collective
Investment
in
Transferable
Securities
*
Non-income
producing
security.
1
Callable.
2
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
$447,430,469
which
represents
48.19%
of
total
net
assets
of
the
Fund.
3
Floating
rate
security.
4
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.
5
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
21
6
Variable
rate
security.
7
Convertible
security.
8
Foreign
security
denominated
in
U.S.
Dollars.
9
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
10
The
rate
is
the
annualized
seven-day
yield
at
period
end.
11
The
rate
shown
represents
the
yield
at
period
end.
SWAP
CONTRACTS
CREDIT
DEFAULT
SWAP
CONTRACTS
Counterparty/
Reference
Entity
Pay/
(a)
Receive
Fixed
Rate
Fixed/Rate
Frequency
Expiration
Date
Notional
Amount
Premium
Paid
(Received)
Unrealized
Appreciation/
(Depreciation)
Value
J.P.
Morgan
CDX.NA.HY.45
Receive
5.00%/Quarterly
12/20/30
$
5,000,000
$
570,556
$
39,119
$
609,675
TOTAL
CREDIT
DEFAULT
SWAP
CONTRACTS
$
570,556
$
39,119
$
609,675
(a)
If
Palmer
Square
Income
Plus
Fund
is
paying
a
fixed
rate,
the
counterparty
acts
as
guarantor
of
the
variable
instrument.
If
Palmer
Square
Income
Plus
Fund
is
receiving
a
fixed
rate,
Palmer
Square
Income
Plus
Fund
acts
as
guarantor
of
the
variable
instrument.
FUTURES
CONTRACTS
Number
of
Contracts
Long
(Short)
Description
Expiration
Date
Notional
Value
Value/Unrealized
Appreciation
(Depreciation)
(73)
U.S.
Treasury
10
Year
Notes
June
2026
$
(8,106,422)
$
149,198
TOTAL
FUTURES
CONTRACTS
$
(8,106,422)
$
149,198
Palmer
Square
Income
Plus
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
22
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
Purchase
Contracts
Counterparty
Currency
Exchange
Settlement
Date
Currency
Amount
Purchased
Value
At
Settletment
Date
Value
At
March
31,
2026
Unrealized
Appreciation
(Depreciation)
Euro
JP
Morgan
EUR
per
USD
4/14/2026
$
4,503,865
$
4,503,865
$
4,394,806
$
(109,059)
4,503,865
4,394,806
(109,059)
Sale
Contracts
Counterparty
Currency
Exchange
Settlement
Date
Currency
Amount
Sold
Value
At
Settletment
Date
Value
At
March
31,
2026
Unrealized
Appreciation
(Depreciation)
Euro
JP
Morgan
EUR
per
USD
4/22/2026
(1,500,000)
(1,735,514)
(1,734,051)
(1,463)
Euro
JP
Morgan
EUR
per
USD
7/23/2026
(4,250,000)
(4,936,624)
(5,112,657)
176,033
Euro
JP
Morgan
EUR
per
USD
3/19/2027
(1,875,000)
(2,195,225)
(2,269,886)
74,661
Euro
JP
Morgan
EUR
per
USD
4/14/2026
(17,600,000)
(20,354,891)
(20,577,902)
223,012
Euro
JP
Morgan
EUR
per
USD
5/6/2026
(5,584,150)
(6,465,401)
(6,610,958)
145,557
Euro
JP
Morgan
EUR
per
USD
5/13/2026
(1,500,000)
(1,737,249)
(1,785,413)
48,163
Euro
JP
Morgan
EUR
per
USD
6/3/2026
(2,250,000)
(2,608,254)
(2,642,945)
34,691
Euro
JP
Morgan
EUR
per
USD
5/27/2026
(2,000,000)
(2,317,745)
(2,368,490)
50,745
Euro
JP
Morgan
EUR
per
USD
6/26/2026
(1,500,000)
(1,740,543)
(1,724,339)
(16,204)
(44,091,446)
(44,826,641)
735,195
TOTAL
FORWARD
FOREIGN
CURRENCY
EXCHANGE
CONTRACTS
$
(39,587,581)
$
(40,431,835)
$
626,136
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
As
of
March
31,
2026
(Unaudited)
23
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
9.9%
Ally
Auto
Receivables
Trust
Series
2025-1-A2
,
4.030%
,
7/17/2028
1
140,000
$
139,961
Barings
Equipment
Finance
LLC
Series
2025-A-A2
,
4.640%
,
10/13/2028
1,2
418,369
420,227
Series
2025-B-A2
,
4.020%
,
2/13/2029
1,2
120,000
119,987
Chase
Auto
Owner
Trust
Series
2025-2A-A2
,
3.910%
,
12/26/2028
1,2
190,000
189,865
Dell
Equipment
Finance
Trust
Series
2025-1-A2
,
4.680%
,
7/22/2027
1,2
262,714
263,190
DLLAA
LLC
Series
2023-1A-A3
,
5.640%
,
2/22/2028
1,2
356,517
359,672
Ford
Credit
Auto
Lease
Trust
Series
2026-A-A3
,
4.000%
,
7/15/2029
1
275,000
274,358
Ford
Credit
Auto
Owner
Trust
Series
2024-D-A2A
,
4.590%
,
10/15/2027
1
15,719
15,736
GM
Financial
Automobile
Leasing
Trust
Series
2025-2-A2A
,
4.550%
,
7/20/2027
1
52,595
52,679
Series
2025-3-A2A
,
4.190%
,
10/20/2027
1
135,433
135,563
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2025-2-A2A
,
4.400%
,
2/16/2028
1
24,868
24,898
Series
2025-3-A2A
,
4.320%
,
6/16/2028
1
87,065
87,229
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3
,
5.410%
,
2/18/2028
1
448,894
451,252
Series
2025-2-A2A
,
4.300%
,
1/18/2028
1
70,525
70,585
Hyundai
Auto
Lease
Securitization
Trust
Series
2025-B-A2A
,
4.580%
,
9/15/2027
1,2
80,347
80,520
Series
2025-B-A3
,
4.530%
,
4/17/2028
1,2
255,000
256,080
Hyundai
Auto
Receivables
Trust
Series
2025-B-A2A
,
4.450%
,
8/15/2028
1
60,306
60,422
John
Deere
Owner
Trust
Series
2022-C-A3
,
5.090%
,
6/15/2027
1
18,104
18,121
Series
2024-A-A3
,
4.960%
,
11/15/2028
1
212,076
213,382
Series
2025-A-A2A
,
4.230%
,
3/15/2028
1
43,833
43,886
Series
2025-B-A2A
,
4.280%
,
7/17/2028
1
115,600
115,717
Kubota
Credit
Owner
Trust
Series
2023-2A-A3
,
5.280%
,
1/18/2028
1,2
382,172
384,591
Series
2025-2A-A2
,
4.480%
,
4/17/2028
1,2
65,000
65,156
MMAF
Equipment
Finance
LLC
Series
2024-A-A3
,
4.950%
,
7/14/2031
1,2
270,000
272,743
Porsche
Financial
Auto
Securitization
Trust
Series
2024-1A-A3
,
4.440%
,
1/22/2030
1,2
235,875
236,375
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3
,
5.470%
,
10/20/2028
1,2
212,590
213,552
Toyota
Auto
Receivables
Owner
Trust
Series
2025-B-A2A
,
4.460%
,
3/15/2028
1
63,769
63,841
Toyota
Lease
Owner
Trust
Series
2024-A-A3
,
5.250%
,
4/20/2027
1,2
25,578
25,600
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
24
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
USB
Auto
Owner
Trust
Series
2025-1A-A2
,
4.510%
,
6/15/2028
1,2
39,181
$
39,236
Verizon
Master
Trust
Series
2023-7-A1A
,
5.670%
,
11/20/2029
1
300,000
303,068
Volkswagen
Auto
Lease
Trust
Series
2026-A-A3
,
4.170%
,
3/20/2029
1
190,000
189,746
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A
,
4.650%
,
11/22/2027
1
47,106
47,190
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$5,234,267)
5,234,428
BANK
LOANS
—
1.8%
Hilton
Domestic
Operating
Co.,
Inc.,
First
Lien,
Term
Loan,
B4
5.429%
(1-Month
Term
SOFR
+
175
basis
points),
11/8/2030
1,3,4
250,000
250,768
KFC
Holding
Co.,
First
Lien,
2021
Term
Loan,
B
5.544%
(1-Month
Term
SOFR
+
175
basis
points),
3/15/2028
3,4
243,606
244,824
Trans
Union
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B8
5.423%
(1-Month
Term
SOFR
+
175
basis
points),
6/24/2031
1,3,4
240,602
239,765
Vistra
Operations
Co.
LLC,
First
Lien,
2018
Incremental
Term
Loan
5.423%
(1-Month
Term
SOFR
+
175
basis
points),
12/20/2030
3,4
229,837
230,436
TOTAL
BANK
LOANS
(Cost
$954,992)
965,793
COLLATERALIZED
LOAN
OBLIGATIONS
—
45.9%
Anchorage
Capital
CLO
Ltd.
Series
2022-24A-A1R
5.102%
(3-Month
Term
SOFR
+
143
basis
points),
7/15/2037
1,2,4
1,000,000
1,002,652
Apidos
CLO
Ltd.
Series
2015-23A-ARR
4.722%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2033
1,2,4
733,179
733,296
Battalion
CLO
Ltd.
Series
2015-9A-ARR
4.632%
(3-Month
Term
SOFR
+
96
basis
points),
7/15/2031
1,2,4
375,752
376,136
CarVal
CLO
Ltd.
Series
2019-1A-AR2
4.688%
(3-Month
Term
SOFR
+
102
basis
points),
4/20/2032
1,2,4
1,256,255
1,255,626
Dryden
CLO
Ltd.
Series
2018-61A-A1R2
4.748%
(3-Month
Term
SOFR
+
108
basis
points),
1/17/2032
1,2,4
542,488
542,247
Series
2019-72A-ARR
4.753%
(3-Month
Term
SOFR
+
110
basis
points),
5/15/2032
1,2,4
528,603
528,322
Series
2019-75A-AR3
4.712%
(3-Month
Term
SOFR
+
104
basis
points),
4/14/2034
1,2,4
1,000,000
1,000,369
Series
2019-80A-BRR
5.168%
(3-Month
Term
SOFR
+
150
basis
points),
1/17/2033
1,2,4
1,000,000
1,001,857
Dryden
Senior
Loan
Fund
Series
2016-43A-AR3
4.738%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,4
1,000,000
1,000,877
Series
2016-45A-A1RR
4.752%
(3-Month
Term
SOFR
+
108
basis
points),
10/15/2030
1,2,4
288,120
288,208
Elevation
CLO
Ltd.
Series
2018-10A-AR
4.588%
(3-Month
Term
SOFR
+
92
basis
points),
10/20/2031
1,2,4
1,258
1,258
Elmwood
CLO
Ltd.
Series
2021-3A-AR2
4.968%
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
500,000
500,725
Empower
CLO
Ltd.
Series
2023-2A-AR
4.992%
(3-Month
Term
SOFR
+
132
basis
points),
10/15/2038
1,2,4
1,000,000
1,001,960
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
25
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Invesco
US
CLO
Ltd.
Series
2023-1A-AR2
4.781%
(3-Month
Term
SOFR
+
111
basis
points),
4/22/2037
1,2,4
1,000,000
$
998,342
LCM
LP
Series
18A-BR
5.529%
(3-Month
Term
SOFR
+
186.2
basis
points),
4/20/2031
1,2,4
20,266
20,316
Madison
Park
Funding
Ltd.
Series
2014-14A-BR4
5.169%
(3-Month
Term
SOFR
+
150
basis
points),
10/22/2030
1,2,4
1,000,000
1,002,135
Series
2019-35A-A1R2
4.799%
(3-Month
Term
SOFR
+
122
basis
points),
2/13/2039
1,2,4
1,000,000
998,549
Magnetite
Ltd.
Series
2019-23A-AR2
4.637%
(3-Month
Term
SOFR
+
99
basis
points),
1/25/2035
1,2,4
2,500,000
2,500,743
Series
2019-23A-BR2
4.997%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2035
1,2,4
1,000,000
993,583
Octagon
Ltd.
Series
2021-1A-AR
4.742%
(3-Month
Term
SOFR
+
107
basis
points),
10/15/2034
1,2,4
1,500,000
1,501,226
OZLM
Ltd.
Series
2014-6A-B1T
5.668%
(3-Month
Term
SOFR
+
200
basis
points),
4/17/2031
1,2,4
1,000,000
1,001,993
Rad
CLO
Ltd.
Series
2024-23A-A1
5.268%
(3-Month
Term
SOFR
+
160
basis
points),
4/20/2037
1,2,4
1,000,000
1,002,990
Rockford
Tower
CLO
Ltd.
Series
2018-1A-A
5.017%
(3-Month
Term
SOFR
+
136.2
basis
points),
5/20/2031
1,2,4
83,847
83,933
Symphony
CLO
Ltd.
Series
2019-21A-AR2
4.572%
(3-Month
Term
SOFR
+
90
basis
points),
7/15/2032
1,2,4
323,663
323,592
Series
2021-25A-AR
4.718%
(3-Month
Term
SOFR
+
105
basis
points),
4/19/2034
1,2,4
1,000,000
1,000,557
Thayer
Park
CLO
Ltd.
Series
2017-1A-A1RR
4.668%
(3-Month
Term
SOFR
+
100
basis
points),
4/20/2034
1,2,4
1,000,000
999,595
Trinitas
CLO
Ltd.
Series
2021-15A-A1R
4.789%
(3-Month
Term
SOFR
+
112
basis
points),
4/22/2034
1,2,4
1,000,000
1,000,891
Venture
CLO
Ltd.
Series
2019-38A-ARR
4.667%
(3-Month
Term
SOFR
+
100
basis
points),
7/30/2032
1,2,4
468,119
468,676
Voya
CLO
Ltd.
Series
2013-2A-A1R
4.900%
(3-Month
Term
SOFR
+
123.2
basis
points),
4/25/2031
1,2,4
12,193
12,205
Series
2020-3A-ARR
4.920%
(3-Month
Term
SOFR
+
125
basis
points),
1/20/2038
1,2,4
1,000,000
999,369
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$24,119,536)
24,142,228
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
1.2%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A
,
2.954%
,
11/5/2034
1,2
707,682
620,473
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$709,134)
620,473
CORPORATE
BONDS
—20.4%
AUTOMOBILES
—
0.6%
BMW
US
Capital
LLC
2.800%,
4/11/2026
1,2
250,000
249,865
Hyundai
Capital
America
5.160%(Term
SOFR
+
150
basis
points),
1/8/2027
2,4
50,000
50,346
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
26
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
AUTOMOBILES
(Continued)
Hyundai
Capital
America
4.673%(Term
SOFR
+
104
basis
points),
6/24/2027
2,4
75,000
$
75,196
375,407
BEVERAGES
—
0.4%
Anheuser-Busch
InBev
Worldwide,
Inc.
4.750%,
1/23/2029
1
200,000
202,574
BIOTECHNOLOGY
—
0.5%
Amgen,
Inc.
2.200%,
2/21/2027
1
250,000
245,498
BROADLINE
RETAIL
—
0.5%
eBay,
Inc.
1.400%,
5/10/2026
1
250,000
249,170
CAPITAL
MARKETS
—
0.9%
Intercontinental
Exchange,
Inc.
4.000%,
9/15/2027
1
225,000
224,079
S&P
Global,
Inc.
2.450%,
3/1/2027
1
250,000
246,086
470,165
CHEMICALS
—
0.4%
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
200,000
197,926
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.3%
Veralto
Corp.
5.500%,
9/18/2026
1
140,000
140,598
CONSUMER
FINANCE
—
0.8%
John
Deere
Capital
Corp.
4.428%(Term
SOFR
+
79
basis
points),
6/8/2026
4
340,000
340,354
Toyota
Motor
Credit
Corp.
4.555%(SOFR
Index
+
89
basis
points),
5/18/2026
4
90,000
90,059
430,413
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.4%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
225,000
212,329
DIVERSIFIED
REITS
—
0.8%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
250,000
247,468
Simon
Property
Group
LP
3.250%,
11/30/2026
1
175,000
174,250
421,718
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
27
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ELECTRIC
UTILITIES
—
1.1%
Duke
Energy
Corp.
2.650%,
9/1/2026
1
150,000
$
148,969
NextEra
Energy
Capital
Holdings,
Inc.
3.550%,
5/1/2027
1
225,000
223,093
Southern
Co.
(The)
5.113%,
8/1/2027
200,000
201,800
573,862
ENTERTAINMENT
—
0.4%
TWDC
Enterprises
18
Corp.
1.850%,
7/30/2026
1
200,000
198,656
FINANCIAL
SERVICES
—
1.1%
Fiserv,
Inc.
3.200%,
7/1/2026
1
250,000
249,265
Mastercard,
Inc.
4.076%(SOFR
Index
+
44
basis
points),
3/15/2028
1,4
95,000
94,918
Siemens
Financieringsmaatschappij
NV
3.400%,
3/16/2027
1,2
225,000
223,784
567,967
FOOD
PRODUCTS
—
0.8%
Mars,
Inc.
4.600%,
3/1/2028
1,2
225,000
226,446
Mondelez
International,
Inc.
2.625%,
3/17/2027
1
200,000
197,039
423,485
GROUND
TRANSPORTATION
—
0.8%
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
250,000
246,173
CSX
Corp.
3.800%,
3/1/2028
1
200,000
198,283
444,456
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0.4%
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
225,000
229,541
HEALTH
CARE
PROVIDERS
&
SERVICES
—
0.4%
Elevance
Health,
Inc.
3.650%,
12/1/2027
1
200,000
197,778
HOTELS,
RESTAURANTS
&
LEISURE
—
0.9%
McDonald's
Corp.
3.500%,
3/1/2027
1
225,000
223,712
Starbucks
Corp.
4.000%,
11/15/2028
1
225,000
223,223
446,935
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
28
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.4%
Constellation
Energy
Generation
LLC
3.900%,
1/8/2028
225,000
$
223,297
IT
SERVICES
—
0.3%
International
Business
Machines
Corp.
3.300%,
5/15/2026
1
175,000
174,813
LIFE
SCIENCES
TOOLS
&
SERVICES
—
0.4%
Thermo
Fisher
Scientific,
Inc.
4.953%,
8/10/2026
1
200,000
200,556
MACHINERY
—
0.4%
Parker-Hannifin
Corp.
4.250%,
9/15/2027
1
225,000
225,181
MEDIA
—
0.3%
Fox
Corp.
4.709%,
1/25/2029
1
150,000
150,410
OIL,
GAS
&
CONSUMABLE
FUELS
—
1.4%
Enbridge,
Inc.
3.700%,
7/15/2027
1
250,000
247,688
Enterprise
Products
Operating
LLC
4.300%,
6/20/2028
1
25,000
25,038
Enterprise
Products
Operating
LLC
4.150%,
10/16/2028
1
200,000
199,641
Williams
Cos.,
Inc.
(The)
3.750%,
6/15/2027
1
250,000
248,172
720,539
PERSONAL
CARE
PRODUCTS
—
0.5%
Haleon
US
Capital
LLC
3.375%,
3/24/2027
1
250,000
247,644
PHARMACEUTICALS
—
1.1%
Astrazeneca
Finance
LLC
1.200%,
5/28/2026
1
150,000
149,320
Merck
&
Co.,
Inc.
4.206%(Term
SOFR
+
57
basis
points),
3/15/2029
4
200,000
200,496
Zoetis,
Inc.
3.900%,
8/20/2028
1
225,000
223,122
572,938
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
0.5%
Advanced
Micro
Devices,
Inc.
4.212%,
9/24/2026
1
275,000
275,422
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
29
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SOFTWARE
—
1.3%
Oracle
Corp.
2.650%,
7/15/2026
1
250,000
$
248,662
VMware
LLC
1.400%,
8/15/2026
1
250,000
247,398
Workday,
Inc.
3.500%,
4/1/2027
1
200,000
198,295
694,355
SPECIALIZED
REITS
—
0.5%
American
Tower
Corp.
3.375%,
10/15/2026
1
250,000
248,584
SPECIALTY
RETAIL
—
0.9%
Home
Depot,
Inc.
(The)
2.800%,
9/14/2027
1
200,000
196,627
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
300,000
296,498
493,125
TECHNOLOGY
HARDWARE,
STORAGE
&
PERIPHERALS
—
0.5%
Dell
International
LLC
/
EMC
Corp.
5.250%,
2/1/2028
1
100,000
101,368
Hewlett
Packard
Enterprise
Co.
4.400%,
9/25/2027
1
150,000
149,827
251,195
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.4%
T-Mobile
USA,
Inc.
3.750%,
4/15/2027
1
225,000
223,650
TOTAL
CORPORATE
BONDS
(Cost
$10,741,384)
10,730,187
EXCHANGE
TRADED
FUNDS
—0.9%
Palmer
Square
CLO
Senior
Debt
ETF
5
23,308
476,416
TOTAL
EXCHANGE
TRADED
FUNDS
(Cost
$473,858)
476,416
Number
of
Shares
SHORT-TERM
INVESTMENTS
—
20.2%
Money
Market
Funds
—
0.3%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
3.55%
6
175,696
175,696
Palmer
Square
Ultra-Short
Duration
Investment
Grade
Fund
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
March
31,
2026
(Unaudited)
30
Principal
Amount
Value
SHORT-TERM
INVESTMENTS
(Continued)
United
States
Treasury
Bills
—
19.9%
U.S.
Treasury
Bills,
3.400%,
4/16/2026
7
1,750,000
$
1,747,360
U.S.
Treasury
Bills,
3.470%,
4/23/2026
7
2,000,000
1,995,570
U.S.
Treasury
Bills,
3.570%,
5/21/2026
7
1,000,000
994,969
U.S.
Treasury
Bills,
3.590%,
5/26/2026
7
1,000,000
994,444
U.S.
Treasury
Bills,
3.570%,
6/4/2026
7
2,000,000
1,987,173
U.S.
Treasury
Bills,
3.570%,
6/11/2026
7
1,000,000
992,916
U.S.
Treasury
Bills,
3.560%,
6/23/2026
7
750,000
743,826
U.S.
Treasury
Bills,
3.600%,
7/7/2026
7
1,000,000
990,290
10,446,548
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$10,622,518)
10,622,244
TOTAL
INVESTMENTS
—
100.3%
(Cost
$52,855,689)
52,791,769
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
(140,029)
TOTAL
NET
ASSETS
—
100.0%
$
52,651,740
1
Callable.
2
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
$28,727,461
which
represents
54.56%
of
total
net
assets
of
the
Fund.
3
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.
4
Floating
rate
security.
5
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
6
The
rate
is
the
annualized
seven-day
yield
at
period
end.
7
The
rate
shown
represents
the
yield
at
period
end.