# EDGAR Filing Document

**Accession Number:** 0001318342
**File Stem:** 0001193125-25-300117
**Filing Date:** 2025-11
**Character Count:** 109197
**Document Hash:** 182c18f1cca64f255b081b0a89b6a924
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-300117.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-300117

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Investment Managers Series Trust
- **CENTRAL INDEX KEY:** 0001318342

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21719
- **FILM NUMBER:** 251529251

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 626-914-4141

**MAIL ADDRESS:**
- **STREET 1:** 235 WEST GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Trust
- **DATE OF NAME CHANGE:** 20050603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Claymore Equity Trust
- **DATE OF NAME CHANGE:** 20050218

## Series and Classes Contracts Data

### Palmer Square Ultra-Short Duration Investment Grade Fund (Series ID: S000050277)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000158749 | Palmer Square Ultra-Short Duration Investment Grade Fund | PSDSX           |

## Nport-Ex

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BANK LOANS — 1.4%** |  |
| 250000 | Hilton Domestic Operating Co., Inc.<br> 6.102% (1-Month Term SOFR+175 basis points), 11/8/2030<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$250531 |
| 244885 | KFC Holding Co.<br> 6.224% (1-Month Term SOFR+175 basis points), 3/15/2028<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246109 |
| 242439 | Trans Union LLC<br> 6.106% (1-Month Term SOFR+175 basis points), 6/24/2031<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242515 |
| 231600 | Vistra Operations Co. LLC<br> 0.000% (1-Month Term SOFR+175 basis points), 12/31/2025<sup>2,3,4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232188 |
|  | **Total Bank Loans** |  |
|  | (Cost $959,847) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**971343** |
|  | **BONDS — 89.8%** |  |
|  | **ASSET-BACKED SECURITIES — 56.4%** |  |
| 480421 | Allegro CLO VII Ltd.<br> Series 2018-1A, Class AR, 5.448% (3-Month Term SOFR+113 basis points), 6/13/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480720 |
| 986740 | Apidos CLO<br> Series 2015-23A, Class ARR, 5.368% (3-Month Term SOFR+105 basis points), 4/15/2033<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987325 |
| 640000 | BA Credit Card Trust<br> Series 2022-A2, Class A2, 5.000%, 4/15/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640614 |
| 561845 | Barings Equipment Finance LLC<br> Series 2025-A, Class A2, 4.640%, 10/13/2028<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565156 |
| 1378151 | Battalion CLO Ltd.<br> Series 2020-15A, Class A1RR, 5.302% (3-Month Term SOFR+98 basis points), 1/17/2033<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379182 |
| 243113 | BlueMountain Fuji U.S. CLO<br> Series 2017-2A, Class A1AR, 5.587% (3-Month Term SOFR+126.16 basis points), 10/20/2030<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243244 |
| 11617 | BMW Vehicle Lease Trust<br> Series 2023-2, Class A3, 5.990%, 9/25/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11638 |
| 260000 | Capital One Multi-Asset Execution Trust<br> Series 2022-A3, Class A, 4.950%, 10/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260089 |
| 113515 | Capital One Prime Auto Receivables Trust<br> Series 2022-2, Class A3, 3.660%, 5/17/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113372 |
| 1301568 | Carlyle Global Market Strategies CLO 2015-5 Ltd.<br> Series 2015-5A, Class A1R3, 5.425% (3-Month Term SOFR+110 basis points), 1/20/2032<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302689 |
| 1441461 | CarVal CLO II Ltd.<br> Series 2019-1A, Class AR2, 5.345% (3-Month Term SOFR+102 basis points), 4/20/2032<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442282 |
| 1568795 | CIFC Funding Ltd.<br> Series 2013-3RA, Class A1R, 5.319% (3-Month Term SOFR+100 basis points), 4/24/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570593 |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 933000 | Citibank Credit Card Issuance Trust<br> Series 2023-A1, Class A1, 5.230%, 12/8/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$934762 |
| 305947 | Citizens Auto Receivables Trust<br> Series 2024-1, Class A3, 5.110%, 4/17/2028<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307732 |
|  | Discover Card Execution Note Trust |  |
| 220000 | Series 2022-A4, Class A, 5.030%, 10/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220069 |
| 200000 | Series 2023-A1, Class A, 4.310%, 3/15/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200243 |
| 710000 | Series 2021-A2, Class A2, 1.030%, 9/15/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691144 |
| 557023 | DLLAA<br> Series 2023-1A, Class A3, 5.640%, 2/22/2028<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564256 |
|  | Dryden CLO Ltd. |  |
| 770681 | Series 2018-61A, Class A1R2, 5.402% (3-Month Term SOFR+108 basis points), 1/17/2032<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771837 |
| 729725 | Series 2019-72A, Class ARR, 5.311% (3-Month Term SOFR+110 basis points), 5/15/2032<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730966 |
| 1000000 | Series 2019-80A, Class BRR, 5.705% (3-Month Term SOFR+150 basis points), 1/17/2033<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000018 |
|  | Dryden Senior Loan Fund |  |
| 1000000 | Series 2013-26A, Class BR, 6.029% (3-Month Term SOFR+171.16 basis points), 4/15/2029<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001627 |
| 962709 | Series 2016-45A, Class A1RR, 5.398% (3-Month Term SOFR+108 basis points), 10/15/2030<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963361 |
| 111432 | Series 2015-41A, Class AR, 5.549% (3-Month Term SOFR+123.16 basis points), 4/15/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111492 |
| 1000000 | Series 2016-43A, Class AR3, 5.395% (3-Month Term SOFR+107 basis points), 4/20/2034<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001000 |
| 469183 | Elevation CLO Ltd.<br> Series 2018-10A, Class AR, 5.245% (3-Month Term SOFR+92 basis points), 10/20/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469727 |
| 500000 | Elmwood CLO Ltd.<br> Series 2021-3A, Class AR2, 5.558% (3-Month Term SOFR+130 basis points), 7/20/2038<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502598 |
| 1000000 | Empower CLO Ltd.<br> Series 2023-2A, Class AR, 5.610% (3-Month Term SOFR+132 basis points), 10/15/2038<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005361 |
| 38164 | Ford Credit Auto Owner Trust<br> Series 2024-D, Class A2A, 4.590%, 10/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38245 |
|  | GM Financial Automobile Leasing Trust |  |
| 71026 | Series 2024-2, Class A2A, 5.430%, 9/21/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71144 |
| 106710 | Series 2024-3, Class A2A, 4.290%, 1/20/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106750 |
| 646377 | Series 2024-1, Class A3, 5.090%, 3/22/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648529 |
| 75000 | Series 2025-2, Class A2A, 4.550%, 7/20/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75297 |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 85000 | Series 2025-3, Class A2A, 4.190%, 10/20/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85261 |
|  | GM Financial Consumer Automobile Receivables Trust |  |
| 87359 | Series 2022-2, Class A3, 3.100%, 2/16/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87254 |
| 49618 | Series 2025-2, Class A2A, 4.400%, 2/16/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49703 |
| 324863 | Series 2023-2, Class A3, 4.470%, 2/16/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325481 |
| 115000 | Series 2025-3, Class A2A, 4.320%, 6/16/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115422 |
| 504404 | Series 2023-3, Class A3, 5.450%, 6/16/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508603 |
| 2000000 | Golub Capital Partners Ltd.<br> Series 2024-1A, Class AR, 5.446% (3-Month Term SOFR+112 basis points), 7/20/2035<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001432 |
| 205000 | Harley-Davidson Motorcycle Trust<br> Series 2024-A, Class A3, 5.370%, 3/15/2029<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207286 |
|  | Honda Auto Receivables Trust |  |
| 100000 | Series 2025-2, Class A2A, 4.300%, 1/18/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100175 |
| 356592 | Series 2023-3, Class A3, 5.410%, 2/18/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359296 |
|  | Hyundai Auto Lease Securitization Trust |  |
| 105000 | Series 2025-B, Class A2A, 4.580%, 9/15/2027<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105496 |
| 205000 | Series 2025-C, Class A2A, 4.370%, 1/18/2028<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206029 |
|  | Hyundai Auto Receivables Trust |  |
| 235000 | Series 2025-A, Class A2A, 4.330%, 12/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235326 |
| 236138 | Series 2023-B, Class A3, 5.480%, 4/17/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237918 |
| 75000 | Series 2025-B, Class A2A, 4.450%, 8/15/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75316 |
| 224891 | Series 2023-C, Class A3, 5.540%, 10/16/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227326 |
|  | John Deere Owner Trust |  |
| 51307 | Series 2024-A, Class A2A, 5.190%, 2/16/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51351 |
| 54286 | Series 2022-C, Class A3, 5.090%, 6/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54472 |
| 70000 | Series 2025-A, Class A2A, 4.230%, 3/15/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70142 |
| 120000 | Series 2025-B, Class A2A, 4.280%, 7/17/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120570 |
|  | Kubota Credit Owner Trust |  |
| 623447 | Series 2023-2A, Class A3, 5.280%, 1/18/2028<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628894 |
| 65000 | Series 2025-2A, Class A2, 4.480%, 4/17/2028<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65394 |
|  | LCM LP |  |
| 1040000 | Series 18A, Class BR, 6.187% (3-Month Term SOFR+186.16 basis points), 4/20/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042628 |
| 5025 | Series 14A, Class AR, 5.627% (3-Month Term SOFR+130.16 basis points), 7/20/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5027 |
|  | Madison Park Funding Ltd. |  |
| 1000000 | Series 2014-14A, Class BR4, 5.832% (3-Month Term SOFR+150 basis points), 10/22/2030<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001365 |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
| 1762784 | Series 2019-35A, Class A1R, 5.577% (3-Month Term SOFR+125.16 basis points), 4/20/2032<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1766300 |
|  | Mercedes-Benz Auto Lease Trust |  |
| 52234 | Series 2023-A, Class A3, 4.740%, 1/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52264 |
| 332000 | Series 2024-A, Class A3, 5.320%, 1/18/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336319 |
| 191000 | Nissan Auto Lease Trust<br> Series 2024-B, Class A2A, 5.050%, 6/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191877 |
| 1000000 | Octagon Investment Partners 44 Ltd.<br> Series 2019-1A, Class AR2, 5.474% (3-Month Term SOFR+115 basis points), 10/15/2034<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001956 |
|  | OZLM Ltd. |  |
| 1000000 | Series 2017-17A, Class A2AR, 5.825% (3-Month Term SOFR+150 basis points), 7/20/2030<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000541 |
| 1000000 | Series 2014-6A, Class B1T, 6.322% (3-Month Term SOFR+200 basis points), 4/17/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003105 |
| 65000 | Porsche Innovative Lease Owner Trust<br> Series 2025-1A, Class A2A, 4.600%, 12/20/2027<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65218 |
| 301356 | Rockford Tower CLO Ltd.<br> Series 2018-1A, Class A, 5.565% (3-Month Term SOFR+136.16 basis points), 5/20/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301756 |
|  | Symphony CLO Ltd. |  |
| 474167 | Series 2019-21A, Class AR2, 5.218% (3-Month Term SOFR+90 basis points), 7/15/2032<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474634 |
| 1000000 | Series 2021-25A, Class A, 5.567% (3-Month Term SOFR+124.16 basis points), 4/19/2034<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001475 |
|  | Toyota Auto Receivables Owner Trust |  |
| 201267 | Series 2025-A, Class A2A, 4.480%, 11/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201568 |
| 105000 | Series 2025-B, Class A2A, 4.460%, 3/15/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105282 |
|  | Toyota Lease Owner Trust |  |
| 146476 | Series 2024-A, Class A3, 5.250%, 4/20/2027<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147199 |
| 880000 | Series 2024-B, Class A3, 4.210%, 9/20/2027<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882453 |
| 65000 | USB Auto Owner Trust<br> Series 2025-1A, Class A2, 4.510%, 6/15/2028<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65237 |
| 760232 | Venture CLO Ltd.<br> Series 2019-38A, Class ARR, 5.310% (3-Month Term SOFR+100 basis points), 7/30/2032<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758482 |
| 300000 | Verizon Master Trust<br> Series 2024-1, Class A1A, 5.000%, 12/20/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300565 |
| 155000 | Volkswagen Auto Lease Trust<br> Series 2025-A, Class A2A, 4.430%, 12/20/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155825 |
| 102543 | Volkswagen Auto Loan Enhanced Trust<br> Series 2024-1, Class A2A, 4.650%, 11/22/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102804 |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **ASSET-BACKED SECURITIES (Continued)** |  |
|  | Voya CLO Ltd. |  |
| 40387 | Series 2017-1A, Class A1R, 5.534% (3-Month Term SOFR+121.16 basis points), 4/17/2030<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40417 |
| 61199 | Series 2017-2A, Class A1R, 5.559% (3-Month Term SOFR+124.16 basis points), 6/7/2030<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61214 |
| 178271 | Series 2013-2A, Class A1R, 5.550% (3-Month Term SOFR+123.16 basis points), 4/25/2031<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178424 |
| 1000000 | Series 2020-3A, Class ARR, 5.575% (3-Month Term SOFR+125 basis points), 1/20/2038<sup>3,4,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003449 |
| 590000 | World Omni Auto Receivables Trust<br> Series 2024-A, Class A3, 4.860%, 3/15/2029<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593737 |
|  | **Total Asset-Backed Securities** |  |
|  | (Cost $40,084,826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40172330** |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.9%** |  |
| 715548 | GS Mortgage Securities Corp Trust<br> Series 2012-BWTR, Class A, 2.954%, 11/5/2034<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620660 |
|  | **Total Commercial Mortgage-Backed Securities** |  |
|  | (Cost $715,834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**620660** |
|  | **CORPORATE — 19.6%** |  |
|  | **BASIC MATERIALS — 0.6%** |  |
| 250000 | PPG Industries, Inc.<br> 1.200%, 3/15/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246603 |
| 200000 | Sherwin-Williams Co.<br> 3.450%, 6/1/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**444790** |
|  | **COMMUNICATIONS — 3.3%** |  |
| 200000 | Amazon.com, Inc.<br> 1.000%, 5/12/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196522 |
| 200000 | AT&T, Inc.<br> 1.700%, 3/25/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197678 |
| 250000 | Booking Holdings, Inc.<br> 3.600%, 6/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249257 |
| 200000 | Comcast Corp.<br> 3.150%, 3/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199213 |
| 250000 | eBay, Inc.<br> 1.400%, 5/10/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246059 |
| 250000 | Meta Platforms, Inc.<br> 3.500%, 8/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249015 |
| 300000 | Netflix, Inc.<br> 4.875%, 4/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306641 |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **COMMUNICATIONS (Continued)** |  |
| 250000 | T-Mobile USA, Inc.<br> 2.250%, 2/15/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$248068 |
| 200000 | TWDC Enterprises Corp.<br> 1.850%, 7/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196733 |
| 300000 | Verizon Communications, Inc.<br> 4.125%, 3/16/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2389553** |
|  | **CONSUMER, CYCLICAL — 2.9%** |  |
| 200000 | 7-Eleven, Inc.<br> 0.950%, 2/10/2026<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197492 |
|  | American Honda Finance Corp. |  |
| 275000 | 4.840% (SOFR+71 basis points), 1/9/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275317 |
| 150000 | 5.050% (SOFR+92 basis points), 1/12/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150287 |
| 250000 | BMW U.S. Capital LLC<br> 2.800%, 4/11/2026<sup>3,5</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248389 |
|  | Home Depot, Inc. |  |
| 75000 | 5.100%, 12/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75165 |
| 250000 | 3.000%, 4/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248750 |
| 300000 | Lowe's Cos., Inc.<br> 3.100%, 5/3/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295750 |
| 250000 | Starbucks Corp.<br> 4.850%, 2/8/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252558 |
|  | Toyota Motor Credit Corp. |  |
| 200000 | 4.450%, 5/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200638 |
| 90000 | 5.223% (SOFR Index+89 basis points), 5/18/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2034706** |
|  | **CONSUMER, NON-CYCLICAL — 4.7%** |  |
| 300000 | AbbVie, Inc.<br> 2.950%, 11/21/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296659 |
| 200000 | Amgen, Inc.<br> 2.200%, 2/21/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195216 |
| 250000 | Astrazeneca Finance LLC<br> 1.200%, 5/28/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245573 |
| 250000 | Bristol-Myers Squibb Co.<br> 3.200%, 6/15/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248816 |
| 200000 | CVS Health Corp.<br> 1.300%, 8/21/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189526 |
| 200000 | Elevance Health, Inc.<br> 3.650%, 12/1/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198612 |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **CONSUMER, NON-CYCLICAL (Continued)** |  |
| 250000 | GE HealthCare Technologies, Inc.<br> 5.650%, 11/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$257707 |
| 250000 | Gilead Sciences, Inc.<br> 3.650%, 3/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249613 |
| 250000 | Haleon U.S. Capital LLC<br> 3.375%, 3/24/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247517 |
| 250000 | Kroger Co.<br> 3.500%, 2/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249186 |
| 200000 | Mondelez International, Inc.<br> 2.625%, 3/17/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195926 |
| 200000 | Pfizer Investment Enterprises Pte Ltd.<br> 4.450%, 5/19/2026<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200426 |
| 350000 | S&P Global, Inc.<br> 2.450%, 3/1/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342900 |
| 200000 | Thermo Fisher Scientific, Inc.<br> 4.953%, 8/10/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3319270** |
|  | **ENERGY — 1.0%** |  |
| 250000 | Enbridge, Inc.<br> 3.700%, 7/15/2027<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248022 |
| 200000 | MPLX LP<br> 1.750%, 3/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197929 |
| 84000 | Sabine Pass Liquefaction LLC<br> 5.875%, 6/30/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84283 |
| 165000 | TransCanada PipeLines Ltd.<br> 4.875%, 1/15/2026<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**695264** |
|  | **FINANCIAL — 1.4%** |  |
| 250000 | American Tower Corp.<br> 3.375%, 10/15/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248253 |
| 250000 | Crown Castle, Inc.<br> 1.050%, 7/15/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243835 |
| 250000 | Digital Realty Trust LP<br> 3.700%, 8/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248332 |
| 200000 | Intercontinental Exchange, Inc.<br> 4.000%, 9/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200056 |
| 95000 | Mastercard, Inc.<br> 4.697% (SOFR Index+44 basis points), 3/15/2028<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1035557** |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **INDUSTRIAL — 1.1%** |  |
| 200000 | Caterpillar Financial Services Corp.<br> 0.900%, 3/2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$197297 |
|  | John Deere Capital Corp. |  |
| 75000 | 4.570% (SOFR+44 basis points), 3/6/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75087 |
| 340000 | 5.134% (SOFR+79 basis points), 6/8/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341533 |
| 140000 | Veralto Corp.<br> 5.500%, 9/18/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**755661** |
|  | **TECHNOLOGY — 3.7%** |  |
| 275000 | Advanced Micro Devices, Inc.<br> 4.212%, 9/24/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276123 |
| 200000 | Broadcom Corp.<br> 3.875%, 1/15/2027<sup>3,6</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199932 |
| 250000 | Dell International LLC<br> 4.900%, 10/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251454 |
| 250000 | Fidelity National Information Services, Inc.<br> 1.150%, 3/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246850 |
| 250000 | Fiserv, Inc.<br> 3.200%, 7/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248465 |
| 300000 | International Business Machines Corp.<br> 3.300%, 5/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298709 |
| 250000 | Microsoft Corp.<br> 2.400%, 8/8/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247083 |
| 250000 | Oracle Corp.<br> 2.650%, 7/15/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247127 |
| 250000 | Salesforce, Inc.<br> 3.700%, 4/11/2028<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249251 |
| 200000 | VMware LLC<br> 1.400%, 8/15/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195601 |
| 200000 | Workday, Inc.<br> 3.500%, 4/1/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2658903** |
|  | **UTILITIES — 0.9%** |  |
| 250000 | Duke Energy Corp.<br> 2.650%, 9/1/2026<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247035 |
|  | NextEra Energy Capital Holdings, Inc. |  |
| 60000 | 5.107% (SOFR Index+76 basis points), 1/29/2026<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60109 |
| 150000 | 1.875%, 1/15/2027<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145921 |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

---

| | | |
|:---|:---|:---|
| Principal<br> Amount<sup>1</sup> |  | Value |
|  | **BONDS (Continued)** |  |
|  | **CORPORATE (Continued)** |  |
|  | **UTILITIES (Continued)** |  |
| 200000 | Southern Co.<br> 5.113%, 8/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$203453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**656518** |
|  | **Total Corporate** |  |
|  | (Cost $13,937,442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13990222** |
|  | **U.S. GOVERNMENT — 12.9%** |  |
|  | United States Treasury Bill |  |
| 750000 | 0.000%, 10/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749324 |
| 1000000 | 0.000%, 10/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998313 |
| 750000 | 0.000%, 11/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746507 |
| 1500000 | 0.000%, 11/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492030 |
| 1500000 | 0.000%, 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491739 |
| 1250000 | 0.000%, 12/9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240801 |
| 1000000 | 0.000%, 12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991645 |
| 750000 | 0.000%, 1/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741727 |
| 750000 | 0.000%, 1/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741178 |
|  | **Total U.S. Government** |  |
|  | (Cost $9,193,110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9193264** |
|  | **Total Bonds** |  |
|  | (Cost $63,931,212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**63976476** |

---

---

| | | |
|:---|:---|:---|
| Number<br> of Shares |  |  |
|  | **EXCHANGE-TRADED FUNDS — 0.7%** |  |
| 23982 | Palmer Square CLO Senior Debt ETF<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486835 |
|  | **Total Exchange-Traded Funds** |  |
|  | (Cost $487,566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**486835** |
|  | **SHORT-TERM INVESTMENTS — 4.4%** |  |
| 3155567 | Fidelity Investments Money Market Funds - Treasury Portfolio - Class I, 3.94%<sup>8</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155567 |
|  | **Total Short-Term Investments** |  |
|  | (Cost $3,155,567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3155567** |
|  | **TOTAL INVESTMENTS — 96.3%** |  |
|  | (Cost $68,534,192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68590221** |
|  | Other Assets in Excess of Liabilities — 3.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2616440 |
|  | **TOTAL NET ASSETS — 100.0%** | $**71206661** |

---

------

#### Palmer Square Ultra-Short Duration Investment Grade Fund

#### SCHEDULE OF INVESTMENTS - Continued

#### As of September 30, 2025 (Unaudited)

------

ETF – Exchange-Traded Fund

<sup>1</sup> Local currency.

<sup>2</sup> 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.

<sup>3</sup> Callable.

<sup>4</sup> Floating rate security.

<sup>5</sup> 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 $32,275,832 which represents 45.33% of total net assets of the Fund.

<sup>6</sup> Foreign security denominated in U.S. Dollars.

<sup>7</sup> Affiliated company.

<sup>8</sup> The rate is the annualized seven-day yield at period end.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** INVESTMENT MANAGERS SERIES TRUST

- **b. Investment Company Act file number:** 811-21719

- **c. CIK number of Registrant:** 0001318342

- **d. LEI of Registrant:** 549300ESWU4ZNAH5Y054

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 WEST GALENA STREET

  - **City:** MILWAUKEE

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 532123948

  - **Telephone number:** 4142992000

**Item A.2. Information about the Series.**

- **a. Name of Series:** Palmer Square Ultra-Short Duration Investment Grade Fund

- **b. EDGAR series identifier (if any):** S000050277

- **c. LEI of Series:** 549300NYWH528FBWW089

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $71309069.05

**Total Liabilities:** $103279.88

**Net Assets:** $71205789.17

**Cash Not Reported:** $171728.11

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 280.697436831864 | **1-Year:** 1432.586712532555 | **5-Year:** 1217.247583706026 | **10-Year:** 936.768625021481 | **30-Year:** 55.490079791474

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 101.226729582843 | **10-Year:** 17.314665961157 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158749 | 0.35%                | 0.40%                | 0.42%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $230.32                  | $-12690.29                                 |
| Month 2  | $296.21                  | $26701.57                                  |
| Month 3  | $7084.79                 | $26278.56                                  |

### Schedule of Portfolio Investments

| Name                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Discover Card Execution Note T | Discover Card Execution Note Trust                        | CUSIP: 254683CQ6<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |    710000 | PA      | $691143.82    | 0.97%             | 2028-09-15      | Fixed         | 1.03%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note T | Discover Card Execution Note Trust                        | CUSIP: 254683CX1<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |    220000 | PA      | $220068.86    | 0.31%             | 2027-10-15      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| Discover Card Execution Note T | Discover Card Execution Note Trust                        | CUSIP: 254683CY9<br>LEI: 549300CKCX1QE4RUW216 | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200243.00    | 0.28%             | 2028-03-15      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| TWDC ENTERPRISES 18 CORP       | TWDC Enterprises 18 Corp.                                 | CUSIP: 25468PDM5<br>LEI: 7260JQNI6SCF9FIV2392 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196733.20    | 0.28%             | 2026-07-30      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 41 Senior Loan Fund                                | CUSIP: 26244KAN6<br>LEI: 5493000CMI5L15ZSNM78 | Long             | ABS-CBDO         | CORP              | KY        |    111432 | PA      | $111492.13    | 0.16%             | 2031-04-15      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 45 Senior Loan Fund                                | CUSIP: 26244MAW2<br>LEI: 54930046L20VLJKPVV31 | Long             | ABS-CBDO         | CORP              | KY        |    962709 | PA      | $963361.17    | 1.35%             | 2030-10-15      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 43 Senior Loan Fund                                | CUSIP: 26245CBQ5<br>LEI: 5493002P75UIPU4MC757 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001000.00   | 1.41%             | 2034-04-20      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 80 CLO Ltd.                                        | CUSIP: 26245JBC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000018.20   | 1.40%             | 2033-01-17      | Floating      | 5.70%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden XXVI Senior Loan Fund                              | CUSIP: 26250UAS4<br>LEI: 549300ENU7ZZLTPT3E22 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001627.40   | 1.41%             | 2029-04-15      | Floating      | 6.03%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 61 Clo Ltd.                                        | CUSIP: 26251CBA1<br>LEI: 549300JHVVT1NJ057H42 | Long             | ABS-CBDO         | CORP              | KY        |    770681 | PA      | $771837.20    | 1.08%             | 2032-01-17      | Floating      | 5.40%                 | Yes           |                  2 | On Loan: No      |
| Dryden Senior Loan Fund        | Dryden 72 CLO Ltd.                                        | CUSIP: 26252NAW9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    729725 | PA      | $730965.99    | 1.03%             | 2032-05-15      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| DUKE ENERGY CORP               | Duke Energy Corp.                                         | CUSIP: 26441CAS4<br>LEI: I1BZKREC126H0VB1BL91 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247034.50    | 0.35%             | 2026-09-01      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| EBAY INC                       | eBay, Inc.                                                | CUSIP: 278642AX1<br>LEI: OML71K8X303XQONU6T67 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246058.75    | 0.35%             | 2026-05-10      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Elevation CLO Ltd              | Elevation CLO 2018-10 Ltd.                                | CUSIP: 28623CAL5<br>LEI: 5493005Q4N14IP6ASK07 | Long             | ABS-CBDO         | CORP              | KY        |    469183 | PA      | $469727.09    | 0.66%             | 2031-10-20      | Floating      | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Elmwood CLO X Ltd              | Elmwood CLO X Ltd.                                        | CUSIP: 29002VAW8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $502598.00    | 0.71%             | 2038-07-20      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Empower CLO Ltd.               | Empower CLO 2023-2 Ltd.                                   | CUSIP: 29247BAN7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1005361.00   | 1.41%             | 2038-10-15      | Floating      | 5.61%                 | Yes           |                  2 | On Loan: No      |
| ENBRIDGE INC                   | Enbridge, Inc.                                            | CUSIP: 29250NAR6<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    250000 | PA      | $248022.50    | 0.35%             | 2027-07-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| META PLATFORMS INC             | Meta Platforms, Inc.                                      | CUSIP: 30303M8G0<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249015.00    | 0.35%             | 2027-08-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| FIDELITY NATL INFO SERV        | Fidelity National Information Services, Inc.              | CUSIP: 31620MBR6<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246850.00    | 0.35%             | 2026-03-01      | Fixed         | 1.15%                 | No            |                  2 | On Loan: No      |
| FISERV INC                     | Fiserv, Inc.                                              | CUSIP: 337738AT5<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248465.25    | 0.35%             | 2026-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| Ford Credit Auto Owner Trust   | Ford Credit Auto Owner Trust 2024-D                       | CUSIP: 34535VAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     38164 | PA      | $38245.31     | 0.05%             | 2027-10-15      | Fixed         | 4.59%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust   | GS Mortgage Securities Corp. Trust 2012-BWTR              | CUSIP: 36192RAA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    715548 | PA      | $620660.23    | 0.87%             | 2034-11-05      | Fixed         | 2.95%                 | Yes           |                  2 | On Loan: No      |
| GM Financial Consumer Automobi | GM Financial Consumer Automobile Receivables Trust 2025-2 | CUSIP: 362549AB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     49618 | PA      | $49703.39     | 0.07%             | 2028-02-16      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi | GM Financial Consumer Automobile Receivables Trust 2023-2 | CUSIP: 362583AD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    324863 | PA      | $325481.19    | 0.46%             | 2028-02-16      | Fixed         | 4.47%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi | GM Financial Consumer Automobile Receivables Trust 2022-2 | CUSIP: 362585AC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     87359 | PA      | $87253.47     | 0.12%             | 2027-02-16      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HALEON US CAPITAL LLC          | Haleon U.S. Capital LLC                                   | CUSIP: 36264FAK7<br>LEI: 549300N8C3A3L0UVQB07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247517.25    | 0.35%             | 2027-03-24      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi | GM Financial Consumer Automobile Receivables Trust 2023-3 | CUSIP: 36267KAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    504404 | PA      | $508603.32    | 0.71%             | 2028-06-16      | Fixed         | 5.45%                 | No            |                  2 | On Loan: No      |
| GE HEALTHCARE TECH INC         | GE HealthCare Technologies, Inc.                          | CUSIP: 36267VAF0<br>LEI: 549300OI9J7XOWZMUN85 | Long             | DBT              | CORP              | US        |    250000 | PA      | $257707.00    | 0.36%             | 2027-11-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin | GM Financial Automobile Leasing Trust 2024-1              | CUSIP: 36269FAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    646377 | PA      | $648529.08    | 0.91%             | 2027-03-22      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin | GM Financial Automobile Leasing Trust 2024-2              | CUSIP: 36269WAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     71026 | PA      | $71143.59     | 0.10%             | 2026-09-21      | Fixed         | 5.43%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin | Gm Financial Automobile Leasing Trust 2025-2              | CUSIP: 362962AB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $75296.85     | 0.11%             | 2027-07-20      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| GILEAD SCIENCES INC            | Gilead Sciences, Inc.                                     | CUSIP: 375558BF9<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249613.50    | 0.35%             | 2026-03-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| GM Financial Consumer Automobi | Gm Financial Consumer Automobile Receivables Trust 2025-3 | CUSIP: 379957AB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    115000 | PA      | $115422.05    | 0.16%             | 2028-06-16      | Fixed         | 4.32%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin | GM Financial Automobile Leasing Trust 2025-3              | CUSIP: 379965AB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     85000 | PA      | $85261.29     | 0.12%             | 2027-10-20      | Fixed         | 4.19%                 | No            |                  2 | On Loan: No      |
| GM Financial Automobile Leasin | GM Financial Automobile Leasing Trust 2024-3              | CUSIP: 38012QAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    106710 | PA      | $106749.60    | 0.15%             | 2027-01-20      | Fixed         | 4.29%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners Static  | Golub Capital Partners Static 2024-1 Ltd.                 | CUSIP: 381929AN8<br>LEI: 25490083RWI1EQQYLH43 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $2001432.40   | 2.81%             | 2035-07-20      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Harley-Davidson Motorcycle Tru | Harley-Davidson Motorcycle Trust 2024-A                   | CUSIP: 412922AC0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $207285.96    | 0.29%             | 2029-03-15      | Fixed         | 5.37%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot, Inc.                                          | CUSIP: 437076BM3<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248749.75    | 0.35%             | 2026-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot, Inc.                                          | CUSIP: 437076CX8<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75165.30     | 0.11%             | 2025-12-24      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| KROGER CO                      | Kroger Co.                                                | CUSIP: 501044DC2<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249186.25    | 0.35%             | 2026-02-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2025-2                          | CUSIP: 50117LAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $65394.10     | 0.09%             | 2028-04-17      | Fixed         | 4.48%                 | Yes           |                  2 | On Loan: No      |
| LCM Ltd Partnership            | LCM XIV LP                                                | CUSIP: 50184VAR5<br>LEI: 549300NGJ6CPPJRPGL08 | Long             | ABS-CBDO         | CORP              | KY        |      5025 | PA      | $5027.41      | 0.01%             | 2031-07-20      | Floating      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| LCM Ltd Partnership            | LCM XVIII LP                                              | CUSIP: 50188GAU7<br>LEI: 549300PYL1KC7BYM8G75 | Long             | ABS-CBDO         | CORP              | KY        |   1040000 | PA      | $1042627.87   | 1.46%             | 2031-04-20      | Floating      | 6.19%                 | Yes           |                  2 | On Loan: No      |
| LOWE'S COS INC                 | Lowe's Cos., Inc.                                         | CUSIP: 548661DP9<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295749.90    | 0.42%             | 2027-05-03      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| MPLX LP                        | MPLX LP                                                   | CUSIP: 55336VBR0<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197929.00    | 0.28%             | 2026-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XIV Ltd.                             | CUSIP: 55818RBN5<br>LEI: 254900Q2IOW6JYPYIV98 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001365.00   | 1.41%             | 2030-10-22      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XXXV Ltd.                            | CUSIP: 55819MAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1762784 | PA      | $1766299.58   | 2.48%             | 2032-04-20      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| MASTERCARD INC                 | Mastercard, Inc.                                          | CUSIP: 57636QBE3<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |     95000 | PA      | $95081.04     | 0.13%             | 2028-03-15      | Floating      | 4.70%                 | No            |                  2 | On Loan: No      |
| NETFLIX INC                    | Netflix, Inc.                                             | CUSIP: 64110LAS5<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306640.80    | 0.43%             | 2028-04-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings, Inc.                     | CUSIP: 65339KBY5<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    150000 | PA      | $145921.35    | 0.20%             | 2027-01-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings, Inc.                     | CUSIP: 65339KCR9<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     60000 | PA      | $60109.20     | 0.08%             | 2026-01-29      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| Nissan Auto Lease Trust        | Nissan Auto Lease Trust 2024-B                            | CUSIP: 65481DAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    191000 | PA      | $191877.25    | 0.27%             | 2027-06-15      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| OZLM Ltd                       | OZLM VI Ltd.                                              | CUSIP: 67108LBP7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003104.90   | 1.41%             | 2031-04-17      | Floating      | 6.32%                 | Yes           |                  2 | On Loan: No      |
| OZLM Ltd                       | OZLM XVII Ltd.                                            | CUSIP: 67111NAS3<br>LEI: 549300EERMFPZ487P195 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1000541.40   | 1.41%             | 2030-07-20      | Floating      | 5.83%                 | Yes           |                  2 | On Loan: No      |
| Octagon Investment Partners 44 | Octagon Investment Partners 44 Ltd.                       | CUSIP: 67577LAS4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001956.10   | 1.41%             | 2034-10-15      | Floating      | 5.47%                 | Yes           |                  2 | On Loan: No      |
| ORACLE CORP                    | Oracle Corp.                                              | CUSIP: 68389XBM6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247127.25    | 0.35%             | 2026-07-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| PPG INDUSTRIES INC             | PPG Industries, Inc.                                      | CUSIP: 693506BU0<br>LEI: 549300BKPEP01R3V6C59 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246602.75    | 0.35%             | 2026-03-15      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| PFIZER INVESTMENT ENTER        | Pfizer Investment Enterprises Pte Ltd.                    | CUSIP: 716973AB8<br>LEI: 5493000FQO8XF9C0RT95 | Long             | DBT              | CORP              | SG        |    200000 | PA      | $200426.00    | 0.28%             | 2026-05-19      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| Porsche Innovative Lease Owner | Porsche Innovative Lease Owner Trust 2025-1               | CUSIP: 73329KAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $65218.08     | 0.09%             | 2027-12-20      | Fixed         | 4.60%                 | Yes           |                  2 | On Loan: No      |
| BOOKING HOLDINGS INC           | Booking Holdings, Inc.                                    | CUSIP: 741503AZ9<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249256.75    | 0.35%             | 2026-06-01      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| Rockford Tower CLO Ltd         | Rockford Tower CLO 2018-1 Ltd.                            | CUSIP: 77342JAA1<br>LEI: 549300KPFGDIQ0PMP224 | Long             | ABS-CBDO         | CORP              | KY        |    301356 | PA      | $301756.21    | 0.42%             | 2031-05-20      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| S&P GLOBAL INC                 | S&P Global, Inc.                                          | CUSIP: 78409VBH6<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | DBT              | CORP              | US        |    350000 | PA      | $342900.25    | 0.48%             | 2027-03-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| SABINE PASS LIQUEFACTION       | Sabine Pass Liquefaction LLC                              | CUSIP: 785592AV8<br>LEI: 549300KJYBG7C6WJYZ11 | Long             | DBT              | CORP              | US        |     84000 | PA      | $84283.00     | 0.12%             | 2026-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                 | Salesforce, Inc.                                          | CUSIP: 79466LAF1<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    250000 | PA      | $249250.50    | 0.35%             | 2028-04-11      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| 7-ELEVEN INC                   | 7-Eleven, Inc.                                            | CUSIP: 817826AC4<br>LEI: 549300K23JPL0SS3LB18 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197492.40    | 0.28%             | 2026-02-10      | Fixed         | 0.95%                 | Yes           |                  2 | On Loan: No      |
| SHERWIN-WILLIAMS CO            | Sherwin-Williams Co.                                      | CUSIP: 824348AW6<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198187.60    | 0.28%             | 2027-06-01      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                    | Southern Co.                                              | CUSIP: 842587DD6<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $203452.60    | 0.29%             | 2027-08-01      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2018-3 Ltd.                                      | CUSIP: 92917KAW4<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $800000.00    | 1.12%             | 2031-10-15      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2020-3 Ltd.                                      | CUSIP: 92918NAY3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1003448.90   | 1.41%             | 2038-01-20      | Floating      | 5.58%                 | Yes           |                  2 | On Loan: No      |
| Carval CLO LTD                 | CarVal CLO II Ltd.                                        | CUSIP: 14686AAY5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1441461 | PA      | $1442281.50   | 2.03%             | 2032-04-20      | Floating      | 5.35%                 | Yes           |                  2 | On Loan: No      |
| CATERPILLAR FINL SERVICE       | Caterpillar Financial Services Corp.                      | CUSIP: 14913R2K2<br>LEI: EDBQKYOPJUCJKLOJDE72 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197296.60    | 0.28%             | 2026-03-02      | Fixed         | 0.90%                 | No            |                  2 | On Loan: No      |
| Citibank Credit Card Issuance  | Citibank Credit Card Issuance Trust                       | CUSIP: 17305EGW9<br>LEI: R8AG6FXVDQAMDKCSJJ64 | Long             | ABS-O            | CORP              | US        |    933000 | PA      | $934762.44    | 1.31%             | 2027-12-08      | Fixed         | 5.23%                 | No            |                  2 | On Loan: No      |
| Citizens Auto Receivables Trus | Citizens Auto Receivables Trust 2024-1                    | CUSIP: 17331QAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    305947 | PA      | $307731.54    | 0.43%             | 2028-04-17      | Fixed         | 5.11%                 | Yes           |                  2 | On Loan: No      |
| THERMO FISHER SCIENTIFIC       | Thermo Fisher Scientific, Inc.                            | CUSIP: 883556CV2<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201592.60    | 0.28%             | 2026-08-10      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust       | Toyota Lease Owner Trust 2024-B                           | CUSIP: 891943AD4<br>LEI: 254900R64DFTI1MWY364 | Long             | ABS-O            | CORP              | US        |    880000 | PA      | $882452.56    | 1.24%             | 2027-09-20      | Fixed         | 4.21%                 | Yes           |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner  | Toyota Auto Receivables 2025-B Owner Trust                | CUSIP: 89231HAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $105282.35    | 0.15%             | 2028-03-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp.                                 | CUSIP: 89236TKT1<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200637.60    | 0.28%             | 2026-05-18      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| TOYOTA MOTOR CREDIT CORP       | Toyota Motor Credit Corp.                                 | CUSIP: 89236TKV6<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |     90000 | PA      | $90359.73     | 0.13%             | 2026-05-18      | Floating      | 5.22%                 | No            |                  2 | On Loan: No      |
| Toyota Lease Owner Trust       | Toyota Lease Owner Trust 2024-A                           | CUSIP: 89238GAD3<br>LEI: 254900MVSB4M6HOIRE71 | Long             | ABS-O            | CORP              | US        |    146476 | PA      | $147198.68    | 0.21%             | 2027-04-20      | Fixed         | 5.25%                 | Yes           |                  2 | On Loan: No      |
| Toyota Auto Receivables Owner  | Toyota Auto Receivables 2025-A Owner Trust                | CUSIP: 89240JAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    201267 | PA      | $201567.51    | 0.28%             | 2027-11-15      | Fixed         | 4.48%                 | No            |                  2 | On Loan: No      |
| TRANSCANADA PIPELINES          | TransCanada PipeLines Ltd.                                | CUSIP: 89352HAT6<br>LEI: 5BV01I6231JPDAPMGH09 | Long             | DBT              | CORP              | CA        |    165000 | PA      | $165029.70    | 0.23%             | 2026-01-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| USB Auto Owner Trust           | USB Auto Owner Trust 2025-1                               | CUSIP: 90367VAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     65000 | PA      | $65237.38     | 0.09%             | 2028-06-15      | Fixed         | 4.51%                 | Yes           |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $749324.25    | 1.05%             | 2025-10-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $998313.00    | 1.40%             | 2025-10-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1491739.50   | 2.09%             | 2025-11-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $991645.00    | 1.39%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $746506.50    | 1.05%             | 2025-11-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1492030.50   | 2.10%             | 2025-11-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | PA      | $1240801.25   | 1.74%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797SF5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $741726.75    | 1.04%             | 2026-01-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797SG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    750000 | PA      | $741177.75    | 1.04%             | 2026-01-20      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| WORKDAY INC                    | Workday, Inc.                                             | CUSIP: 98138HAG6<br>LEI: 549300J0DYC0N31V7G13 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198307.80    | 0.28%             | 2027-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| World Omni Auto Receivables Tr | World Omni Auto Receivables Trust 2024-A                  | CUSIP: 98164RAD8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    590000 | PA      | $593736.47    | 0.83%             | 2029-03-15      | Fixed         | 4.86%                 | No            |                  2 | On Loan: No      |
| Venture CDO Ltd                | Venture 38 CLO Ltd.                                       | CUSIP: 92332NBC8<br>LEI: 549300EM6DS6KQH1HN07 | Long             | ABS-CBDO         | CORP              | KY        |    760232 | PA      | $758482.12    | 1.07%             | 2032-07-30      | Floating      | 5.31%                 | Yes           |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC       | Vistra Operations Co. LLC                                 | CUSIP: 88233FAK6<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | LON              | CORP              | US        |    231600 | PA      | $232187.57    | 0.33%             | 2025-12-31      | Floating      | 0.00%                 | No            |                  2 | On Loan: No      |
| KFC HOLDING CO                 | KFC Holding Co.                                           | CUSIP: 72584DAF1<br>LEI: 549300G2LG4YUB3MM115 | Long             | LON              | CORP              | US        |    244885 | PA      | $246109.32    | 0.35%             | 2028-03-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| TRANS UNION LLC                | Trans Union LLC                                           | CUSIP: 89334GBF0<br>LEI: X8NPN6PWJOM1QCTYFV34 | Long             | LON              | CORP              | US        |    242439 | PA      | $242515.13    | 0.34%             | 2031-06-24      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATIN       | Hilton Domestic Operating Co., Inc.                       | CUSIP: 43289DAK9<br>LEI: 5493003EG7H0N1E4XV50 | Long             | LON              | CORP              | US        |    250000 | PA      | $250531.25    | 0.35%             | 2030-11-08      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| Fidelity Treasury Portfolio    | Fidelity Treasury Portfolio - Class I                     | CUSIP: 316175504<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   3163147 | PA      | $3163147.44   | 4.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Palmer Square CLO Senior Debt  | Palmer Square CLO Senior Debt ETF                         | CUSIP: 696930205<br>LEI: 529900TABPQS963SOB46 | Long             |  | RF                | US        |     23982 | NS      | $486834.60    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| John Deere Owner Trust         | John Deere Owner Trust 2025-B                             | CUSIP: 47800UAB2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    120000 | PA      | $120569.52    | 0.17%             | 2028-07-17      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| Kubota Credit Owner Trust      | Kubota Credit Owner Trust 2023-2                          | CUSIP: 500945AC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    623447 | PA      | $628893.49    | 0.88%             | 2028-01-18      | Fixed         | 5.28%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2018-3 Ltd.                                      | CUSIP: 92917KAQ7<br>LEI: 54930068MLVF3BECCK93 | Long             | ABS-CBDO         | CORP              | KY        |   1221584 | PA      | $1221583.66   | 1.72%             | 2031-10-15      | Floating      | 5.52%                 | Yes           |                  2 | On Loan: No      |
| AT&T INC                       | AT&T, Inc.                                                | CUSIP: 00206RML3<br>LEI: 549300Z40J86GGSTL398 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197678.60    | 0.28%             | 2026-03-25      | Fixed         | 1.70%                 | No            |                  2 | On Loan: No      |
| ABBVIE INC                     | AbbVie, Inc.                                              | CUSIP: 00287YBV0<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    300000 | PA      | $296658.60    | 0.42%             | 2026-11-21      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ADVANCED MICRO DEVICES         | Advanced Micro Devices, Inc.                              | CUSIP: 007903BH9<br>LEI: R2I72C950HOYXII45366 | Long             | DBT              | CORP              | US        |    275000 | PA      | $276123.38    | 0.39%             | 2026-09-24      | Fixed         | 4.21%                 | No            |                  2 | On Loan: No      |
| Allegro CLO Ltd                | Allegro CLO VII Ltd.                                      | CUSIP: 01750CAL7<br>LEI: 635400EBXLHIKFL2MP73 | Long             | ABS-CBDO         | CORP              | KY        |    480421 | PA      | $480720.09    | 0.68%             | 2031-06-13      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com, Inc.                                          | CUSIP: 023135BX3<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196521.60    | 0.28%             | 2026-05-12      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp.                              | CUSIP: 02665WEE7<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    150000 | PA      | $150287.25    | 0.21%             | 2026-01-12      | Floating      | 5.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HONDA FINANCE         | American Honda Finance Corp.                              | CUSIP: 02665WEX5<br>LEI: B6Q2VFHD1797Q7NZ3E43 | Long             | DBT              | CORP              | US        |    275000 | PA      | $275317.35    | 0.39%             | 2026-01-09      | Floating      | 4.84%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP            | American Tower Corp.                                      | CUSIP: 03027XAK6<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248252.75    | 0.35%             | 2026-10-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| AMGEN INC                      | Amgen, Inc.                                               | CUSIP: 031162CT5<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195216.00    | 0.27%             | 2027-02-21      | Fixed         | 2.20%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC            | Elevance Health, Inc.                                     | CUSIP: 036752AB9<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |    200000 | PA      | $198612.00    | 0.28%             | 2027-12-01      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                 | Apidos CLO XXIII                                          | CUSIP: 03765YBG8<br>LEI: 635400C39IXGGYE6DH05 | Long             | ABS-CBDO         | CORP              | KY        |    986740 | PA      | $987325.26    | 1.39%             | 2033-04-15      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| ASTRAZENECA FINANCE LLC        | Astrazeneca Finance LLC                                   | CUSIP: 04636NAA1<br>LEI: 549300C3HATU4Q460S18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $245573.25    | 0.34%             | 2026-05-28      | Fixed         | 1.20%                 | No            |                  2 | On Loan: No      |
| Bank of America Credit Card Tr | BA Credit Card Trust                                      | CUSIP: 05522RDF2<br>LEI: 5493006DQ60M1CRKHH19 | Long             | ABS-O            | CORP              | US        |    640000 | PA      | $640614.40    | 0.90%             | 2028-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BMW US CAPITAL LLC             | BMW U.S. Capital LLC                                      | CUSIP: 05565EAH8<br>LEI: KK5MZM9DIXLXZL9DZL15 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248388.75    | 0.35%             | 2026-04-11      | Fixed         | 2.80%                 | Yes           |                  2 | On Loan: No      |
| BMW Vehicle Lease Trust        | BMW Vehicle Lease Trust 2023-2                            | CUSIP: 055979AC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     11617 | PA      | $11637.90     | 0.02%             | 2026-09-25      | Fixed         | 5.99%                 | No            |                  2 | On Loan: No      |
| MMAF Equipment Finance LLC     | Barings Equipment Finance LLC 2025-A                      | CUSIP: 06764MAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    561845 | PA      | $565155.59    | 0.79%             | 2028-10-13      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| Battalion CLO LTD              | Battalion Clo XV Ltd.                                     | CUSIP: 07131AAM6<br>LEI: 549300CJP8HGT746II19 | Long             | ABS-CBDO         | CORP              | KY        |   1378151 | PA      | $1379182.42   | 1.94%             | 2033-01-17      | Floating      | 5.30%                 | Yes           |                  2 | On Loan: No      |
| Bluemountain CLO Ltd           | BlueMountain Fuji U.S. Clo II Ltd.                        | CUSIP: 09629EAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    243113 | PA      | $243244.31    | 0.34%             | 2030-10-20      | Floating      | 5.59%                 | Yes           |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co.                                  | CUSIP: 110122CN6<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248815.75    | 0.35%             | 2026-06-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| BROADCOM CRP /  CAYMN FI       | Broadcom Corp. / Broadcom Cayman Finance Ltd.             | CUSIP: 11134LAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    200000 | PA      | $199931.40    | 0.28%             | 2027-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd               | CIFC Funding 2013-III-R Ltd.                              | CUSIP: 12552MAL2<br>LEI: 549300JZARV9CBLL1S14 | Long             | ABS-CBDO         | CORP              | KY        |   1568795 | PA      | $1570592.50   | 2.21%             | 2031-04-24      | Floating      | 5.32%                 | Yes           |                  2 | On Loan: No      |
| CVS HEALTH CORP                | CVS Health Corp.                                          | CUSIP: 126650DM9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $189526.00    | 0.27%             | 2027-08-21      | Fixed         | 1.30%                 | No            |                  2 | On Loan: No      |
| Capital One Multi-Asset Execut | Capital One Multi-Asset Execution Trust                   | CUSIP: 14041NGB1<br>LEI: R42WS16M9R97TJJKGU15 | Long             | ABS-O            | CORP              | US        |    260000 | PA      | $260089.18    | 0.37%             | 2027-10-15      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Capital One Prime Auto Receiva | Capital One Prime Auto Receivables Trust 2022-2           | CUSIP: 14043GAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    113515 | PA      | $113372.34    | 0.16%             | 2027-05-17      | Fixed         | 3.66%                 | No            |                  2 | On Loan: No      |
| Carlyle Global Market Strategi | Carlyle Global Market Strategies CLO 2015-5 Ltd.          | CUSIP: 14312JBG6<br>LEI: 5493007AYUHLOG0AMH17 | Long             | ABS-CBDO         | CORP              | KY        |   1301568 | PA      | $1302688.73   | 1.83%             | 2032-01-20      | Floating      | 5.43%                 | Yes           |                  2 | On Loan: No      |
| COMCAST CORP                   | Comcast Corp.                                             | CUSIP: 20030NBS9<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199213.60    | 0.28%             | 2026-03-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC               | Crown Castle, Inc.                                        | CUSIP: 22822VAV3<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |    250000 | PA      | $243834.75    | 0.34%             | 2026-07-15      | Fixed         | 1.05%                 | No            |                  2 | On Loan: No      |
| DLLAA LLC                      | DLLAA 2023-1 LLC                                          | CUSIP: 23292HAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    557023 | PA      | $564256.37    | 0.79%             | 2028-02-22      | Fixed         | 5.64%                 | Yes           |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp.                                  | CUSIP: 24422EWY1<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |    340000 | PA      | $341533.40    | 0.48%             | 2026-06-08      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| JOHN DEERE CAPITAL CORP        | John Deere Capital Corp.                                  | CUSIP: 24422EXL8<br>LEI: E0KSF7PFQ210NWI8Z391 | Long             | DBT              | CORP              | US        |     75000 | PA      | $75086.63     | 0.11%             | 2026-03-06      | Floating      | 4.57%                 | No            |                  2 | On Loan: No      |
| DELL INT LLC / EMC CORP        | Dell International LLC / EMC Corp.                        | CUSIP: 24703TAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $251454.25    | 0.35%             | 2026-10-01      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T | Honda Auto Receivables 2025-2 Owner Trust                 | CUSIP: 437921AB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    100000 | PA      | $100174.70    | 0.14%             | 2028-01-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Honda Auto Receivables Owner T | Honda Auto Receivables 2023-3 Owner Trust                 | CUSIP: 43815QAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    356592 | PA      | $359295.77    | 0.50%             | 2028-02-18      | Fixed         | 5.41%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2023-C                     | CUSIP: 44918CAD4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    224891 | PA      | $227325.65    | 0.32%             | 2028-10-16      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2023-B                     | CUSIP: 44933XAD9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    236138 | PA      | $237917.47    | 0.33%             | 2028-04-17      | Fixed         | 5.48%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-A                     | CUSIP: 44935CAB7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    235000 | PA      | $235325.95    | 0.33%             | 2027-12-15      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitizat | Hyundai Auto Lease Securitization Trust 2025-B            | CUSIP: 44935DAB5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    105000 | PA      | $105496.44    | 0.15%             | 2027-09-15      | Fixed         | 4.58%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Lease Securitizat | Hyundai Auto Lease Securitization Trust 2025-C            | CUSIP: 44935GAB8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    205000 | PA      | $206029.10    | 0.29%             | 2028-01-18      | Fixed         | 4.37%                 | Yes           |                  2 | On Loan: No      |
| Hyundai Auto Receivables Trust | Hyundai Auto Receivables Trust 2025-B                     | CUSIP: 44935XAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     75000 | PA      | $75316.35     | 0.11%             | 2028-08-15      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| INTERCONTINENTALEXCHANGE       | Intercontinental Exchange, Inc.                           | CUSIP: 45866FAU8<br>LEI: 5493000F4ZO33MV32P92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200056.00    | 0.28%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IBM CORP                       | International Business Machines Corp.                     | CUSIP: 459200JZ5<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    300000 | PA      | $298708.80    | 0.42%             | 2026-05-15      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust         | John Deere Owner Trust 2022-C                             | CUSIP: 47800BAC2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     54286 | PA      | $54471.67     | 0.08%             | 2027-06-15      | Fixed         | 5.09%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust         | John Deere Owner Trust 2025                               | CUSIP: 47800DAB0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     70000 | PA      | $70141.96     | 0.10%             | 2028-03-15      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| John Deere Owner Trust         | John Deere Owner Trust 2024                               | CUSIP: 47800RAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     51307 | PA      | $51351.20     | 0.07%             | 2027-02-16      | Fixed         | 5.19%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust 2023-A                     | CUSIP: 58768RAC4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |     52234 | PA      | $52263.49     | 0.07%             | 2027-01-15      | Fixed         | 4.74%                 | No            |                  2 | On Loan: No      |
| Mercedes-Benz Auto Lease Trust | Mercedes-Benz Auto Lease Trust 2024-A                     | CUSIP: 58770JAD6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    332000 | PA      | $336318.99    | 0.47%             | 2028-01-18      | Fixed         | 5.32%                 | No            |                  2 | On Loan: No      |
| MICROSOFT CORP                 | Microsoft Corp.                                           | CUSIP: 594918BR4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247083.25    | 0.35%             | 2026-08-08      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| MONDELEZ INTERNATIONAL         | Mondelez International, Inc.                              | CUSIP: 609207BA2<br>LEI: 549300DV9GIB88LZ5P30 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195925.80    | 0.28%             | 2027-03-17      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| STARBUCKS CORP                 | Starbucks Corp.                                           | CUSIP: 855244BG3<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    250000 | PA      | $252557.50    | 0.35%             | 2027-02-08      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Symphony CLO Ltd               | Symphony CLO XXI Ltd.                                     | CUSIP: 87166RGE1<br>LEI: 5493005CJY0RF4FJJP54 | Long             | ABS-CBDO         | CORP              | KY        |    474167 | PA      | $474634.32    | 0.67%             | 2032-07-15      | Floating      | 5.22%                 | Yes           |                  2 | On Loan: No      |
| Symphony CLO Ltd               | Symphony CLO XXV Ltd.                                     | CUSIP: 87167WAC9<br>LEI: 5493006CLZCEH6WYKR81 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001475.30   | 1.41%             | 2034-04-19      | Floating      | 5.57%                 | Yes           |                  2 | On Loan: No      |
| T-MOBILE USA INC               | T-Mobile USA, Inc.                                        | CUSIP: 87264ABR5<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248068.25    | 0.35%             | 2026-02-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| VERALTO CORP                   | Veralto Corp.                                             | CUSIP: 92338CAB9<br>LEI: 635400FJE6GSOJUSNY27 | Long             | DBT              | CORP              | US        |    140000 | PA      | $141744.12    | 0.20%             | 2026-09-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications, Inc.                              | CUSIP: 92343VDY7<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |    300000 | PA      | $300366.90    | 0.42%             | 2027-03-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Verizon Master Trust           | Verizon Master Trust                                      | CUSIP: 92348KCL5<br>LEI: 5493007MUBNP1GFMEB89 | Long             | ABS-O            | CORP              | US        |    300000 | PA      | $300564.90    | 0.42%             | 2028-12-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VMWARE LLC                     | VMware LLC                                                | CUSIP: 928563AJ4<br>LEI: 549300BUDHS3LRWBE814 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195601.40    | 0.27%             | 2026-08-15      | Fixed         | 1.40%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Loan Enhanced  | Volkswagen Auto Loan Enhanced Trust 2024-1                | CUSIP: 92868RAB4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    102543 | PA      | $102803.84    | 0.14%             | 2027-11-22      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Volkswagen Auto Lease Trust    | Volkswagen Auto Lease Trust 2025-A                        | CUSIP: 92868WAB3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $155824.76    | 0.22%             | 2027-12-20      | Fixed         | 4.43%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                   | VOYA CLO 2017-2                                           | CUSIP: 92915UAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |     61199 | PA      | $61214.01     | 0.09%             | 2030-06-07      | Floating      | 5.56%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2017-1 Ltd.                                      | CUSIP: 92916MAF8<br>LEI: 54930054YW6PM1FPVU95 | Long             | ABS-CBDO         | CORP              | KY        |     40387 | PA      | $40417.25     | 0.06%             | 2030-04-17      | Floating      | 5.53%                 | Yes           |                  2 | On Loan: No      |
| Voya CLO Ltd                   | Voya CLO 2013-2 Ltd.                                      | CUSIP: 92916WAA7<br>LEI: 5493007ASGBOUR3XJY69 | Long             | ABS-CBDO         | CORP              | KY        |    178271 | PA      | $178423.60    | 0.25%             | 2031-04-25      | Floating      | 5.55%                 | Yes           |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP        | Digital Realty Trust LP                                   | CUSIP: 25389JAR7<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248332.00    | 0.35%             | 2027-08-15      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

**Name of Applicant:** INVESTMENT MANAGERS SERIES TRUST

**Signature:** /s/ Maureen Quill

**Name of Signer:** Maureen Quill

**Title:** President