Strategy. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities rated investment grade at time of purchase. Investment grade securities are those rated in the Baa3 or higher categories by Moodys Investors Service, Inc. (Moodys), or in the BBB- or higher categories by Standard & Poors, a division of McGraw Hill Companies Inc. (S&P), or Fitch Ratings Ltd. (Fitch) or, if unrated by Moodys, S&P, Fitch, or another Nationally Recognized Statistical Rating Organization (NRSRO), determined by Palmer Square Capital Management LLC (the Advisor), the Funds advisor, to be of comparable credit quality. The types of debt securities in which the Fund may invest include, but are … Show more… Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities rated investment grade at time of purchase. Investment grade securities are those rated in the Baa3 or higher categories by Moodys Investors Service, Inc. (Moodys), or in the BBB- or higher categories by Standard & Poors, a division of McGraw Hill Companies Inc. (S&P), or Fitch Ratings Ltd. (Fitch) or, if unrated by Moodys, S&P, Fitch, or another Nationally Recognized Statistical Rating Organization (NRSRO), determined by Palmer Square Capital Management LLC (the Advisor), the Funds advisor, to be of comparable credit quality. The types of debt securities in which the Fund may invest include, but are not limited to, (i) asset -backed securities, including collateralized loan obligations (CLOs) and mortgage -backed securities, (ii) corporate bonds, notes, debentures and commercial paper, (iii) securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored entities, (iv) bank loans, (v) senior secured floating rate and fixed rate loans or debt, and (vi) second lien or other subordinated or unsecured floating rate and fixed rate loans or debt. The Fund may invest a significant portion of its assets in a limited number of investment types. The Funds investment strategy involves active and frequent trading. The Funds asset -backed securities investments may be comprised of loans or leases secured by motor vehicles or other equipment, consumer receivables from sources such as credit cards or student loans, or cash flows from operating assets such as royalties and leases. Mortgage -backed securities in which the Fund may invest include those issued or guaranteed by federal agencies and/or U.S. government sponsored instrumentalities, such as the Government National Mortgage Administration (Ginnie Mae), the Federal Housing Administration (FHA), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). The Fund may also invest in commercial mortgage -backed securities (CMBS) and collateralized mortgage -backed securities (CMOs) issued or guaranteed by private entities. The Funds investments will generally be U.S. dollar denominated. While the Fund may invest in securities of any maturity, the Fund will maintain an average portfolio duration under normal market conditions of less than one year. Duration is a measure of the underlying portfolios price sensitivity to changes in prevailing interest rates. In pursuing the Funds investment objectives, the Advisor uses a blend of top -down analysis, which includes macro analysis, analysis of valuation metrics across credit sectors, and sector monitoring, and bottom -up analysis, which involves individual issuer and management analysis and security/transaction evaluation that seeks to identify debt securities that it believes can provide highly competitive rate yields and total return over the long term with relatively mitigated credit risk. Show less