UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C.
20549
FORM N-CSR
CERTIFIED
SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company
Act file number: 811-23946
Palmer Square Funds Trust
(Exact name of registrant
as specified in charter)
1900 Shawnee Mission
Parkway
Suite 315
Mission Woods, KS
66205
(Address of principal
executive offices) (Zip code)
Scott Betz, Chief
Compliance Officer
1900
Shawnee Mission Parkway
Suite
315
Mission Woods, KS
66205
(Name and Address of
Agent for Service)
Registrant’s telephone number, including area code: 816-994-3200
Date of fiscal year end: June 30
Date of reporting period: June 30, 2025
Item 1. Reports to Stockholders.
(b) Not applicable.
Item 2. Code of Ethics.
As
of the end of the period, June 30, 2025, the Registrant has adopted a code of
ethics, as defined in Item 2 of Form N-CSR that applies to its principal
executive officer, principal financial officer, principal accounting officer or
controller or persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party (the “Code of
Ethics”). During the period covered by this report, no substantive amendments
were made to the Code of Ethics. During the period covered by this report,
there have been no waivers granted under the Code of Ethics. A copy of such
Code of Ethics is available at www.palmersquarefunds.com. A copy of such Code
of Ethics is available without charge by calling 816-994-3200.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board of
Trustees has determined that the Registrant has at least one “audit committee
financial expert” (as defined in Item 3 of Form N-CSR), serving on its
audit committee. Megan Webber is the “audit committee financial expert” and is
“independent” (as each term is defined in Item 3 of Form N-CSR).
Under applicable securities
laws and regulations, a person who is determined to be an audit committee
financial expert will not be deemed an “expert” for any purpose, including
without limitation for purposes of Section 11 of the Securities Act of 1933, as
amended, as a result of being designated or identified as an audit committee
financial expert. The designation or identification of a person as an audit
committee financial expert does not impose on such person any duties,
obligations, or liability that are greater than the duties, obligations, and
liability imposed on such person as a member of the Registrant’s Audit
Committee and Board of Trustees in the absence of such designation or
identification. The designation or identification of a person as an audit
committee financial expert does not affect the duties, obligations, or
liability of any other member of the Registrant’s Audit Committee or Board of
Trustees.
Item 4. Principal Accountant Fees and Services.
Aggregate fees for professional
services rendered for Palmer Square Funds Trust by Tait,
Weller & Baker LLP for the fiscal year ended June 30, 2025 were:
|
|
2025
|
|
Audit Fees(a)
|
$30,400
|
|
Audit Related Fees(b)
|
$0
|
|
Tax Fees(c)
|
$5,600
|
|
All Other Fees(d)
|
$0
|
|
Total:
|
$36,000
|
(a) Audit
Fees: These fees relate to professional services rendered by Tait, Weller & Baker LLP for the audit of the
Registrant’s annual financial statements or services normally provided by the
independent registered public accounting firm in connection with statutory and
regulatory filing or engagements. These services include the audits of the
financial statements of the Registrant and issuance of consents.
(b) Audit
Related Fees: These fees relate to assurance and related services by Tait, Weller & Baker LLP related to audit
services in connection with the June 30, 2025 annual financial statements.
(c) Tax Fees: These fees relate to professional services rendered by Tait, Weller & Baker LLP for tax compliance, tax advice and tax planning.
(d) All
Other Fees: These fees relate to products and services provided by Tait, Weller & Baker LLP other than those
reported under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above.
(e)(1) Per Rule 2-01(c)(7)(A) and the charter of the
Registrant’s Audit Committee, the Audit Committee approves and recommends the
principal accountant for the Registrant, pre-approves (i) the principal
accountant’s provision of all audit and permissible non-audit services to the
Registrant (including the fees and other compensation to be paid to the
principal accountant), and (ii) the principal accountant’s provision of any
permissible non-audit services to the Registrant’s investment adviser (the
“Adviser”), sub-adviser or any entity controlling, controlled by, or under
common control with any investment adviser or sub-adviser, if the engagement
relates directly to the operations of the financial
reporting of the Trust.
(e)(2) 100% of services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable.
(g) Disclose the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal year ended June 30, 2025 was $5,600.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a)
The Registrant is an issuer as defined in Section 10A-3 of the
Securities Exchange Act of 1934 and has a separately designated standing Audit
Committee in accordance with Section 3(a)(58)(A) of such Act. All of the
Board’s independent Trustees, Christopher C. Nelson, James Neville Jr. and Megan
Webber, are members of the Audit Committee.
(b) Not
Applicable.
Item 6. Investments.
(a) The
registrant’s Schedule of Investments is included as part of the Financial
Statements filed under Item 7(a) of this Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for
Open-End Management Investment Companies.
(a) The Registrant’s Financial
Statements are filed herewith.
(b) The Registrant’s Financial Highlights are included as
part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy
Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 13. Portfolio Managers of Closed-End Management
Investment Companies.
Not applicable to the Registrant.
Item 14. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 15. Submission of Matters to a Vote of Security
Holders.
There were no material changes to the procedures by which
shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
(a)
The Registrant’s principal executive officer and principal financial
officer have concluded, based on their evaluation of the Registrant’s
disclosure controls and procedures as conducted within 90 days of the filing
date of this report, that those disclosure controls and procedures provide
reasonable assurance that the material information required to be disclosed by
the Registrant on this report is recorded, processed, summarized and reported
within the time periods specified in the Securities and Exchange Commission’s
rules and forms.
(b)
There were no changes in the Registrant’s internal control over
financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that
occurred during the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the Registrant’s
internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for
Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
(a)(2) Not applicable.
(a)(4) Not applicable.
(a)(5) Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Palmer Square Funds Trust
By: /s/ Jeffrey D. Fox
Jeffrey D. Fox
Principal
Executive Officer
September 4, 2025
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment Company
Act of 1940, this report has been signed below by the following persons on
behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Jeffrey D. Fox
Jeffrey D. Fox
Principal
Executive Officer
September 4,
2025
By:
/s/ Courtney
Gengler
Courtney Gengler
Principal
Financial Officer
September 4,
2025