N-CSR: Certified Shareholder Report
Published on September 4, 2025
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.
Palmer
Square
Funds
Trust
Palmer
Square
CLO
Senior
Debt
ETF
(Ticker:
PSQA)
Palmer
Square
Credit
Opportunities
ETF
(Ticker:
PSQO)
ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
JUNE
30,
2025
Palmer
Square
Funds
Trust
Table
of
Contents
SEMI-ANNUAL
FINANCIALS
AND
OTHER
INFORMATION
1
Table
of
Contents
iii
Financial
Statements
and
Financial
Highlights
Schedule
of
Investments
Palmer
Square
CLO
Senior
Debt
ETF
1
Palmer
Square
Credit
Opportunities
ETF
4
Statements
of
Assets
and
Liabilities
19
Statements
of
Operations
20
Statements
of
Changes
in
Net
Assets
21
Financial
Highlights
Palmer
Square
CLO
Senior
Debt
ETF
22
Palmer
Square
Credit
Opportunities
ETF
23
Notes
to
Financial
Statements
24
Report
of
Independent
Registered
Public
Accounting
Firm
31
Federal
Tax
Information
32
Additional
Information
-
Items
8-11
33
This
report
and
the
financial
statements
contained
herein
are
provided
for
the
general
information
of
the
shareholders
of
the
Palmer
Square
Funds.
This
report
is
not
authorized
for
distribution
to
prospective
investors
in
the
Funds
unless
preceded
or
accompanied
by
an
effective
shareholder
report
and
prospectus.
www.palmersquarefunds.com
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
As
of
June
30,
2025
1
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
—
103.9%
AGL
CLO
13
Ltd.
Series
2021-13A-A1
5.691%
(3-Month
Term
SOFR
+
142.2
basis
points),
10/20/2034
1,2,3
1,000,000
$
1,001,800
AIMCO
CLO
22
Ltd.
Series
2024-22A-A
5.769%
(3-Month
Term
SOFR
+
150
basis
points),
4/19/2037
1,2,3
850,000
854,721
Apidos
CLO
XVIII-R
Series
2018-18A-A1R2
5.602%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,3
1,000,000
1,003,537
Ares
XXXIV
CLO
Ltd.
Series
2015-2A-AR3
5.600%
(3-Month
Term
SOFR
+
132
basis
points),
4/17/2033
1,2,3
850,000
852,743
Bain
Capital
Credit
CLO
Ltd.
Series
2019-2A-AR3
5.200%
(3-Month
Term
SOFR
+
92
basis
points),
10/17/2032
1,2,3
941,385
939,806
Series
2022-2A-A1
5.592%
(3-Month
Term
SOFR
+
132
basis
points),
4/22/2035
1,2,3
1,000,000
1,000,000
Series
2022-2A-A1R
(3-Month
Term
SOFR
+
115
basis
points),
4/22/2035
1,2,3
750,000
750,000
Series
2023-1A-A1R
5.725%
(3-Month
Term
SOFR
+
140
basis
points),
7/16/2038
1,2,3
1,000,000
1,003,168
Barings
CLO
Ltd.
Series
2022-4A-A1R
5.629%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,000,704
Battalion
CLO
XI
Ltd.
Series
2017-11A-AR
5.687%
(3-Month
Term
SOFR
+
141.2
basis
points),
4/24/2034
1,2,3
1,000,000
1,001,132
Benefit
Street
Partners
CLO
XXXVII
Ltd.
Series
2024-37A-A
5.698%
(3-Month
Term
SOFR
+
135
basis
points),
1/25/2038
1,2,3
500,000
502,221
CarVal
CLO
VII-C
Ltd.
Series
2023-1A-A1R
5.709%
(3-Month
Term
SOFR
+
144
basis
points),
7/20/2037
1,2,3
1,000,000
1,004,301
CBAMR
Ltd.
Series
2017-4A-BR
6.102%
(3-Month
Term
SOFR
+
180
basis
points),
3/31/2038
1,2,3
1,000,000
1,000,000
Cedar
Funding
IV
CLO
Ltd.
Series
2014-4A-AR3
5.619%
(3-Month
Term
SOFR
+
134
basis
points),
1/23/2038
1,2,3
500,000
502,034
CIFC
Funding
Ltd.
Series
2017-4A-A1R
5.487%
(3-Month
Term
SOFR
+
121.2
basis
points),
10/24/2030
1,2,3
431,224
431,337
Series
2018-1A-A1R
5.589%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,3
750,000
751,389
Series
2019-1A-A1R2
5.629%
(3-Month
Term
SOFR
+
136
basis
points),
10/20/2037
1,2,3
1,000,000
1,000,702
Series
2021-7A-A1
5.671%
(3-Month
Term
SOFR
+
139.2
basis
points),
1/23/2035
1,2,3
690,000
690,691
Series
2022-3A-B
6.272%
(3-Month
Term
SOFR
+
200
basis
points),
4/21/2035
1,2,3
500,000
501,144
Dewolf
Park
CLO
Ltd.
Series
2017-1A-AR
5.438%
(3-Month
Term
SOFR
+
118.2
basis
points),
10/15/2030
1,2,3
855,190
856,435
Dryden
43
Senior
Loan
Fund
Series
2016-43A-AR3
5.339%
(3-Month
Term
SOFR
+
107
basis
points),
4/20/2034
1,2,3
1,000,000
1,000,254
Dryden
49
Senior
Loan
Fund
Series
2017-49A-BR
6.131%
(3-Month
Term
SOFR
+
186.2
basis
points),
7/18/2030
1,2,3
500,000
501,073
Dryden
68
CLO
Ltd.
Series
2019-68A-BRR
5.806%
(3-Month
Term
SOFR
+
155
basis
points),
7/15/2035
1,2,3
1,000,000
1,004,345
Dryden
86
CLO
Ltd.
Series
2020-86A-A1R
5.641%
(3-Month
Term
SOFR
+
136.2
basis
points),
7/17/2034
1,2,3
1,000,000
1,001,713
Elmwood
CLO
VIII
Ltd.
Series
2021-1A-AR
5.819%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,3
800,000
807,169
GoldenTree
Loan
Management
US
CLO
19
Ltd.
Series
2024-19A-A
5.769%
(3-Month
Term
SOFR
+
150
basis
points),
4/20/2037
1,2,3
500,000
502,776
Invesco
US
CLO
Ltd.
Series
2023-1A-AR
5.842%
(3-Month
Term
SOFR
+
157
basis
points),
4/22/2037
1,2,3
550,000
551,795
KKR
CLO
41
Ltd.
Series
2022-41A-B
6.156%
(3-Month
Term
SOFR
+
190
basis
points),
4/15/2035
1,2,3
1,000,000
1,002,925
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
2
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
LCM
26
Ltd.
Series
26A-A1
5.601%
(3-Month
Term
SOFR
+
133.2
basis
points),
1/20/2031
1,2,3
140,295
$
140,366
Madison
Park
Funding
XLII
Ltd.
Series
13A-B
6.041%
(3-Month
Term
SOFR
+
176.2
basis
points),
11/21/2030
1,2,3
500,000
501,688
Madison
Park
Funding
XVIII
Ltd.
Series
2015-18A-ARR
5.471%
(3-Month
Term
SOFR
+
120.2
basis
points),
10/21/2030
1,2,3
275,865
276,119
Madison
Park
Funding
XXXV
Ltd.
Series
2019-35A-A1R
5.521%
(3-Month
Term
SOFR
+
125.2
basis
points),
4/20/2032
1,2,3
448,306
449,197
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2021-1A-A
5.701%
(3-Month
Term
SOFR
+
142.2
basis
points),
10/20/2034
1,2,3
900,000
900,617
Neuberger
Berman
Loan
Advisers
CLO
27
Ltd.
Series
2018-27A-BR
6.006%
(3-Month
Term
SOFR
+
175
basis
points),
7/15/2038
1,2,3
465,000
466,498
Neuberger
Berman
Loan
Advisers
CLO
31
Ltd.
Series
2019-31A-AR2
5.499%
(3-Month
Term
SOFR
+
123
basis
points),
1/20/2039
1,2,3
625,000
625,864
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd.
Series
2020-36A-A1R2
5.569%
(3-Month
Term
SOFR
+
130
basis
points),
4/20/2033
1,2,3
494,005
494,674
Neuberger
Berman
Loan
Advisers
CLO
39
Ltd.
Series
2020-39A-A1R
5.799%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,3
830,000
831,497
Oaktree
CLO
Ltd.
Series
2019-3A-A1R2
5.649%
(3-Month
Term
SOFR
+
138
basis
points),
1/20/2038
1,2,3
1,000,000
1,002,291
Octagon
66
Ltd.
Series
2022-1A-A1R
6.075%
(3-Month
Term
SOFR
+
175
basis
points),
11/16/2036
1,2,3
1,000,000
1,002,085
OHA
Credit
Funding
11
Ltd.
Series
2022-11A-B1R
5.869%
(3-Month
Term
SOFR
+
160
basis
points),
7/19/2037
1,2,3
500,000
502,059
Palmer
Square
CLO
Ltd.
Series
2021-4A-B
6.168%
(3-Month
Term
SOFR
+
191.2
basis
points),
10/15/2034
1,2,3,4
645,000
645,000
Series
2021-4A-BR
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
1,2,3,4
750,000
750,938
Rad
CLO
7
Ltd.
Series
2020-7A-A1R
5.630%
(3-Month
Term
SOFR
+
135
basis
points),
4/17/2036
1,2,3
820,000
821,538
Sound
Point
CLO
XX
Ltd.
Series
2018-2A-A
5.644%
(3-Month
Term
SOFR
+
136.2
basis
points),
7/26/2031
1,2,3
282,223
282,444
Symphony
CLO
XXV
Ltd.
Series
2021-25A-A
5.511%
(3-Month
Term
SOFR
+
124.2
basis
points),
4/19/2034
1,2,3
1,000,000
1,001,247
THL
Credit
Wind
River
CLO
Ltd.
Series
2019-3A-AR2
5.316%
(3-Month
Term
SOFR
+
106
basis
points),
4/15/2031
1,2,3
265,199
265,330
Thompson
Park
CLO
Ltd.
Series
2021-1A-A1R
5.306%
(3-Month
Term
SOFR
+
105
basis
points),
4/15/2034
1,2,3
1,500,000
1,497,503
Trinitas
CLO
X
Ltd.
Series
2019-10A-AR
5.636%
(3-Month
Term
SOFR
+
138
basis
points),
1/15/2035
1,2,3
500,000
500,294
Voya
CLO
Ltd.
Series
2015-3A-A1R3
5.422%
(3-Month
Term
SOFR
+
115
basis
points),
10/20/2031
1,2,3
590,469
591,213
Palmer
Square
CLO
Senior
Debt
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
3
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Series
2019-4A-BR
6.268%
(3-Month
Term
SOFR
+
201.2
basis
points),
1/15/2035
1,2,3
250,000
$
250,806
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$36,756,644)
36,819,183
TOTAL
INVESTMENTS
—
103.9%
(Cost
$36,756,644)
36,819,183
Liabilities
in
Excess
of
Other
Assets
—
(3.9)%
(1,380,460)
TOTAL
NET
ASSETS
—
100.0%
$
35,438,723
1
Callable.
2
Floating
rate
security.
3
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
are
restricted
and
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
total
value
of
these
securities
is
$36,819,183
which
represents
103.90%
of
total
net
assets
of
the
Fund.
4
The
Fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
Investment
Company
Act
of
1940,
as
amended,
an
affiliated
company
is
one
in
which
the
Fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
which
is
under
common
ownership
or
control.
Schedule
of
Affiliated
Investments
aa
Value
at
Beginning
of
Period
Purchases
1
Sales
Realized
Gain
(Loss)
Amortization
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Interest
Income
a
a
a
a
a
a
a
a
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
CLO
Ltd.
Series
2021-4A-BR
(3-Month
Term
SOFR
+
170
basis
points),
7/15/2038
$
—
$
750,000
$
—
$
—
$
—
$
938
$
750,938
750,000
$
—
Palmer
Square
CLO
Ltd.
Series
2021-4A-B
6.168%
(3-Month
Term
SOFR
+
191.2
basis
points),
10/15/2034
—
646,032
—
—
(983)
(49)
645,000
645,000
33,101
Palmer
Square
CLO
Ltd.
Series
-
6.421%
,
4/15/2031
—
181,523
(181,523)
41
(41)
—
—
—
484
Total
Affiliated
Securities
$—
$1,577,555
$(181,523)
$41
$(1,024)
$889
$1,395,938
1,395,000
$33,585
1
May
include
partnership
adjustments,
and/or
corporate
actions.
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
As
of
June
30,
2025
4
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
—
10.0%
American
Express
Credit
Account
Master
Trust
Series
2022-3-A,
3.750%
,
8/15/2027
1
75,000
$
74,929
Barings
Equipment
Finance
LLC
Series
2025-A-A2,
4.640%
,
10/13/2028
1,2
440,000
441,276
BMW
Vehicle
Lease
Trust
Series
2023-2-A3,
5.990%
,
9/25/2026
1
32,392
32,509
Capital
One
Multi-Asset
Execution
Trust
Series
2022-A3-A,
4.950%
,
10/15/2027
1
135,000
135,172
Series
2023-A1-A,
4.420%
,
5/15/2028
1
150,000
150,187
Capital
One
Prime
Auto
Receivables
Trust
Series
2022-2-A3,
3.660%
,
5/17/2027
1
38,585
38,463
Chase
Auto
Owner
Trust
Series
2024-5A-A2,
4.400%
,
11/26/2027
1,2
47,463
47,439
Citibank
Credit
Card
Issuance
Trust
Series
2023-A1-A1,
5.230%
,
12/8/2027
1
170,000
170,535
Citizens
Auto
Receivables
Trust
Series
2024-1-A3,
5.110%
,
4/17/2028
1,2
724,000
728,090
Dell
Equipment
Finance
Trust
Series
2023-1-A3,
5.650%
,
9/22/2028
1,2
37,168
37,254
Discover
Card
Execution
Note
Trust
Series
2022-A4-A,
5.030%
,
10/15/2027
1
110,000
110,172
Series
2023-A1-A,
4.310%
,
3/15/2028
1
130,000
129,910
DLLAA
LLC
Series
2023-1A-A3,
5.640%
,
2/22/2028
1,2
535,000
541,748
Ford
Credit
Floorplan
Master
Owner
Trust
Series
2023-1-A1,
4.920%
,
5/15/2028
1,2
145,000
145,677
GM
Financial
Automobile
Leasing
Trust
Series
2023-2-A3,
5.050%
,
7/20/2026
1
46,375
46,403
Series
2024-1-A3,
5.090%
,
3/22/2027
1
133,000
133,426
Series
2024-2-A2A,
5.430%
,
9/21/2026
1
57,377
57,508
Series
2024-3-A2A,
4.290%
,
1/20/2027
1
79,799
79,714
Series
2025-2-A2A,
4.550%
,
7/20/2027
1
50,000
50,140
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2022-2-A3,
3.100%
,
2/16/2027
1
67,583
67,354
Series
2023-2-A3,
4.470%
,
2/16/2028
1
71,034
71,028
Series
2025-2-A2A,
4.400%
,
2/16/2028
1
30,000
30,038
Harley-Davidson
Motorcycle
Trust
Series
2024-A-A3,
5.370%
,
3/15/2029
1
60,000
60,660
Honda
Auto
Receivables
Owner
Trust
Series
2023-3-A3,
5.410%
,
2/18/2028
1
321,236
323,360
Series
2023-3-A4,
5.300%
,
12/18/2029
1
108,000
109,277
Series
2025-2-A2A,
4.300%
,
1/18/2028
1
65,000
64,959
Hyundai
Auto
Lease
Securitization
Trust
Series
2024-A-A2A,
5.150%
,
6/15/2026
1,2
24,093
24,117
Series
2025-B-A2A,
4.580%
,
9/15/2027
1,2
70,000
70,261
Hyundai
Auto
Receivables
Trust
Series
2023-C-A3,
5.540%
,
10/16/2028
1
155,000
156,735
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
5
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
ASSET-BACKED
SECURITIES
(Continued)
Series
2025-A-A2A,
4.330%
,
12/15/2027
1
170,000
$
169,937
Series
2025-B-A2A,
4.450%
,
8/15/2028
1
80,000
80,178
John
Deere
Owner
Trust
Series
2022-C-A3,
5.090%
,
6/15/2027
1
49,191
49,329
Series
2025-A-A2A,
4.230%
,
3/15/2028
1
50,000
49,979
Kubota
Credit
Owner
Trust
Series
2025-2A-A2,
4.480%
,
4/17/2028
1,2
75,000
75,186
Mercedes-Benz
Auto
Lease
Trust
Series
2023-A-A3,
4.740%
,
1/15/2027
1
70,869
70,888
Series
2024-A-A3,
5.320%
,
1/18/2028
1
750,000
759,435
Nissan
Auto
Lease
Trust
Series
2024-B-A2A,
5.050%
,
6/15/2027
1
148,429
148,899
Porsche
Innovative
Lease
Owner
Trust
Series
2025-1A-A2A,
4.600%
,
12/20/2027
1,2
45,000
45,108
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A-A3,
5.470%
,
10/20/2028
1,2
129,688
130,572
Tesla
Auto
Lease
Trust
Series
2023-A-A3,
5.890%
,
6/22/2026
1,2
17,390
17,407
Toyota
Auto
Receivables
Owner
Trust
Series
2025-A-A2A,
4.480%
,
11/15/2027
1
170,000
169,917
Series
2025-B-A2A,
4.460%
,
3/15/2028
1
70,000
70,123
Toyota
Lease
Owner
Trust
Series
2024-A-A3,
5.250%
,
4/20/2027
1,2
147,482
148,180
Series
2024-B-A3,
4.210%
,
9/20/2027
1,2
295,000
294,988
USB
Auto
Owner
Trust
Series
2025-1A-A2,
4.510%
,
6/15/2028
1,2
75,000
75,184
Verizon
Master
Trust
Series
2024-1-A1A,
5.000%
,
12/20/2028
1
190,000
190,418
Volkswagen
Auto
Lease
Trust
Series
2025-A-A2A,
4.430%
,
12/20/2027
1
175,000
175,527
Volkswagen
Auto
Loan
Enhanced
Trust
Series
2024-1-A2A,
4.650%
,
11/22/2027
1
493,216
493,742
World
Omni
Auto
Receivables
Trust
Series
2024-A-A3,
4.860%
,
3/15/2029
1
205,000
206,200
TOTAL
ASSET-BACKED
SECURITIES
(Cost
$7,543,799)
7,549,538
BANK
LOANS
—
8.2%
A-AP
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan
7.077%
(1-Month
Term
SOFR
+
275
basis
points),
9/9/2031
3,4
199,499
199,623
Acrisure
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
7.568%
(1-Month
Term
SOFR
+
325
basis
points),
6/21/2032
3,4
200,000
200,000
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
Term
Loan,
B6
7.072%
(1-Month
Term
SOFR
+
275
basis
points),
9/19/2031
3,4
99,250
99,385
American
Airlines,
Inc.,
First
Lien,
2024
Term
Loan,
B
6.502%
(6-Month
Term
SOFR
+
225
basis
points),
2/15/2028
3,4
98,980
98,173
Amynta
Agency
Borrower,
Inc.,
First
Lien,
2024-1
Refinancing
Term
Loan
7.327%
(1-Month
Term
SOFR
+
300
basis
points),
12/29/2031
3,4
149,624
149,784
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
6
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Apollo
Commercial
Real
Estate
Finance,
Inc.,
First
Lien,
Initial
Term
Loan
7.563%
(1-Month
Term
SOFR
+
325
basis
points),
6/13/2030
3,4
200,000
$
200,750
Astoria
Energy
LLC,
First
Lien,
Term
Loan,
B
6.825%
(12-Month
Term
SOFR
+
300
basis
points),
6/14/2032
3,4
150,000
150,406
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
Term
Loan
7.077%
(1-Month
Term
SOFR
+
275
basis
points),
2/15/2029
1,3,4
99,750
99,762
Belron
Finance
2019
LLC,
First
Lien,
2031
Dollar
Incremental
Term
Loan
7.049%
(3-Month
Term
SOFR
+
275
basis
points),
10/16/2031
1,3,4
199,497
200,650
Boost
Newco
Borrower
LLC,
First
Lien,
Term
Loan,
B2
6.296%
(3-Month
Term
SOFR
+
200
basis
points),
1/31/2031
3,4
199,500
200,248
Boxer
Parent
Co.,
Inc.,
First
Lien,
2031
Replacement
Dollar
Term
Loan,
B
7.333%
(3-Month
Term
SOFR
+
300
basis
points),
7/30/2031
3,4
99,750
99,245
Burlington
Coat
Factory
Warehouse
Corp.,
First
Lien,
Term
Loan,
B
6.077%
(1-Month
Term
SOFR
+
175
basis
points),
9/24/2031
3,4
199,497
198,999
Calpine
Construction
Finance
Co.
LP,
First
Lien,
Refinancing
Term
Loan,
B
6.327%
(1-Month
Term
SOFR
+
200
basis
points),
7/31/2030
3,4
100,000
100,125
Citadel
Securities
LP,
First
Lien,
2024
Term
Loan,
B
6.327%
(1-Month
Term
SOFR
+
200
basis
points),
10/31/2031
1,3,4
99,250
99,765
Cotiviti,
Inc.,
First
Lien,
New
Term
Loan,
B
7.074%
(1-Month
Term
SOFR
+
275
basis
points),
5/1/2031
1,3,4
99,250
98,909
Cross
Financial
Corp.,
First
Lien,
Term
Loan,
B
7.577%
(1-Month
Term
SOFR
+
325
basis
points),
10/31/2031
3,4
99,500
100,060
Edgewater
Generation
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
7.327%
(1-Month
Term
SOFR
+
300
basis
points),
8/1/2030
3,4
96,670
97,162
EFS
Cogen
Holdings
I
LLC,
First
Lien,
Advance
Term
Loan,
B
7.796%
(3-Month
Term
SOFR
+
350
basis
points),
10/3/2031
1,3,4
199,295
200,437
EP
Purchaser
LLC,
First
Lien,
Closing
Date
Term
Loan,
B
8.057%
(3-Month
Term
SOFR
+
350
basis
points),
11/6/2028
1,3,4
99,231
97,717
EPIC
Crude
Services
LP,
First
Lien,
Term
Loan,
B
7.256%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2031
1,3,4
99,750
100,207
Financiere
Mendel
SAS,
First
Lien,
New
Term
Loan,
B
7.050%
(3-Month
Term
SOFR
+
275
basis
points),
11/8/2030
3,4
199,499
199,997
First
Eagle
Holdings,
Inc.,
First
Lien,
Term
Loan,
B
7.296%
(3-Month
Term
SOFR
+
300
basis
points),
3/5/2029
3,4
98,997
99,193
Fugue
Finance
BV,
First
Lien,
Thirteenth
Amendment
Dollar
Term
Loan
7.571%
(3-Month
Term
SOFR
+
325
basis
points),
1/9/2032
3,4
200,000
201,438
Global
Medical
Response,
Inc.,
First
Lien,
2024
Extended
Term
Loan
9.079%
(3-Month
Term
SOFR
+
475
basis
points),
10/31/2028
3,4
99,724
99,987
Grinding
Media,
Inc.,
First
Lien,
Term
Loan,
B
7.830%
(3-Month
Term
SOFR
+
350
basis
points),
10/12/2028
3,4
99,250
98,630
Guggenheim
Partners
Investment
Management
Holdings
LLC,
First
Lien,
Term
Loan,
B
6.796%
(3-Month
Term
SOFR
+
250
basis
points),
11/26/2031
3,4
99,500
100,028
HUB
International
Ltd.,
First
Lien,
2025
Incremental
Term
Loan,
B
6.769%
(3-Month
Term
SOFR
+
250
basis
points),
6/20/2030
1,3,4
84,718
85,067
Hudson
River
Trading
LLC,
First
Lien,
Term
Loan,
B
7.314%
(1-Month
Term
SOFR
+
300
basis
points),
3/18/2030
3,4
98,994
99,411
Hyperion
Refinance
SARL,
First
Lien,
2024-3
Dollar
Term
Loan,
B
7.327%
(1-Month
Term
SOFR
+
300
basis
points),
2/18/2031
3,4
99,250
99,673
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
7
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
BANK
LOANS
(Continued)
Inception
Finco
SARL,
First
Lien,
Term
Loan
7.535%
(12-Month
Term
SOFR
+
375
basis
points),
4/9/2031
3,4
200,000
$
202,001
Installed
Building
Products,
Inc.,
First
Lien,
Term
Loan,
B3
6.077%
(1-Month
Term
SOFR
+
175
basis
points),
3/28/2031
3,4
99,246
99,898
Iridium
Satellite
LLC,
First
Lien,
Term
Loan,
B4
6.577%
(1-Month
Term
SOFR
+
225
basis
points),
9/20/2030
1,3,4
97,680
97,942
LSF12
Crown
US
Commercial
Bidco
LLC,
First
Lien,
Term
Loan,
B
8.574%
(1-Month
Term
SOFR
+
425
basis
points),
12/2/2031
1,3,4
100,000
100,656
Medline
Borrower
LP,
First
Lien,
Dollar
Incremental
Term
Loan,
B
6.577%
(1-Month
Term
SOFR
+
225
basis
points),
10/23/2028
1,3,4
99,001
99,226
Michael
Baker
International,
Inc.,
First
Lien,
Term
Loan,
B1
8.280%
(3-Month
Term
SOFR
+
400
basis
points),
12/1/2028
3,4
99,251
99,809
MKS
Instruments,
Inc.,
First
Lien,
2025-1
Dollar
Term
Loan,
B
6.322%
(1-Month
Term
SOFR
+
200
basis
points),
8/17/2029
3,4
191,247
191,988
OneDigital
Borrower
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B
7.327%
(1-Month
Term
SOFR
+
300
basis
points),
7/2/2031
3,4
99,000
98,969
Phoenix
Guarantor,
Inc.,
First
Lien,
Term
Loan,
B5
6.827%
(1-Month
Term
SOFR
+
250
basis
points),
2/21/2031
3,4
249,372
250,477
Pre-Paid
Legal
Services,
Inc.,
First
Lien,
Initial
Term
Loan,
B
7.577%
(1-Month
Term
SOFR
+
325
basis
points),
12/15/2028
1,3,4
98,991
98,581
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
Term
Loan
7.552%
(3-Month
Term
SOFR
+
325
basis
points),
10/28/2030
3,4
100,000
100,583
Quartz
AcquireCo
LLC,
First
Lien,
Term
Loan,
B2
6.546%
(3-Month
Term
SOFR
+
225
basis
points),
6/28/2030
3,4
199,492
200,490
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B3
6.577%
(1-Month
Term
SOFR
+
225
basis
points),
2/10/2032
3,4
99,750
99,738
Red
Planet
Borrower
LLC,
First
Lien,
Term
Loan,
B
8.177%
(1-Month
Term
SOFR
+
375
basis
points),
9/29/2028
3,4
98,972
97,972
Renaissance
Holdings
Corp.,
First
Lien,
2024-2
Term
Loan,
B
8.280%
(3-Month
Term
SOFR
+
400
basis
points),
4/8/2030
3,4
98,995
90,178
Rocket
Software,
Inc.,
First
Lien,
Term
Loan,
B
8.577%
(1-Month
Term
SOFR
+
425
basis
points),
11/28/2028
1,3,4
99,250
99,592
Ryan
Specialty
Group
LLC,
First
Lien,
Term
Loan,
B1
6.577%
(1-Month
Term
SOFR
+
225
basis
points),
9/15/2031
3,4
199,499
199,748
WMG
Acquisition
Corp.,
First
Lien,
Term
Loan,
B
6.083%
(3-Month
Term
SOFR
+
175
basis
points),
1/24/2031
3,4
100,000
100,375
TOTAL
BANK
LOANS
(Cost
$6,195,213)
6,203,054
COLLATERALIZED
LOAN
OBLIGATIONS
—
52.3%
Apidos
CLO
XVIII-R
Series
2018-18A-A1R2
5.602%
(3-Month
Term
SOFR
+
133
basis
points),
1/22/2038
1,2,4
500,000
501,768
Ares
LXXVI
CLO
Ltd.
Series
2025-76A-E
11.486%
(3-Month
Term
SOFR
+
716
basis
points),
5/27/2038
1,2,4
250,000
260,496
Ares
XXXIX
CLO
Ltd.
Series
2016-39A-AR3
5.689%
(3-Month
Term
SOFR
+
142
basis
points),
7/18/2037
1,2,4
1,000,000
1,004,501
Barings
CLO
Ltd.
Series
2023-1A-ER
11.026%
(3-Month
Term
SOFR
+
670
basis
points),
4/20/2038
1,2,4
500,000
518,619
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
8
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Benefit
Street
Partners
CLO
XXXII
Ltd.
Series
2023-32A-E
11.632%
(3-Month
Term
SOFR
+
735
basis
points),
10/25/2036
1,2,4
500,000
$
508,323
Birch
Grove
CLO
8
Ltd.
Series
2024-8A-E
11.369%
(3-Month
Term
SOFR
+
710
basis
points),
4/20/2037
1,2,4
500,000
507,323
BlueMountain
CLO
XXX
Ltd.
Series
2020-30A-DR
7.556%
(3-Month
Term
SOFR
+
330
basis
points),
4/15/2035
1,2,4
500,000
500,627
Bryant
Park
Funding
Ltd.
Series
2023-20A-DR
7.725%
(3-Month
Term
SOFR
+
340
basis
points),
4/15/2038
1,2,4
250,000
251,188
Carlyle
Global
Market
Strategies
CLO
Ltd.
Series
2012-4A-DR3
7.772%
(3-Month
Term
SOFR
+
350
basis
points),
4/22/2032
1,2,4
1,000,000
1,002,542
CBAM
Ltd.
Series
2018-5A-D
7.041%
(3-Month
Term
SOFR
+
276.2
basis
points),
4/17/2031
1,2,4
1,000,000
1,000,245
Cedar
Funding
IV
CLO
Ltd.
Series
2014-4A-AR3
5.619%
(3-Month
Term
SOFR
+
134
basis
points),
1/23/2038
1,2,4
500,000
502,034
CIFC
Funding
Ltd.
Series
2018-1A-A1R
5.589%
(3-Month
Term
SOFR
+
132
basis
points),
1/18/2038
1,2,4
500,000
500,926
Dryden
30
Senior
Loan
Fund
Series
2013-30A-DR
7.188%
(3-Month
Term
SOFR
+
286.2
basis
points),
11/15/2028
1,2,4
500,000
501,281
Dryden
45
Senior
Loan
Fund
Series
2016-45A-A1RR
5.336%
(3-Month
Term
SOFR
+
108
basis
points),
10/15/2030
1,2,4
260,581
260,828
Series
2016-45A-DRR
7.306%
(3-Month
Term
SOFR
+
305
basis
points),
10/15/2030
1,2,4
625,000
622,032
Dryden
80
CLO
Ltd.
Series
2019-80A-DR
7.380%
(3-Month
Term
SOFR
+
310
basis
points),
1/17/2033
1,2,4
475,000
466,109
Elmwood
CLO
IX
Ltd.
Series
2021-2A-D1R
6.972%
(3-Month
Term
SOFR
+
265
basis
points),
4/20/2038
1,2,4
1,000,000
997,302
Elmwood
CLO
VIII
Ltd.
Series
2021-1A-AR
5.819%
(3-Month
Term
SOFR
+
155
basis
points),
4/20/2037
1,2,4
800,000
807,169
Elmwood
CLO
X
Ltd.
Series
2021-3A-AR2
(3-Month
Term
SOFR
+
130
basis
points),
7/20/2038
1,2,4
1,000,000
1,000,000
Series
2021-3A-DR
7.569%
(3-Month
Term
SOFR
+
330
basis
points),
4/20/2034
1,2,4
2,000,000
2,002,533
Series
2021-3A-DR2
(3-Month
Term
SOFR
+
305
basis
points),
7/20/2038
1,2,4
1,000,000
1,000,000
Series
2021-3A-FR
11.769%
(3-Month
Term
SOFR
+
750
basis
points),
4/20/2034
1,2,4
500,000
490,700
Empower
CLO
Ltd.
Series
2023-1A-D1R
8.158%
(3-Month
Term
SOFR
+
385
basis
points),
4/25/2038
1,2,4
1,000,000
1,021,643
Series
2023-1A-ER
11.648%
(3-Month
Term
SOFR
+
734
basis
points),
4/25/2038
1,2,4
250,000
254,900
Golub
Capital
Partners
Static
Ltd.
Series
2024-1A-A1
5.499%
(3-Month
Term
SOFR
+
123
basis
points),
4/20/2033
1,2,4
1,266,458
1,266,458
Series
2024-1A-AR
(3-Month
Term
SOFR
+
112
basis
points),
7/20/2035
1,2,4,5
2,000,000
2,001,500
Highbridge
Loan
Management
Ltd.
Series
5A-2015-DR3
7.256%
(3-Month
Term
SOFR
+
300
basis
points),
10/15/2030
1,2,4
500,000
497,704
Invesco
US
CLO
Ltd.
Series
2023-2A-ER
12.196%
(3-Month
Term
SOFR
+
788
basis
points),
4/21/2038
1,2,4
250,000
255,298
LCM
26
Ltd.
Series
26A-A1
5.601%
(3-Month
Term
SOFR
+
133.2
basis
points),
1/20/2031
1,2,4
140,295
140,366
LCM
XIV
LP
Series
14A-AR
5.571%
(3-Month
Term
SOFR
+
130.2
basis
points),
7/20/2031
1,2,4
106,272
106,402
Menlo
CLO
I
Ltd.
Series
2024-1A-A1
5.689%
(3-Month
Term
SOFR
+
142
basis
points),
1/20/2038
1,2,4
500,000
503,880
Series
2024-1A-D1
7.519%
(3-Month
Term
SOFR
+
325
basis
points),
1/20/2038
1,2,4
500,000
503,002
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
9
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COLLATERALIZED
LOAN
OBLIGATIONS
(Continued)
Morgan
Stanley
Eaton
Vance
CLO
Ltd.
Series
2023-19A-D1R
7.307%
(3-Month
Term
SOFR
+
300
basis
points),
7/15/2038
1,2,4
1,000,000
$
1,001,564
Neuberger
Berman
CLO
32R
Ltd.
Series
2019-32RA-D1
(3-Month
Term
SOFR
+
295
basis
points),
7/20/2039
1,2,4,5
1,000,000
1,003,750
Neuberger
Berman
CLO
XXII
Ltd.
Series
2016-22A-ER2
11.110%
(3-Month
Term
SOFR
+
683
basis
points),
4/15/2038
1,2,4
250,000
254,971
Neuberger
Berman
Loan
Advisers
CLO
36
Ltd.
Series
2020-36A-A1R2
5.569%
(3-Month
Term
SOFR
+
130
basis
points),
4/20/2033
1,2,4
988,011
989,348
Series
2020-36A-ER2
11.569%
(3-Month
Term
SOFR
+
730
basis
points),
4/20/2033
1,2,4
250,000
251,072
Neuberger
Berman
Loan
Advisers
CLO
39
Ltd.
Series
2020-39A-A1R
5.799%
(3-Month
Term
SOFR
+
153
basis
points),
4/20/2038
1,2,4
500,000
500,902
Neuberger
Berman
Loan
Advisers
NBLA
CLO
52
Ltd.
Series
2022-52A-AR
5.625%
(3-Month
Term
SOFR
+
135
basis
points),
10/24/2038
1,2,4
1,000,000
1,004,001
New
Mountain
CLO
4
Ltd.
Series
4A-ER
11.195%
(3-Month
Term
SOFR
+
691
basis
points),
3/20/2038
1,2,4
450,000
465,417
Oaktree
CLO
Ltd.
Series
2022-1A-DRR
(3-Month
Term
SOFR
+
310
basis
points),
7/15/2038
1,2,4
1,000,000
1,000,000
Series
2022-1A-ERR
(3-Month
Term
SOFR
+
600
basis
points),
7/15/2038
1,2,4
1,000,000
1,000,000
OCP
CLO
Ltd.
Series
2023-28A-E
12.661%
(3-Month
Term
SOFR
+
840
basis
points),
7/16/2036
1,2,4
2,000,000
2,014,214
OHA
Credit
Partners
XII
Ltd.
Series
2015-12A-ER2
10.529%
(3-Month
Term
SOFR
+
625
basis
points),
4/23/2037
1,2,4
500,000
507,510
Post
CLO
VI
Ltd.
Series
2024-2A-E
10.955%
(3-Month
Term
SOFR
+
650
basis
points),
1/20/2038
1,2,4
500,000
512,691
Rad
CLO
15
Ltd.
Series
2021-15A-A1AR
(3-Month
Term
SOFR
+
136
basis
points),
7/20/2040
1,2,4
1,000,000
1,000,000
Series
2021-15A-C
6.581%
(3-Month
Term
SOFR
+
231.2
basis
points),
1/20/2034
1,2,4
1,250,000
1,250,000
Regatta
32
Funding
Ltd.
Series
2025-4A-A1
5.628%
(3-Month
Term
SOFR
+
134
basis
points),
7/25/2038
1,2,4
1,000,000
1,003,330
Shackleton
CLO
Ltd.
Series
2015-7RA-ARR
5.356%
(3-Month
Term
SOFR
+
110
basis
points),
7/15/2031
1,2,4
644,119
644,635
Series
2018-12A-E
10.431%
(3-Month
Term
SOFR
+
616.2
basis
points),
7/20/2031
1,2,4
1,000,000
997,449
Silver
Point
CLO
6
Ltd.
Series
2024-6A-D1
7.556%
(3-Month
Term
SOFR
+
330
basis
points),
10/15/2037
1,2,4
500,000
496,746
Trestles
CLO
VIII
Ltd.
Series
2025-8A-D1
7.297%
(3-Month
Term
SOFR
+
300
basis
points),
6/11/2035
1,2,4
500,000
500,372
Voya
CLO
Ltd.
Series
2017-3A-CRR
7.369%
(3-Month
Term
SOFR
+
310
basis
points),
4/20/2034
1,2,4
1,000,000
1,004,771
Whitebox
CLO
IV
Ltd.
Series
2023-4A-ER
10.765%
(3-Month
Term
SOFR
+
648
basis
points),
4/20/2036
1,2,4
500,000
506,834
TOTAL
COLLATERALIZED
LOAN
OBLIGATIONS
(Cost
$39,486,048)
39,667,276
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
10
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
—
0.3%
GS
Mortgage
Securities
Corp.
Trust
Series
2012-BWTR-A,
2.954%
,
11/5/2034
1,2
240,431
$
209,822
TOTAL
COMMERCIAL
MORTGAGE-BACKED
SECURITIES
(Cost
$199,513)
209,822
CORPORATE
BONDS
—24.7%
AUTOMOBILE
COMPONENTS
—
0.3%
Forvia
SE
8.000%,
6/15/2030
1,2
105,000
107,713
ZF
North
America
Capital,
Inc.
6.750%,
4/23/2030
1,2
90,000
86,541
194,254
AUTOMOBILES
—
0.1%
BMW
US
Capital
LLC
3.625%,
4/18/2029
1,2
65,000
62,998
BEVERAGES
—
0.5%
Constellation
Brands,
Inc.
3.150%,
8/1/2029
1
125,000
118,776
Keurig
Dr.
Pepper,
Inc.
3.950%,
4/15/2029
1
170,000
167,273
Primo
Water
Holdings,
Inc.
/
Triton
Water
Holdings,
Inc.
6.250%,
4/1/2029
1,2
100,000
100,780
386,829
BIOTECHNOLOGY
—
0.6%
AbbVie,
Inc.
4.250%,
11/14/2028
1
125,000
125,634
Amgen,
Inc.
2.200%,
2/21/2027
1
300,000
290,324
Grifols
SA
4.750%,
10/15/2028
1,2
45,000
43,288
459,246
BROADLINE
RETAIL
—
0.2%
Match
Group
Holdings
II
LLC
5.000%,
12/15/2027
1,2
25,000
24,881
Match
Group
Holdings
II
LLC
4.625%,
6/1/2028
1,2
150,000
146,479
171,360
BUILDING
PRODUCTS
—
0.5%
Advanced
Drainage
Systems,
Inc.
5.000%,
9/30/2027
1,2
75,000
74,460
Smyrna
Ready
Mix
Concrete
LLC
8.875%,
11/15/2031
1,2
150,000
157,384
Standard
Industries,
Inc.
4.750%,
1/15/2028
1,2
175,000
173,181
405,025
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
11
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CAPITAL
MARKETS
—
0.8%
Intercontinental
Exchange,
Inc.
4.000%,
9/15/2027
1
300,000
$
298,516
S&P
Global,
Inc.
2.450%,
3/1/2027
1
325,000
316,396
614,912
CHEMICALS
—
1.0%
HB
Fuller
Co.
4.250%,
10/15/2028
1
125,000
121,174
Olympus
Water
US
Holding
Corp.
4.250%,
10/1/2028
1,2
115,000
109,436
SCIL
IV
LLC
/
SCIL
USA
Holdings
LLC
5.375%,
11/1/2026
1,2
200,000
198,828
Sherwin-Williams
Co.
(The)
3.450%,
6/1/2027
1
300,000
296,068
725,506
COMMERCIAL
SERVICES
&
SUPPLIES
—
0.9%
Allied
Universal
Holdco
LLC
/
Allied
Universal
Finance
Corp.
/
Atlas
Luxco
4
SARL
4.625%,
6/1/2028
1,2
125,000
121,295
Clean
Harbors,
Inc.
5.125%,
7/15/2029
1,2
125,000
123,807
GFL
Environmental,
Inc.
6.750%,
1/15/2031
1,2
125,000
130,959
Raven
Acquisition
Holdings
LLC
6.875%,
11/15/2031
1,2
150,000
150,381
Veralto
Corp.
5.500%,
9/18/2026
1
125,000
126,523
652,965
CONSTRUCTION
&
ENGINEERING
—
0.3%
MasTec,
Inc.
4.500%,
8/15/2028
1,2
150,000
148,045
Pike
Corp.
5.500%,
9/1/2028
1,2
75,000
75,003
223,048
CONSUMER
FINANCE
—
1.1%
American
Honda
Finance
Corp.
4.961%(Term
SOFR
+
55
basis
points),
5/21/2026
4
295,000
295,203
Avolon
Holdings
Funding
Ltd.
3.250%,
2/15/2027
1,2
75,000
73,145
Ford
Motor
Credit
Co.
LLC
2.900%,
2/10/2029
1
300,000
272,876
General
Motors
Financial
Co.,
Inc.
2.700%,
8/20/2027
1
250,000
240,260
881,484
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
12
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
—
0.2%
7-Eleven,
Inc.
1.300%,
2/10/2028
1,2
165,000
$
152,219
CONTAINERS
&
PACKAGING
—
0.5%
Avery
Dennison
Corp.
4.875%,
12/6/2028
1
100,000
101,579
Crown
Americas
LLC
5.875%,
6/1/2033
1,2
35,000
35,261
Crown
Americas
LLC
/
Crown
Americas
Capital
Corp.
V
4.250%,
9/30/2026
1
100,000
99,502
Graphic
Packaging
International
LLC
3.500%,
3/15/2028
1,2
125,000
119,875
356,217
DISTRIBUTORS
—
0.2%
American
Builders
&
Contractors
Supply
Co.,
Inc.
4.000%,
1/15/2028
1,2
145,000
141,921
DIVERSIFIED
REITS
—
0.3%
Digital
Realty
Trust
LP
3.700%,
8/15/2027
1
250,000
246,936
DIVERSIFIED
TELECOMMUNICATION
SERVICES
—
0.7%
AT&T,
Inc.
1.650%,
2/1/2028
1
100,000
93,832
CCO
Holdings
LLC
/
CCO
Holdings
Capital
Corp.
5.000%,
2/1/2028
1,2
150,000
148,721
Verizon
Communications,
Inc.
4.125%,
3/16/2027
1
125,000
124,952
Verizon
Communications,
Inc.
4.329%,
9/21/2028
1
195,000
195,856
563,361
ELECTRIC
UTILITIES
—
1.4%
Duke
Energy
Corp.
3.150%,
8/15/2027
1
300,000
294,028
NextEra
Energy
Capital
Holdings,
Inc.
1.875%,
1/15/2027
1
300,000
289,421
NRG
Energy,
Inc.
3.375%,
2/15/2029
1,2
25,000
23,591
NRG
Energy,
Inc.
5.750%,
7/15/2029
1,2
175,000
176,100
Southern
Co.
(The)
5.113%,
8/1/2027
175,000
177,689
XPLR
Infrastructure
Operating
Partners
LP
3.875%,
10/15/2026
1,2
25,000
24,440
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
13
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
ELECTRIC
UTILITIES
(Continued)
XPLR
Infrastructure
Operating
Partners
LP
4.500%,
9/15/2027
1,2
150,000
$
146,314
1,131,583
ELECTRICAL
EQUIPMENT
—
0.2%
Vertiv
Group
Corp.
4.125%,
11/15/2028
1,2
166,000
161,999
ELECTRONIC
EQUIPMENT,
INSTRUMENTS
&
COMPONENTS
—
0.1%
Amphenol
Corp.
4.350%,
6/1/2029
1
65,000
65,300
ENERGY
EQUIPMENT
&
SERVICES
—
0.4%
Archrock
Partners
LP
/
Archrock
Partners
Finance
Corp.
6.250%,
4/1/2028
1,2
200,000
200,787
Star
Holding
LLC
8.750%,
8/1/2031
1,2
125,000
117,952
318,739
ENTERTAINMENT
—
0.2%
WMG
Acquisition
Corp.
3.875%,
7/15/2030
1,2
175,000
163,683
FINANCIAL
SERVICES
—
0.9%
Block,
Inc.
6.500%,
5/15/2032
1
150,000
154,857
Fiserv,
Inc.
4.200%,
10/1/2028
1
125,000
124,363
Global
Payments,
Inc.
2.150%,
1/15/2027
1
250,000
241,920
WEX,
Inc.
6.500%,
3/15/2033
1,2
160,000
161,524
682,664
FOOD
PRODUCTS
—
0.4%
Mars,
Inc.
4.600%,
3/1/2028
1,2
300,000
302,501
GROUND
TRANSPORTATION
—
0.4%
Canadian
Pacific
Railway
Co.
1.750%,
12/2/2026
1
325,000
313,752
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
—
0.5%
GE
HealthCare
Technologies,
Inc.
5.600%,
11/15/2025
1
85,000
85,185
GE
HealthCare
Technologies,
Inc.
5.650%,
11/15/2027
1
225,000
231,869
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
14
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
HEALTH
CARE
EQUIPMENT
&
SUPPLIES
(Continued)
Medline
Borrower
LP
3.875%,
4/1/2029
1,2
100,000
$
95,994
413,048
HEALTH
CARE
PROVIDERS
&
SERVICES
—
1.2%
CVS
Health
Corp.
5.000%,
2/20/2026
1
75,000
75,109
HAH
Group
Holding
Co.
LLC
9.750%,
10/1/2031
1,2
125,000
124,016
HCA,
Inc.
5.200%,
6/1/2028
1
265,000
270,799
Icon
Investments
Six
DAC
5.849%,
5/8/2029
1
125,000
129,731
Radiology
Partners,
Inc.
8.500%,
7/15/2032
1,2
150,000
150,537
Surgery
Center
Holdings,
Inc.
7.250%,
4/15/2032
1,2
75,000
76,520
Universal
Health
Services,
Inc.
1.650%,
9/1/2026
1
50,000
48,291
875,003
HEALTH
CARE
TECHNOLOGY
—
0.2%
IQVIA,
Inc.
5.700%,
5/15/2028
1
50,000
51,303
IQVIA,
Inc.
6.500%,
5/15/2030
1,2
53,000
54,679
IQVIA,
Inc.
6.250%,
6/1/2032
1,2
20,000
20,549
126,531
HOTELS,
RESTAURANTS
&
LEISURE
—
1.1%
1011778
BC
ULC
/
New
Red
Finance,
Inc.
4.375%,
1/15/2028
1,2
125,000
122,699
Boyd
Gaming
Corp.
4.750%,
12/1/2027
1
50,000
49,723
Light
&
Wonder
International,
Inc.
7.250%,
11/15/2029
1,2
100,000
103,088
Starbucks
Corp.
4.850%,
2/8/2027
1
280,000
282,568
VOC
Escrow
Ltd.
5.000%,
2/15/2028
1,2
138,000
137,389
Wyndham
Hotels
&
Resorts,
Inc.
4.375%,
8/15/2028
1,2
125,000
122,361
817,828
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
—
0.9%
AES
Corp.
(The)
5.450%,
6/1/2028
1
200,000
204,430
Atlantica
Sustainable
Infrastructure
Ltd.
4.125%,
6/15/2028
1,2
200,000
191,347
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
15
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
INDEPENDENT
POWER
AND
RENEWABLE
ELECTRICITY
PRODUCERS
(Continued)
Calpine
Corp.
4.500%,
2/15/2028
1,2
100,000
$
99,252
Clearway
Energy
Operating
LLC
4.750%,
3/15/2028
1,2
162,000
160,174
655,203
INSURANCE
—
0.2%
Panther
Escrow
Issuer
LLC
7.125%,
6/1/2031
1,2
150,000
155,911
IT
SERVICES
—
0.8%
Gartner,
Inc.
4.500%,
7/1/2028
1,2
150,000
148,545
Gartner,
Inc.
3.625%,
6/15/2029
1,2
125,000
118,939
International
Business
Machines
Corp.
3.300%,
1/27/2027
1
325,000
320,965
588,449
MACHINERY
—
0.1%
Mueller
Water
Products,
Inc.
4.000%,
6/15/2029
1,2
43,000
41,313
MEDIA
—
0.7%
Fox
Corp.
4.709%,
1/25/2029
1
360,000
363,024
Nexstar
Media,
Inc.
5.625%,
7/15/2027
1,2
125,000
124,788
Univision
Communications,
Inc.
6.625%,
6/1/2027
1,2
50,000
49,910
537,722
METALS
&
MINING
—
0.1%
Novelis
Corp.
3.875%,
8/15/2031
1,2
90,000
80,942
MORTGAGE
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
—
0.2%
Blackstone
Mortgage
Trust,
Inc.
3.750%,
1/15/2027
1,2
150,000
146,284
MULTI-UTILITIES
—
0.4%
DTE
Energy
Co.
4.950%,
7/1/2027
1
300,000
303,590
OIL,
GAS
&
CONSUMABLE
FUELS
—
0.8%
Cheniere
Energy,
Inc.
4.625%,
10/15/2028
1
125,000
124,863
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
16
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
OIL,
GAS
&
CONSUMABLE
FUELS
(Continued)
Enbridge,
Inc.
6.200%,
11/15/2030
1
150,000
$
160,543
Energy
Transfer
LP
4.950%,
5/15/2028
1
125,000
126,797
Genesis
Energy
LP
/
Genesis
Energy
Finance
Corp.
7.750%,
2/1/2028
1
50,000
50,774
Venture
Global
Calcasieu
Pass
LLC
4.125%,
8/15/2031
1,2
180,000
166,737
629,714
PASSENGER
AIRLINES
—
0.2%
Air
Canada
3.875%,
8/15/2026
1,2
150,000
148,589
Mileage
Plus
Holdings
LLC
/
Mileage
Plus
Intellectual
Property
Assets
Ltd.
6.500%,
6/20/2027
1,2
15,000
15,029
163,618
PHARMACEUTICALS
—
0.5%
Elanco
Animal
Health,
Inc.
6.650%,
8/28/2028
1
100,000
104,272
Pfizer
Investment
Enterprises
Pte.
Ltd.
4.450%,
5/19/2028
1
150,000
151,232
Roche
Holdings,
Inc.
1.930%,
12/13/2028
1,2
140,000
130,457
385,961
PROFESSIONAL
SERVICES
—
0.2%
CoreLogic,
Inc.
4.500%,
5/1/2028
1,2
125,000
119,344
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
—
1.1%
Broadcom,
Inc.
3.150%,
11/15/2025
1
75,000
74,612
Broadcom,
Inc.
4.800%,
4/15/2028
1
250,000
253,674
Entegris,
Inc.
4.750%,
4/15/2029
1,2
275,000
272,203
NXP
BV
/
NXP
Funding
LLC
/
NXP
USA,
Inc.
4.300%,
6/18/2029
1
150,000
148,660
ON
Semiconductor
Corp.
3.875%,
9/1/2028
1,2
110,000
106,504
855,653
SOFTWARE
—
1.3%
AppLovin
Corp.
5.125%,
12/1/2029
1
260,000
263,460
Fair
Isaac
Corp.
6.000%,
5/15/2033
1,2
85,000
85,992
Oracle
Corp.
2.300%,
3/25/2028
1
300,000
284,801
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
17
See
accompanying
Notes
to
Financial
Statements.
Principal
Amount
Value
CORPORATE
BONDS
(Continued)
SOFTWARE
(Continued)
Salesforce,
Inc.
3.700%,
4/11/2028
1
325,000
$
322,829
957,082
SPECIALIZED
REITS
—
0.7%
American
Tower
Corp.
1.500%,
1/31/2028
1
125,000
116,464
Crown
Castle,
Inc.
3.800%,
2/15/2028
1
250,000
245,664
Iron
Mountain,
Inc.
5.000%,
7/15/2028
1,2
25,000
24,820
Iron
Mountain,
Inc.
4.875%,
9/15/2029
1,2
125,000
122,897
509,845
SPECIALTY
RETAIL
—
0.8%
Home
Depot,
Inc.
(The)
5.100%,
12/24/2025
1
325,000
326,198
Lowe's
Cos.,
Inc.
3.100%,
5/3/2027
1
300,000
294,366
620,564
TRADING
COMPANIES
&
DISTRIBUTORS
—
0.2%
QXO
Building
Products,
Inc.
6.750%,
4/30/2032
1,2
160,000
165,232
WIRELESS
TELECOMMUNICATION
SERVICES
—
0.3%
T-Mobile
USA,
Inc.
2.250%,
2/15/2026
1
125,000
123,143
T-Mobile
USA,
Inc.
4.750%,
2/1/2028
1
50,000
50,022
Zegona
Finance
plc
8.625%,
7/15/2029
1,2
75,000
80,212
253,377
TOTAL
CORPORATE
BONDS
(Cost
$18,654,509)
18,780,716
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
—1.8%
United
States
Treasury
Notes
—
1.8%
U.S.
Treasury
Notes
3.500%,
1/31/2028
550,000
547,293
U.S.
Treasury
Notes
4.000%,
1/31/2029
800,000
807,406
1,354,699
TOTAL
U.S.
GOVERNMENT
AND
AGENCY
SECURITIES
(Cost
$1,338,406)
1,354,699
Palmer
Square
Credit
Opportunities
ETF
SCHEDULE
OF
INVESTMENTS
-
Continued
As
of
June
30,
2025
18
See
accompanying
Notes
to
Financial
Statements.
Number
of
Shares
Value
SHORT-TERM
INVESTMENTS
—
14.2%
Money
Market
Funds
—
10.0%
Fidelity
Investments
Money
Market
Funds
-
Treasury
Portfolio
-
Class
I,
4.19%
6
7,557,268
$
7,557,268
Principal
Amount
United
States
Treasury
Bills
—
4.2%
U.S.
Treasury
Bills,
3.980%,
7/22/2025
7
750,000
748,181
U.S.
Treasury
Bills,
4.220%,
9/4/2025
7
1,250,000
1,240,411
U.S.
Treasury
Bills,
4.200%,
10/16/2025
7
750,000
740,666
U.S.
Treasury
Bills,
4.200%,
10/23/2025
7
500,000
493,386
3,222,644
TOTAL
SHORT-TERM
INVESTMENTS
(Cost
$10,780,397)
10,779,912
TOTAL
INVESTMENTS
—
111.5%
(Cost
$84,197,885)
84,545,017
Liabilities
in
Excess
of
Other
Assets
—
(11.5)%
(8,732,039)
TOTAL
NET
ASSETS
—
100.0%
$
75,812,978
1
Callable.
2
Security
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
These
securities
are
restricted
and
may
be
resold
in
transactions
exempt
from
registration
normally
to
qualified
institutional
buyers.
The
total
value
of
these
securities
is
$50,648,330
which
represents
66.81%
of
total
net
assets
of
the
Fund.
3
Bank
loans
generally
pay
interest
at
rates
which
are
periodically
determined
by
reference
to
a
base
lending
rate
plus
a
premium.
All
loans
carry
a
variable
rate
of
interest.
These
base
lending
rates
are
generally
(i)
the
Prime
Rate
offered
by
one
or
more
major
United
States
banks,
(ii)
the
lending
rate
offered
by
one
or
more
European
banks
such
as
the
London
Interbank
Offered
Rate
("LIBOR"),
(iii)
the
Certificate
of
Deposit
rate,
or
(iv)
Secured
Overnight
Financing
Rate
("SOFR").
Bank
Loans,
while
exempt
from
registration,
under
the
Securities
Act
of
1933,
contain
certain
restrictions
on
resale
and
cannot
be
sold
publicly.
Floating
rate
bank
loans
often
require
prepayments
from
excess
cash
flow
or
permit
the
borrower
to
repay
at
its
election.
The
degree
to
which
borrowers
repay,
whether
as
a
contractual
requirement
or
at
their
election,
cannot
be
predicted
with
accuracy.
4
Floating
rate
security.
5
Denotes
investments
purchased
on
a
when-issued
or
delayed
delivery
basis.
6
The
rate
is
the
annualized
seven-day
yield
at
period
end.
7
The
rate
shown
represents
the
yield
at
period
end.
Palmer
Square
Funds
Trust
STATEMENTS
OF
ASSETS
AND
LIABILITIES
As
of
June
30,
2025
19
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Assets:
Unaffiliated
investments,
at
value*
$
35,423,245
$
84,545,017
Affiliated
investments,
at
value*
1,395,938
—
Cash
—
102,617
Receivables:
Investment
securities
sold
—
107,482
Interest
393,780
788,050
Total
assets
37,212,963
85,543,166
Liabilities:
Payables:
Due
to
Custodian
268,485
—
Investment
securities
purchased
1,500,000
9,701,351
Advisory
fees
5,755
28,837
Total
Liabilities
1,774,240
9,730,188
Net
Assets
$
35,438,723
$
75,812,978
Net
Assets
Consists
of:
Capital
(par
value
and
paid-in
surplus)
$
35,290,935
$
75,255,837
Total
distributable
earnings
147,788
557,141
Net
Assets
$
35,438,723
$
75,812,978
Shares
Outstanding
and
Net
Asset
Value
Per
Share:
Net
assets
applicable
to
shares
outstanding
$
35,438,723
$
75,812,978
Shares
outstanding
(unlimited
number
of
shares
authorized,
no
par
value)
1,750,001
3,700,000
Net
assets
value
per
share
$
20.25
$
20.49
*Identified
Cost
Unaffiliated
investments,
at
cost
$
35,361,595
$
84,197,885
Affiliated
investments,
at
cost
$
1,395,049
$
—
Palmer
Square
Funds
Trust
STATEMENTS
OF
OPERATIONS
For
the
period
from
September
11,
2024
(Commencement
of
operations)
to
June
30,
2025
20
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Investment
Income
Interest
income
from
unaffiliated
securities
$
1,084,261
$
1,713,330
Interest
income
from
affiliated
securities
33,585
—
Total
investment
income
1,117,846
1,713,330
Expenses:
Advisory
fees
(see
note
3)
39,279
140,290
Net
Expenses
39,279
140,290
Net
Investment
Income
1,078,567
1,573,040
Realized
Gain
and
Unrealized
Appreciation
:
64,080
395,403
Net
realized
gain
on:
1,541
48,271
Unaffiliated
investments
1,500
48,271
Affiliated
Investments
41
—
Net
realized
gain
on
investments
1,541
48,271
Net
change
in
unrealized
appreciation
on:
62,539
347,132
Unaffiliated
investments
61,650
347,132
Affiliated
investments
889
—
Net
change
in
unrealized
appreciation
of
investments
62,539
347,132
Net
realized
and
unrealized
gain
on
investments
64,080
395,403
Net
increase
in
net
assets
resulting
from
operations
$
1,142,647
$
1,968,443
Palmer
Square
Funds
Trust
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
21
See
accompanying
Notes
to
Financial
Statements.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Period
Ended
June
30,
2025*
Period
Ended
June
30,
2025*
Operations
Net
investment
income
$
1,078,567
$
1,573,040
Net
realized
gain
on
investments
1,541
48,271
Net
change
in
unrealized
appreciation
on
investments
62,539
347,132
Net
increase
in
net
assets
resulting
from
operations
1,142,647
1,968,443
Distributions
to
Shareholders:
Distributions
(994,859)
(
1,396,696)
Total
distributions
to
shareholders
(994,859)
(1,396,696)
Capital
Transactions
1
Net
proceeds
from
shares
sold
36,816,878
76,870,774
Cost
of shares
redeemed
(1,525,943)
(1,629,543)
Net
increase
in
net
assets
from
capital
transactions
35,290,935
75,241,231
Total
increase
in
net
assets
35,438,723
75,812,978
Net
Assets:
Beginning
of
period
—
—
End
of
period
$
35,438,723
$
75,812,978
Capital
Share
Transactions:
Shares
sold
1,825,001
3,780,000
Shares
redeemed
(75,000)
(80,000)
Net
increase
in
capital
share
transactions
1,750,001
3,700,000
*
For
the
period
from
September
11,
2024
(Commencement
of
operations)
to
June
30,
2025.
1
Capital
share
transactions
may
include
transaction
fees
associated
with
Creation
and
Redemption
transactions
which
occurred
during
the
period.
See
Note
5
to
the
Financial
Statements.
Palmer
Square
Funds
Trust
Palmer
Square
CLO
Senior
Debt
ETF
FINANCIAL
HIGHLIGHTS
22
See
accompanying
Notes
to
Financial
Statements.
For
the
period
September
11,
2024
*
to
June
30,
2025
PER
COMMON
SHARE
DATA
1
Net
asset
value,
beginning
of
period
$
20.00
Income
from
Investment
Operations:
Net
investment
income
2
0.89
Net
realized
and
unrealized
gain
0.09
Total
from
investment
operations
0.98
Less
Distributions:
From
net
investment
income
(
0.73
)
Total
Distributions
(
0.73
)
Net
asset
value,
end
of
period
$
20.25
Total
return
4.96%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
35,439
Ratio
of
expenses
to
average
net
assets
3
0.20%
Ratio
of
net
investment
income
to
average
net
assets
3
5.46%
Portfolio
Turnover
Rate
4
68%
*
Date
of
commencement
of
operations.
1
For
a
Fund
share
outstanding
for
the
entire
period.
2
Based
on
average
shares
outstanding
for
the
period.
3
Annualized
for
periods
less
than
one
year.
4
Not
annualized.
Palmer
Square
Funds
Trust
Palmer
Square
Credit
Opportunities
ETF
FINANCIAL
HIGHLIGHTS
23
See
accompanying
Notes
to
Financial
Statements.
For
the
period
September
11,
2024
*
to
June
30,
2025
PER
COMMON
SHARE
DATA
1
Net
asset
value,
beginning
of
period
$
20.00
Income
from
Investment
Operations:
Net
investment
income
2
0.91
Net
realized
and
unrealized
gain
0.23
Total
from
investment
operations
1.14
Less
Distributions:
From
net
investment
income
(
0.65
)
Total
Distributions
(
0.65
)
Net
asset
value,
end
of
period
$
20.49
Total
return
5.77%
Ratios
and
Supplemental
Data:
Net
assets,
end
of
period
(000's)
$
75,813
Ratio
of
expenses
to
average
net
assets
3
0.50%
Ratio
of
net
investment
income
to
average
net
assets
3
5.55%
Portfolio
Turnover
Rate
4
100%
*
Date
of
commencement
of
operations.
1
For
a
Fund
share
outstanding
for
the
entire
period.
2
Based
on
average
shares
outstanding
for
the
period.
3
Annualized
for
periods
less
than
one
year.
4
Not
annualized.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
As
of
June
30,
2025
24
1. Organization
Palmer
Square
CLO
Senior
Debt
ETF
and
Palmer
Square
Credit
Opportunities
ETF (each
a
“Fund”
and
collectively
the
“Funds”)
are
organized
as
a
non-diversified
series
of
Palmer
Square
Funds
Trust,
a
Delaware
statutory
trust
(the
“Trust”),
which
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”).
The
Funds
commenced
operations
on
September
11,
2024.
The
Palmer
Square
CLO
Senior
Debt
ETF's
primary
investment
objective
is
to
seek
to
provide investment
results
that
correspond
generally
to
the
price
and
yield
(before
the
Fund’s
fees
and
expenses)
of
Palmer
Square
CLO
Senior
Debt
Index.
The
Palmer
Square
Credit
Opportunities
ETF's
primary
investment
objective
is
to
seek
a
high
level
of
current
income.
A
secondary
objective
is
to
seek
long-term
capital
appreciation.
Each
Fund
is
an
investment
company
and
accordingly
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
“Financial
Services—Investment
Companies”.
Each
Fund
represents
a
single
operating
segment
as
its
operating
results
are
monitored
as
a
whole
and
the
long-term
asset
allocation
is
determined
in
accordance
with
its
prospectus,
based
on
defined
investment
objectives
executed
by
the
Fund’s
portfolio
management
team.
The
Chief
Investment
Officer
of
the
Adviser
serves
as
the
chief
operating
decision
maker
(CODM).
The
Funds’
income,
expenses,
assets,
and
performance
are
regularly
monitored
and
assessed
by
the
CODM,
using
the
information
consistent
with
that
presented
in
the
financial
statements
and
financial
highlights.
2. Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds
in
the
preparation
of
their
financial
statements.
The
preparation
of
financial
statements
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“GAAP”)
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
and
disclosures
in
the
financial
statements.
Actual
results
could
differ
from
these
estimates.
(a)
Cash
The
Funds
may
have
a
temporary
overdraft
with
the
custodian
bank,
which
is
presented
as
a
liability
in
the
Statement
of
Assets
and
Liabilities
under
'Due
to
Custodian'.
(b)
Valuation
of
Investments
The
Funds
value
equity
securities
at
the
last
reported
sale
price
on
the
principal
exchange
or
in
the
principal
over
the
counter
(“OTC”)
market
in
which
such
securities
are
traded,
as
of
the
close
of
regular
trading
on
the
NYSE
on
the
day
the
securities
are
being
valued
or,
if
the
last-quoted
sales
price
is
not
readily
available,
the
securities
will
be
valued
at
the
mean
between
the
last
available
bid
and
ask
price.
Securities
traded
on
the
NASDAQ
are
valued
at
the
NASDAQ
Official
Closing
Price
(“NOCP”).
Debt
securities
are
valued
by
utilizing
a
price
supplied
by
independent
pricing
service
providers.
The
independent
pricing
service
providers
may
use
various
valuation
methodologies
including
matrix
pricing
and
other
analytical
pricing
models
as
well
as
market
transactions
and
dealer
quotations.
These
models
generally
consider
such
factors
as
yields
or
prices
of
bonds
of
comparable
quality,
type
of
issue,
coupon,
maturity,
ratings
and
general
market
conditions.
Pricing
services
generally
value
debt
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
such
securities
may
be
held
or
transactions
may
be
conducted
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
often
trade
at
lower
prices
than
institutional
round
lots.
Investments
in
open-end
investment
companies
are
valued
at
the
daily
closing
net
asset
value
of
the
respective
investment
company. If
a
price
is
not
readily
available
for
a
portfolio
security,
the
security
will
be
valued
at
fair
value
(the
amount
which
the
Funds
might
reasonably
expect
to
receive
for
the
security
upon
its
current
sale).
The
Board
of
Trustees
has
designated
the
Adviser
as
the
Funds’
valuation
designee
(the
“Valuation
Designee”)
to
make
all
fair
value
determinations
with
respect
to
the
Fund’s
portfolio
investments,
subject
to
the
Board’s
oversight.
As
the
Valuation
Designee,
the
Adviser
has
adopted
and
implemented
policies
and
procedures
to
be
followed
when
the
Fund
must
utilize
fair
value
pricing.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2025
25
(c)
Bank
Loans
The
Funds
may
purchase
participations
in
commercial
loans.
Such
investments
may
be
secured
or
unsecured.
Loan
participations
typically
represent
direct
participation,
together
with
other
parties,
in
a
loan
to
a
corporate
borrower,
and
generally
are
offered
by
banks
or
other
financial
institutions
or
lending
syndicates.
The
Funds
may
participate
in
such
syndications,
or
can
buy
part
of
a
loan,
becoming
a
part
lender.
When
purchasing
indebtedness
and
loan
participations,
the
Funds
assume
the
credit
risk
associated
with
the
corporate
borrower
and
may
assume
the
credit
risk
associated
with
an
interposed
bank
or
other
financial
intermediary.
The
indebtedness
and
loan
participations
in
which
the
Funds
intend
to
invest
may
not
be
rated
by
any
nationally
recognized
rating
service.
Bank
loans
may
be
structured
to
include
both
term
loans,
which
are
generally
fully
funded
at
the
time
of
investment
and
unfunded
loan
commitments,
which
are
contractual
obligations
for
future
funding.
Unfunded
loan
commitments
may
include
revolving
credit
facilities,
which
may
obligate
the
Funds
to
supply
additional
cash
to
the
borrower
on
demand,
representing
a
potential
financial
obligation
by
the
Funds
in
the
future.
The
Funds
may
receive
a
commitment
fee
based
on
the
undrawn
portion
of
the
underlying
line
of
credit
portion
of
a
senior
floating
rate
interest.
Commitment
fees
are
processed
as
a
reduction
in
cost.
In
addition,
the
Funds
may
enter
into,
or
acquire
participations
in,
delayed
funding
loans
and
revolving
credit
facilities.
Delayed
funding
loans
and
revolving
credit
facilities
are
borrowing
arrangements
in
which
the
lender
agrees
to
make
loans
up
to
a
maximum
amount
upon
demand
by
the
borrower
during
a
specified
term.
A
revolving
credit
facility
differs
from
a
delayed
funding
loan
in
that
as
the
borrower
repays
the
loan,
an
amount
equal
to
the
repayment
may
be
borrowed
again
during
the
term
of
the
revolving
credit
facility.
Delayed
funding
loans
and
revolving
credit
facilities
usually
provide
for
floating
or
variable
rates
of
interest.
These
commitments
may
have
the
effect
of
requiring
the
Fund
to
increase
its
investment
in
a
company
at
a
time
when
it
might
not
otherwise
decide
to
do
so
(including
at
a
time
when
the
company's
financial
condition
makes
it
unlikely
that
such
amounts
will
be
repaid).
To
the
extent
that
the
Funds
are
committed
to
advance
additional
funds,
it
will
at
all-times
segregate
or
"earmark"
liquid
assets,
in
an
amount
sufficient
to
meet
such
commitments.
(d)
Asset-Backed Securities
Asset-backed
securities
include
pools
of
mortgages,
loans,
receivables
or
other
assets.
Payment
of
principal
and
interest
may
be
largely
dependent
upon
the
cash
flows
generated
by
the
assets
backing
the
securities,
and,
in
certain
cases,
supported
by
letters
of
credit,
surety
bonds,
or
other
credit
enhancements.
The
value
of
asset-backed
securities
may
also
be
affected
by
the
creditworthiness
of
the
servicing
agent
for
the
pool,
the
originator
of
the
loans
or
receivables,
or
the
financial
institution(s)
providing
the
credit
support.
In
addition,
asset-backed
securities
are
not
backed
by
any
governmental
agency.
(e)
Collateralized Loan
Obligations
Collateralized
Debt
Obligations
(“CDOs”)
include
Collateralized
Bond
Obligations
(“CBOs”),
Collateralized
Loan
Obligations
(“CLOs”)
and
other
similarly
structured
securities.
CBOs
and
CLOs
are
types
of
asset-backed
securities.
A
CBO
is
a
trust
which
is
backed
by
a
diversified
pool
of
high
risk,
below
investment
grade
fixed
income
securities.
A
CLO
is
a
trust
typically
collateralized
by
a
pool
of
loans,
which
may
include,
among
others,
domestic
and
foreign
senior
secured
loans,
senior
unsecured
loans,
and
subordinate
corporate
loans,
including
loans
that
may
be
rated
below
investment
grade
or
equivalent
unrated
loans.
The
risks
of
an
investment
in
a
CDO
depend
largely
on
the
type
of
the
collateral
securities
and
the
class
of
the
CDO
in
which
the
Funds
invest.
CDOs
carry
additional
risks
including,
but
not
limited
to,
(i)
the
possibility
that
distributions
from
collateral
securities
will
not
be
adequate
to
make
interest
or
other
payments,
(ii)
the
collateral
may
decline
in
value
or
default,
(iii)
the
Funds
may
invest
in
CDOs
that
are
subordinate
to
other
classes,
and
(iv)
the
complex
structure
of
the
security
may
not
be
fully
understood
at
the
time
of
investment
and
may
produce
disputes
with
the
issuer
or
unexpected
investment
results.
(f)
Investment
Transactions,
Investment
Income
and
Expenses
Investment
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
and
losses
on
investments
are
determined
on
the
identified
cost
basis.
Dividend
income
is
recorded
net
of
applicable
withholding
taxes
on
the
ex-dividend
date
and
interest
income
is
recorded
on
an
accrual
basis.
Withholding
taxes
on
foreign
dividends,
if
applicable,
are
paid
(a
portion
of
which
may
be
reclaimable)
or
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates
and
are
disclosed
in
the
Statement
of
Operations.
Withholding
tax
reclaims
are
filed
in
certain
countries
to
recover
a
portion
of
the
amounts
previously
withheld.
The
Funds
record
a
reclaim
receivable
based
on
a
number
of
factors,
including
a
jurisdiction’s
legal
obligation
to
pay
reclaims
as
well
as
payment
history
and
market
convention.
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2025
26
Discounts
on
debt
securities
are
accreted
or
amortized
to
interest
income
over
the
lives
of
the
respective
securities
using
the
effective
interest
method.
Premiums
for
callable
debt
securities
are
amortized
to
the
earliest
call
date,
if
the
call
price
was
less
than
the
purchase
price.
If
the
call
price
was
not
at
par
and
the
security
was
not
called,
the
security
is
amortized
to
the
next
call
price
and
date.
Expenses
incurred
by
the
Trust
with
respect
to
more
than
one
fund
are
allocated
in
proportion
to
the
net
assets
of
each
fund
except
where
allocation
of
direct
expenses
to
each
Fund
or
an
alternative
allocation
method
can
be
more
appropriately
made.
(g)
Federal
Income
Taxes
The
Funds
intend
to
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies
and
to
distribute
substantially
all
of
their
net
investment
income
and
any
net
realized
gains
to
their
shareholders.
Therefore,
no
provision
is
made
for
federal
income
or
excise
taxes.
Due
to
the
timing
of
dividend
distributions
and
the
differences
in
accounting
for
income
and
realized
gains
and
losses
for
financial
statement
and
federal
income
tax
purposes,
the
fiscal
year
in
which
amounts
are
distributed
may
differ
from
the
year
in
which
the
income
and
realized
gains
and
losses
are
recorded
by
the
Funds.
Accounting
for
Uncertainty
in
Income
Taxes
(the
“Income
Tax
Statement”)
requires
an
evaluation
of
tax
positions
taken
(or
expected
to
be
taken)
in
the
course
of
preparing
a
Fund’s
tax
returns
to
determine
whether
these
positions
meet
a
“more-likely-than-not”
standard
that,
based
on
the
technical
merits,
have
a
more
than
fifty
percent
likelihood
of
being
sustained
by
a
taxing
authority
upon
examination.
A
tax
position
that
meets
the
“more-likely-than-not”
recognition
threshold
is
measured
to
determine
the
amount
of
benefit
to
recognize
in
the
financial
statements.
The
Funds
recognize
interest
and
penalties,
if
any,
related
to
unrecognized
tax
benefits
as
income
tax
expense
in
the
Statement
of
Operations.
The
Income
Tax
Statement
requires
management
of
the
Funds
to
analyze
tax
positions
taken
in
the
prior
three
open
tax
years,
if
any,
and
tax
positions
expected
to
be
taken
in
the
Fund’s
current
tax
year,
as
defined
by
the
IRS
statute
of
limitations
for
all
major
jurisdictions,
including
federal
tax
authorities
and
certain
state
tax
authorities.
As
of
June
30,
2025, the
Funds
did
not
have
a
liability
for
any
unrecognized
tax
benefits.
The
Funds
have
no
examination
in
progress
and
are
not
aware
of
any
tax
positions
for
which
they
are
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
twelve
months.
(h)
Distributions
to
Shareholders
The
Funds
will
make
distributions
of
net
investment
income monthly
and
net
capital
gains,
if
any,
at
least
annually.
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount
and
timing
of
distributions,
typically
in
December,
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
GAAP.
The
character
of
distributions
made
during
the
year
from
net
investment
income
or
net
realized
gains
may
differ
from
the
characterization
for
federal
income
tax
purposes
due
to
differences
in
the
recognition
of
income,
expense
and
gain
(loss)
items
for
financial
statement
and
tax
purposes.
These
differences
are
caused
primarily
by
excise
taxes
and
differences
in
the
timing
of
the
recognition
of
certain
components
of
income,
expense
or
realized
capital
gain
for
federal
income
tax
purposes.
Where
such
differences
are
permanent
in
nature,
GAAP
requires
that
they
be
reclassified
in
the
components
of
the
net
assets
based
on
their
ultimate
characterization
for
federal
income
tax
purposes.
Any
such
reclassifications
will
have
no
effect
on
net
assets,
results
of
operations
or
net
asset
values
per
share
of
the
Funds.
For
the
year
ended
June
30,
2025,
the
following
reclassifications
were
made:
3. Investment
Advisory
Agreement and
Other
Transactions
with
Affiliates
The
Trust,
on
behalf
of
the
Funds,
entered
into
an
Investment
Advisory
Agreement
(the
“Agreement”)
with
Palmer
Square
Capital
Management
LLC
(the
“Adviser”).
Under
the
terms
of
the
Agreement,
the Palmer
Square
CLO
Senior
Debt
ETF
pays
a
monthly
investment
advisory
fee
to
the
Adviser
at
the
annual
rate
of
0.20%
of
its
average
daily
net
assets
and
the Palmer
Square
Credit
Opportunities
ETF
pays
a
monthly
investment
advisory
fee
to
the
Adviser
at
the
annual
rate
of
0.50%
of
its
average
daily
net
assets.
Under
this
unitary
fee
structure,
the
Adviser
is
responsible
for
paying
most
of
the
ordinary
operating
expenses
of
the
Funds.
Distributable
Earnings
(Losses)
Paid-in
Capital
Palmer
Square
CLO
Senior
Debt
ETF
$
—
$
—
Palmer
Square
Credit
Opportunities
ETF
$
(14,606)
$
14,606
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2025
27
JP
Morgan
Chase
Bank,
N.A.
(“JP
Morgan")
is
each
Fund's
Custodian,
Administrator
and
Transfer
Agent.
The
Administrator
performs
various
administrative
and
accounting
services
for
the
Funds.
The
Administrator
prepares
various
federal
and
state
regulatory
filings,
reports
and
returns
for
the
Funds;
prepares
reports
and
materials
to
be
supplied
to
the
Trustees,
and
monitors
the
activities
of
the
Funds’
custodian,
transfer
agent
and
accountants,
pursuant
to
an
agreement
with
the
Adviser,
on
behalf
of
each
Fund.
As
compensation
for
such
services,
the
Adviser
pays
JP
Morgan
a
fee
based
on
a
percentage
of
the
Fund’s
assets,
with
a
minimum
flat
fee,
for
certain
services.
Any
purchases
and
sales,
realized
gains/losses
and
recorded
dividends
from
affiliated
instruments
during
the
period
ended June
30,
2025
can
be
found
in
a
table
located
in
the
Schedule
of
Investments.
4. Federal
Income
Taxes
At
June
30,
2025,
the
cost
of
securities
on
a
tax
basis
and
gross
unrealized
appreciation
and
depreciation
on
investments
for
federal
income
tax
purposes
were
as
follows:
As
of
June
30,
2025,
the
components
of
accumulated
earnings/(deficit)
on
tax
basis
were
as
follows:
Under
current
law,
each
Fund
is
permitted
to
treat
on
its
tax
return
as
dividends
paid
the
portion
of
redemption
proceeds
paid
to
redeeming
shareholders
that
represents
the
redeeming
shareholders'
portion
of
the
Fund's
accumulated
earnings
and
profits.
This
practice,
called
tax
“equalization,”
reduces
the
amount
of
income
and/or
gains
that
the
Funds
are
required
to
distribute
as
dividends
to
non-redeeming
shareholders.
While
subject
to
management’s
discretion,
any
available
tax
equalization
is
typically
applied
first
to
short
term
capital
gains,
next
to
long
term
capital
gains
and
then
to
ordinary
income.
To
the
extent
distributions
exceed
net
investment
income
and
net
realized
capital
gains
for
tax
purposes,
they
are
reported
as
a
tax
return
of
capital.
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Cost
of
investments
$
36,756,644
$
84,198,061
Gross
unrealized
appreciation
72,943
405,703
Gross
unrealized
depreciation
(10,404)
(58,747)
Net
unrealized
appreciation
on
investments
62,539
346,956
Palmer
Square
CLO
Senior
Debt
ETF
Palmer
Square
Credit
Opportunities
ETF
Undistributed
ordinary
income
$
87,778
$
210,185
Accumulated
capital
and
other
losses
$
(2,529
)
$
—
Unrealized
appreciation
$
62,539
$
346,956
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2025
28
The
tax
character
of
the
distribution
paid
during
the
period were
as
follows:
At
June
30,
2025,
the
Funds
had
capital
loss
carryforwards,
which
reduce
the
Funds'
taxable
income
arising
from
future
net
realized
gains
on
investments,
if
any,
to
the
extent
permitted
by
the
Code,
and
thus
will
reduce
the
amount
of
distributions
to
shareholders
which
would
otherwise
be
necessary
to
relieve
the
Funds
of
any
liability
for
federal
tax.
5. Issuance
and
Redemption
of
Fund
Shares
Each
Fund
only
issues
and
redeems
shares
to
certain
financial
institutions
(“Authorized
Participants”)
in
exchange
for
the
deposit
or
delivery
of
a
basket
of
assets
(securities
and/or
cash),
in
large
blocks
known
as
Creation
Units,
each
of
which
is
comprised
of
a
specified
number
of
shares.
An
Authorized
Participant
is
either
(i)
a
broker-dealer
or
other
participant
in
the
clearing
process
through
the
Continuous
Net
Settlement
System
of
the
National
Securities
Clearing
Corporation
or
(ii)
a
Depository
Trust
Company
participant
and,
in
each
case,
must
have
executed
a
Participation
Agreement
with
the
Distributor.
Retail
investors
may
only
purchase
and
sell
fund
shares
in
the
secondary
market
through
a
broker-dealer
and
such
transactions
may
be
subject
to
customary
commission
and
fee
rates
imposed
by
the
broker-dealer.
Authorized
Participants
may
pay
transaction
fees
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units.
The
transaction
fees
are
paid
directly
to
the
Fund
and
used
to
offset
Fund
custody
fees.
Certain
fees
or
costs
associated
with
Creation
Unit
purchases
may
be
paid
in
certain
circumstances.
In
addition,
the
Funds
may
from
time
to
time
waive
the
standard
transaction
fee.
The
net
custody
fees
charged
to
the
Funds
are
paid
for
by
the
Investment
Adviser
through
the
Funds’
Unitary
Fee. Transaction
fees
assessed
during
the
period
are
included
in
the
proceeds
from
shares
issued
on
the
Statement
of
Changes
in
Net
Assets.
Year
Ended
June
30,
2025
Distributions
paid
from
ordinary
income
Distributions
paid
from
net
long-term
capital
gains
Tax
return
of
capital
Total
Distributions
Palmer
Square
CLO
Senior
Debt
ETF
$
994,859
$
—
$
—
$
994,859
Palmer
Square
Credit
Opportunities
ETF
$
1,396,696
$
—
$
—
$
1,396,696
Capital
Loss
No
Expirati
Carryover
on
Date
Long-Term
Short-Term
Palmer
Square
CLO
Senior
Debt
ETF
$
—
$
2,529
Palmer
Square
Credit
Opportunities
ETF
$
—
$
—
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2025
29
6. Investment
Transactions
For
the
period
ended
June
30,
2025, purchases
and
sales
of
investments,
(excluding
short-term
investments,
and
In-Kind
transactions)
were
as
follows:
7. Indemnifications
In
the
normal
course
of
business,
the
Funds
enter
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Funds
that
have
not
yet
occurred.
However,
the
Funds
expect
the
risk
of
loss
to
be
remote.
8. Fair
Value
Measurements
and
Disclosure
Fair
Value
Measurements
and
Disclosures
defines
fair
value,
establishes
a
framework
for
measuring
fair
value
in
accordance
with
GAAP,
and
expands
disclosure
about
fair
value
measurements.
It
also
provides
guidance
on
determining
when
there
has
been
a
significant
decrease
in
the
volume
and
level
of
activity
for
an
asset
or
a
liability,
when
a
transaction
is
not
orderly,
and
how
that
information
must
be
incorporated
into
a
fair
value
measurement.
Under
Fair
Value
Measurements
and
Disclosures,
various
inputs
are
used
in
determining
the
value
of
the
Funds’
investments.
These
inputs
are
summarized
into
three
broad
Levels
as
described
below:
Level
1
–
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
that
the
Funds
have
the
ability
to
access.
Level
2
–
Observable
inputs
other
than
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates
and
similar
data.
Level
3
–
Unobservable
inputs
for
the
asset
or
liability,
to
the
extent
relevant
observable
inputs
are
not
available,
representing
the
Funds’
own
assumptions
about
the
assumptions
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
would
be
based
on
the
best
information
available.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
Levels
of
the
fair
value
hierarchy.
All
Other
U.S.
Government
1
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Purchases
at
Cost
Sales
or
Maturity
Proceeds
Palmer
Square
CLO
Senior
Debt
ETF
$
53,245,778
$
16,453,297
$
—
$
—
Palmer
Square
Credit
Opportunities
ETF
$
102,871,157
$
31,445,891
$
1,910,000
$
571,171
1
U.S.
Government
transactions
are
defined
as
those
involving
long-term
U.S.
Treasury
bills,
bonds
and
notes.
Palmer
Square
CLO
Senior
Debt
ETF
Level
1
Level
2
Level
3
Total
Assets
Investments
Collateralized
Loan
Obligations
$
—
$
36,819,183
$
—
$
36,819,183
Total
Investments
$
—
$
36,819,183
$
—
$
36,819,183
Palmer
Square
Funds
Trust
NOTES
TO
FINANCIAL
STATEMENTS
-
Continued
As
of
June
30,
2025
30
9. Market
Disruption
and
Geopolitical
Risks
Certain
local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illnesses
and/or
other
public
health
issues,
financial
institution
instability
or
other
events
may
have
a
significant
impact
on
a
security
or
instrument.
These
types
of
events
and
other
like
them
are
collectively
referred
to
as
“Market
Disruptions
and
Geopolitical
Risks”
and
they
may
have
adverse
impacts
on
the
worldwide
economy,
as
well
as
the
economies
of
individual
countries,
the
financial
health
of
individual
companies
and
the
market
in
general
in
significant
and
unforeseen
ways.
Some
of
the
impacts
noted
in
recent
times
include
but
are
not
limited
to
embargos,
political
actions,
supply
chain
disruptions,
bank
failures,
restrictions
to
investment
and/or
monetary
movement
including
the
forced
selling
of
securities
or
the
inability
to
participate
impacted
markets.
The
duration
of
these
events
could
adversely
affect
the
Fund’s
performance,
the
performance
of
the
securities
in
which
the
Fund
invests
and
may
lead
to
losses
on
your
investment.
The
ultimate
impact
of
“Market
Disruptions
and
Geopolitical
Risks”
on
the
financial
performance
of
the
Fund’s
investments
is
not
reasonably
estimable
at
this
time.
Management
is
actively
monitoring
these
events.
10. Subsequent Events
The
Funds
have
adopted
financial
reporting
rules
regarding
subsequent
events
which
require
an
entity
to
recognize
in
the
financial
statements
the
effects
of
all
subsequent
events
that
provide
additional
evidence
about
conditions
that
existed
at
the
date
of
the
balance
sheet.
Management
has
evaluated
each
Fund’s
related
events
and
transactions
that
occurred
through
the
date
of
issuance
of
each
Fund’s
financial
statements.
There
were
no
events
or
transactions
that
occurred
during
this
period
that
materially
impacted
the
amounts
or
disclosures
in
each
Fund’s
financial
statements.
Palmer
Square
Credit
Opportunities
ETF
Level
1
Level
2
Level
3
Total
Assets
Investments
Asset-Backed
Securities
$
—
$
7,549,538
$
—
$
7,549,538
Bank
Loans
—
6,203,054
—
6,203,054
Collateralized
Loan
Obligations
—
39,667,276
—
39,667,276
Commercial
Mortgage-Backed
Securities
—
209,822
—
209,822
Corporate
Bonds
—
18,780,716
—
18,780,716
U.S.
Government
and
Agency
Securities
—
1,354,699
—
1,354,699
Short-Term
Investments
7,557,268
3,222,644
—
10,779,912
Total
Investments
$
7,557,268
$
76,987,749
$
—
$
84,545,017
31
REPORT
OF
INDEPENDENT
REGISTERED
PUBLIC
ACCOUNTING
FIRM
To
the
Board
of
Trustees
of
Palmer
Square
Funds
Trust
and
Shareholders
of
Palmer
Square
CLO
Senior
Debt
ETF and
Palmer
Square
Credit
Opportunities
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
the
Palmer
Square
CLO
Senior
Debt
ETF
and
Palmer
Square
Credit
Opportunities
ETF
(the
“Funds”),
each
a
series
of
Palmer
Square
Funds
Trust,
including
the
schedules
of
investments,
as
of
June
30,
2025,
the
related
statements
of
operations,
the
statements
of
changes
in
net
assets,
and
financial
highlights
for
the
period
from
September
11,
2024
(commencement
of
operations)
to
June
30,
2025,
and
the
related
notes
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
and
financial
highlights
referred
to
above
present
fairly,
in
all
material
respects,
the
financial
positions
of
the
Palmer
Square
CLO
Senior
Debt
ETF
and
Palmer
Square
Credit
Opportunities
ETF
as
of
June
30,
2025,
the
results
of
their
operations,
the
changes
in
their
net
assets,
and
their
financial
highlights
for
the
period
from
September
11,
2024
(commencement
of
operations)
to
June
30,
2025,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(“PCAOB”)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
have
served
as
the
auditor
of
one
or
more
of
the
funds
in
the
Trust
since
2025.
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
the
Funds’
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds’
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2025
by
correspondence
with
the
custodian,
agent
banks,
and
brokers
or
by
other
appropriate
auditing
procedures
where
replies
were
not
received.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
TAIT,
WELLER
&
BAKER
LLP
Philadelphia,
Pennsylvania
August
22,
2025
32
Palmer
Square
Funds
Trust
Federal
Tax
Information
For
federal
income
tax
purposes,
the
Funds
designated
the
following
for
the
period
ended
June
30,
2025:
Qualified
Interest
Income
Palmer
Square
CLO
Senior
Debt
ETF
$
1,082,637
Palmer
Square
Credit
Opportunities
ETF
$
1,581,195
33
Palmer
Square
Funds
Trust
Additional
Information
-
Items
8-11
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies.
Not
applicable.
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies.
There
were
no
matters
submitted
during
the
period
covered
by
the
report
to
a
vote
of
shareholders,
through
the
solicitation
of
proxies
or
otherwise.
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
The
information
is
included
as
part
of
the
Financial
Statements
filed
under
Item
7(a)
for
of
this
Form.
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contact.
There
were
no
approvals
or
renewals
of
investment
advisory
contracts
during
the
most
recent
fiscal
half-year.
PSFTAA0825
(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